In the fast-evolving world of digital asset management, speed, security, and cost-efficiency are paramount. Bybit is set to roll out a powerful new feature—internal address transfer for withdrawals—enabling users to instantly send assets to other Bybit accounts without incurring any withdrawal fees. This streamlined process is ideal for users who want to move funds quickly between trusted accounts within the same ecosystem.
For transfers to external wallets or other exchanges, standard on-chain withdrawals still apply. However, for intra-platform movement, internal address transfers offer unmatched convenience and efficiency.
This guide walks you through every step of using internal address transfers on Bybit, from initiation to confirmation, while highlighting key requirements and best practices.
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Understanding Internal Address Transfer
An internal address transfer allows users to send cryptocurrencies directly to another user’s Bybit account using identifiable information such as an email address, UID (User ID), or phone number. Since the transfer occurs entirely within Bybit’s internal network, it bypasses blockchain congestion, eliminates gas fees, and completes almost instantly.
This method is especially useful for:
- Sending funds to friends or family who also use Bybit
- Managing multiple accounts under your control
- Avoiding transaction fees during high-market volatility
Key Requirements
Before initiating a transfer, ensure that:
- Your account has completed identity verification (KYC)
- The recipient has a registered and active Bybit account
- Your email and/or phone number are verified on your own account
Step-by-Step Guide to Withdrawing via Internal Address Transfer
Step 1: Access the Withdrawal Page
Open the Bybit app and navigate to the bottom-right corner of the screen. Tap on "Assets", then go to the "My Assets" section. From there, select "Withdraw" to begin the process.
Note: Withdrawals can only be initiated from your Funding Account or Spot Account. If your assets are held in another account type (e.g., Derivatives or Earn), use the "Transfer" function first to move them to either the Funding or Spot wallet.
Step 2: Select the Cryptocurrency
Choose the digital asset you wish to withdraw. Make sure the selected coin supports internal transfers—most major cryptocurrencies like BTC, ETH, USDT, and others do.
Ensure sufficient balance and check for any minimum withdrawal thresholds that may apply.
Step 3: Configure Withdrawal Parameters
On the withdrawal page, fill in the following details:
- Withdrawal Method: Select Internal Address Transfer
- Currency: Confirm the asset you’re sending
Recipient Account: Enter the recipient's:
- Email address
- UID (Bybit User ID)
- Phone number (linked to their Bybit account)
You can also click Add to save frequently used recipients to your wallet address book, streamlining future transactions. For more information on managing addresses, refer to official guidance on secure address management.
- Amount: Input the amount you'd like to send. Use the "All" button to transfer your full available balance—just double-check for leftover fees or open positions.
✅ Always review all fields carefully before submission. Once confirmed, internal transfers cannot be reversed.
Step 4: Complete Security Verification
To protect your assets, Bybit requires two-factor authentication (2FA) for all withdrawals.
If your contact details aren’t already verified, you’ll need to complete these steps:
1. Email Verification Code
- Click "Get Code" and slide to verify.
- A six-digit code will be sent to your registered email.
- Enter the code within 5 minutes, as it expires shortly after issuance.
💡 Tip: If you don’t see the email, check your spam or junk folder. For persistent issues, visit troubleshooting resources for unconfirmed withdrawal emails.
2. Google Authenticator Code
- Open your Google Authenticator app.
- Enter the current 6-digit time-based one-time password (TOTP) linked to your Bybit account.
Both verifications must be completed successfully to proceed.
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Step 5: Confirm and Submit
After passing all verification steps, tap "Confirm". You’ll receive a success message indicating your withdrawal request has been processed instantly.
No blockchain confirmations are needed—funds should appear in the recipient’s account within seconds.
Tracking Internal Transfer History
To monitor your transaction history:
- Go back to the Withdrawal page
- Tap the History icon (usually in the top-right corner)
Under the Withdrawal tab, select Internal Address Transfer – Withdraw
- This shows all outgoing transfers from your account
If you're the recipient, check:
- The Deposit section
- Filter by Internal Address Transfer – Deposit to see incoming funds
These logs help maintain transparency and assist with record-keeping for personal finance tracking or tax reporting purposes.
Frequently Asked Questions (FAQ)
Q: Is there a fee for internal address transfers?
A: No. One of the biggest advantages of this method is that it’s completely free. There are no network or processing fees since the transaction stays within Bybit’s internal system.
Q: How long does an internal transfer take?
A: Transfers are processed instantly, typically appearing in the recipient’s wallet within seconds.
Q: Can I send funds to someone who doesn’t have a Bybit account?
A: No. The recipient must have an active Bybit account registered with the email, UID, or phone number you provide.
Q: What should I do if I enter the wrong recipient information?
A: Because internal transfers are irreversible, entering incorrect details could result in permanent loss of funds. Always double-check the recipient's ID before confirming.
Q: Are internal transfers available on both web and mobile?
A: Currently, this feature is primarily accessible via the Bybit mobile app, though desktop support may follow in future updates.
Q: Do I need KYC to receive internal transfers?
A: While receiving funds doesn’t require KYC, sending funds via internal transfer does. Ensure your identity is verified before attempting a withdrawal.
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Internal address transfers represent a significant leap forward in user experience for crypto exchanges. By eliminating fees and delays, platforms like Bybit empower users to manage their digital assets more efficiently than ever before.
Whether you're splitting profits with a trading partner or consolidating holdings across accounts, this feature simplifies everyday crypto operations—without compromising security.
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Always stay informed about platform updates and security best practices to make the most of your digital asset journey.