How to Withdraw from Bybit to Upbit | How to Deposit and Transfer
In this blog post, we will discuss the withdrawal method, deposit, and transfer procedures between Bybit and Upbit. The movement of funds between Bybit and Upbit, which many Korean investors frequently use, is very common. Usually, after purchasing cryptocurrency on Upbit, they transfer it to Bybit for futures trading, or conversely, they withdraw the profits made on Bybit to Upbit and convert them to Korean Won. However, those who are trying to transfer between exchanges for the first time may have various concerns such as, "What if I enter the address incorrectly?", "How much is the fee?", and "How long does the transfer take?" Especially when transferring large amounts, you need to be more careful. In this article, we will guide you in detail with screenshots on how to safely transfer funds between Bybit and Upbit in both directions.
How to Withdraw, Deposit, and Transfer from Bybit to Upbit
Now, let's look at the specific method of withdrawing from Bybit to Upbit. This process proceeds in the order of copying the Tether deposit address of Upbit, applying for a withdrawal from Bybit, and finally selling on Upbit. Since Tether is listed on Upbit, we will directly transfer Tether without needing to use Ripple or Tron.
First, if you don't have an account, please sign up through the link above. This link is a special link that allows you to receive a fee discount, and the benefit is automatically applied when you sign up after accessing it.
1. Check Travel Rule Name
If you transfer more than 1 million won after the Travel Rule is implemented, the names of both exchanges must match. If they do not match, even if you send Tether from Bybit, it will not be deposited into Upbit and will remain in a waiting state. If this situation occurs, you must return the Tether again, and the process can be complicated, so it is recommended to accurately check the names of both exchanges and transfer funds from the beginning. First, on Upbit, you can check your Korean and English names by pressing the My tab and going to My Page, and then modifying your member information.
On Bybit, click on the profile in the upper right corner, then go to Account & Security and click the Identity Verification button.
Here, click the eye icon next to Personal Info to unhide it and check if it matches your name on Upbit.
The Korean and English names may differ by exchange, but if the names are different, deposits are not possible.
2. Copy Upbit Tether Address
After confirming each person's name, we will now begin the procedure for transferring Tether to Upbit. As a first step, copy the Tether address to receive from Upbit. Deposit/Withdrawal → Search Tether → Deposit tab → Select the Tron network, and then click the Copy Deposit Address button.
3. Apply for Bybit Tether Withdrawal
Now, access Bybit and go to the 'Assets' → 'Withdraw' menu.
Select 'USDT', then paste the wallet address you copied from Upbit earlier, select the 'TRC20' network, enter the amount to send, and click 'Confirm'. I will send 1,000 Tether, which is over 1 million won.
Select 'Others (including Upbit)' for the exchange to send to, and click the Submit button.
Then, complete the required authentication process to finish the withdrawal application.
4. Upbit Deposit Confirmation
Let's go to Upbit to check if the Tether has been deposited properly. Deposit/Withdrawal → Search Tether → History → Click the Additional Confirmation button.
After selecting the exchange name, press the 'Confirm' button next to your account information.
At this time, if the name or date of birth is different, the 'Confirm' button below will not be activated. In that case, you will have to apply for a return to Bybit again, even if it is cumbersome.
After checking that the sent Tether has been properly deposited, selling this Tether and converting it to Korean Won completes the transfer process to Upbit.
