Trying to deposit a non-supported token may result in the loss of tokens.
Send a small test amount first
Beware when choosing the network which you want to use for sending crypto
Moving cryptocurrency out of FTX
Sending your cryptocurrency from one exchange is exactly the same as withdrawing from one exchange and for the other, it is exactly depositing. There is no difference, we would be just doing it at the same time. Today we will see how we can move our assets from FTX to Bybit.
First, we need to log into our FTX account. Here you can see the main page. Click on your account with your email in the bright blue bar, which will open up the drop-down menu and show you the next step.
When the drop-down menu opens up, click on the “wallet” button and you will be redirected towards the assets page. On the assets page, you will see all the coins they listed and all the coins that you own as well. In order to transfer coins out of FTX, you will first need to have funds there. So this page will show you which coins you can withdraw and above the minimum withdrawal limit.
When you reach this page, you will see all the coins that you own. You will also see the total net USD value of all the coins you own as well. In order to withdraw you could go with “Withdrawals” but to make it quicker you could select from the list as well.
When you see the list, find the coin you want to transfer over to Bybit, when you find it, you will see the “Withdraw” button next to it. You can see the example in the red square highlighted for you. Click on it and you will start the withdrawal process.
When you reach this page, this is the only page you will have to deal with. It will ask you the amount you want to withdraw, the address you want to withdraw to, even the 2FA question that is normally next stage in other places is on the same page for FTX.
You will also select the network you want to use as well, we suggest you use the cheapest possible network in order to get rid of high gas fee payments. Picking a clogged blockchain will cause you to spend an unnecessary amount while sending. The next step is finding your deposit address at Bybit in order to finish withdrawal at FTX.
How to find Deposit Address on Bybit
When you open up your Bybit account, you will see your assets and how much you own from which one. The wallet screen is easy to navigate since you will see what you own already. However, if you have nothing, you could also click on the transaction button as well. Here, we click on the “Deposit” button and we will be able to go to the next step.
When you click on Deposit, it will ask you which coin you want to deposit into. If you do not see the coin you want to pick, you could always use the next step and change the coin you want by searching for it. After you pick the coin, it is time to get to the address page.
When you pick the coin, you will see at the top which network you want to use. This will allow you to pick the same network you picked at FTX, and with the same coin as well. After your selection is over, you will see the wallet address at the bottom. Copy this address and go back to FTX to finish the transfer.
Finishing the transfer at FTX
After you got the address, enter it on the withdrawal screen from earlier at FTX. Make sure that you entered the amount, the address, the network, and the 2FA address correctly. After you are certain that everything is correct, click on the “Withdraw” button.
Since FTX doesn’t have another stage where it shows all the information and requires you to confirm, this is the last step. So anything wrong here will cause you to lose your funds. Click on the “withdraw” button only after you are certain all the information is correct.
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