Transferring cryptocurrency assets from one exchange to another can seem daunting, especially for beginners. However, the process is straightforward if you follow the right steps. This guide will walk you through transferring your funds from Bybit to an Indian exchange, using Mudrex as an example. Whether you’re looking to diversify your investment portfolio or simply prefer the services of a local exchange, this step-by-step guide has you covered.
Step 1: Initiate With drawl from ByBit
2.Click on withdraw button on the screen
3.Then select the token that you want transfer
Step 2: Prepare Mudrex for Receiving Funds
Step 1. Find out your Mudrex public wallet address and copy it
Go to your USDT wallet on the Mudrex app.
Next, click on Deposit.
Step 2: On the next screen, choose the blockchain network you wish to use to transfer your funds and copy your public wallet address.
Go back to the ByBit application. Now, select your wallet and paste the address there. Next, initiate the withdrawal. You will be asked to confirm via your email. Complete the verification with your email and OTP. Then, you will be ready to receive your funds in Mudrex.
Step 3:Verifiy the transfer in Mudrex Account
Select the exchange application from which the transfer was initiated; in this case, it’s Bybit. Then, answer basic questions such as the purpose of investment, and add a wallet label.Now you are all set to receive the funds.
Step 4: Transaction processing screen
After completing these steps, you will see a processing screen. The entire transfer process will occur within a few minutes or, at most, within 24 hours.
in case you are transferring any other token apart from usdt you can follow this process
- Go to the Coin’s Page on Mudrex: Open the Mudrex app and navigate to the Coins section at the bottom. Use the search bar to find Bitcoin or the specific cryptocurrency you’re transferring.
- Initiate the Deposit: Click on “More” and then select “Deposit BTC.” You’ll be presented with three options at the bottom; click on the third button, which is marked with three dots, and choose the “Deposit Bitcoin” option.
- Select Network and Copy Wallet Address: A screen will appear allowing you to select the network you wish to use for the deposit. After choosing the appropriate network, copy the wallet address provided.
Step 3: Complete the Transfer on Bybit
- Enter Mudrex Wallet Address: Return to the ByBit withdrawal page and paste the Mudrex wallet address into the designated field. Double-check the network selection to ensure compatibility with Mudrex’s requirements.
- Confirm and Process the Transfer: After verifying all details, submit the withdrawal request. The transfer will be processed, and you can track its progress within the Mudrex app.
Step 4: Verify Deposit on Mudrex
- Check the Transaction: Once the transfer is initiated, go back to your Mudrex wallet. Under the Activity section, you should see the incoming transaction. Click on “Details needed to proceed” to review the transaction specifics.
- Verify the Deposit: Ensure all details, including the wallet address, network, and exchange, are correct. Scroll down and click on “Verify deposit” to confirm the transaction.
- Transaction Completion: Blockchain transactions can take a few minutes to complete. Once finalized, you’ll receive a confirmation message, indicating that your crypto assets are now securely stored in your Mudrex wallet.
Conclusion
Transferring your cryptocurrency assets from Bybit to an Indian exchange like Mudrex is a seamless process when you follow the correct steps. It’s crucial to double-check all details, especially the wallet address and network selection, to ensure a smooth transfer. Once completed, your assets will be safely stored in your preferred exchange, ready for your next investment move.
