Once your account is set up, funding it is a straightforward process. The core actions involve selecting your preferred cryptocurrency and clicking either the 'Deposit' or 'Withdraw' button, depending on your goal. This guide provides a clear, step-by-step breakdown of both procedures to ensure your transactions are smooth and secure.
Depositing Cryptocurrency to Your BIT Account
Adding crypto assets to your BIT account is a simple process. Follow these steps to initiate a deposit.
Step 1: Navigate to the Assets Section
Open your BIT application and tap on the ‘Assets’ tab. This section provides an overview of your current holdings.
Step 2: Initiate the Deposit
Within the Assets menu, locate and click the ‘Deposit’ button. This will open a list of supported cryptocurrencies.
Step 3: Select Your Cryptocurrency
Choose the specific digital asset you wish to deposit, such as USDT, BTC, or ETH.
Step 4: Choose the Network and Transfer
A crucial step is selecting the correct blockchain network (e.g., ERC-20, TRC-20, BEP-20). You will then see a deposit address in the form of a QR code and a text string. Use this address to send your funds from your external wallet or another exchange.
Important Deposit Note: Always double-check that the network you select on BIT matches the network you are using to send the funds. Sending assets on the wrong network can result in permanent loss.
Withdrawing Cryptocurrency from Your BIT Account
Before you can withdraw, you must complete several security steps:
- Identity Verification (KYC): Submit the required documents.
- Two-Factor Authentication (2FA): Bind your mobile number or set up an authenticator app like Google Authenticator.
- Funding Password: Set a unique password for transaction authorization.
Once these are complete, you can proceed.
Step 1: Access the Withdrawal Menu
In the BIT app, go to ‘Assets’ and click on the ‘Withdraw’ button. Select the cryptocurrency you wish to withdraw.
Step 2: Choose Your Withdrawal Method
BIT typically offers two main withdrawal options:
Option A: On-Chain Withdrawal
This method sends your crypto to an external wallet address via a blockchain network.
Details Required:
- Network: Select the appropriate blockchain (e.g., Ethereum, Bitcoin, Solana).
- Recipient Address: Paste the correct destination wallet address.
- Amount: Enter the quantity you wish to withdraw.
Option B: Internal Transfer
This allows you to send funds instantly and without fees to another BIT user.
Details Required:
You can send crypto using the recipient’s BIT UID, registered email address, or phone number. Simply enter their identifier, the amount, and confirm the transaction.
Critical Withdrawal Precautions
- Network Confirmation: Ensure any deposited funds have been fully confirmed on their network before attempting to withdraw them.
- Irreversible Transactions: Once a withdrawal is broadcast to the network and has a transaction hash (TXID), it cannot be reversed or canceled. Please wait for network confirmations.
- Memo/Tag Required: For certain assets like XRP or TON, you must fill in both the wallet address and the destination tag/memo. This tag is unique to each user and is essential for the transfer to be successful. Always confirm this information before depositing or withdrawing.
👉 Explore secure wallet options for your crypto
Frequently Asked Questions
What is the difference between an on-chain withdrawal and an internal transfer?
An on-chain withdrawal moves your cryptocurrency to an external wallet address on a public blockchain, which incurs a network fee and requires waiting for confirmations. An internal transfer sends funds to another BIT user's account instantly and without any fees, as it occurs within BIT's internal system.
Why is selecting the correct network so important for deposits?
Blockchains operate independently. If you send funds from an Ethereum wallet (ERC-20) to a Bitcoin address (BTC network), the assets will be lost permanently. Always ensure the network on your sending platform matches the network selected for your deposit address on BIT.
Are there any fees for withdrawals?
Yes, on-chain withdrawals incur a network fee paid to the blockchain validators. The fee amount varies depending on network congestion. Internal transfers between BIT users are always free of charge.
What should I do if my withdrawal is taking a long time to confirm?
First, check the transaction status using the provided TXID on a blockchain explorer. Delays are usually due to congestion on the chosen network and will resolve once a validator confirms the transaction. If the transaction remains unconfirmed for an unusually long time, you should contact BIT support for assistance.
How do I find my Memo or Tag for a deposit?
Your memo or tag for a specific cryptocurrency (like XRP) is provided to you by the platform where you hold the wallet. It is always displayed alongside your deposit address. You must copy and provide both the address and the memo when initiating a transfer to ensure the funds are credited to your account correctly.