Bitget vs Bybit 2024: Crypto Exchanges Compared!

Last updated: Oct 26, 2023
27 Min Read
AI Generated Summary
Summary
Summary
Bybit-Inline-CTA.jpg
Telegram Inline
Bybit-Inline-CTA.jpg
Telegram Inline
cbc-logo
cbc-logo
Rating
4.0
4.5
Headquarters:

Seychelles

Dubai

Year Established:

2018

2018

Regulation:

None

Dubai Virtual Assets Regulatory Authority- Minimal Viable Product (MVP) License

Cyprus- Regulated by the Cyprus Authorities

Spot Cryptocurrencies Listed:

250+

300+

Native Token:

BGB

BIT

Maker/Taker Fees:

Lowest: 0.08%/0.08%

Highest: 0.1%/0.1%

Lowest: 0%/0.02%

Highest: 0.1%/0.1%

Security:

High

High

Beginner-Friendly:

Advanced trading concepts can be confusing for beginners.

Advanced trading concepts can be confusing for beginners. Good platform to learn how to trade.

 

KYC/AML Verification:

KYC required

KYC required

Fiat Currency Support:

Yes-Bitget offers full fiat banking deposit and withdrawal support for GBP, EUR, and BRL

Yes-Bybit offers fiat on and offramp services through third-party payment processors.

Deposit/Withdraw Method:

Deposit-Bank transfers, or users can purchase crypto via bank card or transfer via third-party companies, Apple and Google Pay 

Withdrawal-Crypto, GBP, EUR, BRL

Deposit- Purchase crypto via bank card or transfer via third-party companies. P2P

Withdrawal- Crypto and multiple fiat currencies
 

cbc-logo
cbc-logo
Rating
4.0
4.5
Headquarters:

Seychelles

Dubai

Year Established:

2018

2018

Regulation:

None

Dubai Virtual Assets Regulatory Authority- Minimal Viable Product (MVP) License

Cyprus- Regulated by the Cyprus Authorities

Spot Cryptocurrencies Listed:

250+

300+

Native Token:

BGB

BIT

Maker/Taker Fees:

Lowest: 0.08%/0.08%

Highest: 0.1%/0.1%

Lowest: 0%/0.02%

Highest: 0.1%/0.1%

Security:

High

High

Beginner-Friendly:

Advanced trading concepts can be confusing for beginners.

Advanced trading concepts can be confusing for beginners. Good platform to learn how to trade.

 

KYC/AML Verification:

KYC required

KYC required

Fiat Currency Support:

Yes-Bitget offers full fiat banking deposit and withdrawal support for GBP, EUR, and BRL

Yes-Bybit offers fiat on and offramp services through third-party payment processors.

Deposit/Withdraw Method:

Deposit-Bank transfers, or users can purchase crypto via bank card or transfer via third-party companies, Apple and Google Pay 

Withdrawal-Crypto, GBP, EUR, BRL

Deposit- Purchase crypto via bank card or transfer via third-party companies. P2P

Withdrawal- Crypto and multiple fiat currencies
 

With so many crypto exchanges to choose from, finding the right one isn’t always an easy task. Many crypto users, myself included, have gone through the entire KYC verification, sign-up process, document verification etc. for different exchanges, only to find that the exchange did not live up to our expectations or meet our needs.

The search for the perfect exchange can take a lot of time and effort, which is why one of the ways we look to help out our community here at the Coin Bureau is by streamlining the process and helping folks find the right exchange that is best for them.

Different cryptocurrency exchanges often specialize in different areas, each with their own strengths and weaknesses. Because of this, it is important for a crypto trader to find an exchange that offers the products and services to fit their needs That is why we put together the Best Cryptocurrency Exchanges 2024 article where we cover the top exchanges in different categories to help you find the exchange best for you.

We also have in-depth dedicated reviews for both of the exchanges in this article if you want to learn more about them:

But for now, let’s crack into our Bitget vs Bybit review and determine which one is best for crypto trading.

Note: Users located in the US and UK are not supported.

Bitget vs Bybit Review

Further in this article, we will take a closer look at each exchange individually, but first, we want to give you an overview of our findings when comparing Bitget and Bybit.

Bitget vs Bybit: Products Offered

If you are a stickler for regulation and crypto exchanges that play friendly with the regulators and authorities, Bybit will be the better choice for you. One of the largest differences between these two is that Bybit is licensed in Dubai and regulated by the Cyprus authorities, while Bitget is currently unregulated.

Bybit is one of the most highly respected, secure, long-standing and reputable exchanges in the space. Bybit has managed to grow to an impressive 10m+ user base, attracting both institutional and professional clients, as well as retail crypto traders.

bybit products
 A Look at Bybit's Products

Despite the lack of regulation, Bitget is also respected within the crypto community and has an impressive security track record and robust approach to the safety and security of user assets. Both exchanges offer Spot and Derivatives trading, have an impressive list of 250+ cryptocurrencies available to trade, feature a Launchpad, Copy Trading, and Earn platform. These two platforms have more similarities than differences.

In the interest of saving your time, if I was going, to sum up with a TL; DR on these two, for anyone who does not mind that is only regulated and licensed in Dubai and Cyprus, in my opinion, Bybit is the better platform for active trading for serious traders, as well as general crypto users as Bybit offers a more “all-in-one” hub with more products and features. Bitget would be my choice if I was more interested in utilizing the other features such as copy trading and taking more of a buy-and-hold position on crypto assets. 

The reason that Bybit gets the nod for trading specifically is that they offer slightly more assets and are often one of the quickest exchanges to support new cryptocurrencies from new projects, allowing users to get in early.

After testing out both exchanges, I also have to say that trading on Bybit is absolutely flawless. It offers an incredibly well-performing matching and trading engine, making it clear why this platform has become one of the favourite go-to places for serious traders.

Bybit also has more of a “modern” feel to the navigation and execution of the platform, whereas Bitget felt a bit less intuitive from a user standpoint, though that could just be personal preference. Bybit also has a better “Learn" section with great resources for beginner traders looking to learn the craft.

Where Bitget has an edge comes in the form of its industry-leading copy-trading platform.

Bitget homepage.jpg
A Look at Bitget's Homepage

Coin Bureau readers can take advantage of Bitget’s simple-to-use platform and enjoy a 60% trading fee discount while standing a chance to win a bonus of up to $8,000 and earn $20 FREE after KYC and a minimum $200 deposit by using our Bitget Sign-up Link.

If after reading this review, you fancy taking a crack at the high-performance trading platform Bybit, you can earn up to $40k in sign-up bonuses and take advantage of their $0 Spot trading fee promotion using our Bybit Sign-up Link

Alright, let’s take a quick look at what Bitget brings to the table:

  • No leverage on spot trading pairs, but up to 125x leverage on Futures.
  • Ability to buy crypto via card, Google Pay or Apple Pay
  • Zero-fee deposits for GBP, EUR, and BRL
  • Fiat withdrawals
  • Earn
  • Copy trading
  • Strategic Trading
  • Launchpad

Here is what Bybit offers:

  • Up to 100x leverage
  • VIP, broker, and Affiliate programs
  • Ability to buy crypto via card or bank transfer
  • Fiat Withdrawals
  • Crypto card
  • DAO participation
  • Leveraged tokens
  • Trading bots
  • Launchpad
  • Derivatives trading
  • Advanced analytics and educational section
  • Copy trading
  • Earn
  • Rewards Hub and trading contests
  • NFT marketplace

That covers the products and key features at a glance, now let’s jump into how else these two stack up.

Bitget vs Bybit: User Friendliness

I think it is helpful to make a distinction between being beginner-friendly and user-friendly. New crypto users are unlikely to find either Bitget or Bybit very user-friendly as these exchanges feature advanced crypto trading interfaces and order types.

That's not a criticism against these platforms as they are not aiming to provide beginner-friendly platforms. They are platforms supporting advanced crypto trading for experienced traders.

If you are looking for the most user-friendly platforms that are incredibly beginner-friendly, I would recommend taking a gander at our Kraken and SwissBorg reviews.

For anyone familiar with crypto platforms and trading, both Bitget and Bybit are great platforms. Both are quite user-friendly for those who have been around the crypto block a time or two. The UI/UX for both platforms is great, and both platforms have highly rated mobile apps.

To really get into the nitty-gritty, the trading interfaces themselves are incredibly similar as the charting functionality for both platforms is powered by TradingView and both platforms offer nearly identical order functions and trading interfaces. For the non-trading screens, I would have to give the “user-friendly” edge to Bitget as it is slightly less cluttered and easier to navigate, but not by any substantial degree.

Here is a look at the Bybit trading interface:

Spot trading interface bybit
 Spot trading interface on Bybit

As mentioned, the charting platform on Bybit is powered by the popular TradingView charting platform, which has become the industry gold standard for technical analysis traders. Bybit also supports a plethora of advanced order types and trade settings which are covered in our Bybit review.

Aside from the trading interface, Bybit is quite nice to use in terms of navigation.

bybit navigation
 A Look at the Bybit Site

Everything on the Bybit site is well laid out and easy to find. The drop-down menus make platform navigation a breeze, there really is no fault to be found for design or useability.

Now let’s swing over to the Bitget trading interface.

Bitget spot trading
 A Look at the Spot Trading Interface on Bitget

While laid out slightly differently than Bybit, the nuts, bolts, and functions are the same, as is the charting functionality, which is also provided by Tradingview.

Like Bybit, trade execution on Bitget is flawless and trades occur nearly instantaneously, which is important to avoid issues like slippage.

Aside from the trading screen, here is a look at the Bitget platform:

bitget platform
 A Look at the Bitget Site

Similar to Bybit, the UI/UX is clean and easy to navigate, with drop-down menus that make platform navigation easy.

There is little difference between these two platforms in terms of trading performance, order types and execution. Neither platform has glaring issues that need to be uncovered, but I would give Bitget the slight win from a user-friendliness perspective for the non-trading areas of the platform as it felt easier to use and navigate. For the actual trading interface, I preferred trading on Bybit as it just felt a little more high-grade and modern. Bybit also has higher trading volume, making it the preferred exchange for whales and institutions.

Bybit-Inline-CTA.jpg

Bitget vs Bybit: Fees

Fees have become very competitive in the crypto exchange industry and neither Bitget nor Bybit will break the bank. Both exchanges are beloved by their users for their low fees.

Neither Bitget nor Bybit charge fees for crypto deposits but beware that if you choose to purchase crypto on these platforms through their third-party purchase providers, you may find yourself paying a pretty high 2-8% in fees, so it is always best to use bank transfers when possible. Bank transfers are supported on Bitget, while Bybit does offer some $0 fee deposit options via third-party integrations.

Aside from purchasing fees, Bitget takes a different approach to the standard maker/taker tier structure that is followed by most exchanges. Bitget trading fees are as follows:

  • Spot: Fixed fee of 0.1% for maker and taker
  • Futures: 0.02% maker/0.06% taker

Trading fees can be reduced by up to 20% for traders who choose to pay fees with the platform’s BGB token.

Crypto withdrawal fees vary depending on the asset and network of choice, you can find the entire breakdown of fees on the Bitget Fees Page.

Bybit utilizes a similar maker/taker fee model as most other crypto exchanges and leans towards the cheaper end of the scale. Following a VIP tier level, here is what traders on Bybit can expect to pay for trading fees:

Bybit fees
 Image via Bybit

Fees vary depending on which market or contract is being traded, you can find a full breakdown on the Bybit trading fees page.

For withdrawal fees, one of the best features of Bybit is they are not looking to make a profit from customer withdrawals, something very rare among crypto exchanges. As is industry standard, cryptocurrency withdrawals are still subject to miner or network fees, but Bybit keeps these as minimal as possible.

To sum the fees section up, Bybit takes the win here. Traders on Bybit will save more on average over the long run compared to Bitget, especially if they take advantage of the higher tier levels.

Bitget vs Bybit: Security

Security is an often-overlooked consideration and is treated by many crypto traders as an afterthought, but it shouldn’t be. With the endless exchange hacks and exploits that seem to rear their ugly heads, the world’s best exchange can instantly become the world’s worst exchange to anyone who had all their funds stolen. I would rather forgo some of the bells and whistles, even pay a little more in fees if it meant I was less likely to lose all my hodl-stash in an exchange hack.

So, how does Bitget security compare to Bybit security?

Crypto Security
 Security is Important! Choose an Exchange with Good Security Measures in Place. Image via Shutterstock

Both platforms take the most important step in security, and that is that they keep the majority of their customer’s funds in cold storage, out of the reach of hackers. Both platforms also utilize multi-signature authorization for withdrawals and the movement of funds so one bad actor cannot make off with customer funds if they are compromised.

Bitget has achieved 12 A+ ratings from SSL Labs in 2020 (we could not find a more recent report) and they have partnered with firms Qingsong, Armors, HEAP, and Suntwin to provide robust security monitoring and audits.

However, it is also good to highlight that Bitget was a top 10 exchange from a security standpoint in 2020 according to Certified, but has since dropped to the 27th position. 

Bybit, on the other hand, was ranked poorly in our last review (53rd) but an impressive overhaul to their security framework in recent months now sees them ranked as a top ten most secure exchange with a Triple-A security rating. 

It is hard to pick a winner here as Bitget has taken more steps to secure funds and is rated higher by SSL Labs, while Bybit is rated higher by Certified, and has increased their security while Bitget has fallen in the rankings. As neither exchange has ever experienced a hack, I think it is safe to say that both exchanges are pretty robust when it comes to security.

In case you are interested, Crypto.com is currently ranked #1 with Kraken close behind at #2.

bybit security rating.jpg
A Look At The Most Secure Crypto Exchanges. Image via cer.live

Turning our attention to Bybit, they handle their cold storage procedure quite differently to any other exchange I’ve encountered. Bybit claims that 100% of customer funds are kept in a cold-storage air-gapped environment, and the only funds exposed to hot wallets for customer withdrawals are the company’s own funds.

bybit security
 Image via Bybit

Bybit also uses SSL encryption, supports 2FA, and has insurance in place to protect traders in the event of liquidation posed by shortfalls in futures contract settlement.

From a customer point of view, Bitget offers its users the following security features:

  • 2FA for login, withdrawals, and modifications to the account
  • Whitelisting withdrawal addresses
  • Round-the-clock security monitoring
  • Biometric login for mobile app

While Bybit supports:

  • 2FA
  • Security notifications
  • Encrypted communications
  • Round-the-clock security monitoring
  • Biometric login for mobile app

Great, now that we have covered a bit in a head-to-head comparison, let’s dive into each exchange in a little more in detail.

Bitget Overview

What is Bitget

Bitget is a cryptocurrency exchange that supports Spot and Derivatives trading on over 500 pairs and has become the largest crypto copy trading platform in the world. The exchange also offers multiple other features such as an Earn section, copy trading, and strategic trading, which we will discuss later on.

Established in 2018, customers on Bitget can purchase crypto with an impressive 42 different fiat currencies, which is pretty outstanding. This is possible thanks to Bitget’s partnerships with third-party purchase providers such as Simplex, Banxa, and others. In 2023, Bitget also announced they would be offering zero-fee bank deposits for GBP, EUR, and BRL which is fantastic for users from those jurisdictions.

bitget review.jpg
A Look at Bitget's About Us Page.

The Bitget exchange is located in Seychelles, enjoys a user base of over 5 million people located all over the world, and is ranked as a top 10 exchange in terms of Futures trading volume. During the peak of the 2021 bull run, Bitget saw roughly 10 billion worth of trading volume and the platform has been growing with impressive speed even during the crypto winter we find ourselves in.

If you are looking to get started with Bitget, Dan, our trading guru from the Coin Bureau Trading Channel has put together this fantastic Bitget Beginner's Guide: 

Cryptocurrencies Offered

Bitget has a pretty solid section of over 500 cryptocurrencies available to trade on the Spot or Derivatives market, including the majors like Bitcoin and Ethereum, while also having many of the smaller projects available. You can find a full list on Bitget’s Market page.

Bitget Products

Let’s quickly cover a high-level overview of the products on Bitget. We do cover each of these more in-depth in our dedicated Bitget review if you want a more thorough look.

Trading Platform

One of the biggest criticisms against Bitget is that they do not offer margin for Spot trading, though they do offer 125x on futures. Personally, I don’t find this too big of a deal as many traders don’t bother risking blowing their accounts with leverage anyway.

The trading platform on Bitget is solid, as mentioned, thanks to TradingView and Bitget’s powerful matching engine and flawless trading execution, this platform is a fantastic place for trading.

Bitget spot trading
 A Look at the Spot Trading Interface on Bitget

For advanced traders, Bitget offers USDT-M Futures, USDT-M Demo, Coin-M Futures, Coin-M Futures Demo, USDC Futures, and Simulated USDC Futures.

Bitget supports the following position modes:

  • Cross- All available funds in the futures account can be used as margin to share risks, making it more resilient to losses
  • Isolated- The risk of each position will be calculated independently.

As for order types, traders can select the following options:

  • Limit
  • Market
  • Trailing Stop
  • Trigger- via trigger or post only

Here is a look at the Futures trading interface:

bitget futures trading screen
 A Look at the Bitget Trading Screen

Bitget also has a highly rated mobile app for traders who like their trading on the go. After reading many of the reviews online and testing out the platform myself, Bitget is simply a solid exchange for traders. There are no glaring faults to be addressed, everything works as expected and Bitget delivers on its promises.

Bitget Earn

Earning passive income on a hodler's crypto stash has become a popular feature now supported by many exchanges.

Bitget Earn
 Image via Bitget

Unfortunately, Bitget doesn’t shine overly bright in this category. Bitget’s earn section is incredibly bare and currently only supports earning in the platform’s own BGB token with two products that are both currently sold out.

Compared to platforms that are an oasis for passive income like Binance, Bitget does not cut it for crypto users who are interested in Earn products.

What does help make up for the lacklustre Earn feature is Bitget Savings. This section allows users to deposit crypto and earn daily interest in a flexible manner, redeemable at any time like a good savings account.

bitget savings
 Image via Bitget

The APYs here are pretty good, ranging from 1% for BTC to 5.6% for DOT, even as high as 45% for APE, and there is a great selection of 18 different assets for savings.

Bitget Copy Trading

Copy trading has become incredibly popular as we have seen on traditional exchanges like eToro, and the explosion of copy trading popping up on crypto exchanges. Copy trading is a really cool feature, with multiple benefits which I outline in the Bitget review.

Before Bitget came onto the scene Gate.io was the leader in this product. Bybit now also offers copy trading and is certainly a great place for it, but Bitget surpassed the competition and now holds the top spot in terms of copy trading value transacted.

bitget copy trading
 A Look at the Bitget Copy Trading Platform

Here users can copy the trades of some high-performing traders and use this as a tool to diversify, substitute their own trading, or simply as an “armchair trader” as they kick back on the beach while copying the trades of experienced traders.

Bitget copy trading has increased in popularity since its launch, attracting over 20,000 traders. As far as copy trading goes, it is one of the more user-friendly places to copy trade and is good for transparency as those who offer their trades to be copied have their total P&L, followers, ROI and AUM displayed publicly.

Bitget Launchpad

Launchpads are one of my favourite products offered by many of the popular exchanges and DEXs out there.

The Bitget launchpad provides average investors with the ability to get early access to crypto projects, which was something that was traditionally only available to VC firms and those with deep pockets.

Bitget launchpad
 Image via Bitget

Bitget handpicks the most promising crypto projects for their customers to invest in, allowing them to purchase tokens exclusively available in the Bitget launchpad before they go public.

The Bitget launchpad isn’t likely to attract the “cream of the crop” projects, as larger exchanges like Binance and KuCoin often attract the best projects in their launchpads due to their popularity, but the Bitget launchpad has featured some pretty fantastic projects and is one of the better launchpads for sure.

bitget launchpad projects
 Some of the Past Launchpad Projects on Bitget

Getting in early to some of these projects can provide some lucrative rewards, though launchpad investing also comes with higher risk as there is a large possibility of project failure.

Through the Bitget Launchpad portal, customers can find upcoming launches, evaluate the project, and buy in should they desire.

Bitget Quanto Swap Contracts

Quanto Swap Contracts is a unique feature to Bitget and allows users to use various crypto assets as collateral and then trade crypto on margin using a variety of crypto trading pairs.

The main benefit of this is that it allows traders to retain the charges for the conversion of coins to coins and allows them to collect profits earned from the higher value of coins.

Bitget Strategic Trading

Bitget offers this feature for both the Spot and Futures markets. The Strategic Trading product is an automated grid trading platform that traders can use to execute and run passive grid trading strategies

Bitget strategy trading
 A Look at the Strategy Trading Screen. Image via Bitget

Grid trading strategies have become very popular among traders as it provides a passive trading strategy that follows a predetermined set of instructions to open and close trades. It is essentially “hands-free” trading. I cover this product in detail and how it works in our detailed Bitget Review.

If you are interested in exploring trading bots and automated trading further, I recommend checking out 3Commas, you can learn about them in our Top Trading Bots article. Feel free to take advantage of our 3Commas sign-up link, which gets you a 3-day free trial and a 50% discount if you choose to sign up.

Types of Accounts and Bitget Fees

Bitget only has one standard type of account for traders and no account fee. There are no crypto deposit fees, or fees for using bank transfer to deposit GBP, EUR, or BRL. Users can expect to pay between 2-8% if they choose to purchase crypto on Bitget via bank card through their payment partners. 

As for trading fees, Bitget charges the following fixed fees:

  • Spot: Fixed fee of 0.1% for maker and taker
  • Futures: 0.02% maker/0.06% taker

Trading fees can be reduced by up to 20% for traders who choose to pay fees with the platform’s BGB token.

Crypto withdrawal fees vary depending on the asset and network of choice, you can find the entire breakdown of fees on the Bitget Fees Page.

For users looking to get into copy trading, there are no extra fees, but 10% of any profits made will go to the trader who they chose to follow.

Bitget Security

Bitget follows industry best practices and keeps the majority of its funds offline in cold wallets, away from the attempts of hackers. Bitget has received 12 A+ ratings from SSL Labs and other security accolades. I would like to note that while this claim is impressive, I was not able to verify this information nor does Bitget disclose what percentage of funds are held in cold storage. More transparency from the company here would be nice.

The exchange has taken great steps in bolstering its security by forming partnerships and being backed by Qingsong Cloud Security, Armors, HEAP, and Suntwin Technology.

bitget security
 Image via Bitget

As mentioned, when comparing the two platforms, it is worth noting that Bitget went from a top ten secure exchange all the way down to ranked 27th. I’m not sure what happened there.

On the plus side, Bitget launched a $200 million protection fund to safeguard users’ assets, unlike Bybit, which only has insurance to protect against mass trading liquidations. 

Bybit Review

What is Bybit

Bybit is a cryptocurrency and derivatives trading exchange that launched in 2018 and has recently moved their headquarters from Singapore to Dubai, which is quickly becoming a popular crypto hub. Bybit features multiple products and features such as an Earn feature, Launchpad, NFT marketplace, Copy Trading and more.

bybit

Bybit has had one of the most impressive growth trajectories among the exchanges thanks to their aggressive marketing campaigns and the amount of effort they put into expanding and improving the platform. Bybit went from a small exchange to one that now offers a fantastic “all-in-one” crypto hub, contending with the likes of Binance.

Bybit’s expansion efforts have allowed them to hit the 10 million user mark, an impressive feat, and have solidified the platform as a top ten exchange in terms of trading volume. Bybit has been attracting crypto traders from all walks of life, from professional traders and firms to average retail crypto traders.

I have always been impressed by Bybit’s continuous efforts to advance and benefit the entire industry with their Bybit educational academy Bybit Learn. It is high-quality crypto education that rivals the likes of the Binance academy.

Bybit also provides some of the most in-depth analysis reports and tools free for anyone to access, not just Bybit customers, so a tip of my hat to the folks over there for their selfless efforts.

Cryptocurrencies Offered

Bybit has a good selection of over 400 crypto assets and almost 600 trading markets. This impressive asset selection is one of the key reasons Bybit has become a “go-to” for crypto trading.

bybit assets
 A Look at Some of the Assets Available for Trading at Bybit

Bybit also dedicates effort to listing newer project tokens, often listing them before many of the major exchanges, providing Bybit traders with first dibs.

Bybit Products

We cover Bybit’s products in more detail in our Bybit review, but here is a high-level overview of the most prominent features.

Trading Platform

The trading interface on Bybit is the same high quality as you will find on Bitget or the major players like Binance and OKX.

Bybit has proven to provide a great trading experience with loads of functionality and supports the features and products sought by crypto traders from all walks of life.

bybit trading screen
 A Look at Bybit’s trading screen

I’ve already mentioned the charting functionality being powered by TradingView, which is a fantastic perk, but users can also swap to a standard chart or depth chart if they prefer.

Some traders may not like this feature, but I like that traders need to switch between the margin, spot, and derivatives trading sections, which in my opinion, keeps things more organized and less cluttered.

trading screen
 Easily Swap Between Markets on Bybit

Bybit is very highly rated and praised among users who trade there, there isn’t much negative to be said about the platform, matching engine, or order types. Bybit has done a great job solidifying its reputation as a very high-performance crypto trading exchange.

Leveraged Tokens

Leveraged tokens were a great innovation in the crypto trading space and are now offered by many of the major exchanges.

leveraged tokens
 A Look at Some of the Leveraged Tokens on Bybit

Leveraged tokens provide traders with access to leverage, but without the liquidation or margin risks. This reduced risk offers traders with responsible access to reasonable levels of leverage, but without using margin or needing to access advanced trading features.

Bybit Launch

The Launchpad on Bybit is a newer addition and is Bybit’s move to remain competitive as more exchanges continue to launch their own launchpad products.

launchpad
 A Look at the Bybit Launchpad

While the launchpads on Bitget and Bybit work in a similar fashion, providing users with early access to exciting project tokens, Bybit is more likely to attract higher quality projects as they are the more popular exchange with more users and trading volume. Launchpad projects carry high risk so be sure to DYOR before getting involved and never allocate to a launchpad project more than you can afford to lose.

You probably wouldn’t walk into a casino and put your life savings on black at a roulette wheel,. In the same way, it may not be a great idea to throw your life savings into a launchpad project, or any project for that matter. Diversification is key and you can learn more about that in our article on How to Build a Crypto Portfolio

Bybit Earn

Bybit has a well-laid-out Earn platform, providing traders with multiple opportunities for passive income. While they don’t offer as many earn products as Binance, they have a lot more on offer than most of the competition, including Bitget.

bybit earn
 A Look at Bybit Earn

Users can earn safe and guaranteed yields in the Savings section, take advantage of low-risk yield options like liquidity mining, Shark Fin, Launchpool, or participate in higher-risk activities such as Dual Asset.

You can learn more about Bybit's Earn products in our Bybit Earn Review.

Bybit NFT Marketplace

NFTs were all the rage in 2021, and will likely regain their shine once the markets turn around. Following the success of other exchanges that launched NFT marketplaces, Bybit was not going to let themselves get left behind.

bybit nfts
 The Bybit NFT Marketplace

Bybit has done a pretty good job here, offering early access to NFTs from popular creators. The marketplace offers NFTs with zero fees from the digital art, collectables, GameFi, Metaverse niches, and more.

Bybit Copy Trading

Copy trading is another new addition to the Bybit ecosystem and had a well-received welcome from many of the millions of users on the platform, instantaneously becoming one of the most widely used crypto copy trading platforms.

bybit copy trading
 Image via Bybit

Copy trading on Bybit has already attracted over 259k users, and because Bybit had already attracted many professional traders thanks to the high-quality trading interface, the popular crypto exchange became one of the largest markets for crypto copy trading almost overnight.

The users of Bybit copy trading are made up of skilled traders who enjoy 10% of the profit earned by each of their followers, and by users who want to copy the trades of skilled traders.

Here is a look at how simple it is to be a trader or follower on Bybit’s copy trading platform:

bybit copy trading 2
 Image via Bybit

There are also exclusive promotion periods and additional rewards for some of the top traders.

Types of Accounts and Bybit Fees

Bybit offers only one main account type that provides access to the full platform.

Alongside the main account, Bybit also supports subaccounts where traders can manage smaller, separate accounts and access a custodial trading subaccount for users who want to entrust their funds to a team of professional traders.

As far as fees go, Bybit follows the standard Maker/Taker fee model, meaning that they charge traders a fee if they take liquidity off their books and give them a rebate if they provide liquidity to the exchange.

Bybit follows a tiered structure with the following fees:

bybit fees
 Bybit's Fee Structure

Bybit offers some of the lowest fees around and does not overcharge for withdrawals, making Bybit one of the most fee-friendly crypto platforms.

Bybit Security

Bybit uses cold storage solutions to protect customer funds, utilizing offline cold wallets that are secured in an air-gapped environment and require multiple signatures to access.

Bybit takes an impressively robust approach to security, a serious improvement from the exchange's early days. Independent security firm Certified has given Bybit a Triple-A security ranking while listing them as a top ten most secure exchange.

Here is a look at Bybit's 360- security framework:

Bybit security.jpg
Image via Bybit

The efforts undertaken by the Bybit team security are appreciated and no doubt, have played an important role in Bybit becoming one of the leading exchanges in the world.

Telegram Inline

Bitget or Bybit: Conclusion

As you can see, Bitget and Bybit are quite similar in their product offerings with each exchange having strengths in different categories.

Bitget’s main benefit over Bybit is that it is slightly better suited for beginners and for traders looking to take advantage of the strategic auto-trading feature.

For copy trading, these two are neck in neck, though I am assuming that Bybit likely attracts better traders thanks to the higher levels of liquidity and reputation among professional trading circles, but this is just an assumption on my part, this cannot really be verified.

Bybit, in my opinion, is the better platform from a pure trading perspective. Thanks to the deep liquidity and everything regarding the trading interface being the highest quality, Bybit is second to none for those seeking the highest-grade trading experience.

Bybit also has a significantly better Earn section, an NFT marketplace, and the Launchpad has a more impressive catalogue of projects. The higher-rated security and regulatory framework also places Bybit ahead of Bitget for users who are concerned with regulation, security and compliance.

Frequently Asked Questions

Is Bybit better than Binance?

As Bybit is the #11 rated exchange and Binance has held an ironclad grasp on the #1 spot for years, the common consensus is that Bybit is not better than Binance.

Binance is the leader as they offer a similar high-quality trading interface as Bybit, suitable for retail, professional, and institutional traders, but Binance offers more tradeable markets and products than Bybit.

The primary reason why a trader would opt for Bybit over Binance is if they are looking to participate in some of the trading competitions or take advantage of some of Bybit’s Sign Up Bonuses.

Is Bybit a good crypto exchange?

It is of my opinion, and the 10 million users on Bybit, that Bybit is a great exchange. They have a long-standing sterling and trusted reputation within the crypto community, and offer one of the most solid and high-performance trading engines in the crypto space.

Bybit is often considered one of the best and safest exchanges that attracts a more sophisticated level of experienced trader.

Are Bybit fees high?

On the scale from low to high, Bybit’s fee structure is towards the low end, providing traders with a fee structure that is unlikely to break the bank.

Bybit fees range from 0% to 0.1% depending on trading volume as laid out on the Bybit Fees page.

Is Bitget a good crypto exchange?

Bitget is highly respected and regarded as one of the top exchanges in the industry. Thanks to their strict security approach and platform insurance, traders on Bitget are confident in their funds being safe on the platform. 

Is Bitget better than Coinbase?

Bitget and Coinbase are quite different in their offerings. Coinbase is the better crypto-focused platform, is extremely beginner-friendly and offers more general web3 functionality, while Bitget is better for traders who want to trade derivatives and multiple different markets.

Bitget has lower fees than Coinbase and offers more tradeable assets as well as offers leverage, but Coinbase outshines Bitget from a security and custodial perspective.

Is Bitget available in the USA?

No, unfortunately as of December 2022, Bitget no longer services US-based users.

Tayler McCracken

Providing financial education to those who need it most has always been a passion of mine. While working as a Financial Advisor, I had my eyes opened to the world of crypto and its potential to help make the world a better place. I believe that blockchain technology can build a brighter future and am excited to be part of it. If you appreciate the work that I do and enjoy my content, you can find the links to all my socials at pip.me/TaylerTBM

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Previous article
Litecoin 101: The Ultimate Guide to Understanding LTC
next article
Zengo Wallet Review: A Revolution in Secure Self-Custody (No Seed Phrase!)