Get yourself a crypto tee or surprise a crypto enthusiast in your life with our festive Coin Bureau Merch!
BitGet vs Bybit
33 min read

Bitget vs Bybit 2022: Crypto Exchanges Compared!

By Tayler McCracken

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 this article where we cover the top exchanges in different categories to help folks find the exchange that is best for them:

Best Cryptocurrency Exchanges 2022

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

Bybit Review

Bitget Review

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

Bitget vs Bybit Summary:

  Bitget Bybit
Headquarters: Singapore Dubai
Year Established: 2018 2018
Regulation: United States-MSB License Money Services Business: FinCEN, U.S. Department of the Treasury

 

Canada- MSB License Money Services Business: FINTRAC

Australia- Digital Currency Spot License (DCE): AUSTRAC

Bitget holds additional licenses and is compliant in Brazil, Europe, Russia, India, Vietnam, Singapore, Philippines, Japan, and Korea

None
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: None for crypto trading and withdrawals up to 20 BTC.

 

KYC needed to purchase crypto, access copy trading and reach higher withdrawal limits

None for crypto trading and withdrawals.

 

KYC needed for crypto purchases, Launchpad and Earn access

Fiat Currency Support: Yes-Deposit only Yes-Deposit only
Deposit/Withdraw Method Deposit-Purchase crypto via bank card or transfer via third-party companies, Apple and Google Pay

 

Withdrawal-Crypto only

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

 

Withdrawal- Crypto only

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, Bitget will be the choice for you. One of the largest differences between these two is that Bitget is regulated in multiple countries around the world and globally friendly, while Bybit is still a bit of a renegade crypto trading platform.

bitget compliance

A Look at Bitget’s Licenses and Where They Operate. Image via Bitget

While I normally wouldn’t touch the majority of the unregulated exchanges out there, Bybit is the exception as they are one of the most highly respected, long-standing and reputable exchanges in the space. Despite their lack of regulation, 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

Both Bitget and Bybit are solid exchanges that I wouldn’t hesitate to recommend to anyone. 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 the lack of Bybit’s regulation, I would have to say that in my opinion, Bybit is the better platform for active trading done by serious traders. Bitget would be my choice if I was more interested in utilizing the other features and taking more of a buy-and-hold position on crypto assets.

The reason that Bybit gets the nod for trading 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 more dated and not as up-to-date as Bybit. Bybit is also the better exchange for beginner traders looking to learn the craft as they have one of the most comprehensive and well-laid out “learn” sections of any crypto exchange.

Where Bitget has an edge comes from safety and security. Bitget takes an extra step in security as they are licensed and have received 12 A+ ratings from SSL Labs. Bitget also has some impressive partnerships that aid in the security of the platform, which we will cover in the Bitget security section.

Some of the Benefits of Bitget

Coin Bureau readers can take advantage of Bitget’s high-rated security and enjoy a 60% trading fee discount while standing a chance to win up to $4,000 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 win up to $4030 in USDT rewards 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 100x leverage on Futures.
  • Ability to buy crypto via card, Google Pay or Apple Pay
  • Trade KYC Free
  • 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
  • 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. Brand 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 is not a criticism against these platforms as they are not aiming to provide beginner-friendly platforms, they are platforms that support 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 occurred 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 very little difference between these two platforms in terms of trading performance, order types and execution. Neither platform has any 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 significantly higher trading volume, making it the preferred exchange for whales and institutions.

3commas inline

Though Bitget has better security and customer insurance, so it is a tossup here with each platform winning points in different categories.

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 can expect to pay a pretty high 2-8% in fees, so it is always best to use bank transfers when possible.

To save yourself the most on fees, especially over the long run, you would be best to use an exchange with a proper fiat on and offramp like Binance or FTX to make your crypto purchases via bank deposits/ bank transfers, then send crypto to a platform like Bybit or Bitget for the purpose of trading or using the other platform features. This will allow you to keep more of your precious crypto and not blow all your fiat on fees that could be better used for stacking more sats.

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 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

The 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 higher security recognition and accolades than Bybit, such as 12 A+ ratings from SSL Labs and they have partnered with firms Qingsong, Armors, HEAP, and Suntwin to provide robust security monitoring and audits.

Bitget was a top 10 exchange from a security standpoint in 2020 according to CER, but has since dropped to the 45th position. Bybit is in the 53rd spot, so both exchanges have some ground to make up here. In case you are interested, Crypto.com is currently ranked #1 with Kraken close behind at #2.

top crypto exchanges

A Look At The Most Secure Crypto Exchanges. Image via cer.live

Turning our attention to Bybit, they handle their cold storage procedure quite a bit different 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
  • Biometric login for mobile app

While Bybit supports:

  • 2FA
  • Biometric login for mobile app

To sum up, neither platform goes above and beyond enough to be a clear winner. Many of the top exchanges offer additional features like IP address whitelisting, anti-phishing codes, secondary withdrawal passwords, etc. Both platforms could up their security game.

In my opinion, Bitget is the more secure exchange thanks to their licensing and the fact that they used to be a top ten secure exchange, unlike Bybit, a platform that has never seemed to have placed a very strong emphasis on security.

Though that is not to say that security for either of these platforms is bad, but they do not go above and beyond what is expected of them like Crypto.com, Kraken, and Binance.

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 250 pairs. Bitget is also popular as one of the most licensed and secure platforms available for trading without KYC requirements and 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.

bitget homepage

A Look at the Bitget Homepage

The Bitget exchange is located in Singapore and has a user base of over 2 million people located all over the world and sees a current approximate 24hr trading volume of $365 million. Bitget’s trading volume has been on a steady decline in recent months, though during the peak of the 2021 bull run, Bitget saw roughly 10 billion worth of trading volume and was ranked in the top 5, vs the #64 position they are currently positioned in as we are in the depths of this crypto winter.

Bitget was one of the major exchanges in 2020 and 2021 but has dramatically fallen out of favour with crypto traders since the bear market hit. Curious to see if they will be able to return to their former glory once the market turns around.

This is in contrast to Bybit, which has been steadily growing and has surpassed Bitget in nearly every metric.

Cryptocurrencies Offered

Bitget has a pretty solid section of over 250 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 100x 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 that is 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, though there are only 5 assets available 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.

While I would say the top exchange for copy trading is currently Gate.io, Bybit has also exploded into the copy-trading scene with the splendour of a night in shining armour, quickly gaining on Gate.io. Bitget is also able to hold its own quite decently in this sector as well.

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 some 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 DEXes 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 some of the most promising crypto projects for their customers to invest in, allowing them to purchase tokens that are 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 very 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 but expect to pay between 2-8% if you choose to purchase crypto on Bitget through their payment partners. You can save yourself money using an exchange that can provide fiat on and offramp services directly like Binance, Kraken, or FTX for purchasing crypto, then sending crypto to Bitget to take advantage of the platform.

That tip goes for using any crypto exchange that does not offer fiat on and offramp services. It is common for crypto users to use an exchange like Kraken, or even Coinbase for purchasing crypto, but then use an exchange for trading like Bybit or Bitget.

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 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 is a licensed and secure platform, holding multiple licenses and regulations around the world, which checks the most important box for many traders when determining the safety and reputation of an exchange.

Bitget also follows industry best practices and keeps the majority of its funds offline in cold wallets and 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. Some 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 a bit worrying that Bitget went from a top ten secure exchange all the way down to ranked 54th. I’m not sure what happened there, but even with this drop, Bitget is still quite the secure exchange and scores higher than Bybit.

Bitget also launched a $200 million protection fund to safeguard users’ assets, unlike Bybit, which only has insurance to protect against mass trading liquidations. It is safe to say that Bitgets’ customers sleep soundly at night with these impressive security accolades and insurance.

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 unregulated exchanges thanks to their aggressive marketing campaigns and the amount of effort they put into expanding and improving the platform.

Bybit’s expansion efforts have allowed them to hit the 10 million user mark, an impressive feat, and have solidified the platform as the #11 largest 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, which is so high in quality that it 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 300 crypto assets to trade on the spot market and nearly 300 derivatives products. 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 FTX.

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 large 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. We explain how leveraged tokens work in more detail in our FTX review.

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

Note that users will need to pass KYC to access the launchpad.

Bybit Earn

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

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 be 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.

The website is also SSL encrypted and users can take advantage of 2FA and biometric login for the mobile app for added layers of security.

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.

If I was trading a significant amount of money and was looking to do so without KYC, Bitget would be my #1 choice as they are one of the very few exchanges that are licensed and regulated that do not require KYC.

Bitget’s main benefit over Bybit is that it is the safer and more secure platform, and it is also better 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.

Regulation and security aside, 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.

So, to sum up, if you are a stickler for safety and security, Bitget takes the win out of these two. Though personally, I feel that if safety and security are your main considerations, you may be better suited opting for Crypto.com, FTX, Kraken, or SwissBorg.

If you are primarily concerned with a top-of-the-range trading interface and experience, then Bybit takes the win.

FAQs

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 trade without KYC, 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 unregulated exchanges that can be used for KYC-free trading.

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?

Over a year ago, Bitget was one of the best exchanges out there and is still highly respected and regarded as one of the top exchanges, though it has fallen more significantly than most other exchanges in recent months.

Bitget has dropped in the rankings more than most of its peers in terms of users and trading volume. My assumption is that this is due to a lack of marketing efforts. Exchanges like FTX, Crypto.com, and Bybit have undertaken extreme marketing efforts in 2021 and into 2022, as Bitget has remained fairly quiet.

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.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
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 enjoy the hours of research I put into my articles and find them entertaining and insightful, please consider sending a tip as it really helps me out and I greatly appreciate it. BTC, ETH, LTC, XRP, BNB, DOT, SOL, VET, XLM, ALGO, AVAX, LINK, USDC, USDT, MATIC can be sent to tayler88.crypto
View all posts by Tayler McCracken -> Best Crypto Deals ->

Related Posts

OKX Wallet Review
OKX Wallet: Non-Custodial Multi-Chain Web3 Portal
OKX Wallet Review

OKX Wallet: Non-Custodial Multi-Chain Web3 Portal

December 9, 2022 10 min read
OKX vs Kraken
OKX vs Kraken Review 2022: Top Exchanges for Crypto Trading Compared!
OKX vs Kraken

OKX vs Kraken Review 2022: Top Exchanges for Crypto Trading Compared!

December 8, 2022 34 min read
OKX vs Bybit
Bybit vs OKX 2022: Top Crypto Exchanges Compared!
OKX vs Bybit

Bybit vs OKX 2022: Top Crypto Exchanges Compared!

December 6th, 2022 32 min read
OKX Earn Program: Solid APYs, but What about the Risks?

OKX Earn Program: Solid APYs, but What about the Risks?

November 30, 2022 10 min read
OKX vs Kucoin
KuCoin vs OKX 2022: Which Exchange is BEST?
OKX vs Kucoin

KuCoin vs OKX 2022: Which Exchange is BEST?

November 29, 2022 35 min read
Coinbase vs Kucoin
Coinbase vs Kucoin Review 2022: Which is the Better Choice?
Coinbase vs Kucoin

Coinbase vs Kucoin Review 2022: Which is the Better Choice?

November 28, 2022 30 min read
Daedalus Wallet Review
Daedalus Wallet Review 2022: Top Cardano Wallet for Safe Storage
Daedalus Wallet Review

Daedalus Wallet Review 2022: Top Cardano Wallet for Safe Storage

November 26, 2022 12 min read