Bitget vs Bybit: Which crypto exchange wins in 2023?
Jack Moreau
Mar 2023
7 min read
Fact checked
Are you a crypto trader looking for the best exchange to maximize your profits? With so many options available, it can be overwhelming to choose. That's why we have compared two popular exchanges, Bitget and Bybit. Our in-depth analysis covers everything from the features they offer to the trading fees that they are charging. By the end, you'll have all the information you need to make an informed decision on which exchange is right for you!
If you're looking for a reliable and secure cryptocurrency trading platform, you may have come across both Bitget and Bybit. Both platforms offer a range of features and services to help you trade cryptocurrencies, but which one is the better choice for you? Let's take a closer look at Bitget vs Bybit.
Bitget was founded in 2018 and is registered in Seychelles with headquarters in Singapore. With over 1000 employees and available in over 100 countries, Bitget has become a popular choice for cryptocurrency traders around the world. The platform offers a range of trading products, including spot trading, margin trading, futures trading, and options trading.
Bitget website
Bitget is licensed by FinCEN, MSB in the US and Canada, and MAS in Singapore, ensuring that the platform is compliant with all relevant regulations.
Bybit was founded in 2018 and is based in Singapore and has 1000 employees and in over 200 countries, Bybit has quickly become a major player in the cryptocurrency trading space by offering a range of trading products, including perpetual contracts, futures trading, and spot trading. The platform is licensed by FinCEN and is known for its advanced trading features and user-friendly interface.When it comes to the number of cryptocurrencies available, Bybit offers 250 cryptocurrencies while Bitget offers over 400.
In terms of user base, Bitget has over 8 million users while Bybit has over 5 million users. Both platforms have a large and active community of traders with many positive reviews. In terms of app downloads, Bitget has 1 million downloads with a 3.2-star rating based on 10,000 reviews, while Bybit has 5 million downloads with a 4.1-star rating based on 50,000 reviews. Both platforms offer mobile apps for both iOS and Android, allowing traders to stay up-to-date with their trades on-the-go.
Bybit app
Bitget vs Bybit: Signup & KYC
Bitget and Bybit are two cryptocurrency exchanges that require only require KYC verification for certain features. Here's what you need to know about each one.
Bitget requires KYC verification for all users who want to buy or deposit fiat currencies. However, you can still trade cryptocurrencies without KYC verification. The signup process is easy and only requires an email and password. For those that want you complete the KYC verification for Bitget, it usually takes 5-10 minutes to complete and in worst cases up to 24 hours.
Bitget signup & KYC
Creating an account on Bybit is also very easy, simply register with your phone number or email and you can deposit cryptocurrencies and start trading right away. However, if you want to participate in earn, one click fiat buy or do fiat deposits, you will need to complete the KYC verification process. This usually takes around 10 minutes, but can take up to 48 hours in some cases due to the complexity of information verification.
Bitget vs Bybit: Products & Services
When it comes to cryptocurrency exchanges, Bitget and Bybit are two names that have been making waves in the trading world. Both offer a range of trading services such as spot, futures, margin, perps, and options. Additionally, they have other features such as copy trading, trading bots, staking, lend & borrow, and more. But when it comes down to the nitty-gritty, which one offers the best value?
Let's start with Bitget. This exchange has an average daily spot trading volume over $390 million, and offers 125X leverage in both cross and isolated positions, with 3X for cross margin and 10X for isolated margin.
Bitget futures trading
The user experience on Bitget is quite nice, offering quite a few products and services without overwhelming the user. The website is similar to Bybit, Kucoin, and OKX, making it easy to navigate for those who are already familiar with those platforms.
Now, let's move on to Bybit. With an average daily spot trading volume over $360 million, Bybit offers 100X leverage in both cross and isolated positions, with 10X for margin leverage. Bybit also offers a great user experience with an interface that is intuitive and easy to use.
When comparing the trading fees of Bitget and Bybit, it's important to note that both offer competitive rates in the market. However, there are some differences that may make one more advantageous than the other.
Starting with Bitget, this exchange charges a spot maker and taker fee of 0.10%, which is consistent with many of its competitors. Additionally, the futures maker fee of 0.02% and futures taker fee of 0.06% are also on par with other exchanges. Bitget also offers margin trading with a fee of 0.10%.
On the other hand, Bybit's spot maker and taker fees are also at 0.10%. However, the futures maker fee of 0.01% and taker fee of 0.06% are slightly lower than Bitget's rates. Bybit also offers margin trading with a fee of 0.10%.
Overall, both Bitget and Bybit offer similar fees for spot and futures trading, as well as margin trading. However, Bybit has a slight advantage with lower futures maker fees. That being said, traders should also consider other factors such as platform user-interface, security, liquidity, and customer support when determining which exchange is right for them.
When it comes to buying and depositing crypto, Bitget and Bybit offer different options and advantages. Bitget supports over 40 fiat currencies for buying crypto with a credit/debit card and charges a 1-3% commission fee. Besides this, Bitget does not provide support for any type of fiat deposits.
On the other hand, Bybit offers support for five fiat currencies and multiple deposit methods such as bank transfer, SEPA, FPS, QiWI, and Advcash. Bybit also charges a fixed $8 deposit fee via wire transfer.
Bitget and Bybit offer different withdrawal options for their users. While Bitget only allows cryptocurrency withdrawals, Bybit supports fiat withdrawals for USD, BRL, and TRY. For Bitget users, the withdrawal process is straightforward and the exchanges does not charge high crypto withdrawal fees. However, those who prefer the convenience of fiat withdrawals will have to look elsewhere.
Bybit on the other hand offers zero fee bank withdrawals for TRY and BRL, but users looking to withdraw USD via wire transfer will have to pay a steep $25 fee. Nevertheless, the option to withdraw fiat currencies is a significant advantage for those who want to sell their assets and return money to their bank accounts.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
