BingX vs Bybit | Best Platform for Beginners & Pro Traders?
Jack Moreau
Apr 2024
10 min read
Fact checked
Curious to discover which exchange reigns supreme between Bingx vs Bybit? Our team has taken a close look at both platforms analysing their features, trading fees, deposit methods and overall user experience. By the time you finish reading this comparison, you'll have a clear understanding of which exchange to use!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Founded in 2018 by Josh Lu in Singapore, BingX is a relatively new player in the world of cryptocurrency exchanges. Despite being a newcomer, the exchange has made a name for itself with its various trading options, including spot, derivatives, copy, and grid trading.
BingX exchange
BingX has over 5 million users in more than 100 countries and regions around the world and has offices in North America, Canada, the EU, Hong Kong, and Taiwan. With over 1 million app downloads, BingX users have access to buy and sell over 350 cryptocurrencies.
BingX app
Bybit is a rapidly growing cryptocurrency derivatives exchange founded in 2018 by Ben Zhou in Singapore.
It specializes in offering advanced trading options, including perpetual contracts, futures, and inverse contracts, with up to 100x leverage for various cryptocurrencies.
Bybit offers a selection of over 350 cryptocurrencies to buy and sell providing a wide range of options to investors and traders alike.
Bybit exchange
The platform is committed to delivering a seamless trading experience through its high-speed matching engine, allowing for minimal downtime and slippage.
One of the standout features of BingX is that they do not require users to complete KYC verification to deposit cryptocurrencies and trade on their platform.
This means that users can quickly register with just an email address and begin trading right away. However, if users want to access larger withdrawal amounts, they will need to complete KYC verification.
BingX KYC
The signup process for Bybit is still quick and easy. Similar to BingX, users can register with just a phone number or email and can begin trading without completing KYC verification.
Bybit signup process
Without completing KYC verification, users are limited to a daily withdrawal of 20K USDT and a monthly withdrawal of 100K USDT.
Bybit also does require KYC verification for certain features such as participating in earn, one click buys and fiat deposits.
Bybit KYC
When it comes to the KYC verification process, both exchanges have different processing times.
For BingX, the verification process is not mandatory for all users, but for those who want to access higher withdrawal limits, it can take a couple of hours to complete.
Bybit's KYC verification process takes approximately 10 minutes, but can take up to 48 hours in some cases if some additional information is required.
Bingx vs Bybit Products & Services
BingX is an exchange that offers a wide range of trading services, making it an ideal choice for both beginners and professional traders.
The exchange provides spot trading and derivatives, including perpetual and standard futures as well as automatic buying and selling via grid trading.
BingX futures trading
The user experience on BingX is similar to other exchanges like Kucoin and Binance, with a straightforward interface that is easy to navigate. Like the more popular exchanges, BingX also offers trading services such as copy trading and demo trading to help beginners get started.
BingX copy trading
The exchange does not require KYC, making it easy for users to quickly get started with trading on the platform. BingX offers futures leverage of up to 150X, providing traders with significant flexibility when trading.
BingX grid trading
In just five years, Bybit has matched its rapid user growth with an equally impressive expansion of its product offerings.
Designed to cater to both retail users and professional traders, Bybit stands out for creating a user-friendly platform amid a diverse range of products.
Bybit Product Offering
This ease of navigation is particularly beneficial for beginners, who can quickly get up to speed without much complication.
At the core of Bybit’s services is its robust spot trading platform, which offers a portfolio of over 450 cryptocurrencies.
Bybit Spot Trading
This range covers almost all the large-cap coins and tokens, along with a substantial selection of altcoins that are hard to find elsewhere.
Bybit Crypto Markets
For traders inclined towards leverage, Bybit steps up with margin trading options offering up to 10X leverage to go long or short.
Bybit Margin Trading
In addition, it offers an innovative solution with its leveraged tokens, allowing up to 3X leverage on 30 cryptocurrencies without the risk of liquidation.
Bybit Leveraged Token
Automated trading is another strong suit of Bybit. The exchange has developed a wide range of trading bots designed to automate various trading strategies like futures grid, futures martingale, spot grid, and Dollar-Cost Averaging (DCA).
Bybit Trading Bot
Additionally, Bybit provides an array of pre-built strategies with historical track records, all available for free. Copy trading is also featured, allowing users to mimic the trades of experienced traders on the platform.
Bybit Copy Trading
Futures trading on Bybit includes a comprehensive list of over 180 perpetual contracts, with options for up to 100X leverage.
Bybit Perpetual Trading
This range encompasses products such as USDT perpetuals, inverse perpetual & futures, USDC perpetual & futures, and USDC Options.
Bybit Perp Products
Bybit’s margin trading options include both isolated margin and cross margin, offering traders flexibility depending on their risk management preferences.
Bybit Derivatives
And for those that want to trade options, they have access to European-style cash-settled options priced and settled in USDC.
In terms of 24-Hour trading volumes, Bybit ranks in the top 10 for spot trading volumes with over $1 billion, and in the top 5 for derivatives trading with over $7 billion.
Bybit Trading Volumes
The platform also supports demo trading so that beginners can easily test and refine trading strategies without any financial risk.
For those interested in passive income, Bybit offers multiple earning products like lending and borrowing, liquidity mining, dual asset investments, and more.
Bybit Earn
Users can earn interest on various digital assets, including BTC, ETH, USDT, USDC, and others.
In an innovative crossover to real-world utility, Bybit offers a unique Master Card that lets users spend their digital assets with up to 10% cash back in rewards.
Bybit Mastercard
Expanding its portfolio further, Bybit has recently added support for NFTs, including digital collectibles on blockchains such as Ethereum, Solana, Polygon, Tezos, and BNB Chain.
Bybit NFts
Bybit’s launchpad is another noteworthy feature, offering early-stage projects a platform to launch their tokens to a risk-tolerant audience.
Bybit Launchpad
Users can commit MNT or USDT tokens to subscribe to these projects, with allocations based on the committed amount.
Lastly, catering to high-net-worth individuals and institutions, Bybit provides access to an exclusive OTC desk for settling large trades up to $10 million, instantly.
Bybit OTC
In summary, Bybit has in a few short years created one of the most comprehensive exchanges in the world with something to appeal to beginers, traders and institutions alike.
Let's take a closer look at the trading fees offered by BingX and Bybit. First up, for spot trading on BingX, makers and takers can expect to pay anywhere from 0.1% to 0.2% depending on the cryptocurrency being bought.
BingX trading fees
If you're buying one of the more well-known coins like BTC or ETH, you'll be on the lower end of that range. But for the lesser-known altcoins, you'll be paying the higher fee. When it comes to futures trading, BingX charges 0.045% for makers and 0.075% for takers which is quite average.
But how does it compare to Bybit? Well, when it comes to spot trading fees, Bybit charges a flat rate of 0.10% for both makers and takers. Nice and straightforward. And for futures trading, makers pay only 0.01% while takers pay 0.06%. That's a pretty sweet deal if you're trading futures.
Bybit spot fees
So, who comes out on top in terms of lower fees? It looks like Bybit takes the prize with their lower fees for futures trading.
However, if you're mainly doing spot trading and sticking to the more well-known coins, BingX's fees could work in your favor. Ultimately, it's up to you to decide which exchange suits your needs best.
BingX and Bybit offer different options for depositing funds. To begin, BingX does not offer any fiat deposit methods. The exchange only allows for cryptocurrency deposits or purchasing cryptocurrencies via credit card through third-party providers like Banxa and MoonPay.
Buy crypto with card on BingX
Users of BingX who opt to purchase cryptocurrencies via third-party providers like Banxa and MoonPay will have to pay expensive credit card fees ranging from 2-5% transaction fees.
Unlike BingX, Bybit offers support for over 10 fiat currencies, including USD, EUR, GBP, RUB, MXN, BRL, ARS, and TRY. On Bybit, users can choose from several available deposit methods, including Bank Transfer, SEPA, FPS, QiWI, Advcash, PIX, and a wire transfer with an $8 deposit fee.
Fiat deposits on Bybit
When making a deposit on Bybit, users can enjoy free bank transfers for the other fiat currencies while EUR and GBP deposits have small deposit fees.
In summary, Bybit is more favourable for users with a range of fiat deposit options with lower fees. Meanwhile, BingX is suitable for those who don't care to deposit fiat currencies but instead just wish to transact with cryptocurrencies.
When it comes to withdrawing your funds from an exchange, it's important to know what methods are available and what fees you'll be charged. Let's take a look at BingX and Bybit to see how they compare.
First up, BingX. Unfortunately, fiat withdrawals are not available on BingX, but crypto withdrawals can still be made. Withdrawing Bitcoin will cost you 0.0002 BTC and Ethereum withdrawals will cost you 0.00076 ETH. When it comes to withdrawing Solana and ERC-20 USDT, that comes with fees of 0.0008 SOL and 6 USDT.
Moving on to Bybit, they do offer fiat withdrawals for over 10 fiat currencies that include USD, EUR, GBP, BRL, TRY and a few others. Bank withdrawals for TRY and BRL are free, while wire transfer for USD will cost you $25.
Bybit fiat withdrawal fees
Users can also withdraw multiple fiat currencies for free to their Advcash or ZEN wallets and for users that wish to withdraw EUR or GBP, they can do so with a 0.2% commission via SEPA and Faster Payments (FSP).
In terms of costs to withdraw cryptocurrencies on Bybit, withdrawing Bitcoin from Bybit will cost you 0.0005 BTC and 0.005 ETH for Ethereum. Overall, Bybit has more varied withdrawal options for fiat currencies while BingX have lower fees for crypto withdrawals.
In conclusion, BingX and Bybit are two cryptocurrency exchanges with unique features that cater to different types of traders.
BingX offers a user-friendly interface with a wide range of trading options from spot trading to derivatives, copy and grid trading.
The exchange has over 5 million users in more than 100 countries and regions around the world and does not require KYC verification for all users.
Meanwhile, Bybit excels in offering advanced trading options including perpetual contracts, futures, and inverse contracts, with up to 100x leverage for various cryptocurrencies.
The platform is committed to delivering a seamless trading experience with its high-speed matching engine and advanced trading tools. Bybit has over 10 million users based mainly in Europe and Asia and requires KYC verification for certain features.
Bybit takes the prize with their lower fees for futures trading, while BingX's fees may work in your favour if you're mostly doing spot trading and sticking to the more well-known coins.
Both exchanges have different deposit and withdrawal options, with Bybit offering a more extensive range of options for fiat currencies, while BingX focuses solely on cryptocurrency transactions.
While this was a close comparison, the winner in our opinion is Bybit as they offer more products and services at lower fees than BingX while the UX is also better.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
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.
