Bybit vs Gemini | The Optimal Exchange For Beginners & Pros?
Jack Moreau
Apr 2024
10 min read
Fact checked
If you're looking for a solid cryptocurrency exchange, you might have come across Bybit vs Gemini. But how do they compare? We've done the research and analysed everything from product range, trading fees, KYC requirements and more. Read on to find out which exchange comes out on top in this comparison!
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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.
Bybit and Gemini are both well-established cryptocurrency exchanges, but they differ in several ways. Bybit was founded in 2018 by Ben Zhou and is registered in the British Virgin Islands. the exchange is headquartered in Singapore where it has over 1,000 employees.
Bybit exchange
Bybit is available in over 200 countries with service restrictions in the United States, the UK, Singapore, Quebec, and Ontario. The company offers a range of advanced trading options, including perpetual contracts, futures, and inverse contracts, for various cryptocurrencies such as Bitcoin and Ethereum.
Besides a wide product range, Bybit offers a selection of over 250 cryptocurrencies to buy, sell, and trade.
Bybit has quickly grown to serve over 10 million users worldwide, with the majority of its user base located in Europe and Asia. Bybit is also available as an IOS and Android app, which has over 5 million downloads and an impressive 4.2-star rating based on over 60,000 reviews.
Bybit app
Gemini was founded in 2014 by Cameron and Tyler Winklevoss and is registered in the United States with headquarters in New York. Gemini has over 800 employees, mainly based in the US and Europe. Gemini is only available in 70 countries across North America, Europe, and a few other countries.
Gemini exchange
The exchange provides its users with a limited set of products and services, including spot trading, recurring buys, staking, and Gemini Earn, a program that allows users to earn interest on their crypto holdings.
Gemini has gained a reputation for its strong emphasis on security, regulatory compliance, and user experience. The exchange is estimated to have between 5 and 10 million registered users, with over 1 million of them having downloaded their app, which is available on Android and IOS.
The app has an average 3.8-star rating based on 50,000 reviews. Gemini offers a limited range of 110 mostly large-cap cryptocurrencies.
Gemini app
In conclusion, both Bybit and Gemini have their strengths and weaknesses, Bybit offers a wider range of cryptocurrencies and advanced trading options, while Gemini prioritizes security, regulatory compliance, and user experience.
Bybit vs Gemini Signup & KYC
Creating an account on Bybit is easy and straightforward and can register using their phone number or email and begin trading without KYC.
When it comes to KYC, Bybit requires users to provide personal information and a government ID to participate for certain services like One Click Buys and Fiat Deposits.
Bybit KYC requirements
In terms of the verification process, once all documents have been provided, it can take Bybit up to 48 hours to verify an account depending on the amount of applications.
Gemini's signup process is similar and requires users to enter their full name, password, and country of residence. By contrast, Gemini requires KYC for all users in order to access full trading and transfer capabilities and similar to Bybit, their verification process on Gemini can also take up to a few days to process.
Gemini signup
So while KYC is not required by Bybit for basic cryptocurrency trading, Gemini has stricter requirements that requires all users to pass KYC to use their exchange.
Bybit vs Gemini Products & Services
Bybit is a comprehensive cryptocurrency platform that offers a wide range of trading products and services. These include spot trading, futures, margin trading, perpetual swaps (perps), options, and leveraged tokens.
Bybit spot trading
Bybit also offers trading bots, copy trading, financial services like lending and borrowing, an NFT marketplace, and the Bybit card which lets users spend their digital assets in everyday transactions.
Bybit copy trading
The exchange has a great user experience with loads of trading products that will satisfy the needs of professional traders. The interface is very cleverly designed and easy to navigate even for beginners.
Bybit earn
Liquidity on Bybit is in the top 10 category with daily spot trading volumes frequently exceeding $1 billion. The max futures leverage available on Bybit is 20X, and margin trading is available with up to 5X leverage with USDC, USDT, BTC, and DAI as underlying collateral.
Bybit futures
Gemini on the other hand provides a smaller selection of products and services to their users. The platform offers spot trading for large cap coins like Bitcoin and Ethereum, a secure wallet for storing and managing digital assets safely, and custody services which offer enhanced protection for institutional clients who want to keep their assets in secure offline storage.
Gemini crypto markets
Additionally, the platform has its own stablecoin called Gemini Dollar, an over-the-counter (OTC) desk, and an NFT marketplace. Gemini offers a very basic but slick user experience that is suitable for beginners.
Gemini interface
The exchange makes it easy to deposit fiat currencies and conduct basic buying and selling of over 110 cryptocurrencies.
This is not an exchange for professional traders and the average daily spot trading volume on Gemini is quite low compared to the big exchanges and tends to hover around $30 million.
Bybit and Gemini are two very different exchanges when it comes to their trading fees. Let's start with Bybit, where spot maker and taker fees are set at 0.10% and 0.10% respectively. Futures maker fees are even lower, at 0.01%, while futures taker fees are slightly higher, at 0.06%.
Bybit spot fees
But here's the thing, these fees can be lowered if you trade with high volumes. That means if your monthly trading volume exceeds the minimum threshold, you'll be eligible for a discount on spot, perps, and futures trading.
Now let's talk about Gemini. Compared to Bybit, the fees are higher across the board. Spot maker fees are set at 0.20%, while spot taker fees are set at 0.40%. And similar to Bybit, Gemini also offer discounts for users that trade for more than $10,000 during a 30-day period.
Gemini trading fees
Overall, it's clear that Bybit offers lower fees across the board and even offers discounts if you trade with high volumes. For for those that wish to optimise for lower trading fees, Bybit is the clear winner compared to Gemini.
When it comes to depositing fiat currencies, Bybit and Gemini have different approaches. Bybit supports more than 5 fiat currencies including USD, RUB, MXN, BRL, ARS, and TRY.
Bybit fiat deposit
The available deposit methods on the exchange are Bank Transfer, SEPA, FPS, QiWI, Advcash, PIX, and Wire Transfer. However, there is an $8 deposit fee if you deposit via Wire Transfer, while bank transfers for the other fiat currencies are free.
On the other hand, Gemini supports 8 fiat currencies such as USD, EUR, and GBP. You can make fiat deposits via bank transfer (ACH/Wire), Debit Card transfers, and PayPal for USD, EUR, and GBP.
Gemini fiat deposit fees
While fiat deposits via bank transfer are free of charge, debit card transfers incur a fee of 3.49%, and PayPal incurs a 2.5% deposit fee.
Bybit's withdrawal fees for cryptocurrency are also relatively low, with a 0.005 BTC fee for Bitcoin withdrawals, 0.005 ETH fee for Ethereum withdrawals, 0.01 SOL fee for Solana withdrawals, and a 10 USDT fee for USDT withdrawals.
Bybit fiat withdrawal
On the other hand, Gemini provides fiat withdrawals via bank transfer for USD, EUR, and GBP, and there are no fees associated with these withdrawals.
Gemini's withdrawal fees for cryptocurrency are also quite reasonable, with a 0.0001 BTC fee for Bitcoin withdrawals and free Ethereum withdrawals. However, there is a 0.005 SOL fee for Solana withdrawals and a $3 fee for withdrawing USDT.
Overall, both Bybit and Gemini offer convenient and relatively low-cost withdrawal methods for both fiat currency and cryptocurrency.
Bybit may be more appealing for those looking to withdraw BRL or TRY, while Gemini may be a better choice for those withdrawing larger amounts of USD, EUR, or GBP.
In summary, Bybit and Gemini are both established cryptocurrency exchanges with different strengths and weaknesses. Bybit offers a wider range of cryptocurrencies and advanced trading options, with a focus on catering to professional traders.
Gemini, on the other hand, prioritizes security, regulatory compliance, and user experience. And while KYC is obligatory on Gemini, Bybit offers more flexibility by not requiring it for those that just want to signup, deposit cryptocurrencies and begin trading.
When it comes to trading fees, Bybit offers lower fees across the board and even offers discounts for high-volume traders. This is another area that Gemini is unable to compete with Bybit.
Both exchanges offer a variety of deposit methods for fiat currencies, but Bybit charges a fee for Wire Transfer deposits, while Gemini charges fees for debit card and PayPal transfers.
Regarding withdrawals, both exchanges offer convenient and relatively low-cost withdrawal methods for fiat currency and cryptocurrency, with Bybit being more appealing for BRL or TRY withdrawals, and Gemini being a better choice for larger amounts of USD, EUR, or GBP.
Ultimately, the choice between Bybit and Gemini will depend on individual needs and preferences, whether it be a focus on advanced trading options or a more secure trading environment.
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.
