Huobi or Bybit | The Many Advantages Of Trading On Bybit
Jack Moreau
Feb 2024
9 min read
Fact checked
Introduction: Looking to trade cryptocurrencies but not sure which exchange to use between Huobi vs Bybit? We've analysed both platforms across various factors including KYC requirements, product offering, trading fees and much more. Keep reading to find out which exchange is the best fit for your needs!
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.
When it comes to cryptocurrency exchanges, Huobi and Bybit are two of the most popular names in the market. Let's take a closer look at each of these exchanges and see what they have to offer.
Huobi was founded in 2013 by Leon Li and is registered in Seychelles. It has over 1000 employees and is available in 184 countries.
However, there are 11 prohibited jurisdictions such as China, US, Canada, Japan, and Singapore that can't use the platform. Countries restricted from using derivatives include Israel, UK, Spain, and New Zealand.
Huobi offers a wide range of trading services which includes spot and margin trading, futures products settled in USDT and crypto, and a range of trading bots and copy trading.
It has over 10 million users and more than 20 million downloads (with a 4.1 star rating based on 42,000 reviews). Huobi supports over 500 cryptocurrencies, making it one of the most diverse exchanges in the market.
Bybit is a rapidly growing cryptocurrency derivatives exchange founded in 2018. It specialises in offering advanced trading options, including perpetual contracts, futures, and inverse contracts, with up to 100x leverage for various cryptocurrencies such as Bitcoin, Ethereum, and more.
The platform is committed to delivering a seamless trading experience through its high-speed matching engine, allowing for minimal downtime and slippage. Bybit has quickly grown to a userbase of over 10 million based mainly in Europe and Asia.
Bybit is also available as an IOS and Android app and has over 5 million app downloads and an impressive 4.2 star rating with over 60,000 reviews. Bybit offers a selection of 250 cryptocurrencies to buy and sell.
Bybit app
Huobi vs Bybit Signup & KYC
When it comes to choosing a cryptocurrency exchange, there are many factors to consider. One of the most important is the signup process and KYC requirements. Let's take a look at Huobi and Bybit and see how they compare.
Signing up for Huobi is easy and straightforward, taking only 30 seconds to complete. Users can register with their email or phone number and enter the verification code sent to them.
Huobi KYC
Huobi is a great choice for those who want to trade without going through the KYC process. With a $1000 deposit limit and 0.06 BTC daily withdrawal limit, users can still make trades without providing personal information.
However, for those who want to increase their limits and take advantage of all of Huobi's features, KYC verification is necessary. The process only takes a few minutes and is then processed within 24 hours.
Similar to Huobi, Bybit also does not require KYC for users who just want to signup, deposit cryptocurrencies and begin trading. Bybit does however require KYC verification for users who wish to participate in Earn, One Click Buys, and Fiat Deposits.
Bybit KYC
Without KYC verification, users are limited to 20K USDT daily withdrawal and 100k USDT per month. Nonetheless, signing up for Bybit is easy and straightforward, taking only a 30 seconds to complete. Users can register with their phone number or email and begin trading without KYC.
In conclusion, both Huobi and Bybit are great exchanges with easy signup processes and KYC requirements that are not overly burdensome.
Huobi vs Bybit Products & Services
Continuing with product range, Huobi offers a very large set of trading services and financial products.
These include services such as spot trading, futures settled in USDT and crypto, margin trading and European and American style options. Copy trading is also available for beginners who would rather rely on the track record of more experienced traders.
Huobi spot trading
The average spot trading volumes on Huobi tend to range between $250 and $500 million per day which is good but not great by any means with many exchanges having bigger volumes.
For those that wish to trade with leverage, the max leverage on Huobi for futures is 200X while the max leverage for margin is 100X.
Huobi futures trading
In terms of financial products, Huobi offers it's users access staking services for a wide range of cryptocurrencies and the ability to lend and borrow digital assets.
For retail users who want access to NFTs and a non-custodial wallet to store their digital assets, this is also available on Huobi with their own NFT marketplace iToken Web 3 wallet.
Bybit is an equally comprehensive cryptocurrency platform that offers spot trading, futures, margin trading, perpetual swaps, options, and leveraged tokens.
Bybit spot trading
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 100X, and margin trading is available on Bybit with up to 5X leverage with USDC, USDT, BTC, and DAI as underlying collateral.
Bybit derivatives trading
Bybit also offers trading bots, which can help users automate their trading strategies. Additionally, the platform features copy trading which lets users replicate the trades of successful traders.
Bybit copy trading
Bybit also includes financial services like lending and borrowing, an NFT marketplace where users can buy and sell NFTs, and the Bybit card which lets users spend their digital assets in everyday transactions.
Bybit NFTs
Bybit offers 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.
As for trading fees, Huobi exchange charges a spot maker fee of 0.20% and a spot taker fee of 0.20%. If you're looking to dabble in futures trading, you'll be pleased to hear that Huobi charges a futures maker fee of 0.02% and a futures taker fee of 0.05%.
Huobi also offers fee discounts for users who trade with volumes above $10,000 or who use their native HT token for trading. So if you're a frequent trader, you could potentially save big bucks on your fees.
Now, let's move on to Bybit. This exchange charges a spot maker fee of 0.10% and a spot taker fee of 0.10%. If you're looking to trade futures, Bybit charges a futures maker fee of 0.01% and a futures taker fee of 0.06%.
Bybit trading fees
And just like Huobi, Bybit offers fee discounts for spot, perps, and futures trading if monthly trade volumes exceed the minimum threshold. So if you've got a high trading volume, you could potentially save some serious cash on your fees.
When comparing the two exchanges, it's clear that both Huobi and Bybit offer competitive trading fees. However, whether you're a high-volume trader or not, Bybit has lower trading fees for both spot and futures trading compared to Huobi.
Huobi and Bybit are two popular cryptocurrency exchanges that offer a variety of deposit methods for users.
Huobi supports 8 fiat currencies, including USD, EUR, and GBP, which can be deposited via SEPA or Skrill (for EUR), FSP (for GBP), Advcash (for TRY), or bank transfer (for BRL).
Bybit, on the other hand, supports multiple fiat currencies including USD, GBP, EUR, RUB, and BRL, which can be deposited via bank transfer, SEPA, FPS, QiWI, Advcash, PIX, or wire transfer (with an $8 deposit fee).
Bybit fiat deposit
It's worth noting that Huobi's deposit fees vary depending on the deposit method used, while Bybit charges a flat fee for wire transfers.
Both exchanges offer a range of options for depositing fiat currencies, but Huobi's support for more currencies gives it an edge for users who prefer to trade in a variety of currencies. However, Bybit's lower wire transfer fee may be attractive to users who prioritise cost-effectiveness.
Ultimately, the best deposit method for each user will depend on their individual needs and preferences. Whether you're a seasoned trader or a newcomer to the cryptocurrency world, it's important to consider all of the deposit options available before deciding which exchange to use.
Huobi and Bybit are two popular cryptocurrency exchanges that offer different withdrawal methods for their users.
Huobi allows users to withdraw fiat currencies via SEPA, FSP, Advcash, Skrill, and Bank transfer. However, there are different fees associated with each method.
SEPA withdrawals have a 0.15% fee plus a 1 EUR fee, Skrill withdrawals have a 2.9% fee plus a 0.1 EUR fee, FSP withdrawals have a 0.15% fee plus a 1 GBP fee, Advcash withdrawals for TRY are free, and bank transfers for BRL withdrawals are also free.
When it comes to cryptocurrency withdrawals, Huobi charges 0.0004 BTC, 0.0012 ETH, 0.01 SOL, and 4.9 USDT for those that wish to withdraw Bitcoin, Ethereum, Solana and Tether.
On the other hand, Bybit supports fiat withdrawals for a wide range of fiat currencies including USD, EUR, GBP, RUB, BRL, TRY and a few others.
Bybit fiat withdrawal fees
Users can withdraw fiat currencies for free via bank transfer for TRY and BRL or via Advcash and ZEN. For those that wish to withdraw their USD there is a Wire Transfer fee of $25. EUR and GBP withdrawals are also available via Advcash, FSP and SEPA either for free or with small commissions.
Cryptocurrency withdrawals on Bybit have varying fees with Bitcoin withdrawals costing 0.005 BTC, 0.005 ETH withdrawal fee for Ethereum and 0.01 SOL for those that wish to withdraw ERC-20 Tether.
In summary, Huobi and Bybit are two popular cryptocurrency exchanges that both offer a range of features and services for users.
Huobi is available in 184 countries, while Bybit is available in over 200 countries. Huobi supports over 500 cryptocurrencies, making it one of the most diverse exchanges in the market, while Bybit offers a selection of 350 cryptocurrencies to buy and sell.
We like the user experience more on Bybit as it's polished than Huobi but both exchanges offer products and services for beginners.
Neither exchange has obligatory KYC for basic trading and both exchanges offer similar features such as spot and margin trading, futures products, and a range of trading bots, but Bybit specializes in derivatives trading.
When it comes to app downloads, Bybit has over 5 million with an impressive 4.2-star rating, while Huobi has over 20 million downloads with a 4.1 star rating based on 42,000 reviews.
When it comes to trading fees, both exchanges offer competitive fees, with Bybit offering lower spot and futures fees than Huobi.
In terms of deposit and withdrawal methods, Huobi supports 8 fiat currencies, including USD, EUR, and GBP, while Bybit supports over 10 fiat currencies, including USD, RUB, and BRL.
We like Bybit better than Huobi as we find it to be the more trust worthy exchange that overall offers more products and services with lower fees!
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.
