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Bybit vs FTX is a comparison worth pondering upon. Both exchanges have a considerable appeal to the audience in the crypto market and exhibit some notable features.
However, to get a better idea of which exchange ticks all the right boxes for you, you need to know what each of them offers. This article not only discusses the major attributes of both platforms but also compares them to help every crypto enthusiast in determining, which of the two may be a better option to use.
Bybit vs FTX – Brief Introduction
FTX is a popular derivatives trading platform. It has a great reputation in the market as it was created by crypto traders for crypto traders. This is a highly versatile platform as it does not only support digital assets but a variety of other asset classes as well. The availability of multiple trading products makes it a fine option for a vast audience.
Read our FTX review for more details.
Bybit is a high-end crypto trading platform that facilitates more than 1.6 million active users, new and experienced traders alike. Shortly after its launch in 2018, the exchange took the crypto industry by storm and established quite the reputation. This platform offers some of the best services for crypto traders and is also known to have the highest trading engine capacity among its competitors (100,000 TPS).
Read our Bybit review for more details.
Bybit now also offers the copy trading feature for all traders. By signing up with our link, you can get a bonus of up to $4,380 on your first deposit. (Bonus may vary based on deposit amount)
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Bybit vs FTX – Account Opening Process Compared
The process to open an account is quite straightforward, whether you opt for FTX or Bybit. Both exchanges require new users to register by using their emails and creating passwords.
Both FTX and Bybit also require the users to complete the KYC (know your customer) verification. They can opt not to complete the verification, however, it will restrict some features and limit withdrawal.
There are two levels of KYC verifications for FTX and Bybit. Completing the level 1 verification will increase the daily withdrawal limit to 50 BTC, whereas, completing the level 2 verification will further increase the withdrawal limit to 100 BTC.
Therefore, in terms of opening an account, both platforms are user-friendly and easily accessible.
Bybit vs FTX – Leveraged Offered Compared
Leverage offered by an exchange is one of several crucial attributes that need to be thoroughly analyzed before a final decision is made. Margin traders should know that every platform offers a different leverage ratio, which is why they should carefully opt for an exchange.
FTX is a powerful trading platform and certainly supports leverage trading. However, it does not offer high leverage. The crypto exchange previously offered 101x leverage, which has now been reduced to 20x.
Conversely, Bybit not only supports leverage trading but is famous for offering one of the highest leverages, which is up to 100x.
Therefore, if you are looking to trade with leverage, Bybit might be a better option, considering the leverage it offers.
Bybit vs FTX – Customer Support Compared
FTX is a well-developed crypto trading platform that takes the convenience of users very seriously. It offers customer support services, however, the quality of services offered is not as stellar as one might anticipate. The users can reach out to the customer support agents through two channels (WeChat and Telegram). The only concern may be regarding how fast the customer support agents can respond.
The customer support offered by Bybit is one of its most impressive attributes. A large audience has given positive feedback regarding Bybit’s customer support, which is available 24/7. The customer service agents are experienced and assist the users in case of any emergency or concern. The users can also easily reach out to the customer support agents through a live chat feature.
Since Bybit offers a faster and easier way for users to communicate with customer service agents, it can be a better exchange of the two.
Bybit vs FTX – Trading Fee Compared
People looking to trade or buy crypto should opt for an exchange where the fee structure is transparent and fair. Thankfully, both FTX and Bybit are known to have transparent and one of the lowest fee structures, however, the amount varies.
The trading fee charged by FTX is as follows:
- 0.02% trading fee for market makers
- 0.05% trading fee for market takers
The platform also charges a fee specified to leveraged tokens, as it is known to support various trading products.
Bybit, however, is a straightforward fee structure for trading crypto, which is also based on the market maker and taker model.
Here are the details.
- -0.025% trading fee for market makers
- 0.075% trading fee for market takers
Bybit vs FTX – Level of Security Compared
In terms of safety, both FTX and Bybit are some of the best exchanges to opt for. Choosing a secure exchange to buy or trade crypto can help mitigate the security risks.
FTX and Bybit, both prioritize the security of the users and implement top-of-the-line security protocols, such as cold wallet storage and more to minimize security risks and threats. A secure trading environment can encourage new traders to test the waters and eventually become more confident in crypto trading.
Bybit vs FTX – Final Takeaways!
Since there is a variety of cryptocurrency exchanges in the market, it can be somewhat difficult and stressful to find an exchange that suits your needs. Thanks to the comparison above, we can see that out of the two available options, Bybit offers more features as compared to FTX. It is also a better option for people who want to trade with leverage and takes no chances when it comes to the customer support offered to the users.
If you are interested in Bybit, you can also take a look at our full tutorial below.
The post Bybit vs FTX – Trading Fees, Leverage, Security & More Compared appeared first on Bitcoinsensus.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.