If you want to start trading cryptos, you might have heard about BingX and Bybit. They are two of the largest crypto exchanges in the world and have many great features. But how does BingX vs Bybit compare? We have tested the exchanges and analyzed all relevant factors when it comes to selecting the right crypto exchange such as security, fees, trading options, features, services, and more. At the end of this comparison between BingX and Bybit, you will know exactly which exchange is best for you.
Let’s start this comparison with a table where you can compare all key facts at a glance.
BingX was founded by Josh Lu in 2018. The exchange has its headquarters in Hong Kong. With over 5 million users and an average daily trading volume of over $8 billion, BingX is one of the top global players. With over 520 different cryptos available on BingX, the platform has a lot to offer. For perpetual futures traders, BingX offers up to 150x leverage on major cryptos such as BTC and ETH.
What is special about BingX is the fact that you can also trade forex, stocks, and commodities futures.
Bybit was also founded in 2018 with its headquarters in Dubai and quickly became one of the largest crypto exchanges in the world. Currently, Bybit has over 25 million users and regularly reaches over $10 billion in daily trading volume, ranking it in the top 3 crypto exchanges. The Bybit CEO and founder Ben Zhou focused on delivering a comprehensive platform for crypto traders. Therefore, Bybit has one of the best spot and futures markets with up to 125x leverage.
If you want to trade cryptos with your phone, BingX and Bybit have you covered with their mobile apps which can be downloaded on iOS and Android.
The BingX app has over 1 million downloads and a 4.5/5 star rating. Bybit on the other hand has over 10 million app downloads with a 4.6/5 star rating, making Bybit the best app for crypto traders.
For security, both exchanges seem to be doing a great job. BingX and Bybit have never been hacked. Furthermore,
BingX and Bybit both have a simple signup process. You can create your BingX and Bybit account with an email or phone number and of course a strong password.
In terms of KYC, the two exchanges differ. BingX does not require KYC, meaning that you can start trading on BingX right away while staying anonymous. The withdrawal limit for unverified users is $50,000 per day. For higher limits, you must submit your personal information including your ID or Passport.
In contrast, Bybit requires KYC verification for all customers. Without identity verification, you can not use any trading or withdrawal functions. In order to verify your identity on Bybit you must submit your ID or Passport. Also, note that Bybit is not available in some countries like the U.S. You can check out the list of Bybits restricted countries here.
BingX stands out most with its wide variety of trading products which not only include cryptos but also traditional finance assets which you can trade with cryptos as collateral. Aside from crypto spot and futures trading with up to 150x leverage, BingX offers forex, indices, stock, and commodities for trading. The highest leverage is available on commodities and indices with 200x leverage.
BingX also offers copy trading where you can follow advanced traders to make passive income and automated grid bot trading.
Bybit also offers comprehensive trading options. However, Bybit only offers crypto trading and no other assets. The spot and futures market is Bybits most popular products. Especially the futures market, where you can trade with up to 125x leverage, is what Bybit is most popular for. With a well-designed interface, Bybit secured itself a massive market share of active traders. Bybit is easy to use and a very stable platform. You can not only trade cryptos with stablecoins like USDT or USDC as margin, but you can also trade inverse perpetual swaps where your underlying asset is the respective pair that you are trading.
Furthermore, Bybit offers one of the best copy trading platforms in the crypto space. Only Bitget has a better copy trading platform. If you are looking for additional ways to make passive income, you can also try out Bybit’s automated trading bots.
Where Bybit excels, is the options trading and NFT trading feature. Unfortunately, BingX has neither of these.
For more passive income products, Bybit has a finance section where crypto enthusiasts can earn yield with staking, liquidity farming, ETH 2.0 staking, and launchpools. Additionally, you can apply for crypto-backed loans and even the Bybit crypto card which you can use for on- and offline purchases just like a normal credit card.
Unfortunately, BingX is lacking financial products for passive income. Also, there are no options for loans or a card.
In terms of products and features, Bybit takes the lead in terms of crypto-related services. The only part where BingX stands out is the fact that you can trade traditional finance assets such as forex, stocks, and indices.
BingX and Bybit spot trading fees start at 0.1% for makers and takers, so there is no difference.
For futures trading, BingX charges a maker fee of 0.02% and a maker fee of 0.05%. Based on your 30-day trading volume, you can lower your BingX fees to 0.0015% maker and 0.035% taker.
Bybit on the other hand charges makers a rate of 0.02% and takers 0.055%. Therefore, Bybit is slightly more expensive at Level 1 fees. Just like BingX, Bybit also offers discounts based on volume. The lowest fee on Bybit is 0% maker and 0.025% taker.
When looking at default fees, BingX is cheaper by 0.005% which is not a big deal. However, when comparing the lowest possible fees, Bybit offers by far the best value for money.
Crypto deposits are free of charge on BingX and Bybit. Where the exchanges are different is the FIAT support. Unfortunately, BingX does not support FIAT on and offramps. However, you can purchase cryptos directly from BingX and Bybit via credit card or bank transfer.
Bybit stands out with its comprehensive support for 15 different FIAT currencies including EUR, GBP, USD, TRY, RUB, and more. The payment methods are Advash, ZEN, and Easy Bank Payment. The best method is Advcash as there are 0% fees for FIAT deposits and the transactions are processed instantly.
As mentioned earlier, BingX does not offer FIAT onramps, but you can purchase cryptos via third-party providers such as MoonPay, Banxa, and Advcash. The minimum fees range between 1-6% based on your payment methods and currency.
Bybit also offers crypto purchases with over 40 FIAT currencies with fees ranging between 0.1% to 2%.
Overall, Bybit has the upper hand for FIAT onramps and also crypto purchases with FIAT. Bybit is cheaper and also has more deposit and payment methods.
Both exchanges offer withdrawals for all major chains and over 300 different cryptos. The fees are different for each crypto and also change based on the network that you choose as well as its capacity. Some networks like the Ethereum network are more expensive. Some of the cheapest networks are BEP20 and TRC20 which cost less than $1.
As BingX does not support any FIAT currencies, you can not withdraw your crypto trading profits to your Bank account. You must use a third party that allows FIAT offramps.
Bybit supports FIAT withdrawals for 10 different currencies. FIAT withdrawals from Bybit are handled by Advcash Wallet and ZEN. Both options have no fees and are processed instantly.
It is safe to say that Bybit takes the lead for withdrawals. Sending profits from Bybit back to your bank account is super easy, fast, and cheap. Hopefully, BingX will upgrade its FIAT support soon.
Overall, Bybit is the best exchange. Bybit offers higher fee discounts and therefore better value for money than BingX. Bybit is a fully dedicated crypto trading platform and also has some of the best liquidity in the crypto space.
For passive income products, Bybit has a wide variety of products such as staking, mining, liquidity providing, and more. Furthermore, Bybit has comprehensive FIAT support which means you can send your native currency to your Bybit account and also send profits back to your bank account.
But where is BingX superior? BingX stands out with its traditional finance trading feature where you can access stocks, forex, commodities, and indices with up to 200x leverage. Also, BingX is a non-KYC exchange so you can stay anonymous.
Bybit is best for you if:
- You need the best liquidity
- You need the best value for money
- You want FIAT on and off ramps
- You want to copy the trade
- You want to access passive income products
BingX is best for you if:
- You want to stay anonymous
- You want to trade TradFi instruments