Looking for the right crypto exchange can get exhausting with dozens of options left and right. Bybit and PrimeXBT are both crypto exchanges that put their focus on perpetual futures and margin trading. In this side-by-side comparison of PrimeXBT and Bybit, we will analyze both platforms and compare security, fees, trading options, features, services, user-friendliness, and more. Both platforms are quite different, so at the end of this PrimeXBT vs Bybit comparison, you will know exactly which exchange is best for you!
To provide you with the key facts right away, we have created a table with all key measures at a glance. This will help you decide if you should go with PrimeXBT or Bybit right away.
Bybit was also launched in 2018 and is located in Dubai. Bybit put all of its focus on cryptocurrency trading. Therefore, Bybit became the second largest crypto exchange with over 20 million users and $10+ billion traded on the platform every day.
The signup process is simple and straightforward on both platforms. On Bybit you can register using your phone number or email. PrimeXBT on the other hand only offers registrations via email. Then, choose a strong password and your account is ready. PrimeXBT and Bybit differ in terms of KYC requirements. Bybit is a regulated crypto exchange abiding by KYC/AML laws. Therefore, Bybit requires KYC verification for all users. Without KYC, you can not use Bybit. That also means that you can not use Bybit if you are a citizen of a restricted area of Bybit like the USA or Canada. In order to verify your identity on Bybit, you must submit your ID or Passport and a selfie. For higher withdrawal limits you also must provide proof of address.
PrimeXBT on the other hand is a non-KYC exchange. That means you can use PrimeXBT without having to verify your identity. The daily withdrawal limit on PrimeXBT without KYC is $20,000. To raise the PrimeXBT withdrawal limit to unlimited, you must verify your identity with a selfie and ID or passport.
PrimeXBT vs Bybit Trading Markets PrimeXBT does not just offer cryptos but also offers other assets to trade such as stocks, forex, commodities, and indices with up to 1000x leverage. However, it is important to understand that PrimeXBT does not offer any spot trading option but only contracts for difference (CFD). That means you do not own any assets on PrimeXBT, but you only buy a contract representing the underlying asset. That also means you can not withdraw anything that you buy on PrimeXBT. Crypto traders might be disappointed to hear that PrimeXBT only supports 40 cryptos for trading.
PrimeXBT is more complicated to use and the interface also looks different compared to traditional crypto exchanges like Bybit. If you are used to the simple default design of crypto exchanges, Bybit is definitely your way to go.
If you are interested in passive income products, Bybit has you covered with several options. The Bybit options to make passive income with cryptos include staking, dual investments, liquidity mining, mining, and launch pool staking. You can also choose between fixed and flexible staking periods with APRs as high as 27%.
Furthermore, Bybit even has a crypto debit card which you can use just like a normal credit card online or in real stores. Lastly, Bybit offers crypto-backed loans which you can use to leverage your assets. PrimeXBT in contrast offers no passive income products aside from copy trading, called “covesting”. In the copy trading or covesting section, you can analyze the performance of pro traders and follow them. After you follow a trader, your account will automatically copy all of his trades. Note that in order to participate in PrimeXBT copy trading, you must upgrade your account to the COV membership plan.
Bybit also offers copy trading. Overall, we found the copy trading feature on Bybit to be more user-friendly. You had more traders to choose from and setting up copy trading was also a lot more simple. Bybit is the clear winner as it has a lot more to offer when it comes to passive income products. Not only does Bybit offer more financial products, but also they are easier to use.
As PrimeXBT does not have a spot market, the fee structure of the exchanges differs quite a bit. Bybit charges a spot fee of 0.1% which is a fair rate. Based on your monthly trading volume you can reduce your spot fees to as low as 0% maker and 0.025% taker. For futures traders, Bybit charges 0.02% maker and 0.055% taker fees. In contrast, PrimeXBT charges crypto makers and takers the same rate of 0.05%. For stocks, indices and commodities the PrimeXBT fees are 0.01%.
Bybit offers fee discounts on the futures market to lower your fees to 0% maker and 0.02% taker.
Unfortunately, PrimeXBT does not offer any fee discounts based on trading volume. Therefore, Bybit is clearly the better option for active crypto traders. Bybit offers better value for money than PrimeXBT.
Bybit and PrimeXBT support crypto deposits without any fees. However, Bybit supports deposits for over 300 cryptos while PrimeXBT only supports deposits for 5 cryptos (BTC, ETH, USDT, USDC, and COV). In terms of FIAT deposits, Bybit supports 15 different currencies for onramps, including EUR, USD, GBP, AED, TRY, RUB, and more. The payment methods are Advcash, Bank Transfers, and ZEN. With 0% fees and instant transfers, Advcash seems to be the best option for Bybit FIAT deposits. ZEN has fees of 0.92% while bank transfers range between $0.30 to 1%, based on your currency.
PrimeXBT does not support FIAT at all. That means you can not deposit any FIAT currencies to PrimeXBT. However, you can purchase cryptos directly on PrimeXBT with a credit card or SEPA. The fees are relatively high, running between 2% to 3.7%
Bybit also offers crypto purchases with cards. The payment methods include Advash, Bank cards, credit cards, and FIAT deposit balances. The fees for Advcash crypto purchases are fixed at $1, making it an incredibly cheap option. Alternatively, Bybit offers P2P purchases with many popular payment methods such as PayPal, Bank Transfer, Payeer, or Revolut with fees ranging from 1% to 2% Without a doubt, Bybit is far superior to PrimeXBT in terms of deposits. Not only does Bybit support more cryptos, but Bybit also offers comprehensive FIAT support with incredibly low fees.
Remember that PrimeXBT only supports crypto deposits for 5 different coins. Similarly, PrimeXBT only supports the same 5 cryptos for withdrawals (BTC, ETH, USDT, USDC, COV).
Bybit on the other hand supports crypto withdrawals for over 300 cryptos and all major networks. The withdrawal fees are different for each coin and also vary based on the available network. BTC and ETH are more expensive to send due to their high network fees. USDT and USDC on the other hand have cheaper options such as TRC20 or BEP20 which both cost less than $1. For FIAT withdrawals, PrimeXBT does not offer anything. That means you can not send your PrimeXBT profits back to your bank account and you must use a third-party crypto to FIAT withdrawal service. Luckily, Bybit supports 10 different FIAT currencies for withdrawals. Again, the most popular FIAT currencies are supported (EUR, GBP, USD, TRY, RUB, and more). The withdrawal methods are Advcash, ZEN, and Bank Transfers. Advcash and ZEN FIAT withdrawals on Bybit have no fees and are processed instantly while Bank Transfers have a fee of $0.30 and can take 1-3 working days.
Again, Bybit beats PrimeXBT. Bybit supports most cryptos and over 10 FIAT currencies for withdrawals, making it a top choice for on and off-ramps.
After extensively testing both exchanges, we can confidently say that Bybit is the clear winner. Bybit has far more tradable assets, lower fees, more financial products for passive income, and also better copy trading. Furthermore, Bybit offers comprehensive FIAT support which means you can also cash out your profits back to your bank account. Lastly, Bybit is more user-friendly, meaning that beginners will have a better experience on the platform. But where is PrimeXBT superior? Unfortunately, PrimeXBT can barely compete with Bybit. The only section where PrimeXBT is winning is the different types of assets as you can not only trade cryptos but also stocks, forex, indices, and commodities with up to 1000x leverage. Some key critique points we have for PrimeXBT are a lack of deposit and withdrawal methods as well as a complicated interface that is not very user-friendly.
- Crypto trading
- Low fees
- User-friendliness and reliability
- Most crypto coins
- FIAT on and off ramps
- Copy trading
- Passive Income
- Anonymous trading (no KYC)
- TradFi assets (stocks, forex, indices, commodities)