As an ardent crypto enthusiast, I’ve got to say—making sense of the fast-paced and ever-evolving world of cryptocurrency exchanges can be a bit daunting.
But guess what?
I’m here to help you navigate through this labyrinth.
Whether you’re a seasoned trader or a newbie looking to dip your toes in the crypto waters, the choice between exchanges like Bibox and Bybit is crucial.
But don’t worry. In this article, we’ll dissect both platforms, comparing their features, fees, security measures, and more.
So, stick with me, and let’s find out which exchange suits your needs in 2023. Buckle up, and let’s get started!
Bibox vs Bybit: At A Glance Comparison
Beginning with some background about these exchanges.
Starting with Bibox, this exchange was launched in 2017 in Singapore with the first exchange to offer AI-powered digital asset capabilities.
The exchange is available in more than 160 countries worldwide, holding millions of users. The platform is capable of processing more than 1 billion dollars worth of daily spot trading volume.
On the other hand, Bybit is one of the best crypto exchanges for day trading in the world, introduced in 2018 and is headquartered in Singapore.
The exchange holds more than 10 million users worldwide, enjoying a superior trading experience on the platform.
This crypto exchange has been mentioned in various renowned media houses and is available in 160 countries globally.
Now, let’s discuss what are the available trading markets, products, and leverage offered on these exchanges. To sign up, you can use Bybit promo code to get welcome bonus.
Bibox vs Bybit: Trading Markets, Products & Leverage Offered
Starting with Bibox, this crypto exchange offers crypto trading products, which are:
- Spot Trading: Enjoy a variety of crypto tokens to trade against a long list of fiat currencies.
- Margin Trading: Both fixed and cross leverage ranging between 5x and 10x.
- Crypto Trading Bot: Multiple AI trading strategies, including Grid, USDT-M Neutral Futures Grid, USDT Swap Grid, and many more.
- Crypto Copy Trading: Copy trades of trading experts with just a click and earn hefty profits.
- Bibox Convert: Instant crypto conversion with all the available assets on Bibox.
- Futures Trading: Maximum leverage of up to 100x on a variety of futures contracts, which are:
- USDT-M Perpetual
- Coin-M Perpetual
- Coin-M Delivery
Coming to Bybit this crypto exchange is famous for its crypto trading capabilities as it offers a variety of crypto trading products, including:
- Spot Trading: Take advantage of a wide range of crypto assets to trade.
- Margin Trading: Maximum leverage of up to 5x.
- USDC Options Trading: Choose between BTC, ETH, and SOL.
- P2P Trading: Zero Fees with a variety of payment methods.
- Trading Bot: Choose between Spot, DCA, and Futures Grid.
- Leveraged Trading: Maximum leverage of up to 2x.
- Copy Trading: Copy trades of top trading masters with just a click.
- Futures Trading: Enjoy a maximum of 125x leverage.
- USDT Inverse Perpetual Futures
- USDT Perpetual Futures
Verdict: Both the exchanges stand pretty head to head in this segment but considering the leverage offered, Bybit will be a better choice; on the other hand, Bibox is better in bot trading capabilities. Therefore it’s a tie overall in this segment.
Bibox vs Bybit: Supported Cryptocurrencies
Coming to one of the most highlighting segments of crypto exchanges, which is supported cryptocurrencies, let’s see what are the assets available.
Bibox crypto trading exchange offers more than 400 crypto assets and more than 270 crypto trading pairs to trade with, including:
Coming Bybit, this exchange offers a wide range of crypto assets to trade with; the list counts to more than 350 of them and includes:
Verdict: Bibox offers more crypto assets to trade with and is the winner in this segment.
Bibox vs Bybit: Trading Fee & Deposit/Withdrawal Fee Compared
Now coming to another crucial aspect of crypto exchanges, which is how much will they be costing you to trade on these exchanges? Let’s begin with Bibox.
Bibox fees follow a regular fee structure constituting trading fees and deposit/withdrawal fees. Let’s discuss them now:
The overall fee structure follows a maker/taker fee model where the maker transaction fee is flat at 0.1%, and the taker is at 0.2%.
However, when you use BIX you can enjoy a discount on trading fees which I have mentioned in the table below:
|1st Year||2nd Year||3rd Year||4th Year||5th Year|
Deposit and Withdrawal Fees
Bibox doesn’t charge any fee when you fund your account. However, withdrawals attract a dynamic fee depending on the asset you trade with; you can refer to the complete table by clicking here.
Now let’s discuss what Bybit has for you in store in this segment.
For the crypto trading fee schedule, the overall structure follows a maker/taker fee model as well. I have mentioned the complete fee structure below:
|Spot Trading||Perpetual & Futures Contracts Trading||USDC Options Trading|
|Taker Fee Rate||Maker Fee Rate||Taker Fee Rate||Maker Fee Rate||Taker Fee Rate||
Maker Fee Rate
Bybit also charges a funding fee which is the cost of holding a position open for a certain period of time. This fee is based on the current interest rate and the demand for the asset in the crypto market.
Deposit and Withdrawal Fees
When it comes to deposits and withdrawals, Bybit doesn’t charge any fee for account funding; however, there are minimum deposit amounts depending on the asset.
Additionally, Withdrawals attract minimal fees depending again on the crypto asset.
Verdict: Clearly Bybit has a more affordable fee structure which makes it the winner in this segment.
Bibox vs Bybit: Order Types
Let’s now discuss the available order types on these crypto futures exchanges and how by using them, you can take advantage of the market trends.
Starting with Bibox there are some unique order types readily available on the exchange, which are:
- Market Only
- Fill Or Kill
Coming to Bybit, the exchange offers comparatively limited order types but includes all the essential ones like:
Verdict: Bibox is the clear winner in this segment, with fairly more types of orders to use.
Bibox vs Bybit: KYC Requirements & KYC Limits
Coming to KYC requirements and KYC limits, let’s see which one will be the better choice in this segment.
Bibox crypto trading platform allows anonymous trading with a capped daily withdrawal of 0.5 BTC.
If you want a higher withdrawal limit, then, of course, you can opt for verification, where you need to submit a Government approved ID. Doing this will increase your withdrawal limit to 2 BTC per day.
If you want a higher withdrawal limit, then you need to contact customer service and get it increased manually.
On the other hand, Bybit doesn’t allow any anonymous trading starting from 8 May 2023. Identity verification of at least Level.1 is mandatory on the exchange.
|Non-KYC||Individual KYC Lv. 1||Individual KYC Lv. 2|
|Non-VIP||Daily withdrawal limit ≤ 20K USDT
Monthly withdrawal limit ≤ 100K USDT
|Daily limit ≤ 1M USDT||
Daily limit ≤ 2M USDT
|Daily limit ≤ 6M USDT|
|Daily limit ≤ 8M USDT|
Daily limit ≤ 10M USDT
Supreme VIP and above
Daily limit ≤ 12M USDT
To get verified, you need to submit a government-issued identification document that includes your photograph, date of birth, document number, and date of issue.
Bibox vs Bybit: Deposits & Withdrawal Options
Both these exchanges offer a variety of crypto deposit and withdrawal options.
- Method 1: Through wire transfer, apple pay, google pay, and debit/credit cards.
- Method 2: Direct crypto transfer from an existing exchange wallet.
- Method 1: Buy crypto using a credit/debit card, bank transfer, or any other supported payment gateways like AirTM, Payeer, Wise, Advcash, etc.
- Method 2: Through direct crypto transfers from the existing wallet.
- Method 3: Use P2P trading to deposit/withdraw funds at zero cost using your fiat currency.
Bibox vs Bybit: Trading & Platform Experience Comparison
Now let’s quickly discuss what UI and UX you can expect from these exchanges as well as what are the highlighting features of them.
Starting with Bibox, this crypto exchange comes with multiple trading charts with an option to adjust leverage and choose from various market types right on the window. Some of the highlighting features of the exchange are:
- Order Book
- 24h value, 24h change, last price, the funding fee
- Easy-to-use order book
- Trading pairs menu
- Trade and order history
Coming to Bybit, this crypto exchange is famous for its crypto trading capabilities; it offers unique trading features that are available at your fingertips to help you efficiently trade with precise charting systems. These include:
- Multiple technical charts, including TradingView
- Easy-to-use order form
- Trading pair details
- Order book
- Recent trades
- Positions closed P&L,
- Current orders, order history, and trade history
- Easy-to-use mobile app
To learn how to place trades on the exchange, have a look at this quick guide on how to trade Bybit futures.
Bibox vs Bybit: Customer Support
When it comes to customer support, Bibox is nowhere behind. It offers live chat support to communicate with the team.
Additionally, you can also reach their support team through email as well as seek help through Bibox’s telegram channel.
Coming Bybit, this crypto exchange also offers extensive customer support with live chat support as well as email capabilities. In addition, you can also reach out to Bybit’s social media handle on Twitter.
The team has a quick response time and stands out with its comprehensive knowledge base.
Bibox vs Bybit: Security Features
Now coming to one of the most crucial segments to discuss, what are the security features offered by these exchanges?
Bibox offers one-of-a-kind robust security features that keep your crypto holdings safe and secure round the clock. These are:
- Microservices splitting design and AI to provide smart token and trading management.
- SMS Authentication
- Google Authentication
- Fund password
- Anti-phishing Code
Coming to Bybit this crypto exchange justifies every aspect of a safe and secure trading exchange. It stores your crypto holdings in cold storage; the security systems include:
- Two-factor authentication
- Fund Password
- Anti-phishing Code
- Real-Time Monitoring
- Withdrawal Address Whitelist
- Withdraw via Address Book
- Trusted Devices Management
- Triple Layer Asset Protection & Platform Security
- Advanced-Data Protection
Is Bibox a Safe & Legal To Use?
The direct answer to this question is that, yes, Bibox is quite a safe and secure trading platform. It is among the leading crypto exchange, standing rock solid, and is used by millions of users worldwide.
The exchange offers all the industrial standard-compliant security systems keeping your account safe, making it a completely safe and legitimate crypto exchange.
Is Bybit a Safe & Legal To Use?
When the question arises for Bybit, the answer is pretty straightforward as well. The exchange is enormous in size, with millions of users, and the security systems it offers are just another proof of its safety and legitimacy.
Bybit vs Bibox Conclusion: Why not use both?
Both Bybit and Bibox are among the best crypto exchanges in the crypto sphere. They offer unique trading capabilities with top-notch security and features.
When the question arises which of the two is the best choice among them, then the decision depends upon your trading needs.
Bibox is an anonymous trading compatible platform that offers a variety of products and a long list of crypto assets at affordable pricing as well as is beginner friendly.
In contrast, if you are looking for an exchange that offers all the advanced trading systems with P2P trading, then Bybit will be the best choice for you.
The TradingView and the user experience it provides are just unbeatable.
Learn how does Bibox vs Bybit stack up against the competition: