As a cryptocurrency enthusiast, I’m always on the lookout for the best platforms to help maximize my profits in this ever-evolving market.
Two leading exchanges, Bitfinex and Bybit, have caught my attention as popular choices in the competitive crypto trading landscape.
In this article, I’ll provide a comprehensive comparison between Bitfinex and Bybit, covering essential aspects such as fees, trading features, security, and user experience.
By the end of this guide, you’ll have all the information you need to make an informed decision on which platform best suits your trading needs, just as I have.
Our 2023's Recommendation  |
|
Bitfinex vs Bybit: At a Glance Comparison
| Feature | Bitfinex | Bybit |
| Supported assets | 200 tokens, 400 spot pairs, 60 Perpetual Futures contracts | 1600+ cryptocurrencies |
| Margin trading | Yes | Yes |
| Leverage | Up to 100x | Up to 100x |
| Trading fees | Maker: 0.02% to 0.1%
Taker: 0.065% to 0.2% |
Maker: 0% to 0.02%
Taker: 0% to 0.05% |
| Trading platform | Web, mobile app | Web, mobile app |
| Security features | 2-factor authentication, SSL encryption | 2-factor authentication, cold storage |
| Customer support | 24/7 live chat, email support | 24/7 live chat, email support |
Bitfinex vs Bybit: Trading Markets, Products & Leverage Offered
Bitfinex supports a wide variety of cryptocurrencies, offering over 400 spot trading pairs, including fiat-to-crypto pairs such as USD, EUR, GBP, and JPY.
The platform provides spot trading, margin trading with leverage up to 10x with a Basic Plus Verification, and Futures trading with leverage up to 100x.
Additionally, Bitfinex also offers lending and staking services, allowing users to earn passive income on their crypto holdings.
Bybit, on the other hand, focuses primarily on perpetual contracts for major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and EOS.
Bybit also offers inverse perpetual contracts and USDT perpetual contracts, which are settled in USD-pegged stablecoins.
The platform provides leverage of up to 100x for its perpetual contracts, enabling traders to capitalize on market movements with increased exposure. Along with that, you can also enjoy sign-up bonus by using Bybit’s promo code.
Verdict:
If you require a wide range of trading pairs and product offerings, Bitfinex may be the better choice for you. However, if your primary focus is on leveraged trading of major cryptocurrencies, Bybit could be the more appropriate platform.
Bitfinex vs Bybit: Supported Cryptocurrencies
Bitfinex has an extensive list of supported cryptocurrencies, with over 400 spot trading pairs available.
This includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), as well as a wide array of altcoins and DeFi tokens.
In addition, Bitfinex supports several fiat currencies, including USD, EUR, GBP, and JPY, allowing users to trade fiat-to-crypto pairs directly on the platform.
Bybit, in contrast, has a more focused selection of supported cryptocurrencies. The platform primarily offers perpetual contracts for four major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS.
Bybit also supports inverse perpetual contracts and USDT perpetual contracts, which are settled in USD-pegged stablecoins.
Verdict:
In terms of supported cryptocurrencies, Bitfinex is the clear winner, offering a significantly broader range of trading pairs and options.
The platform’s extensive list of cryptocurrencies and fiat-to-crypto pairs make it an attractive choice for traders looking to diversify their portfolios and explore a variety of trading opportunities.
Bitfinex vs Bybit: Trading Fee & Deposit/Withdrawal Fee Compared
Bitfinex employs a taker-maker fee model, where fees are charged based on a user’s 30-day trading volume. Taker fees start at 0.065%, while maker fees start at 0.02%.
Bitfinex does not charge any deposit fees for cryptocurrencies. However, there are fees associated with fiat currency deposits to the tune of 0.1% with a minimum fee of 60 (USD/Euro).
Withdrawal fees vary depending on the cryptocurrency or fiat currency being withdrawn.
You will pay a flat fee of 0.1% for a minimum fee of 60 (USD/Euro).
If you choose to withdraw your fiat via bank wire withdrawals, you will need to pay 1% with a minimum fee of 100 (USD/Euro)
Bybit uses a taker-maker fee model as well.
The taker fee can range from 0% to 0.05%, while the maker fee can range from 0% to 0.02%, meaning that both makers and takers can actually trade without paying a fee for adding/removing liquidity to the order book if your volume is high enough.
Bybit does not charge any fees for deposits, and the platform offers free withdrawals for most cryptocurrencies, with users only responsible for covering the blockchain network fees.
This makes Bybit’s withdrawal fees generally lower than those of Bitfinex.
Verdict:
Overall, Bybit is the better choice for traders who prioritize lower deposit and withdrawal fees and maker rebates. However, high-volume traders may find Bitfinex’s tiered fee structure more advantageous in terms of trading fees.
Bitfinex vs Bybit: Order Types
Bitfinex offers
- Limit Order,
- Market Order
- Stop Order
- Stop Limit Order
- Trailing Stop-loss Order
- Fill or Kill Order
- Immediate or Cancel Order
- Interactive Book Order
- Scaled Order
- Trigger Order, and
- Post Only Order
Bybit offers
- Limit Order
- Market Order, and
- Conditional Order
Verdict:
In terms of order types, Bitfinex wins over Bybit in the number of different type of orders available to you.
Bitfinex vs Bybit: KYC Requirements & KYC Limits
Bitfinex’s Basic Access KYC is required for any account that is created after November 9th, 2022.
If you want to access most of the platform’s features, like deposits and withdrawals of listed cryptocurrencies, you can upgrade your level to Basic Plus.
As of 8 May 2023, Bybit requires users to complete a basic level of KYC, which includes providing basic personal information such as name, email address, and phone number.
Verdict:
Both Bitfinex and Bybit have some amount of KYC procedures to be done so you can take your pick amongst either of these exchanges in this regard.
Bitfinex vs Bybit: Deposits & Withdrawal Options
Bitfinex supports both cryptocurrency and fiat currency deposits and withdrawals. Users can deposit and withdraw a wide range of cryptocurrencies as well as numerous altcoins and DeFi tokens.
For fiat currencies, Bitfinex allows users to deposit and withdraw via bank wire transfers. It is important to note that Bitfinex’s fiat deposit and withdrawal options come with fees, as previously discussed in the fee comparison section.
Bybit supports both cryptocurrency and fiat deposits and withdrawals.
Users can deposit and withdraw the major cryptocurrencies supported on the platform. For a small fee, you can also transfer fiat via Bank transfer into your trading account.
Verdict:
Bitfinex and Bybit both have on and off-ramps for crypto and fiat currencies. This makes it difficult to choose between either of these exchanges.
Bitfinex vs Bybit: Trading & Platform Experience Comparison
Bitfinex is a feature-rich platform with a wide range of tools and options designed for advanced traders.
The platform offers customizable charting options, advanced order types, and a variety of trading tools to help users make informed decisions.
Bitfinex also provides margin trading and funding, allowing users to leverage their positions and earn interest on their holdings.
However, the platform’s complexity and abundance of features can be overwhelming for beginners, resulting in a steeper learning curve. To know more about the exchange, check this quick guide on How to trade crypto futures on Bitfinex.
Bybit, on the other hand, offers a more user-friendly and intuitive interface, making it easier for traders of all experience levels to navigate the platform.
The platform focuses on perpetual contracts, which simplifies the trading options available to users.
Bybit also offers advanced order types and risk management tools, allowing traders to customize their strategies and manage their risk effectively.
Although Bybit’s platform may be less feature-rich than Bitfinex, it is more accessible for users new to trading or who prefer a more streamlined experience. If you want to get in-depth information about the exchange, here is a quick Bybit tutorial.
Verdict:
If you are an advanced trader seeking a feature-rich platform, Bitfinex may be the better choice.
However, if you prefer a more accessible and user-friendly experience, Bybit is likely the more suitable option.
Bitfinex vs Bybit: Customer Support
Bitfinex provides a comprehensive knowledge base and FAQ section on its website, allowing users to find answers to many common questions and issues.
Additionally, the platform offers a support ticket system where users can submit their inquiries or concerns.
Bitfinex’s customer support team generally responds within 24 hours, but response times can vary depending on the complexity of the issue and the volume of support requests.
Bitfinex also offers live chat and email support, but no phone support, while maintaining an active presence on social media channels, where users can also seek assistance.
Bybit places a strong emphasis on customer support and offers a variety of channels for users to obtain assistance. The platform features an extensive knowledge base and FAQ section, as well as a support ticket system.
However, what sets Bybit apart is its 24/7 live chat support, which allows users to connect with a customer support representative in real-time, providing quick and efficient assistance.
Bybit also maintains an active presence on social media and offers email support for less urgent inquiries.
Verdict:
When it comes to customer support, Bybit has a clear advantage due to its 24/7 live chat support, which offers a higher level of convenience and responsiveness compared to Bitfinex’s support ticket system.
While both platforms provide extensive knowledge bases and FAQ sections, Bybit’s commitment to real-time assistance demonstrates a stronger focus on user satisfaction and support.
Bitfinex vs Bybit: Security Features
Bitfinex is known for its strong emphasis on security and has implemented numerous measures to protect users’ funds and information. Some of its key security features include
- Two-factor authentication (2FA) for account access and withdrawals.
- Cold storage for the majority of user funds, with only a small percentage kept in hot wallets for day-to-day operations.
- Advanced encryption and protection of user data.
- Constant monitoring of platform activity to detect and prevent potential security breaches.
- IP address whitelisting and email notifications for any account-related activities.
Bybit also takes security very seriously and has implemented a range of measures to safeguard its users’ assets and information. Some of the notable security features offered by Bybit include
- Two-factor authentication (2FA) for account access and withdrawals.
- Hierarchical deterministic cold wallet system, ensuring the majority of user funds are stored offline.
- Secure Socket Layer (SSL) encryption for all data transmissions and storage.
- Real-time monitoring of platform activity to identify and address potential security threats.
- IP address whitelisting and email notifications for any account-related activities.
Verdict:
Given that both exchanges offer a comprehensive set of security features, it is difficult to determine a clear winner in this category.
Is Bybit Safe & Legal To Use?
As mentioned in the previous section on security features, Bybit takes user safety very seriously and has implemented a range of measures to protect users’ assets and information.
These features demonstrate Bybit’s commitment to providing a secure trading environment for its users.
Moreover, Bybit has not experienced any significant security breaches or hacking incidents, which further strengthens its reputation as a safe platform for trading cryptocurrencies.
Bybit is one of the top derivatives exchanges registered in the British Virgin Islands, operating under the legal framework of the jurisdiction.
It is crucial for users to ensure that their local laws and regulations allow the use of Bybit’s services before signing up and trading on the platform.
Bybit strives to comply with applicable regulations and has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) measures for certain activities, such as fiat-to-crypto transactions via third-party providers.
Is Bitfinex Safe & Legal To Use?
As outlined in the earlier section on security features, Bitfinex places a strong emphasis on user safety and has implemented numerous measures to protect users’ assets and information.
Some key security features include two-factor authentication, cold storage solutions, advanced encryption, constant monitoring of platform activity, IP address whitelisting, and email notifications.
These features demonstrate Bitfinex’s commitment to providing a secure trading environment for its users.
Bitfinex has experienced security breaches in the past, most notably in 2016, when it lost around 120,000 bitcoins in a hacking incident.
However, the exchange has significantly enhanced its security measures since then, and no major security breaches have occurred.
Bitfinex is a global cryptocurrency exchange owned and operated by iFinex Inc., which is registered in the British Virgin Islands.
The platform operates under the legal framework of its jurisdiction and is accessible to users in many countries worldwide.
However, Bitfinex does not offer its services to residents of the United States, which is an important restriction to note.
It is vital for users to ensure that their local laws and regulations allow the use of Bitfinex’s services before signing up and trading on the platform.
Bitfinex complies with applicable regulations and has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) measures for user accounts.
Conclusion
In conclusion, both Bitfinex and Bybit are two of the best platform for crypto futures trading out there. They both offer unique advantages, catering to different user needs.
Bybit excels in customer support and user-friendliness, while Bitfinex supports more cryptocurrencies and has an advanced interface.
Both provide robust security measures and operate legally within their jurisdictions.
As a trader, your choice depends on your specific requirements and preferences.
Both platforms offer a reliable and secure environment for trading cryptocurrencies, and it’s up to you to determine which one aligns best with your goals and expectations.
Happy trading!
Our 2023's Recommendation |
|
Learn how does Bitfinex & Bybit stack up against the competition:
- Bitfinex vs Kraken
- Bitfinex vs Coinbase
- Bitfinex vs Bittrex
- Bybit vs Binance
- Bybit vs BTSE
- Bybit vs OKX
- Bitcoin Transaction Accelerator: 5 Services to Unstuck Your BTC - September 23, 2023
- What Is Bitcoin Private Key? Everything You Need To Know !! - June 2, 2023
- Best Cardano (ADA) Wallets To Use In 2024 - May 7, 2023