In terms of trading volume, Bithumb and ByBit are two of the top names. But when it comes to features and product offerings, both exchanges are far apart from one another.
On the one side, Bithumb is a regional based crypto exchange, while ByBit is a global one. So which one should you choose, Bithumb vs ByBit?
If you are confused with the same question, then don’t worry, as I will compare both exchanges at various factors below.
Bithumb vs ByBit: At A Glance Comparison
Bithumb is one of the oldest crypto exchanges in South Korea, and it is also the most popular one for trading BTC. The exchange was founded in 2014, and it only caters to Korean users.
The good part of the exchange is that it allows you to trade in South Korean Won or KRW. Also, it supports a wide range of tokens.
But the product offerings on the exchange are pretty limited.
ByBit, on the other side, is a leading crypto futures platform. It is widely popular and was established in 2018.
The crypto exchange allows you to trade in stablecoins rather than fiat currency. But the good part is you can participate in different crypto markets like spot or futures.
You can also use ByBit for a wide range of purposes. For instance, you can use it for copy trading, crypto loans, bots trading, and more.
Bithumb vs ByBit: Trading Markets, Products & Leverage Offered
Bithumb is pretty basic in terms of trading market availability. There is only one service offered by the exchange – spot trading.
You won’t find margin or futures trading on the exchange. But it supports crypto lending for the spot market. So you can borrow funds to expand your order size.
- Spot Trading
ByBit is a far better choice in terms of supported trading markets. You can participate in all sorts of crypto markets and not limit yourself to spot trading only. Some of the supported trading markets are:
- Spot Trading
- Margin Trading (5x Leverage)
- USDT Perpetual Futures Contracts (up to 100x leverage)
- USDC Perpetual Futures Contracts (up to 125x leverage)
- Inverse Perpetual Futures Contracts (up to 100x leverage)
- USDC Options
- Leveraged Tokens (2X Leverage)
- Copy Trading
Verdict: ByBit supports more trading markets than Bithumb. As a result, it is the winner of this category.
Bithumb vs ByBit: Supported Cryptocurrencies
Bithumb supports 300 trading pairs and has 194 coins listed. You will find both majorly traded tokens and a few unique coins that you can have in your crypto portfolio. Some of the supported tokens are:
On ByBit, you will find 350+ crypto trading pairs and tokens. Also, it lists new tokens from time to time. Alongside that, you will find all the popular crypto tokens. Some of the listed tokens are:
Verdict: On ByBit, you will find more crypto trading pairs and tokens than on Bithumb. So it is the winner for this section.
Bithumb vs ByBit: Trading Fee & Deposit/Withdrawal Fee Compared
Bithumb Spot Trading Fee
Bithumb charges you a flat rate for both BTC and KRW markets. There is no tiered fee structure. So the regular fee stands at:
- Maker Fee: 0.04%
- Taker Fee: 0.25%
However, there is an option to get an additional discount on your trading fee through coupons. For instance, high-frequency traders can enjoy between 0.04% to 0.045% discount on their trading fees.
Bithumb Deposits & Withdrawal Fees
On Bithumb, deposits are completely free. However, if you deposit below the minimum amount, it will be subjected to a deposit fee.
For example, BTC deposits on Bithumb have a minimum requirement of 0.05%. If you deposit less than this, then you have to pay deposit charges.
On the other side, Bithumbcharges you withdrawal fees. But the fee varies from one crypto token to another.
Also, unfortunately, there is no P2P trading on Bithumb. So you cannot enjoy free funds deposits and withdrawals.
ByBit Spot Trading Fee
ByBit has a straightforward fee structure with a tiered fee model. So the more you trade, the less you have to pay as the trading fee. However, the regular fee stands at:
- Maker Fee: 0.10%
- Taker Fee: 0.10%
ByBit Futures Trading Fee
The same tiered fee structure is also applicable to ByBit futures. And the regular fee you have to pay is:
- Maker Fee: 0.06%
- Taker Fee: 0.01%
ByBit Deposits & Withdrawal Fees
For crypto deposits on ByBit, there is no fee. There will be a transaction fee if you deposit fiat via credit/debit card or bank transfer. The transaction fee depends on what payment method you are selecting.
However, for crypto withdrawals, ByBit does charge you a fee. But the fee varies from one currency to another, and it depends on the blockchain network and a few other factors.
But there is a way to enjoy free deposits and withdrawals on ByBit by using its P2P Trading.
Verdict: Overall, ByBit has a straightforward fee structure, and it costs less than Bithumb. Hence, ByBit wins this section.
Bithumb vs ByBit: Order Types
- Market Price
- Stop Limit
Verdict: As both exchanges offer similar types of orders, it is a tie between Bithumb and ByBit.
Bithumb vs ByBit: KYC Requirements & KYC Limits
On Bithumb, KYC is made mandatory. Before you can start trading, depositing, or withdrawing funds, you need to verify your account. Also, Bithumb comes with different levels of KYC with different limits.
On Bithumb, you will find two KYC levels, and you need to fulfil both of them. Here is why:
- Level 1 KYC: This will allow you to deposit funds without any limitations.
- Level 2 KYC: You must complete the level 2 verification to withdraw funds.
On ByBit, KYC is secondary. It is up to you if you want to verify your account or not.
However, verifying your account would only enhance your deposit and withdrawal limit. And even if you don’t verify your account, you will enjoy an unrestricted experience.
By just verifying your account, you can withdraw up to 20,000 USDT per day and 100,000 USDT monthly.
ByBit has two different levels of KYC. These are:
- Level 1: It offers you unlimited P2P trading, daily fiat top-up limit of up to $20K, and a daily coin withdrawal limit of up to 1,000,000 USDT.
- Level 2: It offers you unlimited P2P trading, daily fiat top-up limit of up to 2,000,000 USDT and daily coin withdrawal limit of up to 100K USDT.
Verdict: ByBit is the winner for this section. Since you can use the exchange without verifying your account and get an unrestricted experience.
Bithumb vs ByBit: Deposits & Withdrawal Options
- Method 1: Buy crypto using a credit/debit card or bank transfer.
- Method 2: Deposit or withdraw crypto from another crypto wallet or exchange.
- Method 1: Buy crypto using a credit/debit card, bank transfer, or other supported payment options.
- Method 2: With ByBit P2P trading, you can deposit or withdraw funds using your local payment method.
- Method 3: You can deposit or withdraw crypto from another crypto wallet or exchange.
Verdict: As depositing and withdrawing funds from ByBit is much easier, it is the winner for this section.
Bithumb vs ByBit: Trading & Platform Experience Comparison
As Bithumb is a spot trading exchange, the trading platform is pretty basic. You will find all the tools and features you need to trade futures. It has some of the features like:
- Technical chart powered by TradingView
- Trading Pairs Window
- Asset details
- Night mode
- Easy-to-use order form
- Settlement detail & Global market price
- Open orders & Fills
In comparison to Bithumb, ByBit is a much better choice. It has an advanced trading platform with different tools. Along with that, its mobile app is pretty advanced and offers an easy trading experience. You get to see features like:
- 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 help you know more about the exchange, here is a quick guide on how to use Bybit.
Verdict: Overall, ByBit’s trading platform on both the web and mobile is pretty advanced and much better. So it is the winner for this section.
Bithumb vs ByBit: Customer Support
When it comes to offering customer support, Bithumb isn’t really impressive. As it only offers support through email.
There is no live chat option, or they do offer support through their social media channels like Twitter. But you will get access to a knowledge centre that has answers to frequently asked questions.
You can get help from ByBit using its live chat window, which will connect you with a support agent instantly. Along with that, it also offers you a knowledge base for frequently asked questions.
Alternatively, you can also seek support through email, or you can reach out to ByBit on Twitter.
Verdict: As ByBit support is much more convenient and easy to reach out to, it is the winner.
Bithumb vs ByBit: Security Features
- Two Factor Authentication
- 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
Verdict: As ByBit offers a good number of security features compared to Bithumb, it is the winner.
Is Bithumb Safe & Legal To Use?
Bithumb is one of the safe and secure platforms to trade crypto. The exchange uses ISMS (Information Security Management System) to protect its user’s data.
Along with that, it also uses cold storage to keep users’ funds safe. However, when it comes to user security, the exchange lacks high-end security features.
Is ByBit Safe & Legal To Use?
Without a doubt, ByBit is a safe and secure way to trade in the spot and derivatives market. Being a global name, the exchange is widely used and trusted by millions of users.
The exchange also offers several high-end security features to its users. Plus, it also uses cold storage to protect users’ funds.
The exchange also does not have any history of hacks, and it is compiled with many jurisdictions.
Bithumb vs ByBit Conclusion: Why not use both?
In the battle between Bithumb and ByBit, ByBit is undoubtedly the clear winner.
The exchange has everything you need as a trader. Be it multiple trading markets support, lower trading fees, advanced trading platform ByBit has everything. Also, you can use Bybit’s coupon code to get sign-up bonus.
On the other side, Bithumb is also a great crypto exchange with one of the largest bitcoin trading volumes.
But it’s only suitable for Korean citizens as the exchange requires a Korean phone number to sign-up and has a complicated KYC process.
So it is very difficult for foreigners to use the exchange.
Learn how does Bithumb and Bybit stack up against the competition.