In a short time period, Bybit has become synonymous with crypto derivatives trading. With a 24h trading volume of over USD 10.5 billion, Bybit is the fourth-most-popular crypto derivatives exchange in the world.
Multiple trading options, a best-in-class trading panel, low trading charges, robust security, and good-quality customer support are some reasons to use Bybit for trading a futures contract.
However, during our detailed review of Bybit, we discovered a few limitations regarding daily withdrawals. It also charges a small withdrawal fee, which many traders might not appreciate.
If you’re looking for a Bybit alternative, here are the nine best Bybit alternatives you should check out.
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Best Bybit Alternative To Use In 2023
- StromGain– [25$ Bonus & 500x Leverage]
- PrimeXBT– [200X leverage on BTC]
- Phemex– [Upto 2200$ Bonus]
- KuCoin
- OKEx
- Deribit
- Binance
- BitMEX
1. StormGain
Founded in 2019, StormGain is a relatively new crypto exchange that is gaining popularity among crypto traders and enthusiasts. It has one of the most intuitive trading platforms globally, making it an excellent alternative to Bybit.
StormGain is one of the few crypto trading exchanges that offer up to 200x leverage on futures contracts, for starters. It supports six major coins. Furthermore, StormGain enables you to buy Bitcoin with your credit – a functionality only a handful of exchanges offer.
Some key features included in the StormGain platform are AI-generated trading signals, multiple order types, an intuitive order book, and more.
StormGain is a no KYC exchange and allows you to open an account without any KYC requirements. However, you need a minimum balance of 50 USDT to start trading on StormGain.
Unlike most exchanges, StormGain doesn’t follow a market maker-taker fee model. Instead, it charges 0.06-1% on leveraged trading and a daily 0.40% fee on USDT swaps.
Benefits of Using StormGain as an Alternative to Bybit are:
- No KYC needed to start trading
- Up to 200x leverage on six futures contracts
- Seamless deposits with fiat to crypto support
- Up to 15% bonus on all deposits
- Stormgain $25 deposit bonus
2. PrimeXBT
PrimeXBT is a premier crypto exchange founded in 2017 and based in Seychelles. It’s one of the most preferred exchanges for experienced traders, thanks to its best-in-class trading platform.
PrimeXBT is an anonymous trading exchange, and you can open a trading account without any KYC. In fact, the exchange claims that traders can set up an account and start trading in less than 40 seconds.
The exchange has a daily trading volume of USD 545 million and executes more than 12,000 orders in a second. It offers 100x leverage on all futures contracts, including BTCUSD, ETHUSD, CRPUSD, LTCUSD, and EOSUSD.
PrimeXBT Offer: Get a 35% additional bonus on the deposit of any amount of BTC on PrimeXBT. Meaning, if you put 1 BTC to trade on PrimeXBT, you will get an additional 0.35 BTC to trade. So in total, 1.35 BTC when you register using this exclusive deal for TheMoneyMongers readers. |
PrimeXBT implements the TradingView trading platform, which comprises various types of charts, timeframes, and indicators. There is a flat trading commission of 0.05% for all futures contracts and a withdrawal fee of 0.005 BTC.
Benefits of Using PrimeXBT as a Bybit alternative:
- Robust platform with industry-leading features
- Low trading and withdrawal fee
- Maximum leverage of 100x on all crypto futures
- Seamless account opening process
3. Phemex
Launched in November 2019, Phemex is one of the newest cryptocurrency exchanges in the market and one of the best Bybit alternatives. It offers institutional-level margin trading to users with up to 100x leverage on Bitcoin futures.
Phemex supports six trading pairs, including BTCUSD, ETHUSD, LINKUSD, XRPUSD, LTCUSD, and XTCUSD. It’s also one of the few cryptocurrency platforms that offer GOLD/USD trading with up to 100x leverage.
Phemex introduced KYC services in May 2021. Now, all users who need to create an account on Phemex will need to verify their identity.
Phemex has a 24h trading volume of USD 3.53 billion, making it the ninth-largest crypto exchange in daily trading volume. It has one of the most robust trading platforms among crypto exchanges, which comprises a TradingView charting system and various order types to choose from.
Benefits of Using Phemex as one of the Bybit Alternatives:
- Up to 100x leverage trading
- Advanced order types are available
- Support for multiple cryptocurrencies
- Ideal for both beginners and professional traders
4. KuCoin
KuCoin is a renowned crypto exchange like Bybit. Launched in 2017, KuCoin supports over 200 cryptocurrencies and 400+ markets, making it one of the best alternatives to Bybit.
KuCoin has a 24h crypto derivatives trading volume of USD 1.06 billion (16th highest), so traders won’t issue liquidity. It supports deposits through credit & debit cards and instant exchange services.
The support for fiat currencies to buy cryptos is an excellent feature of KuCoin. On top of that, you get bank-level security with industry-standard encryption, IP whitelisting, and micro-withdrawal wallets.
And in case you want to enhance your account security even further, KuCoin enables non-custodial trading from your private wallet.
Talking about leverage, KuCoin offers up to 100x leverage on all major cryptocurrencies. The platform is intuitive and beginner-friendly. KuCoin also offers best-in-class customer service via email and ticketing system.
Benefits of Using KuCoin as a Bybit Alternative:
- Over 200 altcoin options to choose from
- Support for fiat currencies
- Best-in-class customer support
- Bank-level security
5. OKEx
Founded in 2014, OKEx is one of the oldest crypto exchanges in the market. It ranks third in terms of 24h crypto derivatives traded volume (USD 14.5 billion).
The striking feature of OKEx is its exchange platform, which is available as an in-browser platform and downloadable software. The downloadable software eliminates security risks associated with in-browser trading.
The platform comprises a high-quality charting package, making it one of the best picks for professional and institutional traders. On OKEx, you can trade a futures contract of BTC, EOS, and ETH. The futures contracts available come with a weekly, bi-weekly, and monthly expiry.
When it comes to trading fees, OKEx has a multi-tiered fee structure based on 30d trading volume. F
or low-volume accounts, OKEx charges a 0.15% maker fee and 0.2% taker fee. For high-tier accounts, the maker and taker fee drops to 0.02% and 0.05%, respectively.
Benefits of Using OKEx as one of the Bybit Alternatives are:
- Extensive range of margin trading options
- One of the high-end trading platforms
- Low fees compared to competitors
- Fiat to cryptocurrency support
6. Deribit
Deribit is a crypto derivatives-only exchange founded in the Netherlands in 2016. It provides BTC and ETH perpetual and quarterly expiry crypto futures. Like most exchanges, Deribit also offers a maximum of 100x leverage. Such high leverage can help you a lot.
With a 24h trading volume of USD 1.05 billion, Deribit ranks 17th in terms of the daily trading volume. Deribit has one of the fastest trading matching engines in the industry, with a latency of less than 1 ms. It also uses the TradingView charting system and has a powerful trading platform.
Deribit requires all its users to obtain the verified status before they can begin trading. It has four trading levels: Retail Level 0, Retail Level 1, Corporate Level 0, and Corporate Level 1, with each having different KYC requirements.
Like the majority of exchanges, Deribit implements a market maker-taker trading fee model. It offers a 0.025% market maker rebate and charges a taker fee of 0.075%.
Benefits of Using Deribit as a Bybit Alternative:
- World-class exchange platform for trading
- One of the fastest trading engines
- No deposit or withdrawal fees
- Good security and customer support
7. Binance
Binance Futures is the world’s leading crypto derivatives exchange with more than USD 60 billion daily trading volume. The exchange has a dedicated futures trading platform that comes with industry-leading features and functionalities.
One of the key benefits of using Binance is its user-friendly trading interface. Despite being feature-rich, the Binance platform is intuitive and easy to learn. This makes it ideal for everyone, from beginners to advanced trading professionals.
If you’re looking for an alternative to Bybit to trade Bitcoin, Binance can be the best pick. It offers up to 125x leverage on Bitcoin futures contracts, while the leverage is limited to 75x for other trading pairs.
Binance has one of the most powerful trading engines in the crypto space and can execute up to 100,000 trades per second. The minimum latency of the platform is 5 ms.
Binance now requires all users to complete identity verification. Binance considers this as an important step to enhance the security of all user accounts.
Benefits of Using Binance as a Bybit Alternative:
- A comprehensive range of crypto contracts
- Low trading fee
- Superior account security
- Intuitive and user-friendly trading panel
8. BitMEX
Many regard BitMEX as the best alternative to Bybit. It’s a P2P crypto trading platform and one of the oldest cryptocurrency exchanges out there. If you’re looking for alternatives to Bybit that offer similar features and functionality as Bybit, BitMEX is one of the best choices.
BitMEX ranks 11th in terms of daily trading volume and has a 24h trading volume of USD 1.9 billion. You can trade perpetual futures contracts in BTC, XRP, and ETH, while traditional futures contracts are available in BTC, BCH, ETH, LTC, XRP, TRX, ADA, and EOS.
BitMEX requires mandatory identity verification from all its users. If you want to open an account on BitMEX, you’ll need to fulfill the KYC requirements.
Talking about the trading fees, BitMEX follows a flat trading fee structure. It offers a 0.025% maker rebate and charges a 0.075% taker fee, which is industry standard. It offers up to 100x leverage on BTC contracts, while leverage for other coins is limited to 25-50x.
Benefits of Using BitMEX:
- One of the secure trading platforms
- Exchange platform offers multiple order types
- Low fees and high leverage
- Multiple order types
Conclusion – Trading Platform, Trading Volume, and More
If you’re looking for Bybit alternatives to trade futures, there is a wide range of options to choose from. No single exchange is the best, as each exchange is unique in terms of features and functionalities.
Be sure to research various aspects, such as security, customer support, user-friendliness, etc.
If you’re a new trader, user-friendliness and best-quality customer support should be your priority. On the other hand, experienced traders should focus on leverage, liquidity, and the platform’s robustness.
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