Bybit vs CoinSpot: Tried, Tested & Compared in 2024

Bybit and CoinSpot are one of the most renowned names today in the cryptoverse. But as a crypto trader, I know you want to know which of the two will work best for you.

And I am here to do just that. I will compare both of these exchanges to their core, which will help you better understand these exchanges and get familiar with the tools and products these exchanges offer.

So, without further delay, let’s look at what these exchanges have been known for.

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Bybit vs CoinSpot: At a Glance Comparison

Bybit

Bybit was introduced into the cryptosphere in 2018, registered in the British Virgin Islands, and headquartered in Singapore. The exchange is known for its strong focus on compliance, security and product, which is the reason for its 10 million user base worldwide.

In brief, Bybit is among the top list of advanced traders as it provides one of the best charting systems available in the market with minimal pricing and anonymous trading compatibility. You can sign up on the exchange using Bybit referral code to enjoy sign-up bonus.

CoinSpot

On the other hand, CoinSpot was launched in 2013, which makes it one of the oldest crypto exchanges. With more experience and a unique understanding of the market, CoinSpot has also acquired an enormous fan base of more than 2.5 million users.

CoinSpot is best suitable for you if you like to diversify and try new crypto assets, as it has a pretty wide range of cryptocurrency offerings. Additionally, if you are looking for an exchange that is available in the US, then CoinSpot is the way to go.

Now let us discuss what products and leverage are offered by these exchanges in brief.

Bybit vs CoinSpot: Trading Market, Product & Leverage Offered

Now, let’s see what products are available for you to trade in.

Bybit

Starting with Bybit offers an ultra-wide variety of trading products which are:

• Spot Trading: Buy and sell a wide range of cryptos instantly, which are settled in USDT, USDC, BTC, DAI, and EUR.
• Leverage Trading: Maximum leverage of up to 100x.
• Copy Trading: Highest ROI with a win rate of more than 20%.
• Bybit Earn: Get high yields of up to 18% on your crypto holdings.
• Options Trading: Diversify your trades with BTC, ETH and SOL options.
• Trading Bot: Offers the most essential trading bots, including spot grid, DCA, and futures grid bots.
• P2P Trading: 40+ fiat currencies and 400+ payment methods supported.
• Futures Trading: The following are the types of futures contracts available on Bybit:

1. 1. Inverse Perpetual Contracts: BTC/USD, ETH/USDT, EOS/USD and many more.
   2. Linear Perpetual Contracts: BTC/USD, ETH/USD, LTC/USDT, DOT/USDT.
   3. Inverse Futures Contracts: BTC/USD quarterly.

Joining ByBit? Know How to trade Crypto Futures On ByBit?

Now, let’s see what CoinSpot has to offer.

CoinSpot

This advanced cryptocurrency trading exchange has a wide product offering as well; they are:

• Spot Trading: Instantly buy and sell crypto with just 0.1% fees.
• Crypto Swap: More than 380 crypto assets are available on the platform.
• Over-The-Counter Trading: Lock in your price anytime with one of the lowest fees of 0.1%.

Verdict: Clearly, Bybit has a longer list of product offerings, making it the winner in this segment.

Bybit vs CoinSpot: Supported Cryptocurrencies

Bybit

Coming to the cryptocurrency offerings, Bybit has a wide range of them, with more than 119 of them, including all the famous ones like Ethereum, Litecoin, Bitcoin and many more.

CoinSpot

On the other hand, CoinSpot has recently updated its crypto offerings and now has an ultra-wide range of crypto assets, counting to more than 380. You may find your favourite crypto asset here, that is for sure.

Verdict: CoinSpot is a clear winner when it comes to crypto asset offerings, as there are far more crypto coins available on the exchange.

Bybit vs CoinSpot: Trading Fee & Deposit/Withdrawal Fee Compared

Bybit-Trading Fees

Deposit and Withdrawal Fees

Bybit doesn’t charge you any deposit fee. However, there is a minimum withdrawal fee charged, which I have mentioned below.

CoinSpot

Coming to CoinSpot fee structure is classified into two types, which are:

• Trading Fees

Every time you place a trade on CoinSpot, the exchange charges a trading fee of a flat 1% for all buying, selling or swapping cryptocurrencies. In a similar way, while placing take profit or stop-loss orders or recurring buys, the fee is the same, flat at 1%.

You can go through the table below to understand them in a brief:

Deposit and Withdrawal Fees

On CoinSpot, there are zero fees for crypto deposits via bank transfers. However, suppose the deposit is done through fiat or cash.

In that case, the exchange charges a fee of 2.5% (for cash deposits) or 0.9% (for BPAY deposits), which are actually transaction processing fees and surcharges charged by traditional banks.

There is no withdrawal fee if bank transfers are made from POLi or PayID. However, a nominal mining fee (blockchain network fee) is charged when making withdrawals from other exchanges.

You can go through the table I have provided below so that you can understand the fees subject to the payment methods.

Verdict: Trading fees on Bybit is on the more affordable side and therefore make it the winner in this segment.

Bybit vs CoinSpot: Order Types

Now, let’s discuss what order types you can execute on your trades to benefit you from any of the market movements.

Bybit

• Market Order
• Limit Order
• Stop-Limit Order

Conditional/ Advanced Order Types

• Stop-Loss Order
• Take Profit Order
• Stop-Entry Order

CoinSpot

Coming to CoinSpot, there are some the essential order types to choose from; these are:

• Buy Stop Order
• Buy Limit Order

Verdict: Clearly, Bybit is the winner in this segment with a far more wide order type.

Bybit vs CoinSpot: KYC Requirements & KYC Limits

Bybit

Bybit offers anonymous trading; you can try trading without going through KYC procedures but with limited access. In order to get yourself verified and gain complete access to the tools and products, you need to pass through various levels of verification.

There are three verification levels; when you register with just your email address, your account is recognised under Level 0. In the corresponding level, that is, level 1, you need to submit essential identification documents issued as well as facial recognition screening.

For the next level, level 2, you need to submit proof of residence. You can submit your documents by clicking the ‘Account & Security’ tab and selecting the ‘Verify Now’ option. It takes a maximum of 48 hours to get your documents accessed and verified.

CoinSpot

On the other hand, CoinSpot doesn’t allow any kind of anonymous trading, making KYC mandatory on the platform. Once your account is ready and verified, you can deposit or withdraw up to $2000 per day.

However, you can get higher limits once you submit your proof of residence, and even then, your deposit limit depends on your deposit method. For example, while using POLI, the 24-hour limit is $20,000, while BPAY deposits are limited to $10,000.

Bybit vs CoinSpot: Deposits & Withdrawal Options 

Bybit

On bybit, there are mainly two types of deposit and withdrawal methods, one is by direct deposits/ withdrawals from/to an existing crypto wallet, and the other is through your credit card, which is  SIMPLEX service. You can also withdraw to an existing bank account directly.

You can quickly fund your account by going to the wallet section and selecting the desired crypto. Then click on the ‘Get’ option, and next select the preferred method of funding using the ‘address’, QR code or credit card.

CoinSpot

As I already told you, there are numerous funding methods ranging from online services like POLi, PayID, BPAY or bank transfers via cash or direct deposits/withdrawals through your existing crypto wallets.

Bybit vs CoinSpot: Trading & Platform Experience Comparison

Bybit

When it comes to functionalities for crypto trading, Bybit offers some of the most advanced charting systems, thanks to TradingView. The trading engine can process up to 100,000 transactions per second.

It is also equipped with a dual price mechanism that allows preventing unfair liquidation of positions. It offers a robust API that refreshes market data every 20ms. The mobile application is also equipped with all the functions and features of the web portal. To learn more about ByBit’s trading window, check out how to trade on ByBit guide.

CoinSpot

On the other hand, CoinSpot has a user-friendly and intuitive interface which is suitable for beginners and intermediate users. It comes with a combination of different charting tools with price indicators to help you keep track of the market.

Additionally, you can use the exchange both on a PC through its web portal and the mobile application.

Bybit vs CoinSpot: How to get started?

Now that you have made up your mind to get your trading journey started, let’s discuss how to do that.

Bybit

Follow these steps to register on Bybit:

1. On Bybit, go to the website and click the ‘Sign Up’ button in the top right corner.
2. Choose your preferred registration method-contact number or email. Now, you can just enter the required information based on the method chosen and enter the verification code that you’ll receive.

Bybit also allows you to register via your Telegram or Google Account as well. Once you are registered, complete the KYC procedures and start trading.

CoinSpot

To open an account on CoinSpot:

1. Go to the CoinSpot website and click ‘Register’ at the top right corner.
2. Enter your email and password on the page on the window that pops up.
3. Verify your account by following the instructions.
4. Deposit money into your wallet and start trading.

Bybit vs CoinSpot: Customer Support

Now, let’s look at what these exchanges have when it comes to crypto trading support if you have any concerns regarding them.

Bybit

Bybit has highly rated and dedicated customer service; you can reach them 24/7 through their live chat portal and email. The customer support team is quite knowledgeable and responsive.

Additionally, they also have an extensive knowledge base with FAQs and Bybit’s own learning portal, where you will find answers to the majority of your concerns as well as get enough knowledge about various tools and products for crypto trading.

CoinSpot

Similarly, CoinSpot also has a live chat option which is quite knowledgeable and responds to your queries with accurate solutions within minutes. However, they don’t have a phone call feature, but you can send emails if you choose to do so.

Bybit vs CoinSpot: Security Features

When it comes to security, both these exchanges are foolproof and don’t lag behind in any way. Let’s discuss what they have to offer.

Bybit

With a bulletproof security system, Bybit stores all the funds in cold wallets with an advanced encryption system.

It also implements rigid and regulated policies regarding system security, crypto-asset consolidation, monitoring, operations and audits, offering factor authentication and SSL encryption.

CoinSpot

Coinspot might not have top of the chart security features such as Bybit. However, it still has all the standard security features like 2FA, and you can even set customised withdrawal restrictions for added security levels.

Is Bybit safe & Legal to Use?

Yes, Bybit is for sure a safe and secure crypto trading exchange which is 100% legal to use in the supported jurisdictions. With its top-notch security features, military-grade cold wallet, and highly reputable customer assistance that ensures your funds are not going anywhere.

Is CoinSpot safe & Legal to Use?

Similarly, CoinSpot is also a safe, secure and legitimate platform, and that is why I am telling you about it. There has not been any hacking incident on the CoinSpot exchange platform, thanks to the security features it comes with.

Conclusion: Why not use both

Both Bybit and CoinSpot are similar in the products they offer. However, if you want a crypto exchange that is meant for dedicated advanced trading services and offers margin trading, then you can undoubtedly opt for Bybit.

On the other hand, if you need an exchange that is beginner friendly with a wide range of crypto asset offerings, then CoinSpot is the way to go.

Both exchanges are pretty secure, and you can be sure that your funds are safe and secure on both of them.

So, without a doubt, begin your trading journey today and experience the profitability these exchanges are capable of today.

Our 2023's Recommendation 5/5

Upto 100x Leverage on BTC Upto 50x Leverage on other currencies Higher Volume & Liquidity  Get upto $30,000 in Rewards using the below link Claim Your $30,000 Rewards

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Nayan Roy

Nayan is a crypto and gadget enthusiast who likes to cover topics related to Tech, Startups, Crypto, Gaming, Windows, and other interesting areas. But when he is not working, you can find him playing games or watch random videos on YouTube.

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