The first step in starting with crypto trading is to choose a crypto exchange. Fortunately, there are way too many exchanges available out there that let you trade in different markets.
Among them, two of the popular names are Deepcoin and Bybit. Both these exchanges are pretty similar in a lot of factors. But you also get to see a bunch of key differences.
So the question is, Deepcoin vs Bybit – which one should you choose?
To help you with the answer, I have compared both exchanges below.
Deepcoin vs ByBit: At A Glance Comparison
Deepcoin is a well-known global cryptocurrency derivative trading platform. The exchange was founded back in 2018.
Deepcoin supports leveraged trading with perpetual and CFD contracts. But along with that, it also allows you to trade in spots and offers you various other features.
The exchange is known for its competitive trading fee and has become one of the favourite exchanges of many crypto traders.
ByBit is one of the leading crypto exchanges out there which is widely used. The exchange has been operating since 2018, and it is based out of Singapore.
The exchange works as a go-to solution for trading in Spot, Futures and USDT, USDC perpetual contracts.
Plus, it offers you a lot of other features trading bot, copy trading, crypto loans, etc. Also, ByBit is known to have one of the lowest trading fees in the industry and you can use ByBit promo code to enjoy sign-up bonus.
Deepcoin vs ByBit: Trading Markets, Products & Leverage Offered
First, let’s start talking about the trading markets and other features offered by both exchanges.
Starting with Deepcoin, the exchange, as mentioned earlier, is a derivatives exchange. Hence, it has its main focus on futures trading and offers you lucrative leverage across all trading pairs. You can find trading markets such as:
- Spot Market
- USDT Perpetual contracts with leverage between 1x to 125x.
- Inverse Perpetual contracts with leverage between 1x to 125x.
ByBit, on the other hand, has more market types and other features that will help you trade effectively. The market types include
- Spot Trading
- Margin Trading with leverage up to 5x.
- Leveraged tokens with up to 2x leverage
- USDT perpetual contracts with leverage up to 100x
- USDC perpetual contracts with leverage up to 125x
- USDC options
- Inverse perpetual contracts with leverage up to 100x
- P2P Trading
Verdict: ByBit is a clear winner in this case. The exchange supports more market types and has almost the same leverage as Deepcoin.
Deepcoin vs ByBit: Supported Cryptocurrencies
On both exchanges, you get access to a wide range of cryptocurrencies for both investing and trading purposes.
Deepcoin supports 200+ active trading pairs. You will find a mix of both the most popular traded tokens and newer tokens. Some of the available coins are:
Coming to ByBit, the exchange supports 350+ cryptocurrencies. Also, many new coins get launched on the exchange from time to time. Plus, you will find the majorly traded tokens.
It has tokens like:
Verdict: As ByBit has more supported tokens, it clearly wins this section.
Deepcoin vs ByBit: Trading Fee & Deposit/Withdrawal Fee Compared
Trading fees are one of the key elements of selecting a crypto exchange. Both exchanges have pretty competitive trading fees, and here is how both of their trading fees compare:
Deepcoin Spot Trading Fee
Talking about the Deepcoin spot trading fee, there is no tiered fee structure like many other exchanges. Instead, it charges you a flat fee with no additional discounts. The trading fee stands at:
- Maker Fee: 0.1%
- Taker Fee: 0.1%
Deepcoin Futures Trading Fee
The same fee structure goes for derivatives trading too. There are no tiers or any discounts on your trading fee. Instead, it charges you a flat maker and taker fee at:
- Maker Fee: 0.04%
- Taker Fee: 0.2%
Deepcoin Deposit & Withdrawal Fees
The deposits and withdrawals are free on Deepcoin. Also, the exchange doesn’t allow you to deposit fiat. You don’t have to worry about any transaction fee charged by your credit/debit card issuer or third-party payment gateways.
However, as you will be depositing and withdrawing crypto tokens, they will be subjected to a network fee which depends on blockchain to the blockchain.
ByBit Spot Trading Fee
ByBit follows a tiered fee structure which enables you to lower the cost per trade by increasing your trading volume.
However, it doesn’t offer you any special discount. It also follows the same maker-and-taker fee model. And the basic fee you are charged per trade is:
- Maker Fee: 0.10%
- Taker Fee: 0.10%
ByBit Futures Trading Fee
For ByBit futures trading, the exchange follows a similar structure as spot trading. There are no discounts, and the regular fee stands at:
- Maker Fee: 0.06%
- Taker Fee: 0.01%
ByBit Deposits & Withdrawal Fees
ByBit doesn’t charge you anything as deposit fees.
However, depending on what payment method you are selling to deposit fiat, you will be charged transaction fees. For some payment options, there is no charge, and for some, there is.
However, for Withdrawal, ByBit does charge you certain fees. The fee depends on what cryptocurrencies you are withdrawing.
Fortunately, ByBit has P2P trading, which can be used for free fiat deposits and withdrawals.
Verdict: Overall, ByBit is a clear winner. The exchange has a straightforward fee structure and allows you to get discounts on the trading fee.
Deepcoin vs ByBit: Order Types
When it comes to ordering types, there are no differences between both exchanges. You see similar order types. Such as:
- Market Price
Verdict: Since both exchanges have the same order types, it is a tie between Deepcoin and ByBit.
Deepcoin vs ByBit: KYC Requirements & KYC Limits
Deepcoin doesn’t require you to complete your KYC (know your customer) verification to start trading. It only requires basic email verification, and you are all set to deposit funds and start trading on the exchange.
On top of that, there are no KYC limits. So there is no withdrawal or deposit limit on the exchange.
ByBit also doesn’t require you to complete your KYC verification. You can deposit, enjoy P2P trading, place trades and withdraw without needing to verify your account.
However, if you want to increase your withdrawal privilege, only then can you complete your KYC.
Talking about ByBit’s KYC limit, it has three stages. These are:
- Basic (Requires No KYC): Daily coin withdrawal limit of 20,000 USDT and monthly coin withdrawal limit of 100,000.
- Level 1: Zero limit on P2P trading, fiat top-up of $20K daily, and coin withdrawal daily limit of 1,000,000 USDT.
- Level 2: Daily coin withdrawal limit of 2,000,000 USDT with $100K daily fiat top-up. Plus, unlimited P2P trading.
Verdict: Although both exchanges don’t require you to complete your KYC. But ByBit is still a better choice in case if you want to verify your account.
Deepcoin vs ByBit: Deposits & Withdrawal Options
In terms of deposit and withdrawal options, ByBit is a better choice than deepcoin.
- Method 1: Deposit crypto through other crypto exchanges or wallets.
- Method 1: Use P2P trading for free deposits and withdrawals using your locally available payment methods.
- Method 2: Buy crypto using bank transfer, credit or debit cards, or any other locally available payment methods.
- Method 3: Deposit crypto through another crypto exchange or wallet.
Verdict: ByBit has more options for depositing funds. It especially supports P2P trading, which can be used for free crypto deposits and withdrawals.
Deepcoin vs ByBit: Trading & Platform Experience Comparison
When it comes to the overall trading experience, both exchanges are pretty similar in terms of features and user interfaces.
You will see a lot of similarities between both Deepcoin and ByBit and hardly any uniqueness.
- Trading pair details
- Multiple technical charts, including TradingView
- Easy-to-use order form
- Positions, open orders, order history & trading history
- Recent orders
- User-friendly mobile app
- 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 get a complete ByBit Trading Overview, check out Bybit Trading Tutorial
Verdict: As there are hardly any differences between these exchanges, it is a tie.
Deepcoin vs ByBit: Customer Support
Talking about Deepcoin’s customer support, you can contact them through their live chat window available on their website. Alternatively, you can also reach out to their support via Twitter DM or raise a support ticket.
ByBit also offers you a similar way to contact the support team. You can use their live chat window to contact a live chat support agent instantly.
Alternatively, you can also contact them through their email support. Or you can contact ByBit’s support at @BybitHelpdesk on Twitter.
Verdict: As both exchanges offer their support in similar manners, it is a tie between the exchanges.
Deepcoin vs ByBit: Security Features
- Anti-phishing code
- Device Management
- Login Management
- Triple Layer Asset Protection & Platform Security
- Advanced-Data Protection
- Real-Time Monitoring
- Anti-phishing Code
- Fund Password
- Withdrawal Address Whitelist
- Withdraw via Address Book
- Trusted Devices Management
Verdict: As ByBit offers more security features compared to Deepcoin, it is the clear winner for this section.
Is Deepcoin Safe & Legal To Use?
Deepcoin is one of the safest crypto exchanges out there. The exchange is widely used, and it has implemented a wide range of security tools and features to ensure its users’ funds.
Also, it keeps vast amounts of funds in cold storage. Plus, it doesn’t have any history of hacks.
Is ByBit Safe & Legal To Use?
ByBit is one of the safest crypto exchanges out there. The exchange is widely popular and offers several security features to help you protect your account.
ByBit is also compiled with multiple jurisdictions to offer its users a safer trading experience.
Plus, the exchange keeps a majority of users’ funds in cold storage. Also, the exchange doesn’t have a history of hacks.
Deepcoin vs ByBit Conclusion: Why not use both?
In the end, both exchanges have their own advantages and disadvantages. But I would personally prefer ByBit over Deepcoin because of how smooth it makes the overall trading experience.
On ByBit, you can easily deposit funds and get access to higher leverage and a lot of different markets pretty easily. Plus, it also offers you a lower trading fee and requires no KYC.
But Deepcoin is also a pretty solid exchange. It also offers you access to a wide range of markets with high leverage and competitive trading fee.
But lack of P2P trading and number of deposit and withdrawal options would be an issue in the long run.
See how Deepcoin & ByBit compares to other crypto exchanges:
- ByBit Vs Binance
- ByBit Vs StormGain
- ByBit Vs Kraken
- ByBit Vs KuCoin
- ByBit Vs Phemex
- ByBit Vs Gate.io