Choosing between the two crypto exchange platforms can be pretty confusing for a trading enthusiast.
However, considering fees, technicalities, and other options is the practical way to select the best platform for crypto exchange.
The competitors FTX and Bybit have come up with unique features for improving the experience of the users. So, let’s touch upon these aspects of the two platforms for better understanding.
FTX vs Bybit Futures Contracts & Leverage Offerings
Bybit introduces traders to inverse and USDT perpetual futures contracts on its crypto exchange platform. Some of the futures contracts of this platform include:
EOS/USD, XRP/USD, ADA/USDT, DOT/USDT, BTC/USD, ETH/USD, BCH/USDT, etc.
With an innovative and intuitive interface, Bybit is a suitable trading platform for beginners. The real-time data updates every 20 microseconds. Bybit is a reliable option, which keeps out unfair automation liquidation.
FTX was founded in 2018 with the chief mission to offer trade-focused options, futures, leveraged tokens, and spots. Backed up by the leading VC firms, this crypto exchange platform primarily offers margin trading.
- Futures: This crypto trading platform offers exposure to over 150 future markets for simplified accessibility in terms of futures.
- Options: Contracts of Bitcoin options are settled in USD
- Leverage Tokens: With a maximum leverage of over 3X, FTX enables traders to take a leveraged position in 45 ERC-20 tokens.
- MOVE: Among the unique bitcoin futures contracts, MOVE contracts are available daily, weekly, and quarterly expiry.
FTX uses artificial intelligence to notify users about closing positions. Besides, FTX crypto exchange platform offers a smooth experience to traders with advanced features such as deep liquidity and a comprehensive trading-view charting system.
FTX vs. Bybit Trading Fees
FTX has a tiered fee structure divided into 6 tiers. It is based on the volume of trade in the last 30 days.
In Tier 1, or the first level, which has less than US $2,000,000, the maker’s fee is 0.020%, whereas the taker fee is estimated to be 0.070%.
Finally, in tier 6, the maker fee stands to be nil, where the trading volume is over 50 000 000. The taker fee, in this case, remains to be 0.040%.
Besides, on using the leverage of 50-99X, the fee of trading increases by 0.02%. Similarly, the trading fee increases up to 0.03% when leverage of 100X or higher is used. However, in the case of BTC-Perp and ETH-Perp contracts, this fee structure is not applicable.
In the context of Bybit, the fee structure of trading is simple. The maker’s fee is 0.025%, and the taker’s fee remains to be 0.075% on this platform. This flat trading fee structure is applicable on all the futures contracts executed on Bybit.
FTX vs Bybit Funding Fees
In FTX, all the perpetual contracts have funding payments, wherein longs need to pay short in perpetual trades at a premium to the index. But, on the other hand, shorts pay longs while trading at a discount to the index.
On a perpetual trading future worth 0.10% above the underlying index rate, you will receive a 0.10 % funding payment the next day.
On the Bybit trading platform, the funding fee is exchanged every 8 hours between buyers and sellers.
Short positions pay for long positions. Long positions pay to the short position when the funding rate is positive. Nevertheless, if the funding rate is negative, then the case becomes vice versa.
To receive or pay the Bybit funding fee, traders should hold a position at the funding timestamp. Precisely, 00:00 UTC, 08:00 UTC, and 16:00 UTC are funding timestamps available on this trading platform.
FTX vs Bybit Deposit & Withdrawal Fees
At FTX, a scalable and robust trading system is managed, wherein different currencies are accepted.
From USD, EUR, GBP, AUD, and HKD many other options are applicable for depositing on this trading platform. There is no deposit fee incurred on the secure trading platform of FTX.
In terms of withdrawal as well, the traders do not have to pay any fee. But, if Euro and USD are being used to withdraw earnings, then, a 75.0 USD fee is charged on FTX.
In the case of Bybit, there is no fee for any deposits on this trading platform. However, new investors cannot trade on Bybit, as the first cryptos are purchased through entry-level exchange by accepting Fiat currency deposits.
While withdrawing BTC on a Bybit trading platform, the traders are required to pay 0.0005 BTC. It is comparatively 40% less than the average withdrawal price (0.0008 BTC) on other trading platforms.
FTX vs. Bybit Trading Platform Comparison
Pros of FTX & Pros of Bybit
- Low Fees Low Fees
- No KYC required Open communication
- Various products High security
Cons of FTX
- Risk possibility with leveraged tokens Comparatively new company
- The demo account is not available
- It does not allow the registration of anonymous accounts
- Inexperienced and new users have to understand the complex framework
FTX is a very responsive trading platform with some unique features incorporated into the platform, such as deep liquidity and order books, a tradingview charting system, and a reliable liquidation engine that incorporates innovative and efficient values to accomplish the process of liquidation.
Cons of Bybit
ByBit has an innovative and smart trading platform that introduces traders to assess the market depth and utilize an order-matching engine capable of processing up to 100,000 TPS, advanced pricing, and indexing mechanisms to prevent inappropriate filtering. With the powerful API, Bybit updates data in every 20microseconds and 99.99% system functionality rate.
FTX vs. Bybit Account Opening Process
FTX account opening process
- Open the FTX home page
- Select the “Register” option from the top right corner of the Home Page
- Fill in your email id and password in the registration Pop-up form.
- After successful registration, proceed to the profile settings page.
- Set up 2FA from the “Account Security” section or choose Google Authenticator or SMS authentication to set up 2FA in Authy.
- You can now deposit and start trading, but remember that withdrawal up to USD 1,000 is allowed before completing KYC.
- Complete identity verification in the “settings” section to avail all the benefits of withdrawal
- Check KYC requirements for individual accounts or institutional accounts, submit the documents, and fill in the required details.
Bybit account opening process
- Register on Bybit with an email address or mobile number
- Enter the email address and a solid password to register through email. Check the verification code entered on the entered email id.
- (Optional) You can use our Bybit referral code to get the deposit bonus.
- Enter the mobile number with country code to register through mobile along with the preferred password. Then, fill in the verification code received on the registered mobile number.
FTX vs. Bybit Customer Support
FTX customer support is available on social media platforms like WeChat, and Telegram and addresses concerns through email: [email protected]
Alternatively, the FTX officials advise users to be careful while communicating with other users on Telegram as its groups are Public.
Bybit provides 24 X 7 customer support assistance to traders through its multilingual communication interface. Queries and clarifications related to trading or advanced trade options are clarified by emailing: [email protected]
FTX vs. Bybit Security Features
Personal account security 2FA requirement and password strength
(i) The password accepted on FTX needs to combine numbers, letters, and special characters. It should not be predictable or used on any other platform.
(ii) 2FA setup is mandatory during account creation for a secured experience.
Additional Security Features
Subaccount managing functions
Every sub-account on FTX has an independent balance, positions, and margin to trade independently. It can be created, edited, and deleted by choosing the edit sub-accounts option on the FTX platform.
During the setup of API keys, FTX offers security permissions to whitelist IPs according to your preferences.
Whitelisting Wallet addresses
2FA and withdrawal passwords are required when it comes to whitelisting wallet addresses on the FTX platform.
However, after whitelisting the address, it becomes usable after a configurable delay. Alternatively, you can count on FTX admins to whitelist desired addresses for your account.
Improving the security of traders is the priority of FTX, and hence, it has added multiple features which ensure the safety of the users throughout their trading sessions.
Manual review & chain analysis
This feature of FTX is intended to monitor suspicious transactions to offer an extra layer of security to the users. FTX is absolutely an Anti-Money Laundering (AML) compliant platform.
The funds of Bybit are stored in a multi-signature cold wallet, i.e., offline like most of the crypto exchange platforms.
Therefore, it is safe from hackers, and only a partial portion of funds is stored in hot storage. Generally, Bybit requires multi-signature addresses to complete the transaction.
All phishing attacks are kept out by using SSL communication on this trading platform.
The two-factor user authentication adds additional security to Bybit while withdrawing funds from your account. It uses a Mark and Index pricing system to offer reliable rates of trading.
FTX vs Bybit Liquidation Mechanism
In FTX, the account starts liquidating if the margin factor stoops below the maintenance margin.
Orders cannot be sent to the account during the liquidation period, but they can end if slight leverage is noticed in the account. Nevertheless, if the account nears bankruptcy, the liquidation kicks in.
The account’s balance will become 0 by paying out backstop liquidity funds on the Bybit platform on going bankrupt.
On the other hand, liquidation is attained when the marked price hits the liquidation price. In other words, the last traded amount is not considered as the trigger for liquidation. Instead, the liquidation price calculation is based on the selected leverage of traders on ByBit and margin and entry price.
Undoubtedly, FTX and Bybit are wonderful as well as resourceful trading platforms. Nevertheless, the type of trade, duration, and compatible insights mentioned above can help you choose the best crypto exchange platform.
You must remember to refer to all the features of FTX and Bybit before deciding on either of them.
Keeping the two platforms on a parallel line, and looking for diverse options apart from perpetual futures contracts, you should select FTX.
On the contrary, if you are looking for a customer-centric trading platform for crypto futures trading, Bybit is the ideal choice.
Learn how does Bybit and FTX stack up against the competition.