Bybit vs FTX

Bybit vs FTX

Robert McDougall 

August 23, 2022

Cryptocurrency

Launched in 2018, British Virgin Islands-based Bybit currently has more than 2 million users. It claims to be one of the fastest-growing crypto exchanges. Bybit developers leveraged their extensive experience in the banking and financial industry to create a better exchange platform for crypto users.  Whether you simply want to purchase and hold cryptocurrencies or are looking to have the full-fledged trading experience, Bybit offers a complete suite of crypto services.

Founded in 2019, FTX quickly became popular by providing services that addressed common problems in the crypto industry. It maintains a separate exchange for users residing in the US (see FTX.US review), averaging over $10 billion in daily trading volume, indicating the huge number of traders on the platform. Like Bybit, FTX is also a complete crypto exchange offering a variety of services and features to users. However, its exchange layout and design make FTX seem more like a trading-focused platform, designed specifically for traders who want an uninterrupted trading experience.

What would work out best for you: Bybit or FTX? Let’s find out!

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, EUR, GBP, AUD, HKD, SGD, CAD, BRL, ZAR & CHF

Number of Coins

220+

275

Trading Fees

Spot: 0.1%, Derivatives: 0.01% / 0.06%

0.02% / 0.07%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, EUR, GBP, AUD, HKD, SGD, CAD, BRL, ZAR & CHF

Number of Coins

220+

275

Trading Fees

Spot: 0.1%, Derivatives: 0.01% / 0.06%

0.02% / 0.07%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Pros
  • No KYC required
  • Margin trading with high leverage (up to 100x)
  • Testnet (demo mode) to learn how to trade
  • Copy trading available so you can automatically copy successful investors
  • Excellent 24/7 live chat support
Cons
  • No fiat withdrawals
  • Not available in the US
Pros
  • 275+ cryptocurrencies available to trade
  • Several trading markets with low trading fees
  • Advanced trading interface with innovative features
  • Fiat transactions are supported
Cons
  • Not available in the USA, but you can use the sister site FTX.US
  • Below-par customer support with no live chat

Bybit vs FTX Fees

Bybit has a very low trading fee, making it one of the cheapest trading solutions. Their basic spot trading fee starts at 0.1% for makers and takers. For derivatives trading, Bybit charges 0.06% from takers and 0.01% from makers. Do remember that Bybit follows the account level algorithm where you can get trading fee discounts depending on which level you are on. Your account level can be pushed up by simply increasing your 30-day trading volume.

Making crypto deposits is free of charge. However, purchasing cryptocurrencies with your fiat assets might entail a variable fee depending on the selected payment method and third-party merchant. You can also go with the P2P market, although merchants usually charge a fixed transaction fee. A specific fee is charged for crypto withdrawals depending on which asset you are withdrawing from your account. 

FTX has a fixed fee structure for spot and trading markets. Their trading fee starts at 0.02% for makers and 0.07% for takers. The fee can be lowered by increasing your tier, which can only be possible if you have a considerable 30-day trading volume. Users can get more discounts if they are holding FTT, the native FTX token. The more FTT you hold, the cheaper your trading experience will be.

FTX does not charge any fee for crypto and fiat deposits. Most of the withdrawals are free, except for a few networks and fiat currencies for which you might have to pay a minimal transaction fee. 

Winner - FTX

The FTX trading fee is lower than that of Bybit. The spot trading fee at FTX is 0.02% for makers and 0.07% for takers, as compared to 0.1% for both on ByBit. Crypto and fiat deposits are free on FTX, as well as fiat and most crypto withdrawals.

Bybit vs FTX Deposit Methods

Bybit allows users to deposit cryptocurrencies directly to their accounts from their crypto wallets. They also offer users a diverse range of methods of purchasing crypto assets using fiat currencies. The specific payment methods vary depending on your location or country, but they include Visa/Mastercard, Google Pay, Apple Pay, and bank transfer. 

FTX supports direct crypto deposits from users' crypto wallets. You can also make credit/debit card deposits and purchase stable assets right away on the platform. Options like wire transfers, SEPA, or PayPal are also available, but these might vary depending on the jurisdiction you live in. 

Winner - Bybit

Bybit wins because their deposit methods are more diverse and bring versatile options for users to utilize their fiat and cryptocurrencies. They integrated a P2P market where you can easily find a merchant from your country, and you can use your local payment systems to purchase cryptocurrencies on the platform. 

Bybit vs FTX Features 

Bybit and FTX are both excellent trading exchanges with tons of features. Compare them and then decide which one to sign up for.

Bybit Features

Diverse trading options and markets

Bybit has not compromised on the diversity of the services and features they provide. They cater to all types of traders with varying skill levels. If you are just starting out your trading journey, you can go with the spot market available on the exchange and start trading right away. There are more than 220 cryptocurrencies available which allow you to diversify your portfolio and divide the risk equally to increase your chances of being profitable.

If you want to take some more risks and want to play with better returns, Bybit brings you leveraged tokens and margin trading to multiply your rewards and let you earn more within a short period. Remember that margin or leveraged trading is riskier, but as we all know: high risks, high rewards. 

Easy, fast, and simple crypto purchases

Of course, you will need cryptocurrencies to start your trading or investing journey, and Bybit has a solution. On Bybit, users can buy cryptocurrencies almost instantly with the available options and start exploring the crypto industry right away. To make things even better, a P2P market is available where you can purchase crypto assets using local currencies and payment methods.

Bybit offers express payment options so you can pay instantly to get the cryptocurrency you want. You can use various popular payment methods such as Visa/Mastercard, Apple Pay, Google Pay, and bank transfer.

Advanced and professional trading interface

The Bybit trading interface certainly sets the bar very high. There are very few crypto exchanges that would be able to compete with the professionalism and the variety of features the Bybit trading interface brings. For starters, you will get a fast and accurate trading chart for each pair you select on the interface. You can also opt for the TradingView chart or check out depth charts for even better analysis.

There are a lot of customizable options available that include replacing bars and candles, selecting a specific time period, entering the full-screen mode, integrating indicators using the TradingView chart, and so much more. You will get a seamless and near-perfect trading experience at Bybit.

Automated trading with Copy Trading or Bot Trading

Automated trading is the new trend in the crypto trading industry, and many seem to be profiting a lot from it. Bybit offer copy trading, where you can copy professional traders and conduct the same trades as they do with the fully automated system. You have to pay a specific commission or charge to the trader you are copying, and there is a minimum investment amount, but it is a good way to invest if you are new, or are unsure how to trade profitably.

For bot trading, there are many developed bots available that you can start using, or you can create your own using the algorithms or know-how you might have. Either way, your trading is totally automated, and will work based on the given parameters.

Several earning opportunities

If you are not interested in trading or buying and holding cryptocurrencies, you might want to explore the earning opportunities brought by Bybit, as they can give you some great returns within a specific period of time. One of the best options is Bybit Earn which is considered low risk and provides guaranteed returns. You can earn up to 5.5% on stable assets like USDC and more than 100% APY on some new or low-value assets. 

You can also invest your money in Launchpool, where you can find new cryptocurrencies and projects with the potential to grow. Besides that, there is liquidity mining where you can claim daily yields, although it comes with its own risks. 

FTX Features

Spot, margin, tokenized stocks, and fiat trading with over 275+ assets

There are more than 275 cryptocurrencies available on FTX that you can spot trade and use to diversify your trading portfolio as per your preferences. Spot trading can be a good start for any beginner or amateur trader or even the trader who wants to keep the risk low. FTX also offers margin trading, where you can trade with up to 20x leverage to increase your exposure.

Traders can also explore and check out tokenized stocks and fiat currencies to trade on the platform. Each market comes with its respective assets, and the variety might differ depending on which market you go with.

Mint, deposit, and trade NFTs

NFTs took over the world of digital art in recent months, showing how one could benefit from art that is designed, sold, and bought digitally. This is probably why FTX also has a complete NFT market with hundreds of NFTs available ready to be minted by anyone. You can check out the floor price for each NFT available on FTX and decide if you should mint it or not.

Spend crypto hassle-free with FTX Card

One of the main concerns for the crypto community has always been the difficulty in spending cryptocurrencies – there is a hassle of converting crypto to fiat to make a purchase. The FTX Card solves this problem efficiently – it works as a Visa debit card, and allows you to spend your crypto balances available in your FTX account globally.

The FTX Card is supported all over the world, and you can use it with millions of merchants. FTX does not charge any type of administrative or processing fee; you just have to pay a transaction or network fee every time you use your card. FTX Cards are available in a few regions, but they are expanding quickly and will support users in most parts of the world soon.

Join the FTT ecosystem and get rewards and benefits!

FTT is the native token of FTX, and the platform seems to offer quite a lot of benefits and rewards to those who buy and hold the asset. FTX has created a great ecosystem around FTT that allows traders to get discounts, staking rewards, governance rights, and much more. 

By holding and staking FTT, you can also get up to 40% referral rewards, up to 50 bonus votes, up to 6 IEO tokens, and up to 1,000 free ETH or ERC20 tokens. It can be a great idea to invest in FTT, as the project has lots of potential and yields nice profits in the longer term.

Advanced and enhanced trading interface

The FTX trading interface is designed for professional and expert traders who want to the best experience and tools. One unique thing about FTX is that the platform has two separate trading interfaces. One is a conventional trading interface packed with features, while the other is advanced trading, which is built specifically for professionals and experienced traders.

Both interfaces offer accuracy, precision, and crucial trading features. Be it playing with the chart or integrating tons of indicators, you can do it all on the FTX trading interface and start trading efficiently.

Winner - Bybit

Bybit and FTX both offer a great variety of features and services. However, with its diverse trading markets, availability of trading bots, copy trading, more payment options, and better earning and investment opportunities, Bybit wins by a narrow margin.

Bybit vs FTX Security

Bybit stores all user funds in cold and offline wallets to make them inaccessible online. They encourage users to set a strong password and enable 2FA to protect against hackers or breachers. Users need to confirm their transaction using 2FA even when withdrawing funds.

FTX also offers excellent protective measures for individual accounts, making sure that their users’ funds remain safe all the time. Users can enable 2FA for withdrawals or different activities through their account. A tracking and notification system also allows users to keep track of their logins and determine from where their account has been accessed. You can also whitelist IPs of your choice so that only you with your specific IP would be able to access your FTX account.

Winner - Draw

The competition was tough, and both exchanges went toe-to-toe in terms of security features. While FTX has more diverse account security features, Bybit offers more background protection by using old wallets and other measures for full-proof security.

Number of Cryptocurrencies

Bybit has over 220 cryptocurrencies, which include all the popular crypto assets. You might even find some very new projects you have never heard of. You can check these out and see if it is a good idea to invest in or trade them.

FTX has over 275 crypto assets, including popular cryptocurrencies along with many new projects that you can explore right from the start.

Winner - Draw

Both exchanges offer a decent range of coins, so it is up to your personal preference which platform you choose.

Verdict - Bybit

Bybit wins by a small margin because it has more features and options available to its users. Be it copy trading, bot trading, margin trading, or interest earning opportunities, they all are available on Bybit. The Testnet mode and 24/7 live chat support are additional reasons to join this exchange. If you decide to sign up to Bybit, use our link here, so you can claim $10 FREE Bitcoin when you sign up, even without having to make a deposit.

FTX is a trading-focused platform working on building their ecosystem and making it more robust. It is still a decent choice, and has very low trading fees. You can also take advantage of our unique link for FTX where you receive 5% discount off all your trading fees. 

Overall Winner - Bybit

Bybit wins due to the wealth of trading markets, 24/7 live chat, and features like margin trading, testnet (demo) mode, and Copy Trading.

Still Researching?

If you want to read more about these two crypto exchanges, read our detailed reviews of FTX (here) and Bybit (here). If you are from the US, you won't be able to access either of these platforms; there is a sister site FTX.US and you can also use Bybit in the US if you have a VPN. Alternatively, you can read our article on the best crypto exchanges in the US. There is also a quick comparison table below that summarizes some key info.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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