Bybit vs PrimeXBT

Bybit vs PrimeXBT

Robert McDougall 

January 2, 2023

Cryptocurrency

Cryptocurrency trading has become increasingly popular in recent years as more and more people look to cash in on the volatile but potentially lucrative market. However, with so many different cryptocurrency trading platforms to choose from, it can be hard to know which one is right for you. In this article, we'll compare two exchanges that are quickly gaining popularity among cryptocurrency traders: Bybit and PrimeXBT.

Bybit is a cryptocurrency derivatives trading platform that allows users to trade spot, margin and derivative markets. The platform launched in March 2018 and has since amassed over 10,000,000 users. It's popular for its user-friendly interface, high leverage options (up to 100x), and low fees.

PrimeXBT is a cryptocurrency margin trading platform that launched in 2018. This is not your ordinary crypto exchange, as you can't buy crypto or spot trade. However, it does have a lot of great features, which I'll expound on later in this article.

Check out this table to see how Bybit and PrimeXBT compare.

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, GBP, EUR, CAD, AUD, CHF & more

Number of Coins

280+

40+

Trading Fees

Spot trading: Free,

Derivatives trading: 0.01/0.06% (maker/taker)

Cryptocurrency: 0.05%,

Stock Indices: 0.01%,

Gas and Oil: 0.01%,

Forex & Metals: 0.001%

Deposit Methods

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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, GBP, EUR, CAD, AUD, CHF & more

Number of Coins

280+

40+

Trading Fees

Spot trading: Free,

Derivatives trading: 0.01/0.06% (maker/taker)

Cryptocurrency: 0.05%,

Stock Indices: 0.01%,

Gas and Oil: 0.01%,

Forex & Metals: 0.001%

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
  • Trading bots are available for an automated experience
  • Offers a testnet for practicing
  • Offers spot, margin, and derivatives trading
  • Copy Trading feature
  • 0% trading fee on the spot market
Cons
  • Not supported in the USA
Pros
  • Trade crypto, as well as forex, stock indices, and commodities
  • Trade CFDs so you can go long or short
  • Margin trading supported
  • Copy trading so you can profit by following successful traders
Cons
  • Not available in USA
  • Only 40+ cryptocurrencies on offer

Bybit vs PrimeXBT: Fees

Deposit Fees

Bybit does not accept fiat deposits, but you can buy crypto directly using bank transfer, credit/debit cards, Google Pay, or Apple Pay. The fees are charged by a third party payment provider, and ranges from 3 to 5 %. Depositing crypto is free of charge.

PrimeXBT charges 3.7% for Visa/Mastercard purchases and 2% for SEPA purchases. 

Trading Fees

Bybit trading fees:

  • Free for spot trading
  • Derivatives trading fee: 0.01/0.06% (maker/taker)

PrimeXBT trading fees:

  • Cryptocurrency: 0.05%
  • Stock Indices, Gas, and Oil: 0.01%
  • Forex & Commodities: 0.001%

Winner - Bybit

Bybit has the edge over PrimeXBT offering free spot trading, and low fees for derivatives trading.

Bybit vs PrimeXBT: Deposit Methods

On Bybit, you can deposit crypto, or buy directly using your debit/credit card, bank transfer, Google Pay or Apple Pay. If you need to use other options such as Paypal, Skrill, etc., you can opt to buy crypto from other traders on the P2P marketplace, which supports more than 30 currencies and 300+ payment processors.

PrimeXBT doesn't support fiat currency deposits, but you can make direct payment using debit/credit card, or SEPA (bank transfer).

Winner - Bybit

 Bybit supports more payment methods than PrimeXBT. You can use debit card, credit card, bank transfer, Google Pay, and Apple Pay.

Bybit vs PrimeXBT: Features

Let's now take a look at the key features that both of these exchanges have to offer:

Trading Markets

Bybit offerd spot, margin, and derivatives trading. With 280+ cryptocurrencies to choose from, you're sure to find the perfect match for your investment portfolio. With hundreds of spot trading pairs available, you'll have plenty of opportunity to take advantage of market fluctuations. The margin trading market offers 3x leverage on all spot pairs giving you the potential to amplify your gains.

Futures traders on Bybit can trade up to 150+ perpetual contracts using USDT or USDC as collateral. The platform offers USDT Perpetual contracts, Inverse Perpetual and Futures contracts, Options Contracts, and USDC Perpetual Contracts. And for those looking for even more leverage, Bybit's Leveraged Tokens market offers 30 tokens with 3x leverage.

While Bybit is solely a crypto trading platform, PrimeXBT offers forex, stock, commodity, and cryptocurrency CFD trading all on one platform. This could be a dealbreaker for some crypto traders who want to stick to digital assets only. On the other hand, it could be seen as an advantage, as you can easily diversify your portfolio and trade multiple markets from one place.

The platform offers 50+ forex pairs, 11 stock indices, 40 margin trading pairs, and five commodities, including Silver, Gold, Crude oil, Gas, and Brent Oil, with more being added all the time. This means that whether you're looking to trade the latest crypto assets or take a position in the direction of the Dow Jones, there's sure to be a market that suits your needs.

Margin traders on PrimeXBT can trade with leverage of up to 100x, which means they can magnify their returns by up to 100 times. Of course, this also means that losses can be magnified just as easily. But for those with a keen eye for market movements and a willingness to take risks, leverage trading on PrimeXBT can offer tremendous upside.

It's important to note that the margin trading pairs on PrimeXBT are on CFD contracts, which means that you don't actually own the underlying asset. This can be seen as an advantage as it allows you to take a position on the price without worrying about custody of the asset, and profit from the rising and falling prices of the underlying asset. However, the disadvantage is that you don't own any cryptocurrency outright, you are only exposed to the price changes.

Financial Products

Another key difference between Bybit and PrimeXBT is the type of financial products each platform offers.

Traders on Bybit enjoy a decent range of financial products, including savings, dual assets, liquidity mining, launch pool, and the Bybit Shark Fin guaranteeing passive income. 

Bybit Savings offers traders the opportunity to earn interest on their cryptocurrency holdings. With flexible- and fixed-term products available, you can pick what best works for you. The guaranteed high APYs make this a fantastic option for anyone looking to let their money grow passively.

The platform's dual asset allows you to take advantage of price changes in low-volatility markets while still earning a more significant yield during market volatility. All you need to do is anticipate how a crypto asset's price will move within a specific time frame. If your prediction is correct, you'll earn a percentage of your original investment.

The Liquidity mining program rewards users for providing liquidity to the platform, which helps to keep prices stable. In return for your liquidity, you'll receive a portion of the trading fees generated by the platform.

With Launchpool, you can easily grow your token stash without much effort. Simply stake your coins, and you'll be able to earn more. The best part is that you can unstake your tokens anytime.

Finally, Bybit's Fin Shark offers you the chance to make money off the volatile movements of cryptocurrencies. If the underlying asset's price remains within the price range set on the settlement date, you'll get a higher yield.

PrimeXBT only offers the Bitcoin Savings Plan and staking, to earn interest on your crypto. With up to 14% APY, it's one of the highest interest rates. All you need to do is deposit your crypto into a yield account and start earning interest. There's no minimum deposit amount, and you can withdraw your earnings anytime.

Trading Tools

Bybit has a lot to offer when it comes to trading tools. It has an advanced trading platform with features like a candlestick and a market chart. You can also use indicators and drawing tools to help you make better trading decisions.

One of the platform's most unique features is the ability to copy trade with the leaderboard. This allows users to copy the trades of the most successful traders on the platform and potentially achieve similar results. Copy trading features a leaderboard ranking the most successful traders on the platform so users can see who is making the most money and copy their strategies.

Another valuable feature for those who want to automate their trading is the ability to use bots. Trading bots can be programmed to place trades based on certain conditions, meaning users can take a hands-off approach.

For those who like to keep a close eye on the markets, the order book and market chart are essential tools. The order book provides an overview of all buy and sell orders that have been placed for a particular asset, while the market chart shows price movements over time.

Finally, the stop loss/take profit function allows users to set predetermined trade limits to minimize losses or maximize profits.

PrimeXBT does pretty well, too, in this area. For starters, they have a feature called Covesting which is another name for copy trading. This allows users to copy the trades of other successful traders on the site. This is a great way for new users to get started with online trading, and it can help them make money more quickly. In addition, PrimeXBT offers market price charts for a variety of different assets, including cryptocurrency, forex, index, and commodity. These charts can be very helpful for analyzing price movements and making decisions about which assets to trade. 

PrimeXBT also offers both long and short trading options. This means that users can take advantage of both rising and falling markets. And, if they need to execute their orders quickly, they can do so with just one click or double-click.

Decentralized Marketplaces

Decentralized marketplaces are online platforms that facilitate peer-to-peer (P2P) transactions without a middleman (in this case, a centralized exchange like Bybit). Bybit supports an NFT marketplace and a P2P marketplace that offers 0% trading fees and supports 30+ fiat currencies and 300+ payment methods. Bybit's NFT marketplace allows users to buy, sell, or trade non-fungible tokens (NFTs).

Currently, PrimeXBT does not support any decentralized marketplaces, but being a modern exchange, they may add this feature in the future.

User Experience

This is probably the most important consideration, especially for new traders. A crammed-up site with poor customer support and outdated or inadequate information on how to use the platform can be a total nightmare.

Bybit is web-based and can be accessed from any browser on any device or mobile app. It is easy to navigate, and there is live chat customer support available 24/7 if you need help. You can also submit a ticket or refer to their comprehensive guides in case you need further assistance.

PrimeXBT delivers an excellent user experience on mobile and desktop. The platform is extremely user-friendly and intuitive, even for those who are new to the world of cryptocurrency trading. Everything is clearly laid out and easy to find. Customer support is available 24/7 via live chat and email. You can also find several guides and FAQs on the platform. Beginners can take advantage of the free PrimeXBT academy that offers helpful guides and video tutorials on cryptocurrency trading.

Winner - Bybit

Both Bybit and PrimeXBT are well-equipped with features that cater to the both beginner and experienced traders. However, Bybit has more financial products on offer, and more features such as trading bots, P2P, and NFT marketplace.

Bybit vs PrimeXBT: Security

As the world of cryptocurrency becomes more mainstream, exchanges are working hard to ensure that they can meet the needs of both retail and institutional investors. One of the key areas of focus is security. In this regard, Bybit and PrimeXBT offer several features to keep user funds safe.

Multifactor authentication is now standard for all account holders on Bybit and PrimeXBT. This means that in addition to a password, users will need to input a code from a physical device or an app to access their account. This adds an extra layer of security and makes it much harder for hackers to access your account.

Another measure that has been put in place is the use of cold wallets with multi-signature technology. This means that funds are stored offline in a wallet that can only be accessed by multiple people. It makes it much more difficult for hackers to steal funds as they would need to gain access to multiple devices or accounts simultaneously. PrimeXBT takes it a notch higher by using hardware security modules. Hardware security modules are physical devices that store and process cryptographic keys. They are typically used by organizations to secure sensitive data. HSMs are rated according to FIPS 140-2, with Level 4 being the highest level of security. This makes them virtually impossible to hack.

In addition, all data on the exchanges is encrypted using SSL encryption, ensuring that any sensitive information, such as account details or passwords, cannot be accessed by anyone other than the intended recipient.

We found a particularly unique security measure on Bybit: multiple layers of verification for withdrawal requests. Withdrawal requests go through three levels of verification and manual review each day. The only downside is that traders are only allowed to withdraw once every eight hours, which can work as an advantage in case of a hack since it limits the amount of funds that can be stolen.

On the other hand, PrimeXBT has a mandatory Bitcoin address whitelisting feature. You can only withdraw your Bitcoins to an approved list of addresses, further protecting your funds. The platform also runs a comprehensive risk assessment after every order is placed and executed, and finally, they use Cloudflare to mitigate potential DDoS attacks. DDoS attacks are attempts to overload a website with traffic to render it inaccessible. Using Cloudflare, websites can mitigate the risk of DDoS attacks and keep their site up and running. 

Winner - Draw

Both Bybit and PrimeXBT have high levels of security, with offline cold storage, multi factor authentication, and SSL encryption. Neither platform has been hacked which is a good sign of their security measures.

Bybit vs PrimeXBT: Cryptocurrencies

Bybit offers a comprehensive selection of over 280+ coins, and 150 perpetual contracts. The platform also has a wide range of leveraged tokens, making it an ideal choice for those who want to trade different cryptocurrencies. 

PrimeXBT, on the other hand, focuses on providing access to a wide range of traditional financial markets. In addition to 40+ cryptocurrency margin trading pairs, the platform also offers forex, stock indices, commodities, and more. 

Winner - Bybit

As we are comparing cryptocurrency exchanges, Bybit is the winner, with a much larger range of 280+ coins. However, if you are interested in diversifying your investments, PrimeXBT is an excellent choice.

Bybit vs PrimeXBT: Summary

Both Bybit and PrimeXBT are excellent choices for trading cryptocurrencies. They both offer a user-friendly interface, high leverage, and a wide range of coins to trade.

However, for traders who are only looking to invest in cryptocurrency, Bybit is the better choice, with a specialized cryptocurrency trading experience. The platform offers more cryptocurrencies, markets, features, trading tools, and financial products suited for cryptocurrency trading.

For those who want to trade traditional financial assets as well as cryptocurrencies, PrimeXBT is the better choice as it offers forex, commodities, and stock indices.

Overall Winner - Bybit

Bybit is the better choice compared to PrimeXBT. It is a dedicated crypto trading platform, with very low fees, 24/7 live chat, and a range of features such as NFT marketplace, margin trading, Copy Trading, and P2P.

Still Researching?

To do some more research before registering for either of these platforms, you can see our in-depth reviews of Bybit (here) or PrimeXBT (here). If you are a US citizen, unfortunately neither of these platforms are accessible to you. However, if you use a VPN, you will be able to use Bybit in the US. You can also take a look at our article on the top cryptocurrency platforms in the US, for some other options. The table below shows you a quick summary of the best exchanges and their key information.

Comparison Table of the Best Crypto Exchanges in the USA

MEXC Global
eToro
Pionex
Coinmama
Uphold
Crypto Exchange
Crypto Exchange
MEXC Global
eToro
Pionex
Coinmama
Uphold
Fiat Currencies
Fiat Currencies
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 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, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
PayPal, Debit card, Credit card, Wire transfer, Online banking
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
0.0/0.2% for spot, 0.0%/0.06% for futures
1%
0.05%
2.93% - 3.90% (depending on loyalty level)
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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