Have you ever considered comparing these two crypto exchanges, Bybit and Bitget? Well, if yes, then you’ve come to the right place. In this article, I’ll give my honest opinion and compare these two great crypto giants. But first, let’s get a quick rundown.
|Crypto Exchange Features||Bybit||Bitget|
|Crypto Assets Available||Over 860||Over 550|
|Spot Trading Fees||0.01%-0.0050% (Low)||0.1% (0.08% with BGB Discount) – 0.035%|
|Futures Trading Fees||Maker: 0.0200% – 0.0000%|
Taker: 0.0550% – 0.0250%
|Maker: 0.02% – 0.008%|
Taker: 0.06% – 0.032%
|KYC Required||Yes||Yes, from September 1, 2023|
|Payment Methods||Crypto and fiat||Crypto and fiat|
|Suitable for||Spot, Futures Trading and Copy Trading||Spot, Futures Trading and Copy Trading|
|Amount of Users||Over 18 Million Users||20 Million Users|
|Crypto Debit Card||Yes||No (coming soon)|
|Crypto Bonus||40 USDT free|
10% discount on trading fees (90 days)
Up to $30,000 bonus
|10% fee discount (lifetime)|
Up to $5000 bonus
As you can see from the table, there’s an obvious winner based on trading fees and discounts. Hold up! Before we can quickly judge who wins, there’s still more to discuss. After months of aggressive usage, we can finally give you a summary of what we found out from both of these platforms. And the results are pretty impressive. Keep reading on to find out more.
Bybit and Bitget are among the world’s most widely used crypto exchanges, each amassing over a million active users trading over a billion dollars. Bybit rose up the ranks and earned its reputation as the go-to crypto trading platform for derivatives and futures trading.
Bybit offers various trading products such as spot, margin, futures and options trading with a 125X leverage on almost all cryptos. On top of that, the platform takes a step further and provides its customers with staking, lending, a debit card and more financial products. And don’t even get me started on its impressive features!
On the other hand, Bitget hasn’t been left behind. The company supports over 550 cryptocurrencies with a significant user base. In fact, Bitget became popular by introducing Copy Trading as first and being the market leader on this field. It also became quite popular thanks to its mandatory KYC feature that added an extra layer of protection from hackers. You can see why these two giants are worth comparing, right? That said, let’s get started, shall we?
The fees are one of the most important aspects of trading and can make you decide to switch platforms.
Both Bybit and Bitget use the maker-taker fee strategy for their spot and futures trading. What we found out is that on Bybit, the maker and taker fee for spot trading is at 0.1%, while on futures and derivatives, they charge 0.06% for the taker orders and 0.01% for the makers.
|Level||Spot Trading||Perpetual & Futures Contracts Trading||USDC Options Trading|
|Taker Fee Rate||Maker Fee Rate||Taker Fee Rate||Maker Fee Rate||Taker Fee Rate||Maker Fee Rate|
At Bybit you can receive extra discounts by using a referral code, but also by trading more on the platform and raise your VIP level.
Please note that you have to have an asset balance of at least $50,000 or a trading volume of at least 1 million dollars to reach VIP level 1. So generally you pay at Bybit:
- Spot trading: 0.100% / 0.100% (+ 10% discount with our referral code)
- Perpetual & Futures Contracts Trading: 0.0550% / 0.0200%
- Options trading: 0.0200% / 0.0200%
However, Bitget has only a flat rate (0.1%) for the makers and takers. But on derivatives, Bitget has a slightly higher fee (0.02% for the makers and 0.06% for takers).
- Spot trading: 0.100% / 0.100%, but 0.08% / 0.08% if you hold BGB (+ 10% discount with our referral code)
- Perpetual & Futures Contracts Trading: 0.06% / 0.0200%
|Level||Spot Trading||Perpetual & Futures Contracts Trading|
|Taker Fee Rate||Maker Fee Rate||Taker Fee Rate||Taker Fee Rate|
That means that if you are a derivatives trader, Bybit’s slightly lower fee would be a better option for lower volumes. But if your volumes are high then Bitget is cheaper.
Having multiple cryptos on a specific platform is a huge plus, at least for us. Why? Well, it’s easy to diversify your portfolio and equally reduce or mitigate the amount of risk. So, without thinking hard on the matter, we’d easily go for a crypto exchange with a more extensive crypto catalogue.
With that in mind, Bitget has roughly around 550 to 600 cryptocurrencies. But that number dwindles in comparison to Bybit’s 860+ cryptocurrencies. Of course, the difference might not be that big, but for a full-time crypto trader, you’d go for Bybit.
There are thousands of cryptocurrencies and not all of them all legitable. Please do your own research when you choose a project.
Bybit has a range of ways you can use to deposit funds on their platform- from credit cards, e-wallets, and various third-party payment methods- you name it! That makes it easy to deposit your funds to this cryptocurrency platform and purchase your crypto of choice. We were able to transfer our funds from the bank to the crypto exchange in a matter of minutes.
Bitget also has partnered with third party service providers like Banxa. The options are way fewer than Bybit’s. That could present a challenge, especially if you live in a country with aggressive crypto regulations. The extra convenience that Bybit offers makes it the ideal choice.
Please note that using third party services come with high fees between 1% and 3%. For European traders there are cheaper options like Bitvavo to buy crypto with euros.
Both these crypto platforms are reputable companies in this industry. They offer a robust security measure that ensures all your cryptos are secure from hacker attacks. Bybit and Bitget use top-tier security standards, such as 2FA, cold storage, and multiple signatures when withdrawing your crypto funds.
But when these two platforms are put against each other, Bybit apparently has better security measures and regulatory clarity as compared to Bitget. Even though both platforms built their names simultaneously, Bybit’s security reputation surpasses that of Bitget. High-profile crypto traders seem to prefer Bybit over Bitget in terms of security.
However, Bitget has recently started to improve its security measures, which, with time, could match that of Bybit. They introduced a mandatory KYC in late 2023.
Since the writing of this article, both Bybit and Bitget never have been hacked.
When it comes to user-friendliness, both platforms have one of the best user-friendly interfaces in the business. Even if you have no experience with trading, you can easily navigate your way to the registration section and start trading.
Both platforms offer educational material that can help you learn how to trade on their platforms. Above all, they both have mobile apps, which means you can trade from the convenience of your smartphone without any worry. Bitget took the extra step to design a desktop version.
Please note that they both offer features for experienced traders. Even though the platform is user-friendly, some of the products they offer are only suitable for traders who have knowledge about contract trading. As a beginner, you should use a demo-account firstly.
Each of these platforms offers specific features to their users. Here’s what we found that stood out:
- Security: offers 2FA, highly efficient security protocols and anti-phishing techniques
- Leverage Trading: allows long and short positions on several crypto assets with up to 125X leverage.
- Earning: Bybit offers a flexible savings plan with high yields on several cryptocurrencies, including stablecoins.
- Regulations: Bybit has, over time, demonstrated regulatory compliance, making it one of the safest places to trade.
- Security: 2FA, top-tier security protocols and ant-phishing techniques.
- Earning: Bitget also offers a saving plan with collateralized lending
- Leverage Trading: Bitget offers up to 100X leverage on derivatives trading but with only a few coins with significantly low liquidity when compared to Bybit.
- Regulation: Bitget claims they are regulated in most countries, but they’ve only presented their licences in a few places.
While I wouldn’t normally come anywhere close to a platform with unclear regulations, Bitget seems to be quite the adversary in this space. Bitget has a vast catalogue of cryptos that any trader can leverage. The best part about Bitget is its practical copy trading feature. Bitget was also the first exchange that launched copy trading, after this Bybit and Binance also implemented it.
You can easily copy the trades of profitable traders within the platform at a small fee. Even though copy trading is risky, it’s one of the most popular features of Bitget. And that’s not all! On this platform, you can easily buy and hold cryptos trade on spot and futures. Additionally, Bitget has its own crypto BGB that carries amazing trading fee bonuses that you can use and of course the Bitget referral code gives you a 10% extra discount.
On the other hand, Bybit is the perfect spot for any derivatives trader. After a couple of uses, we find out that as much as Bybit is hailed as the best derivatives platform, it also has other financial products that are equally as good.
You can easily stake on Bybit, leverage on liquidity mining to earn passive income, or even use their spot trade. Bybit makes it easy to earn a living from the crypto market.
Bybit initially launched the Copy Trading feature with some limits, but now they’re equal.
Each of these platforms has an effective customer support system where you can essentially talk to their team in case you run into any challenges. Bybit and Bitget offer educational material to equip their traders with up-to-date information on the crypto world.
Their customer support team is always available throughout the year. You can reach them via email or online chat. Bybit’s customer support team will also respond to your inquiry via telegram.
Regulations and Licenses
From their official website, Bitget says they are registered as a VASP in Poland and completed a crypto registration in Lithuania. That goes to show that the company is working towards regulatory compliance, which is an excellent choice.
Since June 2023, Bybit has a MVP license from Dubai Virtual Assets Regulatory Authority. They also managed to have a license in Cyprus and they are working in the Netherlands with SATOS (who also has a registration).
However, they still have unclear regulations in most countries outside the EU. On the other hand, Bybit seems to have a more prolonged market presence and regulatory clarity and has proven resilience. That makes Bybit a more trustworthy and more secure platform compared to Bitget. And if you are a concerned trader, then Bybit is the obvious choice.
Conclusion Bybit versus Bitget
And there you have it! Both of these platforms are equally good for crypto trading. They’ve both built their name in an already competitive market and withstood the test of time. However, due to a few differences, Bybit is the best choice for any long-term trader who’d like to get more from the crypto market. Bybit offers more crypto’s, more contracts, lower fees, more third party payment methods and is regulated in more countries.
Even though both platforms offer almost equal features, Bitget still has a long way to go to reach Bybit’s level. Thanks to Bybit’s deep liquidity and outstanding features, you are assured of a seamless trading experience.
To sum it all up, if you are a cautious and long-term trader who’s always looking for better ways to earn from the crypto market, Bybit takes the overall win.
Bybit is headquartered in UAE (Dubai) while Bitget is based in Seychelles.
Bybit has spot trading fees ranging from 0.01%-0.0050% and futures trading fees with a maker fee of 0.0200% to 0.0000% and a taker fee of 0.0550% to 0.0250%. On the other hand, Bitget has a flat rate of 0.1% (0.08% with BGB Discount) for spot trading and for futures trading, it has a maker fee of 0.02% to 0.008% and a taker fee of 0.06% to 0.032%.
Bybit offers over 860 crypto assets, while Bitget has over 550.
Yes, both platforms require KYC verification. Bitget has mandated KYC from September 1, 2023.
Bybit stands out for its various trading products like spot, margin, futures, and options trading with up to 125X leverage on almost all cryptos, along with staking, lending, and a crypto debit card. Bitget is known for introducing Copy Trading and has a significant user base due to its mandatory KYC feature for added security. It also offers collateralized lending and up to 100X leverage on derivatives trading, albeit with fewer coins and significantly low liquidity compared to Bybit.
Both platforms have robust security measures in place, including 2FA, cold storage, and multiple signatures for withdrawals. However, the article mentions that Bybit apparently has better security measures and regulatory clarity compared to Bitget.
Bybit offers a range of deposit methods including credit cards, e-wallets, and various third-party payment methods. Bitget also has partnered with third-party service providers like Banxa, although the options are fewer compared to Bybit.
Yes, both platforms offer educational material to help users learn how to trade on their platforms, and have effective customer support systems available via email, online chat, and in the case of Bybit, also via Telegram.
The article concludes that while both platforms are good for crypto trading, Bybit is seen as a better choice for long-term traders due to its lower fees, more crypto assets and contracts, more third-party payment methods, and better regulatory clarity.
Both platforms are described as having user-friendly interfaces, with Bitget slightly ahead due to its desktop version and additional design efforts. Both platforms also have mobile apps for on-the-go trading.