Bybit is one of the most popular crypto exchange platforms right now, but what are the Bybit alternatives? When it comes to trading crypto derivatives, you need to find a competitive exchange. This will give you the perfect trading environment you need.
In our full Bybit review we go into detail about Bybit. But in this article, we will focus strictly on the top 5 Bybit alternative options for trading Bitcoin.
What To Expect From These 5 Bybit Alternatives
The platform you choose should be a transparent exchange. Also, they should offer you a variety of instruments to choose from. It should be a technologically advanced platform that can give you an edge in the market. But also easy to understand trading platform that makes entering into positions, managing them and exiting from them very effortless.
This type of top-notch environment will not only improve your trading style but will also make you feel comfortable. This will help you advance your technical analysis skills. But also make you feel secured and rest assured that your crypto exchange is doing its best to make your trading career a very easy and successful one.
There are numerous Bitcoin trading platforms that offer their users this unique combination of features. And the Singapore based Bybit has over time risen to become a favorite for a lot of new and experienced traders all over the world. And one of the major reasons for this is because of some of the unique features like:
- High leverage
- Low fees
- An efficient customer service
- High liquidity
- Easy deposit and withdrawal methods and much more that makes them stand out from the rest.
However, if you’re looking for a Bybit alternative, there are other top-notch derivatives trading platforms you can switch to. These top alternatives will have all the above benefits and even more. In this article, we will be giving you the top 5 best Bybit alternatives. Also, we will show you how well they stack up against Bybit.
Unlike Bybit some of these alternatives do not require any KYC (Know Your Customer) verification. That means you won’t have to provide any identification proof to trade on these platforms.
Important to note is that all of these Bitcoin trading platforms are crypto-to-crypto. This means that you have to buy Bitcoin and send it to the chosen trading platform before trading. In other words, you can’t use FIAT money via bank transfer to trade with.
You can read our guide “How To Trade Bitcoin” to learn more about Bitcoin trading.
List: Top 5 Bybit Alternatives
Below is the full list of the best Bybit alternatives. If you find one that you like, make sure to read our full review of the platform. We have full reviews of all these platforms on this list.
The Singapore based derivatives trading company was founded on the 25th of November 2019. And although it is much younger than Bybit, it has grown to cut out a big chunk of the derivatives trading market and has become a major key player in the industry.
Phemex adopts a community-focused business approach for running its business. This means the team behind the project are constantly in communications. They aks questions and get feedback from its tight-knit Phemex community.
Their user-centric business model has also led them to make numerous innovative and community-focused changes into its trading platform. This makes them a darling to numerous crypto traders and crypto enthusiasts.
Phemex is probably the most popular of all the Bybit alternatives. Read our full Phemex review for more information about this Bitcoin trading platform.
Phemex VS Bybit
Leverage Trading: Just like Bybit, Phemex offers its users leverage trading of up to 100x. This way traders can get more exposure to the crypto market and make more money off of the smallest price swings that may occur.
Trading Volume: Phemex trading volume is relatively high as the derivative company works with numerous platforms that provide them with very good liquidity.
Account Creation: Opening/creating a trading account on Phemex is pretty easy and straightforward and can be done using an email or phone number. The process also does not require a KYC which gives it an edge over Bybit.
However, both Phemex and Bybit at the time of this writing do not accept US investors.
Fees: The fees structure for Bybit and Phemex are exactly the same, both are very low and competitive with makers fees at 0.025% and takers fees at 0.075%. The two brokers also do not charge a deposit or withdrawal fee. However, you do have to pay a mining fee of 0.0005BTC.
Deposit/Withdrawal: Phemex just like Bybit accepts deposit and withdrawal only in cryptocurrency. They do not support any fiat currency and as of writing this, Phemex supports using only Bitcoin for deposit and withdrawal.
Currency Support: While Bybit only offers 4 different trading pairs, Phemex offers users access to 5. BTC/USD, ETH/USD, XRP/USD, LINK/USD (which was created by the platform due to high demand for it by the community) and its most recently added XTZ/USD.
2. PRIME XBT
Founded in 2018, Prime XBT is as old as Bybit and even more popular among traders too. With clients from over 150 different countries and a very large and still growing trading volume, Prime XBT can be classified as one of the major players in the crypto derivatives trading and a good replacement for Bybit.
PrimeXBT has higher liquidity than many of the other Bybit alternatives. Make sure to read our full PrimeXBT review for more detailed info about this Bitcoin trading platfrorm.
Prime XBT VS Bybit
Leverage Trading: Prime XBT is very popular among traders for its very easy to use technologically advanced trading platform and its high leverage. The derivatives company offers users the ability to trade crypto assets using a leverage of up to 100x.
Trading Volume: With over a million clients spanning all over the world, Prime XBT trading volume is quite impressive and one of the highest in the industry. They also have very high liquidity providers which means their trading spreads are quite small when compared to other crypto brokers.
Account Creation: Prime XBT is a crypto to crypto derivatives trading company, therefore it does not require users to provide personal details before they can open an account. However, at the time of writing this, Prime XBT does not offer users Demo accounts and they do not support US-based traders.
Fees: Prime XBT fees are one of the lowest in the industry. Very competitive and transparent, making trading with them very profitable and easy to do without the risk of encountering hidden fees. The broker also does not charge a deposit or withdrawal fee. However, you still need to pay mining fees.
Deposit/Withdrawal: While Bybit accepts only Cryptocurrency, Prime XBT allows users to deposit and withdraw using both bitcoin, altcoin and credit cards. This makes it very easy for new traders to easily fund their accounts and begin trading. The platform, however, does not support withdrawal in any FIAT currency.
Currency Support: Prime XBT unlike Bybit supports a very wide array of asset classes traders can make money from. These asset classes include; major and minor forex currency pairs, indices, commodities, and cryptocurrency. The cryptocurrencies supported include ETH, BTC, XRP, LITECOIN.
Founded in 2014, Bitmex is one of the oldest and well-established crypto derivatives trading platforms in the world. With customers spanning the length and breadth of the whole world, Bitmex offers users the ability to participate in leveraged crypto trading using its technologically advanced and sophisticated trading platform.
The platform has been a favorite for both new and experienced traders looking to trade crypto future contracts and future swaps. However, lately, there have been many issues for BitMEX. For example, most BitMEX traders are getting used to getting “system overloads”. During these overloads it’s impossible to submit a trade. Basically, the platform becomes useless for a few minutes. Usually, this occurs in moments of high volatility. There has also been speculation surrounding insider trading on BitMEX.
With this in mind, we recommend that you try any of the other Bybit alternatives listed here.
Bitmex VS Bybit
Leverage: Bitmix offers its clients the ability to apply leverage of up to 100x on some certain cryptocurrencies like bitcoin. This way, traders can get more exposure to the small moves in the crypto market.
Trading Volume: Bitmex has one of the highest (if not the highest) trading volume in the crypto trading industry, making them an instant favorite for traders looking for high liquidity and low spreads. Their numerous liquidity providers also make it very easy to enter and exit a large number of trading positions with no issues or delays.
Account Creation: Bitmex allows users to create and make use of totally anonymous trading accounts on its platform.
However, at the time of writing this, Bitmex does not offer trading support to US-based crypto traders.
Fees: Being one of the oldest and key players in the crypto industry, Bitmex leads the way in setting new bounds when it comes to creating the best fee structures. But also having very low and competitive fees when it comes to crypto futures contract trading.
The platform charges a flat 1.5% maintenance fee on all open futures contracts and a 0.05% settlement fee once the contract is completed. This makes it one of the lowest in the industry. Bitmex also charges a makers and takers fee of 0.025% and 0.05% respectively on all trades.
Deposits/Withdrawal: At the time of writing this, Bitmex only accepts Bitcoin for both depositing and withdrawing into or from your trading account. Bitmex charges no deposit/withdrawal fee however, they do have a minimum allowed deposit of 0.001BTC.
Supported Currencies: Unlike Bybit which offers users only 4 different crypto pairs to trade on, Bitmex offers its users a very wide range of 12 cryptocurrencies to trade and diversify their crypto portfolio with. These supported currencies include: BITCOIN (XBT), BITCOIN CASH (BCH), ETHERUM (ETH), ETHEREUM CLASSIC (ETC), LITECOIN (LTC), RIPPLE TOXEN (XRP), MONORO (XMR), DASH, ZCASH (ZEC), CARDANO (ADA), TRON (TRX), EOS TOKEN (EOS).
Known as “The People’s Exchange”, KuCoin is one of the top cryptocurrency platforms you need to know about. It was established in 2017 in Seychelles.
This platform is a prominent option for all kinds of crypto traders as it supports a variety of cryptocurrencies and crypto services. This exchange has significantly evolved and has an impressive trading volume.
It is an innovative crypto exchange and presents several reasons why it stands out among its competitors. This is a good alternative to the Bybit exchange, however, you can learn more about KuCoin by reading our detailed review.
KuCoin vs Bybit
Leverage: When it comes to leverage, Bybit and KuCoin are both known to offer one of the highest leverages, which is up to 100x.
Apart from supporting margin trading, KuCoin also supports futures trading. Therefore, if you are interested in leverage trading but Bybit is not available to you, you can opt for the KuCoin exchange.
Safety: both platforms are known to prioritize the safety of the users. KuCoin ensures that the funds, information and privacy of the users are kept safe from any kind of threat or failure by using high-end security systems such as cold wallet storage and two-factor authentication (2FA).
Account opening: the process to open an account on KuCoin is quite straightforward. However, if you want to open an anonymous account you would have to compromise on your withdrawal limit.
Fees: a fair and transparent fee structure is yet another reason why the KuCoin exchange is widely used by a vast audience. The trading platform does not charge any deposit fee. However, the users have to pay 0.0005 BTC for withdrawing Bitcoin.
The trading fee is based on the market maker and taker model and varies according to the 30-day trading volume. The market maker and taker fee is 0.02% and 0.06%, respectively. For futures trading, the fee per trade is only 0.1%.
Deposit/withdrawal: there is no minimum deposit limit that the users need to follow while using KuCoin. However, the withdrawal limit is generally 2 BTC per 24 hours for unverified accounts.
The withdrawal limit can be increased for both individuals and institutions if they complete the KYC verification.
- For individuals: withdrawal limit up to 100 BTC per 24 hours
- For institutions: withdrawal limit up to 500 BTC per 24 hours
Supported cryptocurrencies: unlike several other crypto exchanges, KuCoin has one of the largest collections of crypto assets. Users of the platform have access to 200+ digital assets from over 400 markets. This also includes digital coins with smaller market cap.
Founded in the Netherlands in 2016, Deribit is older and more well established than Bybit.
Deribit has also taken a big chunk of the market share in the crypto industry, making them a major key player and a trailblazer in the industry. Not only that, Deribit is also one of the first platforms to provide traders the ability to trade both the crypto futures market and the crypto options market, from the same account. This makes them a favorite for both new and experienced traders.
Make sure to read our full Deribit review for more details about this Bitcoin trading platform.
Deribit VS Bybit
Leverage: Just like Bybit, Deribit offers its clients the ability to trade BTC with a leverage of up to 100x.
Trading Volume: Deribit being quite old and very popular in the bitcoin trading industry as a very high trading volume as they support more than a million clients from over 150 different countries. Not only that, Deribit has some of the best liquidity providers in the crypto market, thereby ensuring that its trading platform always has very high liquidity and an ultra-low competitive spread.
Account Opening: Deribit account opening process is quite easy and straightforward as users are not required to undergo any screening or KYC identifications before opening a trading account.
This makes it possible for traders to open and run completely anonymous accounts. However, it is important to note that as at the time of this writing, Deribit does not offer trading support to any US-based crypto trader.
Fees: Deribit has some of the lowest and most competitive rates in the market making them a darling to traders. The platform charges a flat fee of $10 for every opened futures position (one of the lowest in the market) and a 0.04% fee for every opened options trade. The platform also charges a makers and takers fee of 0.02% and 0.05% respectively.
Deposit/Withdrawal: At the time of writing this article, Deribit accepts only BTC for its deposits and withdrawals.
Supported Currencies: Deribit is quite a niche-specific as they support the trading of the only BTC on its platforms. This BTC can be traded in the futures and options market using the same account.