Bybit vs BingX 2024: Which Exchange is Better?

This guide will compare Bybit vs BingX to help you decide which crypto exchange is right for you. We’ll cover aspects such as the trading features each exchange offers, their ease of use, security measures, availability of coins and tokens, and their trading fees.

Key Takeaways:

  1. Bybit is best for extensive derivatives markets and BingX is for copy trading and additional support for various markets including stocks, indices, commodities, and forex.
  2. Bybit is better than BingX due to extra trading features like inverse derivatives contracts, options trading, integration into the web3 ecosystem with DeFi wallet and NFTs, crypto loans, launchpad projects, and Bybit Card for payments.
  3. While BingX offers a slightly lower futures taker fee at 0.05% compared to Bybit’s 0.055%, both platforms maintain similar spot fees at 0.1% for maker and taker transactions.

Bybit vs BingX: Overview Comparison

Features Bybit BingX
Launched Date 2018 2018
Best For Derivatives Trading Copy Trading
Supported Cryptos 1180+ 750+
Spot Trading Yes Yes
Fees 0.1% maker/taker for spot trading and 0.02% maker and 0.055% taker for futures 0.1% maker/taker for spot trading and 0.02% maker and 0.05% taker for futures
Derivatives Market USDT and USDC perpetual, inverse contracts, options contracts, leveraged tokens, and more USD-M and Coin-M perpetual futures
P2P Trading Yes (Extensive) Yes (Limited)
Staking Services Savings, structured products, crypto loans, liquidity mining Flexible/fixed staking and Shark Fin
Web3 Ecosystem DeFi Wallet and NFT Marketplace
Crypto Debit Card Yes (EEA and AUS only)
Trading Bots Grid, DCA, Martingale Grid trading only
Launchpad (new projects) Yes
Security 2FA, PoR data, address whitelisting, anti-phishing code, SSL/TLS, multi-sig wallet storage PoR data, cold storage, 2FA
Licenses Dubai and Cyprus Lithuania and Australia
Mobile App Android and iOS Android and iOS

What is Bybit?

Founded in 2018, Bybit is a popular futures crypto exchange. You can trade spot (buying and selling crypto directly) or get into derivatives trading with perpetual futures and options contracts. The exchange has grown significantly since its launch, capturing a substantial market share of over 9% in 2023, according to Kaiko data.

Bybit has over 20 million users worldwide, showing it’s a safe platform to use. Every day, traders trade more than USD 10 billion worth of crypto, making it a high-volume, liquidity crypto exchange. It also has customer service that can help you in many languages, no matter which of over 160 countries you’re in.

Bybit allows trading across various cryptocurrencies, with over 1,180 digital assets at your fingertips. They even feature a launchpad for upcoming crypto projects and an NFT marketplace for trading digital collectibles. It offers a user-friendly interface that’s easy to navigate, even for beginners. The platform is available on both web and mobile apps, allowing you to trade from virtually anywhere.

If you are new to crypto, get the exclusive opportunity to earn up to $30,000 in deposit rewards when you sign up with Bybit referral code “CWREFCODE”. Don’t miss out on this lucrative offer – start trading today.

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What is BingX?

BingX is another crypto exchange best for its copy trading features. Similar to Bybit, it offers all trading features like spot trading, derivatives trading, P2P trading, and crypto staking services. Beyond the crypto market, it also supports traditional markets like stocks, indices, commodities, and forex.

2 what is bingx

About its history and background, It was founded by Josh Lu in 2018. It began as a small social trading platform but has since expanded significantly. Currently, it boasts over 10 million users worldwide. BingX has branches in various locations including Asia, Oceania, Europe, and South America.

BingX prioritizes user safety with industry-standard security measures like two-factor authentication (2FA) and PoR data available publically. Transparency is another focus, with it readily providing you with real-time market data and charting tools to make profitable trading strategies. 

To start trading on the BingX exchange, you can use our BingX referral code “B95EDWGC” and get up to 5125 USDT as a sign-up bonus.

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Bybit vs BingX: Features Compared

Derivatives Trading

Bybit has established itself as a leader in the derivatives market. It has a comprehensive “Derivatives Portal”. Here, you’ll find a plethora of products, including:

  • USDT Perpetual Contracts: These contracts allow you to go long or short on an underlying asset using Tether (USDT) as collateral. Perpetual contracts do not have an expiration date.
  • USDC Contracts: Bybit offers both Perpetual and Futures Contracts settled in USDC, another popular stablecoin. This adds another layer of flexibility for traders seeking alternatives to USDT.
  • USDC Options: It goes beyond just perpetual and futures contracts by offering options trading. Options contracts provide the right, but not the obligation, to buy or sell an asset at a specific price by a certain date.
  • Inverse Contracts: This contract enables users to go long or short on an asset using the coin itself as collateral. Like BTC or ETH as collateral.
  • ByVotes Derivatives: A unique feature allowing users to participate in voting and share prize pools, adding a layer of gamification to the trading experience.
  • Leveraged tokens: Bybit’s ETPs, or leveraged tokens, are a unique derivative product that essentially acts like pre-built leveraged positions. For example, you can trade BTC3L/USDT or ETH3L/USDT. This means you are going long with 3x leverage.
3 diversity your trades

Bybit also has a “Unified Trading account” for all your derivatives needs. It allows cross-collateral trading, meaning you can utilize your entire account balance as a margin for different positions. 

Beyond these core offerings, Bybit boasts a vast selection of over 370+ derivatives contracts and a dizzying 125x maximum leverage. 

On the other hand, BingX has limited derivative products. Apart from the traditional futures market, it has 2 different types of trading:

  • USDT-M Perp Futures: Similar to Bybit’s USDT Perpetual Contracts, these use Tether (USDT) as collateral for leverage trading.
  • Coin-M Perp Futures: These mirror Bybit’s Inverse Contracts, allowing trading with the underlying cryptocurrency itself as collateral.

Just like Bybit, BingX also offers a maximum leverage of 125x. You can find all popular derivatives markets like BTC/USDT, ETH/USDT, SOL/USDT, and more.

Winner: Bybit is a clear winner compared to BingX due to its extensive product suite. This includes features like Options Contracts, Exchange Traded Products (ETPs), and ByVotes derivatives.

Copy Trading

For new crypto investors, the copy trading feature presents a passive income option. This feature allows you to mirror the trades of experienced traders, potentially generating profits without the need for in-depth market analysis.

Bybit boasts an impressive pool of over 93,327 Master Traders, individuals with proven track records. These traders attract a significant following, with Bybit reporting over 780,000 followers. The platform allows you to browse master traders based on various criteria, such as their historical performance, 30-day ROI, 7-day ROI, and AUM.

4 copy trading

BingX, on the other hand, has a staggering 600 million total orders copied. This suggests a high level of user activity within their copy trading system. 

The exchange has over 17,000 Elite Traders, a smaller pool compared to Bybit’s Master Traders. However, BingX goes a step further by highlighting the “Copier Earnings” generated, exceeding $51 million, so far. 

Similar to the Bybit exchange, BingX also highlights ROI data, total copiers, and PnL ratio. It also shows you the risk tolerance of each elite trader. You can also see the list of coins that the elite trader has traded.

5 data overview

Winner: Tie (Both exchanges offer a comprehensive copy trading portal, with Bybit excelling in a larger user base, while BingX offers advanced stats and risk management tools to analyze your master traders)

Advanced Order Types

When looking at the order types offered by Bybit and BingX, they both provide various options for traders. Bybit offers more advanced order types including Limit, Market, TP/SL, Conditional, OCO, Trailing Stop, Iceberg, and TWAP orders. Here is a quick overview:

  • Limit Orders: These fundamental orders allow you to specify the exact price at which you wish to buy or sell. 
  • Market Orders: The orders are filled immediately at the best available market price, ideal for situations where capturing a quick entry or exit is crucial.
  • Take Profit (TP) and Stop Loss (SL) Orders: TP orders automatically sell your holdings when the price reaches your desired profit target, while SL orders automatically sell to limit potential losses if the price falls below a predetermined level.
  • Conditional Orders: These orders are triggered only when a specific price condition (trigger price) is met.
  • One-Cancels-the-Other (OCO) Orders: By placing two linked orders, OCO ensures that if one order is filled, the other is automatically canceled, preventing you from being caught in a losing situation.
  • Trailing Stop Orders: It automatically adjusts your stop-loss price as the market moves favorably, locking in profits while limiting potential losses on the way down.
  • Iceberg Orders: Designed for larger orders, Iceberg Orders help hide your trading data by only revealing a “portion” of your order on the exchange’s order book. This helps avoid price slippage.
  • Time-Weighted Average Price (TWAP) Orders: TWAP orders automatically split your order into smaller chunks and execute them throughout the specified period. This is better during higher market volatility, achieving a better average price.

While BingX offers the essential order types only, its advanced options are more limited compared to Bybit. BingX offers only Market, Limit, TP/SL, Trailing stop, and Trigger orders. You will not find orders like OCO, TWAP, etc. Therefore, it has somewhat limited order options, especially for large-volume or institutional traders.

Winner: Compared to BingX, Bybit stands out with its more extensive selection of advanced order types including Conditional, OCO, Iceberg, and TWAP orders.

Earn Products

When it comes to Earn products, Bybit offers a range of options such as Bybit Savings, Structured Products (Dual Asset and Smart Leverage), Crypto Loans, and Liquidity Mining.

  • Bybit Savings is a low-risk option that lets you deposit crypto and earn competitive interest rates. You can choose flexible savings for instant access to your funds or fixed-term savings for guaranteed higher returns.
  • Structured Products like “dual-asset investment” offer potentially higher returns but come with more risk. Dual Asset allows you to earn interest based on the price movement of two cryptocurrencies within a specific range.
  • Crypto Loans mean by lending your crypto to other users, you can earn interest. You can also take a loan by putting in collateral.
  • Liquidity Mining means you need to deposit your crypto to liquidity pools and earn rewards from trading fees generated on those pools. This method offers decent returns but requires some understanding of decentralized finance (DeFi).
6 bingx wealth feature

Talking about the BingX Wealth feature, it provides only flexible and fixed earn options, along with a “Shark Fin” structured product. BingX offers a unique product called Shark Fin. It’s like a bet on the future price of Bitcoin (BTC) or Ethereum (ETH). You can choose if you think the price will go up (bullish) or down (bearish).

BingX offers four options – Bullish BTC, Bearish BTC, Bullish ETH, and Bearish ETH. You pick one based on your prediction and set a price range. If the price lands within your range at the end, you get a higher interest rate. If not, you still get basic interest, but it won’t be as much.

BingX currently offers up to 15% APR on its “Earn” products, whereas Bybit APR can be as high as 100%, depending on the coin.

7 its earn products

Winner: Bybit offers more staking and earning services compared to BingX and also offers higher APR rates.

Bybit vs BingX: Supported Coins

Bybit offers a significantly wider selection of cryptocurrencies, with 1180 coins compared to BingX’s 750 assets and 790+ trading pairs. This means Bybit caters to a more diverse range of investment opportunities. Here are some coins available on both Bybit and BingX:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • USD Coin (USDC)
  • XRP (XRP)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • Chainlink (LINK)

Winner: Bybit supports more cryptocurrencies than BingX (1180 vs. 750)

Bybit vs BingX: Trading Volume and Liquidity

According to Coingecko, in terms of liquidity and volume, Bybit holds a higher ranking, standing at number 2, while BingX holds the 15th position. 

When it comes to how much trading activity is happening, Bybit is ahead with a high trading volume of $10 billion per day, showing more liquidity and less price slippage. Meanwhile, BingX has a trading volume of over $500+ million per day, which also shows there’s quite a bit of trading happening, but not as much as Bybit.

Winner: Bybit has higher liquidity and trading volume compared to BingX.

Bybit vs BingX: Fees

Bybit charges fees based on different trading activities and VIP levels. For spot trading, perpetual and futures contracts trading, as well as USDC options trading, the fees vary according to the VIP level. 

For example, at VIP level 0, the taker fee rate for spot trading is 0.1%, while the maker fee rate is also 0.1%. Similarly, for perpetual and futures contracts trading, the taker fee rate is 0.055%, and the maker fee rate is 0.02%. These rates can be reduced based on the 30-day trading volume.

On the other hand, BingX applies a simpler fee structure. Both maker and taker fees are set at 0.1%. Additionally, there is a perpetual futures fee rate for makers at 0.02% and for takers at 0.05%. Moreover, the standard futures trading fee rate stands at 0.0450%, which is only collected when closing a position.

Winner: Bybit and BingX both have similar spot trading fees, but BingX has a slightly lower futures taker fee compared to Bybit (0.05% vs 0.055%).

Deposit and Withdrawal Fees

Bybit and BingX don’t charge any fees for depositing or withdrawing funds into your account. However, there might be network fees charged by the blockchain when transferring cryptocurrencies.

However, for depositing fiat currencies, different deposit methods have different fees. For example, BingX charges fees for credit and debit card payments, which depend on the region where the card is issued:

  • For cards issued in EEA countries, the transaction fee is 1.50%.
  • For cards issued in non-EEA countries, the transaction fee is higher at 3.30%.

Similarly, for Bybit, fees for credit and debit card payments also vary based on the card’s issuing region:

  • In the EU, both Visa and Mastercard payments incur a fee rate of 1.10%.
  • For non-EU regions, Visa payments have a fee rate of 3.05%, while Mastercard payments have a slightly lower fee rate of 2.70%.
  • In Asia, JCB payments carry a fee rate of 5%.

Bybit vs BingX: Security

Both Bybit and BingX utilize industry-standard security measures like:

  • 2FA (Two-Factor Authentication): This adds an extra layer of login security by requiring a second verification code in addition to your password.
  • SSL/TLS Encryption: This secures communication between your device and the platform, protecting your data from interception.
  • Withdrawal Address Whitelisting (optional): It allows you to restrict withdrawals to only pre-approved addresses, minimizing the risk of accidentally sending funds to the wrong wallet address.
  • Cold Storage: The majority of user funds on both exchanges are stored offline in secure cold wallets, significantly reducing the vulnerability to online attacks.

However, Bybit takes things a step further with a multi-layered approach. To store user funds, they use a combination of multi-signature wallets, Trusted Execution Environment (TEE), and Threshold Signature Schemes (TSS) to add extra locks to your crypto storage. This is like needing multiple keys and a fingerprint scan to access your digital assets.

Furthermore, Bybit and BingX provide regular “Proof of Reserves” audits. These are independent checks by third-party experts to confirm that both exchanges hold enough crypto to back up all user funds. They even publish the results publicly, so you can see them for yourself. According to Defillama, Bybit holds $8.5 billion in user assets, whereas, BingX solvency data is independently verified by third-party auditors (currently Mazars organization).

About regulatory standards, Bybit has secured a Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA). It also has a license in Cyprus for crypto custody services. 

BingX holds a more established position. They are registered as a Digital Currency Exchange (DCE) provider with AUSTRAC in Australia and are recognized as a digital currency exchange by the Financial Crime Investigation Service (FSIC) in Lithuania.

Winner: Both Bybit and BingX are highly secure with various safety measures and licenses in different jurisdictions. 

Conclusion

In summary, when comparing Bybit vs BingX, it’s clear that Bybit offers more choices and features for trading cryptocurrencies. With many cryptocurrencies available, including options contracts and bots for automated trading strategies, it caters to both beginners and seasoned traders. It also has DeFi features like a non-custodial wallet and NFT marketplace.

On the other hand, BingX emphasizes following regulations and holds licenses in places like Australia and Europe. It is also good if you want to trade forex, stocks, and commodities apart from crypto trading.

FAQs

Does BingX require KYC?

Yes, BingX mandates KYC verification for deposits and crypto trading activities. However, users can withdraw up to 50,000 USDT daily without completing the KYC process. You can read this guide if you are looking for no-KYC crypto exchanges.

Is Bybit safe?

Yes, Bybit Exchange is a safe crypto trading platform due to its robust security measures, including cold storage for the majority of its assets and multi-signature wallets. Additionally, it employs advanced encryption protocols to safeguard user data and transactions. The platform also offers 24/7 customer support to address any concerns or issues promptly.

Which is better, Bybit or BingX?

Bybit is better in terms of features and supported digital assets for trading. It boasts a 1,180+ selection of cryptocurrencies for trading, allowing you to explore new altcoins. It also caters to more advanced traders by offering options trading, which you won’t find on BingX.

BingX, on the other hand, prioritizes regulatory compliance. It holds licenses in regions like Australia (AUSTRAC) and Europe, potentially appealing to users who value a more regulated trading environment. It also has the best copy trading market for beginners.

Is BingX legit?

Yes, BingX cryptocurrency exchange is considered legitimate, with over 10 million users worldwide. The platform is registered with AUSTRAC and holds licenses in Lithuania, ensuring compliance with regulations. Additionally, BingX prioritizes exchange solvency, providing users with clear insights into their Proof of Reserves (PoR) data.

Are Bybit and BingX available in the US?

No, Bybit and BingX currently do not offer their services to residents of the United States due to strict regulations governing cryptocurrency exchanges.

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