Home
»
Comparisons
»
Bybit vs BitMEX

Bybit vs BitMEX

Adrian Graham
Fact Checked
August 25, 2022

Summary: Bybit is the better overall exchange compared to BitMEX because they offer more trading pairs, deeper liquidity and lower fees to trader derivatives contracts.

To highlight the difference and superiority of Bybit, they currently trade over $8 billion in daily volume compared to BitMEX that trades a mere $500 million.

Table of Contents

Platform Highlights

  • Trade over 700 Cryptos with up to 100x leverage.
  • Lower trading fees than BitMEX starting at 0.1%.
  • No KYC or verification required to sign up on Bybit.

Bybit vs BitMEX Fees: Trading, Deposit & Withdrawal

Bybit has competitively low fees and does not charge investors to deposit on its platform, there is a small 0.0005 BTC withdrawal fee which is lower than the industry average. As for trading fees, the spot fee starts from 0.1% and derivatives starts from 0.06. For experienced traders the fees can get as low as 0.01%. 

BitMEX doesn’t charge any fees to deposit assets into your account, but there is a small withdrawal fee that is charged to cover network costs. BitMEX does not specify how much the withdrawal fee is. For trading fees it typically ranges between 0.2 - 0.01% (the larger your monthly trading volume, the lower the percent).

Bybit Fee Schedule

Winner: Bybit has slightly lower fees than BitMEX and is widely regarded as one of the most affordable cryptocurrency exchanges in the world. 

Cryptocurrency Index (Supported Tokens)

Bybit currently supports over 260 tokens on Spot trading and over 450 pairs on Derivatives and Options trading. Totalling to over 700 cryptocurrency investing options for Bybit users. 

BitMEX unfortunately only supports six spot tokens and they are ETH, APE, AXS, LINK, MATIC, UNI & XBT. The platform offers seven different derivatives trading pairs: XBT/USDT, ETH/USDT, APE/USDT, UNI/USDT, MATIC/USDT, LINK/USDT, and AXS/USDT

Buy USDT on Bybit

Winner: Bybit has significantly more tokens and assets in general available on its platform. 

Security: Are these crypto exchanges safe?

Bybit is a secure, regulated and licensed cryptocurrency exchange that has never been subjected to any cyber attacks or hacking incidents. To use the exchange users must have 2FA enabled to authorise transactions on their accounts. In addition to 2FA, Bybit stores a majority of its users funds offline in cold storage.

BitMEX Bitcoin addresses are all multisignature and storage is kept offline. The hot wallet private key is not held by any one party and a bulk of its funds are stored in cold storage.

Winner: Bybit has safer security measures in place to prevent cyber attacks and is the more secure exchange. BitMEX were subjected to a cyber attack in April 2022 where its users emails were targeted by a hacker. 

Features: Futures, Staking, NFTs and more

Bybit is globally recognised as the best derivatives/futures trading exchange in the world as it is the only platform where you can open a position with 100x leverage. In addition to futures trading, Bybit offers options trading, copy trading, multiple cryptocurrency staking options and an NFT marketplace. 

BitMEX also offers futures and spot trading and one cryptocurrency staking option - USDT for 2% APY (Annual Percentage Yield) which is considered a pretty low return. 

Staking - Bybit

Winner: Bybit offers notably more features and staking options than BitMEX. Bybit has 1000x the returns that BitMEX offers for cryptocurrency staking. 

Mobile App

Bybit’s mobile app is available to download on both the app store and google play. The app version is supported on Android and iOS, on iOS you can use it on iPhone and iPad. The Bybit app has the same functionality and UI of its web version. Users can open positions, make trades, access their wallet, stake cryptocurrencies and much more. 

BitMEX’s mobile app is also available on both iOS and Android. You can access the same 13 tokens and pairs that are supported on the web version. 

Bybit Mobile App Screenshot

Winner: Bybit has a superior mobile app due to its available features and higher ranking in both the app store and google play store.  

Customer Service & Live Support

Bybit is one of the only exchanges to offer Live Support in 10 different languages. Users can get assistance in English, Spanish, Mandarin and more. Furthermore, you can contact Bybit in 30 additional languages when you join their online communities such as Telegram and Discord. The support team is contactable via email, phone and multiple online communities. 

BitMEX offers assistance in English, Russian & Mandarin but can only be contacted via an online ticketing system and responses can take up to 48 hours. 

Bybit Live Chat

Winner: Bybit offers a Live Support feature in multiple languages and therefore has superior customer support.

Bybit vs BitMEX: Final Verdict

Bybit is significantly better than BitMEX in every aspect, it offers lower fees, a larger and more diverse selection of assets, more features, better security and a remarkably more efficient customer support team. 

If you’re interested in learning more about Bybit, you can read our detailed Bybit Review page. Alternatively, you can read our BitMEX review for more information on their platform.

Bybit vs BitMEX

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

Twitter
View Posts