Bybit vs FTX Overview
Bybit and FTX are two of the largest spot and derivatives trading platforms in the world. Both exchange offer users a wide range of features and benefits, but there are some key differences between the two exchanges.
Here's a closer look at Bybit vs FTX in a side-by-side comparison table.
Bybit is one of the most diverse digital asset trading platforms in the world. Their full suite of features currently includes margin trading, derivatives trading, spot trading, options trading, multiple staking options, Launchpad & Launchpool projects. Additional to this, they recently launched their very own NFT marketplace.
FTX is also known for their feature-rich platform thanks to their popular spot trading & perpetual futures trading markets. Overall, FTX does not have as many features as Bybit, but offers a much wider range of advanced order types, including iceberg orders and hidden orders.
Bybit vs FTX: Trading Fees
One of the main differences between Bybit and FTX is their approach to trading fees.
Bybit uses a maker-taker fee model, where makers (those who provide liquidity to the market) are charged 0.025% and takers (those who take liquidity from the market) are charged 0.075%. FTX, on the other hand, uses a tiered commission structure that starts at 0.02% for trades up to $50,000 and goes all the way down to 0% for trades over $1 million.
Overall when trading futures we recommend using Bybit as they are the more affordable option when investing small or large amounts.
Deposit & Withdrawal Fees
Another key difference between Bybit and FTX is their approach to deposit and withdrawal fees. Bybit doesn't charge any deposit fees, but does charge a small fee for withdrawals (0.0005 BTC). FTX, on the other hand, charges a deposit fee of 0.1% (with a minimum fee of $10), but doesn't charge any fees for withdrawals.
Bybit offers a wide range of deposit methods, including credit/debit cards, bank transfers, and crypto deposits. FTX, on the other hand, only accepts cryptocurrency deposits.
Security & Licensing
Both Bybit and FTX are highly secure exchanges that use state-of-the-art security measures. Bybit is licensed by the Singaporean regulator, while FTX is licensed by the Vanuatu Financial Services Commission. Bybit is considered an extremely safe cryptocurrency exchange and has never been subjected to a cyber attack.
Customer Support on ByBit and FTX
Both Bybit and FTX offer excellent customer support, with 24/7 live chat support feature on their respective platforms and a wide range of FAQs and help articles. Bybit, however, has a slight edge in terms of customer support, as they have live support available via Telegram, Discord, Twitter, Youtube, Instagram & Reddit.
Finally, one other key difference between Bybit and FTX is their approach to staking. Bybit offers many staking options where traders can earn up to 78% APY (Annual Percentage Yield) back on their investments.
FTX, on the other hand, does not offer a staking program. They do offer the option to stake their native token on their platform but that is the only staking available.
Bybit vs FTX: Final Verdict
Overall, Bybit and FTX are both excellent exchanges that offer a wide range of features and benefits. Bybit is slightly better than FTX in terms of trading, deposit & withdrawal fees and customer support. Bybit is more user-friendly and easy for beginners, while FTX offers a wider range of order types and is better suited for experienced traders.
That said, Bybit comes out as the clear winner as it's a highly secure exchange and has lower fees than FTX.