Comparison of Bybit vs Coinstore [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bybit vs Coinstore comparison!

Your expert: Alejandro Borja

Bybit

Your expert: Xavier Tarrasó

Coinstore

Main points

Fees

≤0,10%

Earns

Yes

Customer service

4/5

0.20%

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.1 – Low fees with a focus on derivatives trading.

4.0 – Competitive fees with additional benefits for high-volume trading.

Level

≤0,10%

0.20%

Brief explanation

Bybit’s commission structure is designed to be competitive and appealing to both high-volume traders and occasional participants. The platform primarily charges two types of fees: maker fees and taker fees. The maker fee can reward users for adding liquidity to the market, typically set below the industry average, while the taker fee is slightly higher due to the nature of removing liquidity. For trading derivatives such as perpetual contracts, Bybit charges a taker fee of 0.075% and provides a maker rebate of 0.025%, which means makers actually earn a credit for executing trades. This fee structure is particularly attractive to those who trade frequently or utilize trading bots to maintain liquidity on the exchange. Overall, Bybit’s fee strategy supports a dynamic trading environment, encouraging both the provision and taking of liquidity while keeping costs transparent and manageable for traders of all levels.

Coinstore has a competitive fee structure designed to accommodate various types of traders. For spot trading, Coinstore charges a 0.2% fee for both makers and takers. This rate is in line with industry standards and makes it an attractive option for traders looking for cost-effective trading solutions. When it comes to futures trading, the fees are slightly different. Makers are charged a 0.025% fee, while takers are charged a 0.06% fee. This fee structure incentivizes liquidity provision in the futures market, benefiting active traders who can take advantage of lower maker fees. While Coinstore does not support fiat currency deposits or withdrawals, it facilitates crypto-to-crypto transactions efficiently. Users should be aware that withdrawal fees can vary depending on the specific cryptocurrency being withdrawn, although detailed fee information is not prominently displayed on the website. Overall, Coinstore’s fee structure is straightforward and competitive, particularly for those engaged in frequent trading. The lack of fiat support and transparency in some fee details are areas where potential users should exercise caution and seek further information if needed.

Bybit

Security Methods: Bybit employs robust security practices, including cold storage for digital assets, real-time risk audits, and two-factor authentication (2FA) to protect user accounts and funds. This comprehensive approach ensures a secure trading environment.
Reputation and Reviews: Since its inception, Bybit has maintained a strong reputation within the crypto community for its reliability, advanced trading features, and user-friendly interface. Positive reviews across various forums and its low incident of security breaches contribute to its credibility.
Trading Volume and Liquidity: Bybit is known for its deep liquidity and high trading volume, facilitating seamless execution of trades without significant slippage, even during volatile market conditions. This is crucial for traders looking to execute large orders.
Transparency: Bybit provides clear and detailed information on trading fees, funding rates, and insurance funds. It regularly publishes updates about system upgrades and security enhancements, demonstrating transparency in operations and communications with its users.
Customer Service: Bybit offers 24/7 customer support with a multilingual team accessible via live chat, email, and social media. This constant availability ensures that user queries and issues are resolved promptly, enhancing user trust and satisfaction.

Coinstore

Strong Security Measures: Coinstore implements robust security protocols to protect user assets. The exchange stores 70% of its funds in cold storage, uses AES-256 encryption for wallets and private keys, and requires multi-step verification for account access.
Reputation and Industry Recognition: Coinstore has received accolades within the industry, being named the best exchange in Asia by Crypto 306 and the best rising star by Crypto Expo. Such recognitions highlight the exchange’s commitment to excellence and innovation.
High Volume and User Base: Coinstore has a significant trading volume and user base. The exchange reports a 24-hour trading volume of around $144 million and supports over 1.1 million registered users across 175 countries, indicating its popularity and trustworthiness among traders.
Comprehensive Risk Control: The platform uses bank-level security measures, including real-time reconciliation and a comprehensive risk control system, to ensure the safety of user assets. This further enhances the reliability and trustworthiness of Coinstore.
Regulatory Compliance: As a Singapore-based company, Coinstore complies with the country’s stringent regulatory guidelines. This ensures that the exchange adheres to high standards of security and operational transparency.

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Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Bybit Fintech Limited

Unknown

Regulation

Not regulated

Year founded

2018

2021

Founder

Ben Zhou

Unknown

Payment methods

Transfers

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Bybit	FEATURES	Coinstore
Bybit allows for a relatively low minimum trade size, making it accessible for traders starting with smaller amounts.	Minimum Trade	Minimum trade amount details not specified but low barrier to entry.
Bybit is known for its competitive fee structure, which is lower than many other exchanges, benefiting frequent traders.	Trading and Transaction Fees	0.2% fee for spot trading, and 0.025%-0.06% for futures .
Offers a diverse range of over 100 cryptocurrencies, providing good options for traders looking to diversify their portfolios.	Number of Cryptocurrencies	Supports 96 tokens and 94 trading pairs .
Provides a wide array of trading pairs, allowing users to trade various combinations of cryptocurrencies efficiently.	Crypto-to-Crypto Trading Pairs	94 trading pairs available .
The website provides clear and detailed information about trading conditions, fees, and security measures.	Website Transparency	Lacks detailed information on some aspects, like withdrawal fees .
Bybit does not offer a branded exchange card for in-store purchases or benefits, limiting its functionality in terms of everyday financial transactions.	Credit/Debit Card	Coinstore does not provide an exchange card for in-store purchases.
Offers secure storage solutions with a majority of funds kept in cold storage, though it lacks some advanced features found in specialized wallets.	Storage Offering	70% of assets stored in cold storage, AES-256 encryption used .
Offers basic staking features but is not as competitive as other platforms that provide higher yields and more variety in staking options.	Staking and Rewards	No dedicated staking program mentioned .
Both the mobile app and desktop platform are highly rated for user interface design and functionality, catering well to both beginner and advanced traders.	Mobile App and Desktop	Full-featured mobile app for Android and iOS available .
Provides 24/7 customer support with multiple channels, though response times can vary depending on the channel and query complexity.	Customer Service	Provides 24-hour chat service but lacks direct phone support .
Offers efficient deposit and withdrawal processes, though limited by the lack of direct fiat currency transaction support.	Deposit and Withdraw	Only supports crypto deposits and withdrawals, no fiat support .

Key features

Analysis tools

Advanced charting, technical analysis tools, and derivatives trading features

Basic charting tools

Mobile APP

Yes

Security

High 4,9/5

Additional features

Futures trading, perpetual contracts, staking, Bybit Earn program

Margin trading, futures trading, staking, Coinstore Launchpad

Anonymity

Yes

Key points

Available cryptocurrencies

Primarily derivatives, but around 100 cryptocurrencies

50+

User-friendliness

Bybit offers a user-friendly platform that is easy to navigate, with a focus on derivatives trading. The interface is designed to be accessible to both beginners and experienced traders.

Coinstore features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

Value for money

Offers good value for money with low trading fees and advanced trading features, suitable for both retail and institutional traders.

Provides decent value for money with competitive fees and a wide range of supported cryptocurrencies, though it may not suit all traders.

Countries of operation

Singapore, Japan, South Korea, United States, Canada

Singapore, United States, Canada, Australia, United Kingdom

Best for

Great for both retail and institutional traders interested in derivatives trading with low fees and advanced features.

Suitable for traders of all experience levels seeking a platform with a wide range of cryptocurrencies and competitive fees.

Base currencies available

USD, USDT, BTC

USDT, BTC

Account

Trading

Bybit is known for its derivatives trading and leverage options. It offers advanced trading tools and high liquidity but is not suitable for beginners due to its complexity and risk.

Coinstore offers a variety of cryptocurrencies and competitive fees. It has a user-friendly interface but lower liquidity compared to major exchanges.

Deposit and withdrawal

Bybit supports cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed efficiently, usually within a few hours, with low fees.

Coinstore supports various deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed quickly, usually within a day, with low fees.

Account opening process

Bybit offers a seamless and fully digital account opening process. Users need to fill out personal information and verify their identity. The process is quick, typically taking less than a day to complete.

Coinstore provides an easy account registration process. Users need to submit personal details and verify their identity. The process is efficient and usually takes less than a day, making it user-friendly.

KYC required?

Yes

Customer Service

Bybit provides extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Coinstore provides support via email and live chat. The support team is responsive, but the lack of 24/7 availability can be a limitation for some users.

Security

Bybit provides robust security features with 2FA, encryption, and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

Coinstore offers strong security features with 2FA and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

Which of these exchanges is for you?

Alejandro Borja

As one of the experts here at Threenvest, I’d like to share a brief recommendation about using Bybit. Bybit offers a robust platform that caters well to experienced traders looking for advanced trading options in the crypto derivatives market. Its high-performance trading engine ensures rapid execution of trades, which is crucial during volatile market conditions. If you’re comfortable with high leverage and complex trading instruments, Bybit can be a powerful tool in your trading arsenal. However, beginners should tread carefully, given the platform’s complexity and the inherent risks of leveraged trading.

Xavier Tarrasó

As an expert on our website, I can confidently say that Coinstore is a solid choice for both new and experienced cryptocurrency traders. Its strong security measures, including cold storage and AES-256 encryption, ensure that your assets are well-protected. With a user-friendly interface and a comprehensive mobile app, Coinstore makes trading accessible and convenient. However, keep in mind that it doesn’t support fiat currency transactions and has limited customer service options. If these aspects aren’t deal-breakers for you, Coinstore is a reliable platform worth considering for your crypto trading needs.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.