Comparison of Bybit vs Bingx [ 2024 ]

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

Your expert: Alejandro Borja

bybit

Bybit

Your expert: Xavier Tarrasó

bingx

Bingx

Main points

Fees

≤0,10%

Earns

Yes

Customer service

4/5
0,10%

Fees

Yes

Earns

4/5

Customer service


Recommended for

Beginners

No

Trading

Yes

Passive income

Yes

Buy and hold

Yes
No

Beginners

Yes

Trading

Yes

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 social trading features.

Level

≤0,10%
0,10%

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.
BingX offers a competitive and transparent fee structure that is designed to accommodate both occasional and frequent traders. The platform charges a trading fee for each transaction, which is broken down into maker and taker fees. These fees are competitively set to encourage trading activities while ensuring the platform can maintain high-quality services. The trading fees on BingX are tiered based on the user’s trading volume, which means that the more you trade, the lower your fees can be. This system is particularly advantageous for active traders who can benefit from significantly reduced costs as their trading activity increases. Additionally, BingX charges withdrawal fees that vary depending on the type of cryptocurrency being withdrawn, aligning with the network fees of each blockchain. Overall, BingX’s commission structure is built to support both new entrants to the crypto market and seasoned traders, ensuring transparency and fairness in every transaction.

Bybit

Bingx

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Product selection

Native token

No
No

Earns

Yes
Yes

NFT marketplace

Yes
No

Cripto/debit card

Yes
No

Company information

Full name

Bybit Fintech Limited
BingX Trading

Regulation

Not regulated
Not regulated

Year founded

2018
2018

Founder

Ben Zhou
Elvisco Carrington

Payment methods

Transfers

No
Yes

Mastercard

No
Yes

Wire transfer

No
No

Card

No
Yes

Comparative table

Bybit FEATURES Bingx
Bybit allows for a relatively low minimum trade size, making it accessible for traders starting with smaller amounts.
Minimum Trade
The minimum trade size is accessible for beginners, allowing small investments to start trading.
Bybit is known for its competitive fee structure, which is lower than many other exchanges, benefiting frequent traders.
Trading and Transaction Fees
Competitive fees compared to industry standards, making it economical for frequent trading.
Offers a diverse range of over 100 cryptocurrencies, providing good options for traders looking to diversify their portfolios.
Number of Cryptocurrencies
Offers a moderate range of cryptocurrencies, sufficient for most traders but not the most extensive.
Provides a wide array of trading pairs, allowing users to trade various combinations of cryptocurrencies efficiently.
Crypto-to-Crypto Trading Pairs
A wide array of trading pairs provides good options for crypto-to-crypto trading.
The website provides clear and detailed information about trading conditions, fees, and security measures.
Website Transparency
Highly transparent about trading processes and fees, providing clear and easy-to-find information.
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
While BingX provides a robust trading platform with various features, the lack of an exchange card limits additional spending flexibility and rewards for its users
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
Offers robust storage solutions including cold storage options to secure user funds.
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
Provides staking options with competitive rewards, enhancing passive earning potential.
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
Excellent user interface on both mobile and desktop platforms, ensuring a seamless trading experience.
Provides 24/7 customer support with multiple channels, though response times can vary depending on the channel and query complexity.
Customer Service
Good customer support with room for improvement in response times and accessibility.
Offers efficient deposit and withdrawal processes, though limited by the lack of direct fiat currency transaction support.
Deposit and Withdraw
Efficient deposit and withdrawal processes with clear guidelines, but could be faster.

Key features

Analysis tools

Advanced charting, technical analysis tools, and derivatives trading features
Trading signals, technical analysis tools

Mobile APP

Yes
No

Security

High 4,9/5
High 4,9/5

Additional features

Futures trading, perpetual contracts, staking, Bybit Earn program
Copy trading, margin trading, derivatives trading, BingX Academy

Anonymity

Yes
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.
BingX features an easy-to-navigate platform with a focus on social trading. The user interface is designed to be beginner-friendly, allowing users to follow and copy trades from experienced traders effortlessly.

Value for money

Offers good value for money with low trading fees and advanced trading features, suitable for both retail and institutional traders.
Delivers good value for money with competitive fees and innovative social trading features, making it a cost-effective choice for 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 both beginners and experienced traders interested in social trading and following the strategies of other successful traders.

Base currencies available

USD, USDT, BTC
USD, BTC, USDT

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.
BingX focuses on social trading, allowing users to follow and copy trades from experienced traders. It offers a unique feature but has a smaller selection of cryptocurrencies compared to leading 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.
BingX provides various deposit methods, including bank transfers and crypto. Withdrawals are fast and generally processed within 24 hours. Fees are low, making it user-friendly.

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.
BingX offers a simple and fast account opening process. Users need to fill in basic information and verify their identity. The process is fully digital and typically takes less than a day to complete.

KYC required?

Yes
No

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.
BingX provides customer support via email and live chat. The support team is responsive and helpful, although 24/7 availability is not guaranteed, which can be a limitation.

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.
BingX uses standard security measures like 2FA and cold storage. However, it is not regulated by top-tier financial authorities, which might be a concern for some investors.

Which of these exchanges is for you?

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.
As an expert on our website, I highly recommend BingX for both new and experienced traders seeking a balanced platform. Its strong security measures and transparent trading environment provide a trustworthy space for cryptocurrency transactions. However, while the platform offers robust features, including diverse trading pairs and competitive staking rewards, potential users should note the occasional delays in customer service response times. Overall, BingX stands out as a solid choice for navigating the complexities of the crypto market.

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.

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