Bybit vs Bitmex: Who is Better for You?

This post is also available in: Português

In our Bybit vs Bitmex review: Who is Better for You? We found some interesting things. The first among them is that Bybit is fun to use for crypto traders! Many of the best crypto exchanges can be somewhat unintuitive, but this is not the case with Bybit.

Bybit: A Fun and User-Friendly Experience

Bybit feels very similar to Binance but focuses on margin trading and leveraged trading, not only for experienced traders. It is easy to view your balance and positions on the screen, and the interface allows you to set different visual options. The Bybit interface is straightforward, visually appealing, and offers an excellent look and feel. Therefore, we highlight the speed of this crypto exchange.

Bybit is a crypto exchange that competes with Bitmex, Deribit, Binance, PrimeXBT, OKX, and others in the space. In this Bybit vs Bitmex review, we will examine how they work, what they offer, and how to use them for trading opportunities as a crypto trader. Use the link for a signup bonus with Bybit if you don’t want to read the whole review.

Are they Legit?

Trust #1 with an Exchange

Starting with Bybit, we find them trustworthy. Comparatively, no funny business has been reported. The site is secure and up-to-date, and all certifications are in place. Unlike many Bybit reviews that miss key points, we note its incorporation in the British Virgin Islands on March 18th, 2018.

One of the standout features of this Bybit review is that beyond offering 100x leverage, they provide quarterly futures contracts with no funding fees. Bybit’s matching engine is said to be capable of over 100,000 TPS (Transactions Per Second). Hence, it is a fantastic feat for the platform’s future growth, which is already laid out ahead of time.

Since its start, Bybit has focused on increasing the speed and quality of its transactions. Many experienced traders not only find their user interface easy to use but also enjoy the work they have done to speed up this cryptocurrency exchange. The Bybit exchange has the second-highest trading volume, so liquidity is enough. This Bybit review takes all of this into account.

Layer of security, cold storage, and withdrawal limits

Bybit excels in the cryptocurrency space with its robust, multi-layered security features that safeguard both virtual currencies and user assets. The platform employs cold storage for the majority of funds and integrates two-factor authentication for an additional layer of protection. Active traders can confidently engage in secure spot trading and derivatives, knowing that a daily withdrawal limit adds another level of security. With its advanced trading features and ample liquidity, Bybit appeals to both beginner and seasoned traders, providing a secure environment for crypto asset trading while prioritizing user protection. For those looking at long-term holdings, Bybit’s security features make it an excellent choice, especially when paired with a dedicated wallet, as outlined in our best crypto wallets article.

Understanding Potential Risks and How Bybit Mitigates Them

When trading on a reputable cryptocurrency exchange like Bybit, crypto enthusiasts must be aware of the potential risks, particularly regarding funding rates and trading positions. Funding rates, which can fluctuate with market conditions, can have a considerable impact ones profit margins, especially for traders using long-term leverage. Market takers who execute trades at the current market price may face higher fees compared to market makers, potentially affecting profitability.

Bybit addresses these risks with strong security measures. The platform uses cold storage to protect the majority of user funds, while hot wallets are limited to a small portion, significantly reducing the risk of hacks. Bybit’s generous maximum leverage allows traders to take on larger positions, but it’s vital to approach this with caution, as higher leverage increases potential risks. Thanks to Bybit’s daily volume and liquidity, traders can operate in a stable trading environment, while its security infrastructure ensures a safe and reliable experience. This makes Bybit an ideal option for traders considering their trading style and seeking a reputable platform with essential features like secure storage and effective risk management strategies.

Bybit Review: Customer Support and User Experience

We have seen that Bybit users appreciate its responsive Customer Support, but some note occasional delays during high-traffic periods. The exchange continues to grow globally, with services available in multiple regions, but some restrictions apply to specific countries

Bybit Review: Fee & cost structure

For example, Bybit’s trading fees for perpetual contracts, spot trading, and other wide-range services are straightforward. Like many others, Bybit uses the Bitmex model of 0.075% taker fees and a -0.025% maker fee structure. With no withdrawal fees and 50x leverage / 100x leverage in their crypto trading contracts, Bybit’s offering is unique. The image below shows an easy-to-read and easy-to-understand take-profit/stop-loss structure.

Bybit P2P Trading: Flexible, Secure, and User-Friendly

Bybit’s P2P trading platform offers crypto enthusiasts the flexibility to buy and sell popular cryptocurrencies directly with other users using various payment options, including credit cards and bank transfers. This feature allows traders to negotiate trading positions, set prices based on their trading style, and operate as a market taker if needed. As a respected cryptocurrency exchange, Bybit combines P2P trading with essential features like multiple withdrawal methods. You must be at least KYC level 1 to use this great feature.

Easy-to-use trading interface

As noted, Binance users will feel familiar with the interface and its advanced trading features. Bybit is very straightforward and speedy for users. Another key point is that Bybit accepts several different coins for deposit, including BTC, ETH, XRP, SOL, and USDT. Additionally, Bybit has a conversion method for users of Fiat currency and credit cards, making it even more accessible. Bybit also offers a wide selection of digital assets, featuring 653 cryptocurrencies, 6 fiat currencies, and 974 active markets (cryptocurrency trading pairs). Among these, the BTC/USDT pair stands out as the most popular choice among experienced traders.

The FIAT gateway of Bybit is another noteworthy feature!

You don’t have to be a seasoned trader to convert FIAT to Crypto, which cannot be understated, unlike Bitmex, which only accepts BTC and offers a smaller range of cryptocurrencies.

Bybit Exchange Review Conclusion

1. In our Bybit exchange review, we noted that the exchange was very straightforward, with few bells and whistles. You don’t need to be an experienced trader to use this quick and easy derivatives exchange outside of Bitmex leverage trading.

As we have noted in this review, Bybit has done a great job, with very few complaints listed, a high degree of uptime, and happy users.

Bitmex vs Bybit: What the Heck

So, I will end the article with my favorite crypto trading platform. Bitmex is the most professional and solid cryptocurrency trading platform, with only Coinbase coming close. It makes me physically ill to see what has happened to them through ego, mismanagement, and absolute corruption by their owners. That is why Bybit and its competition are taking off.

Why Bitmex?

What were you thinking? You had the best technology and cryptocurrency trading platforms ever, and they are still the best ever in the crypto space period. I repeat, PERIOD! But because they could not resist the manipulation and absolute greed of their customers, which is absolutely pathetic. You actually hurt the crypto community instead of supporting it; shame on you! You are no friend to the crypto community and will go down as manipulating scum and deserve the title. Now we have a Bybit Review that puts more nails in the coffin for Bitmex.

For context, I am speaking of not only the founder but also the co-founders Arthur Hayes, Samuel Reed, and Ben Delo, who were all charged by the U.S. Department of Justice with violating the Bank Secrecy Act. They knew that their platform was full of Americans with anonymous accounts using their exchange through VPNs, so they lied. All of this could have been avoided if they were not so damn greedy! Not only is the manipulation vs. their customers so obvious! So were they ignoring the warnings over and over the U.S. government gave them, which they ignored! The nerve! Pure greed! They take the best technology in crypto and destroy it, allowing a second-rate Binance to take over; yeah, Binance’s platform to a real trader = second best. In our research for the Bybit review, we did not see any signs of manipulation or taking on U.S. customers.

Bitmex: The Best Crypto Trading Platform PERIOD!

This platform is the best trading platform in crypto, period! I will repeat this as it is 100% true. Bitmex’s absolute stupidity destroyed its future. The platform now has such a dark stigma, which will be extremely hard to overcome. Who wants to be part of a platform over which the founders are all going to prison? No matter how great it is, they are done for now.

This is very sad because the tech behind Bitmex is not only solid and functional to the umpteenth degree but also one of the best out there. Other platforms could learn more than a thing or two from Bitmex. They built a real fintech, solid-quality product only had by some of the biggest firms, such as Bloomberg or Interactive Brokers, for example. It just makes me sick how they destroyed it through greed, stupidity, and corruption.

Everybody Knows!

It sucks that I have to repeat this, but I am stupified by what they did. They not only manipulate their own customers by trading against them with their in-house market makers along with the BS with the platform being down. Everybody knows, which is 100% my opinion, that they took it down in order to manipulate orders and order flow. That’s another reason karma catches up with them. Like the Leonard Cohen song “Everybody Knows!” The song holds true here, and hey, it is between them and God, in my opinion. There is no joy in having to compare Bitmex vs Bybit reviews.

They will have to deal with what they have done, karma is a b*tch, but she always gets paid! It is very simple, and now they are learning the hard way. They had to comply with the U.S. Gov and actually talk to them instead of ignoring them as they did. The gall *shakes head…

I have HOPE!

I hope and dream that the platform will be taken over by more ethical people in the future. Arthur Hayes and gang are persona non grata. I mean, I love the platform; as a trader, you can’t find better, and it hurts to think this perfect technology was used not only against their customers but also against themselves!

Let us hope they are taken over by a professional group that can use the tech, either by licensing it or building a new brand beyond the shattered Bitmex name. It could be hard for them if they continue with new management. The stigma is still there, and complaints from certain events on the platform are still being reported over and over again. The owners would be wise to sell to a more professional group that wishes to go mainstream.

The negative is that the U.S. government takes its marching orders from Wall Street and limits derivatives trading/platforms, pushing them underground and making U.S. customers use VPNs and such to trade. A lot of good it did them with the same attitude with digital currencies like Bitcoin, huh? So I have hope, simply put. I think they can do it! The Bitmex software is that GOOD! It is easy to use and solid security-wise. You won’t get a better platform.

Update: Leadership Changes Boost Traction, but Bybit Remains on Top

BitMEX is gradually regaining traction due to changes in its leadership and an increased focus on regulatory compliance and security. These updates and its high-quality technology increase the amount of coins and trading tools that attract active traders back to the platform. You receive a 10% fee Discount for the first 6 months with Bitmex if you use our link. However, despite BitMEX’s improvements, Bybit still leads as a respected cryptocurrency exchange with ease of use, broader virtual currency offerings, robust security measures, and superior customer support. At this moment, Bybit’s user-friendly interface, advanced trading features, and overall reliability keep it ahead of the competition.