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Bybit vs BingX: An In-Depth Comparison !?

Written by Charles

Written by:

Charles

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Hey there Experience: None

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This article has been reviewed by crypto market experts at SCM to ensure all the content, sources, and claims adhere to the highest standards of accuracy and reliability.

Last Updated on June 10, 2024

Bybit and BingX emerge with unique offerings in the competitive crypto trading market.

Bybit excels with its sophisticated derivatives trading and strong liquidity, while BingX is attracted by its interactive social trading feature.

This analysis compares their key aspects—trading systems, fees, and security—to guide traders of all levels in choosing a platform that matches their trading approach.

Bybit vs BingX: Comparison at a Glance

Bybit and BingX are two established platforms in the cryptocurrency exchange market, offering distinct features tailored for novice and expert traders.

Below is a table that briefly compares these two platforms in various aspects:

Feature Bybit BingX
Founded 2018 2018
Founder Ben Zhou Josh Lu
Headquarters British Virgin Islands Singapore
Supported Coins Offers a wide selection, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS Offers a variety, including BTC, ETH, and Litecoin (LTC)
Leverage Up to 100x for specific pairs Varies by asset, with competitive options
Trading Volume High, reflecting a large user base Also high, competitive with industry peers
Trading Features Market Orders, Limit Orders, Conditional Orders Market Orders, Limit Orders, and others tailored for different trading styles
Deposit Methods Cryptocurrencies, Fiat through partners Cryptocurrencies, Bank transfer, Credit Cards
Fees Competitive trading fees with a maker/taker model Comparably low fees with a similar fee structure
User Experience Intuitive design, customizable interface User-friendly, offering a straightforward trading experience
Security Measures Industry-grade security practices Comprehensive security measures
Customer Support 24/7 Support is available through various channels 24/7 Support with multilingual assistance

You can choose between Bybit and BingX depending on your trading needs, interface user preferences, and the features that matter most to your trading strategy.

Both platforms uphold robust security standards to protect your assets and have a global reach, allowing for a diverse trading environment.

Our 2024's Recommendation

  • Upto 100x Leverage for BTC

  •  Supports over 300+ crypto trading pairs

  • Fees starting at 0.075% for futures

  • Strong security features

Bybit vs BingX: Products and Services

Bybit and BingX offer various services within the digital asset trading sphere, each with distinct features.

Bybit is renowned for its comprehensive derivatives trading platform, which includes futures and options trading. A strong focus on advanced trading products will characterize your experience with Bybit.

For example, you can trade spot, purchase, and sell cryptocurrencies at prevailing market prices. Derivatives are available, too, allowing for strategic positions on future price actions.

Bybit BingX
Spot Trading Spot Trading
Derivatives Trading (Futures, Options) Futures Trading with up to 150x leverage
Forex, Indices, Stock, Commodities Trading

BingX differentiates itself by embracing both crypto and traditional finance assets.

If you’re interested in a platform that offers diversified trading products, BingX could be your go-to.

Besides the typical crypto spot and futures trading, which provides leverage of up to 150x, BingX also allows trading in forex, indices, stock, and commodities.

Both platforms cater to a broad audience with their crypto-asset offerings, with Bybit generally offering a more extensive range of individual crypto coins.

Regarding innovation and user experience, Bybit may appeal to you if you’re looking for a platform with robust trading tools and a focus on crypto-based derivatives.

On the other hand, if your needs include a mix of crypto and traditional asset trading, BingX provides a versatile platform that addresses a more comprehensive financial market.

Bybit vs. BingX: Contract Types

When you trade on Bybit and BingX, you can access various contract types that cater to your trading preferences and strategies.

Bybit offers:

  • Inverse Perpetual Contracts: These contracts allow you to trade cryptocurrency pairs with other cryptocurrencies as the base currency. The primary benefit is the direct exposure to the asset without converting to fiat, which could be a hedge against fiat volatility. However, this might require a good understanding of the base crypto asset’s value.
  • Linear Perpetual Contracts: Suited for straightforward trading with contracts quoted and settled in USD or USDT, allowing more straightforward calculation of profits and losses. This could increase accessibility, especially for those used to fiat calculations.
  • Inverse Futures Contracts: Similar to inverse perpetual, but with an expiry date. This contract is helpful if you forecast the market movement by a specific time but may attract higher fees due to the set expiry.

BingX features:

  • COIN-M Futures: These contracts enable trading with the underlying digital asset as collateral. Your advantage is the straightforward investment in the coin you support without fiat conversion, but you should be aware of the potential for significant fluctuations.
  • USD-M Futures: Contracts are calculated in USD, making them more intuitive. This might simplify profit and loss tracking but expose you to forex conversion risks if you’re not trading in USD.
  • Options: Options contracts offer flexibility, giving you the right but not the obligation to buy or sell at a pre-determined price. This can be an advantage for risk management, but it’s essential to grasp the complexities of options trading.

Both platforms provide a variety of trading instruments designed to suit different risk appetites and trading styles. As you consider these contract types, evaluate your understanding of the market and risk tolerance to select the right fit for your trading needs.

Bybit vs BingX: Supported Cryptocurrencies

When comparing Bybit and BingX, you’ll find a diverse range of supported cryptocurrencies on both platforms that suit your trading preferences.

bybit supported coins

Bybit supports over 119 crypto assets for trading.

You have access to familiar heavy hitters such as BTC (Bitcoin), ETH (Ethereum), DOGE (Dogecoin), EOS, XRP (Ripple), and USDT (Tether). These assets are integrated with Bybit’s various product offerings and order types.

Popular Futures Pairs on Bybit
BTC/USD
ETH/USD
XRP/USD
EOS/USD

Bybit offers futures and leverage trading for a subset of these currencies, allowing you to speculate on future price movements with enhanced exposure.

bingx supported coins

BingX allows users to deposit and trade with 260+ cryptocurrencies, supporting various assets across multiple blockchains. This includes standard implementations like ERC-20 or BEP-20 tokens.

Popular Futures Pairs on BingX
No specific pairs are indicated in the sources.

While the search results do not explicitly list the most popular futures trading pairs on BingX, the platform is known for offering a competitive selection.

Both exchanges provide these options for futures and leverage trading. However, it would be best to verify their offerings for the most current and detailed information on available pairs and supported assets.

Whether your strategy focuses on the most well-known cryptocurrencies or includes a broader portfolio, each platform caters to different needs with its supported assets.

Bybit vs BingX: Leverage and Margin Trading

When trading on Bybit or BingX, you can access tools that increase your buying power. Leverage, used carefully, can magnify your potential returns and intensify risk.

Bybit provides a leverage option reaching up to 100x for specific cryptocurrencies. BingX, in contrast, offers a maximum leverage of 100x, but this is restricted to select trading pairs.

Bybit:

  • Maximum Leverage: 100x
  • Margin Trading: Supported with a tiered margin system
  • Liquidation: The position is liquidated if the margin falls below the maintenance level
  • Funding Rates: Change based on market liquidity and volatility

BingX:

  • Maximum Leverage: Up to 100x (selected pairs)
  • Margin Trading: Available but pair-dependent
  • Liquidation: Triggered when maintenance margin cannot be met
  • Funding Rates: Vary with market conditions and are pair-specific

Remember, leverage increases not only the potential profit but also the potential loss.

Liquidation occurs when your equity falls below the maintenance margin; the position is forcibly closed to prevent further losses.

Both exchanges use “funding rates” to ensure the leverage positions are tethered to the market liquidity and are subject to changes.

Bybit usually has a more extensive range of products to which leverage applies, whereas BingX focuses on a select range of pairs.

These offerings affect how you manage your margin and the strategies that best suit your trading style.

Each platform has specific requirements and fees associated with margin trading, so you should review these carefully before initiating leveraged trades.

Bybit vs. BingX: Trading Volume

When you assess the trading volume of Bybit and BingX, it’s crucial to grasp how this metric informs their trading efficiency and potential slippage.

Trading volume represents the total value of transactions within a given timeframe and is often linked to an exchange’s liquidity.

Bybit boasts an impressive array of tradable pairs and a significant volume, which implies tighter spreads and potentially lower slippage rates.

This means when you conduct trades on Bybit, you may encounter fewer and minor price fluctuations, providing a streamlined trading experience.

BingX, while it may not match Bybit in individual trading pairs offered, it still maintains a commendable volume in highly traded pairs like BTC/USDT and ETH/USDT.

Adequate liquidity on BingX facilitates efficient trade execution, but you might experience slightly more slippage than Bybit, depending on the asset.

To ensure you’re getting accurate information about trading volumes on Bybit and BingX, you should refer to updated data from reliable market analytics platforms.

These sources typically rank exchanges by liquidity and volume, helping you decide which platform suits your trading needs best.

Exchange Liquidity Ranking High-Volume Trading Pairs
Bybit High Multiple Crypto Pairs
BingX Moderate Selected Major Pairs

Bybit often leads in sheer volume, while BingX offers competitive liquidity, particularly in its primary markets. Your choice depends on where you expect better execution and lower slippage for your trading strategies.

Bybit vs BingX: Fees and Rewards

When trading cryptocurrencies, fees, and rewards are critical factors that influence your decisions. Bybit and BingX have distinct structures impacting your trading expenses and potential incentives.

Bybit’s Fee Structure:

bybit fees
  • Maker Fee: As low as 0%
  • Taker Fee: Typically 0.075%
  • Deposit: Free
  • Withdrawal: Varies by coin

Bybit rewards volume trading with discounts. A higher trading volume can lead to lower fees. Additionally, they offer a sign-up bonus of up to $600.

BingX’s Fee Structure:

bingx fees
  • Maker Fee: Slightly higher than Bybit
  • Taker Fee: Comparable to Bybit at 0.075%
  • Deposit: Free
  • Withdrawal: Subject to coin-specific fees

BingX provides a sign-up bonus that reaches up to 200 USDT. Similar to Bybit, fees may be reduced with increased trading volume.

  • Example:

Imagine executing a taker trade worth $10,000 on both platforms. At Bybit, you’d pay $7.50 (0.075%). At BingX, the fee could be the same, but if the cost is even 0.005% cheaper, the expense would be marginally less.

Discounts and Bonuses:
Both platforms offer initial sign-up incentives, which can be appealing. These bonuses can be advantageous if you comply with the platforms’ specific terms.

Summary:

  • Bybit offers a broader range of cryptocurrencies to trade, potentially affecting the fee with different pairs.
  • BingX might offer a more competitive fee on specific pairs but tends to have a more restricted selection.

Bybit vs BingX: Deposits & Withdrawal Options

When you choose between Bybit and BingX for your cryptocurrency trading, considering how you can deposit and withdraw funds is essential.

It determines the speed at which you can engage with the market and the efficiency and cost-effectiveness of your transactions.

On Bybit, you can access various payment methods for deposits and withdrawals. You can deposit using:

  • Cryptocurrencies
  • Fiat via third-party providers

To ensure a swift deposit process, Bybit offers several cryptocurrencies that you can use to fund your account.

The platform supports significant chains, and the deposit times typically depend on the blockchain’s speed.

For fiat currency deposits, Bybit collaborates with various payment service providers, and processing times can vary based on your chosen provider.

Withdrawals at Bybit are processed with similar versatility, enabling you to withdraw in numerous cryptocurrencies. Bybit maintains minimum and maximum limits for withdrawals to enhance the security of funds.

BingX also caters to a broad audience with its deposit and withdrawal methods, including:

  • Cryptocurrencies
  • Fiat currencies

Like Bybit, BingX supports multiple cryptocurrencies, meaning that your deposit time is primarily dictated by the particular blockchain you use. Fiat deposits in BingX are facilitated through integrated products, allowing for a seamless transaction experience.

Withdrawal methods on BingX extend to an array of cryptocurrencies, focusing on significant chains, and the platform upholds minimum and maximum withdrawal amounts for safety purposes.

Bybit vs BingX: Native Token Usage

Bybit and BingX are cryptocurrency exchanges offering a native token, which operates as an integral part of their respective platforms, providing you with benefits and incentives.

Bybit’s native token is BIT. As a holder, you may receive discounts on trading fees, enhancing your trading experience. BIT also finds use in various in-platform functions, such as:

  • Trading fee discounts: Reduced fees for trades executed on the platform.
  • Participation in Bybit events: Opportunities for exclusive events and activities.

On the other hand, BingX offers the native token BingX Token (BX). This token provides its utilities to improve your engagement with the platform. The benefits include:

  • Fee reduction: Your trading fees on the BingX platform can be reduced.
  • Platform engagement: Use BX for a range of platform-exclusive activities and rewards.

Both tokens offer a utility beyond mere trading, emphasizing the platforms’ commitment to creating a more beneficial trading environment for their users. Remember that native tokens can imbue additional value to your trading and investment strategies while using their respective exchanges.

Here’s a table for a quick comparison:

Feature Bybit (BIT) BingX (BX)
Fee Discounts Yes Yes
Platform Activities Exclusive events participation Exclusive activities and rewards

Utilizing these tokens effectively can lead to a more cost-efficient and rewarding trading experience on Bybit and BingX.

Bybit vs BingX: KYC Requirements & KYC Limits

When comparing Bybit and BingX, the Know Your Customer (KYC) requirements significantly impact your trading experience. Your privacy, security, and access to various features within each platform depend on the KYC process.

Bybit KYC:

Bybit offers a tiered KYC system.

  • Level 0: Provides primary access with registration requiring your email or phone number.
  • Higher Levels: Additional verification, such as a government-issued ID, proof of address, and a selfie, is required.

Trading limits on Bybit increase with each subsequent KYC level.

BingX KYC:

BingX is known for a more relaxed approach to KYC.

  • Non-KYC: Allows trading with some restrictions.
  • Full KYC: Requires personal details, ID verification, and further background checks to unlock higher limits.

KYC impacts on limitations:

Bybit:

  • Deposit: No restrictions at the primary level.
  • Withdrawal: Limited at the primary level; higher tiers have increased limits.
  • Trading: Full access to leverage and advanced trading features requires completion of higher KYC tiers.

BingX:

  • Deposit: Generally unrestricted without KYC.
  • Withdrawal: Limited for non-KYC users; higher cap after verification.
  • Trading: Maximum leverage and advanced products may be accessible based on KYC completion.

The KYC requirements on both platforms are established to enhance user security and conform to regulatory standards.

Bybit vs. BingX: User Experience

When you assess the user experience on Bybit and BingX, you notice distinct aspects catering to various trading preferences and styles.

Both platforms offer intuitive interfaces, but they have their unique features.

Bybit’s Interface

bybit ui
  • Web Interface: Bybit’s website is user-friendly, with a well-organized layout allowing quick navigation between trading markets and account settings.
  • Mobile App: The mobile app is robust, maintaining the smooth functionality of the web interface and making on-the-go trading seamless.
  • Functionality: Offers advanced charting tools and a range of order types, enhancing the trading experience for beginners and experienced traders.

BingX’s Interface

bingx ui
  • Web Interface: BingX provides a clean and straightforward web interface, focusing on essential information without overwhelming users.
  • Mobile App: The app is optimized for mobile use, with easy-to-access features that simplify trading when you are away from your desk.
  • Functionality: Known for its social trading functions, BingX integrates a community aspect, allowing you to follow trades from experienced users.

Comparison Table:

Feature Bybit BingX
Ease of Use User-friendly; quick to navigate Straightforward; focuses on essentials
Speed Fast execution; real-time updates Responsive, timely social updates
Design Clean, modern aesthetic Simple, user-centric design
Functionality Advanced tools; multiple order types Social trading platform; essential tools

Both Bybit and BingX have optimized their platforms for usability, ensuring that you have a positive experience whether accessing via mobile or desktop.

The loading times are swift, cutting down on any potential trading delays. Bybit’s extensive tools may appeal to those who prefer a comprehensive trading platform.

At the same time, BingX’s social engagement features could align more with your needs if you like community interaction.

Bybit vs. BingX: Order Types

When you trade cryptocurrencies, understanding the order types available on your chosen platform is essential. Bybit and BingX offer a range of order types, allowing you to tailor your trading strategy and manage risks effectively.

Bybit supports the following key order types:

  • Market Orders: These orders are executed immediately at the current market price. You would use a market order to enter or exit the market quickly.
  • Limit Orders: You set the specific price you want to buy or sell. This order type is executed when the market reaches your set price.
  • Stop Orders: Also known as stop-loss orders, these are triggered when a specified price is reached, helping you manage risks by stopping potential losses.
  • Conditional Orders: They are executed when certain conditions are met, giving you flexibility in your trading strategy.
  • Post-only Orders*: Ensures that the order is added to the order book and not immediately matched with an existing order.
  • Reduce-only Orders*: This ensures your order will only reduce a position, not increase.

*The search results did not provide Specific details and availability for Bybit’s advanced order types; thus, they are not elaborated upon here.

BingX also offers a variety of order types, including:

  • Market Orders
  • Limit Orders
  • Stop Orders
  • Conditional Orders: Similar to Bybit, these orders depend on specific conditions set by you being met before execution.

Both platforms allow you to use these order types to adapt your trading to different market circumstances and personal preferences.

Remember to conduct due diligence and understand how each order type works and any platform-specific nuances that might affect their execution.

Bybit vs BingX: Security Measures & Reliability

When evaluating the security measures of Bybit and BingX, it’s important to note that both exchanges prioritize the safety of your funds and personal data.

Bybit integrates several security protocols, including SSL encryption, two-factor authentication (2FA), and a multi-signature withdrawal process.

These measures safeguard against unauthorized access and ensure multiple parties confirm transactions before processing.

BingX also implements robust security features, but specific details may vary. Typically, these features include encryption methods and 2FA, alongside cold storage solutions for funds to protect against online threats and unauthorized access.

Bybit’s Reliability:

  • System Security: Uses advanced security measures to protect user data.
  • User Security: 2FA adds an extra layer of account security.
  • Asset Security: Funds are stored with multi-signature processes and in offline wallets.

BingX’s Reliability:

  • System Security: Encryption and various security protocols are in place.
  • User Security: Likely includes 2FA for account login and transaction confirmations.
  • Asset Security: Typically, cold storage and wallet protection methods are combined.

In terms of past incidents, while exchanges in the cryptocurrency space are often targeted, detailed information about specific events involving Bybit or BingX may not be widely publicized.

However, it is critical for any exchange to continuously update and strengthen its security measures in response to emerging threats.

If either exchange has faced security challenges, the resolution often involves enhancing its security infrastructure and increasing transparency with its user base to rebuild trust.

Your trust in an exchange hinges on its current security infrastructure and ability to respond to and resolve incidents. Therefore, staying updated with the latest security announcements from your chosen exchange is critical for your peace of mind.

Bybit vs. BingX: Insurance Fund

When trading on cryptocurrency derivatives exchanges like Bybit and BingX, you’ll encounter mechanisms designed to protect users and the exchanges themselves from the volatility of the markets. One such mechanism is the Insurance Fund.

Bybit’s Insurance Fund is built from liquidations executed with a price better than the bankruptcy price.

If a trader’s position gets liquidated and closed at a level more favorable than the bankruptcy price, these extra funds go into Bybit’s Insurance Fund. This shields against contract losses that might exceed traders’ margins.

  • Fund Usage: When traders’ positions are liquidated, and the price is worse than the bankruptcy price, the fund covers the difference.
  • Transparency: Details about the fund, including balance and usage, are publicly accessible.

BingX’s Insurance Fund operates on a similar principle. It aims to absorb the loss if the liquidation price is unmet, preventing traders from falling into negative equity.

  • Fund Sources: These include liquidation surpluses, similar to Bybit.
  • Fund Size: Fluctuates based on market conditions and past liquidations.

Both exchange funds provide extra security for your margin trading activities.

They ensure that the traders do not suffer additional losses if the collateral in their positions cannot cover the entire loss at the point of liquidation.

Remember, these funds add to the platform’s robustness, yet they are not a guarantee against trading losses.

Ensuring you understand the risk management tools and how the Insurance Fund operates can be crucial in optimizing your trading strategy on Bybit or BingX.

Bybit vs. BingX: Customer Support

Customer support can be critical to your decision-making process when considering a cryptocurrency exchange.

Bybit offers support through live chat and email and operates on a 24×7 basis. They assist in multiple languages, ensuring your queries are addressed without language barriers.

One point to note is that Bybit currently does not offer phone support.

On the other hand, BingX also has a responsive customer service team. They are prepared to address issues regarding security and other user inquiries through their support channels.

Additionally, BingX maintains a Help Centre with extensive support documentation that can assist you in learning how to use the platform and solving common problems that may arise.

Support Comparison:

Feature Bybit BingX
Availability 24/7 24/7
Languages Multiple Not specified
Live Chat Yes Yes
Email Yes Yes
Phone Support No Support documentation indicates no specific channels not stated
Help Center Not specified in search results Yes

Remember to use these support options whenever you need assistance. Both platforms seem committed to providing timely and helpful service, so make the choice that best suits your preferences and needs.

Bybit vs. BingX: Regulatory Compliance

When choosing a cryptocurrency exchange, you must consider the platform’s adherence to regulatory standards since it directly impacts the security and legality of your investments.

Bybit is known for actively seeking compliance with international regulatory frameworks, which ensures a certain level of trust and operational security.

Bybit operates under Bybit Fintech Limited, a company registered in the British Virgin Islands. It has endeavored to align with the legal requirements of the jurisdictions within its operational scope.

It has shown commitment by implementing robust KYC (Know Your Customer) and AML (Anti-Money Laundering) policies.

The regulatory compliance features of Bybit include:

  • International Regulatory Efforts: Engagement with global regulatory standards
  • KYC/AML Policies: Comprehensive user verification processes
  • Security Audits: Regular third-party security assessments

Conversely, BingX takes a competitive stance in regulatory compliance, offering transparency and security to its user base.

However, specific details on its licensing and compliance efforts may vary, and accessing up-to-date regulatory information is crucial for users.

Its operations include a mix of spot and derivative trading options that require adherence to international financial laws.

The regulatory aspects of BingX include:

  • Transparency: Providing clear information on trading fees and user agreements
  • Global Compliance: Following the legal standards of the countries they operate in
  • User Security: Measures to protect user data and assets

As a user, you should stay informed about the evolving regulatory landscapes of both Bybit and BingX, given these factors can significantly influence the platforms’ reliability and your financial security.

Both exchanges have taken steps towards maintaining compliance, but you need to monitor any changes that could impact your trading activities.

Conclusion

When deciding between Bybit and BingX, your choice hinges on your trading preferences and needs.

Bybit stands out for its strong security measures and multilingual customer support, making it appealing if these factors are high on your list of priorities.

Moreover, their 24×7 customer service is a boon for traders needing assistance anytime.

BingX, on the other hand, distinguishes itself with a broader range of trading products, including not just cryptocurrencies but also traditional finance assets.

This makes it a suitable platform for a diverse trading experience beyond the crypto realm.

Security-Conscious Users:

  • Bybit offers robust security features such as SSL encryption, 2FA, and multi-signature withdrawal processes.

Diverse Trading Interests:

  • BingX provides various trading options ranging from crypto to forex and commodities, suitable for traders looking to explore beyond cryptocurrencies.

Here’s a quick overview of what each platform might be best suited for:

Feature Bybit BingX
Security & Reliability  
Diversity of Trading Options  
Customer Support  
Traditional Finance Assets Trading  

It’s essential to align your selection with your trading strategies and risk tolerance. Bybit and BingX are reputable platforms; your final choice should reflect the services and features most critical to your trading success.

About the Authors

Hey there Experience: None