Bybit vs BitMEX: Everything you need to Know Before Using

Bybit is a crypto trading platform that allows crypto trading. You can trade with competitive fees on trading. The trading platform it’s very advanced with multiple tools and features.

BitMEX is also a crypto trading platform similar to Bybit. You can trade cryptocurrencies and use different payment methods to deposit and withdraw funds.

To help you decide which is the better crypto trading platform, This Bybit vs Bitmex Review will go over these crypto trading platforms in detail.

Introduction

Bybit Introduction

Bybit is a crypto trading platform founded in March 2018. Headquarters are based in Singapore and the users come from all over the world. You can contact the support team that’s available 24/7 and it’s available on multi-languages. 

You can trade Bitcoin, Ethereum Ripple, EOS token, and more. More than 100,000 transactions are processed per second. The trading platform allows you to trade on a very modern platform and that’s not complicated to use. 

Besides the charts that give you a detailed look at the crypto markets, you have other features available. You can use the advanced order system where you can set take profit and stop loss for your orders.

The trading platform can be accessed from Bybit official website. And you can use all the features available on the trading platform. The mobile app is available too and you can download it on your smartphone via Apple Store and Google Play.

BitMEX Introduction

BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. You can trade Bitcoin, Ethereum, Ripple, Cardano, Bitcoin Cash, EOS Token, and Ripple. BitMEX has over $500 million daily volume and over $1 trillion volume yearly. 

Fees are very competitive when you open positions. You don’t get charged with any fees when you deposit funds. The trading platform is a modern platform with a clean user-interface to use. You can trade by using the Bybit trading platform on its website.

And also the mobile app is available too, so you can download the app on Apple Store or Google Play. You cannot trade from the mobile app as it doesn’t support all features from the website version. But you can view charts, manage your funds, deposit and withdraw, etc.

Supported Countries

Bybit Supported Countries

Bybit supports more than 70 countries that you can use the Bybit service. But there are some restrictions on some countries as it’s not regulated. The following countries and territories cannot use the Bybit service:

United States of America, Québec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, and Sudan.

BitMEX Supported Countries

BitMEX it’s available in many countries too but some countries as the United States and all of the states are restricted. The following countries cannot use BitMEX.

United States of America, the province of Québec in Canada, the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Cuba, Crimea, and Sevastopol, Iran, Syria, North Korea, and Sudan.

Supported Cryptos

Bybit Supported Cryptos

Binance offers more cryptocurrencies to trade in its platform. Crypto coins as Tron, Cardano, Bitcoin Cash, and Litecoin are not available with Bybit, but you can trade them with BitMEX. 

The following cryptocurrencies and token are supported:

Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Ripple (XRP), Tron (TRX), and EOS Token (EOS).

BitMEX Supported Cryptos

You can use major cryptocurrencies to trade in the trading platform. Cryptos as Bitcoin, Ethereum, and other coins are available. And besides cryptocurrencies, you can trade tokens as EOS token. 

The following cryptocurrencies and token are supported:

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS Token.

Trading Platform

Bybit Trading Platform

Bybit trading platform its a more modern trading platform. Compared to the BitMEX platform, the Bybit trading platform offers more when it comes to trading. The mobile app allows you to trade directly from the mobile. You can use the mobile app to manage your funds, view charts, and more.

Compared to BitMEX mobile app, Bybit allows trading through the mobile app. Bybit trading platform it’s highly rated as it has a review of 4.9 stars according to the Bybit website. You can get alerts and notifications in the trading platform, so you won’t miss any opportunities in the market. 

The advanced trading system its always-on uptime according to the Bybit website. You can also execute advanced pending orders and set advanced take profit and stop loss too. Different tools can be used to analyze the market charts.

BitMEX Trading Platform

BitMEX trading platform it’s not available to trade through the mobile app. But you can view charts of supported cryptocurrencies. BitMEX website trading platform it’s the platform that you should trade. You can access all features available on the BitMEX trading platform. 

You can trade major cryptocurrencies and EOS token too. The trading platform uses a friendly design that doesn’t use a modern design. But when it comes to interface, it’s very comfortable to use as it’s very quick to execute orders. You can switch to different time frames to analyze the crypto charts and get a better view of the markets. 

Several tools are available that you can use such as trendline, indicators, and more. From the indicators, you can choose a long list of indicators that can be integrated easily on the charts. Using indicators can help you to improve your trading performance. BitMEX offers a leverage of up to 100x so you can trade crypto that will give a higher margin. 

Deposit & Withdrawal methods

Bybit Deposit & Withdrawal methods

Bybit accepts deposit methods only through Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS Token, and USD Tether. Bybit does not charge a fee when you deposit or withdraw. 

But the mining fee is recommended to be higher than the default so your transactions will be confirmed faster. 

You can use the mobile app and web browser to deposit funds. From the web browser, you need to click on the “Assets” menu at the top of the page. Then you will need to choose the cryptocurrency that you want to deposit funds with it. 

You can also deposit funds through the trading platform. The mobile app can be used to deposit and withdraw funds too, and you can also use the QR code to process payments.

There’s not any minimum amount of deposit that you can request. But there is a minimum amount on withdrawal requests and the table below lists the fees:

Coin	MinimumDeposit	MinimumWithdrawal	Miner Fee
BTC	No Minimum	0.002BTC	0.0005BTC
ETH	No Minimum	0.02ETH	0.01ETH
EOS	No Minimum	0.2EOS	0.1EOS
XRP	No Minimum	20XRP	0.25XRP
USDT	No Minimum	50 USDT	2 USDT

BitMEX Deposit & Withdrawal methods

BitMEX does not offer many alternatives to fund your account. You can deposit funds only with Bitcoin, as other cryptocurrencies or payment methods are not supported. 

BitMEX does charge any fees when you deposit or withdraw crypto funds with Bitcoin. The deposit process is very simple, under the “Account” tab, click on the “Deposit” menu. Then an address will appear, and you will need to send payment from your wallet to that address. 

The transaction will appear on your account when you deposit funds after 1 confirmation of bitcoin transaction. Withdrawal requests can take more hours or more than 1 business day to be processed.

Fees

Bybit Fees

Bybit will apply a trading fee when you execute orders. The fee will be deducted from your account balance and it does not affect your account’s margin. The following table will help you to get more details about the fees:

Perpetual Contracts(Inverse)	Highest Leverage	Maker Rebate	Taker Fee
BTC/USD	100x	-0.025%	0.075%
ETH/USD	50x	-0.025%	0.075%
XRP/USD	50x	-0.025%	0.075%
EOS/USD	50x	-0.025%	0.075%

USDT Contracts	Highest Leverage	Maker Rebate	Taker Fee
BTC/USDT	100x	-0.025%	0.075%

BitMEX Fees

Perpetual Contracts

Series	Leverage	Maker Fee	Taker Fee	Long Funding	Short Funding	Funding Interval
Bitcoin (XBT)	100x	-0.0250%	0.0750%	0.0100%	-0.0100%	every 8 hours
Ethereum (ETH)	50x	-0.0250%	0.0750%	0.0470%	-0.0470%	every 8 hours
Ripple (XRP)	50x	-0.0250%	0.0750%	0.0329%	-0.0329%	every 8 hours

Traditional Futures

Series	Leverage	Maker Fee	Taker Fee	Settlement Fee
Bitcoin (XBT)	100x	-0.0250%	0.0750%	0.0500%
Bitcoin Cash (BCH)	20x	-0.0500%	0.2500%	0.0000%
Cardano (ADA)	20x	-0.0500%	0.2500%	0.0000%
EOS Token (EOS)	20x	-0.0500%	0.2500%	0.0000%
Ethereum (ETH)	50x	-0.0500%	0.2500%	0.0000%
Litecoin (LTC)	33.33x	-0.0500%	0.2500%	0.0000%
Ripple (XRP)	20x	-0.0500%	0.2500%	0.0000%
Tron (TRX)	20x	-0.0500%	0.2500%	0.0000%

Quanto Futures

Series	Leverage	Maker Fee	Taker Fee	Settlement Fee
Ethereum (ETH)	50x	-0.0250%	0.0750%	0.0000%

Verification

Bybit Verification

Bybit does not require you to verify your identity with ID documents or face verification. During the registration process, you will have to verify your account with a phone number. Once you add the phone number and verify it with the code that you receive, you will be verified.

BitMEX Verification

BitMEX will ask you to verify your identity. The verification is required so you will need to complete it before you can trade crypto. The verification process will ask you to verify your identity in 2 steps. 

The first step is to verify your identity with an ID document. You can use a passport, ID document, or a driving license. The ID document needs to be uploaded on the front side and backside. The other step is to pass the liveness detection test. This requires you to take a photo of your face with a camera and upload it. 

You can increase your withdrawal limit per day if you add Two-Factor Authentication 2-FA in your account. Besides that it will give you limits on withdrawals per day, it will also increase your account’s security. 

If you add 2FA in your account, you can submit more than 1 withdrawal request per day. And also withdraw more than 1 Bitcoin per day. 

If you do not add the 2FA in your account, then you will have a limit of 1 withdrawal request per day. And you can also withdraw only 1 Bitcoin per day.

Client Support

Bybit Client Support

Bybit support team, it’s available 24/7 according to their website. You can use the live chat or send a message to the emails that are shown on the contact page. 

The help center known as Frequently Asked Questions page can give you more information about the Bybit website.

BitMEX Client Support

When it comes to client support, BitMEX does not offer many alternatives to contact the support team. You can reach the support team only through the contact form via email on the BitMEX website. 

Besides English language support, BitMEX offers support in Chinese, Russian, Korean, and Japanese languages. Live chat and phone support are not available to contact. You can access the help center to get more information about BitMEX.

Summary

Both Bybit vs Bitmex do not charge any fees when you deposit or withdraw funds. But when it comes it deposit and withdrawal methods, they don’t offer many alternatives. You can deposit and withdraw only by using cryptocurrencies like Bitcoin, Ethereum, and more.

The trading platform is very similar in the functions, but the Bybit trading platform it’s more modern. You can use the mobile app to access the trading platform directly from your mobile.

BitMEX mobile lacks a lot so it’s not good enough to try it. You can use the mobile app only to deposit, withdraw funds, view charts, manage your balance. Crypto trading through the mobile app it’s not supported so you will have to use the BitMEX website to trade.

Fees are very competitive on both platforms when you trade. Bybit does not require you to verify your account with ID documents. BitMEX will require you to verify, but it doesn’t have any limitations to expect on the withdrawal requests per day.

In general, both crypto trading platforms offer good leverage to trade and a variety of cryptocurrencies. Both are trusted and safe platforms and we can recommend both platforms to trade crypto. Also if you enjoyed this article we would also suggest reading our BitMEX vs Binance Review as well.

Image via Shutterstock, Writer Behar H.