FTX vs. Bybit 2022

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Sinead Burgess
Sinead Burgess
Updated on November 10, 2022

IMPORTANT: FTX is in a major crisis at the time of writing, so we recommend avoiding the exchange.

FTX and Bybit have been regarded as two of the best-known and reputable margin trading platforms for cryptocurrency in the world. Both exchanges allow customers to make deposits in fiat currencies and has become a top platform to leverage trade.

FTX along with Bybit are the top exchanges when it comes to the volume of trading and the liquidity across their market offerings. The top choice in this competition is ByBit because they provide greater assets, lower fees and a more pleasant satisfaction for customers. ByBit is the largest exchange in terms of volume per hour with an annual volume of $8 billion compared to FTX which averages around $5 billion per day in volume.

We will look at their primary features, supported currencies and markets Charting and trading experience as well as security and fees. Let’s get started!

Start Trading with Bybit

FTX vs. Bybit Comparison Table

FeaturesFTXBybit
FTX exchange logobybit logo
Cryptocurrencies275+220+
Trading Fees0.02%-0.07%0.01% to 0.06%
Deposit FeeFreeVaries
Withdraw FeeNetwork FeesDepends on the currency and withdrawal method
Payment MethodsPayID, bank transfers, credit/debit cards, and wire transfersVisa/Mastercard, bank transfers, Samsung Pay, Google Pay, and Apple Pay

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FTX Pros and Cons

ftx homepage

Pros

  • Staking is available on a handful of coins, such as FTT which offers additional advantages
  • Over 275+ different cryptocurrencies & 10 fiat currencies supported
  • Fastly and easily swap out money and fiat currencies.
  • A wide range of markets, ideal for traders in derivatives
  • Mobile app for iOS and Android

Cons

  • The product is not readily available in USA
  • A hefty USD withdrawal fee of $75
  • Live chat is not available.

Bybit Pros and Cons

bybit homepage 01

Pros

  • High-performance, market-optimised API for intensive trading and fast data refreshes
  • Perfect for advanced cryptocurrency traders particularly derivatives traders
  • Up to 100x leverage on ETH/USD and BTC/USD
  • 24/7 live chat support
  • NFT marketplace and copy trading functionality to copy exact trades of most successful traders
  • 100K TPS matching engine

Cons

  • Somewhat high crypto withdrawal fees

Features

Bybit is among the most varied online asset trading services available in the world. The features they offer currently include derivatives trading, margin trading, spot trade, the option market, several stake alternatives, Launchpad & Launchpool projects. Additionally the company recently launched its own marketplace for NFT.

FTX is well-known for their feature-rich platform due to their popular spot trading and perpetual futures markets for trading. In general, FTX does not have the same options as Bybit however, it offers an array of advanced types of orders, such as frozen orders and hidden orders.

Winner: Bybit

Supported Cryptocurrencies

Bybit includes more than 220 cryptocurrency including all prominent cryptocurrency assets. You may even discover some completely new projects that you’ve not had the chance to meet. Check them out and decide if it’s an appropriate idea to invest in them or trade these.

FTX offers more than 275 crypto assets, including the most popular crypto and a myriad of other projects you can look into starting from the beginning.

FTX supported cryptocurrencies

FTX has more crypto coins to offer, so it is clearly the winner.

Winner: FTX

Fees

Bybit offers a low fee for trading, which makes it among the most affordable trading platforms. Their standard spot trading cost starts at 0.1 percent for both the takers and maker. When it comes to derivatives, Bybit charges 0.06% from takers and 0.01 percent from producers.

FTX offers a fixed fee structure for trading and spot markets. Their trading fees start at 0.02 percent for makers and 0.07 percent for buyers.

The FTX trading fees are lower than the one charged by Bybit. The fee for trading on spot for FTX is 0.02 percent for producers and 0.07 percent for takers in comparison to 0.1 percent of both fees on ByBit. Deposits in fiat and crypto are completely free on FTX and also cryptocurrency withdrawals and fiat.

Winner: FTX

Customer Support

The two companies Bybit and FTX provide excellent customer service that is available 24/7 via live chat support in their platforms as well as an extensive selection of FAQs and help pages. Bybit is slightly ahead in regards to customer support with live chat support that is available on Telegram, Discord, Twitter, Youtube, Instagram & Reddit.

Winner: Bybit

Deposit Methods

Bybit lets users deposit cryptocurrency directly into their accounts via their cryptocurrency wallets. They also provide users with an array of options for purchasing crypto assets with fiat currencies. The payment methods used for transactions vary dependent on the location of your the country you reside in, but they all include Visa/Mastercard, Google Pay, Apple Pay, and bank transfer.

FTX accepts direct crypto deposits via cryptocurrency wallets used by users. You can also make credit or debit card deposits and buy stable assets straight from the platform. Options such as wire transfers SEPA or PayPal are as well, but they could differ depending on the region you live in.

Bybit is a winner because their deposit options are more varied and offer a variety of options for users to make use of their fiat as well as cryptocurrencies. They also have a P2P marketplace which allows you to find an online merchant in your country and make use of local payment methods to buy cryptocurrency on the platform.

Winner: Bybit

Security

Bybit keeps all funds of users in offline and cold wallets, which makes them unaccessible online. They recommend that users set an extremely secure password and activate 2FA to safeguard against hackers and other crooks. Users must verify the transaction with 2FA when withdrawing money.

bybit security

FTX also provides excellent security safeguards for accounts that are individual, making certain that their customers are protected every day. Customers can use 2FA to authorize withdrawals or other transactions through their account. The system of tracking and notifications lets users keep an eye on their logins and identify from the location where their account was access. You can also choose to whitelist your preferred IPs to ensure that only those who have the specific IP will be authorized to access the account. 

Winner: Tie

Conclusion

Bybit beats competitors by a slight advantage due to its more options and features available to its customers. From copy trading to margin trading, bot trading, or interest-earning opportunities, they are all offered through Bybit. The Testnet mode and Live Chat support is more reasons to join the exchange.

Bybit is the winner due to its wide array in trading market options, 24 hour live chat, and various features such as margin trading as well as Testnet (demo) mode and Copy trading.

Frequently Asked Questions

Does FTX have a mobile app?

It is easy to track your crypto transactions, positions, balances with the FTX Pro mobile app. The FTX app enables the tracking of over 10,000 different digital assets to provide traders with the most current and reliable data. Moreover, this application provides statistical information from over 500 various market sources. The FTX mobile app is fully functional on all Android and iOS devices.

What countries are supported by FTX?

Even though FTX is a global crypto exchange, certain jurisdictions cannot use its financial services due to legal constraints and security restrictions. The United States, Cuba, Crimea, Iran, Iraq, and Syria have restricted access to the FTX platform.

Does FTX provide a cryptocurrency wallet?

Yes. Users may use FTX’s custodial wallet to hold and exchange cryptos. If you use a custodial wallet, you should know that the exchange has access to your wallet’s private keys.

Does Bybit have a mobile app?

Yes. You can trade crypto and crypto futures contracts on the Bybit mobile app. The Bybit app functions much like the platform, including the ability to place stop loss and take profit orders. It’s fully functional on both Android and iOS devices.

What countries are supported by Bybit?

Bybit is a worldwide available crypto and derivatives trading platform. However, due to specific financial restrictions and legal difficulties, the exchange imposes a geo-ban that does not enable residents of certain countries to register a trading account with Bybit.

The United States, Iran, Quebec (Canada), Syria, and North Korea are just a few countries whose citizens cannot access this exchange.

What is the difference between the affiliate and the referral program?

When you refer someone to Bybit, you receive a one-time incentive when they have successfully generated and deposited funds into their Bybit account. On the other hand, the Bybit Affiliate Program allows selected Bybit customers to earn a permanent reward depending on the trading volume of the traders they attract to the platform.

 

Related:

Best Crypto Exchanges Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading FeesDeposit FeesWithdrawal Fees

Swyftx

PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%AUD Deposits: $0 Crypto: NoneAUD Withdrawals: $0 Crypto: NoneVisit

CoinSpot
Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChainDirect Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None AUD withdrawals: $0Visit

Binance
binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%NoneVaryVisit

Bybit
bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Bank transfer: $0VaryVisit

Crypto.com
crypto.com logo

Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay19 including USD, AUD, and SGD250+0.04% to 0.4%$0FREE via bank transfer. $25 for USDC withdrawal via SWIFT NetworkVisit

CoinJar
coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%CoinJar users: No fee NPP: No fee Cash: 1.5%0 Withdrawal FeesVisit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: NoneNone for AU Bank Accounts Cryptocurrency: Network feesVisit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUDVisit

eToro
eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Vary (conversion fees for non-USD deposits) ($50 minimum deposit)$5 (minimum withdrawal of $50)Visit

Kraken
Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%VaryVaryVisit

KuCoin
KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%NoneVaryVisit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Card deposit fees: 0%$0Visit

Coinstash
coinstash logo

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%$0$0Visit