Bybit vs Bitget Overview
Bybit and Bitget are widely recognized global cryptocurrency trading platforms, each amassing a significant user base and billions of dollars in daily trade volume. Bybit has earned its reputation through its emphasis on derivatives and futures trading. It facilitates various types of trading such as spot, margin, options, and futures, allowing for up to 25x leverage on 350 cryptocurrencies. The platform also offers other features like staking, lending and more.
Bitget, conversely, has gained acclaim as one of the leading no-KYC exchanges accessible globally and supporting more than 300 cryptocurrencies. The platform rose to prominence recently after Bybit added mandatory KYC to the platform and became a popular alternative to Bybit users who did not want to verify their accounts. This platform also delivers superior leverage, offering up to 100x on its listed assets.
Which Platform is Safer?
Both Bybit and Bitget are reputable crypto asset trading platforms that have taken robust security measures to ensure the safety of their users' funds. The platforms both employ gold-standard security features such as two-factor authentication, a multi-signature withdrawal process, and cold storage of funds.
That said, Bybit has much more experience in the market and has more regulatory clarity compared to Bitget. Bybit, based in Dubai, is one of the largest crypto trading platforms in the world by users and volume and is led by Singapore-based entrepreneur Ben Zhou. Conversely, Bitget is relatively new and untested in the market and is based off-shore under an unclear regulatory framework.
Bybit and Bitget are two of the most feature-packed platforms in the crypto trading industry. Below is a high-level summary of their popular products and features that are used by a global audience of digital asset investors:
- Derivatives and Options Trading: Allows long and short positions on various crypto assets with significant liquidity and up to 25x leverage.
- Bybit Earn: Provides fixed and flexible savings products for high yields on numerous cryptocurrencies and stablecoins like USDT and USDC.
- Security: Deploys 2FA, multi-signature withdrawals, cold storage, and audited 1:1 asset reserves provided daily.
- User Interface: Clean and intuitive, catering to advanced traders on web, iOS and Android.
- Bybit Blockchain: Developing a zk-rollup Layer 2, "Mantle", to power DeFi applications within the Bybit community.
- No KYC: Allows users to sign up and start trading with no KYC or identity verification.
- Leverage Trading: Offers derivatives trading with up to 100x leverage, however for fewer coins and with shallow liquidity compared to Bybit.
- Bitget Earn: Enables earning via flexible and fixed savings accounts, and collateralized lending.
- Security: Includes 2FA, anti-phishing measures, and advanced security protocols.
- User Interface: User-friendly, easy-to-navigate interface, including a mobile app.
- Bitget Chain: Offers a DEX called MegaSwap that allows users to buy tokens on multiple chains like BNB Chain, Ethereum, Arbitrum and others.
Bybit provides a wide array of deposit methods, including bank transfers, ACH and SEPA transfers, debit and credit cards, e-wallets, and multiple third-party payment services.
Contrastingly, Bitget's deposit options are more limited, accepting only debit cards, credit cards, and direct cryptocurrency deposits. Thus, compared to Bitget, Bybit offers users more flexibility in funding their accounts.
Bybit and Bitget utilize a maker-taker fee model for spot and futures trading. In Bybit, both the maker and taker fees for spot trading are at 0.1%. For derivatives trading, they charge a lower fee of 0.01% for maker orders and 0.06% for taker orders.
On the other hand, Bitget charges a flat rate of 0.1% for both maker and taker orders in spot trading. When it comes to derivatives contracts, Bitget's fees are slightly higher with a 0.02% maker fee and 0.06% taker fee. Therefore, while spot trading costs are comparable between the two platforms, Bitget's fees for trading derivatives contracts are higher than those of Bybit.
In summary, Bybit and Bitget are formidable crypto trading platforms, each with unique strengths. Bybit, known for regulatory clarity, high trade volume, and diverse offerings, appeals to a wide range of traders. Its 25x leverage on numerous cryptocurrencies and varied deposit methods offer considerable flexibility.
Conversely, Bitget's main draw is its no-KYC policy and higher leverage, attracting users who prioritize privacy. While newer and less regulated, Bitget is quickly gaining traction. The choice between the two will largely depend on individual traders' needs and risk appetites.
For more information on either platform, read our Bybit Review and Bitget Review.