ByBit, in a relatively short period, has emerged as one of the leading crypto margin trading platforms. Offering up to 100X leverage on BTC futures contracts, capacity to handle 100,000 TPS, and support for advanced order types has helped it attract large user groups worldwide.
However, ByBit has a few limitations, like lower leverage levels on futures contracts other than BTC futures, offering only 4 different crypto futures contracts, and limited BTC withdrawals.
If such limitations impact your trading experience, the following are the best suitable alternatives to ByBit, where you can trade crypto futures contracts.
Here is the list of best alternatives to Bybit that one should use in 2022:
(2022's Most Popular Choice)
- Upto 500x Leverage
- Free 25 USD Bonus
Get 20% on Your First Deposit
- 200x Leverage on BTC & ETH
Get +35% on Your First Deposit
- 20x Leverage on Crypto
$2200 Bonus & Comission Free Trading
Top Alternatives to ByBit in 2022
- Stromgain [25$ Bonus & 500x Leverage]
- PrimeXBT [200X leverage on BTC]
- Phemex [Upto 2200$ Bonus]
- Binance Futures
One of the newest exchanges in the block and is a well-known ByBit alternative. The exchange is packed with unique features and functionalities that most professional traders look for. Founded in 2019, StormGain is making its presence felt in the cryptosphere and is giving some hard competition to well-established crypto exchange platforms.
StormGain offers leveraged trades with a multiplier ranging from 50X to 200X on crypto futures contracts. It offers crypto futures contracts on six major coins. Moreover, it enables you to buy bitcoin with your credit card, which only a few crypto exchange platforms can offer. The platform includes a host of advanced trading features like a limit order, stop loss, and AI-generated trading signals.
The exchange does not require KYC verification of its users and registration requires just your email and password. As of the date of writing i.e 14th April 2020, it has over 120,000 clients from over 100 countries. To start trading with StormGain, you need a minimum account balance of 50 USDT.
There is no concept of trading fee but charges a commission of between 0.06%- 1% on leveraged trading instruments. And, it charges a daily fee of 0.40% on swap buy/sell for all USDT pairs.
Why choose StormGain?
- Offers a leverage of up to 200X in six major coins
- Multiple deposit options including fiat to crypto support
- No KYC requirement
- All deposits are eligible for u to 15% bonus
PrimeXBT is a Seychelles-based crypto derivatives exchange, offering a best-in-class trading experience to its users. The exchange has witnessed exponential growth in a very short period and offers its services in over 150 countries. However, due to unfavourable local regulations, PrimeXBT does not provide its services to users from the USA and Canada.
The exchange has a 24 hours average trading volume of $545 million, and more than 12,000 orders are executed per second. PrimeXBT does not require KYC verification of its users for account opening, which means a 100% anonymous account, and you can start trading in just 40 seconds.
It offers up to 1:100 leverage while trading BTC, ETH, LTC, XRP, and EOS futures contracts. With its advanced trading platform integrated with multiple chart types, various indicators, and drawing tools, it is suitable for both professional traders and beginners.
Get a 35% additional bonus on the deposit of any amount of BTC on PrimeXBT. Meaning, if you put 1 BTC to trade on PrimeXBT, you will get an additional 0.35 BTC to trade. So in total, 1.35 BTC when you register using this exclusive deal for Inwara readers.
PrimeXBT charges two types of fees: a trading fee and overnight financing, as instruments traded are leveraged products. It has a flat trading fee of 0.05% for all types of contracts and a 0.083% Daily Funding Rate for both long and short positions. The withdrawal fee is 0.0005 BTC.
Why choose PrimeXBT?
- Best-in-class trading platform with advanced charting features
- Up to 100X leverage across all major crypto assets
- Low trading and withdrawal fee
- Trustpilot rating of 4.6 stars out of 5
Deribit, the name derived from combining the first few letters of word derivatives and bitcoin, is a Netherland based crypto derivatives exchange platform founded in June 2016. The platform offers two perpetual futures contracts in Bitcoin and Ethereum and offers leverage of up to 100X.
The services are available in well over 100 countries, except the US, Quebec province of Canada, and countries with economic sanctions. It has an ultra-fast trading matching engine with a latency of less than 1 millisecond has the fastest API in the industry.
It has a two-level of KYC verification (Level 0 & 1), as per which you will have access to the different levels of services.
The exchange has a maker-taker fee model, and orders which provide liquidity receive a rebate of 0.025%, and orders that take liquidity are charged a fee of 0.075%.
Why choose Deribit?
- Low and competitive trading fee
- No deposit and withdrawal fees
- Fast trading engine
- Real-time liquidation and risk management
BitMEX is a P2P crypto trading platform and is one of the oldest crypto exchange platforms to function. It is one of the most liquid exchanges with a 30 Day volume at $72.36 billion. The exchange specializes in crypto margin trading and offers perpetual futures contracts in BTC, ETH, and XRP. It also offers traditional futures contracts in BTC, BCH, ADA, EOS, ETH, LTC, XRP, and TRX.
For Bitcoin perpetual contracts, it offers up to 100X leverage, for Ethereum and XRP contracts, the leverage offered is up to 50X and 25X respectively. In respect to the trading fee, the maker fee is 0.025% and 0.075% for all perpetual contracts.
BitMEX is unregulated across all territories, therefore, users do not need to do identity verification or KYC verification. However, the exchange is still secure enough to use as it has never been hacked and there have not been any significant security issues over the years.
BitMEX services may be restricted in a few jurisdictions where local laws are unfavorable, like the USA and countries facing financial sanctions like North Korea, and those that have banned crypto trading and speculation like mainland China.
Why choose BitMEX?
- Unmatched liquidity across all futures contract
- Highly secure platform
- Supports advanced order types
- Supports anonymity
6. Binance Futures Exchange
Binance, the world-leading crypto exchange platform recently launched its crypto derivatives platform called Binance Futures. In a short period, the futures segment has exceeded the volume of its spot exchange with 24 hours trading volume is just over at 4.2 billion USDT or equivalent to $4.2 billion.
The Binance futures platform scores well above other exchange platforms in terms of UI/UX, security, liquidity, and coin variety. At present, it offers 24 futures contracts all traded against USDT.
It offers up to 125X leverage on BTC futures contracts, whereas for Ehtereum and other alt-coins, it offers up to 75X leverage. And, its industry-leading trade matching engine can manage up to 100,000 TPS with a minimum latency of 5 milliseconds.
However, trading with Binance Futures requires you to complete the identity and KYC verification process, which means no anonymous trading.
The fee structure is quite straightforward and depends on the 30-day average trading volume of users. For the default level (VIP 0), the maker fee is 0.020%, and the taker fee is 0.040%. The fees keep decreasing as your trading volume increases. For example, traders at VIP 9 will not pay any maker fees, and their taker fee is just 0.0170%.
Why choose Binance Futures?
- Wide range of futures contract
- Low trading fee
- Client funds protected against hacking under SAFU Fund
- Available across the globe through its mobile app and web
Is it illegal to use Bybit?
Bybit is a legal entity registered and licensed in Singapore, so it is not illegal to use it. Like any other Singaporean company, it is subject to the laws and regulations governing companies in the country and has to meet all the country’s financial rules.
However, whether it is illegal to use Bybit or not largely depends on your location. There are some service-restricted countries where you cannot use Bybit under normal circumstances. These countries include the USA, UK, Canada, and mainland China.
In some jurisdictions like mainland China, using Bybit is illegal, but not because the company is banned from the country. Instead, it is because the Chinese authorities have made it illegal to trade or speculate on virtual currencies.
In other countries like the USA, the financial and crypto regulations are very stringent, making it hard for foreign companies like Bybit to get a license to operate in that market.
Additionally, you cannot use Bybit legally in countries under UN sanctions and other international financial sanctions such as Iran, North Korea, and Crimea. Moreover, it is illegal to use Bybit if you are not of legal age in your specific jurisdiction.
Is Bybit better than Coinbase?
When it comes to determining which company is better between two well-established companies like Bybit and Coinbase, the choice largely depends on your preferences. Each company has something that gives it an edge over the other.
That said, Bybit charges relatively lower trading fees and will hence be the better option for traders who trade a lot and are looking to save some money on transaction costs. The bitcoin trading platform gives market makers a 0.025% marker rebate and charges market takers just 0.075%. Crypto traders on Coinbase have to pay around 0.5% in maker and taker fees, which is higher than the industry average.
Additionally, Bybit offers crypto derivatives to wage in different trading pairs without holding the underlying asset. The trading platform allows traders to open positions on inverse futures contracts, inverse perpetual, and USDT perpetual, giving traders multiple trading options. Coinbase is yet to start offering derivatives, and so it will restrict you to the spot crypto market.
Is Bybit a good trading platform?
Bybit is an excellent platform with almost everything that beginner and experienced users look for in a crypto exchange. The fact that it already has more than 5 million registered users despite only having been around for a few years is a good indication of this.
The crypto exchange offers more than 100 assets for their spot market, allowing traders to form hundreds of trading pairs. Also, their crypto portfolio has a good combination of both popular and some less known assets that have good potential to give traders high returns.
The exchange is also an excellent futures trading platform with more than 100 perpetual and quarterly futures contracts.
Many traders will love their trading platform as besides offering some highly advanced trading tools, it also has an intuitive interface that makes trading easy. The trading platform includes multiple order types, and it is also customizable to suit different traders. Moreover, Bybit also provides a testnet that traders can use to sharpen their skills by trading fake assets before risking their funds.
Another thing that makes Bybit a good crypto trading platform is that it is highly secure and offers excellent customer support round the clock. The crypto exchange uses the most advanced security protocol in the industry, such as mandatory 2FA for withdrawals and storing 100% of the assets in offline cold storage.
When it comes to customer support, the exchange is available to assist traders 24/7 in multiple languages, and you can get them via email and via all social media platforms.
For trading in crypto derivatives instruments, the exchange platform matters the most for traders, as it helps to successfully place profitable trades. While all the discussed alternatives are good and are industry-leading platforms, PrimeXBT and Binance Futures stand out with their features and functionalities.
Both have the most advanced, stable, and highly scalable platforms with a wide range of futures contracts available on the platform and the highest liquidity. If you have no issues with the KYC verification process, then you should for Binance Futures, else PrimeXBT is a good option.