Although Bybit and Bitget are premier cryptocurrency exchanges with millions of worldwide users, it is difficult to know which of these is the best fit for your trading needs.
My research, and consequently this article are here to ease those worries and tell you exactly why you should select one exchange over the other.
Keep in mind that Bybit is not accessible in the USA, so if you live there, I just made your choice much easier.
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Bybit vs Bitget: Supported Cryptocurrencies
Bybit allows the trading of more than 225 cryptocurrencies including the famous ones and some new ones with the potential for ample upside.
Bitget has more than 355 cryptocurrencies most of which are the same as the ones offered on Bybit along with the new ones that have a low market cap and give investors the chance to get in on the ground floor on a project that will give you great returns if you have done your research properly.
Bybit vs Bitget: Product Offerings
Bybit offers seasoned traders the chance to branch out in their choice of assets rather than stay within the confines of one asset and end up losing most of their capital in uncertain times.
With this platform, you can explore the spot markets that offer the choice of more than 225 cryptos with more being added frequently.
Bybit also has a separate section where you can trade crypto derivatives which has USDT Perpetual, USDC Perpetual, and Inverse Contracts pairs for all the major cryptos including BTC, ETH, DOGE, SOL, XRP, and ADA along with newly added currency pairs.
With leverage/margin trading (with a cap at 100x), you can potentially multiply your profits but also your losses if you are not careful and practice good risk management.
Bybit also has its own NFT marketplace that purveyors of digital art can explore and participate in.
There is also the option for liquidity pools which are considered much more complex but if you invest in the correct pools, they can pay off well.
These pools consist of two different assets and you can provide liquidity depending on which of the cryptocurrencies you hold. If done correctly, you can earn close to 50% APY and create a profitable income stream for yourself.
Bitget caters both to traders looking to invest in spot-on a cryptocurrency so that once its value goes up, they can encash their profits, or to traders looking to apply leverage to their high conviction trades and multiply their profits in a short duration.
Their spot market has more than 280 different cryptocurrency pairs which can bring diversity to any portfolio.
When it comes to derivatives, Bitget has a specific focus on Futures trading and gives traders the option for USDT-M Futures, USDC Futures, Coin-M futures, and Simulated futures.
As with all forms of trading and investing, make sure you understand the risks involved with futures trading before you dive into them.
If you buy the native token of the platform, you can get access to their launchpad which gives you early investment access, a discount on trading fees, and staking rewards.
Bybit vs Bitget: Order Types
Bybit allows its users to place Market orders, Limit orders, and Stop Loss orders from its interface. It does not let you place any Stop Limit orders, or Trailing Stop orders where your stop loss keeps moving up or down with the price and ends when there is enough of a pullback.
Bitget on the other hand allows you to place limited types of orders, specifically Market orders and Limit orders. There are no Stop Loss orders, no Stop Limit orders, or no way to set a Trailing Stop order either.
Bybit vs Bitget: Fees Comparison
Bybit charges a 0.1% fixed fee for both the maker and the taker when you are trading in the spot market. When it comes to contracts, you will pay 0.06% as the taker and 0.01% as the maker.
In the case that you feel that this fee is high, you can increase the 30-day trading volume which will allow you to jump to a higher tier which then enables you to receive more discounts on the trading fees.
When copy trading is involved, every trader can set their fee, and could also ask for extra commission on successful trades. Although crypto deposits are free of charge, withdrawals cause a variable fee depending on the coin involved.
Bitget also offers zero-fee deposits of crypto and the withdrawals cause whatever network fee is applicable to get the transaction processed. Payments from third-party merchants for the direct purchase of crypto can attract anywhere between a 2-8% fee depending on the chosen payment provider.
The spot trading fee here is the same as Bybit at 0.1% for both maker and taker and 0.08% if you pay using the exchange’s native token $BGB. For trading contracts, you will pay 0.02% as the maker, and 0.06% as the taker.
Bitget though does not have a tier-based program for reducing your trading fee. If you do want a discount on these, you will have to contact the platform and submit an application.
Bybit vs Bitget: Account Funding Methods
Bybit makes the process of funding your account super easy with the inclusion of crypto deposits including but not limited to popular cryptos like BTC, ETH, and USDT and fiat purchases in currencies including but not limited to GBP, and EUR.
A user can begin trading on the platform just by depositing crypto from their wallet to the exchange or if you want to make use of fiat, you can pay via bank transfers, credit cards, Google Pay, and Apple Pay.
If none of these options is for you, you can try out the P2P market where merchants from different jurisdictions are here to help you.
Bitget also allows user to transfer their crypto coins including but not limited to BTC, ETH, XRP, and USDT from their wallets to the exchange or the other way around.
If you want to buy crypto on the platform, Bitget has partnerships with multiple third-party merchants that can help provide methods like bank transfer, credit/debit cards, Google Pay, or Apple Pay for fiat currencies like USD, EUR, and GBP.
Just like Bybit, this platform also has a P2P market where local merchants can help you pay locally and receive the crypto coin in your exchange wallet.
Bybit vs Bitget: Trading Platform Comparison
Bybit does not disappoint when it comes to the trading platform complete with its design, algorithm, and structure. It enables users to access it with quick loading times and work reliably even with limited internet service.
Choose to view charts either in the native style provided by Bybit or if you are comfortable with the interface, via TradingView. Both charts can be customized so that you can have the best chance of evaluating the markets properly.
The search bar and filters on the interface make it easier, firstly to look for the coin of your choice and see what other currency pairs it is offered in.
Secondly, the filters help you look for the top gainers or losers of the day or in the past week. This strategy helps traders understand which coins are weaker, or stronger than the rest of the market.
Bybit also has interfaces that are specifically for the mode of use, for example, a web interface for desktop or mobile browser use, and an app for mobile use.
Bitget has one of the more advanced, accurate, and fast trading interfaces that allows its users to stay ahead of the herd. All the trading pairs offer live info which makes sure that its traders don’t miss out on any details.
For this, the trading platform also has options like a full screen where you can take a closer look at your analysis.
It also gives you access to all the charting tools you could want, like adding a pitchfork, a variety of indicators like RSI, and MACD, replacing the regular price candles with a line graph, or Heiken Ashi candles.
The search bar and filters on the interface make it simpler to find the coins of your choice as well as filter coins according to last price, 24H change, 24H low, 24H high, or 24H volume in USDT.
Bybit vs Bitget: Account Types
Bybit has two different types of accounts, namely a non-KYC variant, and a KYC variant. When you register for an account on the platform, you default to a level 0 account that allows you to trade without putting out any of your personal details but the daily withdrawal limit is restricted to 2 BTC.
If you do want to get KYCed, you will need to keep your passport or another form of photo ID ready, as well as be willing to undergo facial recognition screening by the platform. This elevates your account to level 1 and allows a daily withdrawal limit of 100 BTC.
Bitget made KYC mandatory for all its accounts to protect itself and its users from fraud or other financial risks. The verification process though is quite simple and does not require anything other than your basic details, your nationality, and pictures of a government-issued ID.
Bybit vs Bitget: How to get started?
On Bybit, the registration process is quite quick and comprises three steps:
- Visit the Bybit website and click ‘Sign up’
- Enter the email address/phone number you want to be associated with the account
- Enter the OTP received on the email address/phone number to authenticate the ownership of the account.
Once these steps are done, you have access to a level 0 account and can start trading instantly. With the level 0 account, you can only withdraw 2 BTC a day.
On Bitget, the registration process takes a little more time compared to Bybit as the KYC process is mandatory and the checks can take up to 48 hours. Follow the following steps to get registered, and start trading on Bitget.
- Visit the Bitget website and click ‘Sign up’
- Enter the email address you want to use, and set a secure password for the account.
- Complete your KYC procedure with your basic details, and pictures of a government-issued ID
Once the KYC check is complete, you can trade freely on the platform.
Bybit vs Bitget: Customer Support
Bybit’s customer support is available 24/7 with live support via live chat, email, or Telegram. You can bring up any problems or doubts you are having with the service, and you will be able to get help for it.
Bitget also has stellar customer support that is available 24/7 with live support, the ability to raise and follow up on a support ticket, and via email.
Bybit vs Bitget: Security Features
Both platforms are stringent with their security measures as neither of them wants to risk the funds or the privacy of their users. Owing to the new scams, breaches, and hacks, all exchanges have had to beef up their security system to make them more secure.
Bybit stores all its user funds in what is called cold wallets which are not connected to the internet and thus cannot be accessed by any potential wrongdoers via the internet.
One way to compromise such a system is by getting physical access to the cold wallet itself. There are also other security options when enabled, require authorization every time an activity takes place.
Features like IP address whitelisting, anti-phishing code, address book whitelist, and trusted devices can be turned on to give yourself more peace of mind that the exchange is doing its utmost to safeguard your account.
Bitget is widely known to be one of the more secure and safe exchanges for cryptocurrency. They have a protection fund of around $200 million that would compensate any users in case of any unfortunate events.
There is also the option to switch on basic security measures like 2FA, SMS verification, and email verification so that you get added security for your account.
- Is Bybit safe?
The short answer is yes. If the trust of millions of traders worldwide is not enough to convince you, maybe their cold wallet security, or the fact that their customer service is available and responsive 24*7 should do the trick. There are no red flags for the exchange.
- Is Bitget safe?
Again, the short answer remains yes. Bitget boasts of licenses from three different financial authorities in the USA, England, and Australia and has an insurance fund if something goes wrong on the platform.
Conclusion
Even though they are similar in some respects, both platforms have their own uses for different types of traders.
For example, if you are a USA resident, or are looking for an exchange that has been approved and regulated by financial authorities, Bitget might be your choice.
But if you are looking for low trading and withdrawal fees, or the low market cap projects that are added quickly so that you can degen trade on them, then Bybit should be your platform of choice.
Overall there is no clear winner and each platform has its pros and cons, so you should make your decision based on your needs.
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