Bybit vs eToro Comparison In 2022

Both Bybit and eToro are prominent names in the cryptoverse. But deciding the best among them is quite tricky.

But don’t worry; I am here with the most concise and sensible comparison between these exchanges to help you make the right decision in choosing the platform that would fit your trading strategies.

So, let’s start with some background about these platforms.

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Bybit

bybit logo

Bybit was introduced into the cryptosphere in 2018, with its headquarters in Singapore and was registered in the British Virgin Islands. 

Today the exchange is available in almost all countries worldwide with one of the best customer-centred offerings aiming to provide the best user experience.

Bybit is currently offering 0 fees on all spot pairs celebrating 10M users on its platform.

eToro

eToro

On the other hand, eToro was established in 2017. It is a Tel-Aviv-based exchange, launched originally as RetailFX in 1994, as an online forex broker and later changed its name to eToro, entering the crypto space.

eToro made its way into the crypto market with BTC trading and, shortly after that, added ETH and XRP to its crypto offerings. During that time, it was among the first exchanges that enabled users to buy and sell CFDs. 

Bybit vs eToro: Supported Cryptocurrencies

Both Bybit and eToro stand pretty competitive when it comes to cryptocurrency offerings. Let’s discuss their crypto offerings now.

Bybit

bybit Supported Cryptocurrencies

Bybit is famous for its ultra-wide range of crypto asset support which includes all the prominent ones like

  • BTC
  • ETH
  • USDT
  • BCH
  • XRP
  • SOL

There are, in total, more than 100 blockchain-specific tokens and over 300 spot trading pairs available on the exchange.

eToro

etoro Supported Cryptocurrencies

On the other hand, eToro’s offerings are quite close as well, with 78 of them including all your favourites like

  • BTC
  • ETH
  • BCH
  • XLM
  • LTC
  • XRP

Verdict: Though both the exchanges lie pretty close, Bybit is the winner in this segment with slightly higher crypto offerings.

Bybit vs eToro: Product Offerings

Coming to the product offerings, both the exchanges stand pretty head to head in this criterion. Let’s look at what these are:

Bybit

  • Spot Trading
  • Derivatives Trading
  • Leveraged Trading
  • Trading Bot

eToro

  • CFD Trading 
  • Buy Crypto
  • Staking Crypto
  • Copy Trading
  • Margin Trading

Verdict: Both platforms offer various products; choosing between them would depend upon your strategy; hence, it’s a tie between Bybit and eToro in this criterion.

Bybit vs eToro: Order Types

Regarding order types, Bybit and eToro offer quite a wide range of them, which have been highly appreciated by traders worldwide. These order types let you take advantage of the market in various market conditions.

Bybit

  • Market Order
  • Limit Order
  • Conditional Order

eToro

  • Market Order
  • Limit Order
  • Fill or Kill Order
  • Good till cancelled (GTC)
  • Iceberg Order
  • Immediate or Cancel (IOC)

Verdict: eToro provides a lot more trade-specific, basic and advanced orders, therefore, making it the winner in this segment.

Bybit vs eToro: Fees Comparison

Both Bybit and eToro offer a competitive fee structure; let’s compare them now.

Bybit- Trading Fees

Spot Trading Perpetual & Futures Trading
VIP Level Taker Fee Rate Maker Fee Rate Taker Fee Rate Maker Fee Rate
Non-VIP 0.10% 0.10% 0.06% 0.01%
VIP 1 0.06% 0.04% 0.05% 0.006%
VIP 2 0.05% 0.02% 0.045% 0.004%
VIP 3 0.04% 0.01% 0.0425% 0.002%
Pro 1 0.03% 0% 0.04% 0%
Pro 2 0.025% 0% 0.035% 0%
Pro 3 0.02% 0% 0.03% 0%

Deposit and Withdrawal Fees

There are no additional deposit fees charged on this exchange. However, there is a withdrawal fee charged; mentioned below for your convenience.

BTC ETH XRP EOS USDT(ERC20) USDT (TRC20) DOGE DOT LTC XLM
0.0005 0.005 0.25 0.1 10 1 5 0.1 0.001 0.02

eToro

When you open a position, the platform charges a 1% buy fee, and while you close a position, it charges you a 1% fee as a selling charge. As the fees are in percentages, it is regulated depending on the current price of the crypto asset.

Additionally, the platform also charges a $5 flat withdrawal fee. Other than that, there are no additional commissions or management fees for copy trading, and eToro is currently offering $100,000 in virtual funds to experiment and learn using the exchange.

Verdict: Bybit’s fee structure is pretty simple, affordable and easy to understand, making it the winner in this criterion.

Bybit vs eToro: Account Funding Methods

Bybit

  • Method 1: Bybit exchange lets you buy crypto assets using local fiat currencies. Currently it supports 59 of them. On the Bybit exchange platform, the payments are handled by the most trusted payment gateway providers like Banxa, Mercury, Paxful, XanPool, MoonPay and Simplex.  
  • Method 2: Another method is through cryptocurrency transfer which lets you directly send crypto into your Bybit trading account from other wallet addresses.

eToro

  • Method 1: eToro Money, Neteller and Skrill PayPal, and Credit/Debit cards allow instant deposits and withdrawals in USD, GBP, EUR and AUD.
  • Method 2: Rapid Transfer allows instant fund deposits but not instant withdrawals and is available in USD, EUR and GBP.
  • Method 3: Klarna/Sofort, iDEAL Banking can be instantly executed and is available in EUR.
  • Method 4: Bank Transfers require at least 4-7 days for deposits, but withdrawals are instantly available in USD, GBP, and EUR.
  • Method 5: Online Banking service enables instant deposits available in EUR, DKK, NOK, PLN, GBP, SEK, and CZK but not withdrawals.
  • Method 6: Przelewy and POLi 24 are available in PLN and AUD, respectively, allowing instant deposits and withdrawals.

Verdict: eToro is undoubtedly the winner in this criterion, with a wider variety of deposit methods.

Bybit vs eToro: Trading Platform Comparison

Bybit

bybit trading ui

Bybit platform has one of my favourite user interfaces in an exchange I have used so far. It is beginner-friendly as well as sophisticated enough for experienced investors.

The platform provides charts supported by TradingView, one of the industry’s most renowned and intuitive charting systems. Catering for experienced investors seeking technical analysis, you have complete access to multiple time intervals and an extensive range of technical indicators.

Importantly, you can also draw charts to manage crypto risk exposures on an ongoing basis. The trading interface also provides all the necessary tools to track historical transactions and open trades.

Additionally, this exchange offers a Dual Price Mechanism that protects you from extensive trade and price manipulation. 

Bybit exchange also offers something called Testnet, which enables beginner traders to understand the key functionality and features of the exchange without involving your actual funds.

eToro

etoro trading ui

On the contrary, eToro offers a comprehensive, well-designed, web-based mobile application. Its mobile app supports all the functionality of the web platform seamlessly.

eToro has a powerful trading interface with well-functioning trade charts and all the necessary tools readily available on the trading window.

Through the web-based platform of eToro and its well-designed mobile app, you can deposit fiat currency from a bank account or debit card and begin trading immediately. Its intuitive ‘Trading’ tab lets users view current prices and buy, sell or convert crypto.

Perhaps, eToro is best known for its social trading functionality, allowing users to copy top trader’s portfolio holdings and trades.

Bybit vs eToro: Account Types

Both platforms also offer multiple accounts selection which you can choose according to your needs and choice. Let’s compare them on this basis now.

Bybit

Bybit allows full-fledged trading accessibility if the account is 100% verified under the KYC policies of the exchange. 

When you create the account and register on the platform under the default level, the account will be recognized under level 0; here, you don’t need to go under any KYC procedures, but the withdrawal limit will be set to 2 BTC per day. 

In contrast, for Level 1, you are required to submit a request following the procedure below:

  • Click the “Account & Security” tab in the right-hand corner of the page
  • Click the “Verify Now” button in the “Identity Verification” column under the “Account Information” section.
  • Click the” Verify Now” button under Lv.1 Basic Verification level.

Information required:

  • Identification documents issued by your country (passport/ID)
  • Facial recognition screening through the app.

Subsequently, for level 2 account verification, follow the process below:

  • Click the “Account & Security” tab in the right-hand corner at the top of the page
  • Click the “Verify Now” button in the “Identity Verification” column under the “Account Information” section.
  • Click” Verify Now” under Lv.2 Residency Verification level.

Document required:

  • Proof of residential address

As your documents get verified (within 48 hours of uploading), you will receive an approval email on your registered mail ID, and then you can withdraw up to 100 BTC a day.

eToro

On the other hand, on eToro, KYC must be registered on the exchange. Once your account is verified under the KYC regulations, you can enjoy complete access to the platform’s functions.

To verify, you must upload your ID and address proof. Upload the entire document without cropping and focusing. Your proof of identity should contain your complete name, DOB, clear photograph, issue and expiry date, which should all be government issued.

The proof of address should include your complete name, address and issue date. It should not be older than 3 months. You can upload the following documents as your proof of address:

  • Bank Statement
  • Credit Card Statement
  • Electricity bill
  • Water bill
  • Tax letter
  • House Rental Official Agreement 
  • Letter from your Local municipality
  • Gas bill
  • Phone bill
  • Internet or Council Tax Bill

Bybit vs eToro: How to get started?

Bybit

Let’s look at how it’s done on Bybit.

Registering

Just enter the required information and enter the verification code. Once registered, the KYC procedures are completed according to your preferred account level. 

Deposit and Withdrawals

Choose the crypto coin, and enter the amount of deposit and withdrawal. Enter the wallet address and submit it; it’s that simple!

eToro

Now, to begin with, eToro, follow these steps:

  1. Sign up for eToro by entering your data, or sign up using your Facebook or Google account directly and submit by clicking the ‘Sign-up’ button.
  2. Now you can verify yourself by going through the KYC procedures and submitting POI and POA documents.
  3. Then you can deposit on the platform by clicking on the “Deposit Funds” tab, entering the amount and selecting the currency and preferred deposit method.

Bybit vs eToro: Customer Support

Bybit

The customer support of Bybit is one of the best I have consulted so far. They are knowledgeable; you can approach their team via phone or live chat.

Its team is pretty experienced and exceptionally dedicated to problem-solving, available 24×7. They even have multiple language options, namely English, Korean, Japanese, Spanish, Russian, Chinese, and Vietnamese, which come in handy for easy understanding of users around the globe.

eToro

Similarly, eToro also offers customer service through help centres and support tickets. Its help centre includes a vast compilation of articles where new traders can easily learn and solve their queries.

The eToro customer support team also appoints managers for the most active traders with an equity of $5000 or more.

 

Bybit vs eToro: Security Features

Bybit

Security on Bybit is impenetrable as well. With a powerful inbuilt security management system, Bybit stores all the deposit addresses in cold wallets.

Bybit has a strict policy regarding security systems, crypto-asset consolidation, encryption techniques, operation authentication, audit and monitoring.

This platform also integrates two-factor authentication and SSL encryption as the exchange’s standard protocol for a safe and secure user experience.

eToro

Similarly, eToro is among the most reputable trading exchanges in the market, offering a secure environment for a safe trading experience that combines hot and cold wallets, reducing the risk of losing funds due to a hack or system error.

The platform is affiliated with GK8, one of the leading cybersecurity organizations. eToro also encourages users to set up two-factor authentication (2FA), adding a layer of security to the exchange.

  • Is Bybit safe?

Bybit is quite a safe and legitimate exchange too. With full-time, responsive customer support, and military-grade cold wallet security systems, Bybit exchange is one of the industry’s most trusted, safe, secured and transparent platforms.

  • Is eToro safe?

On the contrary, eToro also implements top-notch security features and is equally responsible as well as legitimate regarding the exchange’s security. With the GK8 association, you can be sure that security is taken very seriously on eToro.

Conclusion

Both Bybit and eToro are excellent tools for crypto trading. Both platforms are pretty established and are going nowhere, as well as come with top-notch security, so you know that your investments are safe with both of them.

If you are a beginner trader and don’t plan on advanced trading, you can opt for Bybit, as it has minimum charges as well as comes with all the basic trading features with a huge asset offering.

On the contrary, if you are a high-volume trader, you can opt for eToro as it has all the advanced order types but has higher pricing that can easily adjust to your profits. Both are striking exchanges, and you won’t regret using them.

No. #1 Crypto Exchange

  • Upto 100x Leverage on Bitcoin

  • Upto 50x Leverage on other currencies

  • High Volume & Liquidity 

  • Get upto $30,030 Bonus on your First Deposit using Below Link

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Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.