Bybit vs Gemini 2022: Fees, Features etc Compared !!

Bybit and Gemini are the two most prominent industry leaders in the crypto space. Both the exchanges have a significant global presence with millions of active traders.

While you can’t go wrong regardless of which company you pick between them, it is good to make an informed choice.

But going through all their aspects and comparing them is quite a hassle, and as always, I am here to ease it all for you. I will compare these exchanges in detail and let you know which of the two will be best for you and fit your trading strategies.

Let’s start with some basic details about these companies.

Bybit vs Gemini: Introduction

Bybit

bybit

Bybit was founded in 2018; comparatively younger, it has captured the crypto market tremendously. With a key focus on product, security and compliance. Bybit has attracted users worldwide and is one of the most trusted and innovative exchanges.

It is currently offering a bonus of 3030 USDT on signing up on the platform, which you should take advantage of. Bybit is headquartered in Singapore and is registered in the British Virgin Islands.

 

Gemini

gemini

On the other hand, Gemini, a New York-based crypto exchange, was founded in 2014 to establish and maintain its user’s trust by offering a compliant and secure crypto exchange platform.

Gemini is also the world’s first SOC 1 Type 2 and SOC 2 Type 2 certified crypto exchange and custodian.

 

Bybit vs Gemini: Supported Cryptocurrencies

Bybit
bybit supported currencies

Bybit currently supports more than 119 crypto assets, with almost all the significant cryptocurrencies readily available like BTC, ETH, USDT, EOS, XRP, DOGE, etc.

Gemini

gemini supported assets

There are more than 100 crypto assets on Gemini. You can buy, sell and trade some of the most prominent assets, including all your favourites like BTC, ETH, LTC, DOGE, SOL, GUSD, LUNA and more.

Verdict: It was a close call but with just a handful of more cryptocurrencies supported on the platform, Bybit is the winner in this segment.

 

Bybit vs Gemini: Product Offerings

Bybit

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

Gemini

  • Gemini Earn
  • Gemini Credit Card
  • Active Trader
  • Gemini Dollar
  • Gemini Custody
  • Gemini Clearing
  • Gemini Pay
  • Gemini Wallet

Verdict: Gemini offers relatively more products in the market and therefore is the clear winner in this segment.

 

Bybit vs Gemini: Order Types

Bybit

  • Market Order
  • Limit Order
  • Conditional Order

Gemini

  • Market Order
  • Limit Order
  • Stop-Loss Order

Verdict: Both the platforms offer similar order types, hence it’s a tie in this segment.

 

Bybit vs Gemini: Fees Comparison

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

Bybit doesn’t charge any deposit fee on the platform. However, there is a withdrawal fee charged which is pretty minimal; I have mentioned them below:

Withdrawal Fees

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

Gemini

Gemini includes the following fee schedules:

  • API fee schedule
  • Mobile fee schedule
  • Web fee schedule
  • Active trader fee schedule
  • Transfer fee schedule
  • Connectivity fee schedule
  • Market data fee schedule

Among all these, I will be telling you about the active trader fee schedule in detail. 

30-Day Trading Volume in (USD) Taker Fee Maker Fee Auction Fee
0 0.40% 0.20% 0.01%
>$10,000 0.30% 0.10% 0.01%
>$50,000 0.25% 0.10% 0.01%
>$100,000 0.20% 0.08% 0.01%
>$1,000,000 0.15% 0.05% 0.01%
>$5,000,000 0.10% 0.03% 0.01%
>$10,000,000 0.08% 0.02% 0.01%
>$50,000,000 0.05% 0.00% 0.01%
>$100,000,000 0.04% 0.00% 0.01%
>$500,000,000 0.03% 0.00% 0.01%

Verdict: Bybit’s fee structure is pretty straightforward and easy to understand. It is also far more affordable than Gemini. Hence Bybit is the winner in this segment.

 

Bybit vs Gemini: Account Funding Methods

Bybit

  • Method 1: Bybit supports 59 fiat currencies. The payments through your account on Bybit are handled by some of the most trusted third-party payment providers like Banxa, XanPool, Simplex, Paxful, MoonPay and Mercuryo.
  • Method 2: You can also fund your account through cryptocurrency transfers from your wallet.

Gemini

  • Method 1: For funding your account, you can use coins like USDT, BTC, ETH, ADA etc
  • Method 2: You can execute bank and ACH transfers for fiat deposits.

Bybit vs Gemini: Trading Platform Comparison

Bybit

ByBit UI

Bybit’s trading platform and the interface are equipped with all the options for optimum trading. I must say that Bybit’s interface is one of the favourites I have used since now. It is a beginner-friendly as well as advanced trading suitable exchange.

No matter what your trading strategy is, Bybit will fit in it. It also offers a Dual Price Mechanism that protects you from trade and price manipulation. Bybit also provides something called Testnet, which helps beginner traders understand the platform’s key functionality and features without involving your actual funds.

Gemini

Gemini has a best-in-class charting system that offers multiple timeframe analytics, offering various timeframes ranging from 1 minute to 1 day. The trading terminal consists of a line chart and a candlestick chart.

On the right side of the terminal is the order book, where the buy and sell orders can be monitored in real-time. On the left is the order form, where buy and sell orders can be placed.

Verdict: From my personal experience Bybit has one of the best trading interfaces I have used so far, but as it’s a matter of choice, I leave this decision to you.

 

Bybit vs Gemini: Account Types

Bybit

Bybit allows complete accessibility if your account is 100% verified under KYC. Other than this, you can also trade anonymously but with limited accessibility. 

Your account will be recognized under level 0 by default when you register on the platform. At this level, you don’t need to go under any KYC processing, but the daily withdrawal limit will be limited to 2 BTC. 

At level 1, which is the next level, you need to submit a request following this process:

  1. Click the “Account & Security” tab present in the upper right-hand corner of the home page
  2. Click the “Verify Now” tab in the “Identity Verification” column under the “Account Information” tab.
  3. Click” Verify Now” under Lv.1 Basic Verification

Documents required:

  • Documents issued by your country of origin (passport/ID)
  • Facial recognition screening

For level 2 account verification, follow these steps:

  1. Click the “Account & Security” tab present in the upper right-hand corner of the home page.
  2. Click the “Verify Now” tab in the “Identity Verification” column under the “Account Information” tab.
  3. Click” Verify Now” under Lv.2 Residency Verification.

Information required:

  • Proof of residential address

Once your documents are verified (within 48 hours of upload), you will receive an approval email, and then you can withdraw up to 100 BTC equivalent funds per day.

Gemini

Regulations on Gemini are pretty rigid. As soon as you sign up on the platform, you need to share some of your sensitive details like your full legal name, date of birth, address, phone number, social security number and email. Additional documentation is also required to be verified entirely and to withdraw from the exchange. These documents are:

  • US residents: A valid passport or driver’s license.
  • International residents: At least two government-issued documents (passport, driver’s license or national identity card)
  • Canadian residents: A valid passport, driver’s license and social insurance number.

Bybit vs Gemini: How to get started?

Bybit

You can follow these steps to begin your trading journey on Bybit.

Registering

  1. Go to the Bybit website and click the “Sign Up” button on the top.
  2. Choose your preferred registration method- phone number or email. In both methods, enter the required information and the 6-digit code you’ll receive depending on your chosen method.

You can register yourself via your telegram or google account as well. Once you’ve registered, complete the KYC procedures according to your requirements and start trading.

Making a deposit

  1. Click on the deposit section of the Bybit exchange page and tap assets on the bottom toolbar.
  2. Choose which cryptocurrency you want to deposit from the list.
  3. On the next screen, you’ll get a QR code of your Bybit account address. 
  4. Copy the deposit address, then paste it into the recipient address field of the wallet from which you want to send your funds.

Making a withdrawal

  1. Choose the crypto you want to withdraw.
  2. Fill in the details of your withdrawal and enter the intended receiving address from the wallet you want to withdraw and the amount you wish to withdraw. 
  3. When you have entered your details, double-check the address and tap Submit. 

Gemini

To start your trading journey on Gemini, visit their homepage and click on the ‘Get Started’ tab present in the window’s top right corner. After which, an account opening form will pop up, where you need to register your full name, and email address and set a secure password for your account.

After which, you can go through the KYC and AML procedures to unlock unlimited access to trading on Gemini.

 

Bybit vs Gemini: Customer Support

Bybit

From my personal experience with Bybit, I must say the customer support offered by this platform is among the best I have consulted so far. They are easy to contact; you can approach their team directly by phone or live chat.

The team is experienced, exceptionally dedicated to problem-solving, and available round the clock. They even have multiple language options, which are English, Korean, Russian, Chinese, Japanese, Spanish and Vietnamese, which come pretty handy for users from different parts of the world.

Gemini

Similarly, Gemini also provides support through live chat and email. You can visit the contact page of their official website and click on the chat box provided in the bottom right corner to connect to an agent. Additionally, you can also submit an online request and raise a ticket. Gemini also has a comprehensive help centre with various support articles and FAQs.

Bybit vs Gemini: Security Features

Bybit

Security on Bybit is impenetrable, and there’s a reason why the company spends 20% of its annual budget on the safety of the platform, which is more than the industrial average.

With a robust inbuilt security management system, Bybit stores all the deposit addresses into cold wallets all around the globe for enhanced safety. Bybit has a stringent policy regarding system security, operation authentication, encryption techniques, crypto-asset consolidation, audit and monitoring.

The platform integrates two-factor authentication and SSL encryption as a default protocol for a safe and secure user experience.

Gemini

Gemini also has cutting-edge security majority of users’ funds are encrypted with a FIPS 140-2 Level 3 rating or higher and stored on cold wallets. It also implements two-factor authentication and physical hardware keys to prevent unauthorized users from accessing your account.

  • Is Bybit safe?

A clear and straightforward answer to this question is, yes, Bybit is a pretty safe and legit platform. With round-the-clock, responsive customer support, and military-grade cold wallet security, Bybit is one of the market’s most trusted, safe, secure and transparent platforms.

  • Is Gemini safe?

On the other hand, Gemini is one of the safest cryptocurrency exchanges in the world as well. Based in the US and regulated by the US SEC. It implements all the security measures needed to provide a safe experience to its users.

Conclusion

Both the exchanges are reliable and trustworthy platforms. However, as you might have already noticed, they differ in some aspects, making them ideal for different situations.

If you want to choose that one platform with the best-in-class spot and derivatives market, Bybit is undoubtedly the best choice for you. With all the necessary options and functionalities for hardcore trading as well as a beginner-friendly platform, Bybit will be the best choice for you.

Bybit offers a fantastic trading ecosystem for affordable pricing. Start your trading journey on Bybit, join the Bybit traders league and multiply your profits.

nv-author-image

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.

Leave a Reply

Your email address will not be published. Required fields are marked *