Bybit and KuCoin are two names you are likely to encounter when hinting for a reliable crypto exchange for spot and derivatives trading. Both crypto exchanges have a wide variety of products on offer, are secure enough and easy to use even for absolute newbies
That said, in some instances, you will not have the time to try both out and settle on the company that works well for you. In such cases, understanding how they stack up against each other should make your decision easier.
Introduction: Bybit vs. KuCoin
|📖 AML & KYC||Yes||No|
|💰 Supported Coins||122||237|
|🚀 Maximum Leverage||8X||20X|
|⚖️ Taker Fees (Futures Market)||0.060%||0.075%|
|⚖️ Maker Fees (Futures Market)||0.020%||-0.025%|
|🔧 Withdrawal Fees||Yes, varies blockchain to blockchain||Yes, varies blockchain to blockchain|
|➡️ Deposit Fees||0||0|
|📱 Mobile App||Yes||Yes|
|📝 Demo Account||No||Yes|
|💳 Spot Trading||No||Yes|
|📈 Futures & Margin Trading||Yes||Yes|
|🎁 Joining Bonus||N/A||Up to $4450 Bonus|
What is Bybit, and What Does It Offer?
Bybit is a fast-growing crypto exchange that has been around since 2018. The exchange currently has more than 3 million traders registered on its platform and has a global presence with offices in several countries, including Singapore and Hong Kong.
Like many other top-tier exchanges, the platform tries to cater to all kinds of traders by offering highly liquid spot and derivatives markets.
Their spot trading allows for both express and P2P trading while the derivatives market has several contracts on offer, including Inverse Futures, USDT Perpetual, and Inverse Perpetual.
What is KuCoin, and What Does It Offer?
KuCoin is a highly popular crypto exchange available in more than 200 countries. The exchange has been in operation since 2017, and it is currently one of the largest globally, with more than 10 million registered traders.
Like Bybit, the exchange has a broad product offering. However, besides robust and liquid enough spot and derivatives market, KuCoin also offers other products like margin trading with leverage, staking, and lending.
Bybit vs. KuCoin: Supported Cryptocurrencies
The more crypto assets a platform supports, the better for traders. Platforms that support many assets ensure that you are not restricted to trading a few expensive primary coins like BTC and ETH.
Bybit supports over 30 different coins, which might not sound like much compared to other platforms out there, but it is still enough for most traders. Their coin offering includes both primary and less-known assets to give you a blend of different volatility levels. The token and coin offering consists of less common ones like the Solana Coin and Uniswap Token.
Few crypto exchange companies can outperform KuCoin when it comes to cryptocurrency support. With a digital asset portfolio with over 500 coins, KuCoin support more tradable assets than even some of the largest and oldest crypto exchanges in the world.
Bybit vs. KuCoin: Trading Fees
Trading crypto often does not cost much in most exchanges. Many companies try to keep their fees as low as possible, given the intense competition in the industry as the number of exchanges keeps growing. Both Bybit and KuCoin keep their trading fees low to keep up with the industry average, but the charges are quite different.
Bybit uses a maker-taker model for their trading fees. The fees largely depend on whether you are spot trading or trading derivatives contracts. Spot traders will pay 0.1% in maker and taker fees. However, the costs are much lower for derivatives contracts as traders only pay 0.075% in taker fees and get a 0.025% maker rebate for adding liquidity to the books.
KuCoin also uses the maker-taker models for their fees. However, they also have a tiered structure to lower fees for traders who transact more on the platform. There are at least 10 tiers on the platform, and traders at the lowest level will pay 0.1% in maker and taker fees, while the high volume traders pay only 0.03% in taker fees and 0.0125% in maker fees.
Bybit vs. KuCoin: Account Funding Methods
Both Bybit and KuCoin allow traders to fund their accounts by quickly sending crypto from other wallets. However, the two differ significantly when financing your account using fiat currencies.
Bybit accepts direct crypto deposits for at least 17 different crypto assets, so you will not be limited to adding BTC and ETH only. When it comes to fiat deposits, the exchange makes things even easier for you by supporting third-party gateway like Banxa and Simplex that make fiat deposits quick and inexpensive.
KuCoin does not support direct fiat deposits, but you can still fund your account with fiat by using third-party apps like Bybit. Also, KuCoin does not support wire transfers like some other crypto exchanges, but you can still find your account with debit or credit cards.
Bybit vs. KuCoin Liquidation Mechanism
When you do not have enough funds to maintain your position, Bybit and KuCoin will trigger liquidation to close the position. The primary aim of liquidation is to prevent massive losses for the leveraged position if the market does not move your way.
The Bybit liquidation mechanism primarily entails keeping the position afloat with partial liquidation. Bybit does partial liquidation to raise the margin to the maintenance margin level.
With this liquidation mechanism, Bybit will cancel all pending orders to restore the maintenance margin requirement for the active position. Bybit will then trigger a full liquidation if all this does not work.
Also, Bybit has an insurance fund set up and ADL mechanism, often employed for high-risk positions at greater risk of getting liquidated. Insurance helps cover some of the loss to ensure traders do not suffer massive losses, while the ADL mechanism helps with positions where the insurance is still not enough to minimize loss for the position.
With KuCoin, the liquidation engines will kick in once the debt ratio gets to the 97% liquidation line. The liquidation process here is more straightforward as the liquidation engine will take over from the trader engines to close down the position to deal and settle outstanding debts for the position.
Opening Account & Account Limits
It should not take you more than a few minutes to open an account at both Bybit and KuCoin. Like most other leading crypto exchanges, they make the process quick and straightforward. Here is a more comprehensive overview of what you need to do and the limits you get when you open the account.
Bybit account limits will depend on your verification level. The crypto exchange has three levels of KYC verification: 0, 1, and 2. Traders at level 0 are yet to do any KYC verification and can withdraw up to 5 BTC every day.
At KYC level 1, the traders must prove their identity by providing official identity documents. Once this is done, the account withdrawal limit increases to 50 BTC per day. Those at level 2 have the highest verification level, including proof of address, and can withdraw 200 BTC per day.
How to Open Bybit Account
- Click on the “Sign Up” button on the Bybit homepage, https://www.bybit.com/
- Add your email and create a password
- Agree to terms and click continue to verify your email
- Verify your email to complete the basic account setup
KuCoin will place account limits depending on your levels of verification. Like Bybit, the exchange has three levels of KYC verification: Unverified, KYC1, and KYC2. Unverified traders can withdraw a maximum of 1 BTC per day.
At KYC1, the traders have basic verification, which allows them to withdraw up to 1BTC per day but can transact up to 2,000 USD worth of trade, which is more than the $400 limit for unverified traders. At KYC2, traders can withdraw up to 200 BTC per day and trade $100,000.
How to Open KuCoin Account
- Click the “Sign Up” button on the KuCoin homepage, https://www.kucoin.com/
- Choose whether to sign up using your phone number or email
- Enter the email address/phone number to receive a code
- Enter the verification code and create a password
- Agree to the terms and click the “Sign UP” button at the bottom to complete the process
Bybit vs. KuCoin: Ease of Use & Interface
Overall, both Bybit and KuCoin have some simple and easy-to-use interfaces that ensure even newbies have an easy time trading. However, Bybit makes things simpler for an improved user experience and more straightforward trading.
Bybit achieves this by providing an extensive catalog of trading tools from third-party providers that will help improve the overall trading experience. These tools include TradingView and CoinGecko. What’s more, the interface is customizable to suit a trader’s preference.
KuCoin keeps the interface more intuitive, and with a bit of trial, most traders will master everything within a few trading sessions. All the charts and indicators have clear labeling for easy identification and reading. Moreover, traders can also customize different interface aspects to suit their preferences.
Bybit vs. KuCoin: Security Features
With the increase in cases of crypto exchanges getting hacked and traders losing funds in recent years, you cannot take chances with security when picking an exchange.
The good news is that both Bybit and KuCoin have some of the securest platforms in the industry. Bybit uses KYC verification to ensure only real traders use their platform. Also, they have 2FA and IP whitelisting to help traders secure their accounts. Additionally, the exchange conducts regular account monitoring and audit for maximum security.
Like Bybit, the KuCoin uses multiple security features to secure its platform. These features include IP whitelisting, 2FA, security questions, login safety phrases, and constant platform monitoring to pick up suspicious activities.
Bybit vs. KuCoin: Customer Support
Bybit provides 24/7 live chat support in multiple languages to ensure speedy resolution of trader issues using a language they understand best. Additionally, the exchange also provides email support with quick responses to messages, and they also have a highly useful help center.
KuCoin also offers 24/7 support through their online chat. Traders can also submit requests by opening a ticket, and the company responds pretty quickly. The exchange has a helpful beginner’s guide and a lot of well-answered FAQs that will be handy.
- Is Bybit a Safe Exchange?
Bybit has never been hacked, and there have also never been any significant security issues on the platform since it went live, which is a good indication that it is safe enough.
Bybit uses multiple security features to secure the platform and stores most trader assets offline. Therefore, traders never have to worry about losing them if the crypto exchange is hacked.
- Is KuCoin a Safe Exchange?
KuCoin is a safe crypto exchange with various security features that help protect traders and their assets. It is worth noting that the exchange was hacked a couple of years back, but most of the funds were recovered and returned to the traders.
Bybit and KuCoin are fantastic exchanges with a lot to offer, from impressive crypto offering to various trading options.
However, if you have to choose between the two, Bybit will be the better choice as it is a more secure platform that has never been hacked.
Also, Bybit charges relatively lower fees, has a better customer support and provides a more intuitive interface that is super easy to use for newbies.