PrimeXBT and Bybit are the leading exchanges in the crypto derivatives trading segment, offering the highest leverage of up to 100X on its tradable products.
At first look, the functions and features offered by both platforms look similar and quite enticing. There are some basic differences in product, leverage rate, fees, trading platform, which you need to consider before selecting the exchange.
This blog aims to clear all the confusion regarding both platforms and which platform offers the best value.
PrimeXBT vs. Bybit: A Comprehensive Review
PrimeXBT is a Seychelles-based multi-asset exchange founded in 2018. It offers to trade in forex, commodities, stock indices, and crypto derivatives and offers high leverage of up to 100X.
The exchange provides services to clients in more than 150 countries and offers a wide range of trading tools, access to top-tier liquidity providers while maintaining security.
Bybit is established in 2018 and is one of the fastest-growing exchanges in the market, with over 1.6 million users. It consistently ranks in the list of top 5 crypto derivatives exchanges by trading volume.
The exchange is credited for changing the dynamics of the industry by making crypto derivatives trading accessible to retail traders by simplifying the platform interface and expanding product offerings.
PrimeXBT vs. Bybit: Product Offering and Leverage
In the cryptocurrencies segment, PrimeXBT offers margin trading in BTC/USD, ETH/USD, XRP/USD, LTC/USD, EOS/USD, ETH/BTC, LTC/BTC, XRP/BTC, and EOS/BTC pairs with a max 100X leverage on all trading pairs.
Bybit, on the other hand, offers trading in the following instruments:
- Inverse perpetual contracts: BTC/USD, ETH/USD, XRP/USD, EOS/USD
- Linear perpetual contracts: BTC/USDT, ETH/USDT, BCH/LINK, LINK/USDT, LTC/USDT, XTZ/USDT, ADA/USDT, DOT/USDT, UNI/USDT
- Inverse futures contracts: BTC/USD quarterly
The exchange offers the highest leverage of up to 100X on BTC/USDT and BTC/USD pairs and up to 50X on the rest of the trading products.
PrimeXBT vs. Bybit: Liquidity Comparison
PrimeXBT has access to 12+ integrated liquidity providers, which helps to execute trades at the requested quote. The average per day trading volume on the exchange is $545 million on five different crypto assets.
Bybit is getting an average daily trading volume of above $20 billion, making it one of the top 5 exchanges in the market.
Winner: Liquidity is not an issue for both the platform and offers best-in-class market depth.
PrimeXBT vs. Bybit: Trading Fees
PrimeXBT has a simplistic trading fee structure and charges a commission of 0.05% on all types of trades. Whereas, Bybit has a maker fee- taker fee trading fee structure. It offers a 0.025% on the maker fee and charges a taker fee of 0.075%.
Winner: PrimeXBT charges a low trading fee
PrimeXBT vs. Bybit: Trading Platform
PrimeXBT offers a web-based and mobile trading interface and offers a customizable platform layout that includes an extensive suite of trading tools and intuitive visualization of market data. It also includes professional charts that let you directly place trades and work directly from integrated charts, supports multiple order types to execute varied trading strategies, and a secure wallet that allows depositing, withdrawing, and storing your digital asset securely.
The exchange features a powerful trading engine with an average order execution speed of less than 7.12 ms and can execute 12,000 orders per second.
In 2020, PrimeXBT recorded the lowest order slippage ratio. Almost 75% of the trades were executed at the requested quote, which is significantly higher than the industry standard.
Bybit also boasts a powerful trading platform that includes a smart trading system that allows setting up take profit & stop loss at entry, receive strategy alerts, and lets you adjust orders with one click.
Apart from this Bybit trade matching engine can execute 100K transactions per second, a state-of-the-art pricing system prevents unfair liquidation, a powerful API that refreshes market data every 20 ms, and a 99.99% system functionality rate.
The exchange also provides the best-in-class market depth, and each trade is executed at minimal price impact. Also, one can integrate third-party trading bots through API keys.
Winner: Both exchanges have a robust trading platform.
PrimeXBT vs. Bybit: Account opening process
The exchanges are non-KYC exchanges, meaning you don’t have to go through the identity verification process and offer you a full anonymous trading environment.
On PrimeXBT, the registration process is quick and simple.
- Go to the registration page, and enter your account credentials (email+password); phone number is optional.
- Agree to terms and conditions, and click on the register button
- Confirm the 4 digit PIN you receive via email
Your account is created, and you can start trading by depositing BTC in your account.
The account opening process on Bybit is too easy and quick. You need to sign-up using your email-id and password.
Once the account is created, deposit funds either transfer BTC, ETH, or USDT to the account wallet or purchase using fiat currency.
Winner: Both exchanges have a similar account opening process
PrimeXBT vs. Bybit: Security feature
PrimeXBT uses advanced security features to offer a safe trading environment to users. All the trades on PrimeXBT are executed at AWS servers, connected to multiple liquidity providers to provide a fast and safe trading environment. Other than that, the exchange’s hardware security modules are rated FIPS PUB 140-2 Level 3 or higher.
Some other security features include:
- Two-factor authentication during sign-in
- Mandatory Bitcoin address whitelisting
- Cold storage with multisig technology
- Encrypted SSL to secure website traffic
- All passwords are cryptographically hashed
Bybit also has top-of-the-class security architecture to provide a safe and secure trading environment. It includes:
- Mandatory two-factor authentication of login, withdrawal, and password change
- Deterministic & multisig cold-wallet system
- SSL encryption to secure website data and traffic
- Insurance fund to decrease the probability of auto-deleveraging
Winner: Both exchanges have top-of-the-line security features
PrimeXBT vs. Bybit: Customer Support
PrimeXBT provides 24/7 customer support through its live chat feature on the platform, and you can also write to them directly at email@example.com.
You can also receive support via Telegram Bot to check the core account statistics, active orders, open positions, current market rates for all available instruments, and trading instruments.
On the other hand, Bybit provides 24/7 multilingual support through the live chat feature, and also you can directly write to them at firstname.lastname@example.org or contact @BybitTradinChat on Telegram.
Winner: Bybit score ahead due to its multilingual customer support feature
Conclusion: Which one is better in 2021?
It’s a difficult choice between the two exchanges. Both exchanges offer superior trading platforms with the highest leverage rate in the industry. And is suitable for both retail traders and professionals.
In almost all cases ByBit is recommended as a top PrimeXBT alternative and vice versa.
Therefore, if you’re looking for an exchange with high leverage and low fees, PrimeXBT is the one for you. And, if you want to trade in a wide range of trading options in the derivatives segment, Bybit is for you.
- 1 PrimeXBT vs. Bybit: A Comprehensive Review
- 1.1 PrimeXBT vs. Bybit: Product Offering and Leverage
- 1.2 PrimeXBT vs. Bybit: Liquidity Comparison
- 1.3 PrimeXBT vs. Bybit: Trading Fees
- 1.4 PrimeXBT vs. Bybit: Trading Platform
- 1.5 PrimeXBT vs. Bybit: Account opening process
- 1.6 PrimeXBT vs. Bybit: Security feature
- 1.7 PrimeXBT vs. Bybit: Customer Support