ByBit Vs PrimeXBT: Which is the Best Derivative Exchange?

ByBit and PrimeXBT are well-known exchanges that offer great trading features for crypto derivatives. Find out which one is the best one for you.

In recent years, the popularity of cryptocurrency has enormously risen all across the world. This is also a sign of a maturing market, which is great for the long-term development of the asset itself. The decentralized nature of the crypto market is appealing to many traders with various levels of experience and knowledge.

Despite being constantly debated, the price of cryptocurrency seems to go on a steady pace that promises a massive reward for its holders. In that case, it is worth noting that crypto derivative is one of the most popular instruments that have gained attention since around 2018. The uncertainty of the 2020 pandemic, in particular, has resulted in a rise of crypto derivatives and it is expected to continue dominating the market.

If you're interested in trading with crypto derivatives, you can start by knowing which exchange is the best to facilitate it. Searching up the internet would usually give you several top results, and ByBit and PrimeXBT are among them. Both exchanges are known globally and are often regarded as the best ones to trade with crypto derivatives. Between the two exchanges, which one is the ultimate best and better than the other?

ByBit Vs PrimeXBT: General Comparison

For a start, PrimeXBT is known as a crypto exchange that offers various services for its traders. The company was founded in 2018 and registered in Seychelles. Currently, the platform operates in more than 150 countries in the world (except for the US, Canada, and several other countries) with no less than 200,000 clients.

PrimeXBT offers quite a wide choice of tools and products, so it can suit almost any type of crypto trader. For example, PrimeXBT provides attractive high leverage of up to 100x for cryptocurrency trading. The leverage can be used in various digital currencies such as BTC, ETH, LTC, XRP, and EOS. The trading fees are also relatively low compared to its rivals. Not only crypto, but you can also trade with traditional assets like stock indices, commodities, and forex through a single-use platform.

On the other hand, ByBit is a centralized crypto exchange that initially settled in Singapore back in 2018 and registered in BVI. The company then expanded to Hong Kong and Taiwan, which successfully made them gain more than 100,000 clients from many regions including North America, Europe, Russia, Japan, South Korea, and Southeast Asia.

ByBit is known to offer great conditions for crypto derivatives especially perpetual swap for four cryptocurrencies (Bitcoin, Ether, Ripple, and EOS). With more than 300,000 clients from all around the globe, ByBit allows trading with BTC/USD, ETH/USD, XRP/USD, and EOS/USD perpetual contracts with leverage of up to 100x. However, the trading fees are a little more costly than PrimeXBT.

Leverage and Trading Pairs

Trading with leverage means that you can trade with a larger position than the original amount of cash that you invest in. So, you are borrowing funds from the exchange to increase your trade position. Leverages can give you more significant profits as well as larger losses depending on the outcome of your trade, so be aware of that. Using leverage is not recommended for beginners and those with low-risk tolerance.

In this case, we can see that PrimeXBT provides an incredible 100x leverage for all the pairs listed on the platform, including BTC, ETH, LTC, XRP, and EOS against USD, as well as other BTC pairs. Not only that, the company even allows you to go beyond 100x if you trade with traditional assets too on the platform. These traditional assets include stock indices, commodities, or forex.

On the other hand, even though ByBit allows its traders to get leverage as high as 100x, it only applies to certain pairs like BTC/USD, ETH/USD, XRP/USD, and EOS/USD. Also, the reality of 100x leverage is only available for BTC/USD pair; the rest can only go up to 50x. We can conclude that in terms of leverage and trading pairs, PrimeXBT is better.

Trading Platform, Interface, and Availability

From a technical standpoint, PrimeXBT has a simple, clean, and easy-to-use interface that is definitely user-friendly for novice and professional traders. Traders can find most of the best tools, features, and indicators to add to their trades. Those tools are necessary for placing an order and carrying out a detailed analysis of the trade.

The platform shows market data in real-time and able to aggregates liquidity from 12 crypto exchanges, allowing traders to process their orders instantly at any volume. Not only that, but the interface also has an in-built "help and tutorial section" with various learning materials such as videos and articles to sharpen traders' skills. In addition, the platform's interface is fully customizable and includes multi-monitor support.

As for ByBit's trading platform, a user-friendly and visually appealing interface is what it stands for. Compared to PrimeXBT's platform, the charting interface in ByBit is way more advanced and full of popular technical analysis tools, even more than what you would normally find on Binance. From the static top bar, you can navigate many things, making it easier to find a specific feature or tool.

Overall, both platforms are equally excellent in many aspects. Both have clean, customizable, and user-friendly interfaces as well as useful tools to improve the trade, so it is great for beginners. And for professional traders, PrimeXBT provides the ability to set multiple windows at once so they can execute a trade while still monitoring and controlling the others. In contrast, ByBit offers various more advanced tools suitable for experts.

Trading Fees

In terms of trading fees, PrimeXBT is definitely on top of the game in offering low fees. Its universal trading fee is usually set at 0.05% per trade for all assets and all types of traders. This number is very low if we compare it with other exchanges since most crypto exchanges would charge at least 0.075% per order. However, remember that apart from the normal fee, PrimeXBT would also charge extra for overnight positions, varying from pair to pair.

Meanwhile, ByBit basically offers a standard fee of 0.075% per trade but also charges an additional fee for market makers. Therefore, it's clear that the trading fee in PrimeXBT is much lower than ByBit, although ByBit's commission is not considered high on itself compared to other exchanges in the industry. To get a full view of the fee comparison between ByBit, PrimeXBT, and other crypto exchanges, let's check out the comparison table below:

Access to Charts and Order Books

The default mode of PrimeXBT's trading chart is the candlestick chart, which consists of color-coded red and green candlesticks with the price on the vertical axis and the time on the horizontal axis. You can easily change it into other types of charts such as line or bar graphics by navigating through the left part of the drop-down menu.

Other than that, you can also access more details about date and time as well as the open, high, low, close, and value of the chart. You can adjust the default time by clicking the time graph just below the main chart. The default time setting is 5 minutes, but it is entirely customizable to other ranges of minutes, hours, days, and even months.

It's worth mentioning that PrimeXBT also has an exclusive feature called turbo trading that you can use to predict short-term price movements. It offers more flexibility to trade multiple asset classes.

Unlike the built-in house charts on PrimeXBT, the charts in ByBit are provided by Tradingview. TradingView has an excellent reputation for providing transparent and accurate charts, so you don't have to worry about its reliability. Overall, the tools and indicators of both sides are quite similar so it goes down more to your personal preference.

Identity Verification

Basically, both PrimeXBT and ByBit do not require much for registration. You can make an account without having to submit any KYC or any type of identity documents. This is excellent if you want to stay anonymous and protect yourself from identity theft. All you need to sign up for is an active email address, a strong password, and a mobile phone number to send the verification codes.

Deposit and Withdrawal

The funding options in PrimeXBT are slightly better than ByBit because it accepts other currencies such as USD, EUR, etc. through a third-party integration and lets you deposit BTC as an exchange. Meanwhile, ByBit only accepts five digital currencies that include BTC, ETH, XRP, EOS, and USDT. It does not support fiat deposits as of now.

See also: List of Cryptocurrency Exchanges Allowing Fiat Deposits in USD

However, when it comes to the deposit limit, ByBit leads the way. To start trading in PrimeXBT, you must have at least a 0.001 BTC deposit in your account, whereas in ByBit, there is no minimum deposit limit.

As for withdrawal options, both exchanges only allow crypto withdrawals and no fiat options. To withdraw from your PrimeXBT account, you must go to the main page of your account and then enter the destination address, the amount of BTC you want to withdraw, and then click "submit to withdraw".

ByBit doesn't charge any withdrawal fees but has a minimum withdrawal limit depending on which asset you use. In contrast, PrimeXBT does charge flat fees for withdrawal in each asset but has no minimum or maximum withdrawal amount (only that it has to be more than the withdrawal fee for the asset you would like to withdraw).

All in all, we can see that both ByBit and PrimeXBT have various interesting features to support crypto derivatives trading, so it's only natural that the two become the leading exchanges when it comes to crypto derivatives and crypto trading. Generally speaking, ByBit is slightly more popular and mature, but PrimeXBT offers more features and low fees.

In the end, both exchanges are excellent for their own purposes, each has its own pros and cons, so the final choice should depend more on your personal needs and preference. If you're looking for higher leverage and trading fee for both long and short positions, then PrimeXBT may be the answer. But if you prefer trading only for long/short positions, then ByBit is a great option.