FTX vs ByBit: Fees, KYC, Withdrawal Difference

The choice that is often difficult for novice traders to make is FTX or Kucoin. Crypto exchanges are similar to each other in many ways, but at the same time have a number of significant differences. We will look at both crypto-platforms and compare them according to the key criteria that users are most often interested in before registering.


ByBit

FTX

Type of exchange

Сentralized

Сentralized

Year founded

2018

 2019

Registration country

Singapore

Antigua and Barbuda

Trust Score (Coingecko)

10

10

Cryptocurrencies / trading pairs

188

497

Trading types

Spot, Futures, Margin trading, P2P

Spot, Futures, Margin trading, P2P

Fees

Taker Fee: 0.075%

Maker Fee: 0.025%

0.07%

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$8 808 244 873

$1 829 444 147

Advantages and disadvantages of FTX

Pros:

  • Bonuses and contests to encourage participants
  • Own token providing bonuses to its owners.
    Low commissions
  • Low commissions
  • Detailed background information on all aspects of work
  • Support for fiat currencies
  • A multifunctional platform that combines almost all the necessary functionality for trading and money management

Cons:

  • Verification is required to work with fiat and withdraw more than $1000

FTX Review Summary 

91% Overall

We have analyzed key features of FTX based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
90%
Trustworthy
91%
Usability
92%
Fees

Advantages and disadvantages of ByBit

Pros:

  • KYC is not required
  • Simple user-friendly interface
  • IEO marketplace, working by subscription mechanism, like on Binance
  • Low commissions

Cons:

  • The spot market has not yet the greatest liquidity in comparison to the giants of the market

ByBit Review Summary 

91% Overall

We have analyzed key features of ByBit based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
89%
Trustworthy
93%
Usability
92%
Fees

About FTX exchange

FTX is a crypto exchange for spot trading, derivatives with up to 110x leverage, tokenized stocks and other trading instruments. It features deep liquidity and tight spreads. Specialized liquidation system significantly reduces the probability of loss distribution. Transactions are settled in stabelcoins. Instant margin-free position opening is available with up to 3X leverage (leveraged tokens). FTT (exchange token FTX) gives holders benefits in the form of discounts on fees and tighter spreads on OTC trading.

About ByBit Exchange

Bybit is a cryptocurrency derivatives exchange launched in 2018, which quickly became popular due to its user-friendly and clear interface, efficient contract handling, no verification requirements, and high leverage. Bybit is one of the main competitors of Binance Futures.

Over time, the functionality has expanded. Today, the site also gives the opportunity to trade on the spot market. NFT-marketplace, p2p-market, buying cryptocurrencies for fiat money were added. The exchange supports a wide range of coins and contracts for trading.

Comparative analysis of FTX and ByBit exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

FTX offers: 

  • Trade tokens with leverage, volatility tokens
  • Bets on events (political, sports) in the form of contracts
  • Trade in fiat currencies on the forex principle
  • OTC-trading

ByBit offers:

  • NFT-market
  • IEO platform
  • Copytrading option

Available countries

FTX and ByBit exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your FTX and ByBit account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on FTX and ByBit.

Available Cryptos and Tokens

FTX currently supports 523 trading pairs and 340 coins. 

While ByBit supports 319 trading pairs and 238 coins.

Verification (KYC)

FTX is very serious about verifying the identities of its users. And if it is necessary to maximize limits and open access to all possible options, the address is also confirmed.

Bybit exchange does not require verification, you can deposit, trade and withdraw cryptocurrency anonymously. However, identity verification will be required for those who want to participate in tokenseals on Bybit Launchpad IEO platform, work with fiat funds (buy cryptocurrency from card) or withdraw amounts larger than the minimum limit per day. Notably, you can trade on p2p without verification, but only until a total transaction amount of $1000 is reached.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

FTX:

  • On both the spot and futures markets, the same commission system applies. The maker pays 0.02% and the taker pays 0.07%.

ByBit:

  • Bybit has an initial spot commission of 0.1%, this level is applied to the user after registration
  • The fees for the derivatives market are as follows: 0.01 % - maker; 0.06% - taker

Owners of FTT and BIT tokens, respectively, can reduce these fees with them. In addition, fees are reduced for large traders with large monthly trading volumes.

Account security

FTX also pays a lot of attention to protecting user accounts from hacks. Clients can add two-factor authentication, set a separate password for withdrawals, and customize when 2FA should be requested. You can create custom logins for each individual sub-account and customize their level of control.

ByBit provides the user with the ability to protect their account as much as possible through the following settings: Compound password, Two-factor authentication with the Google Authenticator mobile app, Bind your email and phone number for an extra level of verification when logging into your account and taking certain actions, Anti-phishing code, Seeing this code in emails will give you confidence that they're actually sent by the exchange and not a scammer.


On both platforms, you can track your account logins and set up trusted addresses or devices.

Passive earn on exchanges

FTX does not boast such a selection of options. You can make money here with stacking (FTT, SOL, SRM, RAY tokens) or margin lending.

Bybit Earn section was created so that users could use cryptocurrency, which is not used for trading now, for passive income instead of just walking it. Bybit offers products such as deposits, bicurrency investments, DeFi-Mining, and liquidity mining.

Which to choose - FTX or ByBit

Bybit and OKX are two exchanges of almost equal quality, so it is not surprising that the choice between them can be difficult. You are advised to think carefully about your goals and trading preferences. It is possible to allocate assets between two or more exchanges if each of them offers something unique.

KYC in both cases is not required, but desirable. All in all, it's worth taking the time to get to know each exchange better, especially if you want to delve deeper into the cryptocurrency sphere.

Disclaimer:

NFTs trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

What is better than FTX?

There are many different exchanges out there, each with their own benefits and drawbacks. It really depends on what you're looking for in an exchange as to what is "better" than FTX. For example, if you're looking for a more user-friendly interface, Binance may be a better option. However, if you're looking for more advanced features and options, FTX may be a better choice. Ultimately it comes down to personal preference.

Is FTX a safe crypto exchange?

Yes, FTX is a safe crypto exchange. They are a platform that is designed for crypto trading and they offer a variety of features and tools that make it easy and convenient to trade cryptocurrencies. Some of the safety features that they offer include 2-factor authentication, 24/7 customer support, and an insurance fund. In addition, FTX is regulated by the Gibraltar Financial Services Commission (GFSC).

Who are FTX competitors?

FTX competitors include other crypto trading platforms like Binance, BitMEX, and Poloniex.

Is Bybit legit?

Yes, Bybit is a legit trading platform. It is one of the most popular companies in the industry, and it has a very good reputation. If you are looking for a reliable and trustworthy company to trade with, then Bybit is definitely one of the best choices.

Is Bybit better than Binance?

Binance and Bybit are both great platforms for trading cryptocurrency. They both have their pros and cons, so it really depends on what you're looking for in a platform
Bybit is a newer platform, so it doesn't have the same level of liquidity as Binance. However, it does offer more leverage options and slightly lower fees. It's also designed specifically for crypto trading, so it has some features that other platforms lack.
Binance is one of the largest exchanges in the world, so it has very high liquidity. This means that you can usually get in and out of trades quickly and at the price you want. It also offers a lot of different coins to trade.

Conclusion

In quality and safety, exchanges are not inferior to one another, so the choice is a matter of nuances. When choosing a cryptocurrency exchange, pay attention to all of the above factors, the reliability of the exchange, as well as the parameters that are important to you. It may happen that just one attribute will be decisive. Both exchangers, which we have reviewed today, operate for a long time, and therefore only worthy of trust. Both ByBit and FTX are developing along with the whole cryptocurrency sector, which is necessary for any company to stay afloat.

Comparison of other exchanges

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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