There are hundreds of cryptocurrency exchanges to choose from, the effort of sifting through them and finding the right one can be a daunting task! There is nothing worse than going through all the research, KYC verification, sign-up process etc. only to find that you did not choose the right exchange to meet your needs.
I’ve done that, and it sucks. I’ve signed up for plenty of exchanges, some for the purpose of my own investing and trading, and others so I can conduct proper reviews. When I first got into crypto, I was on a mission to find the perfect exchange for myself and spent countless hours exploring crypto exchange platforms that failed to meet my requirements. That is one of the reasons why here at the Coin Bureau, one of the ways we strive to help our community is by streamlining the process and helping folks find the right exchange that is best for them.
Because crypto exchanges specialize in different areas, each with their own strengths and weaknesses, and because crypto traders have different needs, it is important to match a crypto user with an exchange that performs well in the area that is important for them, which is why we put together this article which you may find useful:
We also have in-depth dedicated reviews for both of the exchanges in this article if you want to learn more about them:
But for now, let’s crack into PrimeXBT vs Bybit and determine which one is best for crypto trading.
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Prime XBT vs Bybit Summary:
Spot Cryptocurrencies Listed:
Trading Fee: 0.05%
Advanced trading concepts can be confusing for beginners.
Advanced trading concepts can be confusing for beginners. Good platform to learn how to trade.
For crypto purchases, Launchpad and Earn access
Fiat Currency Support:
Deposit-Purchase crypto via bank card or transfer via third-party companies.
Deposit- Purchase crypto via bank card or transfer via third-party companies. P2P.
Withdrawal- Crypto only
PrimeXBT vs Bybit
Further in this article, we will take a closer look at each exchange individually, but first, we want to give you an overview of our findings by comparing PrimeXBT versus Bybit.
PrimeXBT vs Bybit: Products Offered
I’m going to start off with a big spoiler right off the bat. If you are looking for a pure, no-frills, professional-grade cryptocurrency-only exchange, out of these two, Bybit is the winner, hands down.
The reason is that Bybit supports over 300 crypto assets and crypto derivatives, compared to the approximate 40 found on PrimeXBT. Though, where PrimeXBT is pretty cool is that they also offer forex trading, commodities like gold, silver, oil etc. and 11 tradable indices. I don’t know of too many platforms that offer a robust plethora of tradeable instruments like PrimeXBT. So, if you are looking to diversify tradeable assets, PrimeXBT will likely be your choice.
PrimeXBT is popular for traders who are looking to diversify and take advantage of correlation opportunities across different asset classes. Coin Bureau readers who sign up to PrimeXBT can receive a 35% bonus if they sign up with our sign-up link.
To celebrate hitting the 10M user milestone, Bybit is waving fees on all spot trading pairs which is pretty sweet. New users can also get up to $4030 USDT in rewards when they sign up.
It is important to note that Bybit supports derivatives and spot trading, as opposed to PrimeXBT, which only offers CFDs (Contracts-for-Difference). Make sure you understand the difference between Spot and CFD trading before getting started.
Tradable assets aside, here are the products and features PrimeXBT brings to the table:
- Up to 200x leverage on crypto, up to 1,000x on other assets
- Ability to buy crypto via card or bank transfer
- Copy trading
- Trading contests
Here is what Bybit offers:
- Up to 100x leverage
- VIP, broker, and Affiliate programs
- Ability to buy crypto via card or bank transfer
- DAO participation
- Leveraged tokens
- Trading bots
- Derivatives trading
- Advanced analytics and educational section
- Copy trading
- Rewards Hub and trading contests
- NFT marketplace
That covers the products, but a good selection of products and features may not mean much if the platform is deplorable, so let’s cover user-friendliness.
PrimeXBT vs Bybit: User Friendliness
This is always a tricky aspect to analyse when writing up a review for advanced trading platforms. That is because to a brand-new crypto user who has never traded before, neither Bybit nor PrimeXBT would seem very user-friendly at all! That is not a criticism against them, these platforms are not in the niche of providing beginner and user-friendly platforms, they are in the business of running advanced crypto trading platforms for serious and experienced traders.
Here is a look at the Bybit trading interface:
The charting platform on Bybit is powered by the insanely powerful and popular Tradingview, which has become the industry gold standard for technical analysis traders. You can see the plethora of advanced trading options supported by Bybit, which has made this one of the top exchanges in the world for professional traders.
Aside from the trading interface, Bybit is quite nice to use in terms of navigation.
Everything is well laid out, not cluttered, and easy to find with intuitive drop-down menus. I really can’t fault with the platform for its design or useability.
Now let’s swing over to the PrimeXBT trading interface.
The PrimeXBT platform has plenty of tools available to suit traders of most skill levels. Unlike Bybit, which leverages Tradingview, PrimeXBT developed their own trading technology and interface that is robust and has plenty of features, with over 50 tools and indicators available for traders to access.
Because of PrimeXBT’s custom trading interface, this screen is highly customizable. Traders can insert or remove widgets, resize and move panels around, change chart appearance, colours, grids and spacing, and basically rework everything in a manner that suits them.
Aside from the trading screen, here is a look at the PrimeXBT platform:
Similar to Bybit, the UI/UX is clean and easy to navigate, with drop-down menus that make finding your way around a breeze. If you are reading this thinking that this point is moot and that pretty much every exchange has a good user experience these days, I would recommend checking out our Gate.io review for contrast. Gate.io is a great exchange, don’t get me wrong, it is one of the best places to go for trading bots and copy trading, but at times the platform navigation made me feel about as lost as the mad hatter wandering around Wonderland.
Aside from user-friendliness, both platforms have incredibly high-quality and high-performing matching and trading engines with the order functionality and execution of a professional grade exchange. Bybit has become such a reputable crypto exchange that they have attracted institutional investors and professional firms as well as retail traders, despite the fact that they are unregulated.
If I had to give an edge here after using both platforms, I would have to say I prefer Bybit as the trading interface, thanks to the Tradingview integration, offers more customization and charting functionality. Bybit also felt more modern, ergonomic, and was more aesthetically pleasing in my opinion and felt more akin to a crypto exchange.
PrimeXBT felt more like a traditional forex exchange. It seemed slightly outdated in my opinion from a design and navigational standpoint and the trading interface did not seem as intuitive or familiar, though that could just be because I have grown used to crypto exchanges with a Tradingview interface. The millions of happy PrimeXBT users would probably disagree with me on this point.
PrimeXBT Fees vs Bybit Fees
Fees have become incredibly competitive in the crypto exchange industry and neither PrimeXBT nor Bybit will break the bank, both platforms offer some of the lowest fees in the industry.
PrimeXBT has a refreshing approach to fees in terms of simplicity, keeping things easy. They only have two types of fees, which are the trade fee and the overnight fee. The trade fee is charged for entering a position, and the overnight fee is charged for positions held overnight. Here are the trading fees on PrimeXBT:
- 0.05% for Cryptocurrencies
- 0.0001% for Forex, Indices and Commodities
Note ✍️: There are also financing fees on PrimeXBT which are dynamic. Visit the fees section to confirm the exact fees on the day.
Here are the current withdrawal fees at PrimeXBT:
- 0.0005 BTC
- 0.002 ETH
For USDT, USDC and COV the withdrawal fees vary depending on the network used.
- 10 USDT
- 10 USDC
- 5 COV
- 0.8 USDT
- 0.8 USDC
- 2 COV
There are discounts available for institutional traders and whales who trade 300+ BTC worth of volume in a 30-day rolling trading period.
Bybit utilizes the same Maker/Taker fee model as most crypto exchanges and is towards the low fee end of the spectrum. Following a VIP tier level, here is what traders on Bybit can expect to pay for trading fees:
The fees on Bybit will also vary depending on which market or contract is being traded, you can find a full breakdown on the Bybit trading fees page.
As far as withdrawal fees go, one of my favourite features of Bybit is they are not looking to make a profit from customer withdrawals, something very rare among crypto exchanges. Of course, each cryptocurrency withdrawal is still subject to the industry standard miner or network fee, but Bybit keeps these as minimal as possible.
PrimeXBT vs Bybit: Security
Security is an important consideration when considering a crypto exchange. The best platform in the world will become the worst one in an instant for someone who has all their funds stolen from the exchange. So, how does the security for PrimeXBT compare to Bybit security?
Both platforms follow industry best practices, and that is that they both keep the majority of their crypto in cold storage, out of the reach of hackers. Both platforms also utilize multi-signature authorization for withdrawals and the movement of funds, meaning one bad actor can’t swipe the funds without secondary signature authorization.
PrimeXBT leverages Cloudflare’s technology to protect against DDoS attacks and the security team routinely runs tests and updates to ensure the security of the platform.
If we turn our attention to Bybit, they take the industry standard approach of keeping funds in cold storage to the next level. Bybit claims that 100% of customer funds are kept in a cold-storage air-gapped environment, and the only funds exposed to hot wallets for customer withdrawals are the company’s own funds.
Bybit also uses SSL encryption, supports 2FA, and has insurance in place to protect traders in the event of liquidation posed by shortfalls in futures contract settlement.
To sum up, neither platform goes above and beyond enough to be a clear winner here. Both platforms follow responsible crypto management and cybersecurity protocols, with neither platform shining overly bright in the security category compared to some other top-tier exchanges. That is not to say their security is bad, but when compared to hyper-secure exchanges like Kraken or SwissBorg, there is room for improvement.
Great, now that we have covered a bit of head-to-head, let’s dive into each one a little more in detail.
What is PrimeXBT
PrimeXBT is a CFD exchange that offers a suite of tradable markets such as crypto, commodities, stocks, indices and more in one convenient place. The platform has become popular for traders looking to access high leverage and is available in over 150 countries worldwide.
Registered in Seychelles, PrimeXBT has offices in St. Vincent and the Grenadines and are currently in discussions to become more legitimate by moving to Switzerland and complying with regulation laws, though it is not clear when or if that will happen.
PrimeXBT has access to over 12 liquidity providers and has an average daily trading volume of around 1 billion at the time of writing and is used by a few million users located around the world.
This is PrimeXBT’s biggest weakness. The lack of crypto assets and the fact that there is no spot trading, only CFDs, prevents many crypto traders from using this platform. Though CFDs are preferable tradeable instruments for some traders.
With only around 40 cryptocurrencies supported, they have the majors covered like BTC, ETH, LTC, XRP, DOT and more. Traders can purchase crypto directly on the platform via card or convenient bank transfer, and the fact that traders can also access non-crypto markets is a huge benefit that attracts traders.
Let’s quickly cover a high-level overview of the products on PrimeXBT. We do cover each of these more in-depth in our dedicated PrimeXBT review linked at the beginning of this article if you want a more thorough look.
PrimeXBT places a lot of emphasis and effort towards their award-winning trading platform and app:
The platform has plenty of innovative trading tools with enough advanced features to satisfy even the most technical traders with all the charting and drawing tools one needs:
The layout has a high degree of customization and multiple order types to support the trading of the hundreds of different markets available on the platform.
Thanks to the fantastic mobile app, traders can also take their trading on the go.
After reading many of the reviews online and testing out the platform myself, it is evident why this platform has accumulated some awards and has attracted millions of users, there isn’t much fault to be found here.
Users can earn up to 14% on their crypto deposits for Ethereum, USDT and USDC.
The earn feature is powered by DeFi protocol Covesting, which makes it possible for users to stake their assets for attractive APYs. The Covesting DApp sources reputable DeFi platforms that generate yield in a manner that is easy from the user perspective, providing the benefits of DeFi with the clean and simple interface of PrimeXBT.
PrimeXBT Copy Trading
Copy trading has become increasingly popular in the traditional trading and crypto space, and for good reason. There are multiple benefits for users who want to take advantage of copy trading such as:
- Beginner traders who are learning the craft can study the trades and learn from more experienced traders while earning an income. Almost like an apprentice would learn from an experienced craftsman.
- Experienced traders who want a side income. There are too many assets for one person to trade and more charts than one person can watch, why not share the workload?
- Traders looking to diversify. If a trader has studied Bitcoin and is an expert in Bitcoin trading, they can focus on that and find a trader who specializes in Ethereum’s habits, trends, and price movements and copy their ETH trades.
- Experienced traders can share their strategies and earn a profit from their followers. As they are trading anyway, why not earn extra income by allowing others to copy you?
- Traders who are just looking for easy hands-off income can just sit back and copy the pros.
Traders can scour through some of the top-performing traders and choose to copy their trading activity, providing a potential side income.
The copy trading offered on PrimeXBT has been growing in popularity, attracting some talented traders to the platform. If crypto copy trading is something you are interested in, Gate.io, in my opinion, is the leader in crypto copy trading. You can find out more about them in our Gate.io review.
PrimeXBT Trading Contests
Trading contests are becoming very popular as skilled traders can compete for extra cash and prizes.
While KuCoin and Binance remain the kings of crypto trading contests, what is interesting about PrimeXBT is that the trading contests are done with virtual funds in a demo account where traders compete against each other but can win real rewards like USDT cash prizes.
Another cool feature that sets PrimeXBT apart is that users can design their own trading contest for their communities:
Aside from being able to trade multiple asset classes on a high-performance trading engine and interface, being able to compete in trading contests without risking your own capital is an awesome feature which I am sure will only increase the popularity of the platform.
Types of Accounts and PrimeXBT Fees
PrimeXBT only offers one account type that includes all of the broker’s services. There is no account fee, and the trading fee is 0.05% on crypto, and 0.0001% on forex, indices and commodities. There are also overnight fees and the following withdrawal fees:
- 0.0005 BTC
- 0.002 ETH
For USDT, USDC and COV the withdrawal fees vary depending on the network used.
- 10 USDT
- 10 USDC
- 5 COV
- 0.8 USDT
- 0.8 USDC
- 2 COV
Prime XBT Security
PrimeXBT takes the most important step in customer safety, which is that they keep the majority of funds in cold storage that needs multiple signatures from multiple staff members to access. The company states that they perform routine audits and checks on the platform, highlighting that the company takes appropriate safety precautions.
Though it is important to understand that as an unregulated broker, traders need to place a lot more trust in the company and are depositing funds at their own risk.
What is Bybit
Bybit is a cryptocurrency and derivatives trading exchange with multiple other products and features that launched in 2018.
Bybit has had one of the most impressive growth trajectories out of many of the unregulated exchanges thanks to their aggressive marketing campaigns and the amount of effort they put into expanding and improving their platform.
Thanks to Bybit’s extraordinary efforts, they recently hit the 10 million user mark and have solidified themselves as the #11 largest exchange in terms of trading volume and are growing rapidly. Bybit has been expanding its user base, not only being adopted by retail traders but professional traders and firms as well, encouraged by Bybit’s sterling reputation and efforts in the crypto space.
One of the things I respect most about Bybit is their continuous efforts to advance and benefit the entire industry with their Bybit educational academy Bybit Learn, which is so high in quality that it rivals the likes of the Binance academy. Bybit also goes above and beyond, providing some of the most in-depth analysis reports and tools free for anyone to access, so a tip of my hat to the folks over at Bybit for their selfless efforts here.
Bybit has a great selection of over 300 crypto assets to trade on the spot market and nearly 300 derivatives products, which is quite impressive, it is no wonder that Bybit has become an oasis for crypto trading.
Bybit also does a fantastic job of listing new and exciting project tokens quickly, often providing access to tokens quicker than many of the major exchanges.
Products on Bybit
We cover Bybit’s products in more detail in our Bybit review, but to provide a high level of the most prominent features, here is what Bybit has to offer.
The trading interface on Bybit is quite standard in comparison to what you will find on many of the top-tier exchanges as it has proven to provide a great trading experience with loads of functionality:
I’ve already mentioned the charting functionality being powered by Tradingview, which is excellent, but users also have the ability to change to a standard chart or depth chart for another look at price and orders.
I also like that although the charting interface looks and functions the same, traders need to switch between margin, spot, and derivatives trading, which in my opinion, keeps things more organized and less cluttered, helping to ensure traders don’t accidentally trade the wrong market.
Not much to be said about the trading platform, matching engine, order types and performance of the platform other than it delivers on its promise of providing a seamless, high-level trading experience suitable for retail, professional, and institutional traders alike.
Leveraged tokens have become a very popular product and are now offered by many of the major exchanges.
Leveraged tokens provide traders with access to leverage, but without the liquidation or margin risks, which is a game changer. Leveraged tokens provide traders with leveraged exposure to the underlying asset, but are far safer than trading with margin as there is a low liquidation risk where traders can blow entire accounts. This trading instrument has become very popular and similar products are now offered on many of the major exchanges.
The Launchpad on Bybit is a fairly new addition and is Bybit’s move to remain competitive as more exchanges continue to launch their own launchpad products.
Launchpads are a fantastic way for retail traders to get early access to projects before they go public, a benefit that used to be reserved for VC firms, or those with deep pockets and friends in high places. Being able to access tokens early while they are at pre-public sale prices can often lead to lucrative gains, but these projects also come with higher risk as they are brand new and highly speculative.
Note that users will need to pass KYC to access the launchpad.
Bybit has quite a few earn features available, which provide traders with plenty of opportunities for passive income. While they don’t offer nearly as many earn products as Binance, they have a lot more on offer than much of the competition out there.
In the Earn section, users can enjoy guaranteed yields in the Savings section, take advantage of low-risk yield options like Liquidity Mining, Shark Fin, Launchpool, or participate in higher-risk activities such as Dual Asset.
The Earn platform on Bybit is a great place to help users grow their crypto holdings in an easy and secure manner.
Bybit NFT Marketplace
Following the success of other exchanges that launched NFT marketplaces, Bybit was not going to let themselves be outdone and now offer a platform for NFT enthusiasts.
Bybit has done a pretty good job here, offering early access to NFTs from popular creators. The marketplace offers NFTs with zero fees from the digital art, collectables, GameFi, Metaverse niches, and more.
Bybit Copy Trading
Copy trading is a fairly new addition to the Bybit platform and it saw a warm welcome from many of the users on the platform, quickly becoming a widely utilized and popular copy trading platform.
The Bybit copy trading platform has already attracted over 259k users, making it nearly instantaneously, one of the largest markets for crypto copy trading. These users are made up of skilled traders who enjoy a lucrative 10% of the profit earned by each of their followers, and users who want to copy the trades of skilled traders for some passive income.
Here is a look at how simple it is to be a trader or follower on Bybits copy trading platform:
There are also exclusive promotion periods and additional rewards for some of the top traders.
Types of Accounts and Bybit Fees
Bybit offers one type of main account for traders that provides access to all the features and functions of the platform.
Along with the main account, Bybit also supports subaccounts, which allow crypto traders to manage smaller separate accounts. There are also custodial trading subaccounts for users who want to entrust their funds to a professional trading team. Each account can have up to 20 subaccounts.
For fees, Bybit follows the standard Maker/Taker fee model meaning that they charge traders a fee if they take liquidity off their books and give them a rebate if they provide liquidity to the exchange.
Bybit follows a tiered structure with the following fees for Spot and Derivatives trading:
Bybit has considerably lower fees than many exchanges in the space, but slightly higher than the low-cost leaders comprised of Binance, OKX, and KuCoin.
To protect customer funds from hacks, Bybit uses cold storage solutions, utilizing offline cold wallets that are secured in an air-gapped environment.
Funds can also only be accessed via multiple signatures reducing the risk of one compromised party making unauthorized transactions. Bybit practices round-the-clock security monitoring and conducts regular security analysis checks.
PrimeXBT or Bybit: Conclusion
PrimeXBT and Bybit have a lot more differences than similarities when it comes to their offerings. The biggest weaknesses of PrimeXBT as a crypto exchange are the lack of crypto assets and the fact there is no Spot trading. The biggest strength for PrimeXBT is that it offers multiple different asset classes for traders with deep liquidity and a high-performance trading/matching engine for a flawless trading experience.
PrimeXBT is more of a traditional brokerage that also offers crypto trading, as opposed to Bybit, whose sole focus is crypto trading. Bybit also offers a lot more crypto-centric products like the Launchpad and NFT marketplace and features a better built-out Earn section.
In full transparency and honesty, I have never been a big fan of the too-many offshore and unregulated exchanges that are out there as so many of them can be quite dodgy. Back in my days of day trading traditional assets, I witnessed too many shady forex exchanges disappear with everyone’s money or go bust, so when I started trading crypto, I knew that I would only trust the top regulated and trusted exchanges, and of course, DEXes.
But I will say that Bybit and even an exchange like Phemex are the two exceptions for me. if I had to choose one unregulated exchange to trust with funds and trade on, out of the hundreds of them out there, Bybit would be a top contender thanks to their solid reputation, long-standing track record, and respect within the crypto community.
Between these two, if you aren’t interested in trading multiple assets on one platform, then I feel that Bybit is head and shoulders above PrimeXBT. If you are interested in trading multiple assets, there is also the option to use a crypto exchange and another trusted platform for trading other assets.
Is Bybit better than Coinbase?
Bybit and Coinbase attract different users and specialize in different areas. For users looking for a simple exchange that is beginner friendly to simply buy and hold crypto, then Coinbase is the better platform.
For crypto traders who want to access Earn products and copy trading, and for serious crypto traders, then Bybit is the superior platform.
Is Bybit a good crypto exchange?
It is of my opinion, and the 10 million users on Bybit, that Bybit is a great exchange. They have a long-standing sterling and trusted reputation within the crypto community, and offer one of the most solid and high-performance trading engines in the crypto space.
Bybit is often considered one of the best and safest unregulated exchanges that can be used for KYC-free trading.
Are PrimeXBT fees high?
PrimeXBT is often praised for its low fees with spreads as low as 0% and trading commissions as low as 0.0001%. You can find a full breakdown of their fees on the PrimeXBT fees page.
Is PrimeXBT better than Coinbase?
PrimeXBT and Coinbase are quite different in their offerings. Coinbase is the better crypto-focused platform, while PrimeXBT is better for traders who want to trade CFDs and multiple different markets.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.