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Bitmex is a well established and very well known perpetual contracts trading platform in the crypto industry. Bybit is a newer leverage trading platform that is expanding very fast while building on a solid foundation. The two derivative exchanges are similar in many aspects but they have enough differences that are significant enough to consider each one unique in its own category.
Since Bybit is a substantially new platform, it brings a newer, more modern design and since Bitmex is almost 5 years old, the design is a bit outdated by today’s standards. Of course, in the end, everything will depend on personal preferences.
You can clearly see that everything is very well thought out. This provides a good environment for good long-term trading sessions. Now let’s take a look at – Bitmex – and see how it compares. On this page, we have a rather old school looking design of the UI. It may be effective and have a good layout but it is starting to show its age.
You can clearly see the difference between the two platforms and you can easily tell who is the newer trading platform. Of course, there are people who will argue that stability and security are more important than design. But the user interface is an irreplaceable part of the whole package.
Bitmex and Bybit offer similar security practices, both have a storage system for Cold and Hot wallets, which is mandatory when dealing with large amounts of capital and you will find the standard account security options such as 2FA authenticator, email confirmation, etc… As Bitmex has been on the market for several years, it is normal to find this more reassuring as they have had much more time to bring their security practices to a very high level. But let’s not forget the background and experience of the people behind Bybit. They come with an extensive background from well-known companies. Therefore, they bring knowledge and expertise in the field of security.
Bybit offers more options for deposits and withdrawals like BTC, ETH, EOS, XRP while Bitmex, offers only one option – Bitcoin (BTC). On both platforms, you will not find options like debit, credit cards, bank, or SEPA transfers which is normal for this type of trading platforms as they are not regulated in any jurisdiction by a legal entity.
Low trading fees are a must if you want to attract users to your trading platforms. Both Bybit and Bitmex offer fees that are now making their platforms a very good place to trade for the long run. The fees on the two derivative exchanges are one of the lowest on the market.
Trading platforms trading fees for Bybit and Bitmex:
Let us compare one important factor for platforms of this kind – liquidity. You need to be able to close a position at any time without delay. In this way you are able to mitigate a potential loss if the market goes in the opposite direction of your position. Bybit and Bitmex are both very liquid platforms, but the fact that Bitmex is in the market for a much longer period of time has the advantage. With a daily volume in the billions, Bitmex is one of the biggest platforms out there. At one point, the daily trading volume on Bitmex reached over 10 billion in one day.
This does not mean, of course, that Bybit has poor liquidity, that is far from the truth. They are both very liquid platforms and are growing fast. Don’t forget that the market is big and there is room for many players. The more people that are involved in trading Bitcoin and other cryptocurrencies like EOS, XRP, ETH, LTC, etc., the more we will continue to see a growing volume.
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Bybit is the one that will bite off a large chunk of Bitmex’s market share. With two wins, two draws, and one defeat, the winner is Bybit. Bybit wins with the advantage of being newer, with better design, it offers a platform that is more attractive to a wider audience. It is only a matter of time before we see it gaining more traction and it is bound to see continuous growth if it stays on the right path.