Have you ever seen two beasts fighting for your attention? If not, now we will show you a battle worth spectating – Bybit VS Bitmex! One is established and very well know, big and strong – Bitmex. The other is emerging, beast from the dark, strong and mysterious – Bybit. They are fighting for you, for your attention, time and expertise, they want you to trade on their platforms. They want you also for the long term. As for a platform to keep its user’s long term is not an easy task as the competition is big.
Such competition you will find here, and who will win is decided by the people. Let me give you a secret the loser will end up a winner as in this industry there is a room for many. In an industry that is new and bound to grow there is space.
They are similar in many aspects and this is why we are doing a comparison between them. As they have enough differences that are significant enough. There are many traders that will like the one more than the other, opinions will differ. But in the end, one will emerge as the stronger beast.
As Bybit is a considerably new platform it brings forth a newer more modern design. And Bitmex being almost 5 years old the design is a little bit outdated by today’s standards. Of course, in the end, it will all come down to personal preferences and the decision is in your hands.
Bybit is giving us a much sleeker and better-designed UI when compared to Bitmex. It is dark and very clear overall, everything is laid out nicely by default. Both platforms have very good layout by default and on both.
You can clearly see how everything is laid out very well. Thus providing you with a good environment for good long term trading sessions. Now let’s see the old beast – Bitmex and see how it compares to the new, to the young. On this side, we have a more old school looking design of the UI. It may be effective and with a good layout but overall it looks old.
You can clearly see the difference between the two platforms. Thus you can easily say who is the newer trading platform. Of course, there are people who will argue that stability and security are more important than design. But UI is an irreplaceable part of the whole package. I would say that UI is as important as stability, execution speed, etc…
Round 1 Winner – Bybit
Both platforms offer similar security practices as they need to guarantee the user funds. Both have a cold and hot wallet storage system, which is mandatory when you are dealing with big capital. With Bitmex on the market more years, it is normal if you this more reassuring as they had much more time to build-up their security practices to very high levels. But let’s not forget the background and the experience of the people from Bybit. They come with an extensive background from big-name companies. Therefore they bring knowledge and expertise on security.
Both platforms will offer you high security for your funds.
Round 2 – Tie
By being newer, Bybit comes with more options for deposits and withdraws. Which is much better overall as you have choice versus Bitmex offering only one option for deposits and withdraws – Bitcoin (BTC). On the other hand, Bybit offers 4 options for deposits and withdraws – BTC/ETH/EOS/XRP. There is a clear winner in this round.
Round 3 Winner – Bybit
The trading fees are important for the long term, especially if you plan to trade on the platform long term. Bybit and BItmex are both offering very low fees being one of the lowest on the market. The two trading platforms trading fees are:
Maker fee: 0.025%
Taker fee 0.075%
Both platforms offer the same fees, low and no matter which one you choose you can rest assured that you are paying very low fees.
Round 4 – Tie
Let’s compare one important factor for platforms of this type – liquidity. For this type of trading, it is good if you have good liquidity as having liquid positions is much safer. Why? Because you need to be able to close a position any time and at any moment. This way you are able to mitigate a potential loss if there is no liquidity. Bybit and Bitmex are both very liquid platforms, but Bitmex being on the market for a much longer period has the advantage. With daily volume in the billions, Bitmex is one of the biggest platforms out there. At one point it got over 10 Billion in a day. Imagine how much is going through the platform every day.
Of course, this does not mean that Bybit has bad liquidity, this is far from the truth. They are both very liquid platforms and growing rapidly. Don’t forget that the market is big and there is room for a lot of players. This industry is just in the beginning and I can only say that we will continue to build and this will make liquidity come. As more people get involved with trading Bitcoin and other cryptocurrencies like EOS/XRP/ETH/LTC etc… we will continue to witness volume growing.
Clearly, the advantage goes to Bitmex as it is more established and many more people know this leverage trading platform for now.
Round 5 Winner – Bitmex
The mysterious beast is the one who will bite a big chunk out from the market share of Bitmex. With two wins, two ties and one loss the winner is Bybit. A battle not won easily, Bybit wins with the advantage of being newer, with better design. Offering a platform that is more appealing overall for a wider audience. It is just a matter of time we see Bybit gaining even more traction. This platform is bound to see continuous growth if it continues on to the right path.