Bitbank vs ByBit: Fees, Coins, Safety Comparison
| Feature | Bitbank | ByBit |
|---|---|---|
Overall |
2.0 |
4.9 |
2.6 |
3.1 |
|
2.3 |
5.0 |
|
1.9 |
5.0 |
|
Investment Instruments |
1 |
5.0 |
Platforms and Charting Tools |
2.4 |
4.9 |
Deposit and Withdrawal |
2.2 |
4.0 |
Research |
3.1 |
4.2 |
Education |
2.2 |
4.1 |
Support |
2.7 |
4.5 |
Bonuses |
1.6 |
5.0 |
|
Your capital is at risk.
|
Bitbank vs ByBit: Pros and Cons
Bitbank is a marketplace for buying and selling cryptocurrencies. You can trade Bitcoin (₿), Ethereum (Ξ), Bitcoin Cash, MonaCoin, Stellar Lumen, OMG, and dozens of other crypto assets. The only fiat currency represented is the Japanese yen (JPY). Funds can be deposited through the most popular channels, including direct fiat transfers from a bank card. The exchange is known for one of the lowest rates of trading commissions: 0.12% for the taker, and -0.02% for the maker. There are no deposit fees, and withdrawal fees are also low. There is no minimum deposit, and registration and verification take a minimum amount of time. The exchange does not have specialized solutions for beginners, and investment and referral programs are not offered. From the position of the interface, experts estimate the platform as one of the most convenient and well-thought-out.
The Bybit cryptocurrency exchange first appeared in 2018. It is a standalone derivatives trading platform with inverse and perpetual futures contracts with up to 1:100 leverage. Quarterly USD futures are available at Bybit in combination with BTC, ETH, XRP, EOS, LTC, and multiple tokens. There is a linear futures contract on BTC/USDT. The exchange has several technological advantages: it provides for mutual insurance of market participants against possible sharp price movements. There are offsets for long and short positions, and there is market depth.
| Bitbank | ByBit | |
|---|---|---|
| Overall Pros | dozens of popular cryptocurrencies and tokens are traded on the exchange; | Trading With Leverage up to 1:100 |
| trading fees are significantly lower than the market average; | Derivatives, NFT Available | |
| no minimum deposit, no deposit fees; | Zero fee spot trading | |
| all funds of exchange clients are kept cold; | Deposit Fee – 0% | |
| the exchange has a state-of-the-art security system for users’ data; | Passive Income With Staking, DeFi Mining, Multi Currency deposits, Principal-Protected Investment | |
| there is a mobile application in addition to the terminal in the browser; | Strong Research | |
| terminal and application include tools for market analysis. | ||
| Overall Cons | absence of fiat currencies except for the Japanese yen; | No tier-1 regulation |
| there is no investment or referral program. | No Fiat Deposit and Withdrawal |
Bitbank vs ByBit: Safety and Regulation
| Regulated By: | Bitbank | ByBit |
|---|---|---|
SEC |
No |
No |
FINRA |
No |
No |
SIPC Protection |
No |
No |
Other Regulators |
FSA Japan |
No |
Bitbank vs ByBit: Trading Conditions
| Trading Conditions | Bitbank | ByBit |
|---|---|---|
Minimum Deposit |
$1 |
$1 |
Trading Platforms |
TradingView |
ByBit |
Max Leverage (Futures) |
44562 |
1-100 |
Number of Markets |
31+ |
320 |
Trading Accounts |
1 |
1 |
Base Account Currencies |
Cryptos, JPY |
Crypto |
Bitbank vs ByBit: Fees
Trading Fees
| Fee | Bitbank | ByBit |
|---|---|---|
Max Maker |
0 |
0.1% |
Max Taker |
0.12% |
0.1% |
Min Maker |
-0.02% |
0.1% |
Min Taker |
0 |
0.1% |
Debit/Credit Card Purchase Fee |
0 |
0 |
Futures Trading fees
| Fee | Bitbank | ByBit |
|---|---|---|
Max Maker |
0 |
-0.025% |
Max Taker |
0.12% |
0.075% |
Min Maker |
-0.02% |
-0.025% |
Min Taker |
0 |
0.075% |
Non-Trading Fees
| Fee | Bitbank | ByBit |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Bank Transfer Withdrawal Fee |
550 yen / 770 yen (30,000 yen or more) |
- |
Debit/Credit Card Withdrawal Fee |
Not supported |
0 |
BTC Withdrawal Fee |
0.0006 BTC |
0.0005 BTC |
Inactivity Fee |
No |
No |
Bitbank vs ByBit: Trading Assets
| Asset Name | Bitbank | ByBit |
|---|---|---|
Overall |
16+ |
320+ |
Bitcoin (BTC) |
Yes |
Yes |
Litecoin (LTC) |
Yes |
Yes |
Dogecoin (DOGE) |
No |
Yes |
Binance Coin (BNB) |
No |
Yes |
Uniswap (UNI) |
No |
Yes |
Ripple (XRP) |
Yes |
Yes |
Polkadot (DOT) |
No |
Yes |
Cardano (ADA) |
No |
Yes |
Stellar (XLM) |
Yes |
Yes |
IOTA (MIOTA) |
No |
Yes |
Tron (TRX) |
No |
Yes |
Derivatives (Futures) |
Yes |
Yes |
NFT |
Yes |
Yes |
Crypto ETF |
No |
No |
Bitbank or ByBit: Investment Programs
| Asset Name | Bitbank | ByBit |
|---|---|---|
Staking |
No |
Yes |
Mining pool |
No |
Yes |
Managed Accounts |
No |
No |
MAM/PAMM |
No |
No |
Other |
No |
Liquidity mining, Principal-Protected Investment, Guaranteed yield savings |
Trading Platforms: ByBit or Bitbank
| Bitbank | ByBit | |
|---|---|---|
Web |
Yes |
Yes |
Desktop |
Yes |
No |
Mobile (Android, iOS) |
Yes |
Yes |
|
Your capital is at risk.
|
Trading Platforms Features: ByBit or Bitbank
| Bitbank | ByBit | |
|---|---|---|
SMS Based 2 FA |
No |
No |
App Based 2 FA |
Yes |
Yes |
Voice Call 2 FA |
No |
No |
Search Bar |
Yes |
Yes |
Filters |
Yes |
Yes |
Technical Analysis: ByBit or Bitbank
| Bitbank | ByBit | |
|---|---|---|
Indicators |
Yes |
Yes |
Drawing tools |
Yes |
Yes |
Historical Trades |
Yes |
Yes |
Live 2 Quotes |
Yes |
Yes |
Mobile trading: ByBit or Bitbank
| Bitbank | ByBit | |
|---|---|---|
iOS Version |
Yes |
Yes |
Android Version |
Yes |
Yes |
Apple Watch App |
No |
No |
Touch ID |
No |
No |
Face ID |
No |
No |
Types of orders: ByBit or Bitbank
| Bitbank | ByBit | |
|---|---|---|
Market |
Yes |
Yes |
Limit |
Yes |
Yes |
Stop Loss |
No |
Yes |
Stop Limit |
No |
No |
Trailing Stop |
No |
No |
Bitbank vs ByBit: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Bitbank | ByBit |
|---|---|---|
Bank Transfer |
Yes |
No |
Credit/Debit Card |
No |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
Yes |
Yes |
Bitbank vs ByBit: Research
| Research Type | Bitbank | ByBit |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
No |
Yes |
Bitbank vs ByBit: Education
| Education Type | Bitbank | ByBit |
|---|---|---|
Demo-account/Paper Trading |
Yes |
No |
Courses |
No |
No |
Articles |
Yes |
Yes |
Videos |
No |
Yes |
Webinars |
No |
No |
ByBit vs Bitbank: Support
| Support Features | Bitbank | ByBit |
|---|---|---|
Working Days |
24/7 |
24/7 |
Yes |
Yes |
|
Phone |
No |
No |
Online chat |
Yes |
Yes |
Other |
FAQs |
Telegram |
Bitbank vs ByBit: Crypto Bonuses and Promo
| Promo | Bitbank | ByBit |
|---|---|---|
Crypto Bonus |
Welcome bonuses |
Complete tasks and get up to $580 |
Affiliate Program |
No |
$20 per invited user, up to $50 deposit bonus |
|
Your capital is at risk.
|
Top 5 Reviews on ByBit
-
Comment
Bybit educational resources have really helped my early career in crypto trading. The trainings from videos, and seminars is helping me learn how to make more informed decisions on traders. Also guides to trading in bear markets, how to protect your account, a guide to MT4 crypto trading, are informative and I am really improving as a trader. There is also the ByBit Learn portal which is where I got to learn how to use the platform. The demo trading interface is rich and friendly but it took me time to carefully identify each feature. Although I don’t know how some of these indicators work for now but I know I will over time.
-
Comment
The Bybit designed for every level of crypto traders. the simple user interface has been helpful. I only have one concern but I cannot say it is an issue at the moment. This has to do with when i reached out with the customer care to inquire if i can trade futures. The response that i can trade a range of USDC-settled contracts including both USDC Perpetual and USDC Futures Contracts came, but when it did i was off my screen and attending to other things. Can't say if the slow response is due to network or other external issues. I don't know if it is too early to conclude that the customer service is slow.
-
Comment
Guys, it is normal to see trading as a game of chance. Nonetheless, iif you can learn how to use analyze financial markets using tools like line charts, indicators, and other trading tools, you will minimize the rate at which you lose out on profitable trades when you trade with real money. When you register on a platform like Bybit, get familiar with the various trading tools available and how to use them. There are also useful tools you can use to see what will happen if a trade goes your way or against you. Just like the one tool I use daily before I open a trade position which is the pre order calculator. I use this tool to calculate and know the possible profit and loss and ROI if I open trade with any strategy I created
-
Comment
At first I doubted whether to work with Bybit. The conditions here are favorable, but I was still afraid to work with the company I knew nothing about. But I decided to try with small amounts and realized that the broker works well. The money was withdrawn quickly and the fee was minimal, so I stopped being afraid. I’ve been a grateful client of this company for six months now!
-
Comment
I was looking for a reliable exchange and paid attention to Bybit, which has long been on the market and has a good reputation. My friend, who has been trading on Bybit for many years, also recommended this company. Now, after a few years I consider myself a more experienced trader and I am sure that I chose the right one. I am pleased with Bybit’s work, although the income is not too high, but stable. Withdrawals are very fast, but everything depends on the chosen payment system.
Top 5 Reviews on Bitbank
-
Comment
Bitbank is a Japanese centralized crypto exchange. A good plus is that this exchange is registered in a well-known country. Minus - all volumes are only for the BTC/JPY pair. Moreover, trading volumes are very large. Fiat currencies include JPY, USD, and EUR. But there is no normal trading with these currencies. Bitbank is quite specific. Although you can trade cryptocurrency here too.
-
Comment
This is a dubious resource. The Bitbank exchange entices customers with cheap fees and favorable rates. But in reality, it's not like that at all. There are many hidden fees on this exchange, which you only find out about after the fact. Moreover, these fees can change, meaning the Bitbank exchange shamelessly increases fees when it suits them. I don't recommend dealing with this platform!
-
Comment
I didn't have a good experience with the Bitbank exchange. The processing of market orders is consistently delayed, and limit orders may not open at all. The exchange's website often freezes, making it impossible to access my account. Additionally, the conditions at Bitbank are not very suitable. Dealing with the Japanese currency is inconvenient, and there are excessively high fees for conversion.
-
Comment
I confidently say that Bitbank is a dishonest exchange. Cryptocurrency prices on this exchange are very different from prices on other exchanges. I always compare prices before opening a trade, and this is what I noticed: when Bitcoin rises or falls, Bitbank does not allow you to open an order based on market movements, and the quotes themselves remain in one place. It is impossible to trade and make money here normally.
-
Comment
I recently got acquainted with the Bitbank exchange. I read several reviews from clients who supposedly traded cryptocurrencies here and were satisfied. However, after I opened an account here and started trading, it turned out that the reviews were not accurate at all. Bitbank does not have a multitude of cryptocurrency pairs as mentioned in the reviews. Only four major cryptocurrencies are traded here against the Japanese currency. Also, if I don't have an account with a Japanese bank, I cannot work with fiat. Overall, it's a complete disappointment.
FAQs
What should I start Crypto trading with?
For starters, you need to learn what crypto trading is, understand what cryptocurrency is and the risks and opportunities cryptocurrency trading has. It is also important to learn the existing strategies. The second step is to choose the best crypto exchange with good trading conditions. A demo account that you can use to gain valuable experience risk free is an important advantage of an exchange.
What amount should I start trading with?
It is recommended to start trading cryptocurrencies with a small amount. That way, if you partially lose it, it won’t pose a serious financial problem for you. This is because cryptocurrencies are highly volatile, which carries certain risks for novice traders. The majority of cryptocurrency exchanges allow traders to start from a small amount – from $1 to $50 or its cryptocurrency equivalent.
What should I take into consideration when choosing a crypto exchange?
The first thing experts recommend looking at when considering crypto exchanges is their reliability. Other important features include basic trading conditions, commissions and fees, customer reviews. If crypto exchanges are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One crypto exchange may be good for professionals and another – for novice traders.
Can a cryptocurrency exchange turn out to be a scam?
Unfortunately, this does happen. Therefore, it is better to choose cryptocurrency exchanges that have been operating in the market for at least several years and have a stable reputation. Regulation of an exchange in one of the countries with high legal culture is also an advantage.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.