Bybit vs BingX: Features, Regulation & Fees

Bybit vs BingX Overview

Bybit, founded in 2018, has grown to 40 million users across 160+ countries. The platform is headquartered in Dubai and holds licenses from global regulators such as VARA, CySEC, and DNB. It supports more than 1,400 cryptocurrencies for trading on futures, spot and options markets. As a global exchange, it provides multilingual customer support in 20+ languages.

BingX, also founded in 2018, currently serves 10 million users in 180 countries. Based in Singapore, it’s a social trading platform that merges crypto with traditional financial products like forex and commodities. It is regulated in Australia and the EU and has won TradingView’s Best Crypto Exchange award for three consecutive years (2021–2023).

You can evaluate and compare every feature of Bybit and BingX in the table below.

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Bybit vs BingX Products

Bybit and BingX go well beyond standard spot trading, offering crypto futures trading with leverage to meet the needs of more risk-tolerant traders. Both platforms are highly adaptable, constantly tweaking their products with advanced trading tools or Web3 integrations to align with market trends.

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‍Bybit Features

Bybit provides a comprehensive suite of tools designed for active and professional traders. Key features include:

1. Futures Trading: Over 500 perpetual contracts with up to 200x leverage.
2. Web3 Exposure: A Web3 crypto wallet and DApp store, supporting over 10,000 tokens across 20+ blockchains.
3. Copy Trading: Users can automatically mimic the trades of 152,000+ master traders using the platform.
4. AI and Automation: Access TradeGPT for AI-powered trading insights and integrated trading bots.
5. Bybit Card: A Mastercard debit card for crypto-to-fiat conversions at 90 million merchants.
6. Bybit Earn: Earn up to 380% APY through several staking products, including savings, liquidity mining, dual asset and Ethereum 2.0 staking.‍
7. Launchpools and Pre-Market Trading: Access to token launches and early market opportunities.

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‍BingX Features

BingX presents a combination of crypto and traditional financial products, catering to social traders and those looking to diversify. Its main features include:

1. Perpetual Futures: Up to 150x leverage for Bitcoin futures and 125x for Ethereum.
2. Social Trading: Users can access the social trading feature with over 9.9 million copy relationships.
3. Traditional Assets: Trade forex, commodities, and indices with integration like MT5.
4. Wealth Products: Several earn products including Shark Fin, a principal-guaranteed yield product with bullish and bearish options on BTC/ETH for 1/3/7 days ahead.
5. Loan: Get a crypto loan using another crypto as collateral. Borrowed assets can be traded in Spot and Futures, used in Walth for yield, or withdrawn.
6. BingX Launchpad: Access to token launches and new projects before they are listed on the exchange.
7. Demo Trading: Users can make paper trades to practise trading strategies without risking real capital.

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Bybit vs BingX Futures Trading

Bybit supports over 500 perpetual contracts and provides leverage up to 200x on select trades, backed by its Smart Leverage feature to manage liquidation risks. The platform offers additional services, such as trading bots, copy trading, and demo accounts so users can test-drive their strategies without risking money.

BingX also supports derivatives trading and has 300 futures contracts, offering leverage up to 150x for Bitcoin and 125x for Ethereum. Its strength lies in its copy trading tools, making it easier for newer traders to follow experienced ones, while demo trading provides a safe space to practice with virtual funds.

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Bybit vs BingX Security

Bybit uses a multi-layered system to keep user assets and data safe. Funds are stored offline in cold wallets, protected by advanced multi-sig tech and Threshold Signature Schemes (TSS). Regular Proof of Reserves audits ensure transparency, and data is encrypted at rest and in transit. It also uses real-time monitoring to catch suspicious activity and two-factor authentication. 

BingX also prioritizes security, with most assets held in cold storage, reducing the risk of online threats. It uses strong firewalls, encryption, and two-factor authentication (2FA). It also regularly publishes its Proof of Reserves, holding $262 million. Unfortunately, BingX’s security was recently breached on September 20, 2024, where hackers got away with $42 million in user funds.

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Bybit vs BingX Fees

Fee structures on both platforms offer competitive pricing through several levels, based on 30-day trading volume and settlement assets (be it fiat, USDT, or USDC).

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Bybit Fees

Bybit uses a tiered fee structure based on VIP & Pro levels and trading volume with discounts for active traders:

• Spot Trading: Maker and taker fees start at 0.1%, but Pro discounts can lower these to 0.005% for makers and 0.015% for takers.
• Futures Trading: Maker fee 0.02%, Taker fee 0.055%, with reductions down to 0% for makers and 0.018% for takers at higher VIP/Pro levels.

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BingX Fees

BingX has a similar fee structure, with reduced fees for social traders through its VIP program:

• Spot Trading: Maker and taker fees start at 0.10%, and can drop to 0.005% for makers and 0.020% for takers at higher VIP levels.
• Futures Trading: Maker fee 0.02%, Taker fee 0.05%, with reductions down to 0% for makers and 0.0280% for takers at the highest Supreme VIP level.

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Bybit vs BingX Regulation

Bybit operates under Bybit Fintech Limited and holds licenses from several jurisdictions, including VARA in Dubai, CySEC across Europe, and DNB in the Netherlands. The exchange adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies and restricts access to users in countries such as the US, UK, and Singapore.

BingX is a regulated exchange in multiple regions. It is a Digital Currency Exchange (DCE) in Australia and regulated by the Financial Crime Investigation Service (FSIC) in Lithuania. Its services are not available in the US, UK, Canada, and other restricted regions. The exchange also follows strict KYC and AML standards.

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Bottom Line

In conclusion, both Bybit and BingX offer feature-rich trading platforms but with different strengths. Bybit is the better option for advanced traders seeking high leverage and innovative tools like TradeGPT and Web3 integration. BingX is better suited for those interested in social trading and exposure to traditional financial markets.