Hi It's Unicorn

 

This time, let's  look at the difference between BitMEX and ByBit Futures Exchange!

Compare each exchange and choose the one that is suitable for you.

 

BitMEX VS Bybit

 

 Bybit

1. There is no overload problem.

2. It offers execution speed of 100,000 TPS (transaction execution per second).

3. Friendly interface.

4. Auto-Margin Replenishment, Auto-Deleveraging, and Strategy Alert Sensor. ByBit has a fair liquidation policy compared to BitMEX.

5. Fee discount, event, and promotion.

 

BitMEX

1. It has occurred overload.

2. It offers execution speed of 10,000 TPS, relatively slow processing speed. 

3. Complex interface.

4. Compare to Bybit, It’s easy to be liquidate.

5. No event. 

 

We have analyzed the 5 most obvious differences between BitMEX and ByBit!

 

1. Trading volume

If the liquidity is higher, the spread between bid and ask prices will be narrower, thereby minimizing slippage. Due to the higher volume, more traders can purchase or sell it with the price they want.

 

Higher trading volume can also be used as an indicator that more capital and more market participants are using a particular token or exchange. The ranking of cryptocurrency market futures exchanges as of 2021 is as follows!

 

This is the margin exchange trading volume ranking as of Sep. 14, 2021.

 

2. Overload and TPS

Overload refers to there are too many users or many signatures at once, it can be understood as a phenomenon that causes delays

 

BitMEX is prone to overload error and login issues, although their users respond constantly these problems to customer service. On the other hand, Bybit Exchange has a standard interface where users can easily toggle between multiple widgets in the platform. Bybit is also proud that there is no overload problem.

 

TPS (TRANSACTION PER SECOND) is a number that measures the number of transactions that can be executed per second. BitMEX can execute 10,000 transactions per second and ByBit can execute 100,000 transactions per second.

 

The TPS difference between BitMEX and Bybit is about 10 times. Log in and refill issues often occur on BitMEX platform due to excessive trading volume. On the contrary, Bybit Exchange's servers and transaction execution engine are clean and fast!

 

3. User friendly

 

Functionality

 

Although BitMEX has removed many classification methods and functionality, it is estimated that less than 10% of these functionality are actually used. ByBit has precisely captured this part and designed the function to make it easy for users to use. Bybit adopts the strengths of Binance on trading method and skip the shortcomings of BitMEX. Bybit provides traders a better exchange that really gave them what they needed. 

 

Customer service

 

BitMEX primarily offers email-based customer support and has no live chat feature on its platform. You can contact Korean manager through the email on BitMEX exchange. However, If you want to get immediate feedback to solve the problem, you are better to write it in English.

 

On the other hand, you can directly conduct 1:1 chat consultations in Korean at Bybit. Korea CS supports 24 hours service. If you have any problem, you can get the solution immediately.

 

Both the exchanges have FAQ page explaining all their product features and functionalities.

 

4. Deposit and Withdrawal

 

BitMEX only supports deposits and withdrawal in bitcoin. ByBit allows its users to fund its account using five different cryptocurrencies: BTC, ETH, XRP, EOS, and USDT.  Ripple is the fastest and cheapest, but if you don't want to be affected by fluctuations, Tether is also a good choice. Both exchanges do not support fiat currencies. 

 

(BitMex only supports Bitcoin)

(ByBit supports deposit and withdrawal in 5 tokens)

5. Activities

 

Bybit regularly holds new events. We provide subscription benefits for new users, and you can challenge to win prizes in various ways, such as trading competitions. On the other hand, BitMEX doesn't even do events ^^;;

 

Please note that there may be subjective and biased content!

 

 Hope it helps everyone~