Cryptocurrencies are gradually growing in popularity among traders as a tradable asset class on a par with traditional assets such as stocks, forex, and commodities. The appeal of cryptocurrency trading is growing due to its inherent volatility, massive trading volumes, 24-hour market, and opportunities for arbitrage. Now, everyone from retail investors to crypto whales, VCs, family offices, and institutional players, wants a piece of the crypto pie.
Currently, three of the top-rated platforms for trading cryptocurrencies, crypto derivatives, and tokenized assets are Currency.com, BitMEX, and Bybit. In this post, we provide a comparative analysis of the three platforms to help you make an informed decision on where to conduct your crypto trading activities.
Overview
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| Beginner Friendly? | ❌ | ✅ | ✅ |
| Mobile App (iOS & Android)? | ✅ | ✅(App coming soon) | ✅ |
| Buy/Deposit Method: | Cryptocurrencies (BTC Only) | Cryptocurrencies | Cryptocurrencies, Credit Cards, Debit cards |
| Sell/Withdrawal Method: | Cryptocurrencies (BTC Only) | Cryptocurrencies | Cryptocurrencies and Fiat withdrawals |
| Minimum Deposit | 0.001BTC | No Minimum | 0.002 BTC, 0.1 ETH, 0.05 BCH, 0.2 LTC |
| Available Cryptocurrencies: | BTC, ETH, EOS, XRP, ADA, LTC | BTC, ETH, EOS, XRP | 1500+ Cryptocurrencies, Stocks, Commodities, Bonds, Forex |
| Offers Fiat Pairings? | ❌ | ❌ | ✅ |
| Offered Leverage | 5X | Up to 100X | Up to 500X |
| Trading Fees: | -0.0200% (Maker fees)
0.0750% (Taker fees) |
-0.0250% (Maker fees)
0.0750% (Taker fees) |
Crypto -0.025% (Maker fees) 0.075% (Taker fees) Tokenized Assets 0.0125% Tokenized Forex 0.002% |
| Withdrawal Fees: | No withdrawal fees | No withdrawal fees | Payment Gateway Commissions |
| Licensed or Regulated? | ❌ | ❌ | ✅ |
| Social Trading? | ❌ | ❌ | ❌ |
Currency.com vs Bybit vs Bitmex: Opening Your Account
BitMEX’s account opening process is simple. You’ll be required to enter an email address and to choose a password. You’ll also need to enter your first and last name, as well as your country of residence. BitMEX will then send a verification link to your email – once you click on the link to verify the email, you can go ahead to fund your account and start your trading activities.
You can open a Bybit account in less than 30 seconds, and it all starts with you creating an account with either your phone number or your email. You’ll then be asked to choose a password, and a verification link will be sent to your email or phone for confirmation. Once you’ve verified your phone number or email address, you can proceed to fund the account to start trading.
Opening an account on Currency.com is also quite stress-free. It starts with you entering your email address and choosing a password. Afterward, you’ll be asked to select your country of residence and nationality, and you’ll need to confirm if you are resident in the U.S or not for tax purposes. The next screen will request for your first and last name – and that’s it, your account is all set up and you can go ahead to fund it to begin trading.
Currency.com vs Bybit vs Bitmex: Available Assets
ByBit and BitMEX seem to be focused exclusively on providing traders with access to core crypto trading and cryptocurrency derivatives trading. For instance, BitMEX provides access to the trading of perpetual crypto contracts and futures contracts. Bybit also supports the trading of crypto perpetual contracts and it is reportedly working on making more assets available to its users. However, neither BitMEX nor Bybit provides access to crypto options.
Currency.com doesn’t seem to offer crypto derivatives such as futures and options yet. However, Currency.com allows traders to trade in the most popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple. More importantly, Currency.com provides traders with access to tokenized legacy assets such as stocks, bonds, and commodities, and there are currently more than 1,500 tradable assets on its platform.
Currency.com vs Bybit vs Bitmex: Regulation
BitMEX is currently not regulated by any known authority or in any jurisdiction. In fact, in 2019, BitMEX technically banned residents of the countries in which it was incorporated. The company in a terse statement noted that “We have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located. Seychelles, Hong Kong, and Bermuda will be added to the list of jurisdictions already restricted from access to BitMEX.”
Similarly, ByBit is not currently regulated in any country or jurisdiction even though its headquarters is domiciled in Singapore and the company is incorporated in the British Virgin Islands. It is also worrisome that the company doesn’t require users to complete KYC verifications. However, Bybit says it is compliant with “Data Privacy Law” including the EU General Data Protection Regulation 2016/679.
Currency.com is the world’s first fully regulated tokenized security exchange. The company is authorized and regulated by the High Technology Park of the Belarussian government, and it is licensed to operate as a crypto exchange platform. The company is also compliant with KYC and AML regulations, as well as user data privacy and protection laws.
Currency.com vs Bybit vs Bitmex: User Interface
BitMEX’s platform doesn’t quite measure up in terms of the UX and UI. To start with, the platform feels crowded and users might not find it easy to find and access important menu items and options. Nonetheless, if you don’t want to make too many user journeys, BitMEX allows you to buy and sell contracts, use a slider to determine your leverage, and also to view market charts all within the same window.
ByBit’s platform is much easier to use than BitMEX’s platform. Its user interface shows a thoughtful layout with distinct panes showing different menu items. The different trading options such as buying and selling contracts as well as choosing how much leverage to apply are also provided within self-contained panes. The best part is that the UI also delivers subtle prompts to help you navigate the platform and to understand what the different features mean.
Currency.com’s platform layout delivers an intuitive UX with a default dark mode, a highlighted and self-explanatory tabs and panes. On the far left of the screen, you’ll find menu options to charts, trading reports, your portfolio, trading contests, support, and settings. At the top left of the screen, you can toggle between the standard exchange and the leveraged exchange. Just under the pane, you can search for specific assets and get an instant view of the most traded, top-rising, top-falling, and most volatile assets. The center of the screen is dedicated to a mix of crypto and traditional assets as well as a chart showing live Bitcoin/USD trading patterns.
Currency.com vs Bybit vs Bitmex: Controversies
Cryptocurrency trading still attracts skepticism and controversies because it fundamentally promotes money that is not backed by a sovereign entity. Many people are also skeptical about trading cryptocurrencies because governments and their agents are not yet willing to give cryptocurrencies the same legal status that fiat currencies enjoy. The fact that many charlatans took advantage of the 2017 ICO boom to perpetrate scams also adds to the skepticism around cryptocurrencies. Hence, it can feel like double jeopardy if your crypto exchange becomes enmeshed in a scandal.
Up until this point, Currency.com and ByBit have not been mentioned in any form of controversy. Both companies have been quick in responding to users’ concerns, clearing up ambiguities, and maintaining a stellar reputation.
However, in the last few years, BitMEX has been reportedly experiencing system overloads during peak trading times. The problem with the peak overload is that it often makes it impossible to enter or close trades and traders may lose out on trading opportunities through no fault of their own. Some users have also posted unverified reports suggesting that BitMEX might be guilty of allowing Insider Stop Hunt and that the exchange can sometimes maliciously liquidate users’ positions arbitrarily.
Currency.com vs Bybit vs Bitmex: Final Verdict
Currency.com, BitMEX, and Bybit are well-known, high volume, high liquidity cryptocurrency trading platforms. In the earlier parts of this review, we have pinpointed their strengths and weaknesses so that you can make an informed decision based on the features and factors that are most important to you.
We would rather not choose one exchange over the other two; however, if we must choose a winner, Currency.com will come first because of the sheer volume of tradable assets that it has, its regulatory oversight, and it’s integration with the fiat economy. ByBit will come second because of its user-friendly platform and the fact that it doesn’t seem to be enmeshed in any form of controversy. And lastly, we will rank BitMEX in the third position because of its lack of regulatory oversight and the controversies around its operations.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.