Trading cryptocurrencies is more interesting than trading equities or other forms of traditional assets. The volatility of cryptocurrencies drives massive price movements that would probably give Wall Street stocks traders a collective heart attack. Trading cryptocurrency derivatives, however, adds another layer of sophistication to cryptocurrency trading because profits or losses tend to be exponentially magnified.
Cryptocurrency derivatives trading is a fast-paced game, and the quality of your trading experience is largely dependent on the exchange on which you conduct your trading. This piece compares BitMEX and Bybit, two of the most popular cryptocurrency derivatives trading platforms in the market with a view to helping you choose the best place to trade crypto derivatives.
BitMEX, founded in 2014 is a peer-to-peer trading platform for cryptocurrency products. BitMEX and the BMEX mobile apps are owned and operated by a Seychelles incorporated entity called HDR Global Trading Limited. BitMEX’s founding team is made of three individuals with experience in equities derivatives trading, web development, and market-making.
BitMEX currently supports BTC, BCH, ADA, EOS, ETH, LTC, and XRP. The leverages that it offer on trades also vary for different cryptocurrencies. You should also note that only BTC deposits are accepted on BitMEX. You can’t deposit any other cryptocurrency. The exchange also records profits and losses in BTC terms; hence, withdrawals is only possible in BTC as part of what it calls ease of accounting.
In contrast, Bybit only provides supports for BTC, ETH, EOS, and XRP – it promises to add other coins in the coming months. Bybit charges a flat -0.0250% maker rebate and 0.0750% taker fees on all the coins its supports. The best part is that Bybit allows traders to make deposits and withdrawals in all the cryptocurrencies that it supports.
BitMEX customer support available via its website is primarily a web-based support ticketing system. It claims to provide support for the English, Chinese, Russian, Korean, and Japanese languages. In addition, it seems to have a chat-based support on third party instant messaging platforms such as Wechat, Weibo, and Telegram (Russian).
Bybit’s motto is “We listen, We care, We improve.” This motto is a core element in how Bybit’s customer support functions. It offers 24/7 customer service live chat right there on its website. In addition, users can reach out to support via email or reach out to one of its social media accounts on 8 of the biggest social media platforms in the world.
From the foregoing, BitMEX only takes the lead in for listing two more cryptocurrencies than Bybit However, Bybit has a cheaper and straightforward fee structure as opposed to BitMEX’ staggered fee structure. Bybit has 24/7 live chat which is better than opening a support ticket on BitMEX.
You’ll also love the fact that Bybit supports deposits and withdrawals in all its listed cryptocurrencies as opposed to BitMEX that only permits deposits and withdrawals in Bitcoin.
BitMEX might be older than Bybit but age is not necessarily a determiner of value. The verdict is that Bybit provides a superior trading experience.
However, Bybit is still relatively new in the market, we will be back after one year to see if its service has improved or deteriorated from current levels.
Disclaimer: This article is strictly for educational purposes and should not be construed as financial advice.
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