To know which is better Bybit or FTX, is important for all crypto enthusiasts, especially if they are stuck between choosing any of the two.
Both the exchanges are undoubtedly outstanding and offer some of the best features to the crypto traders. However, if you are new to the crypto space and only have to pick one, it can be difficult to do so if you don’t know which surpasses the other.
Therefore, to have a clear idea of what both the trading platforms have to offer, you can take a look at this brief Bybit vs FTX comparison. This comparison will focus on the major features of both exchanges that can help you determine, which of the two is more according to your needs and trading requirements.
Which is Better Bybit or FTX? – Introduction
Starting with the introduction of both the exchanges is important to give an idea of how it all began.
The Bybit exchange is one of the topmost trading platforms that is widely used in the crypto trading community. It is a peer-to-peer (P2P) trading platform that caters the needs of more than 1.6 million active users. It is a powerful platform that is capable of handling the highest number of transactions per second (TPS), which is 100,000 TPS. It is a reputable exchange that offers impressive features as mentioned below.
FTX, on the other hand, is also a well-known crypto derivatives trading platform that stands out among other platforms because it was established by the crypto traders for the crypto traders. It is also a versatile platform that does not offer limited support to cryptocurrencies but extends it to other trading products.
Customer Support Services Offered
The customer support services are a crucial aspect to explore, especially while carrying out a comparison such as this Bybit vs FTX comparison.
Bybit is known to be an outstanding crypto exchange. That ensures all kinds of traders are able to buy, sell or trade crypto with minimum challenges and obstacles. The customer support services offered by the Bybit exchange. It have some of the highest remarks in the industry as it is like no other. The customer support agents working with the exchange are not only experienced but are multilingual. They are available to assist the users around-the-clock and no responses are delayed, thanks to the availability of its live-chat feature.
To know, which is better Bybit or FTX, you should also know the customer support offered by the FTX exchange. Even though this trading platform also offers an impressive customer support. It is not as highly regarded as the one offered by Bybit. The users of FTX can reach out to the agents through different channels. But receiving a quick response may not be guaranteed.
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How Much Leverage is Offered?
Leverage trading is an interesting yet risky trading strategy that is supported by numerous cryptocurrency exchanges. This strategy allows traders to borrow funds from brokers and open bigger trading positions. However, the amount that one can borrow is dependent on the leverage offered by each exchange, which is not the same. Therefore, this Bybit vs FTX comparison highlights how much leverage each platform offers.
Bybit is an outstanding crypto trading platform that not only supports leverage trading. But offers one of the highest leverages, which is up to 100x.
On the other hand, FTX is a trading platform. That previously offered an even higher leverage, which was up to 101x. However, it has now been reduced and is up to 20x.
Even though Bybit offers the higher leverage. It is important you choose the leverage carefully because higher the leverage. The higher the risks will be.
Security Offered by Both
Comparing the level of security offered by both Bybit and FTX is crucial. Because opting for a secure exchange should always be your priority. There are platforms that offer impressive features but fail to ensure. That the funds and information of the users are kept safe. This is important so you can buy, sell or trade crypto. Without worrying about coming across any kind of cyber threats or failure.
However, if you want to know, which is better Bybit or FTX in terms of safety. Then you should know that both the trading platforms are known for how well they prioritize the safety of their users.
Both the exchanges make use of cutting-edge security protocols to make sure that the security of the exchange remains intact and safe from any kind of threats and failure.
To know for sure, which is better Bybit or FTX, it is important that you do a proper comparison of the two as seen above. Comparing several options that you have can help you be sure which one stands out among other options. Therefore, to help you make an informed decision you should see the details mentioned above.