Bybit and Coinbase are two popular cryptocurrency exchanges that each serve a global clientele base. Generally, each exchange appeals to a different investor profile. Both exchanges have similar and different positives, negatives, product offerings, and features. This 2022 comparison aims to give a succinct, information-packed overview and comparison of the good, the bad, and the ugly of both Bybit and Coinbase. So here we go, Bybit vs Coinbase!
Executive Summary
ByBit is a Singapore-based crypto exchange. Founded in 2018, the exchange currently services approximately 5 million global users. The exchange offers users a very diverse menu of trading features, including spot, margin, options, futures, and perpetual derivatives. The exchange also features multiple savings products, decentralized finance opportunities, and an NFT marketplace.
ByBit likely appeals to intermediate and experienced crypto investors and traders due to its diverse, exotic product menu and low trading fees. Bybit offers extensive optionality with regards to trading order types and TA tools. No KYC is required on ByBit, but depositing fiat is a hassle. Most users likely fund and withdraw via only crypto, which adds to the sense that most of ByBit’s users are not crypto beginners.
Are you looking for all details on this exchange? Read our Ultimate Bybit review here and learn more.
Buy, sell & trade crypto on bybit
Coinbase is an American-based crypto exchange. Founded in 2012, Coinbase is one of the oldest, most prominent exchanges in the industry. Servicing approximately 98 million global users, the exchange offers users smooth fiat on and off ramps between bank accounts and the exchange. Coinbase features a simple, clean UI that pairs with its limited trading instrument menu. Additionally, Coinbase offers users a debit card that pays back crypto, and a line of credit collateralized by bitcoin.
Coinbase seems well-suited for crypto beginners because of its seamless fiat to exchange on and off ramps, simplified, straightforward trading interface, and limited trading instruments, order types, and tools. Most need to crawl before they walk, and Coinbase seems like a decent place for the former. Coinbase’s hot wallet offering is a fantastic getaway for beginners to learn how to self-custody crypto. However, concerns loom with regards to Coinbase’s commitment to user privacy.
This comparison will analyze ByBit and Coinbase under the following seven factors:
- Security
- Ease of access, control, and use
- Fees
- Supported trading instruments, orders and tools
- Unique features
- Aesthetic experience
- Supported cryptocurrencies.
Finally, this analysis focuses on ByBit and Coinbase product suites for retail investors only. Coinbase does offer products geared towards family offices, businesses, and institutions, but those are not reviewed in this analysis.
Definitions
Security: Degree of protection against hacks, theft, losses, exchange freezes or seizures, and privacy leaks
Ease of Access, Control, and Use: Ease and ability to access, deposit, withdrawal, and trade assets
Fees: Fees charged to deposit, withdrawal, and trade assets
Supported Trading Instruments, Orders & Tools: Diversity of available trading instruments, order types, and TA…
David learned about bitcoin in 2015 and has closely followed the crypto industry since then. His professional interests center around bitcoin, layer-one blockchain protocols, decentralized finance, and clean energy. An attorney by trade, David has held licenses to practice law in the State of Hawaii and in US federal courts.
