Exchanges

eToro vs Bybit

Summary: This feature compares two of the most popular cryptocurrency exchanges in the world, Bybit & eToro. We determine which exchange has the best fees, security, assets, customer support and features.

By 
Timothy Wilson
 on  
June 16, 2022
Verified Author

eToro is the oldest cryptocurrency exchange in the world and has been operating since 2007. The platform has offices all over the world and is currently accessible in over 70 countries. In addition to cryptocurrencies, users can also invest in stocks, ETFs, commodities, currencies and indices making it the best multi-asset brokerage platform globally.

Bybit was founded in 2018 and is widely regarded as the best futures (derivatives) trading exchange in the world. It also offers a variety of features including an NFT marketplace, cryptocurrency staking, options trading, Launchpad and Launchpool events and more.

Table of Contents

Fees: Trading, Deposit & Withdrawal

eToro has some of the highest trading fees in crypto, users incur a 1% fee when opening a trade. All withdrawals in USD are charged a $5USD fee and any other fiat currency withdrawal will incur a $5USD fee + a forex conversion fee. As for deposits, most methods are free but credit/debit card deposit incur a 1% fee. 

Bybit on the other hand offers some of the lowest trading fees in crypto starting from 0.1% and getting as low as 0.01% (for high monthly trading volume). All deposits are free on Bybit and withdrawals are free but you need to cost the gas fee when withdrawing cryptocurrencies to an external wallet. 

Winner: Bybit is the clear winner as it offers lower trading, deposit & withdrawal fees. 

Bybit Fees Schedule
Bybit Fees Schedule

Supported Assets and Cryptocurrencies (Tokens)

eToro is the largest and most diverse multi-asset brokerage platform in the world. In addition to cryptocurrencies, eToro users have access to stocks, commodities, currencies, ETFs and indices. It is the only cryptocurrency exchange to offer investment in traditional financial products. However, the only downside eToro has is its lack of cryptocurrencies, only supporting 50 tokens. 

Bybit is a traditional centralised cryptocurrency exchange and only supports cryptocurrencies and options on its platform. In saying that, the amount of cryptocurrencies offered on Bybit is significantly higher than eToro. You can currently access over 300 cryptocurrencies on the Bybit exchange. 

Winner: eToro may have more asset classes offered on its platform but if we’re comparing cryptocurrency exchanges, Bybit offers more cryptocurrencies. 

Futures, Spot & Options Trading

eToro unfortunately only supports Spot trading on its platform and are yet to implement a futures/derivatives trading feature.

Bybit currently supports Futures (derivatives) trading  - Inverse Perpetual, Inverse Futures, USDT Perpetual, USDC Perpetual, USDC Options & Leveraged Tokens. It also supports Spot & Margin trading. 

Winner: Bybit offers considerably more trading options than eToro with multiple types of derivatives/futures trading. 

Bybit Derivatives Page
Bybit Derivatives Page

Security: Licensing, Regulation & KYC 

eToro is currently regulated in over 60 countries and is considered one of the most secure cryptocurrency exchanges in the world. The platform has been operating for over 15 years and has never been subjected to a cyber attack. It operates in accordance with the ASIC, AUSTRAC & FCA. All of its clients’ funds are kept in secure tier 1 banks and their information is guarded under SSL encryption. All users must KYC to use the exchange.

Bybit is not regulated in Australia or any country, this doesn’t mean that it isn’t considered a safe exchange. When an exchange isn’t regulated it doesn’t require users to KYC (verify their identity). There are a lot of users that prefer to keep their identity hidden when buying cryptocurrency, this makes Bybit a popular platform to use in crypto-banned countries. It has never been subjected to a hacking incident or cyber attack.

Winner: eToro is definitely a more secure exchange than Bybit ensuring all users funds are secure and adhering to multiple countries cryptocurrency regulations.

Features - NFT Marketplace, Crypto Staking & More

eToro doesn’t offer any features on its platform besides its multiple asset classes. It does offer cryptocurrency staking but only for Cardano, Tron & Ethereum and the APY (Annual Percentage Yield) is low. 

Bybit has a myriad of features available on its platform including an NFT Marketplace, a P2P exchange, Launchpad & Launchpool, 5 different types of staking options (including double sided and single sided staking) and an online gaming feature. 

Winner: Bybit offers more features on its platform and offers users a variety of options to invest in and earn from. 

Bybit Dual Asset Mining
Bybit Dual Asset Mining

Customer Support & Social Media

eToro offers a Live Support feature on its platform and you can also reach its team via email (support@etoro.com) and telephone (18882718365). As well as multiple online communities - Instagram, Twitter, Youtube & Facebook. 

Bybit also supports a 24/7 Live Support features on its platform and offers customer service in over 30 languages. The customer support team can also be reached on email. They have many online communities including Telegram, Discord, Youtube, Reddit, Twitter, Facebook, Instagram, TikTok, LinkedIn, Trust Pilot & Medium. 

Winner: Bybit offers support in over 30 languages and has multiple online communities. 

Mobile App - iOS & Android

eToro supports a mobile version of their website on both iOS and Android. The app is currently rated 3.6 stars from 1.2K review on the app stores. It offers the same functionality as its web version.

Bybit offers a mobile version of their platform on iOS and Android aswell. It is ranked 3.9 stars out of 900 reviews and is ranked #56 overall in Finance on the app store. Users have access to markets, their portfolio and all the features that the web version offers. 

Winner: Bybit has a higher ranking overall and has a better rating than eToro.

Bybit Mobile Screenshot
Bybit Mobile App Screenshot

Final Verdict

Bybit is by far the superior cryptocurrency investing platform as it offers significantly lower fees, more cryptocurrencies, a more diverse selection of features and doesn’t require its users to KYC. 

To learn more about Bybit and its assets, you can visit our Bybit Review.

Visit Bybit

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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