Bybit’s regulatory trouble and sudden departure from the French market has left many of the exchange’s users scrambling for alternatives. This guide outlines the top 10 centralized crypto exchanges for those affected by the French exit. Here are the best options for secure, low-fee trading in 2024.
KEY TAKEAWAYS
• Bybit is shutting down its French operations, citing regulatory hurdles.
• The exchange hopes for a near-future return to the French market but hasn’t offered any specifics.
• Top Bybit alternatives include Binance, Bitget and BYDFI.
• Users looking for a new exchange should consider their individual requirements as well as the liquidity, security, and reputation, and fees associated with each platform.
Top 10 Bybit alternatives for traders in France
1. Binance
As the world’s leading crypto exchange by trading volume, Binance’s high liquidity ensures minimal price slippage and rapid trade execution. As of August 2024, the platform supports more than 400 cryptocurrencies and 11 fiat currencies, including GBP, EUR, AUD, and BRL. Unless you are searching for a really obscure trading pair, the odds are high you will find it on Binance.
In addition to spot trading, Binance offers advanced options like margin trading and DeFi staking. These features bring more opportunities for experienced traders looking to diversify their portfolios and strategies.
- Binance ensures quick trade execution with minimal slippage across hundreds of cryptocurrencies.
- It offers advanced trading tools, such as margin trading, futures, and DeFi staking, which help diversify your trading strategy.
- Binance supports a wide range of crypto and fiat currencies.
- The user interface is simple and efficient, which helps even new users quickly get up to speed.
- Ongoing regulatory scrutiny in various countries may impact operations.
- Binance’s customer support often faces criticism for its slow response time, with users reporting long wait times.
2. Bitget
Bitget is a user-friendly crypto exchange that offers a range of trading options, including spot trading, futures trading, and staking. The platform boasts a competitive fee structure, with a standard trading fee of 0.1% for both Makers and Takers.
Bitget’s copy trading feature allows you to automatically follow and replicate the strategies of top traders on the platform. This is particularly valuable for new users looking to learn from the strategies of seasoned traders.
The platform also offers sophisticated trading bots, including spot grid and Futures Martingale bots. This enables advanced users to automate their trades.
Bitget’s stringent security measures include a monthly updated proof-of-reserves (PoR) and a $300 million user protection fund.
- Bitget’s simple interface makes it accessible for both beginners and experienced traders.
- Copy trading enables users to replicate the trading strategies of experienced traders.
- Low transaction fees.
- Solid and extensive security measures and reputation.
- Mandatory KYC may be a turn-off for traders who prioritize privacy.
3. BYDFi
BYDFi is a good option for users who are looking for a degree of anonymity and don’t want to complete KYC verification processes.
The platform also supports leveraged trading for those looking to maximize their return from market volatility. A strong emphasis on security, competitive fees, and copy-trading features all make BYDFi a viable alternative to Bybit.
- BYDFi offers an intuitive platform that is easy for beginners to navigate
- The exchange lets traders potentially increase returns with higher exposure without traditional margin requirements.
- Offers two-factor authentication and account segregation to protect user funds.
- BYDFi lacks comprehensive learning materials for new users compared to some of the other exchanges on this list.
- Liquidity may be an issue for some less-common trading pairs.
4. BingX
BingX puts a strong emphasis on security and offers a beginner-friendly approach to trading. The platform supports a social trading feature that enables users to connect and interact with fellow traders around the world. The result is a community-driven environment where traders can share insights and strategies.
The platform also offers a wide range of derivatives and perpetual contracts across diverse markets, including commodities and indices — these are not commonly available on most platforms. In addition, the platform also has a multilingual interface and a growing collection of educational resources.
- Reliable customer support.
- Offers high leverage on certain assets for increased returns.
- BingX offers copy-trading features to help users learn from expert traders
- BingX offers limited staking and passive income features.
- Limited asset variety.
5. BloFin
BloFin simplifies derivative trading for those with an appetite for high-risk, high-reward strategies. It offers leverage up to 150x, which, combined with the platform’s copy-trading feature, can amplify potential returns.
We also liked that the futures trading option lets you access trading bots. You can use the free trading bot tool to automate your trading strategies based on TradingView signals or create custom bots to eliminate the need for manual trade execution.
BloFin offers a tiered fee structure where trading fees decrease with higher trading volume and asset balances. While the average spot and futures trader can expect fees around 0.1% and 0.02% respectively, top-tier VIP5 users enjoy significantly reduced fees, including zero maker fees for futures trading.
- BloFin offers plenty of learning resources.
- The exchange offers a wide range of perpetual contracts and spot markets.
- You can automate your trades using BloFin's free trading bot tool
- The tiered fee structure incentivizes higher trading volume and asset balance.
- It doesn't have native payment processing capability.
- Offers fewer spot trading options compared to its competitors.
6. M2
M2 offers some of the highest yields in the industry, with competitive APRs of up to 10% on assets like USDT, SOL, and ETH. It provides a wide range of services, including OTC trading, crypto loans, margin trading, and tokenized equity for retail and institutional investors.
The platform offers flexible and fixed-duration plans, allowing you to earn rewards on over 30 assets. Flexible plans allow you to access your funds anytime. Meanwhile, fixed-duration plans offer higher yields but require you to lock your assets for a set period.
The centralized exchange is regulated by the Financial Services Regulatory Authority in the Abu Dhabi Global Market.
- User funds are held in cold storage as per strict regulatory compliance.
- M2 offers some of the highest yields in the industry.
- M2 provides both flexible and fixed-duration plans.
- Transparent and competitive fee structure
- Lacks phone support.
- It supports fewer assets than most of its competitors on this list.
7. Coinbase
Coinbase simplifies the process of buying, selling, and managing crypto. Although it doesn’t list as many assets as some of its competitors, the platform offers 250+ coins and tokens, which is sufficient for most users.
The U.S.-based regulated exchange offers a secure and transparent trading environment. This is reflected in Coinbase’s security deployment, which includes cold storage for the majority of its assets, insurance protection for user funds, and other standard features such as 2FA.
Coinbase’s bug bounty program further enhances security by rewarding the responsible disclosure of vulnerabilities.
- The platform’s regulatory status instills user confidence.
- It keeps the majority of its funds in cold storage. Also, user funds are insured.
- The platform has a vast pool of educational resources to help out those new to crypto.
- Fees are high compared to other Bybit alternatives we tried.
- It has fewer advanced tools for detailed market analysis and risk management compared to competitors.
8. Margex
Margex’s fee structure is arguably its biggest advantage. The platform charges just 0.06% for taker fees on market orders and 0.019% for maker fees on limit orders.
It also has a low minimum deposit requirement along with high-leverage options that suit traders who prefer high-risk, high-gain strategies.
The platform also has a copy-trading feature so you can mimic the portfolio and trading strategies of experienced traders.
As for security, Margex’s MP Shield AI system helps protect against price manipulation, unfair liquidations and slippage.
- Low minimum deposit requirement.
- Leverage of up to 100x.
- MP Shield AI system protects against price manipulation, unfair liquidations, slippage, and erratic price wicks.
- Multilingual customer support.
- Limited trading pairs as of August 2024
- It’s not widely recognized, which may concern some users.
9. MEXC
MEXC supports a wide range of crypto assets and trading pairs. The trading platform offers relatively high liquidity and rapid transaction executions, both of which are crucial for smooth, hassle-free trading during volatile market conditions.
The platform has an AA security rating, a bug bounty program, and a publicly available proof of funds.
- MEXc levies zero fees for spot trading.
- Had reliable 24×7 customer support.
- Offers a vast pool of educational resources to help new users get started.
- MEXC supports a very limited number of fiats.
- Not as widely known as some of the other Bybit alternatives we tried out.
10. eToro
eToro supports a wide range of trading instruments, including stocks, cryptocurrencies, forex, commodities, and ETFs.
The regulated platform also offers a risk-free demo account that helps you test the waters before spending real money on crypto trading.
- eToro offers a wide range of financial instruments, including crypto.
- It offers a demo account that new traders can practice on.
- It is a regulated platform with a proven track record.
- Offers a competitive and transparent fee structure.
- Some users report delays in customer service response times.
- Its spreads can be higher than some competitors.
Top Bybit alternatives compared
| Exchange | Average liquidity (as per CoinMarketCap) | Trading fees | Cryptocurrencies supported | Deposit/withdrawal options |
| Binance | 887 | 0-4.5% | 400+ | Bank transfers, credit/debit cards, crypto |
| Bitget | 529 | 0.10% | 800+ | Bank transfers, credit/debit cards, crypto |
| BYDFi | 572 | 0.10-0.30% | 270+ | Crypto only |
| BingX | 500 | 0.1% to 0.0325% | 800+ | Bank transfers, crypto |
| BloFin | 431 | 0.02% (maker) & 0.06% (taker) | 340 (perps) & 100 (spot) | Crypto only |
| M2 | 253 | For spot: 0.10%; for futures: 0.02% (maker), 0.04% (taker) | 40+ | Crypto only |
| Coinbase | 780 | 0.50% for instant buy/dell; 0.05% – 0.60% (taker) | 250+ | Bank transfers, credit/debit cards, PayPal, crypto |
| Margex | N/A | 0.06% taker (market order), 0.019% maker (limit order) | 40+ | Crypto only |
| MEXC | Medium | Zero fee | 2,400+ | Bank transfers, crypto |
| eToro | N/A | 1% for crypto trading | 70+ | Bank transfers, credit/debit cards, PayPal |
The data presented in the table are sourced from CoinMarketCap (CMC) and accurate as of Aug. 9, 2024.
Bybit’s exit from France: What does it mean for users?
On Aug. 1, 2024, Bybit announced plans to shut down its operations in France. The Dubai-based exchange attributed the move to “recent regulatory developments” by France’s regulatory body, the Autorité des Marchés Financiers (AMF).
Did you know: Bybit surpassed Coinbase in March 2024 to become the world’s second-largest crypto exchange by trading volume?
The AMF issued a press release in May 2024 reminding investors that Bybit was not authorized to offer digital assets services in the country. It added that the AMF had blacklisted the exchanges since May 20, 2022, for not complying with French regulations. As such, it warned investors that the Bybit website and its services could be blocked in the country under applicable laws.
Bybit responded to the looming crackdown by announcing that it would wind down French operations starting on Aug. 2, 2024.
“Effective from August 2nd, 2024; 08:00 UTC, your account will be restricted to a “Close-Only” mode, which means that from that time onwards, there can be no opening or adding of any new positions nor the purchasing of any type of products by you.”
– Bybit press release
The exchange further stated that it will begin liquidating all open positions held by French users on Aug. 13, 2024.
The statement also mentioned that the platform hoped to return to the French market in the “near future” but did not disclose any further details.
How to choose a Bybit alternative
We evaluated each listed exchange based on key parameters such as liquidity, available trading pairs, fees, security, and features. While all of the listed exchanges passed most criteria, the best choice for you will ultimately depend on your individual circumstances.
For instance, factors like geographic location, regulatory environment, and personal risk tolerance also matter as they can impact your bottom line. Therefore, it is important that you consider your preferences and risk appetite carefully and evaluate each platform accordingly to ensure a safe and convenient trading experience.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Crypto is a volatile market, and profits are never guaranteed when trading.
Frequently asked questions
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