THORChain vs Bybit: Fees, Security, Features & Which to Choose (2025)

Trying to choose between THORChain and Bybit This side-by-side comparison reveals total cost (fees + spreads), security & licenses, coins/derivatives, deposits/withdrawals, and app quality. In 2 minutes you’ll see who wins for beginners, active traders, and long-term holders. Clear pros/cons, a quick verdict, and safe links to get started.

Last updated on September 7, 2025

THORChain

Bybit

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Available Countries

United States

Yes

Europe

Yes

Latin America

Yes

India

Yes

China

Canada

Yes

United Kingdom

Yes

United States

Yes

Europe

Yes

Latin America

Yes

India

China

Canada

United Kingdom

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THORChain is ideal if:

You value native cross-chain swaps — ideal if you're seeking seamless, non-custodial swaps between different blockchains without wrapped tokens.
You're experienced with DeFi mechanics — a great match if you're comfortable navigating liquidity pools, impermanent loss, and node operations.
You prioritize decentralization and control — perfect if you prefer trustless networks and retaining custody of your assets throughout trading.

Bybit is ideal if:

Advanced trading tools: Offers a sleek, user-friendly interface with features like conditional orders and charting tools that suit experienced traders looking for precision.
Wide asset selection: Supports a broad range of cryptocurrencies and derivatives, giving you flexibility whether you like spot trading or futures.
Strong security reputation: Prioritizes safety with industry-grade infrastructure and proactive risk management—great if security is a key concern for you.

THORChain isn’t ideal if:

You're new to DeFi — its cross-chain mechanics and impermanent loss dynamics can be technically challenging for beginners.
You prefer institutional certainty — recent financial strains and paused lending services signal an unstable risk profile.
You favor strong traditional governance — decentralized decision-making has shown delays and controversy under stress.

Bybit isn’t ideal if:

New traders could feel overwhelmed: The platform’s advanced derivatives and leverage tools often present a steep learning curve for users just starting out.
Limited availability in some markets: If you're located in certain jurisdictions, you may not be able to access or fully use all features due to regulatory restrictions or regional bans.
Centralized security risks remain: Despite improvements, the record-breaking hack highlights inherent vulnerabilities in centralized exchanges—so those prioritizing decentralization or peace of mind may look elsewhere.

Fees & Total Costs

Spot Maker/Take

THORChain uses a single swap fee model that replaces traditional maker/taker pricing; fees adjust dynamically based on pool depth and trade size, with occasional affiliate fee options but no separate native token discounts.

The spot market applies a tiered maker/taker structure where higher trading volumes unlock reduced fees—active traders benefit from sharper discounts as they climb VIP or Pro levels.

Futures/Derivatives

THORChain doesn’t offer derivatives or futures trading—its focus remains on native, non-custodial cross-chain swaps within liquidity pools.

Futures and perpetual contracts also use maker/taker pricing that improves with higher tiers, and include dynamic funding payments between long and short positions, which shift with market sentiment.

Average Spreads on Liquid Pairs

As a decentralized protocol rather than an order-book exchange, THORChain does not quote fixed spreads; the effective cost emerges from slip-based fees tied to trade size and liquidity depth instead.

For high-liquidity pairs like BTC/USDT and ETH/USDT, spreads remain tight and competitive, ideal for minimizing slippage on larger trades.

Fiat Deposits & Withdrawals

THORChain operates purely on-chain with crypto-to-crypto swaps and doesn’t support direct fiat deposits or withdrawals through traditional methods like bank transfers.

Users can deposit or withdraw fiat through numerous local payment methods and gateways; each method displays its associated fee and processing time during the transaction—these vary by region and require identity verification.

On-chain Withdrawals

Outbound withdrawal costs vary by chain—users pay what amounts to a markup over typical on-chain “fast” fees (sometimes one-and-a-half to three times), and there’s also slip-based pricing and protocol network fees embedded in the trade.

Cryptocurrency withdrawals have fixed network-based fees per coin and chain, meaning the fee doesn’t scale with amount but adjusts based on current blockchain demand and congestion.

Hidden Costs

Beyond obvious transaction fees, users may face slip-based costs, optional affiliate charges, and on-chain gas variations—but there are no inactivity or expedited KYC fees built into the protocol.

Occasional indirect costs may include currency conversion charges from funding accounts denominated differently, potential inactivity penalizations over long dormant periods, and expedited identity checks for faster access, depending on account status.

Real-World Cost Example: “€500 BTC

In a typical scenario, swapping the equivalent of €500 into BTC would involve paying on-chain gas to send funds in, a slip-based swap fee, and an outbound gas-based fee deducted from the output—resulting in a slightly lower BTC amount, all embedded seamlessly in the transaction.

When buying BTC worth €500, expect a blended cost that includes a spot trading spread, a tier-adjusted fee, and any subsequent withdrawal fee—altogether forming a practical view of the real expense beyond just the purchase price.

Crypto Offering & Trading Features

Number of Coins & Pairs

THORChain supports around 29 native cryptocurrencies across approximately 39 trading pairs, with its top pairs by volume—including BTC/RUNE, ETH/RUNE, and USDT/RUNE—comprising the vast majority of activity, making them the most liquid and active trading options.

Bybit supports over 650 cryptocurrencies, offering a deep and diverse asset base; among the top-20 pairs by volume, you’ll typically find heavy hitters like BTC/USDT, ETH/USDT, SOL/USDT, and a rotating mix of high-liquidity altcoins tailored to market demand.

Product Range

THORChain primarily provides spot cross-chain swaps and liquidity provision, alongside staking (via RUNE), but it does not offer margin, perpetuals, options, ETFs, lending services, copy-trading, grid bots, or auto DCA features.

Bybit houses a comprehensive suite of offerings including spot, margin, perpetual and futures derivatives, options (for BTC, ETH, SOL), crypto loans, staking/Earn, P2P, copy trading, along with automated tools—such as grid bots and DCA strategies—and a Launchpad for new token projects.

Liquidity

While exact figures change constantly, THORChain’s 24-hour trading volume reaches into the tens of millions, and its book depth is essentially represented by pool liquidity rather than traditional order books—meaning deeper pools yield smoother swaps for BTC and ETH pairs.

The platform consistently ranks among exchanges with high 24-hour volume, especially in BTC and ETH markets, ensuring strong book depth and tight pricing in core pairs—making it suitable for executing sizable trades with minimal slippage.

Tools

As a decentralized AMM protocol, THORChain does not offer typical order types like limit or stop, nor OCO, charting tools, alerts, API/WebSocket, or native TradingView—its interface is designed for simple, immediate swaps rather than advanced trading strategies.

Bybit equips users with an advanced framework: key order types (limit, stop, OCO), native alerts, robust charting w/ browser-based or TradingView-integrated tools, and a programmable interface via both REST API and WebSockets for full automation.

Geographic Restrictions by Product

There are no explicit geographical product limitations like those seen in centralized exchanges—since THORChain is permissionless and non-custodial, its services are technically accessible anywhere, subject only to local crypto regulations in user jurisdictions.

Some products—particularly derivatives—are blocked in jurisdictions such as the United States, United Kingdom, Mainland China, Singapore, and Quebec, meaning access to futures and options may vary depending on your location.

Innovation

THORChain delivers continuous innovation via native cross-chain swaps and staking pools, with features like flexible staking through liquidity provision; however, it doesn’t include traditional launchpads, locked vs flexible earn products, or centralized-style launchpool mechanisms.

Bybit continues to innovate through its Launchpad/Launchpool ecosystem, and its Earn segment features flexible and locked staking options, giving you the choice between liquidity or higher yield opportunities depending on your strategy.

Security, Regulation & Custody

Operating Entity & Jurisdiction

THORChain operates as a decentralized protocol without a single corporate entity; node operators collectively secure the network via bonded RUNE, and there is no clear legal headquarters or formal incorporation year.

Bybit is run by Bybit Fintech Limited, established in 2018 and headquartered in Dubai, with a separate European arm (Bybit EU GmbH) based in Vienna to serve EEA users under EU regulation.

Licenses/Registration

THORChain is fully permissionless and non-custodial, meaning it doesn’t hold licenses like VASP or MiCA registrations—its decentralized nature places it outside typical regulatory regimes.

It holds a MiCA crypto-asset service provider license issued by Austria’s FMA for EU operations, along with additional authorizations in Cyprus, Kazakhstan, Georgia, and a provisional license in Dubai, reflecting its regulatory reach across multiple regions.

Custody

Funds are secured using a threshold-signature (TSS) vault architecture involving many node operators; there’s no centralized custodian, no formal proof-of-reserves or third-party audits beyond early smart contract reviews, and no mention of cold-storage percentage.

Bybit manages custody itself via Bybit EU as the custodian, using a mix of hot, warm, and cold omnibus wallets, segregating client funds from its own, and providing quarterly asset statements—with regular Proof of Reserves audits to bolster visibility.

Insurance & Protection Funds

The protocol does not offer insurance or dedicated protection funds; users rely on decentralized design and economic security (bonded RUNE) for protection from losses or insolvency.

There is no mention of a dedicated insurance fund, but the firm emphasizes tiered offline wallet security protocols and regularly published reserves for user asset protection.

Incident History

To date, THORChain has not experienced major hacks or forced fund freezes; there is no known record of suspensions or regulatory penalties, underscoring a clean operational track record.

In February 2025, Bybit suffered a record $1.4 billion hack—but restored liquidity within 72 hours through support from major trading firms—additionally, it faced fines and service suspensions in regions like India, Canada, and the UK following regulatory scrutiny.

Risk Controls

As a pure on-chain protocol, THORChain doesn’t provide user access controls like 2FA, whitelists, anti-phishing tools, sub-accounts, or granular API permissions—security is rooted in user-side custody and key management.

Bybit protects accounts via mandatory 2FA, whitelist options, anti-phishing codes, support for sub-accounts, and and granular API permissions, alongside real-time behavioral monitoring and withdrawal safeguards.

Transparency

The protocol offers transparent public access to node and pool activity via block explorers and dashboards; there are no formal monthly reports or SLA guarantees, but network status is openly viewable in real-time.

The platform offers users periodic balance statements (at least once every three months), conducts public PoR audits, and operates under obligaciones de reporte for its EU entity—though there’s no public wallet viewer or explicit service-level SLA shared.

Deposits, Withdrawals, KYC & Support

Fiat Deposit Methods

THORChain itself is purely crypto-first and doesn’t support fiat deposit methods, but via THORWallet’s THORCash on-ramp you can use debit or credit cards—with no KYC up to certain limits—and bank transfers or local payment methods are coming soon, with rapid processing times.

Bybit supports various fiat deposit methods—including bank transfers (like SEPA), cards, and e-wallets—with available options, limits, and processing times depending on your region and selected channel, all displayed during the deposit process.

Supported Fiat Currencies & Conversion

KYC (Verification Levels)

Through THORCash, users can access purchase services with no KYC up to specific weekly and monthly thresholds; above those limits, verified KYC is required, although THORChain itself never requires any user-level identity verification.

Bybit enforces tiered identity verification: unverified users face very tight limits (e.g., only €1 deposits on EU platform), while completing basic or advanced KYC dramatically expands deposit/withdrawal caps and feature access.

Withdrawals

Limits, Timing & Networks

Fiat withdrawals require first depositing via the intended method; supported networks and limits vary by currency and method—USD via SWIFT has VIP and tenure prerequisites, while other currencies use local routes like PIX, SEPA, or bank transfers with processing dependent on region and method.

Customer Support

Support comes via integrated interfaces—THORCash offers 24/7 support in its app, while broader guidance is available through community channels like Discord, docs, and FAQs; email support and help pages aid with troubleshooting.

Bybit offers 24/7 live chat and email support across multiple languages, backed by a detailed Help Center; response times depend on issue complexity, but immediate help is usually available via real-time chat, and additional queries can be submitted through support tickets.

Languages & Localization

THORWallet app and THORCash on-ramp offer localized experiences including Spanish, display fiat amounts in €, and integrate with regional fiat networks where supported—making the user experience more regionally tailored.

The platform supports multiple languages, including native Spanish, shows fees in local currencies like €, and adjusts deposit/withdrawal availability to comply with regional regulations and payment infrastructure.

App Quality & Stability

THORWallet is actively maintained with a focus on stability, native DeFi integration, and frequent updates; its design emphasizes reliability, though precise crash statistics aren’t published publicly.

The Bybit mobile app provides full trading functionality on the go; while generally stable, users occasionally report crashes or performance hiccups—most issues resolve via updates or cache refreshes, and the team actively maintains and improves app reliability.

Experience, Performance & Ecosystem

UX/UI

Learning Curve & Modes THORWallet delivers a clean, mobile-first interface tailored for both newcomers and DeFi practitioners; while there’s no explicit “Lite” or “Pro” mode, the intuitive design layers advanced features like multisig and cross-chain swaps in a way that keeps the core experience user-friendly.

Bybit offers both Lite and Pro modes, allowing beginners to start with a simplified interface while giving experienced traders access to customizable layouts, advanced charting, and modular widgets in the Pro mode to tailor their trading environment.

Performance

Latency & Volatility Resilience Swap transactions execute with minimal delay due to THORChain’s high-throughput infrastructure, and the protocol infrastructure scales automatically to handle volatility surges—resulting in smooth operations even during high-demand periods.

The platform is engineered for speed, with a high-capacity matching engine and low-latency execution, although users occasionally report slowness or brief app lag during extreme volatility—maintained performance relies on stable internet and recent app/browser versions.

Education

Learning Resources & Spanish Content THORChain’s ecosystem offers educational support through THORChain University (via YouTube), developer documentation, and multilingual resources, though there is no fully featured demo, simulator, or Spanish-specific academy yet beyond community material.

Bybit offers a robust learning ecosystem through its “Bybit Learn” hub featuring guides, tutorials, and AI-powered strategy tools; while demo or simulator modes aren’t formally branded, the content—some available in Spanish—supports new traders across skill levels.

Community

Forums, Chat & Referral Program A robust community thrives through THORChain’s Discord, developer Discord, and active forums; THORWallet also includes a referral mechanism that rewards affiliate activity and invites strategic growth.

The exchange supports active engagement through its Help Center, plus official Telegram and Discord communities; it also features referral programs and periodic trading competitions to energize and expand its user base.

Integrations

Tools & Tax Support The ecosystem integrates seamlessly with wallets like Ledger, SwapKit-powered platforms, and interfaces such as Rujira and Defispot; however, there’s no native TradingView, tax-tool integration, or external bot support built-in.

Bybit integrates natively with TradingView charts and provides comprehensive REST and WebSocket APIs for external bots, tax tools, and reporting systems—making it highly compatible with automated trading and portfolio management tools.

Who Each One Is Best For

THORChain shines for DeFi and self-custody enthusiasts who value cross-chain flexibility and emergent DeFi integrations; it’s less suited to users seeking demo trading, advanced charting, or automated strategies.

Bybit shines for active and professional traders who value fast execution, depth of tools, and advanced automation; more casual users or those seeking simple buy-and-hold functionality may find the feature-rich environment a bit overpowered for their needs.