Bybit vs OKX

Bybit vs OKX

Robert McDougall 

January 2, 2023

Cryptocurrency

When it comes to crypto exchanges, a few big names always come up: Coinbase, KuCoin, and Binance. However, as the industry continues to grow, more and more exchanges are popping up, offering users different features and benefits. This blog post will compare two of the most popular exchanges: Bybit and OKX. They each have their own unique features, benefits, and drawbacks, so which one is right for you? Keep reading to find out!

Bybit is a cryptocurrency trading platform that allows traders to take advantage of the constantly changing prices of digital assets and trade spot, margin, and futures markets. The platform was launched in March 2018 and is headquartered in Singapore. It offers a wide range of features, making it suitable for advanced and new traders. Overall, the exchange is very user-friendly and provides an excellent trading experience. Fees are also very competitive, making it a great option for those looking to trade frequently.

OKX, formerly known as OKEx, is a world-leading digital asset exchange headquartered in Seychelles. The exchange offers a wide range of services, including spot and derivatives trading, margin trading, and lending across a variety of digital assets, including Bitcoin, Ethereum, Litecoin, OKB, and more. OKX provides a safe, stable, and efficient platform for users to buy, sell, and hold digital assets. The company was founded in 2017 and has since grown to become one of the largest cryptocurrency exchanges trusted by millions of users. OKX is dedicated to providing the best possible experience for its users and is constantly innovating to meet the ever-changing needs of the digital asset market.

For a quick comparison, here's a table summarizing Bybit vs OKX.

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, AUD, JPY, CAD, PKR, CNY, EUR, GBP & more

Number of Coins

280+

250+

Trading Fees

Spot trading: Free,

Derivatives trading: 0.01/0.06% (maker/taker)

Spot trading: 0.08/0.10%, Futures: 0.02/0.05%, Options: 0.02/0.03%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Enter your text here...

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, AUD, JPY, CAD, PKR, CNY, EUR, GBP & more

Number of Coins

280+

250+

Trading Fees

Spot trading: Free,

Derivatives trading: 0.01/0.06% (maker/taker)

Spot trading: 0.08/0.10%, Futures: 0.02/0.05%, Options: 0.02/0.03%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Pros
  • Offers a testnet for practicing and trying out new strategies
  • Offers 24/7 customer support on live chat
  • Supports NFT trading
  • Offers the Copy Trader feature
  • Supports spot, margin, and derivatives trading
  • Bybit Earn offers users lots of opportunities to earn passive income
  • Traders can automate trades with bots
Cons
  • Not available in the USA
Pros
  • Spot, margin, futures and options markets available for trading
  • P2P and OTC (Block trading) marketplaces
  • Offers a variety of financial products for passive income
  • Supports NFT trading
  • Users can trade manually or with bots
Cons
  • Higher trading fees than Bybit
  • Not available in the US

Bybit vs OKX: Fees

It is a great time for Bybit users as the exchange waived spot trading fees to celebrate hitting the 10 million mark for users on the platform. Derivative traders, however, still have to pay trading fees, but the rates are quite low, at 0.01% for makers and 0.06% for takers.

There are no fees for depositing crypto, and withdrawing crypto is subject to the network transfer fee, which varies for each coin. There are no fiat deposits supported, but if you wish to directly purchase crypto using fiat, there is a fee charged by third-party payment providers, ranging from 3-5%.

While OKX hasn't waived any trading fees, they still offer competitive fees: for spot trading it is 0.08% for makers and 0.10% for takers. Futures traders pay a maker fee of 0.02% and a taker fee of 0.05% and for options traders, the fee is 0.02/0.03% (maker/taker).

OKX has free crypto deposits, and a variable crypto withdrawal fee, depending on which coin you are transferring. Fiat deposits are not available on OKX, but you can directly purchase crypto using various payment methods, such as credit/debit card, Apple Pay, Google Pay, or Bank transfer. The fee is charged by the third-party payment processor, and usually ranges from 3 to 5%.

Winner - Bybit

Bybit has the edge over OKX, with zero spot trading fees, and lower derivatives trading fees. 

Bybit vs OKX: Payment Methods

Debit/Credit card and bank transfers are the most popular payment methods for most transactions online, and this is the very least that any good exchange should offer.

OKX goes beyond this by supporting fiat gateways like Simplex and Banxa to process payment. Check out the full list of supported payment merchants on OKX. The platform also has a P2P marketplace where you can buy and sell digital assets using a variety of payment methods, including PayPal and Wise.

Bybit also has a P2P marketplace where you can buy crypto using your preferred payment merchant. When buying from the platform, Bybit offers credit and debit card purchases, Google Pay, Apple Pay, and bank transfer.

Winner - OKX

OKX wins this section as it offers more payment methods and is therefore more convenient for users.

Bybit vs OKX: Features

Here's a more detailed breakdown of features offered by both platforms. We'll pit the two exchanges against each other in different categories to see which one comes out on top.

Spot, Margin, and Derivatives Trading

Bybit boasts a pretty decent selection of cryptocurrencies, with over 280 different coins available for trading. OKX, on the other hand, has an even wider selection of cryptocurrencies available, with over 250 coins listed on the exchange. They also have a vast array of spot trading pairs to choose from, with over 380 different options. This makes OKX a great choice if you're looking for maximum flexibility in your trading.

On the margin trading markets, OKX again takes the lead, offering over 150 pairs with up to 10x leverage. This is higher than Bybit's offering of 100 pairs with only 3x leverage, making the former a better choice for margin traders who want to trade with higher leverage and take advantage of more volatile market conditions. In addition, traders on OKX can choose between cross and isolated margins, giving them even more control over their risk management. To help increase traders' purchasing power, OKX offers a crypto borrowing service that allows users to borrow against their assets.

Derivatives markets play a vital role in the financial world, allowing investors to hedge against risk and speculate on price movements. However, navigating these markets can be complex and daunting for newcomers. This is where Bybit comes in. Bybit is a specialized derivatives portal that offers a wide range of products, including futures, options, and leveraged tokens. With over 150 perpetual contracts accepting USDT or USDC as collateral, Bybit provides investors with ample opportunity to find the right product for their needs. 

The platform also offers 30+ leveraged tokens with up to 3x leverage, making it a popular choice for traders looking to maximize their returns. 

OKX offers a wide range of products in the derivatives markets, including futures, options, and perpetual contracts. Futures contracts are marginable with either USDT or crypto and offer up to 5x leverage. There are also over 120 perpetual contracts available. In addition, OKX offers 400+ option contracts on a variety of underlying assets. All of these products can be traded on a 24/7 basis, providing traders with ample opportunity to take advantage of market movements. With such a wide range of products and features, OKX is a leading derivatives exchange that caters to the needs of both retail and institutional investors. This variety allows traders to choose the products that best suit their needs and strategies. 

Advanced Trading Tools

A trader is only as good as the tools they have at their disposal. Bybit provides a suite of advanced trading tools that can be used to improve the efficiency and profitability of trading strategies. One of the most useful tools is the constantly updated order book, which provides valuable insight into market trends. The customizable chart is also a valuable tool, allowing users to track price movement and identify potential entry and exit points. To limit their losses or lock in profits, traders can take advantage of the take profit/ stop loss orders available on the platform. Finally, the trading bots and copy trader feature make it easy for users to automate their trades and copy the most successful traders on the platform.

In this category, OKX does not disappoint; the exchange has a host of tools to give you an edge in your trading. One of the platform's most popular features is the ability to use trading bots. Bots are computer programs that can be programmed to execute trades automatically on your behalf. This can be a great way to take some of the emotion out of trading and help you make more informed decisions. Another handy tool on OKX is the customizable chart. This allows you to tailor the charting interface to suit your own preferences, making it easier to spot trends and opportunities.

The platform also offers limit, market, and stop orders, as well as take profit and stop loss orders. These can all help you to manage your risk and protect your profits. The OKX order book is regularly updated so you can keep track of the latest prices and market activity. Finally, the position builder tool is a great way to build up your positions in a controlled and systematic way. Using this tool can gradually increase your exposure to an asset without taking on too much risk.

User Experience

This is one area where Bybit and OKX have much in common. Both platforms have simple interfaces that are easy to navigate. They also provide detailed guides and tutorials that are useful for novices or traders who are new to the platforms. The order entry systems are pretty straightforward and easy to use, and they both offer mobile apps so you can trade on the go. If you have a problem, you can reach out to customer support by submitting a ticket or the live chat functions.

Financial Products

Besides the trading markets, both Bybit and OKX offer a variety of financial products that users can take advantage of to earn passive income.

With Bybit Savings, users can earn interest on their favorite coins by choosing from flexible and fixed-term products that offer competitive and guaranteed APYs. For those looking to take advantage of market volatility, Bybit's liquidity mining program offers the opportunity to earn rewards for providing liquidity to the Bybit platform. And with Bybit Launchpool, users can stake crypto and earn tokens from some of the most popular projects in the space.

Bybit also has Dual Asset and Shark Fin. With Dual Asset, you can predict the trend of a given asset, and if it turns out to be correct, you earn higher returns. You can also use Shark Fin to profit from the rising and falling of a specific cryptocurrency asset. If the price of the asset you've chosen remains within the set limits by the end date, you'll receive a higher return.

The best thing about Bybit's products is that your principal amount is guaranteed, like with the Shark Fin, and in some cases, like with Savings, you have guaranteed yields.

If you're wondering whether OKX offers anything to beat Bybit's products, you're in for a surprise. OKX financial products are way more complex with a higher degree of risk, but they offer the potential for much higher returns. With Savings, you can earn hourly interest on your deposited assets by funding OKX margin loans. Or, for a more flexible option, check out Staking – you'll enjoy great rates, up to 80% APY, plus bonuses.

Not interested in taking any risks? The Stable Coins Earn product lets you earn interest on your holding of stablecoins, with returns of up to 12% APY. And for those looking for even higher returns, there's the Fixed Income, which allows users to invest in crypto loans and access stable and secure returns. There are also Flash Deals for exclusive OKX Earn users with high rewards. Generally, these are rewards like higher interest rates on existing products; they have limited terms and amounts and appear from time to time irregularly.

Finally, there's the dual investment product that offers an attractive return upon successful subscription, with both principal and interest paid at maturity. 

The bottom line is that if you're looking for guaranteed returns with little risk, Bybit is the better choice. However, if you're willing to take on a bit more risk for the chance of higher rewards, OKX is worth considering.

Unique Features

Bybit and OKX are pretty much different in their features, with a couple of standouts that make each one attractive for users.

One particularly important feature I found on OKX is the crypto wallet, which is a necessity for modern-day traders. A lot of exchanges don’t offer this service, and it’s a big plus for OKX. The OKX Crypto Wallet is the one-stop shop for all your Web3 needs. With this wallet, you can not only store your crypto but also have access to the NFT world and DApps. This makes it the perfect choice for those who want to be able to store and use their crypto in one place.

Bybit's unique feature is definitely the testnet. It offers a simulated trading environment that is useful for practicing trading strategies or getting a feel of the platform before you start trading with real money.

Winner - Bybit

Considering all the factors we've reviewed, Bybit is the better exchange for traders with plenty of tools and features.

Bybit vs OKX: Security

Security is always a paramount concern when it comes to cryptocurrency exchanges. After all, you're entrusting the exchange with your hard-earned money. So, how do Bybit and OKX stack up in this department?

Regarding security, Bybit takes a multi-layered approach. To start, all accounts are protected by multi-factor authentication and biometric information. That means that even if someone were to gain access to your account, they would still need your fingerprint or other unique identifiers to log in. Additionally, the exchange has adopted ‘cold wallets’ for storage, meaning that your coins are stored offline, making them much less vulnerable to hacks. On top of that, the entire platform is SSL encrypted, adding an extra layer of protection.

Now here's one measure where Bybit really shines: they manually review all withdrawal requests. That way, if there is any suspicious activity, it can be flagged and dealt with quickly. It is time-consuming and limits withdrawals, but this is a small price to pay for the extra safety that it affords users.

OKX also places a great emphasis on security, as shown by its multiple security measures. First, they have mandatory KYC verification in order to ensure that all users are legitimate. They also have put in several account security features like the Google Authenticator app, Mobile verification, Anti-phishing code, and 2FA, to name a few.

On the morning of March 12th, 2020, there was a massive liquidation event that caused some exchanges to suspend trading. This event resulted in over $700 million in liquidations and left many users angry and frustrated. In response to this event, OKX established a $500 million fund to avoid a liquidation debacle like this from happening in future.

Winner - Bybit

Both exchanges have demonstrated a commitment to security, but Bybit's multi-layered protocols make it the winner here. 

Bybit vs OKX: Supported Cryptocurrencies

Bybit has all the major cryptocurrencies, boasting 280+ coins, 150+ perpetual contracts and 30+ leveraged tokens.

OKX offers a slightly wider variety of cryptocurrencies and pairs to choose from. With over 250 different cryptocurrencies and 380 spot trading pairs, OKX has something for everyone. In addition, they offer 150 margin trading pairs, 100 futures contracts, 120 perpetual contracts, and 400 options contracts. 

Winner - OKX

OKX takes the lead here with slightly more cryptocurrencies, contracts, and trading pairs.

Bybit vs OKX: Summary

It's a close call between these two exchanges. They both have their pros and cons, and there's not much to separate them. However, Bybit is our recommendation between these two.

Bybit has more to offer in terms of features, markets, tools, and resources for both new and advanced features. It also offers fee-free spot trading, and lower fees for derivatives trading.

Overall Winner - Bybit

Bybit wins this battle with lower fees, 24/7 live chat, and excellent features like margin trading, testnet (demo) mode, and Copy Trading.

Still Researching?

To find out more about these two cryptocurrency trading platforms, see our detailed reviews of Bybit (here) or OKX (here). If you are from the US, you won't be able to access either of these exchanges. However, you can use Bybit in the US if you have a VPN. Another suggestion is to read our article on the best crypto exchanges in the US. We have also included a quick comparison table below that summarizes some key info.

Comparison Table of the Best Crypto Exchanges in the USA

MEXC Global
eToro
Pionex
Coinmama
Uphold
Crypto Exchange
Crypto Exchange
MEXC Global
eToro
Pionex
Coinmama
Uphold
Fiat Currencies
Fiat Currencies
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
PayPal, Debit card, Credit card, Wire transfer, Online banking
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
0.0/0.2% for spot, 0.0%/0.06% for futures
1%
0.05%
2.93% - 3.90% (depending on loyalty level)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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