Bybit vs Phemex

Bybit vs Phemex

Robert McDougall 

January 2, 2023

Cryptocurrency

Any experienced cryptocurrency trader knows there's more to the market than just buying and selling coins. Derivatives trading has become increasingly popular in recent years as it allows traders to speculate on the future price of an asset without actually owning it. In this Bybit vs. Phemex comparison article, we'll pit two of the most popular cryptocurrency derivatives exchanges against each other to see which one comes out on top.

Bybit was launched in March 2018 and has since become one of the most popular exchanges in the space. The platform currently has over 10 million users and handles over $1 billion in daily trading volume. One of the things that make Bybit stand out is its user-friendly interface. The platform is designed for both beginners and experienced traders alike and offers a variety of features that cater to both groups. Another major selling point of Bybit is its liquidity. Because it's a derivatives exchange, Bybit benefits from deep liquidity pools that other spot exchanges simply can't match. This means you can always get into or out of a trade quickly and at a fair price. 

Phemex is a cryptocurrency derivatives exchange that offers spot and contract trading across a wide range of digital assets. The company was founded in 2019 by Jack Tao and is headquartered in Singapore. Its unique offering is that it prioritizes helping traders break through the market. They do this by offering low fees, great earning opportunities, and many giveaways, promotions, and competitions. These make Phemex an excellent place for those who want more than just quick profits but real growth in their investments.

Let's take a look at Bybit vs. Phemex in more detail.

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, EUR, GBP, AUD, JPY, ARS and more

Number of Coins

280+

230+

Trading Fees

Spot trading: Free,

Derivatives: 0.01/0.06% (maker/taker)

Spot trading: 0.1% (free for premium account holders),

Contract trading: -0.025/0.075% (maker/taker)

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, EUR, GBP, AUD, JPY, ARS and more

Number of Coins

280+

230+

Trading Fees

Spot trading: Free,

Derivatives: 0.01/0.06% (maker/taker)

Spot trading: 0.1% (free for premium account holders),

Contract trading: -0.025/0.075% (maker/taker)

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 spot, margin, and derivatives trading
  • Bybit Earn allows users to receive passive income
  • Offers a demo account for novice traders
  • 24/7 live chat customer support
  • P2P, NFT marketplace, and Copy Trading available
  • Offers automated trading with bots
Cons
  • Not available in the USA
Pros
  • Users enjoy generous bonuses, rewards, and referral programs
  • Staking and savings programs to earn passive income from their holdings
  • Offers spot and contract trading
  • Fully fledged academy where novice traders can learn all about crypto
  • Offers a test net where users can practice trading strategies
Cons
  • Some features (eg: OTC trading) are not available in all countries

Bybit vs Phemex: Fees

To celebrate reaching 10 million customers, Bybit has waived all trading fees on spot pairs, so users can now trade freely. For derivatives trading, users will still have to pay a fee, but it is very low, at only 0.01% for makers and 0.06% for takers.

Crypto deposits are free of charge, and withdrawals of crypto are based on the coin you want to transfer. If you want to purchase crypto using fiat, you will be charged a fee by the third-party processor, approximately 3-5%.

Phemex also offers low trading fees for both spot and contract trading. For spot markets, the platform charges a 0.1% trading fee, with VIP users receiving 0% fee. When it comes to contract trading, Phemex offers makers a rebate of 0.025%, and takers pay a 0.075% fee.

Depositing crypto won't come with any charge, and crypto withdrawals vary depending on the asset. Crypto purchases using the fiat gateway will incur fees between 3-5%, which are based on the third party merchant and the payment method you use.

Winner - Bybit

Both platforms offer competitively low fees, but Bybit offers fee-free spot trading to all users, and has low derivatives fees.

Bybit vs Phemex: Payment Methods

One of the most underrated factors to consider when choosing an exchange is the payment methods accepted. Bank transfers and credit/debit cards are probably the most common payment methods and most convenient for many people.

Both Bybit and Phemex accept bank transfers and credit/debit card payments, but Bybit also offers Google Pay and Apple Pay.

Both exchanges also have a P2P marketplace that you can use to buy crypto from other users, using whichever payment method they agree to.

Winner - Bybit

Bybit supports a wider range of options; you can use bank transfer, credit/debit card, Google Pay or Apple Pay. If you prefer, you can also buy directly from the P2P marketplace.

Bybit vs Phemex: Features

Features are probably the most important consideration when choosing a crypto exchange. Here’s how Bybit and Phemex compare in this department:

Trading Markets

Bybit offers users a variety of options when it comes to trading cryptocurrencies. There are more than 280+ cryptocurrencies available for spot trading. The margin market, meanwhile, offers up to 3x leverage on all spot trading pairs, allowing users to trade with greater potential profitability.

Trading futures is an excellent way to speculate on the future price of a cryptocurrency, and Bybit offers users a specialized derivatives portal for this purpose. There are currently 150+ futures contracts available to trade on Bybit, accepting both USDC and USDT as collateral. These include options contracts, inverse perpetual and futures contracts, USDC perpetual contracts, and USDT perpetual contracts.

Bybit also offers a unique product called Leveraged Tokens, which are ERC-20 tokens that represent a user's position in a perpetual contract. There are currently 40 leveraged tokens available on the platform, and each token has a different leverage ratio. For example, the BTC3L token has a leverage ratio of 3x, meaning that it gives you exposure to three times the price movement of Bitcoin.

Phemex offers a similar range of trading options to Bybit, with a spot market featuring 230+ cryptocurrencies. While Phemex doesn't offer margin trading, the platform offers contract trading on around 100 USD, USDC and COIN-M perpetual contracts with up to 100x leverage.

Advanced Trading Tools and Features

Bybit is a specialized derivatives trading platform that offers a wide range of features to help traders make the most of their experience. The order book provides a clear overview of the market, and the limit and market orders allow traders to quickly and easily enter and exit trades. The chart from TradingView is an essential tool for technical analysis, and the trading bots make it easy to automate trade execution. The copy trader feature is also a great way to learn from more experienced traders.

Phemex also offers a wide range of features to its users. One of the most popular features is the 'copy trader' feature, which allows users to copy the trades of other successful traders. This is a great way for new traders to learn from the best and make profits from the markets. Another useful feature is the crypto converter tool, which allows users to quickly and easily convert between different cryptocurrencies. This is handy for those who want to take advantage of market fluctuations or simply diversify their portfolios. The platform also offers limit, market and conditional orders, as well as a customizable market chart and order book. These features make Phemex an essential tool for any crypto trader.

User Experience

Bybit is the perfect place for users who want ultra-fast trade execution. The matching engine can handle 100,000 trades per second, so users can be sure that their orders will be filled almost instantly. 

The exchange also offers a testnet platform suitable for novice and experienced traders to test their strategies before putting any real money at risk. Customer support is available 24/7 on live chat, making it easy to get help when needed.

The one thing that makes Bybit stand out in this comparison is the Take Profit / Stop Loss orders . Take Profit and Stop Loss orders are designed to help you lock in profits or cut losses when the market moves against you. This is a great feature for traders who want to take a hands-off approach to their trading.

Phemex, on the other hand, is more geared towards decentralizing crypto knowledge and trading. The platform has a blog and an extensive FAQ section that covers everything from the basics of crypto trading to more advanced topics. It also has its own academy where users can learn about trading strategies

Phemex also offers a demo account that comes loaded with virtual funds. This is a great way to get familiar with the platform before putting any real money at risk. Customer support is available 24/7 via live chat, and the team is usually very responsive.

Financial Products

If you're looking to make your crypto work for you, Bybit has a great selection of financial products to earn you passive income. These include:

  • Bybit Savings: Offers users the opportunity to earn interest on their favorite coins. With flexible and fixed-term products that offer competitive and guaranteed APYs, Bybit Savings is a perfect way to grow your portfolio. Choose from a variety of coin options, and Bybit will calculate the interest based on the current market rate.
  • Liquidity Mining: Bybit users can earn rewards for providing liquidity to the market. This is a great way to earn some extra income passively. Simply add your favorite coins to the Bybit Liquidity Pool and start earning rewards!
  • Dual Asset: This is Bybit's short-term trading tool that allows users to trade two assets against each other and is a great way to hedge your position or take advantage of market volatility. Simply predict the direction of a given crypto asset and enjoy higher returns on your capital. And because it is a short-term trading tool, you can take advantage of market fluctuations without having to tie up your capital for a long period of time. 
  • Bybit's Shark Fin: This is one of Bybit's financial products that allows you to take advantage of the volatility of a chosen crypto asset. If the price of the chosen asset falls between your set prices on the settlement date, you'll receive a higher-than-average return. The product is principal-guaranteed, which means that your original investment is protected. This makes it an ideal way to grow your capital without taking on too much risk. With Shark Fin, you can choose to invest in a wide range of assets, giving you the flexibility to weather market conditions. 
  • Bybit Launchpool: rewards users with tokens for their staking cryptocurrency.

Phemex too has a great selection of financial products, and while they may not be as many as Bybit's, they still offer a great experience. They include:

  • Phemex savings: Users can deposit their crypto into savings accounts on fixed or flexible terms and earn interest. And because the interest rate on each product is guaranteed, you can be confident that you will earn a great return on your investment. 
  • Phemex Launchpool: It's the ultimate place to earn higher staking rewards; you can stake your favorite cryptocurrencies and receive hourly payouts. And if you need to pull out your funds for any reason, you can do so anytime without any penalties. 
  • Phemex prediction:  You can predict the price of cryptocurrencies and earn rewards if you're correct. And it's not just about crypto; topics range from sports to weather, and more. It's a fun way to learn about the markets and test your prediction skills and potentially earn some extra money.

Current Promotions

To celebrate 10 million users, Bybit has waived trading fees on all spot trading pairs! This is great news for new and old users alike. If you're not already on Bybit, now is a great time to start trading and save a lot on trading fees!

Phemex on the other hand has numerous promotions. There's actually a whole page dedicated to promotions. The most exciting include:

  • Deposit Dazzle with up to $5,000 to be won
  • $5,180 welcome bonus
  • $180 cashback voucher when you make a deposit
  • $2,200 referral program bonus

Check out their promotions page for more!

Winner - Bybit

It's a close one, but Bybit offers more features in terms of trading markets, and tools like trading bots. The exchange has also more to offer users looking to generate passive income from their crypto with a wide range of comprehensive financial products.

Bybit vs Phemex: Security

Bybit takes security seriously - in fact they have a whole system in place to ensure that users' assets are accounted for and monitored. Withdrawal requests have to be manually reviewed three times a day, which means that users can only withdraw their funds once every eight hours. This may seem like a hassle, but it's worth it when you know your assets are in good hands. And if that isn't enough, the withdrawals must pass three layers of verifications. There's also a penetration testing system in place to check for any vulnerabilities. Bybit also uses an offline storage system for the majority of its assets to keep funds safe.

Phemex employs almost similar measures to Bybit, like withdrawal limits and cold offline storage. However, they have taken a keen interest in user account security and therefore put in measures like double-entry bookkeeping and Two Factor authentication for logins, withdrawals, and password changes.

Winner - Draw

It's a tie! Neither platform has been hacked, and this is testament to the robust security measures both exchanges have put in place.

Bybit vs Phemex: Cryptocurrencies

Bybit has a good range of 280+ cryptocurrencies, and access to over 150 futures contracts and 40 leveraged tokens. 

Phemex has listed over 230+ cryptocurrencies and offers 200 spot trading pairs and 100 contract trading pairs. 

Winner - Phemex

Looking at the numbers, Phemex is clearly the superior choice when it comes to cryptocurrency options. However, it does not offer margin trading and leveraged tokens like Bybit does.

Bybit vs Phemex: Summary

If you want a comprehensive trading experience with extra bells and whistles, then Bybit is the way to go. The exchange is better in terms of features and trading tools, more versatile when it comes to payment methods, and much cheaper when it comes to fees. Overall, Bybit will offer a better user and trading experience.

Overall Winner - Bybit

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

Still Researching?

To do more research before choosing one of these exchanges see our in-depth breakdowns of Bybit (here) or Phemex (here). If you are a resident of the US, unfortunately you are not able to register with either of these exchanges. However, if you use a VPN, you will be able to use Bybit from the US. To see other options, look at this article on the best crypto trading platforms in the US. We have also included a table that gives a quick summary of important facts.

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. 

To view our privacy policy read this breakdown.


Tags


You may also like

How to earn interest on Ethereum

How to earn interest on Ethereum

How to stake ADA on Binance

How to stake ADA on Binance
>