Introduction: Are you trying to decide between OKX vs Bybit but not sure which exchange to use? Worry not, we got you covered with our straight forward breakdown. Compare OKX and Bybit across a number of categories and then decide when it makes sense to use which exchange.
Founded in 2017 by Star Xu, OKX has risen to become a prominent name in the cryptocurrency exchange landscape. Registered in Seychelles and operating out of its headquarters in Hong Kong, OKX has built a strong team of over 1000 employees spread globally.
OKX is a multifaceted exchange that offers a variety of trading services, including spot, margin, perps (perpetual swaps), futures, and options trading. But it's not just about trading. OKX stands out with a host of other services such as trading bots, demo & copy trading, and earn products.
OKX also provides a wide range of over 350 different cryptocurrencies including well known names such as Bitcoin, Ethereum, Solana and Cosmos in addition to newer names such as SUI, Optimism and Arbitrum.
This wide range of services and user-focused features has helped it build a significant presence in around 180 countries, although it's not currently available in the US, UK, and Canada. With an impressive 20 million users from across the globe, OKX has also made inroads into the mobile space with over 1 million app downloads.
Bybit on the other hand was founded in 2018 by Ben Zhou and has quickly grown into a dynamic cryptocurrency derivatives exchange. Registered as Bybit Fintech Limited in the British Virgin Islands and headquartered in Singapore, the company has quickly expanded its operations with a team of over 1000 employees.
Its offerings range from perpetual contracts and futures to inverse contracts, catering to various trading preferences. Moreover, it provides an impressive leverage of up to 100x on several cryptocurrencies including Bitcoin and Ethereum.
A defining aspect of Bybit is its focus on user experience. The platform has invested in a high-speed matching engine, ensuring minimal downtime and slippage for its users. This has resulted in a seamless and reliable trading environment that's appreciated by its extensive user base.
Beyond its desktop platform, Bybit is also available for both iOS and Android platforms where it has been downloaded over 5 million times and have received an impressive 4.2-star rating from over 60,000 reviews.
OKX vs Bybit: Signup & KYC
Ready to start trading cryptocurrencies on OKX or Bybit? Here's what you need to know about the sign-up and verification process.
Signing up for OKX is quick and easy and only takes a few minutes. KYC is not required by OKX and users can access certain features without it.
For those that want to access the full range of features offered by OKX, the basic Level 1 verification process takes minutes and level 2 verification can a little longer. Both level 1 and level 2 KYC on OKX requires users to provide personal information (level 1) and a valid government ID in Level 2.
Bybit's sign-up process is also straightforward and like OKX, users can begin trading without KYC verification. For users that want to access more products and services on Bybit, they will have to pass KYC.
The KYC verification process on Bybit takes about 10 minutes to complete in the best of cases but can take up to 48 hours in some cases. Similar to OKX, Bybit also offers different tiers of KYC where depending on how much information that users are willing to provide, they get access to more features.
Basic KYC on Bybit provides access to higher withdrawal amounts while Lv1 and Lv2 KYC which requires a valid ID gives access to additional trading products.
OKX vs Bybit: Products & Services
OKX is a comprehensive cryptocurrency exchange that provides its users with an impressive array of services. These range from various types of trading products such as spot trading, futures, perps (perpetual swaps), margin, and options.
In terms of liquidity, OKX exchange frequently records an impressive average daily spot trading volume, which ranges between $500 million and $1 billion. This not only indicates the platform's popularity but also ensures a smoother trading experience with fewer price slippages.
Regarding leverage, OKX offers up to 100X leverage for futures trading and 5X leverage for margin trading, providing traders with greater exposure and potential for higher returns, albeit with higher risk.
OKX also offers a suite of trading bots that help users automate trading strategies, providing traders with an edge in today's fast-paced and volatile crypto markets.
Also, OKX helps users explore the possibilities of passive income generation through staking, which allows them to earn rewards by participating in a network's operations.
Another notable feature is the platform's lending and borrowing services, which facilitate peer-to-peer transactions and align with the growing trend of decentralized finance (DeFi).
OKX's offerings extend even further into the trending space of non-fungible tokens (NFTs) with a dedicated marketplace for buying and selling these unique digital assets.
What makes OKX particularly user-friendly is its modern, easy-to-navigate interface, which, despite the wide array of products and services, ensures a seamless and enjoyable user experience. It is designed to accommodate both novice and experienced traders, making it a favourite among many in the cryptocurrency community.
Bybit has effectively emerged as a one-stop solution for traders, with a variety of offerings including spot trading, futures, margin trading, perpetual swaps (perps), options, and leveraged tokens.
Liquidity, a critical measure of a healthy trading environment, places Bybit firmly in the top 10, with daily spot trading volumes regularly surpassing the $1 billion mark, attesting to its popularity among traders.
On the leverage front, Bybit offers a max futures leverage of 125X and margin trading up to 5X with USDC, USDT, BTC, and DAI as underlying collateral. Similar to OKX, Bybit has also embraced different types of trading bots that allow users to automate their trading strategies.
In addition, Bybit taps into the potential of social trading through its copy trading feature. This allows users, particularly beginners, to mirror the trades of successful, experienced traders.
And similar to OKX, Bybit doesn't stop at trading alone. It dives into financial services as well, featuring lending and borrowing options, an area of increasing interest in the decentralised finance (DeFi) space.
Additionally, Bybit is quick to tap into the NFT trend with its own marketplace for buying and selling these digital assets.
Another feature which was more recently released is the Bybit card, which allows users to spend their digital assets in day-to-day transactions, facilitating mainstream adoption of cryptocurrencies.
OKX and Bybit offer some of the most competitive trading fees in the industry. For spot trading, OKX offers a maker fee of 0.8% and a taker fee of 0.1% while Bybit offers 0.1% for both makers and takers.
When it comes to futures trading, once again OKX and Bybit are evenly matched with OKX charging a futures maker fee of 0.02% and a taker fee of 0.05%, while Bybit charges a slightly lower maker fee of 0.01% and a slightly higher taker fee of 0.06%.
Besides both OKX and Bybit offering very competitive fees for both spot and futures trading, they also both offer discounts to high volume traders. Users who trade over $1 million during a 30-day period will see their fees reduced on both OKX and Bybit.
If you're planning to use OKX, note that it doesn't support any deposits with fiat currencies. However, you can still buy crypto using a credit/debit card or third-party payment provider, which normally incurs a 1-2% fee.
Bybit, on the other hand, supports deposits in ten different fiat currencies, including USD, EUR, GBP, RUB, MXN, BRL, ARS, and TRY. Bank transfers such as SEPA and FPS are also accepted, with an $8 deposit fee via Wire Transfer and free bank transfers for other fiat currencies.
If you prefer using credit/debit cards, Bybit offers that option, too. But be aware that there is a 3.8% deposit fee for Visa and Mastercard purchases.
So, which exchange should you choose? It depends on your preferences. If you're keen to buy crypto with fiat, Bybit might be the better choice, as it offers a broader range of options. If you're more comfortable buying crypto with a credit/debit card, OKX could work for you, as long as you're comfortable with the 1-2% fee.
If you're trading on OKX or Bybit, it's important to understand the fiat withdrawal options available to you.
While Bybit supports ten fiat withdrawal options such as USD, EUR, GBP, BRL, RUB and TRY, OKX does not offer any fiat withdrawal options at all. If you need to withdraw fiat currency, you'll have to use a different platform.
For those using Bybit, it's worth noting that bank withdrawals are free for BRL and TRY, which is great news for traders in Brazil and Turkey.
However, the USD Wire Transfer fee is a bit steep at $25. Users on Bybit can also withdraw their EUR and GBP via SEPA and Faster Payments (FSP) for small commissions under 0.2%.
Needless to say, we are very big fans of both OKX and Bybit as they are seriously impressive exchanges with a wide range of products and services and incredibly low trading fees. In this case, we rather not pick a winner as we use and love both exchanges!
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.