Introduction: Are you trying to decide between OKX and 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.
Are you looking for a cryptocurrency exchange with a proven track record? Then let's begin with an overview that showcases the track record and rapid growth of OKX and Bybit.
OKX was established in 2017 in Hong Kong and has quickly expanded its services to over 180 countries. The company has accumulated a staggering 20 million customers and has over 1,200 employees to help manage them. Bybit was founded a year later in 2018 in Singapore and has also quickly grown its user base to over 10 million users across 190 countries.
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 verification process takes minutes and level 2 verification can take up to 2 days.
Bybit's sign-up process is also straightforward and like OKX, users can begin trading without KYC verification. 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.
If you're looking for a cryptocurrency exchange that offers a broad range of trading services, you might want to consider OKX and Bybit.
Both exchanges provide trading services such as Spot, Futures, Margin, Perps, and Options. The one feature that Bybit offers that OKX does not is copy trading. Besides that, OKX and Bybit are extremely evenly matched when it comes to the the features they offer.
The only downside of both exchanges is that they do not offer an OTC desk or debit cards for their users.
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%.
Overall, both OKX and Bybit offers very competitive fees for both spot and futures trading!
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 five different fiat currencies, including USD, 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 fiat withdrawals in USD, BRL, 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.
