OKX vs Bybit: Is There A Clear Winner?

Jack Moreau
Mar 2023
4 min to read
Fact checked

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.

OKX vs Bybit: Overview

OKX
Bybit
Phemex
Founded
2017
2017
2019
Registered
Hong Kong
Singapore
Ankara
Countries N/A
US
US, China, Singapore, Quebec, Ontario
Hong Kong, China, Bermuda, Seychelles
Users
20M
10M
5M
Cryptos
350
+250
350
Spot Fees
0.1%
0.1%
0.1%
KYC Required
No
No
No
Best for
Spot & Futures trading
Best For Traders
Great All Around
Rating

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.

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 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.

OKX vs Bybit: Products & Services

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
Bybit
Phemex
Spot Trading
Yes
Yes
yes
Futures
Yes
Yes
Yes
Perps
Yes
Yes
Yes
Margin
Yes
Yes
Yes
Options
Yes
Yes
-
OTC Desk
-
-
-
Copy Trading
-
Yes
Yes
Trading Bots
Yes
Yes
-
Staking
Yes
Yes
-
Lend & Borrow
Yes
Yes
Yes
NFTs
Yes
Yes
-
Web 3 Wallet
Yes
Yes
-
Debit Card
-
-
-

OKX vs Bybit Fees

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! 

OKX
Bybit
Phemex
Spot (mkr)
0.08%
0.10%
0.10%
Spot (tkr)
0.10%
0.10%
0.10%
Futures (mkr)
0.02%
0.01%
0.01%
Futures (tkr)
0.05%
0.06%
0.06%

OKX vs Bybit: Deposit Methods

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.

OKX
Bybit
Phemex
USD
Bank transfer, Visa/MC, SWIFT
Bank transfer, Visa/MC
-
EUR
Bank transfer, SEPA, Visa/MC
Bank transfer, SEPA
-
GBP
Bank transfer, Visa/MC
Bank transfer, VIsa/MC
-

OKX vs Bybit: Withdrawal Methods

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.

OKX
Bybit
Phemex
USD
Bank transfer, Visa/MC, SWIFT
Bank transfer, Visa/MC
-
EUR
-
n/a
-
GBP
-
n/a
-
OKX
Bybit
Phemex
Bitcoin
0.0002 BTC
0.005 BTC
0.0004 BTC
Ethereum
0.00061 ETH
0.005 ETH
0.001 ETH
Solana
0.01 SOL
USDT (ERC-20)
0.8 USDT
10 USDT
4 USDT

Is OKX better than Bybit?

You should go with OKX if:

  • You want access to over 350 cryptocurrencies
  • You don't want access to a very low 0.8% spot trading fee
  • You want access to a wide range of products without KYC

You should go with Bybit if:

  • You want access over 250 cryptocurrencies
  • You want access to a wide range of products without KYC
  • You want to degen out with 100X max leverage
OKX

Low 0.8% spot fee

+350 cryptocurrencies.

Great UX & Easy to use

Wide range of products

Visit OKX
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal.
Bybit

Low trading fees (0.1%)

125X futures leverage

KYC is not mandatory

Great design & user experience

Visit Bybit
Author
Jack Moreau
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.

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