If you are wondering if Phemex or Bybit are best for your crypto activities, look no further. In this side-by-side comparison of Bybit and Phemex, we analyzed everything that you need to know. Find out which exchange takes the lead in all relevant categories such as trading options, fees, features, security, customer support, and more!
Bybit vs Phemex Comparison Overview
First, let’s compare all key measures of Bybit and Phemex in a table so that you can compare the two exchanges at a glance.
Bybit and Phemex are two of the largest crypto exchanges and both serve millions of users.
Bybit was launched in 2018 and has its headquarters in Dubai. Over 1200 Bybit employees manage over 20 million customers as of 2023 with a daily trading volume of $10+ billion. Where Bybit stands out most is its user-friendly design and its dedicated derivatives trading platform with up to 125x leverage and some of the deepest liquidity.
Phemex was launched by Jack Tao in 2019 and is now located in Singapore. The platform employs 400 people and servers over 5 million users with a cumulative 24-hour trading volume of over $2 billion. Similar to Bybit, Phemex is extremely well-designed and user-friendly. While Phemex is not as popular as Bybit, the Phemex trading platform is just as powerful in terms of performance and speed.
Bybit puts its main focus on various trading features including spot, perpetual and inverse perpetual contracts, bot, copy, and even options trading. The highest leverage on Bybit is 125x on USDC futures. With over 400 cryptos available for trading, Bybit offers a wide variety of coins.
On the other hand, Phemex only offers 182 different cryptos. Yet, Phemex has an amazing futures trading platform that is suitable for traders looking for 100x leverage on major cryptos such as BTC, ETH, XRP, ADA, and more.
Looking at the customer support, both exchanges are top-notch. Bybit and Phemex offer 24/7 live chat support. The response time on both platforms is less than 3 minutes, and you will be connected to competent and helpful staff.
When comparing the security of Phemex and Bybit, we noticed that the exchanges are also similar in that regard. None of the platforms has experienced any hacks. Furthermore, Bybit and Phemex store over 90% of customer funds in multi-sig cold storage wallets and provide full proof of reserves on top of that.
You can check out Bybit proof of reserves here, and Phemex’s proof of reserves here.
Going with Phemex or Bybit is a good choice when caring about security.
If you are looking to trade cryptos with your phone, Bybit and Phemex have you covered with their mobile apps for iOs and Android devices.
The Bybit app is one of the highest-rated crypto exchange apps available. With over 10 million downloads and a 4.6/5 star rating from 160.000 reviews, Bybit is one of the most popular crypto apps. When testing the app, we did not encounter any issues. It is a fast and responsive application and you can trade every instrument just as if you were on your computer.
Phemex also has a mobile app. With 1 million downloads and a 4.6/5 star rating, Phemex is sitting at the same rating as Bybit. However, it is important to note that Phemex only has 13.000.
Overall, the Bybit app is superior to the Phemex mobile app. With more features and an easier to use interface, Bybit ensures a great crypto experience on your phone.
Bybit vs Phemex Signup & KYC
Registering for an account on Phemex and Bybit is very similar and a simple process. Bybit lets you register with your email or phone number while Phemex only allows emails. Then use a strong password and create your account. After that, you will have to verify your phone number or email with the 6-digit code in your inbox. Now your Bybit or Phemex account is set up.
Bybit and Phemex differ in the KYC section.
Bybit requires KYC, so all users must verify their identity to start trading and unlock withdrawals. For Level 1 KYC on Bybit, you must submit a government-issued ID or Passport. Level 2 KYC will raise your withdrawal and FIAT limits and requires proof of residence which you can finalize by submitting a utility bill, bank statement, or rental agreement no older than 3 months.
As Bybit requires KYC, you can not use the platform if you are in one of Bybits restricted areas.
In contrast, Phemex is a non-KYC exchange. That means KYC is not mandatory on Phemex. You can sign up, deposit, and start trading on Phemex right away. However, the crypto withdrawal limit is $50.000 per day.
For higher withdrawal limits you must submit personal information such as full address, full name, date of birth, phone number, ID type, and ID number. For the basic verification, you only have to type these things, so a photo is not required for Basic Verification yet.
Bybit vs Phemex Products, Services & Features
Bybit and Phemex put their focus on crypto trading. However, they also offer a lot more products and services to their users.
Bybit is one of the most comprehensive crypto exchanges with spots, futures with 125x leverage, copy, bot, options, and even NFT trading. Phemex on the other hand offers spot, futures, and copy trading. The maximum leverage on Phemex is 100x.
One of the key differences between Phemex and Bybit is the amount of tradable assets and supported cryptos. Bybit has over 400 cryptos listed while Phemex has 182 cryptos listed.
In terms of trading, Bybit seems to be more versatile and has more to offer than Phemex. When comparing the liquidity, Bybit also performed better than Phemex.
If you are interested in options or NFT trading, Bybit is your way to go too, as Phemex does not support either of these products. While Bybit is certainly the better choice for trading, Phemex should not be underestimated as a no-KYC exchange where you can remain anonymous while using a top-tier crypto platform.
If you are looking for passive income products, Bybit and Phemex have a wide range of services available.
Bybit has a comprehensive “Finance” section. Crypto enthusiasts can make use of the bybit savings account, liquidity mining, dual asset yield, ETH staking, and other staking products. Furthermore, you can apply for crypto-backed loans and the Bybit crypto card which you can use for on- and offline payments.
Phemex also has great products for passive income in the “Earn” section. You can participate in Phemex earn, Phemex savings accounts, prediction markets, and the Phemex launch pool where you can stake cryptos.
Both exchanges also have a copy trading feature where you can copy advanced traders with just a few clicks. When comparing the available traders on Phemex and Bybit, we realized that Bybit has better traders and also a lot more traders to choose from.
Overall, Bybit seems to be the better option for trading, passive income products, and copy trading.
Bybit vs Phemex Fees
The fees on Bybit and Phemex are very similar. Both exchanges charge 0.1% spot fees for makers and takers (limit and market orders). Based on your 30-day trading volume, both exchanges offer fee discounts. Phemex has more generous fee discounts for spot trading, however, this is only relevant for crypto whales with $100m+ in monthly trading volume.
For futures trading, Bybit charges 0.02% maker and 0.055% taker fees. Again, you can reduce your trading fees based on your trading volume. The lowest possible fee rate on Bybit is 0% maker and 0.025% taker which requires $2 billion in monthly trading volume.
Phemex on the other hand charges 0.01% maker and 0.06% taker fees. That means limit orders on Phemex are 50% cheaper, while market orders are around 8% more expensive. If you are mostly trading with limit orders, Phemex is the better option for you.
For active traders, Phemex also offers a fee discount. However, the highest discount can only be achieved by reaching 1.2% of Phemexs total volume in the last 30 days.
In terms of fees, the difference is very subtle. For spot trading, Bybit offers the highest fee discounts while Phemex has slightly lower futures trading fees.
Bybit vs Phemex Deposit Methods
Both Bybit and Phemex provide free crypto deposits.
If you want to purchase cryptos directly, you can do that on both exchanges via credit card or bank transfers. The fees are relatively pricey and range from 2-5%, based on your currency. We recommend depositing your FIAT currency as it is cheaper.
Bybit accepts 15 different currencies for FIAT deposits, including EUR, GBP, USD, and others. Advcash, credit cards, SEPA, and bank transfers are among the onramp options. Depending on your FIAT currency and payment method, deposit fees range from 0% (Advcash) to 4% (Wire).
Phemex also offers FIAT support for 6 different currencies being EUR, GBP, CHF, JPY, CAD and AUD. The fees are 0% through wire transfer and take 1-3 days to be cleared. The FIAT deposits on Phemex are powered by Legend Trading. While Phemex does not require KYC for trading, note that you must verify your identity in order to deposit FIAT.
Overall, Bybit has the upper hand when it comes to deposits. With extensive FIAT support and 0% fees, Bybit provides better value for money as well as more convenience because you may keep your native currency in your Bybit account. Also, Bybit offers instant transfers through Advcash.
Bybit vs Phemex Withdrawals
On both exchanges, cryptocurrency withdrawals are comparable. The costs for each coin and network are different. USDT and BUSD on the TRC20 and BEP20 networks are two of the most affordable possibilities.
Bybit offers FIAT withdrawal off-ramps for ten different currencies. On Bybit, the FIAT withdrawal options are Advcash and ZEN, which have no fees and are handled promptly within a few seconds.
For FIAT withdrawals, Phemex supports 7 FIAT currencies. These are EUR, CHF, JPY, GBP, USD, CAD, and AUD. Note that you can withdraw USD, but you can not deposit it. The only supported FIAT withdrawal method on Phemex is wire transfer which takes 1-3 days, based on your currency.
For withdrawals, Bybit takes the point home yet again. With a lot more available cryptos for withdrawals as well as faster processing times, Bybit is a top choice if you want to cash out crypto trading profits to your bank account.
Bybit vs Phemex – Which Exchange Is Better?
While both exchanges are great choices, Bybit is clearly the winner.
Being the second largest crypto exchange in the world, Bybit has a lot more products and features compared to Phemex.
Bybit is one of the best options when it comes to crypto trading. Bybit stands out most with its derivatives platform with low fees, high leverage of up to 125x, and a daily trading volume reaching over $10 billion on a regular basis.
Furthermore, Bybit has the best copy trading for passive income and offers options trading for BTC, ETH, and SOL. Lastly, Bybit even has an NFT trading market.
So where is Phemex superior?
While we consider Phemex to be a top-tier exchange, it has a hard time keeping up with Bybit. However, there is one section where Phemex beats Bybit. As Phemex does not require KYC, you can remain anonymous while trading and withdrawing from the platform. If you care about anonymity, Phemex is one of the best options to go with. In fact, Phemex made it to the top 3 in our list of the best non-KYC crypto exchanges. You can also read our comprehensive Phemex review here.
If you want to learn more about Bybit you can read our Bybit review here, or you can sign up for Bybit right away.
