So, you’re interested in trading cryptocurrency derivatives and you’ve come across both the Phemex & Bybit exchanges, but you’re not sure which is the best for you? In this guide, we’ll be comparing the two in a direct, head-to-head manner.
Phemex vs Bybit: Comparison Table
| Item | Phemex | Bybit |
|---|---|---|
| Founded | 2019 | 2018 |
| Website | phemex.com | bybit.com |
| Mobile App | Yes | Yes |
| Location | Singapore | Singapore |
| Customer Support | Great | Great |
| Fees | Average | Average |
| KYC | No | No |
| Bonus | $72 | $90 |
| Coins | 7 | 4 |
| US Customers | No | No |
| Security | High | High |
| Max. Leverage | 100x | 100x |
| Referral/Affiliate Program | Yes | Yes |
| Languages | 5 | 6 |
| Design | Great | Average |
| Ease of Use | Great | Average |
| Overall Rating | 4.8/5 | 4.7/5 |
| Register | Register on Phemex | Register on Bybit |
Overview
Firstly, here is a brief introduction to each exchange.
Phemex
Phemex is a crypto derivatives exchange founded in 2019 by Phemex Financial Pte. Ltd. in Singapore. The team behind the exchange are extremely experienced, boasting 8 former Morgan Stanley Executives. The CEO of Phemex is Jack Tao.
Bybit
Bybit is a popular cryptocurrency derivatives exchange which launched in 2018 by a team based in Singapore. The exchange’s CEO is Ben Zhou, a former XM General Manager.
Fees
Phemex
The fees on Phemex are -0.025% maker & 0.075% taker. This is industry standard.
Bybit
The fees on Bybit are also -0.025% maker & 0.075% taker, making the exchanges identical in the fees charged.
Coins
Phemex
Phemex provides 7 different assets which you can trade on the platform which are as follows; Bitcoin, Ethereum, XRP, Chainlink, Tezos, Litecoin & Gold.
Bybit
Bybit has 4 different coins on the platform; Bitcoin, Ethereum, XRP & EOS. Unlike Phemex, you cannot trade traditional markets like Gold on Bybit – so in this sense Phemex wins out for tradable asset options.
Mobile App
Phemex
Phemex has a completely native mobile app for IOS & Android devices which is free and allows you to make deposits, withdrawals and trade. The mobile app is well-designed and easy to use.
Bybit
Bybit also has a fully native mobile crypto trading app for IOS & Android devices. The Bybit app is very easy to use and provides great functionality for the user.
Both the Phemex and Bybit apps are brilliant, I couldn’t say which is my favorite – it’s a tie on this front for me.
Safety
Phemex
Phemex utilises the best security practices in the industry to ensure users funds are protected. For example, they employ a Hierarchical Deterministic Cold Wallet System along with 2FA on top of a well-written TradingEngine with it’s very own recovery system in place to ensure 24/7 uptime.
Bybit
Bybit also uses a industry-leading cold wallet system to protect the funds of its traders, as well as a zero-trust architecture approach which means that the system is a safe as it could be. Bybit also has 2FA like Phemex.
Both Phemex and Bybit are safe cryptocurrency derivatives exchanges in my opinion and are extremely transparent about their operations.
Liquidity
Phemex
As Phemex is newer than Bybit, it comes as no surprise that the liquidity is at about 50% of that of Bybit’s. But, that being said, it’s still getting just shy of an impressive $0.5B worth of volume day. The exchange’s liquidity is perfectly okay for the majority of traders, however, if you are trading millions, then you might want to look for another exchange.
Bybit
Bybit’s liquidity is one the highest in the world, coming in just under that of BitMEX’s – one of the first crypto derivatives exchange. Bybit has reached daily volumes in excess of $1B USD which is quite a bit.
So, in terms of liquidity, Bybit is the winner here – for now.
Trading Platform
Phemex
Phemex’s trading platform is very easy on the eye – and one of the best I’ve ever seen. It’s really easy to understand and find everything you need. The charts are powered by TradingView, which most traders are familiar with.
Bybit
Bybit also has a very intuitive user interface, with a well-designed structure. It’s good for beginner’s, nice on the eyes and you can even customise it to suit your personal preference by dragging each box.
Bonus
Phemex
Phemex offers a $72 USD Bitcoin trading bonus which comprises of an initial $2 bonus for registering (paid instantly), a $10 social media bonus and a $60 first deposit bonus. It takes around 2 days to receive the total $72 bonus if you complete all the steps correctly.
Bybit
Bybit has a $90 Bitcoin bonus up for grabs, which, similarly to Phemex, can be obtained by complete various tasks in their reward hub which includes social media engagement and a first deposit.
Bybit offers $18 USD more in welcome bonus funds than Phemex, but you have to complete more tasks to get it – but all in all, they’re both pretty attractive bonuses.
Conclusion
I hope you’ve enjoyed this thorough comparison of Phemex vs Bybit. I’m now going to recap and give you the pros/cons on each exchange.
The best exchange between the two for crypto derivatives trading, in my opinion, is Phemex since it offers more assets than Bybit, has a better interface and is led by a somewhat more experienced team. That being said, Bybit has better liquidity, has been around for longer and has a higher bonus offer – so it all depends on what you value/are looking for most in a crypto derivatives exchange.