There are dozens of crypto exchanges out there ranging from the good, the bad, to the downright ugly, finding the one that is best to suit your individual needs as a crypto user can be tough. That is why here at the Coin Bureau, one of our missions is to sort through the jungle of exchanges out there to provide our community with helpful reviews to help them in their search.
In today’s article, we will be covering two very popular exchanges that have become excellent places for traders and crypto users with different needs above and beyond just trading. Both Bybit and OKX have enjoyed mass levels of adoption through 2021 and continue to build, grow, and innovate during the brutal bear market we currently find ourselves in.
This Bybit vs OKX review article will go over both of these exchanges from a high-level perspective, but if you want a deeper dive, feel free to check out our dedicated reviews:
As you are on a journey to find the perfect crypto exchange, you may find this article useful:
Page Contents 👉
OKX vs Bybit Summary:
Virtual Asset Trading License– HK SFC
VFAA compliant– Malta Financial Services
Provisional Virtual Assets License– Dubai Virtual Assets Regulatory Authority
Spot Cryptocurrencies Listed:
Advanced trading concepts can be confusing for beginners.
Advanced trading concepts can be confusing for beginners. Good platform to learn how to trade.
None for limited trading. Users will need to KYC to reach higher volume trading limits.
None for crypto trading and withdrawals.
KYC needed for crypto purchases, Launchpad and Earn access
Fiat Currency Support:
Crypto can be purchased with 90+ fiat currencies and withdrawals are supported in 12 fiat currencies.
Yes, crypto can be purchased with 50+ fiat currencies through various integrated partners.
Deposit- Buy crypto with 129+ supported services for bank transfers, card purchases, Apple Pay, etc. Crypto deposits accepted.
Withdraw– Crypto only
Deposit- Purchase crypto via bank card or transfer via third-party companies. P2P.
Withdrawal- Crypto only
OKX vs Bybit
Further in this article, we will take a closer look at each exchange individually, but first, we want to give you an overview of our findings by comparing OKX versus Bybit.
OKX and Bybit have more similarities than differences when it comes to trading products offered. Both exchanges offer top-rated places for traders looking to access the spot, margin, and derivatives markets, where they really start to differ is in the products available outside of trading.
If you are short on time and don’t want to get into the nuts and bolts, if I were to summarize this article in a few short sentences, my verdict would be that OKX (formerly OKeX), is the better exchange for anyone needing an “all-in-one” crypto exchange.
OKX is significantly ahead of Bybit when it comes to Web3, DeFi, and NFT innovation, and has an impressive number of products and features, better fiat support, lower fees, and offers a more user-friendly and aesthetically pleasing interface. OKX is also ideal for traders looking for KYC-free trading as they are one of the very few regulated exchanges that still offer it.
👉 Sign up to OKX and get a 40% discount on trading fees for life!
Bybit, on the other hand, has focused its efforts more on the trading aspect of things and has become a hub for serious traders. Bybit is the more suitable exchange for traders who are interested in putting their skills to the test with trading contests and has become one of the top exchanges for copy trading, Bybit features a highly rated trading and matching engine that has attracted retail, professional, and institutional traders.
Bybit also offers some of the best sign-up bonuses and giveaways in the industry, attracting traders from all walks of life.
👉 Sign up to Bybit and receive up to $4030 in USDT Rewards!
At the time of writing, OKX is ranked as the #9 exchange in the world for spot trading volume and #3 for derivatives, while Bybit is #12 for spot and #2 for derivatives. It is good to note that both OKX and Bybit have published their proof-of-reserves, so users can be more confident that these two won’t experience an FTX-style collapse.
OKX vs Bybit: Products Offered
Both OKX and Bybit provide professional-grade trading platforms with industry-leading matching and trading engines that ensure a seamless trading experience for spot, margin, and derivatives trading. Both exchanges have attracted millions of traders worldwide, ranging from amateur to professional, and even institutional clients.
Both platforms have a feature-rich site offering an Earn section, an NFT marketplace, trading bots, and more.
Here are the products and services available on OKX:
- Buy crypto with over 90 fiat currencies.
- Swap crypto easily with the convert feature.
- Access an advanced trading interface for spot, margin, and derivatives trading.
- 125x leverage on Futures, 5x Leverage on spot pairs.
- Easy integration to DeFi and Web3 DApps.
- Trading bots.
- Earn section, crypto lending, and launchpad.
- NFT marketplace.
- Safety + security with comprehensive licensing and regulatory compliance and robust security measures.
Here is what Bybit brings to the table:
- Up to 100x leverage.
- VIP, broker, and affiliate programs.
- Ability to buy crypto via card or bank transfer.
- DAO participation.
- Leveraged tokens.
- Trading bots.
- Spot + derivatives trading.
- Advanced analytics and educational section.
- Copy trading.
- Rewards hub and trading contests.
- NFT marketplace.
That covers the products and key features at a glance, now let’s jump into how else these two stack up.
OKX vs Bybit: User Friendliness
Both OKX and Bybit feature advanced trading concepts and products that cannot be considered “beginner-friendly” but both offer excellent interfaces for those with experience using crypto platforms. If you are looking for an exchange that is beginner-friendly, I recommend checking out SwissBorg or Kraken.
Aside from the advanced trading interfaces and products that can be accessed, both platforms also provide crypto swap and convert features that are great for beginners or users who are looking for the easiest way to trade crypto.
While these one-click buy, swap, and convert features may be convenient and are now offered on most crypto exchanges, be sure you aren’t paying exorbitant fees for the extra convenience.
Learning how to navigate these platforms and use the trading interfaces, even at the most basic levels by simply hitting the “buy” and “sell” buttons will be greatly beneficial to you over time as you may be able to save quite a bit on trading fees. By utilizing the trading interface, traders can also get in and out of positions at better prices by using things like limit orders, which isn’t possible when using the one-click trade or convert feature.
Fortunately, Guy has a great 3 part series where he covers trading basics that can help get you up and running in no time using trading platforms. Part one can be found below:
The other areas of these platforms are also easy to navigate and the broader platforms are suitable for both new and experienced users. Both exchanges also have a fantastic “learn” section where traders can learn the ropes and get familiar with trading concepts and platform navigation.
OKX does edge out a win over Bybit for being the more user-friendly platform as it does a good job separating different areas of the app, making the platform easy to use and better suited for users with different skill and experience levels.
The user interface and experience for both sites are intuitive and well-designed, I have not encountered, nor come across much in the way of complaints for either site as both design teams have done a nice job building a platform that is easy to use.
If we turn our attention to the main function of these sites, being the trading interfaces themselves, both crypto exchanges use TradingView for their charting capabilities, which has become the gold standard in the crypto industry. Thanks to TradingView, both platforms are suitable for any style of trader, even those with the most demanding technical analysis requirements.
OKX also offers its own native trading interface that can be toggled on and off with the click of a button, providing additional utility and a depth chart.
Here is a look at the OKX trading screen:
Here is a look at Bybit’s trading interface:
OKX also features a “Basic” trading screen for those who don’t need all the extra bells and whistles. Both platforms also feature adequate advanced order types, charting functionality, and deep liquidity, ensuring they check the boxes for traders with more comprehensive trading needs and larger orders.
To sum this section up, from a pure trading perspective, neither platform takes the win as both are equally matched and best-in-class.
Aside from trading, OKX takes the win as the platform has a nicer design, plus more functionality and utility as it offers more products and features. Thanks to Web3 and DeFi integrations, OKX also meets the needs of a wider range of crypto users.
Where Bybit takes a win is in being more trading-focused and having a better community of active and competitive traders. Bybit offers some of the best sign-up bonuses in the industry, an amazing copy trading platform, hosts some fantastic trading contests and prizes, and is one of the best exchanges that offer KYC-free trading.
OKX vs Bybit: Fees
Fees are something that should be considered when you are searching for a good crypto exchange, especially for scalpers or frequent traders as those trading fees can really eat away at profits.
Fortunately, both OKX and Bybit are quite fee-friendly, with OKX having about the lowest fees you will find among any of the major exchanges. The fees on Bybit come in slightly higher, but certainly not enough to break the bank.
Both crypto exchanges use a tiered fee structure with Maker\Taker fees being determined by a trader’s 30-day rolling trading volume and/or assets held.
Here is a look at OKX fees for spot trading:
You can find the full list of fees on the OKX Fees page.
Here are the Bybit fees traders can expect for spot trading:
You can find a full list of fees on the Bybit fees page.
Though the trading fees are low on these platforms, the biggest shortcoming for both exchanges is the lack of native fiat on and offramp support. Unlike exchanges such as Binance, Kraken, Crypto.com, and Coinbase, which can facilitate bank deposits and withdrawals, neither OKX nor Bybit natively supports bank transfers, they need to utilize third-party service providers for fiat transactions.
These service providers often charge higher fees for purchasing crypto than what is offered by exchanges that natively support bank\wire transfers. OKX and Bybit do offer P2P trading, which can often be a cheaper way to buy and sell on these platforms.
Bybit recently announced zero fees on Euro SEPA transfers which is good news for European-based users, hopefully, they will be adding more zero-fee funding options in the near future.
Note that KYC will be needed to purchase crypto on Bybit, which is why some users only deposit crypto to trade without the need for KYC.
Pro Tip: Be sure to check with your bank before making crypto purchases or deposits at any exchange as they may charge cash advance fees. Also, double-check to make sure that you won’t have your bank account blocked as some banks have taken a draconian “anti-crypto” stance.
OKX vs Bybit: Security
Now let’s break into the security of these two platforms. With exchange hacks being more common than most of us are comfortable with, security is an important consideration as there’s nothing worse than losing your hard-earned crypto.
Taking a look at Bybit first, Bybit operates a secure cold storage solution, meaning that they store the bulk of their crypto reserves and all of their client’s funds in offline wallets that are stored in a secure “air-gapped” location. They only expose a small amount of their own coins to hot wallets, which are needed to service the needs of traders looking to withdraw crypto.
All funds placed in cold storage are further protected using multi-signature address schemes, meaning that the exchange will need more than one key in order to sign a transaction from one wallet to another. This prevents the risk of one bad actor being able to take off with funds.
The Bybit site utilizes HTTPS secure communication and SSL-encrypted communication to prevent the risk of online spying and phishing attacks.
From a customer point of view, Bybit offers its users the following security features:
- Biometric login for mobile app
Changing gears now and looking at OKX, the platform has some of the most robust security protocols in the industry. OKX has not suffered a security breach since 2017, and the fact that they are regulated and licensed makes them one of the most trusted exchanges around.
OKX goes above and beyond what most exchanges are willing to do when it comes to security with their unique approach to mixing online and offline storage systems secured with multi-signature protection, multiple backups, and location-separated QR codes and restricted personnel access.
Here is a look at the security lengths undertaken by OKX:
- Each cold wallet address stores no more than 1,000 BTC and each address is only used once.
- Private keys never come into contact with the internet or USB drives. Each private key is encrypted and held on an offline computer using AES with any non-encrypted keys being deleted.
- AES-encrypted passwords are held by employees in different locations.
- The offline private keys are only accessible via QR codes, never coming into contact with the internet.
- QR codes are printed and copies are stored in separate bank vaults on different continents, each requiring in-person access.
OKX keeps 95% of funds in offline, air-gapped cold storage environments that hackers cannot access. As for hot wallets where the other 5% of funds are held, OKX utilizes semi-offline multi-signature mechanisms and multiple risk management methods to verify deposits and withdrawals, reducing any likelihood of unauthorized access.
If hackers do somehow manage to steal any amount of the 5% of funds kept in hot wallets, or any users lose funds due to a breach of the security system, OKX has a risk reserve fund to reimburse users. All this together makes OKX a solid choice for those seeking a secure platform.
From a customer perspective, users can enable the following security options to secure their accounts:
- Login password
- Email verification
- 2FA for login
- Google Authenticator
- Mobile verification
- Secondary password for withdrawals
- Anti-phishing code
Great, now that we have covered a bit of head-to-head, let’s dive into each one a little more in detail.
What is OKX?
OKX is a cryptocurrency exchange located in the Seychelles that provides a popular place for beginners and experienced traders to trade spot, derivatives, margin, futures, perpetual swaps, and options markets.
Featuring both a simple and advanced trading interface, along with excellent educational resources, OKX is a suitable place for any style or skill level of trader.
OKX is one of the fastest-growing and most popular centralized exchanges thanks to its comprehensive trading features, order types, seamless trading interface, KYC-free trading for many of the features, and the safety and reputation that comes along with being regulated and licensed.
Not only is OKX a great place for trading, but the platform also features trading bots, a well-stocked Earn section, crypto loans, a launchpad, and the OKX Wallet makes DeFi, Metaverse, NFT access, GameFi and DApp access an absolute breeze.
The OKX brand is a subsidiary of OKCoin which is owned by OK Group, a company founded in 2013 by Mingxing Xu. After the success of OK Coin, the OKX crypto exchange was launched in 2017.
Cryptocurrencies Offered on OKX
OKX exchange has over 350 crypto assets supported and over 500 trading pairs available across the spot, margin, and derivatives markets for users located in over 180 countries. Unfortunately, OKX is unavailable for users in the US. For US-based users, I recommend checking out Kraken.
OKX has a multitude of products and features available, too many to cover them all here. You can find out more about what OKX has on offer in our dedicated OKX review, but we’ll cover the highlights below.
OKX Cryptocurrency Trading
Trading crypto on OKX is a flawless experience with nearly instantaneous trade execution and order fulfillment. OKX provides one of the cleanest and best-performing trading interfaces, making it clear why the platform has attracted millions of users and saw a high of 60 billion in 24hr trading volume during the peak of the bull run in 2021.
OKX supports advanced order types and a charting platform powered by TradingView, so it is capable of meeting the needs of any type of trader from retail to professional.
As for the order types, traders will find the following available:
- Limit Order: These orders are good till canceled. They are simply orders that are placed at some predefined level.
- Advanced Limit: This is a standard limit order with more functionality around how you would like the order to be executed. For example, it could be Post Only, Fill-or-Kill or Immediate or Cancel. “Post Only” is a standard order. Fill or Kill will execute the entirety of the order or kill it. Immediate or Cancel will execute it now at the best price or cancel.
- Stop Limit: This is an order placed only once a specific trigger price is met. Once the trigger price is met, a standard limit order is placed.
- Trail Order: With this order, a limit order will be placed once the price has retraced after breaking a certain trigger level. This is called the “Callback Rate.”
- IceBerg Order: This is an order that allows a trader to place a large order without incurring too much slippage. This order automatically breaks up a user’s large order into multiple smaller orders.
- Time-weighted average price (TWAP): TWAP is the average price of the order over a specified period of time. It is basically a strategy that will attempt to execute an order that trades in slices of order quantity at regular intervals. The fill price equals the TWAP price.
OKX also provides an easy-to-use Convert feature for traders who are looking for the most hassle-free way to trade with one click.
OKX has a great Earn section for users looking to earn some passive income on their crypto. There are low-risk and high-risk options available for different terms, accommodating for different risk appetites and investor profiles.
Earn products include options like savings and staking, to advanced higher return options like dual investment. We have an article covering the OKX Earn products if you want to learn more.
OKX has done a great job bridging the gap between CeFi and DeFi, providing a simple and convenient interface that allows users to access and benefit from the world of DeFi, without all the complexities often associated with traditional Decentralized Financial applications.
One of the largest barriers to entry when getting involved in DeFi is the complex nature involved with self-custodial wallets and the plethora of different wallets and networks needed to interact with various different DeFi protocols.
OKX is changing that and has leveraged their beautifully designed user interface to make it easy for users on the front end while having all the complex “DeFi stuff” being executed behind the scenes on the back end.
Polkadot & Kusama Slot Auctions
Participating in Polkadot auctions on your own can be quite complex and is often a task only undertaken by more advanced crypto users. Fortunately, OKX has built a simple front-end interface that allows users to participate in a seamless way. Other exchanges that offer DOT auction participation access are the likes of Kraken and KuCoin.
Through their OKX accounts, users can vote on proposals for future DOT and Kusama projects with OKX covering the fees involved with voting and dealing with things like token lockups, release dates, etc.
If a user votes on a project that wins the slot auction, they will receive rewards in that project’s token for their participation and have their tokens sent to their OKX account.
You can learn more about Polkadot Slot Auctions in the video below:
Launchpads are a popular way for investors to gain early exposure to projects before they hit mainstream adoption, providing the potential for nice returns on investment.
Jumpstart is OKX’s launchpad and is similar to the launchpads found on major crypto exchanges like Binance and KuCoin.
Jumpstart helps new projects launch and attract users to their communities, raising awareness about what the teams are building. Investors can get involved by staking their OKB tokens and then receive new tokens from projects based on the user’s staked amounts.
The Jumpstart launchpad has attracted some interesting projects in the past that rewarded investors handsomely and is definitely one worth watching for launchpad enthusiasts. A word of caution that investing in these early startup projects carries a high level of risk.
MetaX- OKX Wallet
MetaX is a non-custodial wallet that users can access to self-custody their crypto. This brilliantly designed and multi-functional wallet connects OKX users to the world of thousands of DApps, DeFi, Metaverse, NFT, and GameFi projects, and supports general Web3 functionality.
This versatile platform connects users to the world of Web3 from one easy-to-use and convenient platform. OKX has created this one-stop Web3 hub to make DeFi and decentralized applications easy by bringing everything together in one place, greatly reducing the hurdles and complexities that traditionally existed in the decentralized crypto space.
OKX Trading Bots
OKX is one of the largest platforms for trading bots with over 940,000 traders accessing the site and taking advantage of the auto trading features.
Users on OKX can either create their own bots or select one of the thousands available on the bot marketplace. Each bot on the marketplace comes with statistics and trading history so traders can verify the performance of the bot before deciding to use it.
Bots on OKX fall under the following categories:
- Grid bot
- DCA bot
- Recurring buy bot
- Arbitrage bots
- Smart Portfolio rebalancing bot
- Slicing bots
You can learn more about the trading bots available at OKX in our article on OKX Trading Bots.
Types of Accounts and OKX Fees
OKX offers individual and corporate accounts. Individual accounts can select different modes based on the needs and KYC level of the user:
Users will need to undergo KYC and ID verification to access some products and buy crypto, anyone hoping to conduct KYC-free trading will be able to deposit crypto, withdraw up to 10 BTC in 24 hours, and perform spot and futures trading.
As for fees, OKX is one of the lowest-fee exchanges in the industry, with a fee structure based on a maker/taker fee model depending on asset holdings and/or 30-day trading volume.
Here is a look at the spot trading fees:
Fees for purchasing crypto can vary quite a bit depending on the service provider and method being used. Fees for purchasing crypto are set by OKX’s third-party purchasing providers, some of which can range between 3-8%, so be sure to double-check the fees before finalizing the purchase to make sure you aren’t paying more than you are wanting to.
Try and use bank transfer options if available instead of purchasing with card as they are often cheaper.
We already covered OKX’s impressively robust security protocols above in the head-to-head section, but to reiterate, OKX is one of the most secure and reputable exchanges in the industry.
OKX uses a mix of online and offline storage, ensuring 95% of customer funds are held in air-gapped cold storage environments that never come into contact with online connectivity, remaining outside of the reach of hackers.
Private keys and backups are located in bank vaults on different continents around the world and can only be accessed by key personnel, while also practicing multi-signature access protocols, making in-person theft also extremely unlikely.
Both physical and remote theft would be incredibly difficult to pull off, but in the unlikely event of a successful security breach, OKX also has an insurance fund in place to reimburse customers should they experience losses.
Being licensed and regulated by multiple authorities also provides a level of security and trust for the platform. The full OKX security framework can be found on the OKX Security Page, it is quite impressive and worth the read.
That covers OKX, now let’s take a closer look at Bybit.
What is Bybit
Bybit is a cryptocurrency exchange that offers spot, margin, and derivatives trading, along with a platform where users can access Earn products, a Launchpad, copy trading, and more.
The professional-grade trading platform with its huge selection of tradeable assets and markets has made Bybit one of the most popular crypto trading exchanges among serious traders.
This top-rated exchange recently celebrated reaching the 10 million users mark and has been one of the fastest-growing crypto exchanges since its launch in 2018.
Traders enjoy the powerful and seamless trading experience on Bybit, which is powered by a highly efficient trading and matching engine, attracting both professional and retail traders.
Contributing to its rapid growth, Bybit also offers some of the best trading competitions and sign-up bonuses, which have been attracting new users to the platform.
Bybit is a respectable exchange and has a good reputation among the crypto community part in thanks to their efforts to advance the entire industry with their Bybit educational academy Bybit Learn, which is a great resource for anyone looking to learn more about trading or crypto. There are also many comprehensive analytic reports and tools accessible to anyone on the Bybit platform.
With over 300 crypto assets to trade on the spot market and nearly 300 derivatives products, Bybit has something tradeable for just about everyone.
Bybit is also known for listing new project tokens earlier than much of the competition, which is good for traders wanting first grabs on some new tokens.
On Bybit, traders can access the most popular cryptocurrencies like Bitcoin and Ethereum, along with many of the smaller tokens like Tezos, Cardano, Polkadot, and more.
We cover Bybit’s products in more detail in our Bybit review, but here is a high-level overview of the most prominent features.
The trading interface, matching, and trading engine on Bybit are of the highest grade, equal to what you will find on any of the major exchanges. Bybit claims that it can handle 100,000 transactions per second and takes lengthy measures to ensure there is no server downtime, which has been proven over the years by Bybit boasting over 99% server uptime.
All in all, Bybit is a solid place to trade for traders looking for both simple and advanced order functionality and order types, executed with flawless precision and efficiency.
With the Tradingview integration, the charting functionality on Bybit is capable of meeting the needs of any style of trader no matter how complex, and Bybit also features the ability to swap between the charting interface and a standard depth chart. The trading screen components are also customizable to meet traders’ specific needs.
Bybit is highly reviewed and rated for its quality trading experience, there isn’t anything negative to be highlighted as I have never experienced any issues with the platform myself, nor have heard of any issues with regard to trading functionality.
It is good to know that Bybit also offers demo and practice accounts for risk-free trading for traders to hone their skills without risking live funds.
Bybit Leveraged Tokens
Similar to the popular leveraged products found on Binance and KuCoin, Bybit also offers leveraged tokens for trading.
Leveraged tokens provide traders with reasonable levels of leverage, up to 5x, without the liquidation or margin risks associated with margin trading. Leveraged tokens are a popular product that have become widely adopted among traders as they can be traded while avoiding the complexities of margin trading.
Keeping competitive with other major exchanges, Bybit also released their own launchpad, aptly named Bybit Launch.
The issue with every exchange featuring a launchpad, especially in bear market conditions, is that there are just not enough new crypto projects launching to populate the multitude of different launchpads available, resulting in many launchpads being as quiet as ghost towns, or exchanges being desperate enough to feature low-quality projects just to have something available.
The few good projects that are launching have their pick of the top launchpads, being the ones on Binance and KuCoin. Surprisingly, the Bybit launchpad is one outside of those top two that is still running fairly well despite the market conditions and features some interesting projects that are worth checking out for launchpad investors.
The future for Bybit and its Launchpad looks bright as they remain one of the most active and attractive platforms going strong despite the poor market conditions experienced in 2022.
Note that users will need to pass KYC on Bybit to access the launchpad.
Bybit has one of the best Earn platforms outside of the top 5 exchanges, featuring multiple opportunities for users to earn passive income on their crypto.
There are earn products with either fixed or flexible terms, along with varying levels of risk for low or high APYs depending on a user’s risk tolerance.
Bybit NFT Marketplace
Bybit features an NFT marketplace where users can buy and sell NFTs. The platform is well-designed and easy to use, featuring some popular NFT projects.
Users on Bybit can buy and sell NFTs with zero fees in the digital art, collectible, GameFi and Metaverse niches.
Bybit Copy Trading
Copy trading is one area where Bybit is becoming a dominant player in the industry. Copy trading became instantly popular on Bybit as soon as it launched and has attracted over 300k users to the platform, making it one of the largest crypto copy trading platforms with a great selection of traders to copy from.
As Bybit is known for attracting experienced and skilled traders, many of the traders available to copy have fantastic track records and enjoy a good level of trading success.
Traders on Bybit who allow their trades to be copied by the community receive 10% of the profits earned by each of their followers, making it highly profitable for good traders with a large following.
Bybit copy trading is definitely worth checking out for any traders who are interested in earning extra income by allowing traders to copy them, or for any trader looking for passive trading income by following other traders.
Types of Accounts and Bybit Fees
Bybit only has one main account type with a tiered structure similar to other exchanges. Traders can also open subaccounts and custodial trading subaccounts for users who want to entrust their funds to a team of professional traders.
Bybit fees follow the standard Maker/Taker model, meaning that there are different rates for either adding liquidity to the books or taking it off the books.
Bybit’s tiered structure has the following fees:
The fees on Bybit are quite reasonable in terms of being easy on the bank account, but exchanges like OKX, KuCoin, and Binance still edge them out by offering slightly lower fees.
Bybit follows industry best practices by using cold storage solutions to protect customer funds. Funds are held in wallets that are air-gapped to reduce the likelihood of hack attempts and are impervious to viruses or malware that can expose private keys.
Funds also require multiple signatures from key staff members before they can be moved, meaning one compromised individual cannot steal the funds.
The website is also SSL encrypted and users can take advantage of 2FA and biometric login for the mobile app for added layers of security. The security measures undertaken by Bybit are not quite as robust as the likes of OKX, Crypto.com, Binance, Kraken, or SwissBorg, but that isn’t to say their security is weak, nor has it deterred millions of traders from trusting Bybit with their funds.
OKX or Bybit: Conclusion
If you have narrowed your choice in exchange down to these two, then you have done well in tracking down two reputable and fantastic exchanges. Traders can’t really go wrong in selecting either of these two, and many traders have accounts on both platforms to access the benefits offered on both exchanges.
OKX will likely be the better choice for crypto users who are looking for an all-in-one exchange and who are interested in more than just trading. OKX is also better suited for users who want to access the world of DApps, NFTs, DeFi, Metaverse projects and explore Web3 as the OKX wallet is well integrated with thousands of DApps.
OKX will also be the preferred choice for security-minded users and traders looking for the safety and confidence that comes with a regulated exchange.
👉 Sign up to OKX and get a 40% discount on trading fees!
Bybit will be the better choice for traders who are looking for trading competitions and the copy trading platform on Bybit is one of the best you’ll find anywhere. Bybit also has a fantastic community of like-minded traders, so you’ll never need to trade alone.
👉 Sign up to Bybit for $0 fees on select pairs!
Is OKX a Good Exchange?
Absolutely, OKX is one of the longest-standing exchanges in the industry and has remained a top 5 for derivatives trading and top 10 for spot trading since its launch. OKX is renowned for its robust security measures and its regulatory status provides users with peace of mind.
OKX features a large selection of products and features suitable for any skill level and experience of crypto user and features one of the most powerful trading platforms for professional traders.
OKX is also one of the leading exchanges integrating and exploring the world of DeFi, NFTs, Metaverses, and Web3 functionality, making the platform multi-functional and a true all-in-one crypto platform.
Are Bybit Fees High?
No, trading fees on Bybit are highly competitive and traders enjoy low fees of under 0.5% on average per trade. Fees on Bybit are only fractions of a percent higher than the lowest fee exchanges Binance, KuCoin, and OKX.
Is Bybit a Good Crypto Exchange?
Bybit is one of the fastest-growing unregulated exchanges and one of the top places to trade without KYC.
Thanks to its top-tier trading platform, an impressive selection of tradeable assets, second-to-none copy trading platform, and high leverage available, Bybit has become a trading oasis and attracts both amateur and experienced traders from all over the world.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.