You might be wondering, which crypto exchange is best between, OKX vs Bybit. Well, choosing the right platform to trade on can be a daunting task, as there are many factors to consider, such as fees, security, trading options, features, customer support, and more.
But, in this guide, we will make this very easy for you and compare two of the leading crypto trading platforms, OKX and Bybit, and see how they stack up against each other.
- Bybit and OKX are both well-known crypto exchanges for trading digital assets, but Bybit stands out with a greater variety of coins, higher liquidity, and more leverage options compared to OKX.
- When it comes to fees, OKX takes the lead by offering lower charges for makers (0.08% vs 0.1%) in the spot market.
- OKX is best for beginners due to low leverage and support for only trusted projects, whereas Bybit is best for experienced traders with high leverage and advanced trading tools.
OKX vs Bybit
|Maker: 0.08%Taker: 0.1%
|Maker: 0.1%Taker: 0.1%
|Maker: 0.02%Taker: 0.05%
|Maker: 0.02%Taker: 0.055%
|Yes (but some advanced features can be confusing)
|Spot, futures, margin, options, staking, NFTs, We3 portal, and more
|Spot, perpetual contracts, margin, options, launchpad, lending, and more.
|Visa and Mastercard for instant buying and 900+ payment methods for P2P
|Debit cards, credit cards, bank, PayPal, and 300+ funding methods for P2P
|100+ (US not supported)
|160+ (US not supported)
OKX Fees vs Bybit Fees
Depending on various factors like trading type, trading volume amount, OKB token holding level, and market conditions, OKX and Bybit charge different fees. A detailed comparison of these two exchanges’ fees is given below:
Firstly, let’s talk about OKX fees. It charges users trading fees when they buy or sell orders. The trade value determines the percentage of the fees, and the fees are different for makers and takers.
Tip: Makers place limit orders that are not filled right away and add liquidity to the market. In contrast, takers place market orders that are filled immediately and take liquidity from the market.
Different products have different trading fees on OKX, such as futures, spot, spreads, and options. Regular and VIP users also have different fees. The total OKB holding puts regular users into tiers, while the daily asset balance and the 30-day trading volume put VIP users into tiers.
Here is the full breakdown of OKX trading fees:
- Spot: The fees for most users and trading pairs are 0.08% for maker orders and 0.1% for taker orders. The fees are charged in the base currency of the trading pair, and users can also get fee rebates in the same currency. Users can enjoy lower fees if they hold more OKB or trade more frequently. For example, if a user holds at least 100 OKB and has a 30-day trading volume of at least 5,000,000 USD, the fees are 0.075% for maker orders and 0.09% for taker orders.
- Futures: For USDT-margined contracts, regular users incur a 0.02% fee for maker orders and a 0.05% fee for taker orders. The fees are charged and the rebates are given in the settlement currency of the contract. Holding more OKB or high trading volume also allows users to enjoy reduced fees.
- Options: For regular users, the fee rate ranges from 0.015% to 0.02% for makers and 0.03% for takers. For VIP users, the fee rate ranges from -0.01% to 0.01% for makers and up to 0.02 for takers. The higher the tier level, the lower the fee rate.
Read about the full OKX fee structure here.
Now, let’s discuss Bybit fees. It also follows a similar structure of makers fee and takers fee, like OKX exchange. Below is a breakdown of Bybit’s trading fees across various markets:
- Spot Fees: For trading crypto-crypto pairs on Bybit, there’s a 0.1% fee for makers and takers, while crypto-fiat pairs have a 0.2% maker fee and 0.15% taker fee. If you’re a VIP user and have traded over $100 million in the last 30 days, you get reduced fees of 0.015% for makers and 0.05% for takers.
- Perpetual & Futures Contracts Fees: When you trade futures and perpetual contracts on Bybit, there’s a 0.02% fee for makers and a 0.055% fee for takers. For VIP users who traded over $100 million in the last 30 days, the maker fee can even be negative, meaning they get a rebate.
- Options fees: The exchange charges 0.02% for both makers-takers for options contracts. You will also get discounts based on trading volume.
Here is a detailed overview of Bybit fees.
Winner: OKX. (OKX has a lower maker fee compared to Bybit (0.08% vs 0.1%) for spot markets. OKX also has lower fees in the futures market (0.5% taker fee vs. 0.055% taker fee) and similar options trading fees)
Deposit and Withdrawal Fees
OKX doesn’t bother you with deposit or withdrawal fees for your cryptocurrencies. But, if you’re dealing with regular money (fiat), they might charge you based on how you move it.
But, if you go through third-party providers like Mercuryo or Moonpay, they’ll charge you fees and spreads ranging from 2% to over 10%. OKX also charges a network fee when you move your cryptos around wallets, and that depends on how busy the blockchain is for each crypto.
Bybit also doesn’t ask for any deposit fees, but when you take out your crypto, there’s a withdrawal fee. This fee changes for each cryptocurrency, depending on stuff like network or miners’ fees.
Winner: Tie (Both Bybit and OKX don’t charge any fees for deposits and withdrawals).
OKX vs Bybit: Security
Let’s dive into the security of Bybit and OKX and consider the importance of keeping our crypto safe, especially with the frequent exchange hacks.
Bybit keeps most of your money safe in offline cold wallets, shielding it from unauthorized access. The wallets are secured using advanced methods like multi-signature, Trusted Execution Environment (TEE), and Threshold Signature Schemes (TSS), ensuring the safety and integrity of your funds. Only a small amount of their own coins are exposed to online wallets, which is necessary for serving traders wanting to withdraw crypto.
Here are some key Bybit security features:
- Platform Security: Bybit employs top-notch security solutions like data encryption, real-time monitoring, bug bounty programs, and audits to prove reserves.
- Account Security: Your account is well-protected with strict measures during login, including human-computer authentication, two-factor authentication, hardware authentication, and secure data transmission.
- Access Security: Bybit ensures high-level security with features like user identity management, API access control, device management, and monitoring for suspicious activities.
- Privacy Protection: Putting privacy first, Bybit is transparent about the data it collects, how it’s used, and shared, integrating a privacy-focused philosophy into its products and services.
- User Protection: Bybit provides tools for users to safeguard their accounts and funds, such as fund passwords, YubiKey authentication, anti-phishing codes, withdrawal locks for new addresses, and account deactivation.
OKX takes security to the next level compared to other exchanges. They have a special way of keeping things safe by combining online and offline storage and using multi-signature protection.
Here is the OKX security design:
- Offline Storage: OKX keeps 95% of your digital assets in super secure offline crypto wallets.
- Extra Care with USBs: Even USBs can be a bit risky, so the offline wallet at OKX doesn’t interact with them or any external devices. This means wallets are only accessible via QR codes.
- Bank Vaults: They store important info like QR codes in super secure bank vaults. You need to be there in person to access it, adding an extra layer of safety.
- No Single Point of Failure: To access their cold wallet, they need at least two trusted people to confirm (multisig security). That way, even if something goes wrong, your money stays safe.
OKX uses advanced AES encryption protocols to secure user data and communications on its platform. This helps protect sensitive information from unauthorized access. It also encourages or enforces the use of two-factor authentication for user accounts.
From your point of view as a customer, you have some easy ways to make sure your OKX account is safe such as:
- 2FA such as Google authenticator and e-mail code
- Anti-phishing code
- Withdrawal address whitelisting
- Secondary password for withdrawals
Talking about regulatory licenses of both Bybit and OKX exchange, Bybit got a license from the Cyprus Securities and Exchange Commission (CySEC) to do crypto stuff in the European Union. Bybit is also getting ready for a license in Dubai from the Virtual Assets Regulatory Authority (VARA). This is a step toward having the full license there.
OKX also got a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. The Securities Commission of The Bahamas granted OKX a VASP license, permitting them to provide spot trading and derivatives trading services in line with local regulations.
Winner: Tie. (Both crypto exchanges are highly secure with various security measures and licenses from regulatory authorities)
OKX vs Bybit: Funding Methods
You can add money to your OKX account using these methods:
- Bank transfer
- Apple Pay
- Google Pay
To withdraw your funds, you can either send your cryptocurrencies to another wallet or use the OKX P2P Trading marketplace to turn your cryptocurrencies into regular money (fiat currency). The P2P Trading marketplace accepts payments through bank transfers, wallets, UPI, SEPA, and prepaid cards. You can see the P2P supported payment methods here.
To deposit money to your Bybit account, you can either send cryptocurrency from another wallet or deposit regular money to purchase crypto. Here are various payment methods on Bybit:
- Credit/Debit Card Payment
- Apple Pay
- Bank Card
Please note that you can get crypto using your credit or debit card through third-party services like MoonPay, Xanpool, Mercury, or Banxa. They accept currencies like USD, EUR, GBP, AUD, and more. The crypto you buy will be added to your Bybit Funding account, and from there, you can transfer it to your “Derivatives or Unified Trading” account.
Bybit vs OKX: Supported Cryptos
OKX exchange supports 315+ cryptocurrencies and offers 600+ trading pairs in spot, margin, and derivatives markets. It serves users in 100+ countries, but unfortunately, it’s not available for those in the US. If you’re in the US, consider checking out Coinbase.
Bybit also supports more than 830 coins, including both USDT and crypto trading pairs. It has an extensive list of supported altcoins and low-cap shitcoins. However, some new projects have low liquidity, which might be a concern. It also continuously lists new projects through its ‘Launchpad’ service.
Here are some popular cryptocurrencies available on both platforms:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Cardano (ADA)
- Ripple (XRP)
- Polkadot (DOT)
- Chainlink (LINK)
- Litecoin (LTC)
- Stellar (XLM)
- Dogecoin (DOGE)
Winner: Bybit (Bybit supports more coins and tokens than the OKX trading platform (830 vs. 315).
Bybit, established in March 2018 by Ben Zhou, a former trader at XM, provides cryptocurrency exchange services like spot and derivatives trading, along with leveraged tokens, mining, staking, and more. The company, based in Dubai, boasts an ultra-fast matching engine and excellent customer support.
The platform offers a unified trading account for spot, derivatives, and options, all accessible through one account. Their web3 platform aims to bring reliability, innovation, and opportunities to the decentralized web. With a mobile app for on-the-go trading, Bybit also provides a card service for converting and using crypto globally.
Bybit is currently ranked 5th among global crypto exchanges, with a 24-hour trading volume exceeding $1.9 billion. For more information about the exchange, read our full Bybit review.
Take your derivatives trading to the next level with Bybit! Use referral code “59618” and sign up through our affiliate link to enjoy $30,000 in deposit rewards.
Bybit Unified Trading Account
The Bybit Unified Trading Account (UTA) is an all-in-one account mode that lets traders access various trading products, including Spot Trading, Spot Margin Trading, USDT Perpetual, USDC Perpetual, Futures, and USDC Options. It allows traders to combine trading and cross-collateral margin without switching accounts. You can also check our guide on the best crypto exchanges for margin trading.
Under the Unified Trading Account, there are three margin modes: Isolated Margin, Cross Margin, and Portfolio Margin.
- Isolated Margin lets traders set individual margin calculations for positions, suitable for beginners who want to limit trading losses on each position.
- Cross Margin allows trading with multi-asset collateral, improving capital efficiency. Over 70 supported cryptos can be used as collateral for leveraged trading, with up to 10x leverage. It’s suitable for experienced traders looking to diversify their strategy.
- Portfolio Margin enables fully hedged positions with lower risk, requiring less margin for maintenance. It’s suitable for professional traders optimizing portfolio management.
Bybit Copy Trading
Bybit copy trading platform lets you follow the trading strategies of experienced traders. These are the pros who’ve mastered the art of crypto trading. You can browse through a list of these seasoned traders, check their track record, and decide whose strategies align with your goals.
Once you’ve picked your trader, it’s a straightforward process. You link your Bybit account to theirs and your account mirrors their trades in real time. No need to spend hours analyzing charts or stressing about market fluctuations – the expert does it for you.
Bybit also understands that it’s your money on the line. That’s why you can adjust your risk settings. You can change settings such as the amount of funds to allocate, the maximum number of positions to copy, and the stop-loss ratio. You don’t pay for the service upfront. Bybit charges a small success fee (up to 10%) only when your copy-trading venture makes a profit. They win when you win.
Bybit Automated Trading Bots
Bybit Exchange has trading bots that can automate trade and boost profit. Trading bots are programs that follow a trading strategy and place orders automatically. They can help traders deal with market changes, avoid human mistakes, and save time.
There are different kinds of Bybit trading bots:
- Spot Grid Bot: This bot makes a grid of orders around a reference price. It buys low and sells high within a range. It does not need big market moves to make a profit. It works well for markets moving sideways or range-bound.
- Futures Grid Bot: This bot is like the Spot Grid Bot, but it works on the futures market. It can use leverage and short positions to increase earnings. It can multiply the profit by up to 100 times, depending on the market and the leverage.
- Futures Martingale Bot: The bot is a variation of the Futures Grid Bot, but it uses a martingale strategy. It doubles the order size after each loss, hoping to make up for the losses and earn more. It can recover from losses quickly, but it also has more risk. It works for traders who want more rewards for more risks.
- DCA Bot: It is a dollar-cost averaging bot. It invests a fixed amount of money at regular intervals, no matter what the market is like. It can lower the average entry cost and reduce the effect of market swings. It is best for long-term investors who want to build up assets over time.
Lending is a service by Bybit that helps you earn interest with your crypto coins. You can put your coins into pools, where they are lent to traders who want more margin. You get paid interest every hour, based on the market demand.
You can lend many kinds of coins, like USDT, BTC, ETH, and more. You can also withdraw your coins from the pool anytime, with no penalty or lock-up. Bybit checks the borrowers’ collateral and sells their coins if they can’t pay back. This protects you from losing your digital assets. You can also read our article on best crypto lending platforms.
Bybit crypto loans are a way to get loans with your crypto coins. You can use your coins as collateral and borrow money or other coins. This lets you access cash or other coins without giving up your investment. You can use your Bybit loans for different purposes, like trading, investing, or spending.
You can choose how long you want to borrow, from 7 to 180 days, and pay back anytime within that period. You can pay back the loan at any time before the deadline without any extra charges. Once you give back the borrowed money, they only apply an interest fee based on how many hours you had the loan.
Bybit Card lets you spend crypto from your Bybit account anywhere Mastercard is accepted. You can use it online or offline, for any purpose. The card currently supports only two fiat currencies (EUR and GBP) and five cryptocurrencies (BTC, ETH, XRP, USDT, and USDC).
Bybit Card has many advantages for crypto users, such as:
- No staking requirements for eligibility and various card tiers with different rewards
- Exclusive loyalty rewards
- No annual fees or hidden fees
Please note that the Bybit card has a daily spending limit of 5,000 EUR/GBP, a monthly limit of 50,000 EUR/GBP, and an annual limit of 250,000 EUR/GBP.
Bybit Web3 is a platform that connects you to Web3, the decentralized web powered by blockchain. It has three main parts: Bybit Wallet, ApeX, and NFTs.
Bybit Wallet lets you store, send, and receive digital assets like coins, tokens, and NFTs. It works with multiple blockchains, such as Ethereum, Binance Smart Chain, Polygon, and Arbitrum, and lets you use decentralized apps (DApps) with the Bybit Wallet extension or the mobile app.
ApeX Pro is a non-custodial and multi-chain derivatives decentralized exchange (DEX) by Bybit. It has these features:
- You can stake your crypto in different pools and earn income without doing anything.
- Get exclusive token discounts by joining initial DEX offerings (IDOs) of new projects on different blockchains.
- Swap your crypto easily and cheaply on various DEXes, such as Uniswap, SushiSwap, and Curve.
Bybit also has an NFT marketplace for artists. You can create, buy, sell, and manage your NFTs. There are hundreds of collections from different creators. Bybit currently supports six blockchains for NFTs including Ethereum and Polygon.
TradeGPT is a platform that uses AI (GPT 3.5 model) to help crypto traders. It gives a market analysis summary when it opens, so traders can know the latest market trends and make informed decisions. The summary covers price movements, market sentiment, and trends, giving a complete view of the market situation.
It is best for understanding technical indicators. It helps traders understand how KDJ, RSI, MACD, Bollinger Bands, and other technical indicators work for their chosen trading pairs. TradeGPT also tests the accuracy of these indicators, helping traders make better decisions.
OKX Overview (Formerly OKEx)
OKX is a global cryptocurrency exchange, serving over 50 million users globally. Star Xu founded it in 2017 and currently serves as the CEO. Hong Fang is the President, and Haider Rafique is the CMO. The exchange is part of the OK Group, which also owns Okcoin, another crypto exchange.
OKX provides a range of services, including spot trading, margin trading, futures, perpetual swaps, options, trading bots, copy trading, OKX Earn, crypto loans, and Jumpstart. It also has its native blockchain, OKT Chain, and has its own token, OKB, enabling developers to use infrastructure like OKX Oracle for DApps.
Expanding globally, OKX operates in markets like Hong Kong, UAE, The Bahamas, and France. It has notable partnerships with brands and sports teams such as Manchester City and McLaren. OKX is currently ranked 6th among crypto platforms, with a 24-hour trading volume exceeding $1.93 billion. For more information, you can read our full OKX crypto exchange review here.
If you don’t have an account, you can use our OKX referral code ‘ACE518176’ to receive a mystery box and earn up to $10,000 in sign-up bonuses.
OKX Trading Portal
OKX exchange has many advanced trading tools such as leverage trading, social trading, different order types, and more. Here is the overview:
- Spot and Futures Trading: OKX supports easy buying and selling of crypto assets with different stablecoins on its spot market. OKX provides two types of futures: traditional and perpetual, each offering different leverage, settlement, and delivery choices. Traditional futures are contracts with fixed expiration dates, settled in USDC or USDT. Perpetual futures have no expiration and settle in USDT. Traders can keep positions open indefinitely, supporting over 150 USDT pairs with up to 100x leverage. OKX trading bots are also best for automated futures and spot trading.
- Margin Trading: It is the use of borrowed funds to increase the buying power and potential profit of a trade. OKX offers margin trading with up to 10x leverage, meaning that you can borrow up to 10 times the amount of your own funds to trade. You can choose USDT, USDC, and crypto pairs. You have the option to either buy (long) a token or sell (short) a token, thereby securing profits based on whether the price rises or falls.
- Options Trading: OKX offers options trading for Bitcoin and Ethereum, with flexible strike prices and expiration dates. It supports European-style options trading.
- Copy Trading: Similar to Bybit, OKX also has a portal for crypto copy trading. You will also get a $20 USDT loss protection as a new user. It offers copy trading for both spot and futures markets, with a variety of traders to choose from based on their performance, PnL, win rate, and AUM. You will also have an option to exit trade anytime.
- P2P Trading: OKX is also a popular P2P exchange that offers P2P trading for over 35 fiat currencies and 40 cryptocurrencies, with 900+ payment methods and escrow services. Trading P2P on OKX comes with zero service fees. When acquiring cryptocurrencies from fellow users, you engage in transactions at rates determined by the users. Nevertheless, the payment method you choose may incur a transaction fee for payment processing.
OKX has three main order types: limit, advanced limit, and market orders. With a limit order, you can buy or sell at a specific price or better. Market orders allow you to buy or sell at the best available market price.
Advanced limit orders provide more control options, like post only, fill or kill, and immediate or cancel. There are also strategy order types on OKX, including stop, trigger, and advanced limit orders.
OKX Earn is a service that allows you to earn interest on your crypto assets through various investment options. You can choose from Simple Earn, Structured Products, and On-chain Earn.
- With Simple Earn, you can put your crypto assets to earn interest effortlessly. Choose between flexible or fixed terms to start earning daily interest. Opt for flexibility with the freedom to withdraw your assets anytime, or go for fixed terms for higher interest rates with a set lock-in period. Simple Earn supports over 100 tokens, including popular ones like BTC, ETH, USDT, and OKB. Plus, make life simpler with the auto-renewal feature, automatically renewing your subscription when it expires.
- Structured products are innovative financial instruments that generate interest through involvement in the derivative market.
- On-chain earning lets you tap into third-party DeFi protocols, earning you interest and rewards directly on the blockchain. You can stake your crypto assets in various DeFi projects like Compound, Curve, Uniswap, and more. On-chain Earn supports multiple chains, including Ethereum, BNB Chain, Solana, and Polygon.
OKX lets you borrow crypto assets hassle-free. Use the borrowed assets for trading, staking, or any other purpose you have in mind. Simply provide collateral in the form of any supported token to secure your loan.
The interest rate and loan-to-value ratio depend on the collateral and borrowed assets you choose. Repay the loan whenever you want, and your collateral will be returned to you.
OKX Jumpstart is a platform that helps new and good-quality crypto projects grow. It started in March 2019 and has already backed 13 projects.
There are two types of events on OKX Jumpstart – Mining and On Sale. In Mining, users can earn token rewards from projects by staking OKB. The more you stake, the more tokens you get. Each event has its own staking period and limit.
On Sale events let users buy new tokens at a set price with OKB. It’s a “first come, first served” system, and each event has its own subscription period and purchase limit.
OKX Liquid Marketplace
OKX Liquid Marketplace is a helpful service for professional and institutional crypto traders. It offers a strong liquidity network and various trading strategies. Traders can execute large trades without affecting the order book, price slippage, and operational hassle.
Here are some features and benefits of OKX Liquid Marketplace:
- Nitro Spreads: A new feature for easy basis trading, letting traders quickly trade the difference between spot and futures prices.
- RFQ Board: An automated system for requesting and receiving quotes from multiple market makers. Traders can send custom strategies and get instant quotes from selected counterparts.
- Portfolio Margin: This feature enhances capital efficiency and risk management for derivatives traders by lowering margin requirements and offsetting risks.
- World-class APIs: Seamless connectivity and integration with OKX’s platform, allowing traders to connect easily for position updates, trade management, and market data.
OKX Wallet is a crypto wallet that lets you manage your on-chain assets securely and easily. You can swap crypto, trade NFTs, earn yield, and more. It is a self-custodial wallet, so you have full control over your private keys and funds. You can use OKX Wallet as a browser extension or the OKX app.
It supports 70+ networks and you can use and interact with various blockchains, such as Bitcoin, Ethereum, Binance Smart Chain, Polygon, Solana, etc. You can also add custom networks and tokens to your wallet. You can connect your wallet to any Web3-enabled website or dApp, such as Uniswap, Aave, Compound, etc. You can also sign transactions and messages with your wallet.
OKX Institutional Trading Portal
OKX Institutional Trading Portal is a platform for institutional cryptocurrency trading. It is for trading firms, asset managers, family offices, and brokers who want to trade digital assets with ultra-low latency, high liquidity, and low fees.
The OKX trading platform is always online and has 99.99% uptime. It also has 24/7 VIP service, which includes account managers, technical support, and market insights. The portal has 5ms API connectivity, which makes your orders fast and smooth. It also has 400,000 orders per second matching, which makes your orders fast and quick.
Bybit vs OKX: Pros & Cons
Bybit Pros & Cons
|User-friendly interface for beginners
|Not available in the United States
|Copy trading feature for new users to earn profits
|No support for direct bank deposits
|High-leverage derivatives trading
|24/7 customer support
|Automated bots for trading
OKX Pros & Cons
|Trade over 315 crypto coins, including many DeFi and stable tokens.
|Not available in the United States
|Low fees for spot and futures trades
|Some new coins have low liquidity
|High leverage on futures trading (up to 100x)
|High security and 1:1 PoR
|Mobile app for easy trading
Conclusion: Bybit vs OKX, which is better?
To sum up OKX vs Bybit, both stand out as well-known crypto exchanges, each offering a range of trading options. Bybit boasts a broader spot market, featuring over 830 cryptocurrencies. It provides higher leverage, up to 125x on perpetual futures, and employs a dual price mechanism to minimize unfair liquidations. With a competitive fee and a welcoming bonus of up to 30,000 USDT for new users, Bybit’s user-friendly platform, speedy matching engine, and reliable risk management tool set it apart.
Meanwhile, OKX has its own strengths. It offers a lower maker fee of 0.08% on the spot and a diverse range of trading products, including options, NFTs, and automated bots. OKX’s comprehensive developer lab, a marketplace of pre-built trading strategies, and support for various deposit and withdrawal methods, including fiat currencies and credit cards, add to its appeal. You can also check our comparison of MEXC vs Bybit.
What is the difference between OKX and Bybit?
OKX supports over 315 coins and tokens on its spot market. Bybit, meanwhile, has over 830 cryptocurrencies on the spot market. This means Bybit has a wide range of supported assets including many new and low cap coins.
For leverage, OKX allows up to 100x on futures and margin trading, while Bybit offers up to 125x on the same products. Regarding fees, OKX charges 0.08% for makers and 0.1% for takers on the spot market and 0.02% for makers and 0.05% for takers on futures. Bybit shares 0.1% of both maker-taker fees on the spot market but slightly higher fees on futures: 0.02% for makers and 0.055% for takers. Bybit also has high derivatives trading volume.
Is OKX good for beginners?
Yes, OKX can be suitable for beginners due to its straightforward interface and user-friendly design. The platform provides educational resources to help new users understand cryptocurrency trading.
Which is best for beginners, OKX or Bybit?
OKX is better for beginners compared to Bybit because it supports only trustworthy crypto projects for investment, whereas Bybit has many low-cap coins that can be risky. OKX also has lower fees compared to Bybit. However, both platforms are easy to use.
Do OKX and Bybit require KYC?
Yes, both OKX and Bybit have mandatory Know Your Customer (KYC) verification. You need to verify your identity with your ID or passport and a selfie before you can trade or withdraw. KYC is a standard procedure in the cryptocurrency industry to ensure compliance with regulatory requirements and enhance the security of the platforms.
Is OKX and Bybit Safe?
OKX and Bybit are both relatively safe cryptocurrency exchanges, but they have different levels of security and risk. OKX uses a cold wallet system to store most of its funds offline, which reduces the chance of hacking or theft. It also has a risk management tool that protects users from unfavorable price fluctuations.
Bybit, on the other hand, has a dual price mechanism that prevents unfair liquidations, a faster matching engine that avoids overloads, and a multi-signature system that enhances security. It also complies with the laws and regulations of the many countries where it operates, which makes it more transparent and accountable.