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Bybit vs OKX Comparison: Which Exchange Is Best?

Publisher

November 5, 2023
OKX vs Bybit comparison

Summary: The overall winner of this Bybit and OKX comparison is Bybit. The crypto exchange offers a more comprehensive trading platform with more coins and full FIAT support. Bybit also has a better reputation overall and millions of traders from all around the world trust in its service. Furthermore, Bybit is one of the most reliable and user-friendly cryptocurrency exchanges, making it a top choice not only for advanced traders but also beginners. Lastly, the customer support experience on Bybit is a lot better compared to OKX.

 

OKX vs Bybit Overview

If you are unsure whether you should go with Bybit or OKX as your new crypto exchange, do not worry. In this comprehensive, side-by-side comparison between the two giants, we will examine which crypto exchange is the best option for you. We tested OKX and Bybit and compared all major factors such as fees, products, features, reliability, user-friendliness, deposit and withdrawal methods, and more.

Let’s start this Bybit vs OKX comparison with a table where you can compare all key measures at a glance.

This table compares all key measures of Bybit and OKX, two of the largest crypto exchanges in the world!

 

OKX vs Bybit Signup & KYC

Registering for an account on OKX and Bybit is simple and straightforward. All you need is an email or phone number and of course, a strong password. Where the exchanges differ is KYC requirements.

Bybit made KYC mandatory on the 8th of May 2023. Therefore, you must verify your identity with your ID or passport and a selfie in order to use any of Bybit’s services. Without KYC, you can not trade or withdraw on Bybit.

Bybit KYC Requirements

 

OKX lets users trade without KYC, however, the deposit and withdrawal limit is incredibly low for non-KYC users. In order to lift your deposit and withdrawal limit, you must submit an ID or passport and a selfie, similar to the Bybit procedure.

OKX KYC Requirements

 

OKX vs Bybit Trading Features

Bybit and OKX are considered to be some of the best derivatives crypto exchanges in the world. They both have low fees and high liquidity, however, there are subtle differences that you should know about.

Bybit offers over 410 different cryptocurrencies on the spot market. The fees are 0.1% for makers and takers.

Bybit Trading Interface

 

With 339 different spot cryptos, OKX is not as versatile as Bybit. The Spot trading fees are equal to Bybits fees with 0.1%.

If you are looking for an exchange with more trading opportunities, Bybit is the better choice for you.

For futures traders, Bybit offers 225 different cryptos. The 24-hour trading volume consistently hits over $10 billion, ranking it as number 2 of all crypto exchanges sorted by activity. The futures fees on Bybit are 0.02% maker and 0.055% taker. Perpetual futures traders can access leverage of up to 125x on Bybit.

OKX Trading Interface

 

OKX on the other hand offers 223 different cryptos with a maximum leverage of 100x. With a 24-hour trading volume of over $8 billion, OKX secures the number 3 spot. The futures trading fees on OKX are 0.02% maker and 0.05% taker, making OKX slightly cheaper than Bybit.

In terms of liquidity, both exchanges are some of the best in the game. Market orders of over $30 million won’t even move the price by 0.1%, meaning that OKX and Bybit are not only great exchanges for newbies but also big players such as funds with a lot of capital.

For the interface, Bybit is clearly superior to OKX. Bybit is really easy to navigate and you will quickly find what you are looking for. While both exchanges are very fast and reliable, OKX is not as user-friendly and overall harder to navigate.

If you look for a crypto exchange with ease of use in mind, Bybit is definitely your best shot. Only Bitget has a more user-friendly platform than Bybit.

 

OKX vs Bybit Trading Fees

OKX and Bybit offer some of the lowest trading fees in the crypto market. With spot fees of 0.1% on both exchanges for makers and takers, you get to enjoy low rates.

For futures trading fees, OKX charges 0.02% maker and 0.05% taker fees. Bybit on the other hand charges 0.02% maker and 0.055% taker fees. That means that Bybit fees are higher by 0.005%.

 

Based on your 30-day trading volume, you can reduce your fees further on both exchanges. The lowest fees on OKX are -0.015% maker and 0.02% taker while the lowest fees on Bybit are 0% maker and 0.025% taker.

Though OKX has slightly lower fees (0.005% difference), we consider this to be a draw. If you are looking out for value for money, OKX and Bybit are both excellent choices as you will get to enjoy some of the

lowest trading fees compared to other Tier 1 exchanges.

 

OKX vs Bybit Products & Services

Both exchanges are comprehensive crypt platforms with tons of features that go beyond trading.

OKX offers spot, futures, options, and margin trading. Additionally, you can copy trade professional traders.

Bybit also offers spot, futures, options, and margin trading. In all of these sections, Bybit slightly beats OKX. Especially the copy trading feature on Bybit is superior. We found the OKX copy trading to be confusing and not as easy to set up compared to Bybit.

Where OKX stands out most is the earn section where you can participate in mining, staking, liquidity providing, and getting crypto loans. With APY between 2.67 and 27%, OKX offers excellent opportunities to make money on the side.

Bybit offers similar products, however, OKX offers the best products for passive income.

OKX Staking Rewards

 

In the trade section of OKX, you can also create your own trading bot. On top of that, you can browse through trading bots created by other users. You can analyze their past performance and decide if you also want to use this bot. With just a few clicks you can copy trading bots on OKX. While Bybit also offers trading bots, we found the bot section of OKX to be slightly better and easier to use.

OKX Automated Trading Bots

 

What we like most about Bybit is the crypto card. You can apply for the Bybit card which you can not only use online, but also in stores with a physical card. As of 2023, OKX does not have this feature yet.

Bybit Crypto Card

 

Bybit has a mobile app available for iOS and Android. With a 4.6/5 star rating and over 20 million downloads, the Bybit app is one of the highest-rated apps for crypto exchanges. The Bybit app is fast and reliable. You get access to spot and futures trading and even lending, copy trading, bot trading, and more.

Bybit Mobile App

 

OKX also has a great mobile app for iOs and Android. With a 4.5/5 star rating, the app is almost rated as high as the Bybit app. Though, OKX only has 10 million downloads.

OKX Mobile App

 

While both exchanges have top-notch mobile apps, we found the Bybit app to be slightly better. It was more reliable and also more user-friendly, making it easy to navigate through the app and execute tasks.

Due to the rise in popularity of NFTs, Bybit even integrated an NFT marketplace, where crypto enthusiasts can buy and sell Non Fungible Tokens. As of 2023, OKX does not have an NFT marketplace.

 

OKX vs Bybit Deposit Methods

Bybit and OKX both offer crypto deposits free of charge.

For FIAT deposits, Bybit supports 15 different currencies, including EUR, GBP, USD, and more. The onramp methods include Advcash, Credit cards, SEPA, and Bank Transfers. The deposit fees range from 0% (Advcash) to 4% (Wire) based on your FIAT currency and payment methods.

Bybit FIAT Deposit Methods

 

Unfortunately, OKX does not offer any FIAT deposit methods. However, you can purchase cryptos directly from OKX with credit cards. Just note that the fees are relatively high and can be up to 6% based on your currency.

For deposits, Bybit clearly has the upper hand. With comprehensive FIAT support and 0% fee options, Bybit offers better value for money and also more convenience as you have the freedom to hold your native currency in your Bybit account.

 

OKX vs Bybit Withdrawal Methods

Crypto withdrawals are similar on both exchanges. The fees differ for every coin and network. Some of the cheapest options are USDT and BUSD with the TRC20 and BEP20 networks.

In terms of FIAT withdrawals, Bybit supports off-ramps for 10 different currencies. The FIAT withdrawal methods on Bybit are Advcash and ZEN which have 0% fees and are processed instantly.

Bybit FIAT Withdrawal Methods

 

As mentioned in the deposit section, OKX does not offer FIAT support. If you want to cash out your profits back into your bank account, you can not use the OKX service. You must send your cryptos to a platform that allows you to withdraw FIAT, such as Bybit.

For withdrawals, Bybit also has the upper hand. Bybit even offers instant, 0% fee FIAT withdrawals.

 

OKX vs Bybit Customer Support

The customer support section might be the biggest surprise, as the exchanges are very different. Bybit offers comprehensive 24/7 live chat support which you can access from the trading UI in the bottom right corner. The average response time is only 1 minute and the Bybit support team is always knowledgeable and helpful.

Bybit 24/7 Customer Support

 

Unfortunately, OKX does not offer a 24/7 live chat option with real staff. While OKX offers a live chat, you can only talk to a bot. If you need help from a real person, you must submit a ticket via email. The response time can be as high as 16 hours. This makes the customer support experience on OKX a lot worse.

As a quick and helpful customer support is a key requirement in the crypto space, Bybit is clearly the winner. Poor customer support is one of the key critique points that we have for OKX.

 

OKX vs Bybit – Who Wins?

Overall, the battle between OKX and Bybit is really close. However, we consider Bybit to be the narrow winner. Bybit offers slightly more features and has the best crypto trading platform.

With a lot more available coins, comprehensive FIAT support, and an incredibly user-friendly interface, Bybit is one of the best options for trading. Additionally, Bybit has the best copy trading feature for passive income.

Also, Bybit has the best reputation compared to OKX and you will find many people using Bybit over OKX.

If you are purely looking at value for money, OKX slightly beats Bybit in terms of trading fees by 0.005%. Just keep in mind, you can not withdraw any profits from OKX to your bank account as there is no FIAT gateway. You must first send your cryptos to a third party and then withdraw your profits to your bank account from there. Where OKX is definitely lacking is no FIAT on and off ramps as well as poor customer support.

If you want to learn more about the exchanges, make sure you check out our comprehensive reviews for Bybit (click here) and OKX (click here). Either way, both crypto exchanges are at the top of the game.

 

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