Okex vs Bybit 2022: Everything Compared !?

Seeing the present market condition, I know many of you are thinking of expanding your trades in the crypto market, and why not? Cryptocurrency’s potential hasn’t been hidden from anyone, and the present scenario is undoubtedly an opportunity.

Okex and Bybit have been two of the most renowned names in the crypto market. They are growing at a very high rate in terms of their users and market holdings. To trade, selecting the one exchange that would fit your trading strategies is essential.

And selecting one between Okex and Bybit is quite confusing, so I am here to simplify this decision for you. I will differentiate and bring in contrast which among the two is the better alternative.

Let’s start with a briefing about these exchanges. 

Okex vs Bybit: Introduction

Okex

Okex is a global cryptocurrency exchange founded in 2017 with headquarters in Seychelles. More than 20 million users on this platform are from over 100 countries. Okex is currently the 18th largest cryptocurrency exchange in the world by trading volume.

 

Bybit

bybit

On the other hand, Bybit, one of the fastest-growing cryptocurrency exchanges, was founded in 2018 with headquarters in Singapore, registered in the British Virgin Islands. 

Bybit is one of those genuinely customer-focused exchanges that aims to provide the best user experience. The exchange is available in North America, Europe, Russia, Japan, South Korea and Southeast Asia.

 

Okex vs Bybit: Supported Cryptocurrencies

Okex

okex supported currencies

Okex currently supports over 91 crypto assets, including USDT, BTC, LTC, ETH, XRP, EOS, LINK, etc. and 92+ fiat currencies. 

Bybit

bybit supported currencies

Bybit consists of almost all the popular crypto coins you would like to trade like BTC, ETH, USDT, EOS, XRP, DOGE, etc. It currently supports more than 119 crypto assets on the platform.

Verdict: Bybit is a clear winner in this segment as it supports a relatively higher number of crypto assets.

 

Okex vs Bybit: Product Offerings

Okex

  • Spot Trading: You access spot trading under the tag ‘Basic Trading’. You have both options for manual trade and trading through a trading bot. Through the trading bot, your trading becomes automated, and your trades are executed as per the set parameters. Just click on the ‘Trading Bot’ tab and the ‘Create’ button below on the trading page.
  • Margin Trading: Through margin trading, you can take a more prominent position in an asset in exchange for money used as collateral. Okex allows up to 125x leverage on most of the assets. activate margin trading and transfer funds to your trading account; it’s that simple.
  • Trading Bot: The trading bot on Okex has six different modes, spot grid, futures grid, recurring buy, arbitrage order, iceberg and TWAP (time-weighted average price), which is suitable for various trading strategies.
  • Futures and Options Trading: Okex allows futures and options trading for Bitcoin, Ethereum and many other digital assets, along with futures trading charts.

Bybit

  • Spot Trading: Bybit has one of the most subtle and user-friendly spot trading interfaces. To start, click ‘Deposit’ or ‘Transfer’ in the Spot order zone to enter the asset page for Deposit or Transfer. The transfer amount can be deposited into the Spot account from your Derivatives account or ByFi account.
  • Derivatives Trading: Bybit has varied types of derivatives trading alternatives. You can choose USDT perpetual, inverse contracts, USDC perpetual, USDC options and copy trading. Bybit has a separate portal for derivatives trading with best-in-class liquidity.
  • Leveraged Trading: Bybit allows you to open both long and short positions and provides up to 100x leverage on Bitcoin and up to 50x on other cryptocurrencies.
  • Trading Bot: Bybit has recently launched grid bot trading functionalities.

Verdict: Both platforms offer similar types of products. Therefore, it’s a tie between them in this segment.

 

Okex vs Bybit: Order Types

Okex

  • Limit Order
  • Market Order
  • Trail Order

Bybit

  • Market Order
  • Limit Order
  • Conditional Order

Let’s discuss what these order types are and their various attributes.

Market Order: The market order is executed when the best price is available in the order book at the execution time. You don’t need to set the price, which allows the order to be immediately executed.

Although the market order guarantees the execution of the order, the execution price cannot be guaranteed because the market price may fluctuate rapidly. Market orders are generally used when you enter or exit a volatile, fast-moving price market.

Limit Order: Through limit order, you can set the order price, and the order will then be executed at price better than the order price. 

For Buy Limit Orders, the order price must be set at a price lower than the previous traded price, or it would be filled immediately as a marker order. The same applies to Sell Limit Orders, but the order price must be higher than the last traded price.

Conditional Order: They are advanced orders that submit automatically once specified criteria are met, namely a trigger price. 

Once the preset trigger price meets the Last traded price, a conditional market order will be filled immediately. In contrast, a conditional limit order will be submitted to the order book and pending execution. This limit order will be filled once the last traded price reaches the preset order price.

Trail Order: It allows you to set an advanced strategy for significant swings in the market. When the last price reaches the maximum or minimum market price after the Trail order is submitted, it triggers the order to be executed on the market. 

When a Trail order is triggered, if the user’s account balance is lower than the order amount, the system will automatically place an order according to the actual balance. The order cannot be placed if the user’s account balance is lower than the minimum trading amount.

Verdict: Both platforms offer standard order types depending on your choice. Therefore, it’s a tie again in this segment.

 

Okex vs Bybit: Fees Comparison

Okex

Spot Trading Fees- Regular Users

Tier Total OKB holding Asset (USD) Maker Fee Taker Fee 24h withdrawal limit (BTC)
Lv1 <500 <1,00,000 0.080% 0.100% 500
Lv2 > 500 <1,00,000 0.075% 0.095% 500
Lv3 > 1,000 <1,00,000 0.070% 0.090% 500
Lv4 > 1,500 <1,00,000 0.065% 0.085% 500
Lv5 > 2,000 <1,00,000 0.060% 0.080% 500

Spot Trading Fees-  VIP user

Tier Asset (USD) Maker Fee Taker Fee 24h withdrawal limit (BTC)
VIP 1 >1,00,000 0.060% 0.080% 600
VIP 2 >5,00,000 0.050% 0.070% 800
VIP 3 >20,00,000 0.030% 0.060% 1,000
VIP 4 >50,00,000 0.020% 0.050% 1,200
VIP 5 >1,00,00,000 0.000% 0.040% 1,500
VIP 6 -0.002% 0.030% 1,800
VIP 7 -0.005% 0.025% 2,000
VIP 8 -0.005% 0.020% 2,000

Bybit

Trading Fees

Spot Trading Perpetual & Futures Trading
VIP Level Taker Fee Rate Maker Fee Rate Taker Fee Rate Maker Fee Rate
Non-VIP 0.10% 0.10% 0.06% 0.01%
VIP 1 0.06% 0.04% 0.05% 0.006%
VIP 2 0.05% 0.02% 0.045% 0.004%
VIP 3 0.04% 0.01% 0.0425% 0.002%
Pro 1 0.03% 0% 0.04% 0%
Pro 2 0.025% 0% 0.035% 0%
Pro 3 0.02% 0% 0.03% 0%

Deposit and Withdrawal Fees

There are no deposit fees charged on Bybit. However, there is a withdrawal fee charged which is pretty minimal; I have mentioned it below for your ease.

Withdrawal Fees

BTC ETH XRP EOS USDT(ERC20) USDT (TRC20) DOGE DOT LTC XLM
0.0005 0.005 0.25 0.1 10 1 5 0.1 0.001 0.02

Verdict: Bybit’s fee structure is pretty simple and easy to understand. It is also quite affordable. Hence Bybit is the winner in this segment.

Okex vs Bybit: Account Funding Methods

Okex and Bybit offer a variety of funding methods that would suit a wide range of trading needs of users. Let’s look at what these methods are.

Okex

  • Method 1: You can buy crypto assets with fiat currencies via their Buy Crypto channel.
  • Method 2: You can also transfer your crypto assets from other addresses to your Funding Account on Okex.

Bybit

  • Method 1: Bybit also supports fiat currencies, to be precise 59. The payments are handled by some of the most trusted third-party payment providers like Banxa, XanPool, MoonPay, Mercuryo, Paxful and Simplex.
  • Method 2: Similar to Okex also offers cryptocurrency transfers from your wallet.

Verdict: Both platforms offer similar funding methods. Therefore, it’s a tie between the two in this segment.

 

Okex vs Bybit: Trading Platform Comparison

Okex

Like other large cryptocurrency exchanges, OKX offers a simple and easy-to-understand interface with all the necessary tools and functionalities easily accessible. You can easily use its conversion form to swap currencies, including stablecoins.

Experienced traders will also like to prefer the active trading platform with support from its varied order and product types. You can also customize layouts according to your needs which is helpful in advanced trading.

Bybit

ByBit inwara

Bybit has one of my favourite user interfaces I have used so far. It is pretty beginner-friendly as well as suitable for experienced traders. With all the products and options available at your fingertips, Bybit’s interface is literally for everyone. 

Additionally, Bybit offers a Dual Price Mechanism that protects users from trade and price manipulation. 

Bybit also offers something called Testnet, which enables beginners to understand the key functionality and features of the platform without involving your actual funds. 

Verdict: From personal experience, Bybit has a better trading interface in terms of speed and accessibility, but as it is a matter of choice, I would leave this decision to you. But it’s a guarantee that Bybit’s interface won’t disappoint you even a bit.

 

Okex vs Bybit: Account Types

Okex

Like most reputed crypto exchanges, Okex distributes the overall account structure into certain levels. 

For instance, an unverified account has a daily withdrawal limit of 10 BTC a day; a Level 1 KYC verified account requires filling in basic information, including a government identification number. Once you do this, you can withdraw funds equivalent to 200 BTC.

Level 2 requires uploading a picture of their ID and a selfie, increasing your withdrawal limit to 500 BTC, the maximum limit on Okex. In comparison, Level 3 account holders need to agree to a disclaimer. To access all the features on Okex with unlimited trading, you need to complete your KYC.

You can also choose to open a corporate account if you are trading for a company or an organization. To open one, you must share your nationality, company name, company registration number, date of incorporation, address, postal code and consent documentation.

Bybit

Similarly, Bybit allows full-fledged trading if the account is 100% verified under KYC. 

When you register yourself on the platform under the default level, your account will be recognized under level 0, where you don’t need to go under any KYC processing, but the daily withdrawal limit will be restricted to 2 BTC. 

Whereas for Level 1, you need to submit a request following this process:

  • Click the “Account & Security” tab in the upper right-hand corner of the page
  • Click the “Verify Now” tab in the “Identity Verification” column under “Account Information.”
  • Click” Verify Now” under Lv.1 Basic Verification

Information required:

  • Documents issued by your country of origin (passport/ID)
  • Facial recognition screening

Subsequently, for level 2 account verification, follow these steps:

  • Click the “Account & Security” tab in the upper right-hand corner of the page
  • Click the “Verify Now” tab in the “Identity Verification” column under “Account Information.”
  • Click” Verify Now” under Lv.2 Residency Verification

Document required:

  • Proof of residential address

Once the documents are verified (within 48 hours of upload), you will receive an approval email, and then you can withdraw up to 100 BTC a day.

Okex vs Bybit: How to get started?

Okex

To get your trading journey started on Okex, follow these steps:

Registering

  1. Go to the Okex website and click the “Sign Up” button on the top.
  2. Choose your preferred registration method- phone number or email. In both the methods, enter the required information and enter the 6-digit code you’ll receive depending on the method you’ve chosen.

You can also register yourself via your telegram or google account as well. Once you’ve registered, complete the KYC procedures according to your requirements and start trading.

Making a deposit

  1. Navigate to the deposit section and tap assets on the bottom toolbar.
  2. Choose which cryptocurrency you want to deposit from the list.
  3. On the next screen, you’ll get a QR code of your OKX account address. 
  4. Copy the deposit address, then paste it in the recipient address field of the wallet from which you want to send your funds. 

Making a withdrawal

  1. Choose the crypto you want to withdraw.
  2. Fill in the details of your withdrawal and enter the intended receiving address from the wallet you want to withdraw and the amount you wish to withdraw. 
  3. When you have entered your details, double-check the address and tap Submit. 

 

Bybit

Registering

Registration on Bybit is similar to Okex. Just fill in the required information and enter the verification code. Once registered, your KYC procedures are completed according to your preferred level. 

Deposit and Withdrawals

These procedures are similar to that of Okex, choose the crypto asset, enter the amount of deposit and withdrawal, enter the wallet address and submit; it’s that easy.

Okex vs Bybit: Customer Support

Okex

In case you need help, you can approach its help page and chat with Okex customer representatives round the clock. You can also seek their help via phone; their contact number is available on the website. 

Bybit

On the other hand, from my personal experience, I must say the customer support offered by Bybit is one of the best I have consulted so far. They are simple; you can approach their team by phone or live chat.

The team is experienced and exceptionally dedicated to problem-solving and is available 24×7. They even have language options, which are English, Korean, Russian, Chinese, Japanese, Spanish and Vietnamese which come quite handy for various users from around the globe.

Okex vs Bybit: Security Features

Okex

With various security features, you can apply to your trading accounts security and privacy of the users are taken seriously on Okex. You can choose from two-factor authentication, mobile verification, email verification, anti-phishing mode and google-authenticator to secure your account.

As for security, it is one of the safest crypto trading platforms in the world that has never been hacked and thus has no negative reviews against it. 

Bybit

In the same way, security on Bybit is impenetrable as well. There’s a reason why the company spends 20% of its annual budget to ensure the safety of the platform, which is relatively more remarkable than many other trading exchanges.

 With a robust inbuilt security management system, Bybit stores all the deposit addresses into cold wallets. Bybit has a stringent policy regarding system security, operation authentication, crypto-asset consolidation, encryption techniques, audit and monitoring.

The platform integrates two-factor authentication and SSL encryption as a standard protocol for a safe and secure user experience.

  • Is Okex safe?

Okex is a safe platform secured with top-notch industry-leading security features. With a reputed brand name and remarkable customer support, Okex is a safe platform to trade.

  • Is Bybit safe?

On the other hand, Bybit is pretty safe and legit too. With round-the-clock, responsive customer support, and military-grade cold wallet security, Bybit is one of the market’s most trusted, safe, secured and transparent platforms.

Conclusion

Okex and Bybit are undoubtedly great options in the crypto space. But to choose one among them, I can say that Bybit is surely a better alternative.

With a better crypto availability, safety features and a subtle interface, yet all this at pretty affordable pricing, Bybit is undoubtedly the best among them.

I highly recommend you to go and check out Bybit and get the best trading experience you were longing for.

nv-author-image

Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.

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