Summary: The better overall crypto trading platform is Bybit. This is because they offer more pairs, deeper liquidity and lower fees when compared to Phemex.
Their platform is also considered to be more safe than Phemex because their team has been operating in the space for a longer period of time.
- Trade over 700 Cryptos with up to 100x leverage on Bybit.
- Bybit has more users than Phemex with over 10 million active monthly traders.
- Bybit has significantly deeper liquidity and more volume traded across its major markets.
Phemex and Bybit Overview
When it comes to crypto futures trading, there are two clear leaders in the space: Phemex and Bybit. Both platforms offer a comprehensive suite of features and boast high levels of liquidity. So, which one is the better choice for you.
To help you make a decision, we've compared Phemex and Bybit on a range of important factors, including fees, available assets, liquidity, staking, and security.
Phemex vs Bybit: Fees
Both Phemex and Bybit offer competitive trading fees. Phemex currently offers a rebate of 0.025% for maker fees, meaning you make money when you place a limit order. For taker fees, they currently charge 0.075% per transaction when you make a market order.
Bybit offers the exact same fee structure as Phemex and currently provide a rebate of 0.025% for maker orders, and charge 0.075% for taker orders.
Phemex currently offers over 40 different futures trading contracts and 96 different cryptocurrencies to trade on spot markets. These assets include Bitcoin, Ethereum, other Layer 1's like Solana or Avalanche, meme coins, NFT coins, Metaverse coins, GameFi coins and much more.
Bybit on the other hand offers a much deeper variety of cryptocurrencies, with over 200 different cryptos available to trade via perpetual futures contracts or through Spot. Bybit definitely wins when it comes to overall asset diversity.
Phemex is one of the remaining exchanges that offers up to 100x leverage. This means that you can open up a position with $100 USD and it be the equivalent to the value of a $100,000 USD position. However, if the market moves just 1% in the opposite direction, your whole trade will get liquidated.
Bybit has 100x leverage for a long-time, however recently had to pull back due to regulatory uncertainty. As at time of writing, Bybit offers up to 20x leverage to trade any pair of their perpetual swap contracts.
Phemex vs Bybit: NFT Marketplaces
As at time of writing, Phemex does not offer any native NFT Marketplace that allows their customers to buy or sell NFTs from any blockchain on their platform.
Bybit on the other hand has recently released the Bybit NFT Marketplace, which supports the trading of NFTs from various blockchains including Ethereum, Polygon and Solana. The Bybit NFT Marketplace has already trade millions of dollars in volume since its inception in late 2021.
Market Depth & Liquidity
Phemex and Bybit both have high levels of liquidity. Phemex currently has $1.2 billion in daily trading volume, while Bybit has $2.5 billion.
This means that Bybit ultimately has deeper liquidity, which makes it easier to fill large orders without getting price slippage.
Phemex vs Bybit: Staking
Both Phemex and Bybit offer staking rewards for stable coins and proof of stake network coins like Ethereum, Avalanche, Solana, Cardano, Cosmos, Tezos and many others.
Bybit generally offers a higher yield on the same coins when compared with Phemex, which ultimately means that they take less fees when paying out staking rewards.
Both Phemex and Bybit are highly secure platforms. They both use 2FA for account login and also offer IP and device restrictions.
Phemex takes security a step further by offering what's called a "Web Authentication" feature. This means that you can use your fingerprint or facial recognition to login, adding an extra layer of protection to your account.
It is difficult for me to say whether Bybit or Phemex is a better exchange, as both platforms have their own strengths and weaknesses. Bybit and Phemex are both popular cryptocurrency derivatives exchanges that offer a wide range of trading options, including spot trading, margin trading, and futures contracts. Ultimately, the best exchange for you will depend on your own personal trading goals and preferences.
If you're looking for a platform with a large variety of assets and deep liquidity, then Bybit is the clear choice. However, if you're looking for a platform with competitive fees, 100x leverage and extra security features, then Phemex is the way to go.