Phemex vs ByBit: Cryptos, Fees, KYC Exchanges Difference in 2023

Today we offer to analyze two major cryptocurrency exchanges - Phemex vs ByBit, identify their advantages and disadvantages, compare them by main parameters. Choosing between these exchanges can be difficult because both have been operating for a long time, have similar functionality, offer a wide range of options and available currencies.

We have studied both crypto-platforms by all main aspects and will help to make conclusions on which one to choose - Phemex or ByBit, what are the main differences.

Advantages and disadvantages of Phemex

About Phemex exchange

Phemex is listed on popular blockchain aggregators such as CoinGecko and CoinMarketCap. It has high trading volumes, especially in futures. The opportunity to purchase a premium account allows you to save significantly on trading fees - if you buy for one year, the premium costs only $0.19 per day, and all commissions for trading on the spot market will be zero. A test platform with virtual assets will help you get accustomed to the functionality. Phemex does not require a mandatory verification from the user, but it is recommended for everyone who wants access to the full functionality and a lot of bonuses.

About ByBit Exchange

ByBit is a young and very popular cryptocurrency exchange. It is honest, reliable and has many features.

Comparative analysis of Phemex and ByBit exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Phemex offers: 

ByBit offers:

Available countries

Phemex and ByBit exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Phemex and ByBit account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Phemex and ByBit.

Available Cryptos and Tokens

Phemex currently supports 238 trading pairs and 234 coins. 

ByBit supports 322 trading pairs and 241 coins.

Regulation

There is no information about the Phemex and ByBit regulation and the corresponding license.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

It is recommended that you verify your Phemex account in order to gain access to the full range of features: mainly the ability to purchase premium memberships and various bonuses for verified users.
Verification does not take much time, usually within a few minutes you will receive a notification of approval or rejection (in the second case, it will indicate which errors should be corrected).

ByBit, on the other hand, allows trading without verification. The exchange belongs to the category of unregulated. If you are not going to work with fiat, participate in IEO or exceed the established minimum limits, you can do without account verification. Although passing the KYC is still desirable for those who plan to actively use the exchange and all its functions.

Account deposit

Exchanges offer the following options for funding the account:

Comparison of Trading Fees

Phemex:

ByBit:

Account security

Phemex follows all safety rules. The exchange offers its users 2FA, hardware key, email and phone confirmations, etc.

Bybit has 2FA and anti-phishing code, the cryptocurrency is stored cold, but in general the list of protection measures is good.

Passive earn on exchanges

In the "Passive Income" section on Phemex you can invest USDT or BTC and receive a daily profit. At the same time the exchange guarantees the receipt of the declared profit, because even in case of deterioration of the market situation it will cover the payments from its funds, until it develops a new strategy.

Presented at the moment investment plans: flexible Annual Return 6%, fixed USDT for the week, annual return of 8.5%, Flexible BTC. Annual return of 1%, fixed BTC for a week. Annual yield 1.8%.

Products available at Bybit Earn: Savings - 5-600%, Bi-currency investments - 99-500 %, Liquidity Mining - 0.9-34 %, DeFi mining - 3-17%.

Which to choose - Phemex or ByBit

Selecting an exchange is a very serious process. In this pair, the competitors were very similar. ByBit is better in terms of commission and trading volume. Phemex exchange is more regulated and looks more reliable.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is Bybit exchange good?

Bybit is a cryptocurrency exchange that was launched in 2017. It is based in Singapore, which makes it an ideal place for trading cryptocurrencies.

Bybit vs Coinbase: Both these exchanges offer various levels of service and convenience to their users. In terms of user interface, Bybit is much more intuitive and easier to use than Coinbase. With Bybit, you don’t have to worry about fees or other hidden charges as there are none.

Is Bybit better than Binance?

Bybit is not better or worse than Binance. They are both excellent platforms that offer a wide range of features.
The main difference between the two platforms is that Bybit offers margin trading, while Binance does not. Margin trading can be a great way to increase your profits, but it also carries a higher risk. So if you're new to cryptocurrency trading, it's probably best to start out with Binance and then move on to margin trading once you've gained some experience.

Who owns Phemex?

Phemex is a privately held company headquartered in the United States.

How does Phemex bonus work?

Phemex bonus is a great way to motivate traders and to give them an opportunity to increase their profits. The way it works is that the trader's account is credited with a percentage of the profits generated on each trade.
This means that the more you trade, the more bonuses you earn, which can really add up over time. It's a great way to boost your earnings, and it can help you to achieve even greater success in the Forex market.

Conclusion

To summarize, we advise you to consciously approach the choice of exchanges and decide what parameters are important to you. Think about what features you would like to use, and which ones you would not. There is no clear winner in the Phemex vs ByBit pairing. Both exchangers are good and worthy of attention.