Bybit Vs Phemex : 7 Clear Differences | KYC, Deposit, Fees

If you are considering opening a crypto margin trading account, you may find yourself having to choose between Bybit and Phemex. And in that situation, you will obviously want to know which of the two is better. In this article, you will find a comparison between Bybit and Phemex in terms of things like supported coins, KYC process, fees, security, liquidity and leverage. By the end of it, you should have enough information to figure out which – between Bybit and Phemex – is better for your needs.

What does a Bybit vs Phemex comparison look like? Well, both Bybit and Phemex have their strong points and weak points. For instance, whereas there is a minimum deposit requirement of 0.00000001 BTC for Phemex, there is none for Bybit. On other hand, while Phemex only has a BTC funding option, Bybit allows funding via ETH, EOS, USDT and BTC.

Bybit Vs Phemex
Bybit Vs Phemex Differences

In the end, whether to use Bybit or Phemex will depend on your specific needs. There are some people whose crypto margin trading needs are best served by Bybit. Then there are others whose crypto derivatives trading needs are best served by Phemex.


What Is Bybit?

Bybit is a crypto derivatives trading platform. It is based in Singapore. It started in 2018, and has since gained traction, with more than 3 million registered users.

Being a crypto derivatives trading platform means that it is somewhere people can trade contracts, based on the expected (speculative) future prices of various crypto currencies. You can also refer to it as a crypto margin trading platform.


What Is Phemex?

Phemex is also a crypto derivatives trading platform. Like Bybit, its base is also in Singapore. It was started in 2019, by 8 executives who previously worked at Morgan Stanley. Over time, it has come to be viewed as one of the fastest, most flexible and user-friendly crypto margin trading platforms.


Bybit vs Phemex – Supported Coins

Phemex supports more coins than Bybit. While Phemex supports 22 coins (as per the last count), Bybit is behind, with support for 18 coins.

Among the coins that Bybit supports are the likes of Bitcoin, Dash, Ethereum Classic, Filecoin, Ripple, Woo Network Token and Binance Coin. Others are Cardano Coin, Decentraland Coin, Litecoin, Solana Coin, Uniswap Token, Polygon Token, Chainlink Coin, EOS Token, Ethereum and Polkadot Coin.

On the other hand, among the Coins that Phemex supports are Bitcoin, Bitcoin Cash, Chilliz Token, Litecoin and Ripple. We also have Maker, Tezos, Tron Coin, Aave, Ethereum, Synthetix Network Token, Yearn.Finance Token and Graph Token. Others are SushiSwap Token, Enjin Coin, Dogecoin, Tron Coin, Cardano Coin, Basic Attention Coin, Algorand, ChainLink Coin, Decentraland Coin and Compound Coin.

Therefore if your criteria for choosing the best crypto margin trading platform is the number of coins it supports, then Phemex wins.


Bybit vs Phemex – Deposit Options

In Phemex, you can only fund your account using BTC. Bybit, on the other hand, will allow you to fund with ETH, USDT, XRP, EOS and of course BTC.

Further, while Phemex does require a minimum deposit of $0.00000001 BTC, there is no minimum deposit for BTC.

If you are wondering, how do I deposit money into Bybit or how to deposit money into Phemex in practical terms, the procedures are almost identical. But with Phemex, you are limited only to BTC. Conversely, Bybit will also allow you to fund your account with USDT, ETH, XRP, EOS and BTC.

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Both Bybit and Phemex allow you to deposit fiat money into your account through intermediaries. The Bybit deposit fiat and Phemex deposit fiat steps are more or less similar.

Ultimately, if your criteria in the Bybit vs Phemex comparison is that of deposit options, then we see that Bybit offers more options in that regard. And it is also more flexible, in the sense that it doesn’t require a minimum deposit.


Bybit Vs Phemex Fees

Bybit and Phemex fees are almost similar, and in line with the industry standards. The maker (rebate) fee is 0.025% in both Bybit and Phemex. The taker fee is 0.075 in both Bybit and Phemex.

Withdrawal fees are also similar: at 0.0005 BTC for both Bybit and Phemex.

Therefore if your criterion for Bybit vs Phemex comparison is that of fees, then both are equally good.


Bybit Vs Phemex – Deposit Bonus

In Phemex, you stand to get a $72 bonus, made up of $2 registration bonus, $60 first deposit bonus and $10 social media bonus.

On the other hand, in Bybit, you get a total of $90 bonus, if you go through all the steps. So if you have been having the question on how do I claim my Bybit bonus, now you know. That it is by registering, making a first deposit and completing the social media steps.

All in all, if your criteria in the Bybit vs Phemex comparison is that of available bonus, then Bybit wins: as it offers a bigger bonus. But then again, if you go through the comments in the various Bybit vs Phemex Reddit threads, you discover that actually claiming these bonuses is quite a bit of work. Then again, in the same Phemex vs Bybit Reddit threads, you do come across comments from people who have actually successfully claimed the bonuses. So it is doable.


Bybit Vs Phemex – Security

In terms of security, both Bybit and Phemex are quite good. Phemex does seem to have a slight edge, with things like hierarchical deterministic cold wallets, multiple firewalls, and authentication requirements for all important actions. But Bybit is also good, and it spends as much as 5-10% of its earnings on security.

Neither Bybit nor Phemex is a ‘scam’. They are both quite legit.


Bybit KYC Vs Phemex KYC

Both Bybit and Phemex will allow you to, more or less, trade anonymously. Phemex does, however, have an optional KYC process. And in Phemex, you may find that you are unable to withdraw beyond a certain amount (say, 2 BTC) without going through the KYC.

Bybit doesn’t have such limitations. Still, whichever platform you use, should you get to a point where you need to get some fiat money (through third party websites) then the KYC would be necessary.

In the final analysis, if your basis for the Bybit vs Phemex comparison is that of KYC, you need to keep in mind the fact that (nowadays), you won’t be able to withdraw more than 2 BTC from Phemex without KYC.

On the other hand, you can withdraw a similar amount from Bybit without KYC. Therefore the Bybit kyc requirements are more flexible than the Phemex KYC verification limits.

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Bybit Vs Phemex
Bybit Vs Phemex Differences


Bybit Withdrawal Vs Phemex Withdrawal

In Bybit, withdrawals are processed 3 times a day. In Phemex, users who have ‘standard’ accounts also have their withdrawals processed 3 times a day. But for Phemex users with ‘premium’ accounts, there are hourly withdrawals. Thus the Bybit withdrawal schedule is less flexible than the one for Phemex (at least for Phemex users who have premium accounts). But it is important to emphasize that the Phemex withdrawal time flexibility is only for users with premium accounts.

There is a Bybit withdrawal limit in place, just as there are Phemex withdrawal limits. For instance, in both Bybit and Phemex, you find that the minimum withdrawal is 0.001 BTC.

When it comes to Bybit withdrawal time (the time it takes to fully process the withdrawal), it is more or less similar to Phemex.


Bybit Liquidity Vs Phemex Liquidity

Bybit is an older, better known and better-established crypto margins trading platform than Phemex. It has more users, and greater liquidity. Phemex is coming along well, but seems to be yet to reach Bybit in terms of liquidity.

Therefore if your criterion for the Bybit vs Phemex comparison is liquidity, then Bybit seems to be better in that regard.


Bybit Supported Countries Vs Phemex Supported Countries

The number of restricted countries for Bybit is less than that for Phemex. In Bybit, the countries that are restricted include the USA, Mainland China, Singapore, Crimea, Cuba, Canada (Quebec), North Korea, Iran and Syria. In Phemex, the list of restricted countries is longer.

It includes Laos, Libya, Kosovo, Indonesia, Haiti, Iceland, Pakistan, Nigeria, Kenya, Panama, Russia, Qatar, Rwanda, Turkey, UAE among others. But it is worth noting Phemex supports the USA, while Bybit doesn’t.


Bybit Contracts Vs Phemex Contracts

In Phemex, you get six crypto futures contracts. Those are BTC/USD, XRP/USD, LTC/USD, ETH/USD, XRP/USD and  XTZ/USD. In Bybit, you get 4 perpetual swaps, namely EOS/USD, BTC/USD, XRP/USD and ETH/USD.

Therefore if the basis for the Bybit vs Phemex comparison is the number of contracts supported, then Phemex wins. That is because Phemex offers more contracts.


Bybit Customer Support Vs Phemex Customer Support

Both Bybit and Phemex offer 24/7 multilingual customer support. They include online chats, email support and social media support. But while Phemex social media support seems to be limited to their Telegram group, Bybit also offers support via Twitter (besides Telegram). On the other hand, Phemex’s online knowledgebase seems to be somewhat richer than Bybit’s.

All in all, with regard to customer support, both Bybit and Phemex are quite good.


Bybit Leverage Vs Phemex Leverage

For the BTC/USD pair, Bybit offers up to 100x leverage. And for the other three pairs it offers, it allows up to 50x leverage.

On the other hand, for the BTC/USD pair, Phemex offers up to 100x leverage. For the other crypto pairs, it allows up to 20x leverage. Therefore with regard to the popular BTC/USD pair, Bybit leverage is equal to Phemex leverage.

For the others, Bybit is better, in that it allows up to 50x leverage, while Phemex allows only up to 20x leverage. But then again, Phemex offers more pairs than Bybit.

Worth a mention is the fact that Phemex is faster and allows for more trades per second than Bybit.

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Bybit Mobile App Vs Phemex Mobile App

The Bybit mobile app comes across as being simpler and hence more user friendly than Phemex’s app. On the other hand, Phemex’s app is more powerful and offers more features than Bybit’s.

Because of its greater complexity, you are more likely to find yourself wondering how do I use Phemex mobile app’s advanced features. Conversely, because it is simpler, Bybit’s app is unlikely to cause such challenges.

Ultimately, in making the Bybit vs Phemex comparison, you have to consider what is important to you. If what you prefer is a simpler app (like say, for a beginner), then Bybit’s may be better. But if what you prefer is a more powerful/feature-packed app (like say, for a pro), then Phemex’s may be better.


Bybit Trading Platform Vs Phemex Trading Platform

Bybit’s trading platform is more customizable than Phemex’s. While both are easy on the eyes, Bybit’s is simpler while Phemex’s seems to be a bit more complex. But at the core, they are similar. For instance, keep in mind that the Phemex TradingView charts are more or less similar to the Bybit TradingView charts.

Remember that the underlying technologies and design standards for these platforms are similar. For that reason, this is what you would get even while undertaking a Phemex vs Bybit vs Binance comparison – with regard to the trading platforms. They all tend to have a similar look and feel.

Ultimately though, if you prefer a simpler, more customizable platform, then Bybit may be better for you.


Which Is Better Bybit Or Phemex?

There are some ways in which Bybit is Better than Phemex. And there are some ways in which Phemex is better than Bybit. Bybit, for instance, is simpler, has better liquidity, less stringent KYC requirements (for withdrawals) and higher bonus. Conversely, Phemex is faster, offers more pairs to trade on, has more features and is somewhat more flexible than Bybit.

Go their website and check out for yourself which one you’re comfortable with. Bybit’s website. Phemex’s website.

Bybit Vs Phemex
Bybit Vs Phemex Differences


Final Verdict – Bybit Vs Phemex

As we have seen, both Bybit and Phemex have their strong and weak points. In the end, while making the choice between Bybit and Phemex, you have to consider the things that matter to you. If, for instance, it is trading speed, platform features and number of coins supported, then Phemex may come across as being better.

On the other hand, if it is things like simplicity, liquidity, withdrawal anonymity and higher first deposit bonuses that matter to you, then Bybit may be somewhat better.

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