Phemex vs Bybit: Which Should You Choose?

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Quick Verdict – Phemex vs Bybit

Bybit and Phemex serve different trader needs, however, Phemex comes across as a more intuitive experience that will cater to the mass market. Bybit excels with advanced features, deep liquidity, and sophisticated trading tools, making it ideal for experienced traders. It offers higher APYs and includes an NFT marketplace.

Phemex provides a more intuitive experience with fast order execution, zero-fee spot trading, demo trading, and no KYC requirements, making it particularly suitable for traders seeking privacy.

	Phemex	ByBit
Website
Promotion	Up to $6,050 Crypto Sign Up Bonus	0% trading fees for 30 days (spot only)
Fiat Currency	BTC, ETH, XRP, and 330 Others	USD, EUR, GBP, AUD, CAD, +125 Others
Supported Cryptocurrency	BTC, ETH, XRP, and 334 Others	331 (608 trading pairs)
Max. Trading Fee	0.1% (spot), 0.06% / 0.01% (futures)	0% (spot), 0.06% / 0.01% (futures)
Overall Rating	HedgewithCrypto Score 4.8 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit Phemex	HedgewithCrypto Score 4.8 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit ByBit
Review	Read our full Phemex Review	Read our full Bybit review

Phemex Overview

Founded in 2019, Phemex is a Singapore-based crypto exchange led by ex-Morgan Stanley executives, designed for all investors and traders. It offers high-performance trading, copy trading, and derivatives with up to 100x leverage, alongside Memex for trading Solana meme tokens.

With a no-KYC policy, a native token for staking, zero-fee spot trading and governance, Phemex prioritizes privacy and user benefits. The platform also provides a demo account and educational resources, ensuring accessibility for most. Phemex has maintained a strong security record, with no hacks since its launch.

ByBit Overview

Founded in 2018, ByBit is a crypto derivatives exchange for traders, offering 100x leverage, hundreds of derivative pairs, and crypto options. It features customizable charts and superior technical reliability. ByBit also provides earning programs, P2P trading, an NFT marketplace, and referral bonuses. However, its complex interface and advanced tools may challenge some.

There's even a 30,000 USDT welcome bonus using a ByBit referral code.

Phemex vs ByBit – Features, Products & Services Compared

Bybit and Phemex are two feature-rich exchanges on the crypto market, offering a robust suite of blockchain services—including earning programs, and derivatives trading, tailored for users who value privacy. This guide compares each exchange’s features, products, and services to determine which platform stands out.

Supported Countries

Phemex and Bybit are leading no-KYC crypto exchanges with global reach. Phemex operates in 200+ countries but excludes the US and UK. Bybit, also US-restricted, serves 10M+ users worldwide, offering broader geographical and numerical appeal.

Supported Deposit & Withdrawal Methods

Bybit supports crypto deposits, credit/debit cards, bank transfers, e-wallets, and a P2P marketplace for 130 fiat currencies and 80+ payment options. Phemex accepts crypto, wire transfers, and cards, partnering with Simplex, Coinify, and MoonPay to support 84+ fiat currencies.

Supported Cryptocurrencies

As seen in our Phemex review, the exchange offers 230+ spot assets and 140+ derivatives, focusing on major coins like BTC, ETH, and XRP. Bybit surpasses this with 331 cryptocurrencies and 608 trading pairs across spot, margin, futures, and options, including altcoins and leveraged tokens, ensuring broader market diversity.

Trading Volume & Liquidity

Phemex processes 300,000 transactions per second with a $120 million daily volume and supports 100 derivatives markets.

Bybit offers deeper liquidity with a $5 billion daily volume across 608 trading pairs, serving 10 million users. Both platforms provide reliable trading infrastructure, though Bybit leads in market depth and variety.

Earning Interest On Crypto

Bybit Earn supports 36 assets with yields up to 609.57% through various products, including savings, liquidity mining, and launchpool. It features 21 cryptocurrencies in its popular savings program. Phemex Earn offers fixed and flexible savings on 13 assets, with yields of up to 10% APY on short-term products.

Buying & Selling NFTs

While Phemex does not feature a dedicated NFT marketplace—focusing instead on spot and derivatives trading—Bybit includes an integrated NFT marketplace for trading non-fungible tokens.

Users can buy, sell and trade NFTs from their Bybit spot accounts. They can also verify the authenticity and chain of custody of their collectibles. If you’re interested in exploring NFT trading further, you can check out the best platforms for buying and selling NFTs.

Phemex vs ByBit: Ease Of Use

Both platforms offer distinct trading interfaces. Phemex presents an intuitive, user-friendly interface with integrated TradingView charts, multiple order types, and a demo account for practice. Bybit sports a sleek, modern interface with advanced tools, balancing features that appeal to experienced traders but might overwhelm some.

Phemex vs ByBit: Trading Experience

The trading experience differs between platforms. Phemex excels with ultra-fast order execution, integrated TradingView charts, multiple order types, and a demo account for most. ByBit provides deep liquidity, advanced charting tools, diverse order types, and extra features like copy trading and automated bots.  Overall, Phemex’s richer feature set enhances the trading experience for active market participants.

Phemex vs ByBit: Trading Fees

Trading fees are competitive on both sides. ByBit charges a flat 0.1% on spot trades, uses a 0.06%/0.01% model on derivatives, and offers flexible volume-based discounts and rebates for VIP customers. Phemex employs 0.1% on spot trades, and 0.06%/0.01% for futures, with a VIP package offering zero fees.

Phemex vs ByBit: Mobile App

Both platforms offer mobile apps on iOS and Android. Phemex's app mirrors the desktop experience with an intuitive interface and essential trading functions, earning a 4.3/5 rating with over 1 million downloads. Bybit's app (4.5/5 with 10 million downloads) provides comprehensive trading tools and strong charting capabilities.

Phemex vs ByBit: Security

Both platforms prioritize security. Phemex is committed to protecting user funds by employing robust measures, including 100% cold storage, multi-signature withdrawal processes, and two-factor authentication (2FA). Bybit implements these same features, plus anti‑phishing codes and address whitelisting.

Phemex vs ByBit: Customer Support

Phemex ensures continuous support through 24/7 assistance via live chat and email, complemented by a detailed help center. Bybit enhances its customer service with round-the-clock support through multiple channels, including live chat, email, and active social media presence. Bybit's multi-channel approach delivers faster response times and more contact options.

Final Comparison Scores

Comparison Criteria	Winner
Features, Products and Services	Phemex
Ease of Use	Phemex
Trading Experience	Phemex
Trading Fees	Draw
Mobile App	Phemex
Security	Bybit
Customer Support	Bybit