Bybit VS. Phemex: Which One Stands Out?

So, which cryptocurrency exchange is the best? With so many new exchanges offering competitive trading choices, this is a question that arises. While it’s impossible to claim one is superior, there are several things to think about before deciding on an exchange.

Bybit vs. Phemex – Despite the fact that both exchanges have a lot of functionality, there are some differences between them. We’ll look at trading fees, transaction fees, security features, and more in this article.

The important thing to remember is that by the end of this post, you will have the knowledge necessary to select the finest crypto exchange while taking into account the facts and your degree of comfort.

Bybit and Phemex are two new cryptocurrency exchanges that have had a huge impact on the cryptocurrency market. In terms of daily trading volume, Bybit is the third-largest crypto derivatives exchange, while Phemex is the ninth.

Together, we’ll cover the following features and compare them accordingly:


Bybit VS. Phemex | Overview

To start with, I’ll show you a short introduction to each exchange.

Bybit

Bybit exchange, which was formed in early 2018, is one of the major cryptocurrency derivatives exchanges today. It boasts over $10 billion in 24-hour volumes. As a result, it can provide trading pairs that are particularly liquid.

Bybit vs. Phemex

Bybit provides a user-friendly UI in addition to its incredibly high liquidity. This makes it suitable for both newcomers to derivatives exchanges and seasoned traders. Because of its customer-centric strategy, Bybit is a popular cryptocurrency and it has some of the most derivative trading pairings on the market.

Phemex

Phemex is a crypto exchange situated in Singapore that was created in 2019. The company’s goal is to make it easier to get into the crypto derivatives market. They’ve assembled a group of seasoned financial leaders, including eight former Morgan Stanley executives.

phemex platform

Phemex has built a dedicated following among crypto traders and investors in its first year of operations. They’ve also been named a top crypto derivatives exchange by industry authorities. It has swiftly become one of the world’s most popular cryptocurrency exchanges for trading futures contracts, options, and perpetual contracts, just one year after its establishment.


Bybit VS. Phemex | Fees

There are numerous convincing reasons to choose both Phemex and Bybit when trading crypto. Both exchanges focus on cutting-edge technology to make their systems more user-friendly.

Trading Fees

A “maker” and “taker” model is the most common fee structure used by cryptocurrency exchanges. It creates tiers based on trading volume and charges maker and taker fees based on that volume. A maker is a party that sells bitcoin to create a market on the exchange, while a taker is a party that buys cryptocurrency to remove it from the market. Each party pays transaction fees, but makers typically pay less.

Market maker-taker fees are fairly different in both Phemex and Bybit. Market makers are traders that submit orders that enter the order book and so add liquidity to the exchange.

  • Bybit – The fees on Bybit are 0.01% maker & 0.06% taker (non-VIP)
  • Phemex – The fees on Phemex are -0.025% maker & 0.075% taker.

Deposit and Withdrawal Fees

The majority of cryptocurrency deposits are free, while the needed minimum sums are indicated below. A deposit or address setup cost is charged by a few coins.

Bybit does not charge a deposit fee, but it does charge a 0.0005 BTC withdrawal fee. A daily withdrawal limit of 500 BTC is also in place. On the other hand, you won’t be charged if you deposit or withdraw money from your Phemex account. Phemex has no fees for deposits or withdrawals. Blockchain fees, on the other hand, are paid and determined regularly based on blockchain load.

For the deposit and withdrawal methods,

Funding Fees/Rate

Funding fees or Funding rates are payments made to long or short traders depending on the difference between perpetual contract markets and spot prices on a regular basis.

Long position holders will pay funding fees to short position holders if the trading price is above the spot price. It encourages traders to open additional short positions, lowering trading prices and moving them closer to the spot price. Short position holders will pay financing fees to long position holders if the trading price goes down than the spot price, putting the latter in charge of opening more positions. As a result, it raises prices and accomplishes a similar goal of narrowing the spread.

Bybit and Phemex use the same Funding Rate formula:

  • Funding Rate = Premium Index + (Interest Rate – Premium Index)
  • Funding Fee = Funding Rate x Position Size

Bybit

The funding fee on the Bybit platform is charged every 8 hours. 00:00 (UTC), 08:00 (UTC), and 16:00 (UTC) are the settlement times (UTC). The financing rate at 16:00 will be determined by the spread between 00:00 and 08:00.

The spread between 08:00 and 16:00, for example, will decide the funding rate at 00:00 the next day; and so on. To put it another way, you’ll know the actual financing fee being swapped at 16:00 at 08:00. If you have a long or short position at 16:00, it will be paid or charged automatically based on the funding rate locked in at 08:00.

Phemex

Every 8 hours, Phemex conducts a payment exchange, with the funding rate determining who pays who. The Last Traded Price moves closer to the Mark Price as a result of this payment transaction.

Here’s a quick video for Bybit’s Fee Structure:

On the other hand, here’s Phemex’s Fee Structure:


Bybit VS. Phemex | Trading Volume

The amount of trading activity on a certain asset is referred to as the trading volume. When it comes to cryptocurrency, the trading volume is a record of each coin’s purchase and sale.

Working on a particular crypto exchange, where volume is assessed based on the amount of trade in a 24-hour time window, is one approach to looking at trading volume. Keep in mind, however, that a cryptocurrency’s publicly traded volume may not reflect the entire picture, as private deals on the Over the Counter (OTC) market can account for a significant portion of coin activity.

PRO TIP: The cryptocurrency exchanges with the biggest trading volume provide the finest opportunities, because the larger an exchange’s overall volume is, the easier it is to trade.


Bybit VS. Phemex | Coin Pairs Selection

A coin pair is a comparison of the prices of two different crypto coins. You can find out how much one Ethereum token is worth in Bitcoin with this cryptocurrency trading pair. To put it another way, coin pairs show how much of one token you can buy with a certain amount of another.

ETH/BTC is the most popular cryptocurrency pair.

Cryptocurrency exchanges, like traditional currency exchanges, use crypto trading pairs to show the value of each token. There were few trading pairs available when cryptocurrencies were first launched as a financial option. Because Bitcoin is the most popular cryptocurrency, the majority of the trades were related to it. With so many altcoins on the market right now, new trading pairs appear every hour.

So, in this video, I’ll show you a comparison between Bybit’s and Phemex’s coin pairs:


Bybit VS. Phemex | Platform

The two trading platforms have very little in common. Bybit and Phemex both provide powerful trading systems that include all of the tools necessary for smooth fundamental and technical analysis. There are a few differences, though, that you should take note of:

Bybit

Bybit also offers a well-designed user interface with a highly intuitive user interface. It’s ideal for beginners, looks decent, and you can even customize it by dragging each box to suit your preferences.

Bybit uses the TradingView charting system and offers many of the same features and functions as Phemex. It also accepts all major order types, such as Limit, Market, Stop-Loss, Take-Profit, Conditional, and Advanced. To deliver the most trustworthy pricing, it employs a sophisticated Mark & Index Pricing System, with data shown in real-time on the platform.

To access all order kinds, Bybit does not require any premium subscriptions, which is a good thing! Also, Bybit now features a mobile app for Android and iOS that lets you place and manage transactions on the go.

Phemex

Phemex currently only offers a web-based trading platform that is very intuitive and simple to use. It has a vertically organized order book, widgets for the order form, order position, and order history, and a charting tool from Tradingview.com, which most traders are engaged with. The trading platform is neat and avoids clogging the screen with too much info, which can make trading difficult.

Market, Limit, Stop-Loss, and Take-Profit orders, as well as Conditional and Advanced order types, are all available on Phemex. Conditional and advanced orders, on the other hand, are exclusively available to premium users. Additionally, Phemex also offers a user-friendly mobile app that includes all of the features and functions found on the PC trading platform.


Bybit VS. Phemex | Calculator

A trader must determine the volume for the trade entry, the value for the chosen trading coin, the risk in the deposit currency, and other important elements before creating a position. All of these activities are handled by the online trading calculator. Simply enter significant data, and the program will calculate the figures for you.

Here are some differences between Bybit and Phemex when it comes to their own calculator:


Bybit VS. Phemex | Simulator

Crypto trading relies heavily on trading. As a result, many consumers overlook the need of learning how to practice paper trading before entering an exchange and depositing their hard-earned cash.

Simulated trading is a simple method of learning how to trade virtual currency under ideal conditions. It allows you to practice trading tactics and sharpen your instincts without having to worry about making a live transaction on an exchange. Paper trading can also be utilized as a form of warm-up for entering the world of cryptocurrency exchange trading.

Read More for Bybit Simulated Trading: Paper Trading with Bybit Simplified

Read More for Phemex Simulated Trading: Discover Simulated Trading with Phemex


Bybit VS. Phemex | Security Features

Security is an important consideration when selecting a crypto exchange. Let’s compare Phemex and Bybit’s security features:

Bybit

Bybit features extensive security protocols for its platform, including an industry-leading cold wallet technology to protect its traders’ funds, as well as a zero-trust architecture approach that ensures the system is as secure as possible. It keeps its own funds in the hot wallet to enable trading activities and stores 100% of user cash in the cold wallet.

All withdrawal applications are personally reviewed and put through three degrees of risk control. It also includes two-factor authentication for user access, encryption mechanisms, IP whitelisting, and many more features.

Phemex

To ensure that users’ assets are safe, Phemex used the industry’s best security measures. For instance, they use a Hierarchical Deterministic Cold Wallet System in which each user is given their own cold wallet deposit address and all deposits are collected in the company’s multi-signature cold wallet via offline signature on a regular basis.

It secures its machine and system using the Amazon Web Service cloud, too. Apart from that, it has a number of safeguards in place to ensure that only whitelisted devices can access the platform. It uses two-factor authentication, a bank-level double-entry bookkeeping process, to assure user account security and prevent data tampering.

Both exchanges conform to some of the most strict security standards in the industry.


Bybit VS. Phemex | Customer Support

When it comes to choosing a cryptocurrency exchange, customer assistance is crucial. Let’s compare Phemex and Bybit’s customer service.

Phemex offers multilingual customer service by live chat and emails 24 hours a day, 7 days a week. Aside from that, you can contact the Phemex team via their Telegram channel. It also contains a knowledge source that can be used to help users learn more about the platform.

Bybit’s customer service is the same as Phemex’s. Its website offers a multilingual live chat service 24 hours a day, 7 days a week. You can send out an email if you have any specific concerns. Their personnel is also available on Telegram, Twitter, and Reddit.


Bybit VS. Phemex | Final Verdict

I hope you found this Phemex vs Bybit comparison helpful. Now I’ll summarize each exchange and give you the benefits and drawbacks. They have the same trading cost structure, use the same security features, and provide the same customer support services, for example.

Because both sites are new crypto trading platforms, choosing between the two is challenging. But, if I had to pick one, it would be Bybit.

Phemex offers customers the option to trade in a multi-asset environment from a single platform, with advanced trading tools and quick and reliable trade execution. However, Bybit has a tiny advantage in several areas. Phemex, which includes ordinary and premium account types, is more difficult to use than Bybit. Professional traders will prefer Bybit because of its more intuitive trading interface.

Finally, Bybit is the third-largest cryptocurrency exchange in terms of daily traded volume, assuring that you will never run out of funds.

So, whether you’re a novice or a seasoned trader, Bybit is a superior option to Phemex.

Ready to trade crypto? Click the button below to learn more on how to get started:

-Martina

7 thoughts on “Bybit VS. Phemex: Which One Stands Out?”

  1. Both Bybit and Phemix have many good features. Phemix seems to be more suitable for newbies in cryptocurrency and more adaptable to their needs; whereas Bybit seems to be a natural choice for those who already have experience trading. Bybit with a customer centric focus has gained a great portion of the market and have good public relations with their clients as their market share vividly illustrates. It also has over a one year head start over Phemix and so it has had more opportunity to rate highly in the marketplace. As more opportunities exist in markets with the biggest trading volumes  and it is easier to trade, it appears that Bybit has an advantage, but for a small investor this might not be as big of a deal. Maybe Phemix justs needs more time in order to catch up as it has a very good managemnt team. Thank you for your insight and knowledge of theses exchanges.

    Reply
  2. Hey Martina, 

    Thank you for sharing your post on ByBit VS Phemex. I have heard of Phemex before, but never heard of ByBit! Currently I have a ton of Crypto stored in cold wallets. I’ve been in crypto since 2016 and always continue to learn, so i appreciate you going in depth on both exchanges. Being able to diversify is something i preach!

    I did want to ask, I live in Hawaii and the regulations here are tough. Do you know if any of these exchanges are available in Hawaii? Have you tried a VPN before? Thanks

    Reply
  3. I have come across Bybit as a crypto currency exchange, but this is the first time I hear about Phemex, so it was very interesting to see the comparison between the two exchanges. I am new to crypto currencies, and was wondering about different exchanges, and didn’t realise there were so many options. 

    Reply
  4. This article was very informative! My husband and I use Robinhood and Crypto. I’d never heard of Bybit or Phemix! I definitely am interested in bybit and will be bringing it up to my husband later. Thank you for taking the time to break down each one. Which one do you use?

    Reply
    • Hi Jordan! Thanks for taking your time in reading my article. Currently, I am using Binance but for beginner traders, I would recommend Bybit. I just recently discovered Bybit two months ago and so far, it has great features that will benefit newbies who are just starting out.

      Reply
  5. Lucky me, I just found this comparison post about Phemix & Bybit and this post let me know that:

    Phemix is more robust for beginners and people new to cryptocurrency, whereas Bybit is better suited to those with a bit of experience in trading. General talking that Bybit and Phemix are both great platforms.

    Bybit has set a great example for other investors by providing responsive customer service – their market share reflects the high company satisfaction, and the public relations is stellar as well.

    As opportunities for trade grow and volume increases, Bybit may have the upper hand with its ease of use, however for smaller investors this might not be as important. To be fair to them, I’m sure it needs some time in order to catch up. Their management is great & that’s what has me excited for them.

    I have to thank you for taking the time to leave this detailed info.

    Have Great Day.

    Reply

Leave a Comment