In this article, I will be discussing two popular cryptocurrency day trading exchanges and comparing their features, fees, and overall user experience.
As someone who has been interested in the world of crypto for quite some time now, I understand the importance of choosing the right exchange to suit your trading needs.
Bybit and MEXC are both well-established platforms, but they have their unique strengths and weaknesses.
So, if you’re wondering which platform to choose between, Bybit and MEXC, or if you simply want to learn more about these exchanges, you’ve come to the right place!
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Bybit vs MEXC: At a Glance Comparison
| Feature | Bybit | MEXC |
| Supported assets | 50+ Fiat currencies, 270+ cryptocurrencies | 1600+ cryptocurrencies |
| Margin trading | Yes | Yes |
| Leverage | Up to 100x | Up to 200x |
| Trading fees | Maker: 0% to 0.02%
Taker: 0% to 0.05% |
Maker: 0%
Taker: 0.02% or greater, depending on the asset |
| Trading platform | Web, mobile app | Web, mobile app |
| Security features | 2-factor authentication, cold storage | 2-factor authentication, SSL encryption |
| Customer support | 24/7 live chat, and email support | 24/7 live chat, and email support |
Bybit vs MEXC: Trading Markets, Products & Leverage Offered
Both platforms offer margin trading, which means traders can borrow funds to increase their buying power and potentially generate higher profits.
Both Bybit and MEXC offer a wide range of trading markets and products, with leverages that can vary depending on the trading instrument.
Bybit focuses on trading futures contracts, while MEXC offers spot and derivatives markets, including Futures and Perpetual contracts, providing greater flexibility and diversification for traders.
Bybit’s maximum leverage of 100x is lower than MEXC’s 200x, but it is still considered high and suitable for traders who seek high returns with low initial capital.
Bybit’s maker-taker fee model also provides makers with a rebate, making it an attractive option for traders who provide liquidity.
MEXC’s range of trading products and services, including futures and spot trading, provide greater diversification, making it a more versatile option for traders who want to explore various trading strategies.
Verdict:
If you are a trader who is interested in perpetual contracts with high leverage, Bybit may be the better option for you. Also, you can use Bybit promo code to get sign-up bonus.
On the other hand, if you prefer a more diversified trading portfolio with various trading products and services, including spot and futures trading, MEXC may be the better choice.
Bybit vs MEXC: Supported Cryptocurrencies
Bybit primarily focuses on Bitcoin, Ethereum, EOS, and XRP, but they also offer trading pairs with other altcoins such as ADA, BCH, DOT, LINK, and more.
Bybit also supports Perpetual contracts for some cryptocurrencies, giving traders the ability to hold positions for as long as they want.
MEXC, on the other hand, offers a more extensive selection of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and EOS, as well as other popular altcoins such as ADA, DOT, LINK, and many more.
Verdict:
In terms of supported cryptocurrencies, MEXC offers a more extensive selection than Bybit, making it the better option for traders who want to access a wider range of trading options.
Bybit vs MEXC: Trading Fee & Deposit/Withdrawal Fee Compared
Bybit charges a trading fee ranging from 0% to 0.05% depending on the type of contract and the user’s trading volume.
Bybit also charges a funding fee, which is the cost of holding a position open for a certain period of time. This fee is based on the prevailing interest rate and the demand for the asset in the market.
For deposits and withdrawals, Bybit only supports cryptocurrency transactions. There are no fees for deposits, but there are minimum deposit amounts depending on the cryptocurrency.
MEXC charges no market maker fees and a trading fee that begins at 0.02%, depending on the trading volume. It also allows the free deposits of cryptocurrencies.
Withdrawal fees on both crypto contract trading platform can vary depending on the cryptocurrency and the withdrawal amount.
Verdict:
Bybit’s maker-taker fee model provides an advantage for makers, while MEXC’s flat trading fee is transparent and easy to understand.
Bybit vs MEXC: Order Types
Bybit offers
- Limit Order
- Market Order, and
- Conditional Order
MEXC offers
- Limit Order,
- Market Order
- Trailing Stop-loss Order
- Trigger Order, and
- Post Only Order
Verdict:
In terms of order types, MEXC wins over Bybit in the number of different types of orders available to you.
Bybit vs MEXC: KYC Requirements & KYC Limits
Bybit requires users to complete a basic level of KYC, which includes providing basic personal information such as name, email address, and phone number.
MEXC, on the other hand, has a more stringent KYC process that requires users to provide a government-issued ID and a selfie photo.
There are three levels of KYC verification at Bybit, each has its daily and monthly withdrawal limits. The table below shows this in an easy-to-understand way.
| KYC Level -> | Non-KYC | Individual KYC Lv. 1 | Individual KYC Lv. 2 |
| Daily Withdrawal Limit | ≤ 20,000 USDT | ≤ 1M USDT | ≤ 2M USDT |
| Monthly Withdrawal Limit | 100,000 USDT | No Cap | No Cap |
MEXC’s Primary KYC allows you to withdraw up to 40 BTC every 24 hours, and their Advanced KYC, which requires face recognition authentication in addition to the primary verification information, allows you to withdraw up to 100 BTC every 24 hours.
Verdict:
MEXC’s more stringent KYC process may be a turnoff for some users who prefer a more straightforward verification process.
However, MEXC’s higher withdrawal limit may be more appealing to traders who need to withdraw large amounts of funds.
Bybit’s basic KYC verification process is simple and easy to complete, making it a more attractive option for traders who value convenience and speed.
Bybit vs MEXC: Deposits & Withdrawal Options
Bybit supports cryptocurrency and fiat deposits and withdrawals. There are no deposit fees on Bybit for cryptocurrencies, but users will need to pay a small network fee when they withdraw funds from the platform.
MEXC allows deposits and withdrawals in cryptocurrency, as well as in fiat currency, using bank transfers and credit/debit cards.
Bybit also supports deposits and withdrawals using Tether (USDT), a stablecoin that is pegged to the value of the US dollar, while MEXC supports deposits and withdrawals using popular digital payment methods like PayPal, WeChat Pay, and AliPay.
Verdict:
Both platforms have similar on and off-ramps for both cryptocurrencies and fiat currency, leaving not much room to decide between the two in this regard.
Bybit vs MEXC: Trading & Platform Experience Comparison
Bybit’s trading platform features a clean and streamlined interface that allows traders to view market data and execute trades with ease.
The platform is also available in both desktop and mobile versions, providing traders with flexibility and convenience. You can learn more about it by checking this Bybit tutorial.
MEXC’s trading platform is also well-designed, featuring a customizable interface that allows traders to view multiple markets and trading pairs simultaneously.
The platform also includes a range of advanced trading tools and features, such as charting tools and order book data, which can help traders make more informed trading decisions.
The platform is available in both desktop and mobile versions, making it accessible to traders on the go.
Verdict:
Bybit’s clean and streamlined platform may be more appealing to traders who value simplicity and ease of use, while MEXC’s customizable platform and advanced trading tools may be more attractive to traders who require more data and analysis in their decision-making.
Bybit vs MEXC: Customer Support
Bybit offers 24/7 customer support via live chat, email, and social media.
In addition to their support channels, both exchanges offer comprehensive knowledge bases and FAQs to help traders find answers to common questions and issues.
Bybit’s knowledge base includes articles and guides on trading strategies, risk management, and other trading-related topics, while MEXC’s knowledge base includes video tutorials and other resources to help traders learn about the platform and its features.
Verdict:
Bybit has the added advantage of offering 24/7 support via chat, email, and social media. MEXC’s phone support may be a valuable resource for traders who prefer to speak directly with a support representative.
Bybit vs MEXC: Security Features
Bybit’s security features include cold storage for user funds, two-factor authentication (2FA) for login and withdrawal confirmation, and IP whitelisting.
Additionally, Bybit has a bug bounty program to incentivize security researchers to find and report any potential security vulnerabilities in their platform.
MEXC also uses cold storage for user funds and requires 2FA for login and withdrawal confirmation. They also offer email notifications for account activity and have implemented various security measures such as rate limiting and DDoS protection.
Verdict:
Bybit’s bug bounty program is a nice touch that adds an extra layer of security, but MEXC’s email notifications for account activity may be more appealing to some users.
Is Bybit Safe & Legal To Use?
Bybit is a cryptocurrency derivatives exchange that was established in 2018 and has quickly become one of the most popular exchanges in the crypto space.
Safety:
Bybit has implemented a range of security measures to ensure the safety of user funds and personal information.
These include the use of cold storage for user funds, two-factor authentication (2FA) for login and withdrawal confirmation, IP whitelisting, and a bug bounty program to incentivize security researchers to find and report any potential vulnerabilities.
Legal:
Bybit is registered in the British Virgin Islands and operates under the laws of that jurisdiction.
It has implemented strict compliance and AML/KYC policies to ensure that it operates within the law and adheres to the highest standards of ethical and legal conduct.
Is MEXC Safe & Legal To Use?
MEXC is a cryptocurrency exchange that was established in 2018 and has rapidly grown to become one of the most popular exchanges in the crypto space.
Safety:
MEXC has implemented a range of security measures to ensure the safety of user funds and personal information.
These include the use of cold storage for user funds, two-factor authentication (2FA) for login and withdrawal confirmation, email notifications for account activity, and the implementation of various security measures such as rate limiting and DDoS protection.
Legal:
MEXC is registered in Seychelles and operates under the laws of that jurisdiction. MEXC has implemented strict compliance and AML/KYC policies to ensure that it operates within the law and adheres to the highest standards of ethical and legal conduct.
Conclusion
As I conclude, it is evident that both Bybit and MEXC have their respective strengths and weaknesses.
Bybit offers a more diverse range of trading products, lower trading fees, and higher leverage options, while MEXC provides access to a broader range of cryptocurrencies and lower withdrawal fees.
When it comes to security, both exchanges have implemented robust measures to protect user funds and personal information.
Bybit does come out to be the winner with a slight edge, while MEXC provides access to a broader range of cryptocurrencies and lower withdrawal fees.
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