Bybit vs Nexo (2024): Which One To Trade On?

Are you confused about whether you should choose Bybit or Nexo as your crypto exchange? Or would you like to understand the functionalities of both these exchanges better?

Then you are at the right place. I will compare Bybit and Nexo on various aspects of their offerings and tell you which will fit your trading needs better.

So, without any further chit-chat, let’s begin by understanding what made these exchanges so trending.

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Bybit vs Nexo: At a Glance Comparison

Bybit

Bybit, which has made its way to the top 5 crypto exchanges in the world in just 4 years of its launch, was introduced in the crypto market in 2018. The exchange is registered in the Virgin Islands and headquartered in Singapore.

There are more than 10 million users worldwide; the company has done a great job of building trust and innovation in its ecosystem.

Bybit is known for its affordable pricing and advanced charting systems, as well as its anonymous trading feature. Additionally, the advanced order types and trading bots let you take advantage of market fluctuations to the fullest. You can also use this coupon code to sign-up on Bybit for deposit bonus.

Nexo

On the other hand, Nexo was launched in 2017 as a loan service, offering financial benefits for storing crypto assets and currently has more than 2 million users across 200 countries.

The company launched its official crypto trading exchange in 2021 and introduced a wide range of crypto assets shortly.

Nexo offers crypto banking features with minimal pricing as well as is available in the majority of countries, including the US, which is good news for sure if you are in the US.

Bybit vs Nexo: Trading Markets, Product & Leverage Offered

Now let’s see what products these exchanges have in store for you.

Bybit

Bybit has a pretty wide range of product offerings for advanced trading; these are:

• Spot Trading: Buy and sell a wide range of cryptos instantly, which are settled in USDT, USDC, BTC, DAI, and EUR with maximum leverage of up to 100x.
• Trading Bot: Offers the most essential trading bots, including spot grid, DCA, and futures grid bots.
• Copy Trading: Highest ROI with a win rate of more than 20%.
• Leverage Trading: Maximum leverage of up to 100x.
• Bybit Earn: Get high yields of up to 18% on your crypto holdings.
• Options Trading: Diversify your trades with BTC, ETH and SOL options.
• P2P Trading: 40+ fiat currencies and 400+ payment methods supported.
• Futures Trading: The following are the types of futures contracts available on Bybit:

1. 1. Inverse Perpetual Contracts: BTC/USD, ETH/USDT, EOS/USD and many more.
   2. Linear Perpetual Contracts: BTC/USD, ETH/USD, LTC/USDT, DOT/USDT.
   3. Inverse Futures Contracts: BTC/USD quarterly.

Nexo

On the other hand, Nexo has a wide range of crypto trading products as well; these are:

• Crypto Swap: True cost with no price slippage with an easy-to-use interface.
• Spot Trading: Zero fees to instantly buy and sell more than 500+ trading pairs
• Leverage Trading: Maximum of 20x leverage on all of the assets.
• Borrow Funds: Instant approval with 40+ fiat currencies with industry-leading rates starting from just 0% APR.

Margin Trading and Futures Exchange are currently unavailable for United States of America, Canada and Australia.

Linear Perpetual Contracts: BTCUSD, ETHUSD and many more.

Verdict: Bybit has a better product and leverage offerings that makes it the winner in this segment as well.

Bybit vs Nexo: Supported Cryptocurrencies

Now, let’s compare these leverage trading crypto platforms on what crypto assets they offer.

Bybit

Bybit offers a wide range of crypto assets readily on its platform, seamlessly integrating with all the products and order types available on the platform.

There are more than 119 crypto coins, including all your favourite ones like BTC, ETH, EOS, USDT, XRP, and DOGE.

Nexo

On the other hand, Nexo crypto trading exchange, as you know, has been launched so recently and offers more than 60 crypto coins. It might look less than other crypto exchanges, but the list includes most of the renowned crypto assets.

Verdict: Bybit is clearly the winner in the segment, with more than double the crypto assets that Nexo offers.

Bybit vs Nexo: Trading Fee & Deposit/ Withdrawal Fee Compared

Now, let’s compare them to the most essential criteria, which are the fees they charged.

Bybit-Trading Fees

• Deposit and Withdrawal Fees

On the Bybit exchange, there are zero deposit fees. However, there are minimal withdrawal fees, which are:

Nexo

On the other hand, Nexo uses a maker-taker fee model in a tiered system, which varies for spot and futures trading.

• Spot

Futures

For futures trading, the maker fees have not been set yet.

Verdict: Bybit is undoubtedly the winner in this segment with affordable pricing.

Bybit vs Nexo: Order Types

Coming to the order types, let’s see how you can take advantage of the market trends through these future trading crypto exchanges.

Bybit

• Market Order
• Limit Order
• Stop-Limit Order

Conditional/ Advanced Order Types

• Stop-Loss Order
• Take Profit Order
• Stop-Entry Order

Nexo

• Market Order
• Limit Order
• Good-Till-Cancel
• Immediate Or Cancel
• Stop Loss Order
• Take Profit Order
• Time Weighted Average Price

Verdict: Both exchanges are equipped with all of the essential order types as well as advanced ones to help you take the advantage of the market trends to the fullest.

Bybit vs Nexo: KYC Requirements & KYC Limits

Bybit

On Bybit, you will be allowed to trade with anonymity but with limited access. In order to trade with complete access, you need to complete the KYC procedures.

The default level when you register on the exchange is level 0. Moving forward, you need to submit essential identification documents, which should be government issued, and then a facial recognition screening is mandatory to be verified under level 1.

For the next level, you need to submit the proof of residence, where you will then be verified under level 2 with complete access to all its tools and limitless trading. You can go through the table below for a better understanding.

Nexo

On the other hand, Nexo mandates KYC procedures, and the products are only available after you verify your identity. The verification process is quick and intuitive.

In order to do so, Fill in your personal information details, like your address and contact number. Then scan your ID and take a selfie.

You can access the verification options by tapping on the ‘My Profile’ icon in the upper left corner of the Dashboard screen and then on ‘Verify Identity’. Then follow the guiding instructions.

Bybit vs Nexo: Deposits & Withdrawal Options

Bybit

When it comes to accounting deposit and withdrawal methods, Bybit offers a variety of options ranging from fiat currencies handled by Murcuryo, Paxful, Simplex, MoonPay, XanPool and Banxa, the industry’s most trusted third-party payment gateways.

Additionally, you can also transfer crypto directly from or to an existing account wallet.

Nexo

Similarly, Nexo also offers direct crypto transfers from/to external wallets, or you can even purchase crypto using your debit or credit cards, which comes in really handy.

You can also transfer EUR, GBP or USD from/to your personal bank accounts instantly.

Bybit vs Nexo: Trading & Platform Experience Comparison

Bybit

Bybit is equipped with one of the most powerful trading engines capable of processing more than 100,000 transactions per second.

It comes with default charting systems, which are powered by TradingView, that work best, providing you with accurate real-time data.

All the functions and tools are available at your fingertips. Additionally, it offers a dual price mechanism allowing you to prevent unfair liquidation of positions.

Its robust API refreshes the data every 20ms.

Its unique platform allows you to directly set profit/stop loss at entry, adjust orders placed and receive strategy alerts with one click.

It also comes with a mobile application that offers all the functionality and features of the web portal. To learn how to place trades on the exchange, read this guide on how to short Bitcoin on Bybit.

Nexo

Nexo comes with a unique and powerful exchange platform; too, it works like a broker that allows you to simultaneously connect to 10+ exchanges to find the best prices, which comes in really handy while trading.

Together with that, Nexo also comes with built-in charting systems. The swaps are done instantaneously with immediate balance updates.

It comes with a mobile application as well, which is equipped with all the tools and features of the web portal, working seamlessly well with all your devices.

Bybit vs Nexo: How to get started?

Now that you want to start your trading journey, follow the steps I will now guide you through.

Bybit

1. On the Bybit webpage, visit the homepage, then click the ‘Sign Up’ button on the top right corner.
2. Choose the registration method you would like to use and enter the required information. Then enter the code that you’ll receive on your mobile number or email, depending upon what you’ve selected.

Bybit also gives you an option of registering through a telegram or google account as well. Once you are registered and compatible with the KYC procedures, you are ready to trade.

Nexo

1. On the Nexo homepage, click get started on the top right corner of the page.
2. Enter your email ID and password, then click the ‘Create Account’ button.
3. After you click it, you will be asked to verify your email address by clicking on the link sent to your registered email address.
4. Go to your email, open the mail from Nexo and click ‘Verify Email’.
5. Click on ‘Continue to your Nexo Account’, and you will be redirected to the Nexo platform.
6. You should now be logged into your Nexo account. Congratulations!

Bybit vs Nexo: Customer Support

Bybit

When it comes to customer support, Bybit is nowhere behind in that as well. It offers one of the best-reviewed support thanks to its knowledgeable and dedicated customer support team.

They are available 24/7 via their live chat window and email. You can also refer to their extensive FAQ section and Bybit’s own Learn section to widen your understanding of crypto trading.

Nexo

Similarly, Nexo also has a live chat window available 24/7. You can also submit a ticket/email for additional support and even refer to their FAQ section, which would answer most of your questions.

Bybit vs Nexo: Security Features

Bybit

Security on Bybit is top-notch for sure. It is integrated with all the advanced security features like SSL encryption, crypto asset consolidation, two-factor authentication and cold wallet storage available by default. So you know your funds are always safe with them.

Nexo

Similarly, Nexo is nowhere behind when it comes to security. BitGo provides Nexo with cold storage solutions with bank-grade technology and class III vaults through SOC 2 Type 2-certified custodianship program.

Ledger Vault ensures digital assets for up to $150 million, providing cloud-based digital asset custody infrastructure.

Additionally, it comes with built-in 2FA authentication, Biometric Identification, Address Whitelisting and Login Alerts making your crypto holdings foolproof.

Is Bybit safe & Legal to Use?

Bybit is undoubtedly a safe, secure and 100% legitimate crypto exchange that will safeguard your crypto holdings with top-notch security systems.

Additionally, the industry’s best cold wallet systems and advanced features make this crypto exchange like a vault for your crypto assets.

Is Nexo safe & Legal to Use?

Yes, Nexo is also one of the safest crypto exchanges out there and is completely legal, with no slippage in security standards.

The constant monitoring and updation of the security features make it ahead of time, safeguarding your crypto around the clock.

Conclusion: Why not use both?

Both Bybit and Nexo are undoubtedly among the top exchanges that the crypto market has to offer. Their unique features and functionalities have made them so popular in the cryptosphere.

In order to choose the ultimate crypto exchange for your trading needs.

If you are new to trading and want an exchange to make yourself familiar with and, at the same time, like to get the best pricing comparison, then your choice should definitely be Nexo.

In contrast, if you are looking for an advanced trading platform with the industry’s best pricing, then you will be a fan of Bybit; I can assure you that.

So, go ahead and click on the link for exciting offers and begin your trading journey today!

Our 2023's Recommendation 5/5

Upto 100x Leverage on BTC Upto 50x Leverage on other currencies Higher Volume & Liquidity  Get upto $30,000 in Rewards using the below link Claim Your $30,000 Rewards

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Sudhir Khatwani

Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.

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