Coinone vs Bybit – Which crypto exchange should you choose? If you have a similar question, then I am here to help you out.
Both Coinone and Bybit are well-established and reputable crypto exchanges out there. Both of them allow you to trade in a wide range of tokens.
However, Coinone is a South Korea-based crypto exchange, while Bybit serves global users. So how do these exchanges compare to each other?
Let’s find this out in this comparison between Bybit and Coinone:
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Coinone vs Bybit: At A Glance Comparison
Coinone is a popular cryptocurrency exchange based in South Korea. The exchange was founded in 2014, and in today’s time, it is one of the largest exchanges in the country.
With Coinone, you can trade in a wide range of cryptocurrencies in the spot market. The highlight of the exchange is that it allows you to trade fiat using South Korean WON (KRW).
In addition to that, the exchange also offers you various other features and services, such as a crypto wallet, an easy-to-use mobile app, trading API, and more.
Bybit, on the other side, is one of the well-known high leverage crypto exchange.
The exchange was established in 2018. And it has quickly become one of the preferred choices for many crypto traders.
On the exchange, all the trading happens from crypto to crypto, and no fiat is involved. However, it allows you to trade in different markets like spot, margin, and derivatives.
Also, with the exchange, you are getting some advanced trading features such as copy trading, P2P trading, bot trading, etc. Additionally, you can also get sign-up bonus using Bybit’s referral code.
Coinone vs Bybit: Trading Markets, Products & Leverage Offered
Coinone
Coinone is basic when it comes to product offerings. Unlike other exchanges, you don’t get tons of features, product offerings or Leverage. Instead, it only allows you to trade in a single market which is:
- Spot Trading
- Auto Trading
Bybit
Bybit is a far better choice from a trader’s point of view. It not only allows you to trade in the spot market but has a lot of other product offerings too. Such as:
- Spot Trading
- Margin Trading with up to 5x Leverage
- USDT & Inverse Perpetual Futures with up to 100x Leverage
- USDC Perpetual Futures Contracts with up to 125x Leverage
- USDC Options
- Leveraged Tokens with up to 2X Leverage
- Copy Trading
Verdict: As you can clearly see, Bybit wins the race by offering both spot and derivatives trading with high Leverage.
Coinone vs Bybit: Supported Cryptocurrencies
Coinone
Coinone is pretty great in terms of supported tokens.
On the exchange, you would find and trade in more than 200 digital assets. It has all the well-known crypto tokens along with ERC20, DeFi tokens, and more. Some of such tokens are:
- UNI
- CVX
- BAND
- COMP
- BTC
- SIX
Bybit
Bybit is also not lacking behind. The exchange has more than 350+ supported digital assets and trading pairs.
It also contains all the well-known tokens along with many new crypto tokens. Plus, Bybit is known for launching new tokens from time to time. Some of such tokens are:
- SOL
- BTC
- DOGE
- INJ
- LTC
- MATIC
Verdict: Bybit stands out as the winner by offering 350+ supported crypto tokens, while Coinone only supports about 200+ digital assets.
Coinone vs Bybit: Trading Fee & Deposit/Withdrawal Fee Compared
Now coming to the most important part, which is the trading fee. Let’s look at how these two exchanges’ trading fee compares:
Coinone Trading Fees
As Coinone only offers you spot trading, so there is a flat charge for both maker and taker orders.
However, if you want to get a trading discount, then you are required to trade over 3 billion monthly. So the trading fee for both regular and VIP programs looks like this:
Regular Users:
- Maker Fee: 0.2%
- Taker Fee: 0.2%
VIP Program Users:
- Maker Fee: 0%
- Taker Fee: 0.01%
However, you should also know that there are order limits on Coinone. The minimum order limit is 5,000 KRW.
Coinone Deposits & Withdrawal Fees
Coinone allows you to deposit or withdraw funds via bank transfer which is subjected to a transaction fee.
Secondly, you can also deposit and withdraw crypto tokens.
There are no fees charged on crypto token deposits, but for crypto withdrawals, you need to pay certain charges. Plus, you are required to meet the minimum withdrawal limits.
Bybit Spot Trading Fees
Bybit also has a straightforward fee structure. But unlike Coinone, it doesn’t charge you a flat maker and taker fee.
Instead, it has different tiers, which are based on your 30 days trading volume. And by increasing your 30 days trading volume, you can enjoy cheaper trading fees. However, here is what the regular fee looks like:
- Maker Fee: 0.10%
- Taker Fee: 0.10%
- Maker Fee: 0.06%
- Taker Fee: 0.01%
ByBit Deposits & Withdrawal Fees
If you are depositing or withdrawing fiat on Bybit, you might have to pay a transaction fee.
The fee solely depends on what payment methods you are using. For instance, bank transfers and credit/debit purchases will incur charges. Also, for some payment options, there are no fees.
Similarly, crypto deposits on the exchange are absolutely free. But for crypto withdrawals, you have to pay some charges. The fee varies from one currency to another.
But if you wish to avoid paying deposits and withdrawal charges, you can use Bybit’s P2P trading.
Verdict: Bybit’s fee structure is much cleaner and easy to understand. Also, it has cheaper trading fees compared to Coinone. So it is the ultimate winner for this section.
Coinone vs Bybit: Order Types
Coinone
Coinone is a spot trading exchange. As a result, you don’t get many order types. Instead, it has a simple order form that lets you place buy and sell orders. As far as the order types are concerned, here is what you get:
- Market
- Limit
Bybit
Bybit is a full-fledged crypto exchange. Hence, the exchange supports one additional order type, which is Conditional, and using it, you can place advanced order types.
- Limit
- Market
- Conditional
Verdict: Bybit once again wins the competition by offering more order types.
Coinone vs Bybit: KYC Requirements & KYC Limits
Coinone
Coinone is a centralized crypto exchange which means the exchange does require you to complete KYC. Without verifying your identity, you are not allowed to deposit/withdraw funds. Also, the exchange has different verification levels.
KYC Limits
- Customer confirmation: This verification will allow you to use normal services such as deposits/withdrawals and transactions on the exchange.
- Additional verification: It enhances your account security and increases your withdrawal limit.
- Verify KakaoBank Account: Account registration will allow you to deposit and withdraw in KRW.
Bybit
Bybit is a no-KYC exchange meaning there is no need to complete your account verification to start trading.
However, verifying your account comes with its own benefits. Such as it will increase your deposit/withdrawal limit, getting access to P2P trading, and more.
Also, Bybit has different KYC levels, and the basic KYC offers you a daily and monthly withdrawal limit of 20,000 USD & 100,000 USD, respectively.
KYC Limits:
There are two KYC levels on Bybit, these are:
- Level 1: A daily fiat top-up limit of 20K and a monthly withdrawal limit of 1,00,000 USD, along with unlimited P2P trading.
- Level 2: A daily fiat top-up limit of 100K and a monthly withdrawal limit of 2,00,000 USD, along with unlimited P2P trading.
Verdict: Bybit stands out as the winner and a favourable choice for anyone who wants to trade crypto anonymously.
Coinone vs Bybit: Deposits & Withdrawal Options
Coinone
- Method 1: Deposit or withdraw fiat using KakaoBank Account.
- Method 2: Deposit or withdraw crypto from another crypto wallet or exchange.
Bybit
- Method 1: Buy crypto using a credit/debit card, bank transfer, or other supported payment options like AirTM, Payeer, Wise, Advcash etc.
- Method 2: Deposit or withdraw crypto from another crypto wallet or exchange.
- Method 3: Use P2P trading to deposit/withdraw funds at zero cost using your local payment methods.
Verdict: Bybit offers you a few extra ways to deposit/withdraw funds. Also, it allows you to use different fiat, unlike Coinone, which only supports KRW.
Coinone vs Bybit: Trading & Platform Experience Comparison
Coinone
The trading platform of Coinone is a basic one. There are no additional features and nothing extraordinary. But being a spot exchange, it offers you all the features you would need. Some of such features are:
- Technical chart
- Trading Pairs window
- Trading pairs details
- Easy-to-use order form
- Active orders & trade history
Bybit
Bybit’s trading platform is pretty advanced. Being a derivatives exchange, it offers you way too many features across the web and mobile. So you can efficiently trade. It includes features like:
- Multiple technical charts, including TradingView
- Easy-to-use order form
- Trading pair details
- Order book
- Recent trades
- Positions closed P&L,
- Current orders, order history and trade history
- Easy-to-use mobile app
To learn more about the exchange and how to use it, have a look at this Bybit tutorial.
Verdict: Bybit has an advanced trading platform with tons of features. Hence, it is the winner for this section.
Coinone vs Bybit: Customer Support
Coinone
Coinone offers support in multiple ways. You can use their live chat option or raise a support ticket.
The exchange also offers you phone support. However, its support is only available in Korean. So if you are a foreigner, getting help from the exchange might be complicated.
Bybit
Bybit also offers you support in multiple ways. You can use their live chat option or contact the exchange through email. You can also reach out to Bybit on Twitter.
The best part of the derivatives trading platform is that it has a quicker response time and helps you solve your queries at the earliest.
Verdict: Bybit again stands out to be the winner. The exchange makes it super convenient to contact the support team. Plus, it has a quicker response time.
Coinone vs Bybit: Security Features
Coinone
- Address list
- Security Notification
Bybit
- Two-factor authentication
- Fund Password
- Anti-phishing Code
- Real-Time Monitoring
- Withdrawal Address Whitelist
- Withdraw via Address Book
- Trusted Devices Management
- Triple Layer Asset Protection & Platform Security
- Advanced-Data Protection
Verdict: Bybit is the clear winner by offering way too many security features. On the other side, Coinone security features are limited and not too impressive.
Is Coinone Safe & Legal To Use?
Coinone is a regulated crypto exchange that has uncompromising security policies in place.
The exchange is backed by the International standard information protection (ISO27001), and it is a K-ISMS-certified exchange.
Plus, it protects users’ funds by maintaining 70% of cold wallets.
Also, 100% of the customer’s own assets are stored in Kakao Bank through Kakao Bank’s real-name verification account.
Is Bybit Safe & Legal To Use?
Bybit is also a reputed crypto exchange with no history of hacks. The exchange has several high-end security features in place.
Plus, it also offers its users way too many security features to protect their accounts and funds. The exchange keeps a vast amount of funds in cold storage to protect users’ funds.
Coinone vs Bybit Conclusion: Why not use both?
In the end, it is Bybit that wins this comparison.
Bybit is an excellent crypto choice that lets you trade in both spot and derivatives markets, has the lowest trading fees, and offers you extensive features.
But Coinone is also not a loser.
Coinone is a well-regulated crypto exchange that is a perfect solution for anyone who wants to trade with WON.
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Check out how Coinone & Bybit gets compared to other similar exchanges:
