Welcome to this in-depth comparison of Okcoin and Bybit, two notable players in the crypto world.
Whether you’re a seasoned trader or a newcomer, deciding on the right crypto futures trading platform can be a daunting task.
In this article, I’ll dissect the two platforms, examining their fees, trading options, security measures, and much more.
By the end of this review, I aim to provide you with all the necessary insights to decide whether Okcoin or Bybit aligns better with your 2023 trading needs.
Let’s dive right into our Okcoin vs Bybit comparison!
Our 2023's Recommendation  |
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Okcoin vs Bybit: At A Glance Comparison
In this section, we’ll have an “at a glance” comparison of Okcoin and Bybit, considering various critical aspects like user experience, trading features, fees, and security measures.
| Features | Okcoin | Bybit |
| User Interface | Simple & intuitive, suitable for beginners |
More focused on advanced traders with detailed charting tools
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| Trading Features | Spot trading, margin trading, staking, & DeFi |
Derivatives trading with a focus on perpetual contracts
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| Fees | Competitive with a tiered structure depending on the trading volume | Relatively low, especially for market makers |
| Security | High, with cold storage, two-factor authentication (2FA), and encryption | High, also offers 2FA and withdrawal protection |
Okcoin vs Bybit: Trading Markets, Products & Leverage Offered
When we look at the trading markets, products, and leverage options offered by Okcoin and Bybit, we see distinct differences catering to different types of traders.
Okcoin offers a robust selection of trading pairs across major cryptocurrencies, as well as an array of smaller-cap altcoins. Okcoin has kept its focus on traditional spot trading for its retail customers.
For institutional customers, Okcoin provides options for margin trading, staking, and even a gateway to DeFi, providing users with a variety of ways to engage with the market.
On the other hand, Bybit primarily caters to derivatives traders, with a strong emphasis on crypto Futures, particularly perpetual contracts.
It has a more limited selection of trading pairs, mostly focused on major cryptos, but it offers extremely high leverage of up to 100x on these pairs.
It’s also worth noting that Bybit is known for its excellent liquidity, a critical factor for traders dealing with large volumes or high leverage. Furthermore, when you sign up on the exchange using Bybit referral code, you get a sign-up bonus.
Verdict: If your interest lies primarily in spot trading a wide range of cryptocurrencies, Okcoin is likely the better choice. However, for those interested in high-leverage Futures trading and who can benefit from a platform built with that in mind, Bybit may be more suited to your needs.
Okcoin vs Bybit: Supported Cryptocurrencies
In terms of supported cryptocurrencies, Okcoin and Bybit cater to different user bases with their offerings.
Okcoin supports a wide array of cryptocurrencies, including but not limited to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many other altcoins.
Its selection extends to many smaller and emerging tokens, making it an excellent platform for those who like to explore and trade a diverse range of cryptocurrencies.
Bybit, on the other hand, has a more focused offering. The platform supports Bitcoin (BTC), Ethereum (ETH), XRP, EOS, and Binance Coin (BNB), among a few others.
Its main selling point, however, is its Futures contracts, which are available for the major cryptocurrencies.
Verdict: If you’re a trader interested in a broad range of cryptocurrencies, including smaller-cap altcoins, Okcoin’s extensive offering is likely more suitable for your needs. However, if your trading focus is on Futures contracts for major cryptocurrencies, then Bybit’s targeted offerings may be a better fit.
Okcoin vs Bybit: Trading Fee & Deposit/Withdrawal Fee Compared
The fee structures of Okcoin and Bybit are important factors to consider when comparing these two platforms.
Okcoin implements a tiered trading fee structure based on 30-day trading volume, starting from 0.1% for makers and 0.2% for takers.
This can go as low as 0% and 0.02%, respectively, when your 30-day trading volume is more than $500,000,000. Deposit fees are free, while withdrawal fees vary by cryptocurrency.
For cash deposits and withdrawals, there is a 2.49% fee if you use your debit/credit card.
On the other hand, Bybit adopts a flat fee structure where market takers are charged 0.06% and market makers are charged 0.01%. Both crypto deposits and withdrawals are free, although network fees apply for withdrawals.
Verdict: If you are a high-volume trader, Okcoin’s tiered fee structure will result in lower fees in the long run. However, for those more interested in market-making or prefer a flat fee structure, Bybit would be the better choice.
Okcoin vs Bybit: Order Types
The variety of order types offered by a crypto leverage platform is another important consideration for traders.
Okcoin offers several order types to its users. These include market orders, limit orders, and stop orders.
More advanced order types such as stop-limit orders, trailing stop orders, and TWAP (Time-Weighted Average Price) orders are also available.
These provide traders with a wide range of strategies to manage their trading risks and opportunities.
Bybit also offers a range of order types, including market orders, limit orders, and conditional orders.
It additionally offers features like take profit and stop loss which can be set when placing the orders. However, Bybit does not offer the variety of advanced order types that Okcoin does, such as TWAP orders.
Verdict: For traders seeking more advanced order types to fine-tune their trading strategy, Okcoin has a slight edge over Bybit in terms of the breadth of order types available.
Okcoin vs Bybit: KYC Requirements & KYC Limits
KYC (Know Your Customer) requirements are important to consider when choosing a cryptocurrency exchange.
These measures are designed to prevent illegal activities such as money laundering and fraud. However, they also impact the level of privacy you can expect and the speed at which you can start trading.
Okcoin requires KYC verification for all its users. This involves providing a government-issued ID, proof of address, and a selfie.
There are varying levels of KYC with associated account limits. Users who complete full KYC verification have the highest withdrawal limits and full access to all features of Okcoin.
Bybit is also like Okcoin in this aspect in that KYC is mandatory on the platform as well. Once done, you have access to higher withdrawal limits.
Verdict: It’s a tie as both exchanges mandate KYC and require similar ID proofs to complete the process.
Okcoin vs Bybit: Deposits & Withdrawal Options
Okcoin offers its users a variety of deposit options including bank transfers, debit/credit cards, and cryptocurrency transfers.
Withdrawals can be made through bank transfers and cryptocurrency transfers. Okcoin also supports a wide range of cryptocurrencies for deposit and withdrawal.
Bybit also supports depositing and withdrawing fiat with the help of a debit/credit card or through third-party payment gateways, or P2P services.
Users can deposit and withdraw in the cryptocurrencies that Bybit supports, such as Bitcoin (BTC), Ethereum (ETH), XRP, and USDT.
Verdict: It is a tie here as both exchanges have similar options to deposit and withdraw fiat and cryptocurrencies.
Okcoin vs Bybit: Trading & Platform Experience Comparison
When it comes to user experience, both Okcoin and Bybit have invested heavily in creating easy-to-use, intuitive platforms.
Okcoin’s trading platform offers a sleek, user-friendly interface, with charts and trading tools that are easy to navigate even for beginners.
Its web platform is responsive, and the mobile app ensures you can trade on the go. Okcoin also provides an extensive educational platform for beginners.
On the other hand, Bybit also provides an intuitive platform that is friendly to both beginners and seasoned traders.
The interface is clean and straightforward, and they offer advanced charting tools for technical analysis. Bybit’s platform is known for its speed and reliability, especially during peak trading times. To know more, here is a quick guide on how to use Bybit.
Verdict: Bybit has a slight edge in terms of performance and reliability, especially for traders who value speed and efficiency.
Okcoin vs Bybit: Customer Support
Customer support is an often overlooked yet critical component of any cryptocurrency exchange. Both Okcoin and Bybit understand this and have established robust customer support systems.
Okcoin offers 24/7 customer support through email, live chat, and social media. Their response times are generally quick, and they have a comprehensive FAQ section and a knowledge base for self-help.
Bybit, on the other hand, also offers round-the-clock support and includes live chat, email, and social media channels.
The support team is reportedly swift and helpful. Additionally, Bybit has a help center that includes a wide range of educational resources and guides to assist users.
Verdict: Both exchanges offer excellent customer support. However, Bybit might have a slight edge due to its comprehensive educational resources in the help center. Their focus on education not only helps solve user issues but also empowers traders with knowledge, adding an extra layer of service to their support.
Okcoin vs Bybit: Security Features
When it comes to handling digital assets, the security features of an exchange are paramount.
Okcoin employs a variety of security measures to protect user assets and data, including cold storage, multi-signature wallets, SSL encryption, two-factor authentication, and regular third-party audits.
These measures ensure a robust defense against potential security breaches.
Bybit also prioritizes user security and adopts industry-standard measures such as two-factor authentication, withdrawal whitelist, and cold storage for cryptocurrencies.
Additionally, they have an Insurance Fund as an extra layer of protection for users.
Verdict: Both Okcoin and Bybit have implemented comprehensive security measures, ensuring user assets and data are well-protected. Therefore, it’s a tie in this aspect, as both exchanges clearly understand the importance of security and have taken thorough precautions to safeguard their platforms.
Is Okcoin Safe & Legal To Use?
Since its establishment in 2013, Okcoin has been recognized as a reliable and legitimate cryptocurrency exchange platform. They are registered and have obtained the necessary licenses to operate in the countries they serve.
Their regulatory compliance in various jurisdictions and proactive communication with financial institutions demonstrate their commitment to legality.
On the safety front, Okcoin implements stringent security measures to protect user assets and information.
Their protective measures include cold storage for digital assets, SSL encryption for data security, two-factor authentication for account security, and regular external security audits.
Okcoin’s regulatory compliance and well-implemented security measures underline its legitimacy and safety.
Its dedication to user security is on par with Bybit’s, making both exchanges equally trustworthy from a safety and legality perspective.
Is Bybit Safe & Legal To Use?
Bybit, established in 2018, has made its mark as a legitimate and secure cryptocurrency exchange. It operates legally in the jurisdictions where it offers its services, adhering to all relevant laws and regulations.
In terms of security, Bybit employs a multi-tiered protection approach to ensure the safety of user assets and data.
They utilize cold storage for assets, SSL encryption for data, and two-factor authentication (2FA), and they undergo regular security audits by third parties.
Similar to Okcoin, Bybit also places great emphasis on regulatory compliance and security. The high standard of safety features maintained by both platforms makes them comparably secure and legal for use.
Okcoin vs Bybit Conclusion: Why not use both?
Okcoin’s wider range of supported cryptocurrencies, combined with its advanced order types, make it an appealing choice for diverse and sophisticated trading strategies.
On the other hand, Bybit’s high-leverage offerings and intuitive platform make it a preferred choice for leverage traders and those prioritizing a smooth user experience.
The decision ultimately comes down to your specific trading needs.
If you are a beginner or an individual looking for a more varied selection of cryptocurrencies, Okcoin may suit you better.
For those interested in high-leverage trading, Bybit could be a more suitable choice.
Our 2023's Recommendation |
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Here is How Okcoin & Bybit Compares To Other Crypto Exchanges
