OKEx vs Bybit (2024): Features & Products Compared

Both OKX (aka OKEx) and Bybit are among the most renowned names in the crypto world; one offers the best-designed interface, and the other gives you anonymity with foolproof security. Both platforms are quite identical, and choosing one among them is a huge task.

But don’t worry, I am here with the most sensible and in-depth comparison that will give you a wide scope of contrast between the two while making it quite easy for you to select one among them.

So, without any further delay, let’s begin.

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OKEx vs Bybit: Introduction

Bybit, on the other hand, was founded in 2018 with headquarters in Singapore and is registered in the British Virgin Islands. The exchange is in almost all countries and is one of the best customer-centred exchanges that aims to provide the best user experience. To sign-up on the exchange, you can use Bybit promo code to get sign-up bonus.

OKX was founded in 2017, headquartered in Seychelles. It currently holds more than 20 million users and is available in over 100 countries. It is presently the world’s 18th-largest cryptocurrency trading exchange by trading volume.

OKX vs Bybit: Supported Cryptocurrencies

Regarding supported cryptocurrencies, I must say that both platforms are quite vivid; let’s quickly see what they have to offer.

OKX

OKX currently supports more than 300 digital assets on its platform, including fan tokens, meme coins, GameFi, Blockchain, Layer 2, DeFi, NFTs and Storage coins. Additionally, your coins can easily be converted into more than 30 local currencies within seconds.

OKX offers quite a good range of cryptocurrencies, including all your favourites like Bitcoin, Ethereum, Ripple, Shiba Inu, Cardano and many more. 

Bybit 

On the other hand, Bybit is famous for its wide range of crypto asset support, including all the industry leaders like BTC, ETH, USDT, BCH, XRP, SOL, etc. There are over 100 blockchain-specific tokens and over 300 spot trading pairs readily available on the exchange.

Verdict: Both exchanges are quite similar and competitive in asset offering, making it a tie between them.

OKX vs Bybit: Product Offerings

Coming to product offerings, both Bybit and OKX have a lot to offer in the market; let’s see what these are.

OKX

• Spot Trading
• Margin Trading
• Bot Trading
• Futures and Options Trading

Bybit

• Spot Trading
• Derivatives Trading
• Leveraged Trading
• Trading Bot

Verdict: In this criterion as well, the platforms offer similar products, creating a tie between the two.

OKX vs Bybit: Order Types

OKX

• Limit Order
• Market Order
• Trail Order

Bybit

• Market Order
• Limit Order
• Conditional Order

Verdict: Both OKX and Bybit offer standard order types making it a tie between them again.

OKX vs Bybit: Fees Comparison

Both crypto derivatives exchanges offer a reasonably competitive fee structure; let’s compare them now.

OKX- Spot Trading Fees- Regular Users

OKX-Spot Trading Fees-  VIP users

Bybit- Trading Fees

Bybit- Deposit and Withdrawal Fees

There are no deposit fees charged on this exchange. However, there is a minimum withdrawal fee charged; I have mentioned it below for your ease.

Verdict: Clearly, Bybit’s fee structure is pretty simple, affordable and easy to understand, making it the winner in this criterion.

OKX vs Bybit: Account Funding Methods

Your accounts on OKX and Bybit can quickly be funded via multiple methods. Let’s begin with OKX. 

OKX

• Method 1: OKX lets you buy digital assets via fiat currencies through their ‘Buy Crypto Channel’.
• Method 2: Another method is to transfer crypto assets directly from other addresses to your Funding Account on OKX.

Bybit

• Method 1: As OKX, Bybit exchange also lets you buy crypto assets using fiat currencies, namely 59 of them. On the Bybit exchange, the payments are handled by the most trusted third-party payment gateway providers like Banxa, XanPool, MoonPay, Mercury, Paxful and Simplex.  
• Method 2: The second method is through cryptocurrency transfer directly into your Bybit account from other wallet addresses.

Verdict: Both platforms offer similar account funding methods creating a tie between the two.

OKX vs Bybit: Trading Platform Comparison

Now let’s compare OKX and Bybit based on UI and UX. 

OKX

Like many of the bigwigs in the industry, OKX offers a combination of sophisticated yet easy-to-use trading platforms for both beginner and advanced trading. It has a powerful trading interface that is responsive and lag-free, working seamlessly with all your devices.

Advanced traders can opt for its active trading platform with support for the market, stop and limit orders; advanced conditional trades; the open order book for supported currencies on the OKX exchange; and flexible market charts. 

Once logged in, you can customize layouts for various needs. The active trading platform on OKX has multiple layouts and the option to build customized layouts.

This advanced platform is useful for margin trading or any other advanced strategy. Moreover, it also has a built-in trading bot to execute orders with specific rules. To help you know more, here is a quick guide on how to trade futures on OKX.

Bybit 

Bybit platform has one of my favourite user interfaces in an exchange I have used so far. It is beginner-friendly as well as sophisticated enough for experienced investors.

The platform provides charts supported by TradingView, one of the industry’s most renowned and intuitive charting systems. Catering for experienced investors seeking technical analysis, you have complete access to multiple time intervals and an extensive range of technical indicators.

Importantly, you can also draw charts to manage crypto risk exposures on an ongoing basis. The trading interface also provides all the necessary tools to track historical transactions and open trades.

Additionally, this exchange offers a Dual Price Mechanism that protects you from extensive trade and price manipulation. 

Bybit exchange also offers something called Testnet, which enables beginner traders to understand the key functionality and features of the exchange without involving your actual funds. To get an in-depth understanding, check this guide on how to use Bybit exchange.

Verdict: From my personal experience, I quite like Bybit’s user interface, but it is a matter of taste and need which one you would prefer.

OKX vs Bybit: Account Types

Both platforms also offer multiple accounts selection which you can choose according to your convenience and choice. Let’s compare them on this basis now.

OKX

Like the industrial bigwigs in the market, OKX categorizes the complete account structure into certain levels.

Let me tell you what these are; an unverified account has a daily withdrawal limit of 10 BTC a day; a Level 1 KYC-verified account requires filling in your basic information, including a government identification number. Once you’ve done this, you can withdraw funds equivalent to 200 BTC.

Secondly, level 2 requires uploading a picture of your ID and a selfie, increasing your maximum withdrawal limit to 500 BTC.

In contrast, Level 3 account holders need to agree to a disclaimer. You need to complete the KYC procedures to access all the features on the OKX exchange with unlimited trading.

Bybit

Similarly, Bybit allows full-fledged trading accessibility if the account is 100% verified under the KYC policies of the exchange. 

When you create the account and register on the platform under the default level, the account will be recognized under level 0; here, you don’t need to go under any KYC procedures, but the daily withdrawal limit will be limited to 2 BTC. 

In contrast, for Level 1, you are required to submit a request following the procedure below:

• Click the “Account & Security” tab in the right-hand corner of the page
• Click the “Verify Now” button in the “Identity Verification” column under the “Account Information” section.
• Click the” Verify Now” button under Lv.1 Basic Verification level.

Information required:

• Identification documents issued by your country (passport/ID)
• Facial recognition screening through the app.

Subsequently, for level 2 account verification, follow the process below:

• Click the “Account & Security” tab in the right-hand corner at the top of the page
• Click the “Verify Now” button in the “Identity Verification” column under the “Account Information” section.
• Click” Verify Now” under Lv.2 Residency Verification level.

Document required:

• Proof of residential address

As your documents get verified (within 48 hours of uploading), you will receive an approval email on your registered mail ID, and then you can withdraw up to 100 BTC a day.

OKX vs Bybit: How to get started?

Starting your journey on both platforms is quite simple; let me tell you how it can be done.

OKX

To begin with, OKX, follow these steps:

Registering

1. Visit the official OKX website and click the “Sign Up” button present at the top.
2. Choose your preferred registration method; you can choose between your phone number or email ID. In both cases, you need to enter the required information and enter the 6-digit code that you’ll receive as an SMS or mail.

Making a deposit

1. Go to the deposit section and tap assets on the bottom toolbar.
2. Choose which crypto coin you want to deposit from the list.
3. On the next screen, you’ll get a QR code of your OKX account address. 
4. Copy the deposit address, then paste it into the recipient address field of the wallet from which you want to send your funds. 

Making a withdrawal

1. Choose the crypto you want to withdraw.
2. Fill in the details of your withdrawal and enter the intended receiving address from the wallet you want to withdraw and the amount you wish to withdraw. 
3. When you have entered your details, double-check the address and tap Submit.

Bybit- Registering

Now, let’s look at how it’s done on Bybit.

Just enter the required information and enter the verification code. Once registered, the KYC procedures are completed according to your preferred account level. 

Deposit and Withdrawals

Choose the crypto coin, and enter the amount of deposit and withdrawal. Enter the wallet address and submit it; it’s that simple!

OKX vs Bybit: Customer Support

OKX

If you need any help, you can approach its help page and chat with OKX customer representatives around the clock. You can also seek their help through a phone call; their contact number is available on the website.

Bybit

On the other hand, the customer support offered by Bybit is one of the best I have consulted so far. They are knowledgeable; you can approach their team via phone or live chat.

Its team is pretty experienced and exceptionally dedicated to problem-solving, available 24×7. They even have multiple language options, namely English, Korean, Japanese, Spanish, Russian, Chinese, and Vietnamese, which come in handy for easy understanding of users around the globe.

OKX vs Bybit: Security Features

OKX

With multiple security features, you can apply to your trading accounts, the security and privacy of the users are taken very seriously on OKX. You can opt for two-factor authentication, anti-phishing mode, mobile verification, email verification and google-authenticator to secure your OKX account.

Bybit

Similarly, security on Bybit is impenetrable as well. With a powerful inbuilt security management system, Bybit stores all the deposit addresses in cold wallets. Bybit has a strict policy regarding security systems, crypto-asset consolidation, encryption techniques, operation authentication, audit and monitoring.

This platform also integrates two-factor authentication and SSL encryption as the exchange’s standard protocol for a safe and secure user experience.

• Is OKX safe?

OKX is undoubtedly a safe platform secured with top-notch industry-leading fortress-like security features. With a reputed brand name in the cryptosphere and remarkable customer support, it is a safe platform to trade.

• Is Bybit safe?

Coming to Bybit is a pretty safe and legit platform too. With full-time, responsive customer support, and military-grade cold wallet security systems, Bybit exchange is one of the industry’s most trusted, safe, secured and transparent platforms.

Conclusion

Both Bybit and OKX are excellent tools for crypto trading. Comparing them to their core, it is clear that choosing one among them is purely your decision. Where on one side, Bybit offers better usability and pricing; OKX, on the other side, offers wider crypto offerings and is regulated.

Based on your strategy and the above comparison, you can choose the one platform that would fit your trading needs.

So, what are you waiting for? Get your hands on these cryptocurrency day trading platforms, and don’t fall behind on the profitability of the cryptoverse.

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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