Bybit vs OKX: Features, Fees & More

Bybit vs OKX Overview

Bybit is home to over 45 million users across 160+ countries and provides a multilingual interface available in 22 languages. It supports 1,400 digital assets to trade on spot, futures, and options markets, with up to 125x leverage. The platform accepts deposits in 65 fiat currencies, making it easy for its global user base to get started.

OKX has 50 million users in 180 countries and facilitates deposits in 30 traditional currencies. It offers access to over 350 cryptocurrencies and is packed with features like spot, futures and margin trading, plus Web3 tools for trading NFTs and exploring DeFi applications. The exchange has a simple interface, competitive fees and multilingual customer support.

To compare the features and services offered by both platforms, readers can refer to the table below for a detailed breakdown of each exchange's unique tools, trading options, and user experience.

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Bybit vs OKX Features

Both Bybit and OKX offer more than just your standard crypto trading, giving users access to a range of features like staking, lending, and even exposure to NFTs. Here’s a quick look at what each platform has to offer.

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Bybit Features

As one of the most popular exchanges in the world, Bybit offers users a variety of tools and services, which include:

1. Several Trading Types: Bybit offers spot, margin, and perpetual contract trading with up to 125x leverage. It’s great for traders who want to maximize their positions. Plus, beginners can use the demo mode to practice without risking any real money.
2. NFT Marketplace: Bybit has a growing NFT marketplace where you can buy, sell, and trade thousands of digital assets, offering something unique for collectors.
3. Earn Products: Provides fixed and flexible savings options to earn high returns on several cryptocurrencies and stablecoins like USDT and USDC with up to 120% APY.
4. Crypto Loans: Bybit lets users borrow against their crypto holdings, which is excellent for those who need liquidity but don’t want to sell their assets.
5. Automated Trading: Bybit’s trading bots and copy trading features make it easy to follow successful strategies, even if you’re not a pro.
6. Crypto Card: The Bybit Mastercard lets you spend your crypto directly, converting it to fiat at the point of sale for everyday purchases.
7. Bybit Launchpad: An IDO and ICO platform for now, crypto projects that are released exclusively to Bybit account holders. 

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OKX Features

OKX is packed with tools for all kinds of crypto users, with a focus on Web3 and DeFi products, such as:

1. Flexible Trading: OKX offers spot, margin, and derivatives trading with up to 100x leverage, giving you plenty of ways to trade depending on your risk level.
2. OKB Coin: This is the native token of OKX, users who hold and stake the asset can receive exclusive benefits, including reduced trading fees.
3. Crypto Debit Card: The OKX Visa Card lets you easily spend your crypto anywhere Visa is accepted, making it a breeze to use digital assets in everyday life.
4. Institutional Tools: For professional traders and institutions, OKX offers advanced tools, APIs, an OTC desk and deep liquidity.
5. OKX Wallet: Provides a native crypto wallet that can be connected to popular DeFi applications like UniSwap, AAVE, Synapse Protocol and more.
6. Staking Options: Proposes earning through flexible and fixed savings accounts, staking, and DeFi yield farming both on-chain and off-chain.
7. OKT Chain: The exchange has its own blockchain, OKT Chain, which offers users access to various DeFi products like an NFT marketplace.

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Bybit vs OKX Futures Trading

When it comes to futures trading, both Bybit and OKX are leaders in the global crypto derivatives market. Bybit offers over 180 contracts with leverage up to 125x, allowing traders to take big positions. It has an impressive 99.99% server uptime, meaning you can always count on smooth trading. Additional features include copy trading, automated trading bots, and a demo account.

OKX also offers high leverage with up to 100x supported across 100 contracts, though not as many as Bybit. However, it makes up for this with a solid set of trading tools, great liquidity, and flexibility for different types of trades. Both platforms are best-in-class for futures, but if you’re looking for more contract variety and rock-solid reliability, Bybit might have the upper hand.

In terms of volume, Bybit and OKX are neck and neck, with Bybit handling $23 billion in daily derivatives trading and OKX close behind at $21 billion.

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Bybit and OKX Security

Security is a top priority for both Bybit and OKX, but they take slightly different approaches to ensure user safety. Bybit is regulated by several authorities, including CySEC in Europe and VARA in Dubai. It maintains 1:1 reserve holdings, which means user funds are fully backed. Most assets are stored in cold wallets, offering an extra layer of security against online threats.

OKX is more globally regulated, operating under multiple entities depending on user location, such as OKX Australia, OKX EU, and OKX US. The current regulatrory bodies it has acquired licences from include FCA, MiCA and VARA. It secures most assets in cold storage and uses advanced features like 2FA to safeguard user accounts.

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Bybit vs OKX Fees

When it comes to picking the right crypto exchange, fees are a big deal. Let’s compare how Bybit and OKX stack up when it comes to fees and their VIP programs.

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Bybit Fees

Bybit is known for its competitive fee structure and offers free deposits in over 65 fiat currencies. For high-volume traders, the tiered VIP program provides significant fee reductions. Here's a quick breakdown:

• Spot Trading Fees: 0.1% for both makers and takers, but VIP users can get discounts, with fees as low as 0.015% for makers and 0.005% for takers for top-tier traders.
• Futures Trading Maker Fees: Start at 0.02% and can drop to 0% depending on VIP level.
• Futures Trading Taker Fees: Range from 0.055% to 0.018%, with lower fees available for VIP members.

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OKX Fees

OKX also offers competitive fees, with extra discounts for users who hold and use the platform’s native token (OKB) and those enrolled in its VIP program. Here’s how their fees break down:

• Spot Trading Fees: Start at 0.08% for makers and 0.1% for takers, with reductions for VIP users and those paying fees with OKB. High-tier VIPs can see maker fees as low as 0.06%.
• Futures Trading Maker Fees: Start at 0.02% and can drop to 0% for VIP members with high trading volumes.
• Futures Trading Taker Fees: Range from 0.05% to 0.03%, depending on trading volume and VIP status.

While both Bybit and OKX offer competitive fees, Bybit has a slight edge with its lower base spot and futures fees, especially for high-volume traders. However, OKX provides great incentives for those using its native token for additional discounts.

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Bottom Line

In conclusion, Bybit and OKX offer solid options for traders, but each has its strengths. Bybit has more cryptocurrencies and futures contracts, higher leverage, and global regulatory compliance. OKX is a better fit for those looking for Web3 tools, NFTs, and DeFi options. Your choice depends on whether you prioritize advanced trading or decentralized finance features.