Bybit vs Phemex: Which Exchange is Best for Trading? – MDX Crypto

Bybit vs Phemex: Which Exchange is Best for Trading?

Bybit vs Phemex review

Bybit vs Phemex: Which Exchange is Best for Trading?

2019 saw an explosion of new cryptocurrency derivatives, despite challenges in other economic sectors. From public exchanges to private investment funds, there was a queue of newcomers ready to pile in on the new crypto derivatives ecosystem.

Two of the most notable exchanges that joined the market were Phemex and Bybit. The two exchanges, both based in Singapore, have enjoyed a lot of attention among the crypto community. But what are the differences between the two? And more importantly, which is the better exchange for trading cryptocurrency? In this article we’ll try and answer these questions for you.

Bybit vs Phemex: Bonuses & Giveaways

Phemex has recently started matching Bybit’s $4100 bonus but whilst Phemex requires you to stake your own money before being able to make any profit, Bybit allows you to trade using the bonus money alone.

Phemex also has better giveaways, regularly giving out around $2000 in monthly giveaways to traders hitting targets such as highest volume traders or first 10 users to trade at least $10k.

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Bybit vs Phemex: Customer Support

Bybit’s live chat puts you in contact with a human support operator who is always quick to respond and offer a solution within a few minutes. Phemex meanwhile can often take up to 45 minutes to find a resolution to your issue.

Not only is Bybit’s support more responsive, but they are also much friendlier and proactive than Phemex who can often make you feel like you’re an annoyance for asking basic questions.

Bybit also outshines Phemex when it comes to affiliate support, assigning you a dedicated support operator who is always at hand to help with any questions or issues you might have.

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Bybit vs Phemex: Trading Volume and Liquidity

Both Bybit and Phemex specialise in derivatives trading, with Bybit currently sat around $9 billion daily derivatives trading volume and Phemex closer to the $5 billion mark. Similarly with spot trading, Bybit’s daily volume sits at about $750m whilst Phemex is closer to $400m.

Bybit vs Phemex: Coins and Markets

Phemex currently offers just 294 markets and 231 coins whilst Phemex has 441 markets and 298 coins. Phemex also offers less fiat support, with none currently listed on coinmarketcap.

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