Bybit vs Phemex | Best Exchange for Newcomers & Professionals?

In the world of cryptocurrency trading, choosing the right exchange can make all the difference when it comes to fees. Let's take a closer look at Bybit and Phemex, two popular exchanges with competitive fee structures.

Bybit charges a spot maker fee of 0.10%, a spot taker fee of 0.10%, a futures maker fee of 0.01%, and a futures taker fee of 0.06%.

These fees are already quite competitive, but Bybit also offers the opportunity to lower fees through monthly trade volume thresholds. For example, spot, perps, and futures fees can be lowered if monthly trade volumes exceed the minimum threshold.

Phemex charges an equally competitive 0.1% spot fee for makers and takers, a futures maker fee of 0.01%, and a futures taker fee of 0.06%.

Similar to Bybit, Phemex also offers the chance to lower fees through monthly trade volume thresholds. For spot and futures trading on Phemex, fees can be reduced if monthly trade volumes exceed a certain amount.

Both Bybit and Phemex thus offers the exact same fee structure for both spot fees and futures. These are very competitive trading fees that few exchanges on the market can compete with.

If you're looking for an exchange that offers a variety of deposit methods, Bybit might be the one for you. They support over 10 fiat currencies including USD, EUR, GBP, RUB, MXN, BRL, ARS and TRY.

Bybit also offers multiple deposit options including Bank Transfer, SEPA, FPS, QiWI, Advcash, PIX, and Wire Transfer. The deposit fees on Bybit differ between fiat currencies with wire transfer being more expensive ($25) while other fiat currencies have free bank deposits.

On Phemex, users can deposit funds using six fiat options: EUR, GBP, CHF, JPY, CAD, and AUD. The sole method for these deposits is a fee-free Wire Transfer.

While GBP deposits are processed between 10 minutes to a day, JPY deposits might take two days. Additionally, cryptocurrency purchases can be made using Visa or Mastercard, facilitated by partners such as Simplex and Coinify. This card-based purchase method is costlier than the standard fiat deposit.

Keep in mind that buying via credit card may come with additional fees from the third-party provider so it's always cheaper to deposit fiat currencies with low to no fees and then make your crypto purchases.

When it comes to withdrawing funds from Bybit and Phemex, there are some notable differences.

Bybit offers fiat withdrawals for a wide range of fiat currencies including USD, EUR, GBP, BRL, RUB, TRY and others while Phemex does not currently offer any fiat withdrawal options. However, both exchanges allow for cryptocurrency withdrawals with varying fees depending on the blockchain.

Bybit offers zero fee bank withdrawals for TRY and BRL, but their high USD wire transfer fee of $25 may not be appealing to some users. Those who wish to withdraw EUR and GBP can do so via SEPA and Faster Payments (FSP) for less than 0.2% in commissions.

Their withdrawal fees for Bitcoin and Ethereum are reasonable with fees such as 0.005 BTC and 0.005 ETH respectively, but their SOL and USDT fees may seem steep to some users with 0.01 SOL and 10 USDT fees per withdrawal.

For those using Phemex, fiat currency withdrawals are facilitated in EUR, GBP, JPY, CAD, AUD, and CHF. All withdrawals are conducted through Wire Transfer, with a typical waiting time of 1-2 days for the funds to reach the user's bank account.

Phemex's crypto withdrawal fees for BTC and ETH are even lower at 0.0001 BTC and 0.001 ETH respectively. Their SOL withdrawal fee is on par with Bybit at 0.01 SOL but their USDT withdrawal fee for Tether USD is  lower at 4 USDT.

In conclusion, both exchanges have a strong emphasis on security, impressive liquidity and a great user experience for beginner as well as advanced traders.

Bybit has quickly grown to a userbase of over 10 million based mainly in Europe and Asia while Phemex has over 5 million users globally.

Bybit specializes in advanced trading options including perpetual contracts, futures, and inverse contracts with up to 100x leverage for various cryptocurrencies, while Phemex offers over 140 contract trading pairs that are margined in USDT with leverage of up to 100x.

In terms of fees, both exchanges offer very competitive spot fees at 0.1% for makers and takers with the opportunity to lower fees through monthly trade volume thresholds.

Bybit offers a variety of deposit methods, including 5 fiat currencies and multiple deposit options, while Phemex only supports crypto deposits.

When it comes to withdrawing funds, Bybit offers fiat withdrawals for USD, BRL, and TRY, while Phemex does not currently offer any fiat withdrawal options.

Overall, our team uses both Bybit and Phemex and we recommend both exchanges as they have done a great job across the board.