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Crypto · head to head

Bybit vs Phemex

Bybit logo

Bybit

Crypto

Where crypto traders come to win

From
Free
Rated
-
Full reviewWebsite
Phemex logo

Phemex

Crypto

Break through with crypto

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Bybit unavailable in US, Canada, and UK due to regulatory restrictions; Phemex full KYC verification required for complete feature access and higher withdrawal limits
  • They diverge on capability: Bybit covers Perpetual Contracts, Phemex covers Contract Trading.
  • Prices and features above were last checked on 30 August 2026.

Where they differ

Only the attributes on which Bybit and Phemex actually diverge.

Attributes where Bybit and Phemex differ
AttributeBybitPhemex
PlatformsWeb, iOS, Android, DesktopWeb, Mobile
Founded20182019

Identical on both: starting price (Free), pricing model (Unknown), free tier (Yes), user rating (Not yet rated), category (Crypto).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Bybit

  • Perpetual Contracts
  • Futures Trading
  • Bybit Wallet
  • Bybit Card

Only in Phemex

  • Contract Trading
  • Earn
  • PT Token

Both cover

  • Spot Trading
  • Copy Trading
  • Launchpad
  • Web support
  • Ios support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Bybit

  • Exchangesnot Phemex
  • Derivativesnot Phemex
  • Futuresnot Phemex

Phemex

  • Spot trading across 600+ crypto assets with high-speed matchingnot Bybit
  • Perpetual futures contracts with up to 100x leverage (USDT-M and Coin-M)not Bybit
  • Automated trading with grid, Martingale, and signal trading botsnot Bybit
  • Copy trading to mirror top traders' strategiesnot Bybit
  • Staking and fixed/flexible savings for yield generationnot Bybit

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Bybit

  • Unavailable in US, Canada, and UK due to regulatory restrictions
  • Limited fiat currency deposit and withdrawal options compared to other major exchanges
  • Smaller selection of altcoins compared to Binance

Phemex

  • Full KYC verification required for complete feature access and higher withdrawal limits
  • Specific trading fees not disclosed on primary page; requires navigation to separate Fees page
  • Leverage trading up to 100x carries high risk; platform requires user understanding of derivatives
  • On-chain trading carries smart contract and liquidity risks

Pricing, plan by plan

Bybit

Free
  • Spot Trading$0.1/percent maker/taker
    • 0.1% base fee
  • Futures Trading$0.02/percent maker
    • 0.02% maker / 0.055% taker

Phemex

Free

No published plan breakdown. See the Phemex review.

Which should you pick?

Choose Bybit if

  • You need perpetual contracts.
  • You want to start without paying.
  • You work on Web, iOS, Android, Desktop.
  • You also want futures trading.
Bybit review

Choose Phemex if

  • You need contract trading.
  • You want to start without paying.
  • You work on Web, Mobile.
  • You also want earn.
Phemex review

Questions people ask

Is Bybit or Phemex better?
Neither clearly leads. Bybit starts at Free and Phemex at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Bybit or Phemex?
Bybit starts at Free and Phemex at Free.
Does Bybit or Phemex run on more platforms?
Bybit runs on Web, iOS, Android, Desktop. Phemex runs on Web, Mobile.
Can I use Bybit for free?
Both have a free tier, so you can try either at no cost before committing.
What is Bybit best used for?
Bybit is most often used for exchanges, derivatives, futures. Of those, exchanges and derivatives are not what Phemex is typically brought in for.
What can Bybit do that Phemex cannot?
Bybit covers Perpetual Contracts, Futures Trading, Bybit Wallet, Bybit Card. Phemex covers Contract Trading, Earn, PT Token. Both handle Spot Trading, Copy Trading, Launchpad, Web support.

Answered from the vendors’ own pages

Bybit: What trading products does Bybit offer?

Bybit offers spot trading, perpetual contracts (up to 125x leverage), futures with daily/monthly/quarterly contracts, and options on BTC, ETH, and SOL settled in USDC.

Source
Phemex: Are there subscription fees to trade on Phemex?

Phemex operates on a transaction-based fee structure rather than monthly subscriptions. Specific trading fee percentages are not listed on the homepage but are available in the linked Fees and Conditions section.

Source
Bybit: What are Bybit's trading fees?

Spot trading fees start at 0.1% for both maker and taker. Futures fees are typically 0.02% maker and 0.055% taker, with discounts available for VIP tiers based on trading volume.

Source
Phemex: Can I practice trading without risking money?

Phemex offers simulated trading through their Testnet at testnet.phemex.com, described as learning to trade with zero risk. This allows users to practice strategies before trading with real funds.

Source
Bybit: Where can I withdraw fiat from Bybit?

Bybit has limited fiat withdrawal options and is not available in the US, Canada, or the UK due to crypto regulations. Fiat withdrawals depend on your country of residence and banking partners.

Source
Phemex: Does Phemex offer rewards for new users?

New sign-ups receive a welcome bonus of 4,800 USDT worth of rewards. Phemex also offers a referral program providing 50 USDT for successful referrals with 10 USDT per referred friend.

Source
Bybit: Does Bybit support mobile trading?

Yes, Bybit offers a mobile app for iOS and Android with access to all trading features including spot, derivatives, and advanced order types.

Source
Phemex: What trading features does Phemex include without additional fees?

Core features including spot trading across 600+ crypto assets, futures trading with up to 100x leverage, automated trading bots, copy trading functionality, and Phemex Earn wealth management products are available to all users without indicated tier restrictions.

Source
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