Millions of investors and traders from around the globe are attracted to the swiftly expanding crypto trading industry. Nevertheless, it can be a difficult endeavor for novice traders to identify the optimal trading platform. There are numerous variables to evaluate, including security, fees, supported currencies, features, and user experience.
In this article, we will evaluate two of the most widely used cryptocurrency exchanges on the market: MEXC vs Bybit. We will evaluate the assets and weaknesses of each option and assist you in determining which one is more suitable for your requirements.
Key Takeaways:
- MEXC has low fees and a larger selection of cryptocurrencies, over 1700, and a unique hybrid model of KYC and non-KYC platforms, allowing users to trade anonymously or with verification.
- MEXC is more suitable for cost-effective trading, variety in coins, and privacy-focused users, while Bybit is more appealing for high-volume traders.
- Bybit supports more than 80 payment methods and 50 fiat currencies for deposits and withdrawals, whereas MEXC has very limited options for fiat deposits (supports only 23 fiat).
MEXC vs Bybit: Overview (Comparison Table)
| Features | MEXC | Bybit |
| Launched | 2018 | 2018 |
| Founders | John Chen | Ben Zhou |
| Headquarters | Singapore | Dubai, United Arab Emirates |
| Best for | Traders who want low fees | High-volume crypto traders |
| KYC Required | No (Optional) | Yes (Mandatory) |
| Supported coins | 1700+ | 890+ |
| Security | 2FA, robust account security, anti-phishing code, cols storage | 2FA, address whitelisting, SSL, triple layer protection, etc. |
| Spot Trading fee | Zero | 0.1% maker/taker |
| Futures Fees | 0% maker and 0.02% taker | 0.02% maker and 0.055% taker |
| Maximum leverage | 200x | 100x |
| Deposit and withdrawal fees | No deposit fees, withdrawal fees depend on the coin | No deposit fees, withdrawal fees depend on the coin |
| Trading volume | Medium | Very High |
| Mobile App | Available for Android and iOS devices | Available for Android and iOS devices |
MEXC vs Bybit: Features
MEXC Features
Some of the popular features of the MEXC exchange are:
- Spot Trading: It offers over 1,700 digital currencies for exchange trading, with secure and fast transactions.
- Futures Trading: MEXC provides perpetual and fixed-term contracts for contract trading, with low fees and up to 200x leverage.
- Margin Trading: It allows users to leverage their crypto assets by borrowing from the platform or other users, with flexible interest rates and risk management tools.
- PoS earning: MEXC enables users to earn passive income by staking their crypto assets, with low thresholds and high annualized returns (APR).
- DeFi farming: It supports various decentralized finance (DeFi) protocols and projects, allowing users to join liquidity mining, yield farming, and lending.
- MEXC copy trading: It allows you to automatically follow the trading strategies of other experienced traders and earn from their expertise.
- Kickstarter: A feature on MEXC that allows users to join the initial coin offerings (ICOs) of new and promising crypto projects.
- MEXC Mastercard: A crypto debit card that allows users to spend their crypto assets anywhere Mastercard is accepted.
Read more: Gate.io’s Airdrop Program: First 100 Members Get 20 USDT on Coinwire
Bybit Features
Bybit also offers many crypto trading features to its users such as:
- Unified Trading Account: You can trade spot, derivatives, and options from one account, with seamless switching between different products and markets.
- Trading Bot: Bybit offers a trading bot that can execute buy and sell orders automatically based on a preset trading strategy, with customizable parameters and indicators.
- Rapid Trade Execution: Its matching engine can handle up to 100,000 transactions per second, ensuring smooth and reliable order execution with minimal slippage and delay.
- High Leverage Trading: The platform allows traders to use up to 100x leverage on their perpetual contracts, which means that they can multiply their profits with a small amount of capital.
- Safe Trading Platform: Bybit uses robust security measures to safeguard user funds, such as cold storage, multi-signature wallets, 2FA, proof of reserves, and insurance funds.
- Crypto loans: It offers loan durations of 7, 14, 30, 90, or 180 days with competitive interest rates, and users can repay borrowed coins at any time within their chosen loan term.
- Options trading: Bybit offers USDC options, which are margined and settled in USDC. They are European-style cash-settled options that can only be exercised when the contract expires.
- NFTs: Bybit NFT Marketplace is a platform that allows users to buy, sell, and trade NFTs from various blockchains.
MEXC vs Bybit: Fees
Trading Fees
MEXC offers zero spot trading fees for both makers and takers, while Bybit charges 0.10% for both makers and takers in spot trading. Even, MEXC has the lowest trading fee in the industry.
For futures trading, MEXC charges 0% for makers and 0.020% for takers, while Bybit charges 0.02% for makers and 0.055% for takers. This means that MEXC has lower fees compared to Bybit. Both exchanges also offer discounts and rebates for VIP users based on their trading volume and profile.
Deposit and Withdrawal Fees
Neither MEXC nor Bybit charge any fees for deposits, but they both charge fees for withdrawals depending on the coin or token being withdrawn. The fees are either network fees or fixed fees, and they may change depending on the network congestion and market conditions.
Here are the withdrawal fees of some popular coins:
| Coins | MEXC Withdrawal Fees | Bybit Withdrawal Fees |
| Bitcoin (BTC network) | 0.0003 BTC | 0.000085 BTC |
| Ethereum (ERC20) | 0.0015 | 0.0009 ETH |
| USDT (TRC20) | 1 USDT | 1 USDT |
Winner: MEXC is the clear winner due to zero fees for spot trading and very low fees for futures. However, Bybit has lower withdrawal fees but may change depending on network congestion.
Bybit vs MEXC: Supported Coins
MEXC supports over 1700 coins including popular ones such as BTC and ETH, and many low-cap altcoins such as SAND, MANA, KDA, etc. Bybit also supports more than 890 coins and tokens including all popular cryptocurrencies. However, Bybit has fewer trading pairs than MEXC. Bybit has over 1000 trading pairs, including spot, futures, and options, while MEXC has over 2,100 trading pairs, including spot and futures.
Here are 10 popular coins supported on both crypto exchanges:
- Bitcoin
- Ethereum
- Tether
- Chainlink
- Cardano
- XRP
- Solana
- Polkadot
- Dogecoin
- Cosmos
Winner: MEXC supports more digital assets than Bybit including many shitcoins and new projects.
MEXC vs Bybit: Deposit Methods
MEXC does not support many fiat currencies for deposits. It only supports 23 fiat currencies including EUR, GBP, USD, VND, RUB, KRW, JPY, …. Here are MEXC other supported deposit methods:
- Credit card (Visa and Mastercard)
- Global bank transfer (SWIFT)
- P2P trading (Local payment methods such as UPI, GPay, etc)
- Third-party payments (Simplex, Banxa, Mercuryo)
- MEXC Mastercard
Bybit offers a wide range of local currencies. You can deposit over 50+ fiat currencies to get started with cryptocurrency trading. Its P2P platform supports over 80 payment methods. Here are the popular deposit methods on Bybit:
- Bank Transfer
- Paysera
- SEPA
- Google Pay
- MoonPay
- Banxa and Mercuryo
Winner: Bybit supports more fiat currencies and deposit methods than MEXC.
MEXC vs Bybit: KYC Requirements
MEXC has different levels of KYC (Know Your Customer) verification and withdrawal limits for each user. It is also a popular no-KYC crypto exchange. Here are its different KYC levels:
- Unverified Accounts: No KYC verification is needed, but the withdrawal limit is 30 BTC per 24 hours.
- Primary KYC Accounts: Basic personal details and ID or passport verification are needed, and the withdrawal limit is raised to 80 BTC per 24 hours.
- Advanced KYC Accounts: Facial recognition verification and the withdrawal limit are further raised to 200 BTC per 24 hours.
- Institutional KYC Accounts: Additional business documents and information are required and the withdrawal limit is the highest at 400 BTC per 24 hours.
Bybit has two tiers of KYC procedures: Lv. 1 and Lv. 2. Users who complete Lv. 1 procedures need to provide a document of identity and facial recognition, while users who complete Lv. 2 procedures need to provide additional proof of residence.
The withdrawal limits for different KYC tiers are as follows:
- KYC Lv. 1: Daily limit of 1 million USDT and no monthly limit.
- KYC Lv. 2: Daily limit of 2 million USDT and no monthly limit.
Winner: Both MEXC and Bybit offer easy KYC verification process but MEXC has high withdrawal limits for non-KYC users.
MEXC Overview
MEXC is one of the best zero-fee crypto exchanges. It was founded in April 2018 by a group of blockchain enthusiasts and experts. It has leverage trading options and also supports cross-margin and isolated-margin modes, as well as stop-loss and take-profit orders. Users can trade many cryptocurrencies on the MEXC exchange, including NFT, DeFi, GameFi, AI, and Metaverse tokens.
The platform has a dedicated zone for its native token, MX, which is used for various purposes such as fee discounts, voting rights, extra staking rewards, and more. MEXC exchange has achieved rapid growth since its inception, reaching over 10 million users in more than 170 countries and regions. You can read our full MEXC review for a detailed guide.
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MEXC Pros
- It offers zero fees for spot trading and very low fees for futures trading.
- MEXC supports margin trading, futures trading, POS staking, and quantitative trading.
- The platform supports a wide range of cryptocurrencies including many altcoins.
- You can copy the trading strategies of other expert traders on its crypto copy trading portal.
MEXC Cons
- It supports only 23 fiat currencies, limiting the deposit options.
- Some low-cap coins have very low liquidity which increases price slippage while buying.
Bybit Overview
Bybit is one of the leading crypto exchanges for margin trading and futures trading. It was established in March 2018 by Ben Zhou, a former leader at XM, one of the biggest forex brokers in the world. The platform features innovative products such as perpetual contracts, inverse futures, options, and staking.
The exchange is dedicated to compliance and user protection, adopting a triple-layer asset protection system that consists of cold wallet storage, privacy protection, and advanced data encryption. Bybit has also achieved rapid growth, reaching over 18.9 million registered users and over $9.6 billion in daily trading volume (source). For more information, You can check our full Bybit review.
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Bybit Pros
- It has a mobile app for both Android and iOS devices that enables users to trade on the go.
- Bybit allows for high-leverage trading, especially on BTC and ETH (up to 100x), which can boost profits for successful traders.
- It has a no-downtime commitment and a high-security system, including cold storage, SSL encryption, and multiple signatures.
- You can earn passive income using its earn products such as staking, lending, dual investment, and flexible earnings.
Bybit Cons
- It is blocked to US citizens and some other countries due to regulatory issues (check full list).
- It does not support direct fiat withdrawals to bank accounts.
Conclusion: Which Exchange Comes Out on Top?
To sum up the MEXC vs Bybit comparison, both platforms are secure and user-friendly for cryptocurrency traders. MEXC offers a wide variety of coins to trade with zero fees and a simple user interface, making it great for beginners. Bybit, on the other hand, is known for its advanced tools and derivatives trading with high liquidity, appealing to more experienced traders.
Ultimately, whether it’s MEXC or Bybit, what matters most is finding a platform that suits your style and needs and helps you trade confidently in the exciting world of cryptocurrencies.
Read our latest comparison between Bybit vs Kucoin: Which exchange will come out on top?
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FAQs
Can I use Bybit and MEXC in the USA?
Unfortunately, you cannot use Bybit and MEXC in the USA. Both platforms are restricted for US traders due to legal reasons. They do not have the required licenses to operate in the USA and follow the local regulations. If you are a US citizen, you will not be able to sign up or trade and you need to look for another platform that is accessible and lawful in the USA such as Coinbase and Binance.us.
Is MEXC a reliable exchange?
Yes, MEXC is a reliable platform in terms of its safety, liquidity, and customer service. It has a high-end cold wallet that handles about $1.345 billion in crypto deposits (source: Defillama). It also has a deep liquidity pool that allows for fast and smooth trading across over 1700 crypto assets. MEXC has a dedicated customer service team that provides support via email, live chat, feedback form, and social media channels.
Is MEXC better than Bybit?
MEXC is better than Bybit if you are looking for a large selection of crypto assets, a hybrid KYC model, and a high leverage of up to 200x. It allows you to trade without verifying your identity with high withdrawal limits unless you want to access certain features like fiat deposits and withdrawals.
Which platform offers better liquidity, MEXC or Bybit?
According to CoinMarketCap, Bybit and MEXC are both among the top 20 exchanges in terms of volume and liquidity, with Bybit ranking 5th and MEXC ranking 17th. Therefore, Bybit has comparatively higher liquidity than the MEXC cryptocurrency exchange.
Check out our latest guide: MEXC vs Bitget: Which Crypto Exchange Is Better?
