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MEXC vs Bybit: Comparing Features, Fees, and Security !?

Written by Michael Hayes

Written by:

Michael Hayes

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field

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Expert Reviewed

This article has been reviewed by crypto market experts at SCM to ensure all the content, sources, and claims adhere to the highest standards of accuracy and reliability.

Last Updated on July 16, 2024

In the competitive crypto exchange landscape, MEXC and Bybit stand out.

MEXC offers a hybrid KYC approach and low fees across 1700+ cryptocurrencies, catering to diverse trader preferences.

Bybit, with its strong security and regulatory compliance, serves 28 million users and provides a wide range of 1100+ cryptocurrencies for spot and derivatives trading.

This comparison will highlight key differences in features, fees, and security between MEXC and Bybit, guiding traders to choose the platform that best suits their needs in 2024.

An upcoming detailed analysis will further clarify these exchanges’ offerings.

Mexc Vs. Bybit: Comparative Table

When considering MEXC and Bybit for your crypto trading needs, here is a comparative table to help you understand their key features.

Feature MEXC Bybit
Founded 2018 2018
Founder(s) N/A N/A
Supported Coins Over 1,700 More than 890
Fee for Spot Trading 0% Competitive fees
Fee for Futures Trading 0.01% maker fee; low taker fee Low fees varies with market
Withdrawal Fees Varies Typically lower; varies with network
Leverage Competitive options Up to 100x on certain products
Trading Volume High Generally higher, varies by product
Deposit Methods Multiple, including fiat and crypto Multiple, including fiat and crypto
User Interface Friendly for beginners Intuitive and user-friendly
Products Offered Spot, futures, and more Spot, futures, options, etc.
KYC Verification Depends on the product and trade amount Not required

The table’s data points offer a snapshot of what each exchange brings to the crypto trading landscape.

MEXC and Bybit are formidable exchanges launched in 2018, excelling in various areas and ensuring your trading experience can be tailored to your preferences.

Regularly assess each platform’s latest updates and changes to suit their client’s needs.

Our 2024's Recommendation

  • Upto 100x Leverage for BTC

  •  Supports over 300+ crypto trading pairs

  • Fees starting at 0.075% for futures

  • Strong security features

Mexc Vs Bybit: Products And Services

When selecting a cryptocurrency exchange, you’ll want to compare MEXC and Bybit in terms of their products and services.

MEXC:

  • Spot Trading: MEXC stands out by offering zero fees for spot trading, a plus for cost-conscious traders.
  • Futures Trading: Charges are also competitive here, though not the lowest.
  • Cryptocurrency Variety: MEXC has over 1,700 coins, including BTC, ETH, and niche altcoins.
  • Innovative Products: Offers unique services such as trading bots for beginners.

Bybit:

  • Futures Trading: Bybit’s futures platform is remarkable for its deep liquidity, which ensures a stable trading environment.
  • Spot Trading: It has associated fees, which may not be as appealing as MEXC’s zero fee structure.
  • Cryptocurrency Variety: Offers a diverse range of over 1,000 assets, including many significant cryptocurrencies.
  • User Experience: The platform is known for robust regulatory compliance and enhancing trust.
Feature MEXC Bybit
Spot Trading Fees Zero Present
Futures Trading Competitive Fees Deep Liquidity
Supported Coins 1,700+ 1,000+
Additional Services Trading Bots Staking, Lending

Both platforms are robust in their offerings, providing you with diverse ways to engage with the cryptocurrency market.

Bybit might have an edge in liquidity and regulatory matters, which can be crucial for high-volume trading and overall security.

On the other hand, MEXC could be your choice if your priority is a wide selection of cryptocurrencies and low transaction costs for spot trading.

Mexc Vs. Bybit: Contract Types

MEXC and Bybit both cater to various trading preferences with diverse contract types.

MEXC contracts:

  • Spot Trading: You can access a broad selection of digital currencies for immediate exchanges.
  • Futures Trading: MEXC offers both perpetual and fixed-term contracts to cater to your long- and short-term strategies.
  • Margin Trading: This allows you to borrow funds to trade more significant amounts, amplifying potential gains and risks.

By comparison, Bybit provides:

  • Inverse Perpetual Contracts: These contracts are traded in cryptocurrency rather than fiat, which could suit your needs if you prefer to use the underlying asset for margin.
  • Linear Perpetual Contracts: These are settled in USD, which might be beneficial if you want a direct tether to a fiat currency.
  • Inverse Futures Contracts: Designed for fixed-date settlements, these could be your choice for hedging against price volatility.
  • COIN-M Futures (Coin Margined): This option allows you to hold positions with the cryptocurrency as a margin.
  • USD-M Futures (US Dollar Margined): Preferable if you want the stability of USD margin.
  • Options: Bybit enables you more strategic flexibility in hedging or speculating on the future price of cryptocurrencies.

Each platform’s fee structure and leverage options may influence your experience and potential returns.

Remember to assess the risks associated with leverage and the nature of each contract type. Remember that while leverage can increase potential returns, it also amplifies potential losses.

Select the types of contracts that align with your trading goals and risk tolerance.

Mexc Vs Bybit: Supported Cryptocurrencies

When exploring cryptocurrency exchanges, one of the crucial aspects you should consider is the variety of supported cryptocurrencies available for trading. In this context, MEXC and Bybit offer a substantial range of options, albeit with notable differences.

MEXC:

mexc supported coins

MEXC boasts a large selection of digital assets, supporting over 1,700 coins for spot trading.

This includes prominent currencies like Bitcoin (BTC) and Ethereum (ETH) and an extensive list of low-cap altcoins, enabling you to diversify your investment portfolio.

In terms of futures and leverage trading, here are some of the popular pairs you will find on MEXC:

  • BTC/USDT
  • ETH/USDT
  • LTC/USDT
  • XRP/USDT

Bybit:

bybit supported coins

Comparatively, Bybit provides access to more than 890 coins.

While the offered range is less than MEXC’s, Bybit is still competitive, focusing on the most traded cryptocurrencies in the market. Here are a few of the in-demand futures trading pairs available on Bybit:

  • BTC/USD
  • ETH/USD
  • EOS/USD
  • XRP/USD

Your choice between MEXC and Bybit may lean towards the former for a wider variety of altcoins or the latter for a comprehensive list focusing more on widely-held cryptocurrencies.

Regarding futures and leverage trading options, both platforms cater to the commonly traded pairs, ensuring that you have access to significant cryptocurrencies with robust market activity.

Mexc Vs Bybit: Leverage And Margin Trading

You can amplify your trading positions through leverage when engaging in margin trading on both MEXC and Bybit.

This can significantly increase potential returns, but consider the corresponding risks, including potential liquidation.

MEXC offers a variety of features for traders, including:

  • Maximum Leverage: Up to 200x for contract trading
  • Margin Trading: Enables you to trade more tokens than your initial capital by borrowing funds
  • Liquidation: Positions are monitored, and liquidation may occur if margin levels fall below maintenance requirements

Bybit, conversely, provides:

  • Maximum Leverage: Up to 100x for specific trading pairs
  • Margin Trading: Empowers you to open positions significantly more significant than your margin
  • Liquidation: When your margin level cannot cover the position size, liquidation is initiated

The funding rates on both exchanges are subject to prevailing market conditions and can influence the holding cost of your positions.

Understanding the details of leverage and margin on both platforms empowers you to make informed decisions while trading:

Feature MEXC Bybit
Max Leverage Up to 200x Up to 100x
Margin Trading Yes Yes
Liquidation Based on the maintenance margin Triggered when the margin is insufficient

Remember, high leverage comes with high risks, including but not limited to rapid liquidation in volatile market movements. It is crucial to trade responsibly within your risk tolerance levels.

Mexc Vs. Bybit: Trading Volume

When selecting a cryptocurrency exchange, understanding the trading volume is vital as it impacts your trading experience significantly.

For MEXC and Bybit, trading volume is a crucial liquidity indicator and can influence trade execution and slippage on your trades.

MEXC’s Trading Volume:
MEXC boasts a high trading volume, with a broad range of over 1700 coins. High trading volume indicates dense liquidity. This liquidity means that your orders are more likely to be filled quickly and at predictable prices, thus reducing the potential for price slippage.

Bybit’s Trading Volume:
Conversely, Bybit, while offering more than 890 coins, is known for its derivatives market. The platform’s trading volume for futures contracts is competitive, ensuring that even large orders are executed with minimal impact on the market price.

Trading Efficiency:

  • MEXC: High trading volumes ensure efficient trading with minimal spread differences, thus benefiting your spot trading activities.
  • Bybit: Its emphasis on derivatives trading means that it provides efficient trade execution, particularly for contracts that benefit from Bybit’s volume.

Trading Execution & Slippage:

  • MEXC: Lower slippage due to robust liquidity in the spot market.
  • Bybit: Adequate liquidity for derivatives offers solid execution with controlled slippage, even for high-leverage positions.

To verify current trading volumes, consult reliable cryptocurrency analytics resources such as CoinMarketCap or CoinGecko.

These platforms rank exchanges by liquidity and trading volume, presenting a transparent view of the trading activity on MEXC and Bybit.

Mexc Vs Bybit: Futures Trading Fees And Rewards

When engaging in futures trading, you’ll find that MEXC and Bybit provide competitive fee structures with particular nuances that cater to different trading preferences.

MEXC:

mexc ui
  • Maker Fee: 0%
  • Taker Fee: 0.020%

MEXC rewards market makers by offering a 0% maker fee, thus encouraging liquidity on their platform. As a taker, you would incur a modest 0.020% fee.

Bybit:

bybit ui
  • Maker Fee: as low as 0.01%
  • Taker Fee: around 0.06%

Bybit’s tiered fee structure includes a nominal maker fee and a slightly higher taker fee. The 0.01% maker fee can be particularly appealing if you often add liquidity to the market.

Rewards and Discounts:

Each platform may offer rewards or discounts, effectively reducing your trading costs. These could include:

  • Volume-based discounts for high-frequency traders.
  • Bonuses or promotions for new users or specific trading milestones.

Examples:

If you execute a $10,000 futures contract as a maker:

  • On MEXC, your fee would be $0.
  • On Bybit, your fee could be as low as $1.

As a taker with the same contract:

  • On MEXC, your fee would be $2.
  • On Bybit, your fee would be approximately $6.

Deposit and Withdrawal Fees:

Neither MEXC nor Bybit generally charges fees on deposits, placing them on an equal footing for incoming transfers. Withdrawal fees, however, can vary and are subject to the respective blockchain’s network conditions at the time of your transaction.

By analyzing these details, you can decide which platform aligns best with your trading habits and cost preferences.

Mexc Vs Bybit: Deposits & Withdrawal Options

When evaluating MEXC and Bybit, your deposit and withdrawal options are crucial to their usability and access.

MEXC:

  • Currencies: MEXC allows you to deposit and withdraw in various fiat currencies and a large selection of cryptocurrencies.
  • Methods: You can use bank transfers, credit/debit cards, and cryptocurrencies for deposits and withdrawals.
  • Processing Times: The processing time may vary depending on the method used. Cryptocurrency transactions are typically quick, whereas bank transfers may take longer.
  • Limits: There are minimum and maximum amounts for transactions, which can vary based on your chosen currency and method.

Bybit:

  • Currencies: Bybit supports deposits and withdrawals in major fiat currencies.
  • Methods: Your options include bank transfers and cryptocurrency transfers.
  • Processing Times: Cryptocurrency transactions are usually processed quickly, but times can vary during periods of network congestion.
  • Limits: Like MEXC, Bybit imposes minimum and maximum limits that could impact your transfer decisions.

When managing your funds with these platforms, always check the latest fees and limits on the respective exchanges, as they can fluctuate, potentially influencing your costs for depositing or withdrawing money.

Consider the currency you wish to use, the available deposit and withdrawal methods, and how quickly you need the transfer processed.

These details will help you decide on your trading convenience and strategy.

Mexc Vs. Bybit: Native Token Usage

MEXC and Bybit, both prominent cryptocurrency exchanges in 2024, offer their native tokens, MX and BYD, respectively, which provide various benefits and utilities within their ecosystems.

MEXC – MX Token:

  • Reduced Trading Fees: You can enjoy lower trading fees on the MEXC platform as an MX token holder. Holding specific amounts of MX tokens typically qualifies you for various fee discounts.
  • Participation in Voting: Use MX tokens to vote on essential platform decisions, including listing new cryptocurrencies.
  • Exclusive Promotions: Access special events like token airdrops or exclusive trading competitions for MX token holders.

Bybit – BYD Token:

  • Transaction Fee Discounts: Holding BYD tokens grants you a tiered discount structure on trading fees, incentivizing consistent trading on the Bybit exchange.
  • Staking Rewards: Stake BYD to earn rewards, further integrating the token into the platform’s staking ecosystem.
  • Enhanced Services: Bybit may offer additional services like liquidity mining or governance participation for BYD holders, enhancing the token’s in-platform utility.
Feature MEXC (MX Token) Bybit (BYD Token)
Trading Fee Discounts
Voting Rights  
Staking Rewards  
Enhanced Services  
Exclusive Promotions  

You need to understand the unique advantages that come with each native token.

Whether you prioritize reduced fees, the ability to partake in platform governance, or to earn through staking, these native tokens augment your experience on MEXC and Bybit.

Mexc Vs Bybit: KYC Requirements & KYC Limits

When you choose a cryptocurrency exchange, understanding the Know Your Customer (KYC) requirements and limits can significantly impact your experience. At MEXC and Bybit, KYC processes determine what you can do on each platform.

MEXC:

  • Non-KYC Users: You can withdraw up to 2 million USDT daily without completing KYC verification.
  • KYC Verification: A government-issued ID and a selfie photo are required. It is a more stringent process compared to many exchanges.

Bybit:

  • Basic KYC: You must provide basic personal information like name, email, and phone number.
  • Tiered KYC System: Higher levels of verification allow for increased withdrawal and trading limits.

Privacy and Security:

  • Bybit’s basic KYC level ensures your initial privacy but with limited access.
  • MEXC’s approach means completing a more comprehensive KYC process upfront, affecting privacy but potentially increasing security.

Accessibility and Limits:

  • Both exchanges offer user-friendly KYC processes.
  • Limits on withdrawals, deposits, and trading depend on your verification status.
  • Bybit operates on a tiered system where the more information you provide, the more access you get.

Whether you prefer the flexibility of MEXC’s high withdrawal limits for non-KYC users or the tiered verification system of Bybit, your choice will depend on how you balance the need for privacy, access, and security.

Mexc Vs. Bybit: User Experience

When you navigate the MEXC and Bybit platforms, you’ll notice distinct differences in their user interfaces (UI) and overall user experience (UX).

MEXC’s web interface and mobile app present a functional environment. With support for over 1700 coins, the platform provides a comprehensive experience for those interested in cryptocurrencies.

MEXC User Experience:

  • Web Interface: You may find it straightforward, with tools for beginners and experienced traders.
  • Mobile App: Offers a consistent experience with the web platform, ensuring you can trade on the go without a steep learning curve.

Bybit, on the other hand, is often recognized for its clean and intuitive UI, which receives positive feedback for its aesthetics—the simplicity of the design appeals to both rookies and seasoned traders alike.

Bybit User Experience:

  • Web Interface: Known for its speed and intuitive design, it allows you to execute trades efficiently.
  • Mobile App: Mirrors the web interface’s ease of use, providing a seamless transition from desktop to mobile.

In terms of functionality, both Bybit and MEXC offer tools and features that cater to a range of traders.

Bybit is commendable for its strong liquidity and comprehensive regulatory compliance, while MEXC is distinguished for its hybrid Know Your Customer (KYC) model.

Feature MEXC Bybit
Design Functional and user-friendly Clean and modern
Ease of Use Suitable for novices and experts Intuitive and appealing
Speed Fast platform High-speed trade execution
Tools Suitable for trading bots Comprehensive trading tools

Ultimately, your choice between MEXC and Bybit may come down to personal preference for design, the selection of cryptocurrencies, or specific features such as trading bot support or regulatory compliance.

Mexc Vs. Bybit: Order Types

When comparing MEXC and Bybit, you’ll notice that both exchanges offer various order types designed to assist you with varied trading strategies and risk management levels.

Let’s look at the orders you can utilize on these platforms.

Market Orders: These orders are fulfilled immediately at the current market price. MEXC and Bybit support market orders, allowing you to enter or exit the market quickly.

  • MEXC: Supported
  • Bybit: Supported

Limit Orders: You can set a specific price at which you want to buy or sell a cryptocurrency. This ensures you do not pay more or receive less than your specified price.

  • MEXC: Supported
  • Bybit: Supported

Stop Orders: Also known as stop-loss orders, these limit losses by specifying a price at which your position will be closed out.

  • MEXC: Supported
  • Bybit: Supported

Conditional Orders: These orders become active only when certain conditions are met, providing an added layer of automation for your trading.

  • MEXC: Supported
  • Bybit: Supported

Post-Only Orders: These ensure that you pay the maker fee, not the taker fee, by adding liquidity to the market.

  • MEXC: Supported
  • Bybit: Supported

Reduce-Only Orders: Such orders are designed only to reduce your position size, not increase it, helping to manage risk.

  • MEXC: Supported
  • Bybit: Supported

Other features specific to platforms may include Iceberg Orders and TWAP (Time-Weighted Average Price), specialized strategies that help execute large orders without causing significant market impact.

Your choice between MEXC and Bybit may depend on the flexibility of order types and how they align with your trading needs.

Understanding these order types helps you execute transactions precisely, manage potential risks, and aim for an optimized trading experience.

MEXC vs Bybit: Security Measures & Reliability

When trading cryptocurrencies, the security of your funds and personal data should be your top priority. In evaluating MEXC and Bybit, cryptocurrency exchanges notably implement robust security measures to ensure your assets are well-protected.

MEXC uses a combination of cold wallets, a multi-signature mechanism, and two-factor authentication (2FA) to safeguard your funds. This layered defense mechanism ensures that your assets are not easily accessible to unauthorized individuals.

  • Cold Wallets: Stores the majority of digital assets offline.
  • Multi-Signature Mechanism: Requires multiple sign-offs for transactions, providing an additional layer of security.
  • 2FA: Adds an extra verification step at login and withdrawal, reducing the chances of unauthorized access.

Bybit, on the other hand, places a strong emphasis on security via its multi-signature wallets, two-factor authentication, and rigorous compliance with regulatory standards.

Bybit’s security measures are designed to minimize vulnerabilities and protect users from a broad spectrum of potential threats.

  • Multi-Signature Wallets: Controls access to funds through the need for multiple signatures.
  • 2FA: Like MEXC, it mandates an additional layer of security upon login.
  • Regulatory Compliance: Adherence to regulations that further protect users from fraud and misuse.

No system is impervious to attacks, and both exchanges have had incidents in the past.

However, prompt action and transparency were vital in addressing these issues.

Risk assessments and regular security audits are continually conducted to enhance their defense systems. Your experience on either platform will benefit from these tireless efforts to maintain a secure trading environment.

MEXC vs Bybit: Insurance Fund

When you trade on leveraged or margin platforms like MEXC and Bybit, an insurance fund is crucial to protect your positions from unforeseen market volatility and to prevent auto-deleveraging in traders’ positions.

MEXC and Bybit maintain such funds to manage the risks of leveraged trading.

MEXC Insurance Fund:

  • The MEXC insurance fund is designed to prevent investor positions from being auto-deleveraged.
  • It occurs when a trader’s balance falls below the maintenance margin requirement.
  • The fund sources contributions from liquidated positions that are closed at more favorable prices than the bankruptcy price.

Bybit Insurance Fund:

  • Bybit’s insurance fund aims to shield you from auto-deleveraging, offering extra protection for your trades.
  • It collects the surplus from liquidations executed at better than bankruptcy prices for leveraged positions.
  • You’ll find that Bybit’s fund is utilized primarily in their perpetual and futures contracts.

Key Points to Note:

  • Both funds protect traders by covering the shortfall when a trader is liquidated at a level that does not cover their leveraged position.
  • These funds are vital during market downturns or unexpected price spikes, ensuring the trading system’s integrity and continuity.

When choosing between MEXC and Bybit, consider their insurance fund’s size and historical performance, as it can impact how protected your positions are during volatile market conditions.

Remember, the robustness of an insurance fund can be a critical factor in ensuring the safety of your funds during rapid market movements.

MEXC vs. Bybit: Customer Support

When selecting a cryptocurrency exchange, you consider customer support a crucial element of the services provided. In this respect, MEXC and Bybit acknowledge the importance of supporting their users.

MEXC:

  • Availability: You have access to customer support, but the specifics of its availability were not mentioned.
  • Resources: MEXC offers a comprehensive knowledge base to help you independently resolve common issues.

Bybit:

  • Availability: You experience 24/7 customer service, which includes live chat, email, and support through social media channels.
  • Resources: Like MEXC, Bybit provides extensive FAQs and a knowledge base to empower you to find quick solutions to general queries.

Both platforms have structured their customer support to address your needs effectively.

To reach the support teams of either exchange, you typically navigate through the help sections on their websites or directly access support channels like live chat.

As your needs vary, your experience with the customer service of each platform can differ. Hence, engaging with each platform’s customer service for personalized assistance is advisable where generic resources do not suffice.

Remember to consider your preferences for customer service, whether that means 24/7 availability, the ease of accessing support, or the comprehensiveness of self-help resources.

MEXC and Bybit cater to these aspects, ensuring that support is a click away whenever you require assistance.

MEXC vs Bybit: Regulatory Compliance

When assessing the regulatory compliance of MEXC and Bybit, you will find that both take different approaches to adhering to legal and ethical standards in the jurisdictions in which they operate.

MEXC

  • Offers a hybrid KYC (Know Your Customer) model, providing flexibility yet ensuring compliance with international standards.
  • It has strict anti-money laundering (AML) and compliance policies to reinforce lawful operations.
  • They may have faced challenges related to regulatory shifts in different jurisdictions, which are typical for global exchanges.

Bybit

  • They are known for solid liquidity and comprehensive regulatory compliance, aligning with varying international laws.
  • Extends effort in securing user transactions and maintaining a legally sound trading environment.
  • Security features such as two-factor authentication (2FA) support legal compliance by safeguarding against unauthorized access.

While MEXC stands out with its expansive coin support and low trading fees, Bybit complements its service offerings with features directed toward regulatory compliance, giving you peace of mind about the legality of your transactions.

You need to note that both exchanges constantly evolve their compliance strategies to keep pace with the updated regulations in the crypto market.

You are encouraged to stay informed about the latest developments in the regulatory environment, as they can have implications for the services you may use on these platforms.

Remember, your preferred trading experience may influence your choice between MEXC and Bybit. Still, their adherence to regulatory requirements remains a fundamental aspect to consider for the security and legality of your investments.

Conclusion

When selecting between MEXC and Bybit, your choice largely depends on your trading preferences and priorities.

MEXC emerges as the preferable platform if zero fees for spot trading and access to a vast array of over 1,700 cryptocurrencies are vital for you.

This makes it especially suitable for traders interested in exploring a broad range of altcoins and those focusing on spot trading.

Bybit, on the other hand, is advantageous for traders who prioritize a platform with deep liquidity and a robust suite of derivative products. Its lower withdrawal fees and support for over 890 coins cater well to high-volume traders and those looking for diverse trading options, including leverage and derivatives.

  • If lower futures and spot trading fees are your concern, you may lean towards MEXC.
  • If you require 24/7 customer support and a platform known for strong liquidity, consider Bybit.

MEXC stands out with:

  • Zero fees for spot trading
  • A wider variety of coins

While Bybit is recognized for:

  • Lower withdrawal fees
  • Diverse trading products and higher leverage options

The decision rests on your trading strategies, and the aspects of cryptocurrency trading you prioritize. It’s essential to weigh each exchange’s unique offerings against your individual needs as a trader or investor.

About the Authors

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field