Pionex vs Bybit | Best Exchange For Pros & Beginners?
Jack Moreau
Apr 2024
8 min read
Fact checked
Pionex vs Bybit: In this comprehensive comparison, we dive into various aspects of these two cryptocurrency exchanges. From product range, user experience, trading fees and deposit methods, we leave no stone unturned to help you decide!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Pionex and Bybit are two well-known cryptocurrency exchanges that offer a wide range of trading services and cater to a global user base. Let's take a closer look at each exchange and compare their features, offerings, and user experiences.
Pionex was founded in 2019 by Daniel Seng Cheng and is headquartered in Singapore. With over 60 employees, Pionex is available to users in over 100 countries across Europe, North America, and Asia.
Pionex Exchange
The exchange boasts over 1 million users worldwide and has a strong presence in the market. One of the unique features of Pionex is its use of trading bots.
These bots automate trading strategies for users allowing them to take advantage of market opportunities even when they are not actively monitoring the platform.
With over 360 different trading pairs, including major cryptocurrencies like Bitcoin and Ethereum, Pionex offers a wide range of options for traders.
The Pionex Android app has been downloaded over 500,000 times and has an average rating of 4.2 stars based on 10,000 reviews.
Pionex app
Bybit on the other hand is a rapidly growing cryptocurrency derivatives exchange founded in 2018. The exchange has over 1,000 employees and is headquartered in Singapore, with availability in over 200 countries. but with the exception of countries like the United States.
Bybit exchange
Bybit specializes in offering advanced trading options, including perpetual contracts, futures, and inverse contracts, with up to 100x leverage for various cryptocurrencies such as Bitcoin and Ethereum.
Bybit has quickly amassed a user base of over 10 million users primarily based in Europe and Asia. The exchange is also available as an iOS and Android app, with over 5 million app downloads and an impressive 4.2-star rating based on over 60,000 reviews.
Bybit app
Bybit offers a selection of 350 cryptocurrencies for trading, giving users a wide range of options with emphasis on advanced trading options and high leverage.
Pionex vs Bybit KYC Requirements
Starting with Pionex, the signup process is quick and straightforward. Users have the option to choose between email or phone number for registration.
Once logged in they are prompted to complete the KYC (Know Your Customer) process. This is a mandatory requirement on Pionex, meaning no services can be accessed without completing it.
To complete Level 1 verification on Pionex, users need to provide their country of residence and phone number. With this level of verification, users can deposit cryptocurrencies and begin trading.
Pionex KYC verifiation
However, to access more features such as higher withdrawal limits, users can opt for Level 2 verification. This involves providing additional personal information and conducting a facial recognition scan.
In terms of the KYC verification process, Pionex is known for its efficiency. Normally, verification is completed within 15-60 minutes, which is relatively fast compared to many other exchanges.
In my own experience, the verification process took just 2 minutes after uploading my ID and conducting the face scan.
On the other hand, Bybit offers a slightly different signup process. Users can register with either their phone number or email.
Interestingly, Bybit allows users to begin trading without completing KYC verification. However, there are limitations for unverified accounts, such as a daily withdrawal limit of 20K USDT and a monthly limit of 100K USDT.
Bybit KYC verification
For users who want to access additional features like participating in Earn, One Click Buys, and Fiat Deposits, KYC verification is required on Bybit. This involves submitting personal information, as well as uploading an ID and a photo of themselves.
The KYC verification process on Bybit usually takes around 10 minutes, but it can take up to 48 hours due in some rare cases.
Pionex vs Bybit Crypto Products
Pionex and Bybit are both popular cryptocurrency exchanges that offer a wide range of products and services to cater to the needs of traders.
Pionex is an exchange that provides spot trading, leverage trading, and a unique derivative product called Lotto.
Pionex spot trading
Spot trading allows users to trade cryptocurrencies at the current market price while leverage trading enables users to trade with borrowed funds, amplifying potential profits (or losses).
Note that Pionex's maximum leverage is only 3X in the spot-future arbitrage bot, which may be lower compared to other exchanges. Pionex also offers staking services for Ethereum (ETH) with different durations, allowing users to earn passive income through holding ETH.
Pionex leveraged trading
Additionally, Pionex provides over 16 grid bots that automate various trading strategies such as Dollar Cost Averaging (DCA) and portfolio rebalancing.
Pionex trading bots
The user experience on Pionex is quite good, with easy verification processes and beginner-friendly interfaces. The exchange offers comprehensive guides to assist users in getting started, making it accessible for both novice and experienced traders.
Pionex has a daily spot trading volume of $1.5 billion indicating good liquidity and market participation.
Bybit on the other hand has risen as a key player over the past five years. The exchange's user growth parallels its expanding product offering that targets both retail users and professional traders.
Bybit Product Offering
Bybit's platform stands out for its user-friendliness, a commendable feat given the diversity of its products. Even beginners can find their footing quickly, thanks to its intuitive design.
Bybit Crypto Markets
Bybit's primary service is spot trading which contains an impressive portfolio of over 450 cryptocurrencies. This selection encompasses a broad range of large cap coins, tokens, and a solid array of altcoins.
Bybit Spot Trading
For traders interested in leverage, Bybit offers margin trading with up to 10X leverage for those that want to go long or short.
Bybit Margin Trading
Additionally, Bybit presents an innovative approach with its leveraged tokens, allowing up to 2X leverage on 30 cryptocurrencies, but without the typical risk of liquidation.
Bybit Leveraged Tokens
Automated trading is also a strong suit of Bybit, with a variety of trading bots available for strategies like futures grid, futures martingale, spot grid, and DCA.
Bybit Trading Bots
For those keen on following successful strategies, Bybit's copy trading feature lets users emulate the trades of experienced traders, offering access to several pre-established strategies with proven track records.
Bybit Trading Bots
Futures trading is another area where Bybit excels, offering over 180 perpetual contracts with up to 100X leverage.
Bybit Derivatives
This includes a range of products like USDT perpetuals, inverse perpetual & futures, and USDC perpetual & futures, as well as USDC Options. Options traders can engage with European-style cash-settled options, priced and settled in USDC.
Bybit Perpetual Trading
Bybit accommodates different trading preferences with the option of isolated margin and cross margin. This feature allows traders to choose how they manage their margin in relation to their account balance.
Bybit Perpetual Products
Bybit's standing in the market is reinforced by its impressive trading volumes, ranking in the top 10 for spot trading with over $1 billion, and top 5 for derivatives trading with over $7 billion.
Bybit Trading Volumes
For those new to trading or looking to test strategies, Bybit's demo trading feature is perfect in order to practice without financial risk.
Bybit also caters to those seeking to earn interest on their digital assets, offering a range of products like lending and borrowing, liquidity mining, and dual asset options.
Bybit Earn Products
These services enable users to generate returns on various digital assets, including BTC, ETH, USDT, and USDC, with both flexible and fixed-term earning options, staking rewards, and liquidity mining.
In a unique move blending digital and traditional finance, Bybit offers a Master Card that lets users spend their digital assets in the real world, with the perk of up to 10% cashback in rewards.
Bybit Mastercard
The recent addition of NFTs support across various blockchains like Ethereum, Solana and Polyon further diversifies Bybit's portfolio.
Bybit NFTs
Moreover, Bybit's launchpad offers early-stage projects a platform to introduce their tokens to an audience with a higher risk appetite, with users committing MNT or USDT tokens for project token allocations.
Bybit Launchpad
Finally, Bybit extends its services to high-net-worth individuals and institutions with an OTC desk for large trades up to $10 million, ensuring instant settlement.
Bybit OTC Trading
Overall, Bybit's comprehensive range of services, user-friendly interface, and robust trading options make it an attractive choice for both novice and experienced traders.
Pionex is known for offering the lowest spot trading fees in the market which makes it a popular choice among cryptocurrency traders.
They pride themselves on their competitive fees, with a maker and taker fee of just 0.05% for spot trading. This means that whether you're buying or selling, Pionex ensures that you keep more of your hard-earned money.
Pionex spot and futures fees
When it comes to futures fees, Pionex is not as competitive with a maker and taker fee of 0.1%. This is quite a bit higher than what you would find with some of the biggest exchanges out there.
Bybit offers a variety of trading options, including spot, perps, and futures. For spot trading on Bybit, the fees remain consistent, with a maker and taker fee of 0.10%. This means that whether you're making or taking a trade, Bybit ensures that you're getting a fair deal.
Bybit spot fees
Bybit also provides perps and futures trading with maker and taker fees beginning at 0.01% for makers and 0.06% for takers. Bybit also offers discounts on trading fees for high volume traders.
Pionex and Bybit are both cryptocurrency exchanges that offer various deposit methods for their users.
Pionex supports bank deposits for EUR via SEPA, while Bybit offers multiple deposit options such as bank transfer, SEPA, FPS, QiWI, Advcash, PIX, and more.
If you're looking to deposit fiat currency on Pionex, the good news is that there is no deposit fee for EUR deposits via SEPA. This makes it convenient for users who want to fund their Pionex accounts with Euros.
On the other hand, Bybit supports five fiat currencies, including USD, RUB, MXN, BRL, ARS, and TRY. Bybit offers bank transfer as one of their deposit methods, which can be a reliable option for those who prefer traditional banking methods.
Bybit fiat deposit
Bybit charges an $8 deposit fee for wire transfers, while bank transfers for the other supported fiat currencies are free of charge.
While both exchanges offer various withdrawal methods, they differ in terms of the fees and options available.
Let's start with Pionex. Unfortunately, Pionex does not support fiat currency withdrawals. Users can only withdraw their cryptocurrencies from the platform.
However, the withdrawal fees vary depending on the blockchain. For instance, withdrawing Bitcoin incurs a fee of 0.0004 BTC, while Ethereum withdrawals come with a 0.0004 ETH fee. If you're looking to withdraw SOL, you'll be charged a fee of 0.01 SOL. And for ERC-20 USDT withdrawals, Pionex imposes a fee of 10 USDT.
For USD withdrawals, Bybit supports wire transfers, with a high fee of $25 for each transaction. However, if you prefer to withdraw BRL or TRY, you can do so without incurring any fees for bank withdrawals.
Moving on to cryptocurrency withdrawals, Bybit charges a fee of 0.005 BTC for Bitcoin withdrawals, 0.005 ETH for Ethereum withdrawals, 0.01 SOL for Solana withdrawals, and 10 USDT for ERC-20 USDT withdrawals.
To conclude, both Pionex and Bybit are well-known cryptocurrency exchanges that cater to a global user base.
Pionex stands out with its use of trading bots and its wide range of trading options, including over 360 different trading pairs. It also offers a user-friendly mobile app with high ratings and supports a wide selection of over 370 cryptocurrencies.
Bybit specializes in offering advanced trading options and high leverage for more experienced traders. It has a larger user base of over 10 million and offers a user-friendly interface with low fees across spot, perps, and futures trading.
Bybit also provides a wide range of products and services, including borrowing and lending, an NFT marketplace, and the Bybit card.
When comparing trading fees, Pionex offers competitive rates with a maker and taker fee of just 0.05% for spot trading, while Bybit offers consistent fees with a maker and taker fee of 0.10%.
Pionex also offers leveraged products with fees of 0.1% for leverage trading while Bybit offers much lower futures fees of 0.01% and 0.06%.
In terms of deposit and withdrawal options, Pionex focuses mainly on bank deposits for EUR via SEPA, while Bybit offers a wider range of options, including bank transfers, SEPA, FPS, QiWI, Advcash, and PIX.
Ultimately, Bybit is the winner in this exchange comparison and it edges out Pionex in most categories by offering more products and cryptocurrencies, lower fees overall and more deposit and withdrawal options.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
