MEXC vs Bybit | Who's Best for Starting & Skilled Traders?

MEXC offers a smaller range of products and services than Bybit but does still provide traders with unique features not available on Bybit.

The platform's spot trading feature is particularly impressive which allows users to buy and sell a vast selection of over 1,700 cryptocurrencies.

This includes all major large-cap coins like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as a wide assortment of altcoins that are not commonly available on most other exchanges.

For traders interested in niche or emerging cryptocurrencies, MEXC is an ideal marketplace as it continually updates its offerings by adding new altcoins every week.

In addition to its extensive spot trading options, MEXC is also known for its futures products. The exchange offers perpetual trading across more than 300 markets, and traders can choose to use either USDT (USDT-M) or various cryptocurrencies (COIN-M) as the underlying collateral.

A standout feature of MEXC's futures trading is the option to leverage up to an extraordinary 200X, a rate that exceeds what most other exchanges like Bybit can offer.

MEXC has also integrated a copy trading feature which is particularly beneficial for beginners or those looking to leverage the expertise of successful traders. This feature enables users to replicate the trading strategies of proven traders on the platform.

For users new to futures trading or those who wish to practice without financial risk, MEXC offers demo trading. This feature allows for risk-free experimentation and learning, using virtual funds.

The platform's trading volumes are also among the top 10 in the cryptocurrency market with over $1 billion in spot trading and over $3 billion in futures trading within a 24-hour period.

Beyond trading, MEXC provides options for users interested in earning interest on their digital assets. The platform's savings section offers both locked and flexible savings products, with varying interest rates depending on the amount saved.

Adding to its suite of offerings, MEXC recently introduced a launchpad for MX token holders, offering early access to new token launches.

Overall, MEXC has been actively expanding its range of products and services. The platform's main strengths lie in its broad selection of altcoins and the high-leverage options available in futures trading.

Furthermore, users can access these services without the need for complex KYC (Know Your Customer) procedures, adding a layer of convenience and privacy to the mix.

Moving on, Bybit has experienced rapid growth in both its user base and product offerings over the past five years.

The exchange caters to a wide audience, including retail users and professional traders, and is praised for its user-friendly platform.

Despite offering a diverse range of products, the platform remains accessible and easy for beginners to navigate.

One of Bybit's core services is spot trading where users can buy and sell a vast array of over 450 cryptocurrencies.

This selection includes almost all major large cap coins and tokens, along with a notable range of altcoins that are normally hard to find.

Bybit also caters to those interested in leveraged trading. It offers margin trading with up to 10X leverage allowing users to long or short assets.

Additionally, Bybit introduces leveraged tokens for 30 cryptocurrencies, offering up to 3X leverage without the risk of liquidation.

To assist users in automating their trading strategies, Bybit has developed a wide range of trading bots. These bots support strategies such as futures grid, futures martingale, spot grid, and DCA.

For those looking to replicate successful trading strategies, Bybit offers copy trading.

This feature allows users to follow the trades of professional traders on the platform or to utilize pre-existing strategies with proven historical track records.

Futures trading is another significant area of Bybit's offering. The platform provides over 180 perpetual contracts, including options for up to 100X leverage.

These products range from USDT perpetuals and inverse perpetual & futures to USDC perpetual & futures, as well as USDC Options.

Users on Bybit can choose between isolated margin and cross margin, providing flexibility based on individual preference for managing account balances.

For options trading, Bybit offers European-style cash-settled options that are priced and settled in USDC.

Bybit's market presence is notable with a top 10 ranking in spot trading volumes with over $1 billion in 24-hour trading volumes and in the top 5 for derivatives trading with over $7 billion.

Bybit also supports demo trading, a valuable tool for users to practice and refine trading strategies without financial risk.

For those interested in earning from their digital assets, Bybit provides multiple products for earning interest, such as lending and borrowing, liquidity mining, and dual asset investment.

Users can earn interest on various digital assets including BTC, ETH, USDT, and USDC, with options for flexible and fixed-term earnings, staking rewards, and liquidity mining.

Expanding its services to bridge digital and real-world spending, Bybit offers a unique Master Card enabling users to spend their digital assets with up to 10% cash back in rewards.

The platform has also ventured into the NFT market, supporting digital collectibles on blockchains like Ethereum, Solana, Polygon, Tezos, and BNB Chain.

For early-stage project enthusiasts, Bybit provides a launchpad for new token launches. Users can commit MNT or USDT tokens to subscribe to these projects and receive allocations based on their commitment.

Finally, Bybit offers an OTC desk for high-net-worth individuals and institutions, enabling the settlement of large trades up to $10 million instantly.

Bybit thus presents an extremely versatile platform for a wide range of cryptocurrency trading and investment needs, appealing to both newcomers and experienced traders.