Crypto exchanges are critical in advancing the crypto agenda and for crypto traders to make profits. While this is the main objective of all exchanges, there’s a difference in how they do business, from the onboarding stages to the interface to fees charged. Take Bybit vs Apex Pro, as an example, they facilitate crypto trading in different ways. Bybit, for instance, takes a centralized approach while Apex Pro goes the decentralized route.

Below, we get closer and examine the two exchanges' pros, cons, and differences, and which one you should choose. Is Apex Pro Safe? Is Bybit a good exchange? Read on to find the answer.
 

Bybit vs Apex Pro: Bybit

Bybit is a centralized cryptocurrency exchange that offers derivative and spot crypto trading among other services. The exchange has a reputable character in the crypto space and hasn’t been caught in any dubious dealings or received a knock from hackers.

Being centralized means it requires prospective users to provide their details like phone numbers and email addresses to access the platform. It also means that users need to deposit funds into the exchange for them to be allowed to trade. This makes it a custodial crypto exchange since it holds onto your coins. 
 

Bybit Restricted Countries

Bybit exchange does have to deal with local regulations per country. This situation is very dynamic and changing periodically, but there are some countries that Bybit is not allowed to offer their services including the United States, the United Kingdom, and mainland China. For the full list, you can visit Bybit's restricted countries webpage. 
 

Bybit Fees

Bybit charges a fee for spot, derivatives, and options traders depending on their level. For regular users, it takes a 0.0550% cut for takers and 0.02% for makers in a derivative trade. Those interacting with the spot market have to part with 0.1% for both takers and makers.

The exchange offers lower trading fees for both spot and derivative traders as they attain higher levels, like VIP 1. To get to this level, you need to have a 30-day trading volume of $1,000,000 and $10,000,000 for spot and derivative trading respectively.
 

Bybit Trading Pairs and User Interface

Bybit supports hundreds of trading pairs in its spot and derivatives section. On its derivatives wing, it offers three types of products, namely perpetual contracts, futures, and options. It also has an easy-to-use user interface.

On the derivatives’ trading window, for example, Bybit provides a graphical chart showing the trading pair on the left and the order book and recent trades in the center, while the buy and sell features are on the right.
 

Bybit vs Apex Pro: Apex Pro

Apex Pro is a decentralized crypto exchange (DEX), making it non-custodial. As such, to access the platform, you only need to connect to your external wallet. It also allows prospective users to register using an email or their social media accounts.

Some of the supported wallets include MetaMask, Trust Wallet, imToken, Bybit Wallet, OKX Wallet, and Coinbase Wallet. Supported wallets are powered by Ethereum, Binance Smart Chain , Avalanche C-Chain, Mantle Network, Optimism, Polygon, and Arbitrum One.

Being non-custodial/decentralized means that you don’t give up control of your funds and that the platform doesn’t require you to deposit the funds to the exchange for you to trade. Apex Pro specializes in derivative products and currently only offers over 40 perpetuals markets.
 

Apex Pro Restricted Countries

Since Apex Pro exchange is not a centralized exchange there is no KYC-verification. Just a connection with someone's wallet, therefor you can connect your wallet from every location with Apex Pro, as long as you have an internet connection. 
 

Apex Pro Trading Fees

The exchange charges 0.02% and 0.05% for makers and takers respectively. Note that makers are traders who place limit orders while takers are those who sell/buy using prevailing market prices. Unlike maker orders that are registered on the order book, taker offers don’t make it to the order book because they’re fulfilled immediately when they are placed.

Apex Pro User Interface

Apex Pro’s user interface is easy to use, although beginners may have a hard time navigating the platform, especially when choosing a trading pair. However, the platform has a nice layout with details like price, depth, funding rate, and risk limit clearly indicated.

Differences between Bybit and Apex Pro

Although Bybit and Apex Pro are both crypto exchanges, they handle their businesses differently. Some of the differences include:

• Apex Pro is a non-custodial exchange, whereas Bybit is a custodial platform.
• Bybit has an easy-to-use interface compared to Apex Pro, especially for people dipping their toes in the crypto trading world for the first time.
• Bybit has more trading pairs in its derivatives section than Apex Pro
• Apex Pro caters only to derivatives traders, while Bybit accommodates both spot and derivatives traders.
• Apex Pro charges less fees for market takers at 0.05% compared to Bybit’s 0.055%.
• Bybit is suitable for new entrants into the crypto trading scene, while Apex Pro is easy to navigate for intermediary users.
• Bybit has some restricted countries for particular services, while Apex pro is globally accessible. 
   

Bybit vs Apex Pro: Which is the Best Crypto Exchange to Use?

To solve the Bybit vs Apex Pro equation, we shall focus on four main things: security, user interface, trading pairs, and how they store user funds.

Security - The two exchanges are secure since none has ever reported a security incident. However, Apex Pro, being a decentralized exchange, can be considered more secure since it doesn’t store user funds.

User interface - Bybit has an easier-to-use interface than Apex Pro. But again, derivative traders aren’t novices in the space, so they are likely to be comfortable with Apex Pro’s interface.

Trading pairs - Bybit has more trading pairs in its derivatives section than Apex Pro, thus giving you a wide selection.

How they store user funds - Apex Pro is non-custodial while Bybit is custodial. What does this mean? It means that with Apex Pro you are in full control of your funds, including its security. Bybit, on the other hand, holds your funds and secures them. As such, it can have an impact on your coins’ security and withdrawal attempts. A centralized/custodial entity is considered less secure compared to a non-custodial/decentralized exchange.

Other services - Bybit offers next to spot and futures trading also other products. Bybit structured products allow users to participate in options, therefore offering other speculation instruments next to futures trading. One example is Bybit Dual Asset where you can sell an option on your crypto and increase your holdings no matter the price direction. 
 

Final Remarks

In our Bybit vs Apex Pro review, it’s evident that each exchange has its strengths and weaknesses. For derivatives traders looking to be in control of their funds, Apex Pro is your go-to platform. Bybit, on the other hand, is for derivatives traders looking for a platform with a wide array of trading pairs and an easy-to-use interface and who don’t mind giving up control of their assets.