Bybit vs Phemex

We evaluate how openly a provider communicates its costs. We check: Is there a dedicated fee page with clear information? Are costs visible before purchase during the buying process? Is the spread listed separately? The more of these criteria are met, the higher the rating.

Proof of Reserves refers to evidence that a provider holds sufficient crypto reserves. This may be independently verifiable, for example through a Merkle Tree, regularly reviewed by external auditors, or supported by regulatory oversight, such as MiCA in the EU. It increases transparency but does not replace a full assessment of a company’s financial position.

We evaluate how openly a provider communicates its costs. We check: Is there a dedicated fee page with clear information? Are costs visible before purchase during the buying process? Is the spread listed separately? The more of these criteria are met, the higher the rating.

Most exchanges or brokers offer the purchase and sale of 'real' cryptocurrencies where you own the underlying asset and can transfer it to your wallet. However, some providers only offer derivatives (CFDs) or exchange-traded products (ETPs) that merely track the price. In these cases, you don't own the underlying asset and cannot withdraw it to external wallets.

Self-custody of cryptocurrencies is important for many users who want to manage their cryptocurrencies and thus their private keys themselves. Most exchanges offer the option to transfer purchased cryptocurrencies directly from the platform to any personal wallet.

Real stocks are shares in a company. When you buy a stock, you invest directly in that company and own a corresponding stake in it. Some crypto platforms also offer stocks and, in some cases, ETFs alongside cryptocurrencies, allowing you to access different asset classes on one platform.

Tokenized stocks let you gain exposure to stock price movements through blockchain-based tokens and trade them similarly to cryptocurrencies, for example via xStocks. However, you do not buy the traditional stock itself, but a corresponding token. Depending on the product, ownership rights, trading and regulation may therefore differ from real stocks.

Automatic purchase of cryptocurrencies at set intervals (e.g., monthly) for a predetermined amount. The savings plan feature is well known from traditional finance apps and is often used for regular purchases of stocks or ETFs to achieve a cost averaging effect.

Staking means locking up cryptocurrency in a network for a set period to help validate transactions. In return, participants earn staking rewards, typically expressed as an annual percentage yield (APY). Staking is a feature of blockchains that use a proof-of-stake consensus mechanism.

The exchange offers features designed to meet the needs of active traders, such as deep liquidity, competitive trading fees, advanced order types, or products including futures, perpetuals, and margin trading.

Leverage trading allows you to open a larger position than your own capital would normally allow. For example, 10x leverage means that $100 can be used to control a position worth $1,000. This amplifies both potential gains and losses. Even small price movements against your position can therefore lead to significant losses or the automatic closure of your position. Leverage trading involves substantially higher risk and is mainly suited to experienced traders.

An order book shows the current open buy and sell orders for a trading pair. Buy orders are shown as bids and sell orders as asks, each with their respective price and amount. This lets you see the prices at which other market participants are willing to buy or sell and how much liquidity is available at different price levels. Exchanges with an order book also often support different order types such as market and limit orders, making them particularly suitable for active traders.

Some exchanges and brokers are regulated by financial supervisory authorities in specific countries or states. This often entails strict financial regulatory requirements and compliance obligations that the company must adhere to. Regulatory clarity can lead to greater transparency and, consequently, higher trustworthiness.