Are you looking for an in-depth Bybit Vs. Binance comparison? Then this is the right page to help you find which among them is best!
The crypto market continues to grow as more exchanges, and trading platforms are booming the market. Few of the exchanges have long been the most popular place for crypto traders, while some are new and gaining popularity.
In the last few years, we have witnessed crypto exchange platforms getting plentiful. Almost every new week, a new exchange comes on the market. But which one to choose and which is the right one still remains a million-dollar question, as a wrong choice can hamper your earnings and make it far less than it could be!
Bybit and Binance are among the popular crypto trading platforms that allow people to exchange one digital currency for another. Both these exchanges are well-known and legal and offer traders a wide range of features to buy and sell.
By the end of this article, you will be exposed to a robust assessment of the two trading platforms as you will have an insight into valuable information about the fees, leverage and other platform advantages offered by both Bybit and Binance. So let’s begin our Bybit vs. Binance Review.
Bybit Vs. Binance: Comparison Upfront
| Features | Bybit | Binance |
|---|---|---|
| Active Users | 3M | 28.6M |
| Headquarters | British Virgin Islands | Malta |
| Year of Origin | 2018 | 2017 |
| Acceptable Crypto Currencies | 1. BTC 2. ETH 3. XRP 4. LTC | 1. BTC 2. ETH 3. LTC 4. XRP +600 more |
| Fiat Currency Trading | No | USD/EUR + 50 more |
| Analytics Tools | Yes | Yes |
| Mobile App | Yes | Yes |
| Security | Good | Very Good |
| Social Trading | No | Yes |
| Maximum Trading Amount (Daily) | $100K | Unlimited |
| Withdrawal Fees | 0.0005 BTC | 3.50% (min. $10.00) |
| Trading Fees | 0.075% | 0.10% |
| Payment Methods | MasterCard, Wire Transfer, Card | MasterCard, Wire Transfer, Card |
| Official Site | Visit Bybit Site | Visit Binance Site |
Bybit Vs. Binance: Initial Pitch
First things first, both of these exchanges are quite popular and, at the same time, quite similar. We will advise our on which exchanges to choose over the other.
Bybit made its debut in 2018 and is among the newer faces in the crypto exchange market. It is an independent platform for trading derivatives and offers contracts of inverse and perpetual features. It provides a leverage of up to 1:100. Traders are also exposed to quarterly USD futures at Bybit. Traders can also combine it with XRP, ETH, EOS, BTC, LTC and numerous other tokens.
Along with this, Bybit also has a BTC/USD liner futures contract, and the crypto exchange comes with several technological advantages too.
On the other hand, Binance exchange is among the largest crypto exchanges and is headquartered in Hong Kong, China. According to CoinMarketCap’s crypto portal, this exchange holds the top spot when it comes to the aggregate reports of its daily turnover.
Binance also has a growing influx of new traders along with a number of active users, web traffic ranks highly, and liquidity, too. Before getting to the grand stage, Binance started as a cryptocurrency startup with its own coin or “native asset.”
Overall we can state that Bybit Vs. Binance game, Bybit is slightly ahead but only by a hair. Though the comparison was tight, we couldn’t resist but help score Bybit slightly ahead.
The reason why is that Bybit offers a better fee structure than Binance, and also it offers better investment programs and bigger crypto bonuses as well. Whereas Binance has better support to offer and is more educational plus also offers many ways for traders to access and deposit funds.
Bybit Vs. Binance: Products Offered
Bybit sells the following products.
- Linear perpetual contracts: Bitcoin USD, Ethereum USD, DOT USDT, LTC USDT.
- Inverse perpetual contracts: such as Bitcoin USD, EOS USD and Ethereum USD.
- Inverse futures contracts: quarterly BTCUSD
Binance sells the following products.
- Binance options
- Leveraged tokens on Binance
- COIN-M Futures: Cryptocurrency futures contracts that are perpetual or quarterly
- USD-M Futures: The Contracts are settled in USDT or BUSD on a quarterly basis or perpetual
Bybit only works with 10 cryptocurrencies, while Binance works with 237. Also, Bybit’s crypto derivatives can be leveraged to 100x, while Binance futures can be leveraged up to 125x.
Talking about the products offered, clearly, Binance comes on top as it has more listed cryptocurrencies and greater leverage than Bybit.
Bybit Vs. Binance: Safety Regulations
You might be disappointed if you await to make your decision based on how well-regulated these two platforms are, as neither Bybit nor Binance is overseen by the SEC, FINRA or SICP Protection.
| Regulation Authority | Bybit | Binance |
|---|---|---|
| FINRA | No | No |
| SIPC Protection | No | No |
| SEC | No | No |
| Other Regulators | No | No |
Trading Conditions
Before you make your choice, allow us to lay the two platforms bare in front of you. For that, we have now reviewed the trading conditions offered by both ByBit and Binance.
In Bybit, you have to make a minimum deposit of $1. As mentioned earlier, it offers a leverage of 1:100 and allows users to trade up to 320 Spot Coins and 160+ derivative markets around the world. Bybit offers base account currencies only in crypto.
In Binance, $1 is required as your minimum deposit. The leverage you get is the same as Bybit, but here you can trade on 460+ spot coins. Also, USD is not only the base currency traders can base their accounts on Pounds, Euros, and over 50 other crypto Currencies.
| Trading Conditions | Bybit | Binance |
|---|---|---|
| Minimum Deposit | $1 | $1 |
| Max Leverage (Futures) | 1:100 | 1:100 |
| Trading Platforms | Bybit | Binance |
| Base Account Currencies | Crypto | USD, EUR, GBP +10 fiat currencies, 50+ Cryptocurrencies |
| Number of Trading Accounts | 1 | 1 |
| Number of Markets | 320+ | 460+ |
Bybit Vs. Binance: Trading Fees
To make your decision more precise, we have now compared the two exchange platforms down to the prices they come at.
Trading Fees
| Fees | Bybit | Binance |
|---|---|---|
| Max Maker | 0.0% | 0.1% |
| Max Taker | 0.0% | 0.1% |
| Min Maker | 0.0% | 0.012% |
| Max Maker | 0.00% | 0.024% |
| P2P Transactions | 0.00% | 0-0.35% |
| Debit/Credit Card Purchase Fee | 0% | 1% |
Future Trading Fees
Both exchanges allow users to trade futures. That makes both of them stand similarly, but Bybit futures trading fees do prove to be slightly better than Binance. The following table supports this statement.
| Fees | Bybit | Binance |
|---|---|---|
| Max Maker | 0.01% | 0.02% |
| Max Taker | 0.06% | 0.04% |
| Min Maker | 0% | 0% |
| Max Maker | 0.03% | 0% |
Future Non-Trading Fees: Binance Vs. ByBit
Binance offers lower fees than Bybit, even for non-trading transactions. But that does not mean that Bybit has extortionary prices. The following table will help you learn more about it.
| Fees | Bybit | Binance |
|---|---|---|
| Account | 0% | 0% |
| Deposit | 0% | 0% |
| Debit/Credit Card Withdrawal | Not Allowed | 0% |
| Bank Transfer Withdrawal | Not Allowed | $1.5 |
| Inactivity | 0% | 0% |
| BTC Withdrawal | 0.0005 | 0.0001 |
Features Offered
| Features | Bybit | Binance |
|---|---|---|
| Number of Token Pairs | 341 | 1676 |
| 24 Hours Trading Volume | $460 Million | $12.5 Billion |
| Number of Token Pairs | 112 | 201 |
| 24 Hours Trading Volume | $10.5 Billion | $49.2 Billion |
| Trading Features | Margin Trading (upto 100X) Derivatives Trading Spot Trading | Margin Trading (upto 125X) Derivatives Trading Spot Trading |
| Other Features | Copy Trading NFT Marketplace P2P Trading Leveraged Tokens Crypto Savings | Grid Bot Trading Auto Invest P2P Trading Crypto Savings Crypto Staking Binance Visa Card Crypto Loans Binance Pay App |
| KYC | Not needed for withdrawal upto 2 BTC per day* | Required |
Bybit Features at a Glance
With Bybit, traders get a spot trading feature on more than 300 token pairs. They also get an average 24-hour trading volume of around $400 Million. It also offers derivatives trading on more than 100 token pairs. And the average 24-hour trading volume is about $10.5 Billion. The derivatives trading services are the platform’s USP, and that’s the main reason why you can see the phenomenal trading volume. Bybit also has a user base of 5 million and offers a margin of up to 100 times a user’s trading position.
Bybit offers a few unique features:
- Leveraged Tokens
This feature allows users to leverage a trade without using the features of margin trading. It saves the user from margin fees and interest and also the need to maintain margin at all times.
- NFT Marketplace
This feature allows users to buy and Sell NFTs easily.
- Copy Trading
This feature helps beginners copy trades of professional traders and make money in the Crypto market.
- Crypto Savings
With this feature, users can earn passive income on their crypto assets. The user’s assets are liquid, and they are deposited in their savings account. Now this means that you can withdraw or sell them at any moment.
Binance Features at a Glance
Binance offers over 1600 token pairs and has an average 24-hour trading volume of approx $12.5 Billion. Its share in derivatives trading volume is also much more significant as it offers more than 200 token pairs with an average 24-hour trading volume of approx. 49.2 Billion.
Binance offers a few unique features:
- Grid Bot Trading
This feature allows users to automate their trading strategy and gives them a chance to make money when they are not active or sleeping!
- Crypto Savings
This is among the most prevalent ways to make passive income with crypto assets. You get this feature in Bybit as well!
- Auto Invest
In the Auto Invest feature, you almost automate the investing in Crypto tokens. It helps in building discipline in your investment approach.
- Crypto Staking
This is another way of earning passive income on your crypto assets. Also, the returns are more than the savings returns. But in staking, there is always a lock-in period. So here, if you withdraw your funds before this period, you will lose all of your staking rewards.
Some More Essential Factors to Consider:
- Both Binance and Bybit are prohibited for US citizens. But Binance has a separate exchange known as the Binance.US. It is only a US-specific exchange. But in that, the features you get are very limited compared to what you get in the Binance international platform.
- Bybit is not having any in-house crypto tokens, but it has recently created BitDAO, which is a Decentralised Autonomous Organisation that supports crypto projects related to DAO, NFT, DeFi, Gaming, etc. BitDAO also has an in-house token called BIT.
- Whereas Binance has an in-house token named BNB. This token can be used in numerous ways. Also, traders can stake this token to earn passive income, avail of trading fee discounts, etc. And another positive aspect is that Binance consistently purchases BNB tokens from the open market and burns them. Now that’s beneficial for controlling the supply of BNS, which makes it more valuable.
- Binance consistently purchases BNB tokens from the Open market and burns them. This is beneficial for controlling the supply of BNS and hence increasing its value.
- Bybit does not require KYC up to a withdrawal of 2 BTC per day. Whereas Binance needs users’ KYC at the time of sign-up.
Bybit Vs. Binance: Withdrawal & Deposits
Honestly, if you want easy access to your money, consider Binance, as it offers better help than Bybit. Along with this, it also allows traders to access their money and make withdrawals via bank transfer.
Let’s check out this Detailed Comparison of how Binance or Bybit allows their traders to access funds and make deposits.
| Deposit Method | Bybit | Binance |
|---|---|---|
| Credit/Debit Card | Yes | Yes |
| Electronic Wallets | Yes | Yes |
| Crypto | Yes | Yes |
| Bank Transfer | No | Yes |
| Withdrawal Method | Bybit | Binance |
|---|---|---|
| Bank Transfer | No | Yes |
| Crypto | Yes | Yes |
| Credit/Debit Card | No | Yes |
| Electronic Wallets | No | Yes |
Bybit Vs. Binance: Account Opening
Another aspect common between the two is that are no KYC exchanges, and they both offer seamless account opening and registration processes.
If you wish to open an account on Bybit, you first have to head to the Bybit account registration page and then open an account with your email ID and password. You can also open an account using your mobile number.
To open an account on Binance, you will have to first register on the Binance Futures platform, and there you can open an account using an email ID.
In both exchanges, you require KYC if you wish to deposit Fiat currency from third-party providers.
Bybit Vs. Binance: Security
This point is quite clear as it is important to look forth. Bybit offers a robust security management framework in place and has a two-factor authentication to prevent unauthorized sign-in. Plus, it also has a cold-wallet system for funds security. Bybit keeps over 90% of the users’ funds in an HD cold wallet system with a multi-sign address mechanism to avoid any fraud chances.
Binance did experience a few minor security issues in 2019. Still, the platform, in general, is known for its multi-tier security architecture, which has a two-factor authentication that enables it to offer a secure trading environment.
Along with this, it uses a combination of hot and cold wallets, with most of the funds stored in cold wallets to secure users’ funds. But it is advised to users that they avoid keeping funds in the Exchange wallet. But they ask the users to keep it in Trust Wallet, which is Binance’s own wallet, which is an even more secure option.
Bybit Vs. Binance: Learning Tutorials
On this aspect, both these platforms need to improve, especially Bybit. The following table explains why.
| Education Type | Bybit | Binance |
|---|---|---|
| Courses | No | Yes |
| Webinars | No | Yes |
| Books | No | No |
| Videos | Yes | Yes |
| Demo-Account/Paper Trading | No | No |
| Articles | Yes | Yes |
Bybit Vs. Binance: Pros & Cons
Bybit Pros & Cons
- Offers a leverage ratio of 1:100.
- It has Market Indicators are available.
- Offers zero-fee spot trading.
- Future fee is lower.
- No KYC for Starting off.
- Offers a $50 deposit bonus.
- Restricted for US traders.
- Offers only 4CFD Products.
Binance Pros & Cons
- Offers a leverage ratio of 1:100.
- Traders can also open fiat currency accounts.
- Via Staking, Mining, and Pools, Traders can earn good passive incomes.
- It offers users access to ETFs, NFTs, and Derivatives.
- Through Binance, traders pay 0% withdrawal fees.
- Does not offer service in 12 US States.
- There is no multi-lingual support.
Top FAQs on Bybit Vs. Binance
Is P2P available on both Bybit and Binance?
Yes, on both platforms, users get P2P Trading. But the Binance P2P is more popular and widely used.
Which cyrpto-exchange platform is cheaper?
If you consider the fees offered by Bybit, it is higher to its slightly lower trading and withdrawal fees, so we can say that it is a cheaper exchange platform.
Is Bybit safe and legit?
Bybit is a reliable and trustworthy crypto exchange that uses advanced security protocols to keep users’ accounts safe. It keeps security at the top and ensures it includes a mandatory 2FA for withdrawals and changing security settings, and SSL encryption.
Which cyrpto-exchange platform is more accessible?
You can access Binance from your desktop and mobile, whereas Bybit can only be accessed via mobile. So this concludes that Binance is the one that offers better access to traders.
In which countries does Bybit not offer its services?
Bybit does not offer services or products to users in a few excluded jurisdictions, including the United States, Singapore, Ontario and Quebec (Canada), mainland China, North Korea, Iran, Crimea, Sevastopol, Sudan and other jurisdictions in which they may determine from time to time to terminate their services.
Is Binance safe?
Binance is a reliable, safe and secure platform from where you can buy and sell cryptocurrencies easily using its streamlined buy/sell process. In just three ways, you can get your first Bitcoin, Ethereum or any other cryptocurrency.
Who owns Binance?
Binance is owned by Changpeng Zhao, who is also called “CZ.” He is also the founder and Chief Executive Officer of Binance. He founded Binance in 2017, and since then, the company has increased its daily trading volume to over $20 billion.
How much does it cost to withdraw money from Binance?
You are not charged as there are no fees for cash deposits or withdrawals by ACH Bank Transfer in Binance. Also, Bank Wire Deposits are Free and but Wire Withdrawals cost $10 to $15.
Conclusion: Bybit Vs. Binance – Which one to choose?
While doing this Bybit Vs. Binance review, we found that both platforms came out to be good crypto-exchange platforms. Both of them offer good flexibility and safety to their users. But the final call totally depends on the user’s trading preferences and which exchanges to select.
Considering Binance, well it is suitable for users who are looking to trade in multiple derivatives instruments like perpetual futures contracts. Both experienced and professional traders can find Binance easy to use. If you consider Bybit, well, it is largely focused on building a customer-centric platform and successfully eliminates the platform’s noise with fewer offerings and helps traders to make better-informed trade decisions.
So our verdict will be that there is no clear or outright winner at all. Both platforms are equally good and come with a wide range of features, and you can use one as an alternative to the another.
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