Bybit vs Binance

Bybit vs Binance

Robert McDougall 

August 16, 2022

Cryptocurrency

Bybit is a fast-growing and innovative crypto exchange headquartered in Singapore. A team of professionals with investment banking experience founded this company in 2018 and registered it in the British Virgin Islands. Their aim was to provide a global, secure, fully transparent, and fast trading system.

Currently, there are over 1.6 million users signed up and using Bybit’s services, while the company remains fully focused on providing an optimal experience to its users. It supports 220+ cryptocurrencies and offers a unique set of trading features.

Binance on the other hand, is a global platform based in Malta and founded in 2017. It is a renowned crypto exchange platform offering trading services and advanced tools to suit all types of crypto enthusiasts, from beginners to intermediate and experienced ones.

This exchange is one of the biggest in the world at the moment and ranks among the best ones in terms of trustworthiness and security.

Let’s compare these two and find out their rates, fees, features, pros and cons, and determine which one is a better choice for you and your investment needs.

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

Number of Coins

220+

600

Trading Fees

Spot: 0.1%, Derivatives: 0.01% / 0.06%

0.1%

Deposit Methods

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Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

Number of Coins

220+

600

Trading Fees

Spot: 0.1%, Derivatives: 0.01% / 0.06%

0.1%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Pros
  • No KYC required
  • Margin trading with high leverage (up to 100x)
  • Insurance package in place
  • Low fees, high bonuses, and multiple order types
  • Excellent 24/7 live chat support
Cons
  • No fiat withdrawals
  • Not available in the US
Pros
  • Wide range of 600 coins
  • Many features such as NFT marketplace, crypto interest, crypto borrowing, and P2P marketplace
  • Impeccable data and asset security in place
  • Largest crypto exchange by trading volume
Cons
  • Not available in the USA, but you can use the sister site Binance.US
  • KYC required

Bybit vs Binance Fees

Bybit’s fees are among the lowest on the market, with spot trading fees of 0.1%, and derivatives trading fees of 0.01% for makers and 0.06% for takers. 

Bybit employs a fiat gateway so you can convert your fiat assets to crypto, and this will cost around 3%, depending on the third-party payment processor. Depositing fiat and crypto is free of charge, and withdrawing crypto will incur a fee that is dependent on the asset. Fiat withdrawals are not supported on Bybit.

Binance also has low trading fees of 0.1% which can be reduced by 25% if you pay fees using the platform’s native token BNB. Depositing funds may incur a fee which depends on the deposit method and currency. For example, it is free to deposit Australian Dollars (AUD) using PayID/OSKO, but if you want to deposit Hong Kong Dollars (HKD) using a bankcard, the fee is 3.50%. To check the relevant fees for your fiat currency and deposit method, click here.

Winner - Bybit

Bybit’s fees are among the lowest on the market, with trading fees as low as 0.01% for derivatives makers and 0.0% for takers.

Bybit vs Binance Deposit Methods

On Bybit, you can deposit cryptocurrency, and a limited number of fiat currencies, which will be expanded in the near future. Currently you can deposit EUR, GBP, BRL, ARS and RUB, using bank transfer, which is free of charge. If you wish to purchase crypto using other currencies, you can use the fiat gateway, which supports a much wider range of payment options, such as Visa/Mastercard, bank transfer, Google Pay, Apple Pay, Samsung Pay, and more.

Binance accepts various fiat deposit methods, such as bank transfer, SEPA, ACH, credit card, debit card, Google Pay, SWIFT, and SOFORT/iDEAL. Cryptocurrency deposits are also accepted on Binance.

Winner - Draw

Both Bybit and Binance have a range of payment methods, and which one you choose will depend on your personal preference.

Bybit vs Binance Features 

Bybit started out as a derivatives-only type of platform, but then explored other aspects of the crypto world and added a number of additional trading features. Now, spot trading is available, and users can choose from over 220 coins to trade against USDT.

Being undoubtedly the largest derivatives trading platform in the world, Bybit offers incredibly high liquidity. You can trade with USDT perpetual contracts, inverse perpetual contracts, and inverse future contracts.

Bybit excels the most in margin trading, and is the best margin trading platform in the world. Experienced traders can enjoy leverage of up to 100x in order to maximize profits on their trades, but of course you need to be wary of the risks, as crypto can be extremely volatile.

Bybit also offers many other features, such as Copy Trading, where you can follow the exact trades of the most successful investors, as well as a demo mode, where you can learn how to trade, or try out different strategies risk-free, using play money. To read about all of Bybit's features, read our comprehensive review here.

Binance is another intriguing crypto exchange platform with various trading options available. It hosts over 600 coins, 1300 markets and plenty of additional features. Similar to Bybit, Binance also has high liquidity, as the largest crypto exchange in the world, based on trading volume.

Binance offers crypto borrowing, crypto lending, and a P2P marketplace. There is also an NFT marketplace for those who are looking to buy, sell, or create their own NFTs. In addition to this, there’s also a Binance Earn option where you can earn passive income by staking your cryptocurrency.

Binance also allows fiat withdrawals from the exchange, which is not supported on Bybit. If you wish to withdraw your funds from Bybit, you need to transfer your crypto to another exchange that accepts withdrawals first. 

Winner - Bybit

Both platforms offer spot trading, margin trading, and crypto interest earning. However, Bybit comes out on top in this category due to additional features such as Copy Trading and a Testnet demo mode.

Bybit vs Binance Security

Safety and security are of paramount importance, especially in a highly volatile market like cryptocurrency. Both crypto platforms are incredibly secure, with Bybit employing two-factor authentication (2FA), SSL encryption, cold wallet storage, and three-level verifications, among other features. The company is quite rigid when it comes to users’ data and asset safety and is incredibly transparent.

Binance uses cold storage for the majority of their crypto funds, to protect users in the case of any security breaches. They encourage their users to enable 2FA, whitelist devices, set up anti-phishing codes, and U2F (universal 2nd factor authentication). In 2019, Binance was hacked, and more than $40 million of Bitcoin was hacked. However, since then, Binance has ramped up cybersecurity, and merely four months later, they were awarded ISO 27001 certification.

Winner - Draw

Both of these crypto exchanges are at the top of the game when it comes to security. You don't need to worry about your funds or data being compromised when using Bybit and Binance.

Number of Cryptocurrencies

Bybit supports over 220+ cryptocurrencies to trade, and these are some of the most popular and highly-traded coins.

Binance offers a whopping 600+ cryptocurrencies, so you will almost definitely find the coin you are looking for on Binance.

Winner - Binance

Binance is the obvious winner in this section, with more than double the number of coins available. However, Bybit's range of 220 coins is still quite substantial, and includes the most traded cryptocurrencies.

Verdict - Bybit

Bybit and Binance are both renowned crypto exchanges on the market, and both are well suited for frequent traders.

Bybit excels in spot trading, margin trading, and derivatives trading, offering incredibly low fees and up to 100x leverage on trading operations. With over 220 cryptocurrencies supported, a demo account available, and 24/7 live chat customer support, it’s safe to say that Bybit cares about its users like no other.

Binance also offers a lot of features, with support for over 600 coins, low fees, and plenty of other options such as P2P, crypto lending, staking, and NFT marketplace. It caters to all types of crypto enthusiasts with classic and advanced features and interfaces.

Bybit is the ultimate winner in this comparison, with the heavy focus on its customers, low trading fees, and 24/7 live chat. If you decide to sign up, you can also use this link to receive $10 FREE Bitcoin, even before depositing any funds.

Overall Winner - Bybit

Bybit wins this comparison with low fees, 24/7 live chat, and excellent features like margin trading, testnet (demo) mode, and Copy Trading.

Still Researching?

If you want to read more about these two crypto exchanges, read our detailed reviews of Binance (here) and Bybit (here). If you are from the US, you won't be able to access either of these platforms; there is a sister site Binance.US and you can also use Bybit in the US if you have a VPN. Alternatively, have a read of our article on the best crypto exchanges in the US. There is also a quick comparison table below that summarizes some key info.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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