Bybit vs Binance | Which Is The Better Crypto Exchange?
Jack Moreau
Apr 2024
4 min to read
Fact checked
Introduction: In this breakdown, we have compared two of the most popular exchanges on the market, Bybit vs Binance. We compared their products, user experience, deposit methods, trading fees and more so that you can decide which makes most sense for you to use!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Founded in 2018 by visionary Ben Zhou, Bybit is registered in the British Virgin Islands as Bybit Fintech Limited, with its headquarters in Singapore.
Bybit exchange
With a dedicated force of over 1000 employees, Bybit's reach spans over 200 countries, although it has set limitations in regions like the US, the UK, Singapore, Quebec and Ontario.
Bybit takes pride in offering advanced trading derivatives and over 350 cryptocurrencies. This includes the likes of perpetual contracts, futures, and inverse contracts and a staggering 100X leverage on cryptocurrencies such as Bitcoin and Ethereum.
Their commitment to excellence is evident in their high-speed matching engine, ensuring traders experience minimal downtime and slippage. This dedication has won them a colossal user base, with over 20 million enthusiasts primarily from Europe and Asia.
The modern trader's need for on-the-go access is addressed by Bybit's mobile applications, available for both IOS and Android. Their apps have been downloaded by over 10 million users and have received a stellar 4.7-star rating garnered from over 190,000 reviews.
Bybit mobile app
Transitioning our focus to the true juggernaut in the cryptocurrency space, Binance was founded in 2017 by Changpeng Zhao in 2017.
Binance's reputation as one of the world's largest and most frequented trading platforms is hard-earned. Its vast array of trading and financial services, which includes spot trading, futures trading, staking, and more is a testament to its holistic approach to cryptocurrency trading.
Binance app
Binance is distinguished as the world's most liquid exchange and the platform's popularity is evident in its staggering 150 million strong global user base.
Their Android application has found its way into over 50 million devices, securing a commendable 4.4 rating from over a million reviews.
Bybit vs Binance: Signup & KYC
When it comes to signing up for Bybit and Binance, the process is quite easy and user-friendly taking only a few minutes to complete.
Although Binance's KYC process is more thorough, it usually takes only 5-10 minutes to complete. On the other hand, Bybit's KYC verification process is slightly faster, typically taking around 10 minutes to complete.
Binance verification levels
One big difference is that Bybit provides access to certain services without a KYC requirements. Binance on the other hand requires all of its users to go through KYC in order to use its services.
Bybit KYC
Overall, both exchanges offer a seamless and efficient user experience that makes it easy for users to get started with cryptocurrency trading.
Bybit vs Binance: Products & Services
Over the past five years, Bybit has significantly expanded its offerings matching the rapid growth of its user base. It's become a versatile exchange, targeting both retail users and professional traders with a wide array of products.
Bybit Product Offering
One of Bybit's key strengths lies in its user-friendly platform. Despite the diversity of its offerings, it's remarkably easy to navigate, making it a great starting point for beginners in cryptocurrency trading.
The main attraction of Bybit is its spot trading capability allowing users to trade a substantial range of over 450 cryptocurrencies.
Bybit Spot Trading
This includes a comprehensive assortment of large-cap coins and a variety of altcoins that are hard to find in other exchanges.
Bybit Cryptocurrency Markets
For those interested in leveraged trading, Bybit offers margin trading with up to 10X leverage. Additionally, Bybit provides leveraged tokens, enabling users to leverage up to 2X on 30 cryptocurrencies without the risk of liquidation.
Bybit Marging Trading
Bybit has also developed a range of trading bots for automating various strategies like futures grid, futures martingale, spot grid, and DCA.
Bybit Trading Bots
Moreover, the platform offers a wealth of pre-designed strategies with historical track records, which users can copy for free. Copy trading is another feature, allowing users to mirror the actions of professional traders.
Bybit Copy Trading
In futures trading, Bybit offers over 180 perpetual contracts with options for up to 100X leverage. This includes a variety of products like USDT perpetuals, inverse perpetual & futures, USDC perpetual & futures, and USDC Options.
Bybit Perpetual Products
For options trading, Bybit has European-style cash-settled options, priced and settled in USDC. Users can choose between isolated margin and cross margin, depending on their preference for account management.
Bybit Perpetual Trading
Bybit stands out in the market with its high trading volumes, ranking in the top 10 for spot trading with over $1 billion, and top 5 for derivatives trading with over $7 billion.
Bybit Trading Volumes
The platform also supports demo trading, allowing users to practice trading strategies risk-free without having to involve real money.
For those looking to earn interest on their holdings, Bybit offers various products like lending and borrowing, liquidity mining, dual asset, etc.
Bybit Earn Products
Users can earn interest on BTC, ETH, USDT, USDC, and other coins through flexible and fixed-term earnings, staking rewards, and liquidity mining.
Bybit also introduces a unique Master Card, offering real-world spending of digital assets with up to 10% cashback in rewards.
Bybit Mastercard
Recently, Bybit added NFTs to its platform supporting digital collectibles on blockchains like Ethereum, Solana, Polygon, Tezos, and BNB Chain.
Bybit NFTs
Furthermore, Bybit provides a launchpad for early-stage projects where users can commit MNT or USDT tokens to receive allocations of new project tokens.
Bybit Launchpad
Lastly, Bybit caters to high-net-worth individuals and institutions as well with an OTC desk, facilitating the instant settlement of large trades up to $10 million.
Bybit OTC Trading
This comprehensive suite of services establishes Bybit as a formidable player in the cryptocurrency exchange market.
On the other hand we have Binance which stands as a titan in the exchange market with an insane user base of over 150 million. Its wide array of products and services are designed to cater crypto novices, traders and institutional clients.
Both the website and mobile applications are crafted with a beginner-friendly UX making it easy for those new to the world of cryptocurrency to navigate and engage.
At the heart of Binance's offerings lies its spot trading platform where users can buy and sell over 350 cryptocurrencies including BTC, ETH, SOL, ATOM, OSMO, ARB, SUI, BUSD, USDT and many others.
Binance Spot Trading
For traders seeking to leverage their positions, Binance offers margin trading with 3-10X the leverage depending on the cryptocurrency. Binance also shines in its offerings for automated trading enthusiasts. It boasts thousands of active strategies accessible via trading bots.
Binance Trading Bots
These bots cover a wide range of trading strategies including spot trading to Dollar Cost Averaging (DCA), auto-investing, and rebalancing, making it a great tool for beginners and traders.
The platform's capabilities extend to more sophisticated futures trading products, including perpetual contracts and options with up to 125X in leverage.
Binance Perpetual Contracts
It also offers a wide variety of USD-Margined futures contracts, ideal for traders looking to counterbalance the volatility of cryptocurrencies with stablecoin settlements. In addition, Binance provides access to coin-margined futures contracts, settled directly in cryptocurrencies.
Options trading is another feature on Binance which offers hedging opportunities across five underlying assets, including BTC, ETH, BNB, XRP, and DOGE, with over 700 contracts available.
Binance Options Trading
Binance’s trading platform is not just versatile but also feature-rich, equipped with advanced charting tools for technical analysis and various order types for effective risk management.
The platform also boasts the highest liquidity in the market, with over $60 billion in 24-hour trading volume. This high liquidity translates to lower spreads and more cost-effective trading for users.
Binance Crypto Markets
Beyond trading, Binance offers a suite of financial products for those looking to earn interest on their digital assets.
The Binance Earn platform is a comprehensive hub for savings, staking, and liquidity farming, offering flexible or fixed-term interest options on a range of assets like BTC, ETH, USDT, and USDC.
Binance Earn
For those interested in riskier investment avenues, the Binance Launchpad provides early access to new token projects.
Additionally, Binance caters to the NFT market with a dedicated section for retail users to buy and sell NFTs on popular blockchains like Bitcoin, Ethereum and Binance Smart Chain.
Binance NFTs
Binance also facilitates OTC Trading for large-scale transactions, providing a private and secure environment for individuals and institutions.
Binance OTC
In the decentralised world, Binance has developed its own blockchain (Binance Smart Chain) encouraging DeFi application development and engagement with non-custodial wallets.
Complementing this is the acquisition of Web 3 Trust Wallet, now a multifaceted wallet used by millions to access DeFi Dapps.
Binance Web 3 Wallet
Security is a paramount focus for Binance. The platform offers a Secure Asset Fund for Users (SAFU) and has implemented proof of reserves, ensuring that clients can easily verify the integrity of their assets.
When it comes to trading fees for futures, Bybit offers a lower maker fee of 0.01% compared to 0.02% for Binance, whereas Binance offers a lower 0.04% taker fee compared to Bybit's 0.06%.
Bybit futures fees
While there are some small differences in trading fees, both exchanges offer very low and competitive trading fees which is why they are two of the most popular exchanges in the market.
When it comes to fiat deposit options, both Bybit and Binance offer a wide range of fiat currencies which cater to their users preferences.
Diving deeper into Binance's offerings, this platform supports an extensive range of 26 fiat currencies, making it the industry leader in terms of variety. Some of the prominent currencies supported include the Australian Dollar (AUD), Euro (EUR), British Pound (GBP), and Polish Zloty (PLN).
Binance fiat deposits
However, a noticeable exclusion from this impressive lineup is the US Dollar (USD). In terms of deposit methods, Binance offers its users multiple options.
Those inclined toward traditional banking systems can leverage Bank Transfers through channels such as SWIFT, Signet, SEPA, and FasterPayments. On the other hand, for users who prioritise convenience and speed, Binance facilitates deposits via major credit card providers, VISA and Mastercard.
However, it's worth noting that while convenience is an upside, depositing funds using a credit card incurs a 1.8% fee. For those opting for SEPA deposits, a nominal fee of 1 EUR is charged
On the flip side, Bybit, although not as extensive in fiat support as Binance, still offers a respectable variety with support for 10 fiat currencies.
Some of these include the universally recognised US Dollar (USD), along with others like the Russian Ruble (RUB), Mexican Peso (MXN), Brazilian Real (BRL), Argentine Peso (ARS), and the Turkish Lira (TRY).
Bybit fiat deposit
Users have the option to deposit funds via Bank Transfers using channels like SEPA, FPS, QiWI, Advcash, and PIX. One point to consider for potential users is the fee structure: there's a charge of $8 for deposits made via wire transfer.
Withdrawing fiat currencies can be a hassle, but Bybit and Binance make it easy for their users. Binance allows for withdrawals via Bank transfer (SWIFT/Signet/SEPA/FasterPayments) or Visa/MasterCard with a 1.8% fee. SEPA withdrawals incur a 1 EUR fee, while many other fiat currencies can be withdrawn for free.
Binance fiat withdrawals
Bybit offers withdrawals via Bank Wire and OpenPayd for the ten fiat currencies that it supports. Bank withdrawals for BRL and TRY are free and USD Wire Transfers come with a high fee of $25.
If you're looking to withdraw EUR or GBP, that is also possible with Bybit via SEPA and Faster Payments (FSP) with a 0.2% commission fee.
Both Binance and Bybit are excellent cryptocurrency exchanges that offer a wide variety of features and tools for traders. Binance is a leading exchange in the industry offering a wide range of trading pairs and access to a large number of cryptocurrencies.
Bybit, however, is a more specialised exchange that focuses on derivatives trading, offering a range of options for margin and futures trading. Ultimately, the choice between the two exchanges should be based on the individual trader's preferences and needs.
Our team loves and uses both exchanges and if we are forced to, we have to give a small edge to Binance that is simply a bit more versatile than Bybit.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
