Summary: Bybit and Binance are two leading cryptocurrency exchanges, boasting a combined user base of over 130 million. Both platforms provide similar features, token selections, and user interfaces. However, Bybit emerges as the superior choice due to its non-KYC policy, allowing users to deposit, trade, and withdraw funds without identity verification.
Additionally, Bybit offers lower fees, a broader range of tokens, higher staking APYs, and increased transparency through proof-of-reserves, ensuring a 1:1 ratio of user funds. Binance's lack of transparency in holdings raises concerns, particularly in light of the FTX incident.
Binance is the most popular cryptocurrency exchange in the world and offers a wide range of futures including multiple order types (futures, spot, margin and options trading), four staking options, lending and borrowing, a crypto card, a P2P trading platform, an NFT marketplace and more.
Bybit also offers multiple trading types such as leveraged tokens, margin, spot, derivatives and options trading with up to 100x leverage – something not offered by many other exchanges. In addition to trading it offers an NFT marketplace, a P2P exchange, seven staking options, lending and borrowing services, copy trading, trading bots, a rewards hub and much more.
Winner: Bybit offers significantly more features than Binance including more staking options and copy trading, a feature that allows users to mimic the trades of successful investors.
Binance is renowned for its low fees structure with standard spot trading fees starting at 0.1% and discounts of up to 25% available for high-volume traders. Its derivatives maker/taker rebate is the lowest globally at 0.01%/0.05%. Fiat currency deposits and withdrawals vary depending on the method and range between 0.5% - 3.5%. Crypto deposits are free and withdrawals are subject to a small gas fee.
Bybit also offers a competitive fee structure, with taker and maker fees almost matching Binance’s rates at 0.01%/0.06%. Additionally, Bybit has a tiered system which further reduces the trading costs for high-frequency traders. They offer free and instant fiat currency and crypto deposits. There are no fees to withdraw fiat currencies but there is a small fee to withdraw cryptocurrencies.
Winner: The fee schedule is very similar between Binance and Bybit, however, Bybit may be slightly cheaper depending on how much you trade.
Is Bybit safer than Binance?
Binance offers a variety of security measures and has a highly advanced security system. It has two-factor authentication (2FA) to protect user accounts and also uses cold storage for its digital assets. Binance is also compliant with KYC/AML regulations, meaning that users must complete identity verification before they can deposit or withdraw funds.
Bybit is also very secure but does not require KYC/AML regulation like Binance. This allows users to remain anonymous while trading on the platform which may be attractive to some crypto traders who value their privacy. Furthermore, they are one of the few exchanges who are transparent in their holdings and provided proof-of-reserves showing users funds are held 1:1.
Winner: Bybit provides transparent holdings and prioritises users privacy by not requiring KYC.
Trading and Order Types
Binance is one of the most popular exchanges in the world mainly because it offers an extensive range of trading pairs and order types across spot, margin and futures markets. These include limit orders, market orders, stop-limit orders, OCO orders and more. There are eight different trading types on Binance including leveraged tokens and options trading
Bybit offers similar markets spot, margin, options and derivatives trading but provide up to 100x leverage for select markets. In total, there are seven training/order types on Bybit.
Winner: Binance offers more trading/ordeer types and markets than Bybit does.
Binance is currently available to use in 100 countries, as it is a regulated exchange it can only operate in countries where it has acquired the appropriate licensing.
Bybit is available in most countries except for those where cryptocurrency is completely banned or restricted. Bybit currently provides its services to 180+ countries because it is unregulated and does not require KYC.
Winner: Bybit is the largest global exchange in the world and offers services in 180+ countries.
Customer Support Options
Binance is well known for its customer support which includes a 24/7 live chat service, email support, and online ticketing system. Additionally, they have an FAQ section on their website and a forum to connect with other traders. The support team can also be reached via one of their online communities like Facebook, Instagram, TikTok and Twitter.
Bybit also has excellent customer service with 24/7 live chat, email support and online ticketing system. They also have an extensive FAQ section as well an educational blog on Crypto, DeFi and NFTs. Additionally, their team can be contacted in over 30 languages through their live chat feature and social media communities like Twitter, Telegram, Discord, Reddit and Facebook.
Winner: Bybit offers customer support in over 30 languages and is overall more diverse than Binance.
Mobile Application - iOS and Android
Binance is available for both iOS and Android users. The app is user-friendly and allows traders to access various features such as account management, order placement, charting and more.
Bybit’s mobile application offers the same features as Binance but adds a few additional features such as margin trading, dark mode, customisable watchlists and more. It also has an intuitive interface that is easy to use.
Winner: Bybit's mobile application offers more features than Binance's which makes it the winner in this category.
Binance is known for its intuitive and user-friendly interface, with a clean design that allows traders to quickly access the markets they want. The trading experience is also smooth with low slippage and no delays when placing orders.
Bybit’s interface is similar to Binance in many ways as it has a well designed UI and simple navigation. There are no delays or lag when placing orders either making the overall user experience great.
Winner: Both exchanges offer an excellent user experience but Bybit edges out Binance by offering more features on their mobile app.
The Bottom Line
In conclusion, both Binance and Bybit are highly competitive and popular cryptocurrency exchanges, each with their own set of advantages. Bybit offers a wider range of features, superior customer support, and a more comprehensive mobile application, making it a strong choice for users seeking diversity and additional trading tools. Binance, on the other hand, has an extensive range of trading pairs and order types, making it a popular choice for users looking for a highly versatile trading platform.
Ultimately, the best exchange for you will depend on your trading preferences, location, and the specific features you prioritize. With both exchanges offering top-notch security measures and user experience, you can confidently choose either platform to begin or continue your cryptocurrency trading journey.