Bybit vs. Binance 2023

Martin Parks – Last Updated on September 26, 2023

Bybit is the best overall cryptocurrency exchange when compared to Binance since they have lower costs, greater leverage in futures trading, and do not require KYC in order to join.

Binance currently has significant fees that are more expensive at 0.1 percent per trade, when compared to Bybit that offer an amount of 0.025 percent on trades. That means that you are cash back in exchange for Maker Orders on their platform.

Comparison Table

BybitBinance
Amount of Cryptocurrencies220+600+
Trading Fees0.01% to 0.06%0.1%
Deposit FeesVariesFree
Withdrawal FeesDepends on the currency and withdrawal methodFree
Payment MethodsVisa/Mastercard, bank transfers, Google Pay, Apple Pay, and Samsung Paybank transfer, SEPA, credit card, ACH debit card Google Pay, SWIFT, and SOFORT/iDEAL

Bybit Pros and Cons

bybit homepage

Pros

  • Huge selection of 100+ trending coins and tokens.
  • Advanced trading options and technical analysis tools.
  • Up to 100x leveraged margin trading and futures contracts.
  • A broad range of crypto derivatives and advanced perpetual contracts.
  • A wide variety of fiat currencies.
  • Testnet account available for beginners.

Cons

  • Isn’t available in the US.
  • Margin trading, futures, and crypto derivatives are very risky.

Binance Pros and Cons

binance homepage

Pros

  • More than 600 available cryptos.
  • The largest cryptocurrency exchange in the world.
  • More than 30 fiat currencies.
  • Some of the lowest fees among crypto exchanges.
  • Numerous payment methods.
  • Beginner-friendly, advanced, and pro-level trading features.

Cons

  • US users need to use the Binance US platform, which has far fewer trading features and cryptos compared to the main Binance platform.
  • The customer service is often unresponsive, and there’s no live chat feature.

Features

Bybit was initially an exchange that only dealt in derivatives It then delved into different aspects of the crypto market and added other trading options.

The most comprehensive trading platform for derivatives worldwide, Bybit offers incredibly high liquidity. It allows you to trade USDT perpetual contracts as well as inverse perpetual contracts and reverse future contracts.

Bybit is the best in margin trading and is the most efficient margin trading platform available. Traders who are experienced can benefit from leverage up to 100x in order to maximize the profits they earn from their trading. However, you must be aware of the potential risks, since cryptocurrency can be extremely volatile.

Bybit also comes with a range of options, including Copy Trading, where you can track the exact trading patterns made by the top investors and an option to demo, where you can get a head start on learning how to trade or test various strategies for free, using play money.

Binance offers crypto-based borrowing cryptocurrency lending, crypto borrowing, as well as a marketplace for P2P. Additionally, there is an NFT marketplace for those looking to purchase, sell, or even create your own NFTs. Additionally it also has a Binance Earn option to earn passive income from placing your cryptocurrency in.

Additionally, Binance allows withdrawals in fiat from its exchange, but this is not available on Bybit. If you are looking to withdraw funds from Bybit then you must transfer your crypto funds to another exchange that allows withdrawals first.

Both platforms allow the option of spot trades, margin trading and also crypto interest earning. But, Bybit comes out on the top of this list because of additional features like Copy Trading and a Testnet demonstration mode.

Winner: Bybit

Supported Cryptocurrencies

Bybit offers more than 220 currencies to trade and they are among the most sought-after and well-traded currencies.

Binance has a huge selection of 600+ cryptocurrency, which means it is likely that you will find the cryptocurrency you’re seeking on Binance.

binance supported cryptocurrencies

Binance is by far the most popular choice in this area, having more than double the amount of coins offered. However, Bybit’s collection of 220 coins is very substantial and comprises the most popular cryptocurrency.

Winner: Binance

Fees

Bybit’s charges are among the most affordable on the market and include the cost of trading on spot of 0.1 percent and fees for derivatives trading of 0.01 percent for producers and 0.06 percent for buyers.

Bybit utilizes the fiat gateway, so you can transfer your assets that are fiat into crypto for a fee of approximately 3%, based on the third-party processor. The deposit of crypto and fiat is completely free, and withdrawing crypto can incur an amount that is contingent on the currency of the asset. Fiat withdrawals aren’t possible by Bybit.

Binance also has trading charges of 0.1 percent that can be cut by 25% by paying fees with the native currency on the platform BNB. The deposit of funds can incur fees that are based depending on deposit methods used and currency.

Bybit’s charges are among the lowest in the marketplace and trading charges are as little as 0.01 percent for derivatives producers and 0.0 percent for customers who buy derivatives.

Winner: Bybit

Customer Support

Bybit is one of the biggest social media presences in the crypto space, with more than 10 , online community. You can contact Bybit by Live Chat, E-mail, Twitter, Discord, Telegram, Instagram, Youtube, Facebook, LinkedIn, Reddit, Trust Pilot, TikTok & Medium. Support from the Bybit support team is able to be reached in more than 30 languages, including English, Spanish, Mandarin, Japanese and more.

Binance also has live chat on its platform, and provides help through email. However, while they not have as many online communities You can find Binance in Discord, Telegram, Facebook, Twitter, Reddit, LinkedIn, Instagram and VK.

Bybit provides support for its customers across more countries than Binance does and offers considerably larger contact methods.

Winner: Bybit

Deposit Methods

Bybit, you can deposit Bybit You can make deposits on cryptocurrency, as well as a restricted amount of fiat currencies which will be added soon. You can currently deposit EUR GBP, BRL, ARS, and RUB via bank transfer. This is completely free. If you are looking to buy crypto in other currencies, you are able to utilize the fiat gateway that allows a greater variety of payment options like Visa/Mastercard, bank transfers, Google Pay, Apple Pay, Samsung Pay, and many more.

Binance allows a variety of methods of depositing money with fiat including bank transfer, SEPA, credit card, ACH debit card Google Pay, SWIFT, and SOFORT/iDEAL. Deposits in cryptocurrencies are also accepted by Binance.

Each Bybit and Binance provide a variety of payment methodsavailable, and the method you choose is based on your individual preferences.

Winner: Tie

Security

Security and safety are essential particularly in a volatile market such as the cryptocurrency. Both platforms are extremely secure and secure, with Bybit using 2-factor authentication (2FA), SSL encryption as well as cold wallet storage and three-level verifications among other things. Bybit is extremely strict in regards to user information and asset security and has a remarkably transparent.

bybit security

Binance makes use of cold storage for their majority of crypto-based funds to safeguard their users from any security breach. They urge their users to enable 2FA whitelisting devices, install anti-phishing codes and use U2F (universal two-factor authentication). In the year 2019, Binance was hacked, and more than $40 million worth of Bitcoin was compromised. But since the time, Binance has ramped up security, and just four months after, they received ISO 27001 certification.

Because Binance has a history in hacking Bybit has the edge. The main reason why Bybit is ahead in the security department.

Winner: Bybit

Conclusion

Bybit as well as Binance are two of the most well-known cryptocurrency exchanges available on the market they are both designed for those who trade regularly. However, Bybit is the winner because of its emphasis on its clients, the low charges for trading, and a live chat available 24/7.

Frequently Asked Questions

Can I make money on Binance?

Binance is a great crypto platform for making money because it offers users numerous possibilities, from spot trading, margin trading, leveraged futures contracts, and P2P trading, all the way to numerous staking options, liquidity mining, crypto savings accounts, and a booming NFT marketplace.

Can you lose money on Binance?

Sure you can. Crypto trading is a very risky activity because cryptocurrencies are highly volatile assets with dramatic price fluctuations within small periods of time. That’s why trading cryptocurrencies is a high-risk endeavour, and you should never invest more than you’re prepared to lose.

How do I get my money out of Binance?

You can easily cash out your crypto into fiat currency by connecting and verifying a bank account on Binance. Once you connect a bank account, you’re ready to facilitate fiat currency transactions from the platform to your bank account.

Is it safe to link a bank account to Binance?

Linking your bank account to Binance is perfectly safe because the exchange platform keeps all user data protected by advanced encryption methods and doesn’t share any of that information with third parties.

How does Binance make money?

Binance makes money mainly from platform trading fees. Although the Binance fees are among the lowest in the industry, the platform manages to achieve high profits thanks to the fact that it’s the most popular exchange in the world, with the highest number of active users.

Is ByBit legit?

ByBit is definitely a legit crypto exchange despite the fact that it isn’t regulated. While regulated exchanges need to have special licences to provide users with crypto services, they usually have a rather limited choice of services and supported cryptos. ByBit isn’t regulated, but it supports hundreds of coins and has millions of satisfied users, which means you can rest assured that you’ll really get what you paid for.

Why is ByBit not allowed in the US?

ByBit isn’t allowed in the US because it’s an unregulated exchange platform that provides derivatives trading services, which are banned in the US.

How do I cash out on ByBit?

You need to withdraw your crypto to a fiat-friendly crypto exchange that allows users to sell their crypto for fiat and cash out to their bank accounts.

Is ByBit good for day trading?

Yes, ByBit is a good choice for day traders because it has all the advanced trading options needed for efficient day trading.

How many users are on ByBit?

ByBit claims to have more than 3 million registered users.

How long does it take for a ByBit deposit?

Bank card deposits are nearly instant, while bank account deposits might take a whole business day to get processed.

Can US citizens use ByBit?

US citizens can use ByBit if they are located outside of the US. In the US, ByBit isn’t allowed to operate. However, US citizens should beware that they don’t have any legal protection when using ByBit.

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