Bybit vs Binance – Comparing the Two Most Popular Crypto Exchanges
Bybit and Binance are two of the most popular cryptocurrency exchanges in the world. Both are well-known among crypto traders and have earned a good reputation in the industry. If you want to know which of the two is most suitable for you then you should take a look at our comparison below.
In this article, we talk about various attributes of both exchanges and compare them to help every user make an informed decision.
Bybit vs Binance – Introduction
Binance is the largest crypto exchange in the world, thanks to its highly impressive trading volume. The features it offers such as high liquidity, stable trading platform, support for unique features and more, add to its significance.
Bybit, on the other hand, is one of the most prominent platforms in the trading community. It is a crypto-derivative exchange and has seen immense growth and success over the years. It caters to the needs of more than 1.6 million registered users and offers one of the highest leverages in the industry.
Both Binance and Bybit have stable and well-developed trading platforms.
Binance supports two types of trading interfaces that are classic interface and advanced interface. The former is for new traders, looking to make straightforward trades. While, the latter is specifically designed for professionals who want to make complex trades and look for advanced trading tools. This makes Binance a suitable platform to trade crypto for all users.
Bybit is also a powerful trading platform that makes trading easier and less stressful. This exchange has launched a copy trading feature, that makes trading hassle-free for every user, especially the new traders. This feature enables inexperienced traders to automatically copy the trades of experts and get the same profits (if any) or losses as the traders they copy.
You can learn more about the Bybit copy trading feature here.
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Process to Open an Account
Binance has a simple process to open an account, however, users interested in futures contracts have to register on a separate version called, Binance Futures. This version is not available in all parts of the world.
This exchange also requires users to complete the KYC (know your customer) verification to access all features. However, it is optional for users in some regions of the world.
Bybit has a straightforward registration process that takes a few minutes. Users can open an account by using their email and creating a password. It also requires the users to complete the KYC verification, which not only strengthens its security but also increases the withdrawal limit for the users. There are two levels of KYC verification that increase the withdrawal limit to 50BTC and 100BTC.
Both Bybit and Binance offer support to major cryptocurrencies such as:
Additionally, Binance supports 500+ crypto assets as well, which includes its native token BNB. This enables the users of the exchange to form a vast number of trading pairs.
Bybit, on the other hand, does not have a wide collection of assets as Binance does.
Therefore, you should first specify which cryptocurrency you want to buy or trade and choose an exchange accordingly.
Binance is known to offer excellent customer support services. The solutions to commonly occurring problems can be found in a virtual chatbox on the platform. However, if the issues you face are complex and not addressed in the chatbox, you can raise a ticket through an online form and wait for the response via email. The customer support agents of the exchange are highly responsive but raising tickets for extended support can be time-consuming.
Bybit has impeccable customer support, which is one of its biggest selling points. The customer service agents are available to assist the users around the clock and are quick to respond. The customer support is also multilingual and users can instantly get help, thanks to the live chat feature on the exchange.
Both Binance and Bybit are known to be two of the cheapest crypto exchanges in the industry. The trading fee charged by both exchanges is based on the traditional market maker and taker fee model. However, the difference in the amount is necessary for you to know.
Here are the details of the Binance fees.
- Market maker fee: 0.02% to 0.1% (based on trading volume)
- Market taker fee: 0.04% to 0.1% (based on trading volume)
- Withdrawal fee: $1 to $15
Here are the details of Bybit fees.
- Market maker fee: -0.025%
- Market taker fee: 0.075%
- Withdrawal fee: 0.0005 BTC
The Binance exchange does offer a lower fee structure, however, it is only limited to VIP-level users. On Bybit, the fee mentioned above remains the same for all.
Binance global supports leverage trading, however, the leverage ratio it offers is not as high as one might anticipate. People who look for leverage higher than 100x have to shift to the Binance Futures version.
Bybit, however, offers one of the highest leverages in the industry, which is up to 100x, without requiring the users to use any other version of the exchange.
Binance is undoubtedly one of the safest exchanges in the industry now, however, it suffered from a security breach in 2019. The breach resulted in the loss of approximately 7,000 BTC, estimated to be worth $40 million at the time. The exchange has strengthened the security offered now by using several cutting-edge security protocols.
Conversely, Bybit offers high-end security to all users, that has never been compromised. This speaks volumes for the reputation of the trading platform. However, it is crucial to keep in mind that none of the available exchanges are 100% risk-free but choosing an exchange that uses advanced security systems can help.
Comparing the details of various popular exchanges is the best way to determine which of the available options is most suitable. A detailed comparison can highlight which of the available exchanges suits your needs and criteria the most. The Bybit vs Binance comparison above also sheds light on various attributes of the exchanges, helping you make the right decision.
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