The crypto trading market is on the rise as new exchanges and trading platforms are coming to light. That said, some exchanges have managed to remain the favorite of crypto traders for quite some time.

Two popular cryptocurrency exchanges that have dominated the crypto space for a while are Binance and Bybit. Both exchanges are renowned, legit, and offer a wide range of trading products to traders.

But which one is the better and why?

Let’s get started.

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Bybit vs. Binance: Comparison at a Glance

Here’s an in-depth comparison between Binance which ranks no 1 globally in crypto derivatives trading volume and Bybit exchange which ranks under the top 5 in derivatives trading volume with just 37 trading pairs available whereas Binance futures has 200+ trading pairs.

Exchange Features ByBit Binance Futures
Supported Coins 10 236
Taker Fees 0.075% 0.040%
Maker Fees 0.025% 0.020%
Withdrawal Fees 0.0005 BTC 0.0005 BTC
Supported Deposit Methods Credit Card and Crypto Wire, Credit Card, and Crypto
Joining Bonus up to $1000 N/A

Both Bybit and Binance offer a wide range of trading products and crypto derivatives. You can also get attractive leverage on both crypto exchanges.

The product offerings of Bybit include:

  • Inverse perpetual contracts – BTCUSD, ETHUSD, EOSUSD, etc.
  • Linear perpetual contracts – BTCUSD, ETHUSD, LTCUSDT, DOTUSDT
  • Inverse futures contracts – BTCUSD quarterly

The product offerings of Binance include:

  • COIN-M Futures – Perpetual or quarterly futures contracts settled in cryptocurrency
  • USD-M Futures – Perpetual or quarterly futures contracts settled in USDT or BUSD
  • Binance leveraged tokens
  • Binance options

However, Bybit only supports ten cryptocurrencies, compared to 237 supported on Binance. Bybit offers up to 100x leverage on crypto derivatives, while Binance offers 125x leverage for futures.

Verdict: Binance is the winner. It’s the largest crypto exchange by trading volume, has the highest number of listed cryptocurrencies, and offers higher leverage than Bybit.

Bybit vs. Binance Futures Trading Fees

Both Bybit and Binance follow a Maker and Taker trading fee structure.

Bybit charges the following fees:

  • Taker Fees: 0.075%
  • Maker Fees: -0.025%

Binance charges the following fees for futures trading:

  • Taker Fees: 0.040%
  • Maker Fees: 0.020%

Both Bybit and Binance have account levels based on 30d trading volume and/or total account balance. As a result, the market takers’ and market makers’ fees decrease as the 30-day trading volume increases.

Verdict: Bybit charges a slightly lower trading fee than Binance, and thus, is the winner.

Bybit vs. Binance Funding Fees

Both Bybit and Binance charge a funding fee to ensure that the price of the perpetual futures contract stays close to the spot price.

Both the exchanges use a straightforward method to calculate the funding rate. The exchanges use the interest rate and the 8-hour premium component to calculate the funding rate.

Binance has a fixed interest rate of 0.03%, whereas Bybit charges a 0.06% interest rate for futures and 0.03% for underlying assets.

The funding rate in both Binance and Bybit changes at an eight-hour interval.

Verdict: Both. It’s a tie. Both Binance and Bybit have similar funding rates.

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Bybit vs. Binance Deposit & Withdrawal Fees

Both Binance and Bybit don’t charge a deposit fee. However, Bybit only supports crypto for depositing funds, whereas Binance offers Wire transfers, credit cards, and crypto.

Both the exchanges charge a small withdrawal fee, which changes from coin to coin. For example, the minimum withdrawal on Bybit for BTC is 0.001 BTC, and the flat fee for withdrawals is 0.0005 BTC. Binance also charges the same withdrawal charges.

Verdict: It’s a tie, as both the exchanges charge no deposit fee and a similar withdrawal fee. However, Binance accepts more deposit methods than Bybit, which gives it a slight edge.

Bybit Vs. Binance Platform & Trading Experience Comparison

Both Bybit and Binance have powerful trading platforms with all the essential features needed for seamless and informed trading. Let’s draw a head-to-head comparison between the trading platforms of the two exchanges.

  • Bybit

The key features of the Bybit trading platform are:

  • Advanced charting platform
  • Highly intuitive and easy-to-use mobile app
  • Multiple order types, including limit, market, stop-loss, etc.
  • Insurance fund to cover your losses
  • Rapid trade speed

Bybit has a cutting-edge futures platform with 99.99% uptime and system functionality. In addition, it can process up to 100k transactions per second and seamlessly manage volume spikes.

Other features include Mark and Index price mechanism to avoid unfair liquidation, liquidity depth to execute orders instantly, and powerful system APIs to refresh market data with high frequency (20 ms).

Bybit trading platform has an intuitive interface and supports all the major order types. Professional traders can also use API keys to integrate the best trading bot services.

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  • Binance

The key features and functionalities of the Binance trading platform are:

  • Advanced charting platform
  • Multi-level security
  • Insurance protection
  • Binance academy and knowledge base
  • User-friendly mobile app
  • Decentralized exchange platform

Binance exchange has a similar platform to Bybit with similar features and functionalities. It comes with all charting features, order types, APIs, etc., that you find in Bybit or any other crypto exchange.

Moreover, the platform has unmatched liquidity and can process more than 1.4 million transactions per second, more than any other exchange.

Verdict: Both Binance and Bybit have best-in-class trading platforms with state-of-the-art functionality. Bybit has more robust APIs for algorithmic trading, making it ideal for experienced traders. Binance has more product offerings and trading volumes, making it perfect for regular crypto traders and investors.

Bybit Vs. Binance: Account Opening Process

Both Bybit and Binance are non-KYC exchanges and offer a seamless account opening and registration process.

To open an account on Bybit, you need to head to the Bybit account registration page and open an account with your email ID and password. Contrarily, you can also open an account using your mobile number.

For crypto trading on Binance, you need to register on the Binance Futures platform. Binance also allows you to open an account using an email ID.

Both exchanges require KYC if you want to deposit fiat currency from third-party providers.

Verdict: It’s a tie. Both Binance and Bybit are non-KYC exchanges and offer a seamless account opening process.

Bybit Vs. Binance Customer Support

Customer support is one of the key factors to consider when choosing a crypto trading exchange, especially for beginners at cryptocurrency trading.

You might come across numerous issues related to making deposits, withdrawing funds, and using the platform.

Luckily, we have a winner here.

Let’s compare the support service of the two exchanges.

  • Bybit

Bybit provides around-the-clock multilingual customer support to resolve your queries instantly. In addition, the Bybit platform has a live chat feature from where you can connect with a support executive. You can also send them an email at support@bybit.com or send your queries on Instagram at @BybitTradinChat.

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  • Binance

Binance provides a virtual chatbot to answer commonly faced issues instantly.

If complex issues can’t be answered by a virtual chatbot, you can raise a support ticket from their website. The support team will get back to you on your email.

Verdict: Bybit provides 24/7 multilingual customer support, which gives it a clear edge over Binance.

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Bybit Vs. Binance Security Features

Similar to support, security is another major factor to consider when looking for the right cryptocurrency exchange platform.

Both Bybit and Binance implement robust security features.

Bybit has a cutting-edge security management framework comprising cold-wallet systems and two-factor authentication to authorize sign-ins.

The exchange stores more than 90% of the users’ funds in an HD cold wallet system and uses a multisign wallet address mechanism to eliminate the risk of fraud.

Binance has a multi-tier security architecture that consists of two-factor authentication login to provide access to a safe trading experience to its customers.

It uses hot and cold wallets to store users’ funds, with most funds being stored in cold wallets. However, users are advised to store their funds in Binance’s Trust Wallet instead of the exchange wallet.

However, Binance had a major security issue in 2019, when USD 40 million in funds disappeared from the users’ wallets. Bybit has had a clear run so far when it comes to security.

Verdict: Both Bybit and Binance have robust security features. However, Binance had a hacking instance in 2019.

Bybit Vs. Binance Liquidation Mechanism

Liquidation refers to the process of closing a trader’s position due to the loss of all (or nearly all) of the trader’s initial margin. This mostly occurs when the trader takes a leveraged position.

Bybit uses the Spot Price liquidation mechanism, also known as the Mark Price mechanism, to manage liquidity. In this process, the liquidation happens when the Mark Price hits the Liquidation Price.

Here, the Last Traded Price is used to calculate the price at which the position closes instead of being used as a liquid trigger.

Binance uses various mechanisms based on the market and exchange. However, in most cases, Binance also uses the Mark Price liquidation mechanism, and liquidation occurs when the Mark Price hits the liquidation price.

Verdict: Both Bybit and Binance use the Mark Price Liquidation mechanism to facilitate liquidation.

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Recap: Binance vs. Bybit

Let’s revise this Binance and Bybit review by discussing the pros and cons of both.

Bybit Pros:

  • High leverage up to 100x
  • 24/7 multilingual support
  • Advanced order types
  • Top 3 in highest volume traded
  • No KYC required for starting
  • Bybit Welcome bonus

Bybit Cons:

  • Restricted for US traders
  • Not regulated
  • Offers only 4 CFD products

Binance Pros:

  • The largest exchange in terms of volume traded
  • High liquidity
  • Low trading fee
  • Great reputation

Binance Cons:

  • No services in 12 US states
  • No multi-lingual support
  • It has been hacked once

Conclusion: Is Bybit better than Binance?

Both Bybit and Binance are two of the most popular cryptocurrency exchanges in the market. Both offer a wide range of products to trade, leveraged tokens, and spot trading options.

The trading fee, withdrawal charges, and funding rates of the two platforms are also comparable.

Binance gets a slight edge regarding products offered and coins supported, whereas Bybit is slightly better at security and customer service.

All in all, there’s no clear winner. However, both platforms are equally good with comparable features, and you can use one as an alternative to the other.

Our 2022's Recommendation

  • Upto 100x Leverage on Bitcoin

  • Upto 50x Leverage on other currencies

  • Higher Volume & Liquidity 

  • Get upto $600 in Rewards using the below link