Bybit vs. Binance 2022

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Sinead Burgess
Sinead Burgess
Updated on October 23, 2022

Bybit is the best overall cryptocurrency exchange when compared to Binance due to their lower costs, greater leverage in futures trading, and don’t require KYC in order to join.

Binance currently has much more costly fees of 0.1 percent per trade as in comparison to Bybit which offers an amount of 0.025 percent for trades. This means that you will be cash back to you for Maker Orders on their platform.

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Bybit vs. Binance Comparison Table

FeaturesBybitBinance
bybit logobinance logo
Cryptocurrencies220+600+
Trading Fees0.01% to 0.06%0.1%
Deposit FeeVariesFree
Withdraw FeeDepends on the currency and withdrawal methodFree
Payment MethodsVisa/Mastercard, bank transfers, Samsung Pay, Google Pay, and Apple PayPayID/OSKO

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Bybit Pros and Cons

bybit homepage 01

Pros

  • High-performance, market-optimised API for intensive trading and fast data refreshes
  • Perfect for advanced cryptocurrency traders particularly derivatives traders
  • Up to 100x leverage on ETH/USD and BTC/USD
  • 24/7 live chat support
  • NFT marketplace and copy trading functionality to copy exact trades of most successful traders
  • 100K TPS matching engine

Cons

  • Somewhat high crypto withdrawal fees

Binance Pros and Cons

Binance homepage

Pros

  • Favorable fee system with possibilities for discount
  • A large spot market with over 700 different cryptocurrencies
  • Sleek deposit and withdrawals
  • Advanced markets for pro-traders
  • Staking options for over 70 coins
  • Separate platforms for separate markets

Cons

  • Has some regulatory issues with several countries
  • Newbies might get overwhelmed by the vast offer of trading instrument

Features

Bybit began as a platform that was solely focused on derivatives. However, it later delved into other aspects of the crypto market and added other trading options.

As the most significant 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 top margin trading platform available. For experienced traders, leverage up to 100x to increase profits from their trades however, you should be cautious of the risk, as cryptocurrency can be extremely volatile.

Bybit also comes with a range of options, like Copy Trading, where you can observe the exact trades that the best investors make and an option to demo, where you can get a head start on learning how to trade or test various strategies without risk, with 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 make the own NFTs. Additionally the Binance Earn option that lets you earn passive income through taking a stake in your cryptocurrency.

Additionally, Binance allows withdrawals in fiat from its exchange, but this is not available on Bybit. If you want to withdraw funds from Bybit it is necessary to transfer your crypto to an exchange that allows withdrawals first.

Both platforms provide spots trading and margin trades and interest-earning crypto. In contrast, Bybit comes out on the top of this list due to its additional features like Copy Trading and an Testnet Demo Mode.

Winner: Bybit

Supported Cryptocurrencies

Bybit offers more than 220 cryptocurrency to trade, and these are among the most well-known and traded currencies.

Binance provides 600+ cryptocurrency, which means you’re almost certain to find the cryptocurrency you’re seeking on Binance.

binance supported cryptocurrencies

Binance is the clear winner in this category, having more than twice the amount of coins that are available. However, Bybit’s collection of 220 coins remains significant, and it includes the most frequently traded cryptocurrency.

Winner: Binance

Fees

Bybit’s fees are amongst the lowest in the market as they charge the cost of trading on spot of 0.1 percent, and fees for derivatives trading of 0.01 percent for creators and 0.06 percent for users.

Bybit uses an exchange for fiat so that you can transfer your assets that are fiat into crypto for a fee of about 3%, contingent on the third-party processor. The deposit of crypto and fiat is completely free, and withdrawing crypto can incur fees that are contingent on the type of asset. Fiat withdrawals aren’t supported by Bybit.

Binance also has trading charges of 0.1 percent that can be cut by 25% by paying fees with the native currency of the platform, BNB. The deposit of funds can incur an additional fee that is based upon the method of deposit chosen and the currency.

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

Winner: Bybit

Customer Support

Bybit is among the biggest social media presences in crypto , having more than 10 , online community. Bybit can be reached Bybit by Live Chat, E-mail, Twitter, Discord, Telegram, Instagram, Youtube, Facebook, LinkedIn, Reddit, Trust Pilot, TikTok & Medium. Bybit’s support team is available. Bybit support team is able to be reached in more than 30 languages, including English, Spanish, Mandarin, Japanese and more.

Binance also offers live chat features on its platform. It also provides help through email. However, while they have fewer online communities to join You can find Binance through Discord, Telegram, Facebook, Twitter, Reddit, LinkedIn, Instagram and VK.

Bybit provides support to its customers across more countries than Binance does and offers substantially greater contact choices.

Winner: Bybit

Deposit Methods

With Bybit You can deposit cryptocurrency and a small amount of fiat currencies that will be added soon. At present, you can deposit EUR GBP, BRL, ARS and RUB via bank transfer. This is completely free. If you want to buy crypto in different currencies, you can make use of the fiat gateway, that allows a greater variety of payment options like Visa/Mastercard, bank transfer 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 methods available, and the method you choose is based on your own personal preferences.

Winner: Tie

Security

Security and safety are crucial particularly in a volatile market such as the cryptocurrency. Both platforms are highly secure by virtue of Bybit using the two-factor verification (2FA), SSL encryption as well as cold wallet storage and three-level verifications, in addition to other options. Bybit is extremely strict in regards to user security of their data and assets and has a remarkably transparent.

bybit security

Binance utilizes cold storage for their majority of crypto funds, in order to protect their users from any security breach. They advise their customers to enable 2FA whitelisting devices, create 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 stolen. But since that 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 And Binance are two well-known crypto exchanges that are available and are both suitable for traders who are frequent. However, Bybit is the winner of this competition because of its emphasis on its customers, its low costs for trading and live chat available 24/7.

Frequently Asked Questions

Does Bybit have a mobile app?

Yes. You can trade crypto and crypto futures contracts on the Bybit mobile app. The Bybit app functions much like the platform, including the ability to place stop loss and take profit orders. It’s fully functional on both Android and iOS devices.

What countries are supported by Bybit?

Bybit is a worldwide available crypto and derivatives trading platform. However, due to specific financial restrictions and legal difficulties, the exchange imposes a geo-ban that does not enable residents of certain countries to register a trading account with Bybit.

The United States, Iran, Quebec (Canada), Syria, and North Korea are just a few countries whose citizens cannot access this exchange.

What is the difference between the affiliate and the referral program?

When you refer someone to Bybit, you receive a one-time incentive when they have successfully generated and deposited funds into their Bybit account. On the other hand, the Bybit Affiliate Program allows selected Bybit customers to earn a permanent reward depending on the trading volume of the traders they attract to the platform.

 

Does Binance provide a wallet?

This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.

Where is Binance accepted?

Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.

How does Binance make money?

In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.

Is it safe to link a bank account to Binance?

There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.

Related:

Best Crypto Exchanges Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading FeesDeposit FeesWithdrawal Fees

Swyftx

PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%AUD Deposits: $0 Crypto: NoneAUD Withdrawals: $0 Crypto: NoneVisit

CoinSpot
Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChainDirect Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None AUD withdrawals: $0Visit

Binance
binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%NoneVaryVisit

Bybit
bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Bank transfer: $0VaryVisit

Crypto.com
crypto.com logo

Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay19 including USD, AUD, and SGD250+0.04% to 0.4%$0FREE via bank transfer. $25 for USDC withdrawal via SWIFT NetworkVisit

CoinJar
coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%CoinJar users: No fee NPP: No fee Cash: 1.5%0 Withdrawal FeesVisit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: NoneNone for AU Bank Accounts Cryptocurrency: Network feesVisit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUDVisit

eToro
eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Vary (conversion fees for non-USD deposits) ($50 minimum deposit)$5 (minimum withdrawal of $50)Visit

Kraken
Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%VaryVaryVisit

KuCoin
KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%NoneVaryVisit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Card deposit fees: 0%$0Visit

Coinstash
coinstash logo

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%$0$0Visit