As more exchanges and trading platforms come online, the crypto trading market is growing. Still, some exchanges have been the most popular place for crypto traders for a long time.
Binance and Bybit are two well-known cryptocurrency exchange s that have been on top for a while. Both exchanges are well-known and legal, and they offer traders a wide range of things to buy and sell.
But which one is better, and why?
Let's get started
Bybit vs Binance: Comparison At A Glance
Here is a detailed comparison between Binance, which is number one in the world for the trading volume of crypto derivatives, and Bybit, which is not even in the top five for derivatives trading volume and only has 37 trading pairs, while Binance futures have over 200 trading pairs.
Bybit and Binance both offer a wide range of trading products and crypto derivatives. On both exchanges, you can also get a good amount of leverage.
Bybit sells the following products:
- Inverse perpetual contracts - such as Bitcoin USD, Ethereum USD, and EOS USD.
- Linear perpetual contracts - Bitcoin USD, Ethereum USD, LTC USDT, DOT USDT
- Inverse futures contracts - quarterly BTCUSD
The product offerings of Binance include:
- COIN-M Futures - Cryptocurrency futures contracts that are perpetual or quarterly
- USD-M Futures - Contracts settled in USDT or BUSD on a perpetual or quarterly basis
- Leveraged tokens on Binance
- Binance options
But Bybit only works with ten cryptocurrencies, while Binance works with 237. Bybit's crypto derivatives can be leveraged up to 100x, while Binance's futures can be leveraged up to 125x.
Verdict: Binance has come out on top. It has the most listed cryptocurrencies and more leverage than Bybit. It is the largest crypto exchange by trading volume.
Trading fees for Bybit vs Binance
Trading fees are based on the Maker and Taker model in both Bybit and Binance.
The following fees are charged by Bybit:
Futures trading fees on Binance are as follows:
Account levels are determined by the amount of money in the account or by the amount traded in the past 30 days at Bybit and Binance. When the 30-day trading volume increases, market makers and takers will pay lower fees.
Verdict: Binance has slightly lower fees than Bybit.
Bybit vs Binance Funding Fees
Keeping the perpetual futures contract price close to the spot is ensured with a funding fee charged by Bybit and Binance.
To figure out the funding rate, both exchanges use a simple method. The interest rate and the 8-hour premium are used by the exchanges to figure out the funding rate.
Binance has a fixed interest rate of 0.03%, while Bybit's interest rate for futures is 0.06% and its rate for underlying assets is 0.03%.
Both Binance and Bybit change their funding rates every eight hours.
Verdict: Both. It's even. Both Binance and Bybit have funding rates that are about the same.
Bybit vs Binance Deposit & Withdrawal Fees
Binance and Bybit don't charge a fee to make a deposit. But Bybit only lets you deposit funds using cryptocurrency, while Binance lets you use Wire transfers, credit cards, and cryptocurrency.
Both exchanges have a small fee for withdrawing money, which varies by coin. For example, on Bybit, the smallest amount you can withdraw in BTC is 0.001 BTC, and the flat fee for withdrawals is 0.0005 BTC. Binance has the same fees for withdrawals as well.
It's a tie, since neither exchange charges a fee to make a deposit, and both charges about the same amount to take money out. But Binance accepts more ways to deposit money than Bybit does, so it has a slight edge.
Bybit Vs Binance Platform & Trading Experience Comparison
Both Bybit and Binance have strong trading platforms with all the features needed for trading to go smoothly and help traders make good decisions. Let's compare the trading platforms of the two exchanges to see which one is better.
Bybit's trading platform has the following key features:- The advanced platform for charting
- A mobile app that is easy to understand and use.
- There are many different kinds of orders, such as limit, market, stop-loss, etc.
- Insurance money to make up for what you've lost
- Rapid trade speed
Bybit has a cutting-edge futures platform that is up and running 99.99% of the time. Also, it can handle up to 100,000 transactions per second and handle volume spikes without any problems.
Other features include a Mark and Index price mechanism that prevents unfair liquidation, a liquidity depth that lets orders be filled right away, and strong system APIs that update market data often.
Bybit's trading platform has an easy-to-use interface and can handle all the main types of orders. API keys can also be used by professional traders to connect to the best trading bot services.
Binance's trading platform offers the following features and functionalities:
- A platform for advanced charting
- Security on multiple levels
- Protection from insurance
- Knowledge base and academy of Binance
- An app that is easy to use
- A platform for decentralized exchange
Binance exchange has a platform that is similar to Bybit. It has the same kinds of features and functions. It has the same charting tools, order types, APIs, etc. as Bybit and every other cryptocurrency exchange.
Also, the platform has the most liquidity and can handle more transactions per second than any other exchange, which is more than 1.4 million.
Both Binance and Bybit have the best trading platforms in their class and the most up-to-date features. Bybit's APIs for algorithmic trading are stronger, which makes it a great choice for experienced traders. Binance has more products and more trading volume, which makes it a great place for crypto traders and investors who do it often.
Bybit Vs Binance: The process of opening an account
Bybit and Binance are both non-KYC exchanges that make it easy to open an account and sign up.
To get a Bybit account, go to the account registration page and sign up with your email address and password. On the other hand, you can also use your mobile number to open an account.
You need to sign up for the Binance Futures platform if you want to trade crypto on Binance. You can also sign up for Binance with an email address.
If you want to deposit fiat currency from a third-party provider, you have to show that you are who you say you are.
Verdict: It's even. Binance and Bybit are both non-KYC exchanges that make it easy to open an account.
Bybit Vs Binance Customer Support
Customer support is one of the most important things to look for in a crypto trading exchange, especially if you are just starting out.
You might have trouble making deposits, withdrawing money, or using the platform in general.
We're lucky because this is a winner.
Compare the two exchanges' support services.
Bybit has 24/7, multilingual customer service that can answer your questions right away. The Bybit platform also has a live chat feature that lets you talk to a customer service rep. You can also email them at [email protected] or send questions to @BybitTradinChat on Instagram.
Binance has a virtual chatbot that can answer frequently asked questions right away.
If you have a question that is too complicated for a virtual chatbot to answer, you can open a support ticket on their website. The customer service team will answer your email.
Verdict: Bybit has a clear advantage over Binance because its customer service is available 24/7 and in more than one language.
Comparing Bybit and Binance's security features
In addition to security, a cryptocurrency exchange platform should also be secure.
Bybit and Binance both have strong security measures in place.
Bybit's security management system is state-of-the-art. It uses cold wallets and two-factor authentication to let users sign in.
More than 90% of users' funds are kept in an HD cold wallet system, and the exchange uses a multisign wallet address system to prevent fraud.
Binance has a multi-tiered security system that includes two-factor authentication login so that its customers can trade safely.
It stores users' money in both hot and cold wallets, but most of the money is kept in cold wallets. But users are told to keep their money in Binance's Trust Wallet rather than the exchange wallet.
But in 2019, Binance had a big security problem when USD 40 million went missing from user wallets. So far, Bybit has done well when it comes to security.
Both Bybit and Binance have strong safety measures. However, in 2019, someone broke into Binance.
Bybit Vs Binance Liquidation Mechanism
Liquidation is the process of closing a trader's position because all or almost all of the trader's initial margin has been lost. Most of the time, this happens when the trader takes a position with leverage.
Bybit manages liquidity with the Spot Price liquidation mechanism, which is also known as the Mark Price mechanism. When the Mark Price hits the Liquidation Price, the process is said to be "liquidated."
Here, the Last Traded Price is not used as a liquid trigger. Instead, it is used to figure out the price at which the position is closed.
Binance uses different methods depending on the market and the exchange. But most of the time, Binance also uses the Mark Price liquidation mechanism. When the Mark Price hits the liquidation price, the trade is liquidated.
Verdict: Mark Price Liquidation facilitates liquidations between Bybit and Binance.
Binance vs Bybit Pros & Cons:
Bybit Pros:- Leverage up to 100x
- Multilingual support is available 24/7
- Types of advanced orders
- The highest volume traded in the top 3
- Starting a business does not require KYC
- Welcome bonus for Bybit
- In terms of volume traded, this is the largest exchange
- Liquidity is high
- Trading fees are low
- Reputation of excellence
- 12 US states do not offer services
- Multilingual support is not available
- Once, it was hacked
Conclusion: Bybit vs Binance
Bybit and Binance are two of the most well-known places to buy and sell cryptocurrencies. Both have a wide range of products to trade, tokens that can be used as leverage, and options for spot trading.
Both platforms have the same trading fees, withdrawal fees, and rates for putting money into an account.
Binance has a slight edge when it comes to the products it sells and the coins it supports, while Bybit has a slight edge when it comes to security and customer service.
Overall, it's hard to say who won. But both platforms are good and have similar features, so you can use either one instead of the other.
