Among the several hundreds of cryptocurrency exchanges currently in operation, only 15 to 20 clear leaders can be identified, which stand out for their rich functionality, high security, long service life and comfort for customers. The undisputed leader is the broker Binance . Also noteworthy is the platform Bybit , which is great for cryptocurrency derivatives trading, but also offers other opportunities.
So the topic of today's review is Bybit vs Binance . Let's take a look at the cryptocurrency exchanges presented from all sides and find out in which cases it is better to use one and in which to give preference to the other.
Briefly about the main thing
- Binance and Bybit are two popular global cryptocurrency exchanges. The article compares them according to the main parameters so that the user can choose between these options.
- Binance was available almost everywhere in the world, but in 2023 it stopped working with Brazilians, but it works smoothly for Brazilians and several other countries. Bybit is available in most countries, but there are restrictions for US users.
- Both brokers offer almost the same number of cryptocurrencies for trading (350-360 fence).
- Both brokers require verification mandatory, with the exception of decentralized instruments.
- Binance and Bybit offer competitive fees, which can vary depending on trading volume and order type.
- Binance, being one of the best exchanges in the world, generally offers better liquidity than Bybit.
- Binance offers a vast knowledge base and educational materials for new users. Bybit also has educational materials, although the number is slightly smaller.
- Both brokers guarantee 24/7 technical support for clients.
Binance vs Bybit Overall Comparison
| Binance | Bybit | |
| Type of exchange | Centralized | Centralized |
| Year of installation | 2017 | 2018 |
| Country of registration | Cayman Islands | Dubai |
| Credit Score (Coingecko) | 10 | 10 |
| Cryptocurrencies/Trading Pairs | 364 / 1457 | 212 / 258 |
| Transaction types | Spot, futures, p2p | Spot, futures, p2p |
| Fees | up to 0.1% (spot), up to 0.04% (futures). Full information | up to 0.1% (spot), up to 0.075% (futures). Full information |
| 2FA | sim | sim |
| Demonstration | sim | sim |
| Mobile App | iOS, Android | iOS, Android |
| Working with Brazilian citizens | sim | sim |
| Verification | necessary | not required |
| Daily spot market trading volume (July 2022) | 11 122 894 410 $ | 292 978 312 $ |
| Replacement and withdrawal methods | AdvCash , Payeer , card purchase, cryptocurrency | Buy with card, cryptocurrency |
| Tools for passive income | Binance Earn | Profit per bybit |
Advantages and Disadvantages of Binance
pros
- Maximum functionality. Binance is a complete ecosystem.
- Low rates.
- Token BNB nativo e blockchain BNB Chain.
- Large selection of cryptocurrencies and futures.
- NFT platform with the ability to create your own NFTs.
- Wide range of investment products.
- There is a demo account for futures trading.
- Liquidity pool to earn and exchange coins.
- Mining pool.
Disadvantages
Introduced restrictions on the amount of funds held on the balance sheet for 2022.
Advantages and disadvantages of Bybit
pros
- No mandatory verification is required.
- Low rates.
- Large selection of cryptocurrencies and futures.
- There is a demo account for futures trading.
- Highly efficient negotiation.
- Better leverage.
Disadvantages
- Fewer security management options.
- Less liquidity and trading volume.
Binance Description
Binance cryptocurrency exchange was founded in Hong Kong in 2017. It offers the opportunity to trade Bitcoin and many altcoins, including all major currencies. Fiat accounts are supported, you can trade on the spot market directly between crypto and fiat currency. Binance has its own blockchain token, o BNB , to which the platform owes a large portion of its popularity. The company can also offer many other useful options, from a mining pool to tools that allow you to receive passive income with your cryptocurrency.
The powerful platform Binance Futures is ideal for those who prefer to trade futures contracts rather than spot contracts. Notably, it includes a demo mode . That is, you can, without investing a penny, practice and feel comfortable with trading instruments in a real market, but with virtual “candy wrappers” in your account.
Bybit Description
Bybit, a Singapore-based global cryptocurrency exchange, began operating in 2018 and focused on cryptocurrency derivatives, where it immediately became a strong competitor. da Bitmex . Users appreciated such advantages as a large selection of perpetual contracts, a “double price” mechanism, professional order matching solutions and 24/7 customer support.
Currently, the platform's functionality is far from limited to derivatives. Customers have access to the spot market, which has proven to be no less convenient and reliable, deposits for passive income, NFTs trading platform, p2p market and many others.
Comparison of key indicators Bybit vs Binance
Now let's take a look at the main aspects of working with exchanges.
Verification requirements
At Binance, identity verification is required. Without it, you cannot deposit funds into your account, withdraw funds, or trade on the spot, futures, or p2p markets. The company has repeatedly mentioned that it strives to meet regulatory requirements as much as possible. Therefore, the user will have to confirm their identity in one way or another, and if they want to maximize withdrawal limits, they will also have to confirm their address. Binance – Verification
On Baybit, on the contrary, you can trade without verification. The exchange is classified as unregulated. If you do not plan to work with fiat currency, participate in IEOs or exceed the established minimum limits, you can skip account verification. Although passing KYC is still desirable for those who plan to actively use the exchange and all its functions. Bybit – verification
Fees
Binance spot market base rate: 0,1% .
Futures market base rate:
- USDⓈ-M – 0,02% maker, 0,04% taker;
- COIN-M – 0,01% laborer, 0,05% taker.
Fees can be reduced by keeping BNB in the account or increasing trading volume.
Good news. From July 2022, Binance allows Bitcoin spot trading fee-free on all supported trading pairs. Promotion completion is unknown – if it happens, you will be notified. Binance – fees
Spot market base rate on Bybit: 0,1%.
Futures market base rate:
- Worker - 0,01% ;
- Taker – 0,06% .
Here you can also reduce fees, for this you need to increase your level. You become a VIP user by keeping a certain amount of assets in your account and understanding high trading volumes. Bybit – fees
Cryptocurrencies and trading pairs
Binance support:
- 364 cryptocurrencies
- 1457 trading pairs
- 241 contracts
The daily trading volume in the spot market was $10,716,060,270, and in the futures market $32,067,056,518. Binance – markets
Bybit support:
- 211 cryptocurrencies
- 257 trading pairs
- 185 contracts
The daily trading volume in the spot market was $239,616,222, and in the futures market $6,693,531,707. Bybit – markets
Of course, this data varies. From time to time, both exchanges remove unclaimed tokens with low trading volume or projects that turn out to be scams and vice versa, add new promising coins. The top cryptocurrencies with the best capitalization are, of course, available on both platforms.
Entry and exit methods
Binance allows you to fund your account with cryptocurrency or fiat currency, as well as buy cryptocurrency directly from your card. Cryptocurrency deposits are made by default via cryptocurrency transfer.
Deposit in reais is possible in the following ways:
Real conclusion:
- AdvCash (no commission)
- Payeer(commission 1%)
You can buy many popular coins and tokens directly from a bank card.
Bybit does not have fiat accounts. Deposit can be made in cryptocurrency or by purchasing with card (section “Buy cryptocurrency” -> “Express”).
This way you can buy BTC, ETH, USDT. Bybit – purchase with card
Furthermore, both exchanges allow you to deposit funds into your account using an integrated p2p platform: see Binance P2P and Bybit P2P . This way, you can still use those replenishment and withdrawal methods that are not available on the broker, since the payment is made without the participation of the website, but directly from user to user.
Information allowed
The Binance exchange has licenses to operate in some countries around the world, but it does not yet have an official headquarters (which greatly worries regulators). The company is looking for the ideal location for its development. The company's country of registration has changed several times. The CEO of the exchange, Changpeng Zhao (CZ), has previously said that the headquarters and other legal nuances are not important; nowadays you can run a company like him from a mansion. However, when the regulators' claims began, they had to be taken into account. There is a separate platform for the US, Binance.US, which is licensed by most American states.
Bybit is based in Dubai. The company's CEO is Ben Zhou. The company works with residents of most states and recently he had conflicts with the Securities and Exchange Commission of the US state of Ontario. The unregulated nature of echangea allows it, in part, to not require mandatory KYC from customers and not to take into account sanctions. However, it has an official operating license and is also headquartered in Dubai.
Additional functionality
Both platforms have a wide range of support features that help users increase their earnings or drill new trading and investment opportunities. Among these features:
- p2p trading, which we have already mentioned.
- NFT Marketplace.
- Earnings section where you can earn passive income in different ways.
- Launch pad.
- Trading Bot for grid trading .
- Bonus for beginners.
- Institutional services.
- Referral and affiliate programs.
- Competitions, tournaments.
In other words, Bybit has functionality for copy trading and leveraged tokens, Binance has its own mining pool and a huge ecosystem in general ( more about the Binance ecosystem ).
Technical support
Binance and Bybit both have extensive support centers with many articles and FAQs. In this regard, Binance is superior to its competitor – in addition to having more materials, all of them are well translated into Brazilian Portuguese.
As for the news with support, this can be done on Binance in the following ways:
- Write to the online chat; you do not need to be an authorized user to do this, but you do need to provide an email address. You can select a language in the chat.
- Technical support on Twitter: @BinanceHelpDesk
- You can ask a question on Reddit: r/Binance .
At Bybit, the technical support request form is located at https://www.bybit.com/help-center/SubmitNewRequestForm , you can also write about your problem on the project's social network. Bybit – support request
Security
Binance exchange pays great attention to the security of users' funds and accounts, the user must enable several security measures, because without them the exchange functionality is not available. The security measures used include: two-factor authentication (2FA), anti-phishing code, FDIC – Federal Deposit Insurance Corporation (for Binance US), trusted device management, address whitelisting, indifferent storage of cryptocurrencies.
Bybit also has 2FA and an anti-phishing code, cryptocurrency is stored cold, but in general the list of security measures is more modest.
Profitability of passive instruments
The percentages shown below are accurate at the time of writing and are subject to change. They are provided for informational purposes only and you should check the brokers' websites for current conditions.
Binance Earn allows you to earn money on the following passive income instruments:
- Floating rate deposits – 5-20% per annum (depending on the cryptocurrency).
- Fixed rate deposits – 5-25%.
- BNB Vault Yield Aggregator – 0.35%.
- Fixed stake – 16-55%.
- Staking DeFi – 6-19%.
- Staking de ETH 2.0 – 5,2%.
- DOT Slots Auction.
- Liquidity Farm – 2-10%.
- Dual Currency Investments – 4-200%.
Binance Earn
Products available on Bybit Earn:
- Economy – 5-600%.
- Dual currency investments – 99-500%.
- Liquidity mining – 0.9-34%.
- DeFi Mining – 3-17%.
On the main page, where all instruments are listed, both brokers make it easy to select the ideal products for you, for example, high-risk or, conversely, for beginners.
What to choose – Bybit or Binance
Surely, based on everything said above, you have already managed to solve it for yourself, but our opinion is this:
- If you are looking for the most liquid platform possible, with high trading volumes, a wide selection of cryptocurrencies and features, and an excellent set of security measures, choose Binance.
- But if anonymity, a better level of freedom and independence from sanctions are more important to you, register with Bybit.
In general, nothing prevents you from having accounts on both exchanges and using them when a specific situation requires it.
FAQ: Frequently Asked Questions
Binance or Baybit – which is better?
Binance has better liquidity and broader functionality, but Baybit allows trading without verification.
What to choose, Binance or Buybit?
It depends on your end goals when using the cryptocurrency exchange. Both are suitable for active trading and investing, there are only minor differences in fees, and Binance is more liquid and has significantly better trading volumes.
Where should Brazilians trade, on Binance or Bybit?
The nationality factor in this case does not play a role, since both sites work with Brazilians, both have a p2p section for buying or selling coins for reais. Binance also allows you to top up your Real account using AdvCash or Payeer without commission.
What are the spot rates at these brokers?
In both cases, up to 0.1% of the transaction can be reduced upon reaching VIP levels.
Is it necessary to verify your identity on Binance and Bybit?
Yes, on Binance, without this, no functions will be available. You don't need to go through KYC on Bybit if you plan to work only with cryptocurrencies.
Who regulates the platforms?
Binance is licensed in Kazakhstan, Dubai, and has legal entities in several European countries. Bybit is licensed in the United Arab Emirates.
Conclusion
Both Binance and Bybit are truly high-quality platforms, similar in many ways, but at the same time, each with its own characteristics. Both are perfect for cryptocurrency trading and have approximately the same amount of fees, so the choice depends on related factors: user personality requirements, presence of the necessary coins and tokens in the listing, and quality of technical support. The convenience of the interface and the ways in which you can top up your account or withdraw money also play an important role. Whichever option you choose, make sure to keep your account as secure as possible. One of the most reliable ways to do this is to enable 2FA.