Bybit vs Binance: Which is the Best Cryptocurrency Exchange?

Jack Moreau
Mar 2023
4 min to read
Fact checked

Introduction: Cryptocurrency exchanges are the backbone of the crypto ecosystem. They provide users with a simple way to buy and sell digital assets. With so many exchanges on the market, it can be difficult to decide which is the right one to use. In this article, we compare two of the most popular exchanges, Bybit and Binance. We compare their features, fees and more so that you can decide which one to use, when.

Bybit vs Binance: Overview

Bybit
Binance
Phemex
Founded
2018
2018
2019
Registered
Singapore
Cayman Islands
Ankara
Countries N/A
US, China, Singapore, Quebec, Ontario
China, Malaysia, Japan, UK, Ontario
Hong Kong, China, Bermuda, Seychelles
Users
10M
120M
5M
Cryptos
+250
+350
350
Spot Fees
0.1%
0.1%
0.1%
KYC Required
No
Yes
No
Best for
Best For Traders
Great All Around
Great All Around
Rating

Bybit and Binance are two of the most prominent exchanges in the cryptocurrency world, with their headquarters located in Singapore and the Cayman Islands.

Bybit was founded in 2018 and has a strong presence in 100s of countries making it widely available to users across the globe. They have a user base of 10 million registered users and an impressive 5 million app downloads.

Binance which was founded on year earlier than Bybit (2017) is a behemoth in the industry with a registered user base of 120 million and 50 million app downloads.

While Binance has a larger user base than Bybit, the latter is quickly growing in popularity and proving to be a formidable competitor to Binance. Both exchanges offer exceptional products and services, including derivatives trading

Bybit vs Binance: Signup & KYC

When it comes to signing up for Bybit and Binance, the process is quite easy and user-friendly taking only a few minutes to complete.

Although Binance's KYC process is more thorough, it usually takes only 5-10 minutes to complete. On the other hand, Bybit's KYC verification process is slightly faster, typically taking around 10 minutes to complete.

One big difference is that Bybit provides access to certain services without a KYC requirements. Binance on the other hand requires all of its users to go through KYC in order to use its services.

Overall, both exchanges offer a seamless and efficient user experience that makes it easy for users to get started with cryptocurrency trading.

Bybit vs Binance: Products & Services

Bybit and Binance are two top-performing cryptocurrency exchanges with their own unique strengths.

Bybit is known for offering high leverage of up to 125X for futures trading and 10X for margin trading. Besides spot, futures, perps and margin trading, Bybit also offers additional features like opy trading, trading bots and lending and borrow.

Binance on the other hand offers the same services that we outlined for Bybit above in addition to debit cards which is not available on Bybit.

Ultimately, the choice between Bybit and Binance is a very close one as both offer almost all the products and features required by a crypto investor! 

Bybit
Binance
Phemex
Spot Trading
Yes
Yes
yes
Futures
Yes
Yes
Yes
Perps
Yes
Yes
Yes
Margin
Yes
Yes
Yes
Options
Yes
Yes
-
OTC Desk
-
Yes
-
Copy Trading
Yes
Yes
Yes
Trading Bots
Yes
-
-
Staking
Yes
Yes
-
Lend & Borrow
Yes
Yes
Yes
NFTs
Yes
Yes
-
Web 3 Wallet
Yes
Yes
-
Debit Card
-
Yes
-

Bybit vs Binance Fees

Both Bybit and Binance offer competitive spot maker and taker fees, making them ideal choices for traders looking to minimize their trading costs.

Both Bybit and Binance offer low 0.1% trading fees for makers and takers. When it comes to trading fees for futures, Bybit offers a lower maker fee of 0.01% compared to 0.02% for Binance, whereas Binance offers a lower 0.04% taker fee compared to Bybit's 0.06%.

While there are some small differences in trading fees, both exchanges offer very low and competitive trading fees.

Bybit
Binance
Phemex
Spot (mkr)
0.10%
0.1%
0.10%
Spot (tkr)
0.10%
0.1%
0.10%
Futures (mkr)
0.01%
0.02%
0.01%
Futures (tkr)
0.06%
0.04%
0.06%

Bybit vs Binance: Deposit Methods

When it comes to fiat deposit options, both Bybit and Binance offer a range of choices to cater to their users' preferences.

Binance supports a wider range of 26 fiat currencies, including AUD, EUR, GBP, and PLN, but not USD. Users can deposit funds using a variety of methods such as Bank Transfer via SWIFT, Signet, SEPA and FasterPayments) or via VISA/Mastercard, The deposit fees for depositing with a card are 1.8% fee and a 1 EUR fee for SEPA deposits.

Bybit, on the other hand, supports 5 fiat currencies, including USD, RUB, MXN, BRL, ARS, and TRY. Users can deposit funds via Bank Transfer (SEPA/FPS/QiWI/Advcash/PIX) with a $8 fee for wire transfer deposits, while bank transfers for the other fiat currencies are free.

Bybit
Binance
Phemex
USD
Bank transfer, Visa/MC
Bank Transfer, SWIFT
-
EUR
Bank transfer, SEPA
VISA, MC, SEPA
-
GBP
Bank transfer, VIsa/MC
VISA, MC
-

Bybit vs Binance: Withdrawal Methods

Withdrawing fiat currencies can be a hassle, but Bybit and Binance make it easy for their users. Binance allows for withdrawals via Bank transfer (SWIFT/Signet/SEPA/FasterPayments) or Visa/MasterCard with a 1.8% fee. SEPA withdrawals incur a 1 EUR fee, while many other fiat currencies can be withdrawn for free.

Bybit offers withdrawals via Bank Wire and OpenPayd for the five fiat currencies that it supports. Bank withdrawals for BRL and TRY are free and USD Wire Transfers come with a high fee of $25. If you're looking to withdraw EUR or GBP, then this is only possible with Binance but if your looking to withdraw with BRL and TRY, that Bybit offers this for free.

Bybit
Binance
Phemex
USD
Bank transfer, Visa/MC
Bank Transfer, SWIFT
-
EUR
n/a
Sepa, Bank Card
-
GBP
n/a
Bank Card
-
Bybit
Binance
Phemex
Bitcoin
0.005 BTC
0.0002 BTC
0.0004 BTC
Ethereum
0.005 ETH
0.00077 ETH
0.001 ETH
Solana
0.01 SOL
USDT (ERC-20)
10 USDT
3.2 USDT
4 USDT

Is Bybit better than Binance?

Both Binance and Bybit are excellent cryptocurrency exchanges that offer a wide variety of features and tools for traders. Binance is a leading exchange in the industry offering a wide range of trading pairs and access to a large number of cryptocurrencies.

Bybit, however, is a more specialized exchange that focuses on derivatives trading, offering a range of options for margin and futures trading. Ultimately, the choice between the two exchanges should be based on the individual trader's preferences and needs.

You should go with Bybit if:

  • You want to begin trading with demo accounts
  • You are interested to buy crypto without KYC
  • You want trade spot and perpetuals with high leverage

You should go with Binance if:

  • You want to access a larger variety of cryptocurrencies
  • You want access to a wide range of cryptocurrency products
  • You are interested in low fees, deep liquidity and high leverage
Bybit

Low trading fees (0.1%)

125X futures leverage

KYC is not mandatory

Great design & user experience

Visit Bybit
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal.
Binance

+350 cryptocurrencies

Low trading fees (0.1%)

Wide range of products

$5 billion daily volume

Visit Binance
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.

More Exchange Comparisons