Binance vs Bybit - Which Crypto Exchange Is Better?
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Both exchanges provide excellent experience for cryptocurrency traders, but Bybit has a slightly higher overall rating than Binance.
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ByBit offers a better fee structure than Binance, also it offers better investment programs and bigger crypto bonuses.
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Binance has better support, is more educational, and offers more ways for traders to access and deposit their funds.
Binance and Bybit are crypto-trading platforms. They allow people to exchange one digital currency for another.
The last three years have seen crypto exchange platforms getting plentiful. Now that there is no shortage of exchanges, the problem comes in carefully choosing the right one. A poor choice can have you earning far less than you could, or worse – make avoidable losses.
By the end of today’s comparison, you’ll have been exposed to a solid assessment of the two trading platforms. Beyond this, you’ll have also acquired valuable insight into the fees, leverage and other platform advantages offered by both Binance and Bybit. Rest assured, you’ll get a mouthful about their drawbacks as well.
Start trading cryptocurrencies right now with Bybit!Do you prefer watching videos? Then watch the video summary of this article.
Below you will find all the information.
Binance vs. Bybit: Overall Score
It might be best to first introduce both of these exchanges to better acquaint readers with them. It is also important to point out that they both are very similar. Yet, we’ll need to pick a clear winner. Readers will be advised on which exchange to choose over the other.
The Binance exchange stands as one of the largest crypto exchanges on the planet. It’s headquartered in Hong Kong, China and, according to CoinMarketCap’s crypto portal, holds the leading spot when it comes to the aggregate reports of its daily turnover.
Binance also sees a growing influx of new traders while its number of active users, liquidity, and web traffic rank highly, too. Before it was bolstered to its current status, Binance started as a cryptocurrency startup with its own coin or “native asset”.
Binance vs Coinbase: Which is BetterAmong the newer faces in the crypto exchange market is Bybit. The cryptocurrency exchange made its debut in 2018. ByBit is an independent platform for trading derivatives. It offers contracts of inverse and perpetual futures, Better still, it offers leverage of up to 1:100. Traders are also exposed to quarterly USD futures at Bybit. They can be combined with BTC XRP, ETH, EOS, LTC, and multiple other tokens.
ByBit also has a BTC/USD linear futures contract. The crypto exchange comes with several technological advantages too.
Overall, in the Binance vs ByBit game, Bybit ranks superior, but only by a hair. While these platforms share many similarities, we couldn’t help but score Bybit slightly higher.
ByBit offers a better fee structure than Binance, also it offers better investmetn programs and bigger crypto bonuses. Binance has better support, is more educational, and offers more ways for traders to access and deposit their funds.
To consider our scoring, consider the table below.
| Feature | Binance | ByBit |
|---|---|---|
Overall |
4.7 |
4.9 |
Regulation |
3.1 |
3.1 |
Fees |
4.8 |
5 |
Trading Assets |
5 |
5 |
Investment Instruments |
4.7 |
5 |
Platforms and Charting Tools |
4.9 |
4.9 |
Deposit and Withdrawal |
4.7 |
4 |
Research |
4.6 |
4.2 |
Education |
4.8 |
4.1 |
Support |
4.8 |
4.5 |
Promo |
4.2 |
5 |
Binance vs. ByBit: Pros and Cons
Advantages of Binance
Many great things can be said about Binance. Let’s share a few about its superiority over ByBit.
Binance offers trading leverage of 1:100
Traders can open fiat currency accounts.
Binance is a research-heavy and supportive platform.
Via Binance, traders pay 0% withdrawal fees.
Through staking and mining pools, traders can earn passive incomes.
Advantages of ByBit
ByBit doesn’t take this lying down. Ready to push back, the crypto exchange platform offers a range of benefits that Binance does not. The perks offered by ByBit help push its growing adoption by traders around the world. If you need to enhance an argument about how ByBit can be seen as the better option, have a look at the details listed below.
Like Binance, ByBit offers trading leverage of 1:100
ByBit offers zero fee spot trading
ByBit futures fee is lower
ByBit offers $50 deposit bonus
The platform offers a 0% deposit fee.
It has market indicators available.
Much like Binance, the platform appreciates and qualifies researched info.
Disadvantages of Binance
You’ll have a hard time finding a perfect crypto-exchange platform. Binance does have 1 bad trait worth pointing out. The crypto exchange platform has no tier 1 regulation.
Disadvantages of ByBit
ByBit can’t claim to be in the clear. It too has no tier 1 regulation. While we assert that a lack of recognized regulators is Binance's biggest fault, ByBit has a few other drawbacks worth considering, too.
Binance and ByBit Pros and Cons
| Binance | ByBit | |
|---|---|---|
Overall Pros |
Trading With Leverage up to 1:100 |
Trading With Leverage up to 1:100 |
Low Trading and Non-Trading Fees |
Derivatives, NFT Available |
|
3 Account Fiat Currencies + 50 Crypto |
Indicators Available |
|
Derivatives, NFT, ETF Available |
Deposit Fee – 0% |
|
Debit/Credit Card Withdrawal Fee – 0% |
Passive Income With Staking, Liquidity mining, yield protected investments |
|
Indicators Available |
Strong Research |
|
Passive Income With Staking and Mining Pool |
Low Trading fees |
|
Strong Research |
Zero fee spot trading |
|
Overall Cons |
No tier-1 regulation |
No tier-1 regulation |
No Fiat Withdrawal |
Binance vs. ByBit: Safety and Regulation
Disappointment awaits those looking to base their decision on how well-regulated these two platforms are. Neither Binance nor ByBit is overseen by the SEC, SICP Protection, or FINRA.
Is Binance Safe? Read MoreConsider our Binance vs ByBit regulation breakdown attached below.
| Regulated By: | Binance | ByBit |
|---|---|---|
SEC |
No |
No |
FINRA |
No |
No |
SIPC Protection |
No |
No |
Other Regulators |
No |
No |
Trading Conditions: Binance vs. ByBit
Before you sign up on either exchange, allow us to lay the two platforms bare in front of you . This requires us to take a look at the trading conditions offered by both Binance and ByBit.
Under Binance, $1 is required as your minimum deposit. The leverage it offers on futures stands at a ratio of 1:100. You can trade on 460+ spot coins. USD is not the only base account currency. Trader can base their accounts in Euros, Pounds and over 50 other crypto currencies
Kraken vs Coinbase - Which Crypto Exchange Is Better?With ByBit, you will also need to make a minimum deposit of $1. Like Binance, the leverage it offers is at 1:100. ByBit also allows its users to trade up to 320 spot coins and 160+ derivative markets around the world. The platform offers base account currencies only in crypto.
| Trading Conditions | Binance | ByBit |
|---|---|---|
Minimum Deposit |
$1 |
$1 |
Trading Platforms |
Binance |
ByBit |
Max Leverage (Futures) |
1:100 |
1:100 |
Number of Markets |
460+ |
320+ |
Number of Trading Accounts |
1 |
1 |
Base Account Currencies |
USD, EUR, GBP +10 fiat currencies, |
Crypto |
Binance vs ByBit: Trading Assets
| Asset Name | Binance | ByBit |
|---|---|---|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Derivatives |
Yes |
Yes |
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
No |
Binance fees vs ByBit Fees
To make your decision a lot easier, we’ve compared the two exchange platforms down to the prices they come at.
Binance vs ByBit trading fees
| Fee | Binance | ByBit |
|---|---|---|
Max Maker |
0.1% |
0.0% |
Max Taker |
0.1% |
0.0% |
Min Maker |
0.012% |
0.0% |
Min Taker |
0.024% |
0.00% |
P2P Transactions |
0-0.35% |
0.00% |
Debit/Credit Card Purchase Fee |
1% |
0% |
Futures Trading Fees: Binance vs ByBit
Both exchanges allow users to trade futures. This is one of their many similarities. However, Bybit futures trading fees prove to be slightly better than Binance. Have a look at the table below for a detailed comparison of the two.
| Fee | Binance | ByBit |
|---|---|---|
Max Maker |
0.02% |
0.01% |
Max Taker |
0.04% |
0.06% |
Min Maker |
0% |
0% |
Min Taker |
0% |
0.03% |
Non-Trading Fees: Binance vs ByBit
Binance continues to offer lower fees than ByBit, even for non-trading transactions. That is not to say that ByBit has extortionary prices either. To put what we mean into context, we’re put together a helpful table guide related to both platform’s non-trading fees.
| Binance | ByBit | |
|---|---|---|
Account Fee |
0% |
0% |
Deposit Fee |
0% |
0% |
Bank Transfer Withdrawal Fee |
1.5 USD |
Not Allowed |
Debit/Credit Card Withdrawal Fee |
0% |
Not Allowed |
BTC Withdrawal Fee |
0.0001 |
0.0005 |
Inactivity Fee |
0% |
0% |
Binance or ByBit: Passive Income Tools
In terms of ways to earn passive income ByBit offers more options. ByBit Earn programs are really great and diverse.
| Investment Tools Name | Binance | ByBit |
|---|---|---|
Staking |
Yes |
Yes |
Mining Pool |
Yes |
Yes |
Managed Accounts |
No |
No |
MAM/PAMM |
No |
No |
Other |
No |
DeFi Mining, Multi Currency deposits, Yield Protected investments, Liquidity mining |
Best Trading Platform: Binance or ByBit
The support given by one platform cannot match the other. If you’re looking for the best platform in regards to accessibility, that crown goes to Binance. Unlike ByBit, Binance was a fully supportive ecosystem of platforms. Traders can log onto Binance via web desktop browser and mobile. Better yet, it is available on both Android and iOS.
In contrast to this, ByBit only offers users the access via mobile web apps. This hasn’t limited its growing adoption, though. ByBit remains available on both Android and iOS.
A look at trader support reveals that both platforms are excellent choices, with neither one trumping the other. Both Binance and ByBit allow traders to access market indicators, drawing tools, historical trades and live quotes.
| Binance | ByBit | |
|---|---|---|
Web |
Yes |
Yes |
Desktop |
Yes |
No |
Mobile (Android, iOS) |
Yes |
Yes |
Trading Platforms Features
| Binance | ByBit | |
|---|---|---|
SMS Based 2 FA |
Yes |
No |
App Based 2 FA |
Yes |
Yes |
Voice Call 2 FA |
No |
No |
Search Bar |
Yes |
Yes |
Filters |
Yes |
Yes |
Technical Analysis/Charting Tools
| Binance | ByBit | |
|---|---|---|
Indicators |
Yes |
Yes |
Drawing Tools |
Yes |
Yes |
Historical Trades |
Yes |
Yes |
Live 2 Quotes |
Yes |
Yes |
Mobile Trading
| Features | Binance | ByBit |
|---|---|---|
iOS Version |
Yes |
Yes |
Android Version |
Yes |
Yes |
Apple Watch App |
No |
No |
Touch ID |
No |
No |
Face ID |
No |
No |
Types of Orders
| Binance | ByBit | |
|---|---|---|
Market |
Yes |
Yes |
Limit |
Yes |
Yes |
Stop Loss |
Yes |
Yes |
Stop Limit |
Yes |
No |
Trailing Stop |
Yes |
No |
ByBit vs Binance: Deposit and Withdrawal
If you’re considering ways to access your money, Binance offers better help than ByBit, but only one. That is, Binance allows traders to access their money or make withdrawals via bank transfer.
For a detailed comparison of how Binance or ByBit allows their traders to access funds and make deposits, consider the tables below.
| Deposit Method | Binance | ByBit |
|---|---|---|
Bank Transfer |
Yes |
No |
Credit/Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
Yes |
Yes |
| Withdrawal Method | Binance | ByBit |
|---|---|---|
Bank Transfer |
Yes |
No |
Credit/Debit Card |
Yes |
No |
Electronic Wallets |
Yes |
No |
Crypto |
Yes |
Yes |
ByBit vs Binance: Research
| Research Type | Binance | ByBit |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
No |
No |
E-Mail Reports |
Yes |
Yes |
Binance vs ByBit: Education
| Education Type | Binance | ByBit |
|---|---|---|
Demo-account/Paper Trading |
No |
No |
Courses |
Yes |
No |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Webinars |
Yes |
No |
Books |
No |
No |
Binance US vs ByBit: Support
| Support Features | Binance | ByBit |
|---|---|---|
Working Days |
24/7 |
24/7 |
Yes |
Yes |
|
Phone |
Yes |
No |
Online chat |
Yes |
Yes |
Other |
Telegram |
Telegram |
ByBit vs Binance: Promo
| Promo | Binance | ByBit |
|---|---|---|
Special Offers |
No |
$50 deposite bonuse in BTC |
Referral Program |
40% of the partner's trading commissions |
$20 per invited user |
Binance or ByBit: What Exchange is Actually Better in 2024?
Which crypto-exchange platform is cheaper: Binance or ByBit?
Considering the fees offered by ByBit, from its higher to its slightly lower trading and withdrawal fees, we have to say that ByBit is the cheaper exchange platform.
Which platform is more accessible: Binance or ByBit?
Considering that Binance can be accessed via both desktop and mobile, while ByBit can only be accessed via mobile. This renders Binance as the exchange platform that offers better access for traders.
Binance or ByBit: Which Platform is Better for Traders?
Both of these exchanges have our continued support and appreciation. They are very similar in many ways, leaving very little room for a clear winner.
Top-5 Binance Reviews
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Comment
Prefer using Binance because of their low fees. They are the catalyst of low trading costs at a time users are sick of getting burned by high trading fees on platforms like Coinbase. I remember clearly that upon its entry in the market, these platforms all raced to lower their fees because of knowing they will clearly lose market share to this newcomer. Binance has had a 0.1% spot trading fee since the beginning. Because it’s low I never bothered to check if they charge the exact amount in all of my trades, in small or big amounts. I just know that they always offer the best prices for the assets that I trade (I only trade in the spot market) and have an extensive list of tradable tokens. Cheap + flexible… the best one in the crypto market yet.
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Comment
I like Binance’s trading terminal. It is modern, sleek, and shows relevant information you need for your trades spot on. At the same time, it is not intimidating to navigate around which is a common problem for crypto platforms that prioritize a modem vibe in their UI. It instantly shows the summary of my crypto portfolio, the distribution between assets and the amount, and has the daily PnL (profit and loss) record for the day. This way it is so easy to track which assets performed well in the last 24 hours and which ones lagged behind. I like to hold only a handful of assets for easy traceability of my wins. But even when I add a couple more, it is still uncomplicated to make sense of my stats. Love that crypto is now in a rollercoaster that only goes up and seeing all those greens in my portfolio gives me a great sense of motivation.
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Comment
Binance has been super flexible when it comes to payment methods. It offers the usual mediums like bank deposit, debit card/credit card, crypto deposit, while also supporting newer ones like my favorite e-wallet. Integrating my e-wallet with my Binance account made all the withdrawals instant whenever I sell USDT in the P2P marketplace. The conversion rate is also attractive, making this method favorable to those who are frequently buying and selling on the platform. I withdraw money from them at least once a month and never experience delays. On a side note, I always use the same e-wallet account and had not tried doing it using bank transfers because of fees associated with doing so. There is no fee on this method so I prefer to use it over others.
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Comment
Despite the growing number of reported hacks in the crypto space, I never once felt worried about using Binance as my crypto exchange. They have the most extensive security verification methods, and this makes me feel that trusting my funds with them is one of the best decisions I’ve made. Earlier this year I lost my phone number to which my Binance acct was connected and got very worried that my funds will be compromised. Turns out, it was easy to replace my old contact info with my new number, and they also suggested that I activate my 2-factor authentication for an extra layer of protection. I have also recently activated my passkeys for added security. All these years, Binance has been nothing but a trustworthy platform to me. I only trade crypto with them and nowhere else.
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Comment
I created my account with Binance four years ago. It was during the middle of the crypto boom. I thought it was just a phase and would completely forget about it after the pandemic. But it turns out it is not :D. I still actively trade with the same account. Probably what made me stay is the ease of use, either when I am trading with the website or through the Binance app. Features in both platforms are easy to understand and use. I never had to consult YouTube videos as I normally do with my other brokerage accounts to figure out how a certain tool/button works. What you see is what you get. Never had issues with order execution, deposits, and withdrawals either which made the overall trading experience an excellent one all these years. I think Binance took over the crypto market easily for the same reason. It sold us the idea that trading is easy after all.
Top-5 ByBit Reviews
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Comment
I discovered Bybit through recommendations in trader chats. What first caught my attention was the low minimum deposit — just $1 — so I decided to try trading derivatives. I trade BTC/USDT and ETH/USDT pairs and was pleased with the deep order book and fast execution speed. The leverage goes up to 1:100, which is useful for testing different strategies. After a month of active trading on Bybit, I managed to grow my deposit by 12%. I also liked the mutual loss protection feature — when prices drop sharply, part of the losses is covered. The trading fees are market-standard: not the lowest, but still reasonable.
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Comment
I signed up to take advantage of up to 1:100 leverage and to assess the order book depth. Orders are executed quickly. Commissions are market-standard, but there are maker bonuses that help reduce costs. Among derivatives, I use EOS/USDT and LINK/USDT. Withdrawals are only available in crypto, but I haven't encountered any issues. There's a single account for all types of futures, which is convenient — no need to switch between accounts.
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Comment
Bybit is a platform focused specifically on futures and derivatives, while classic crypto trading is limited — mostly USDT pairs. The minimum entry is just $1, and the maximum leverage is 1:100. That’s great, but it requires discipline. I also give a plus for the fact that the BTC/USDT futures contract costs just $1 — perfect for testing strategies without much risk. I don’t use the mobile app; I trade exclusively through the web.
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Comment
The order system is well thought out. There are both market and conditional orders, plus the market depth through the order book allows you to assess volumes. I trade BTC/USDT and ETH/USDT — everything works smoothly with them. The trading commission is about standard. I top up my account via Visa, and it's convenient that the fiat gateway is supported. I trade futures with a leverage of 1:50 — optimal for risk management.
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Comment
After using Bybit for crypto, I decided to try Forex trading through MT5. At first, I didn’t fully understand how automatic leverage works, but eventually figured it out - it’s fixed per contract and cannot be changed. It’s good that deposits are free and withdrawals have fixed rates depending on the coin. I haven’t seen any hidden fees or markup. Everything is ECN as stated. Trading via the MT5 mobile version is convenient, but support response times can be slow.
Summary
Binance and ByBit are two popular cryptocurrency exchanges. Each of them has its pros and cons. Binance will be the best choice for traders who want to trade any cryptocurrencies, including those with low popularity. ByBit is a good fit for traders who prefer derivatives trading and zero fee spot trading. Also it offers better investment options as special saving accounts and liquidity mining.
FAQs
Are Binance and ByBit reliable exchanges?
Binance and ByBit are not regulated by reputable regulators, but they are quite reliable. Both exchanges are well-known and have a good reputation.
Where is the best place to earn passive income?
ByBit offers better passive income opportunities than Binance
Are P2P trading available on Binance and ByBit?
Yes. Both Binance and ByBit offer P2P trading to customers. Direct cryptocurrency exchange is available on both cryptocurrency exchanges.
How do the user interfaces of Binance and Bybit compare?
Both exchanges use a clean, modern layout with charts and trading views prominently displayed. Bybit has a slightly darker color scheme. Binance's interface may feel more cluttered with many menus and options.
Binance has a basic and advanced trading interface. Bybit focuses mainly on futures and derivatives trading with an interface optimized for that.
Glossary for novice traders
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1
Leverage
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
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2
Forex indicators
Forex indicators are tools used by traders to analyze market data, often based on technical and/or fundamental factors, to make informed trading decisions.
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3
Forex Trading
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly. However, beware that trading carries risks, and you can lose your whole capital.
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4
ECN
An ECN, or Electronic Communication Network, is a technology that connects traders directly to market participants, facilitating transparent and direct access to financial markets.
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5
Futures contract
A futures contract is a standardized financial agreement between two parties to buy or sell an underlying asset, such as a commodity, currency, or financial instrument, at a predetermined price on a specified future date. Futures contracts are commonly used in financial markets to hedge against price fluctuations, speculate on future price movements, or gain exposure to various assets.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.