Best ByBit Alternatives
Cryptocurrencies and other digital assets have been all the rage for the past half-decade or so. This new form of digital currency has made its way into the mainstream, with more and more people looking to get involved in the world of crypto.
A cryptocurrency exchange is a platform that allows for the buying, selling, and staking of digital assets. Bybit is one of the most popular crypto exchanges in the crypto space. However, there are several other exchanges that are giving Bybit a run for its money. So, what are the best Bybit alternatives US and across the world?
What Are the Best Bybit Alternatives?
Bybit faces considerable competition from many other exchanges in the crypto world. Some of Bybit’s main competitors include:
Kraken - Best Bybit Alternative in the US
Kraken is one of the oldest and most well-known cryptocurrency exchanges in operation today. The exchange was founded back in 2011, and it is based in San Francisco, California. Of the many alternatives to Binance US, Kraken takes the “top contender” spot. The exchange supports over 20 different cryptocurrencies and offers a variety of features to its users. Some of these features include staking, margin trading, and spot trading.
ByBit vs Kraken: Fees, Coins, Safety ComparisonBinance - Best Bybit Alternative in the World
Binance is a Malta-based cryptocurrency exchange that was founded in 2017. The platform supports over 150 different cryptocurrencies and offers features such as margin trading, spot trading, and derivatives trading. Binance also has its own native cryptocurrency, Binance Coin (BNB), which you can use to pay fees on the platform.
Binance vs Bybit: Fees, Coins, Safety ComparisonByBit Alternatives Comparison
The table below highlights crucial touchpoints of Bybit's main competitors and how they compare with each other.
| Trading Conditions | ByBit | Binance | Kraken |
|---|---|---|---|
Minimum Deposit |
$10 |
$10 |
$1 |
Trading Platforms |
ByBit |
Binance |
Kraken |
Max Leverage (Futures) |
1:100 |
1:100 |
1:50 |
Max Leverage (Spot) |
1:10 |
1:10 |
1:5 |
Base Account Currencies |
Crypto |
USD, EUR, GBP +10 fiat currencies, 50+ Cryptocurrencies |
USD, EUR, GBP, AUD, CAD, CHF, JPY + 98 Crypto |
Bybit Alternatives Fees
As you'd expect, different crypto exchanges have different fees like transaction fees and gas fees, among others. Here's how Bybit's fees compare to those of its competitors.
| Fee | ByBit | Binance | Kraken |
|---|---|---|---|
Max Maker |
0.1% |
0.1% |
0.16% |
Max Taker |
0.1% |
0.1% |
0.26% |
Min Maker |
0.1% |
0.012% |
0% |
Min Taker |
0.1% |
0.024% |
0.1% |
Debit/Credit Card Purchase Fee |
0% |
1% |
3.75% + $0.25 |
Future Trading Fees
All three exchange platforms charge for trading future contracts, but each charges differently. The table below compares future trading fees for the three exchanges.
| Fee | ByBit | Binance | Kraken |
|---|---|---|---|
Max Maker |
-0.025% |
0.02% |
0.02% |
Max Taker |
0.075% |
0.04% |
0.05% |
Min Maker |
-0.025% |
0% |
0% |
Min Taker |
0.075% |
0% |
0% |
Non-Trading Fees
Aside from the trading fees, exchanges also charge fees for various transactions on their platforms.
| Fee | ByBit | Binance | Kraken |
|---|---|---|---|
Deposit Fee |
0% |
0% |
0% |
Bank Transfer Withdrawal Fee |
- |
1.5 USD |
4-35 USD |
Debit/Credit Card Withdrawal Fee |
0% |
0% |
3.75% + $0.25 |
BTC Withdrawal Fee |
0.0005 |
0.0001 |
0.001 |
Supported Crypto Assets
All platforms support various crypto assets, however, their asset portfolios vary greatly. Here’s a table comparing the digital assets on each platform.
| Fee | ByBit | Binance | Kraken |
|---|---|---|---|
Supported coins (total) |
239 |
395 |
190 |
Markets (total) |
347 |
1659 |
588 |
Bitcoin (BTC) |
Yes |
Yes |
Yes |
Litecoin (LTC) |
Yes |
Yes |
Yes |
Dogecoin (DOGE) |
Yes |
Yes |
Yes |
Shiba Inu Coin (SHIB) |
Yes |
Yes |
Yes |
Binance Coin (BNB) |
Yes |
Yes |
Yes |
Uniswap (UNI) |
Yes |
Yes |
Yes |
Ripple (XRP) |
Yes |
Yes |
Yes (for non US Clients) |
Polkadot (DOT) |
Yes |
Yes |
Yes |
Cardano (ADA) |
Yes |
Yes |
Yes |
Tron (TRX) |
Yes |
Yes |
Yes |
Crypto Futures |
Yes |
Yes |
Yes |
Crypto Options |
Yes |
Yes |
No |
NFT |
Yes |
Yes |
Yes |
ETF |
No |
Yes |
No |
What Is the Best Bybit Alternative in the US?
As mentioned earlier, Kraken is the best Bybit alternative in the US, and for good reasons. Not only is it one of the most seamless crypto exchanges available today, but also one of the most secure.
Kraken is also one of the few exchanges that offer staking and margin trading features. Here are a few reasons why Kraken is among the best Bybit alternatives.
Plenty of Markets for Trading
Kraken offers a wide variety of digital assets, with over 20 different cryptocurrencies available for trading. This is in contrast to Bybit, which only supports a handful of cryptocurrencies like Bitcoin, Ethereum, Ripple, EOS, and Litecoin.
Supports NFTs and Futures
Kraken was one of the first exchanges to list non-fungible tokens (NFTs). NFTs, or non-fungible tokens, are digital assets that are not interchangeable. This means that each NFT is unique and can be used to represent things like digital art, in-game items, or even real-world assets.
Futures contracts are also available on Kraken. A futures contract is an agreement to buy or sell an asset at a future date for a fixed price. The exchange also supports futures trading, which is a feature that's not available on Bybit, making it an even better Bybit alternative.
Better Regulation From Financial Bodies
Kraken is one of the few exchanges that are registered with financial bodies like FINRA and the SEC. This means that the exchange is subject to better regulation and is more trustworthy than other exchanges that are not registered with these bodies.
It also means you can trade large volumes without having to worry about your money disappearing into thin air.
Is Kraken Safe?What Is the Best ByBit Alternative in the World?
Binance is hands-down the best Bybit alternative in the world. The platform supports a wide range of digital assets and also offers features like margin trading, spot trading, and derivatives trading. It also has its own native cryptocurrency, Binance Coin (BNB), which you can use to pay fees on the platform.
Excellent Choice of Trading Assets
Binance offers an excellent choice of digital assets, with over 150 different cryptocurrencies available for trading. This is in contrast to Bybit, which only supports a handful of cryptocurrencies like Bitcoin, Ethereum, Ripple, EOS, and Litecoin.
Accepts Futures and Options Trading
Binance also supports futures and options trading, which is a feature that's not available on Bybit. Futures contracts are agreements to buy or sell an asset at a future date for a fixed price. Options contracts give the holder the right, but not the obligation, to buy or sell an asset at a specified price within a certain period.
High Liquidity
Binance has high liquidity, which means you can buy or sell large volumes of cryptocurrencies without having to worry about the price being artificially inflated or deflated. This is in contrast to Bybit, which often experiences low liquidity due to its low trading volume.
Lower Fees
Binance charges lower fees than Bybit. For example, the taker fee on Binance is 0.075%, while the maker fee is 0.025%. On Bybit, the taker fee is 0.05% and the maker fee is 0.025%. This makes Binance the cheaper and better option.
Binance Fees ReviewFAQ
Is Bybit available worldwide?
No, Bybit is not available worldwide. The exchange is only available in a handful of countries, including the US, UK, Canada, Singapore, and Hong Kong.
What is the difference between Bybit and Binance?
The main difference between Bybit and Binance is that Binance offers a wider range of digital assets and features, such as margin trading, spot trading, and derivatives trading. Binance also has its own native cryptocurrency, Binance Coin (BNB), which you can use to pay fees on the platform.
Is Bybit regulated?
No, Bybit is not regulated by any financial body. This means that the exchange is not subject to the same regulations as other exchanges, which could make it a tad risky.
Which crypto-exchange platform is cheaper: Binance or ByBit?
Considering the fees offered by Binance, from its higher to its slightly lower trading and withdrawal fees, we have to say that Binance is the cheaper exchange platform.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!