ByBit Fees Review – Is ByBit Cheaper Than Binance?
ByBit is an exchange with some of the lowest fees in the cryptocurrency market. The initial taker fee is 0.1% for spot trading, 0.06% for futures trading, and 0.03% for spot trading, while maker fee is 0.1% for spot trading, 0.01% for futures trading, and 0.03% for spot trading. The higher the status of a trader, the lower the fees.
Bybit is a crypto-derivative exchange platform that was founded in March 2018 and is based in Singapore. It is one of the fastest-growing crypto derivatives platforms in the market, with over 1.2 million registered users.
Available assets include 270+ cryptocurrencies for spot trading, and 200+ derivative contracts.
ByBit offers the following trading options:
Spot trading;
USTD, USDC-settled perpetual futures contracts;
USDC options trading.
Bybit and Binance Fee Explained
| Bybit | Binance | |
|---|---|---|
Supported Cryptos |
270+ |
350+ |
Exchange fee |
||
Taker fee (Spot) |
0,1% |
0,1% (0,075% with BNB discount) |
Maker fee (Spot) |
0,1% |
0,1% (0,075% with BNB discount) |
Taker fee (Futures) |
0,06% |
0,05% |
Maker fee (Futures) |
0,01% |
0,01% |
Withdrawal fee |
0.0005 BTC |
0.0005 BTC |
Supported Deposit Methods |
Credit Card and Crypto |
Wire, Credit Card, and Crypto |
Joining Bonus |
Up to $1000 |
Up to $100 |
As of Sept. 2021, there are no deposit fees when trading crypto on Bybit. However, there is a charge of withdrawal fees depending on the cryptocurrencies you’re withdrawing.
| BTH | ETH | XRP | EOS | USDT | DOGE | DOT | |
|---|---|---|---|---|---|---|---|
Withdrawal fee |
0.0005 |
0.005 |
0.25 | 0.1 |
10 |
5 |
0.1 |
Withdrawal Amount |
0.001 |
0.02 |
20 |
0.02 |
20 |
25 |
1.50 |
ByBit Trading Fees Explained
Trading fees are the transaction costs you’re charged when you place any order on a marketplace exchange.
Bybit offers maker rebates as a way to encourage more market-making activities in order to provide better market depth as a result.
Learn about Kraken FeesSpot trading fee is generally above 0.2%, and is 3-to-15x higher than the contract trading fee. Bybit offers zero maker fee and the lowest taker fee.
The platform only makes a net trading fee of 0.05% per transaction from the taker and maker fees borne by derivatives traders — among the lowest in the industry.
Traders can be classified as market takers or market makers. For every executed order, there is either a Trading Fee or a Trading Rebate incurred.
Market Takers, who seek liquidity and take liquidity off the book immediately, will be charged a trading fee.
Market Makers, who provide liquidity and increase the market depth of the order book, will receive a rebate (negative trading fee) from Bybit.
The trading fee(rebate) is deducted(added to) from the account balance, and it does not affect the initial margin of the order.
Bybit Trading Fees Structure
Trading Fee = Filled Order Quantity x Trading Fee Rate.
Bybit may charge a trading fee when an order is executed.
The trading fee is incurred upon execution of an order. It is deducted from the wallet balance and won’t affect the initial margin of the order.
Learn About Binance FeesThe Bybit fee schedule comprises 10 user levels. Following registration, a user is assigned a Non-VIP status, the initial level. Upon fulfillment of trading volume requirements, the user’s status gets upgraded, and the taker and maker fees decrease with each new level. For example, starting with the Supreme VIP level, maker fee for futures trading is zero. The VIP status of a user depends on the asset balance, BIT balance, borrowed amount and 30-day trading volume.
Table of assignment of VIP levels depending on the trading volume:
| Level | 30-day trading volume (USD), including leverage | ||
|---|---|---|---|
| Spot | Derivatives | Options | |
Non-VIP |
up to 1M |
up to 1M |
up to 1M |
VIP 1 |
1-2M |
10-25M |
5-10M |
VIP 2 |
2-4M |
25-50M |
10-15M |
VIP 3 |
4-6M |
50-100M |
15-25M |
VIP 4 |
6-8M |
100-250M |
25-40M |
VIP 5 |
8-10M |
250-500M |
40-100M |
Supreme VIP |
≥10M (with trading volume via API not more than 20%) |
≥ 500M (with trading volume via API not more than 20%) |
- |
Pro 1 |
10-30M |
≥ 500M and 0.25% of the total trading volume |
100-300M |
Pro 2 |
30-60M |
0.25-0.5% of the total trading volume |
300-500M |
Pro 3 |
60-100M |
at least 0.5% of the total trading volume |
≥ 500M |
Spot Trading
The fee structure of spot trading is the same as that of Inverse and USDT Contracts on Bybit. The trading fee corresponds to the two different execution types: Maker and Taker.
Taker Fee: Order Value × Taker Fee Rate
Maker Fee: Order Value × Maker Fee Rate
The table below shows the trading fee you’ll be charged when you trade spot markets on Bybit.
| Level | Market Fee Rate | Taker Fee Rate |
|---|---|---|
Without VIP status |
0.1% |
0.1% |
VIP 1 |
0.06% |
0.04% |
VIP 2 |
0.05% |
0.02% |
VIP 3 |
0.045% |
0.02% |
VIP 4 |
0.04% |
0.015% |
VIP 5 |
0.035% |
0.0125% |
Supreme VIP |
0.02% |
0.005% |
Pro 1 |
0.03% |
0.010% |
Pro 2 |
0.025% |
0.0075% |
Pro 3 |
0.02% |
0.005% |
Futures trading
A futures contract is an agreement between parties to sell or buy cryptocurrency on a specified date, and at a predetermined price. The taker and maker fees are calculated in the same way as in spot trading.
Futures trading fees:
| Level | Market Fee Rate | Taker Fee Rate |
|---|---|---|
Non-VIP |
0.06% |
0.01% |
VIP 1 |
0.05% |
0.006% |
VIP 2 |
0.045% |
0.005% |
VIP 3 |
0.0425% |
0.004% |
VIP 4 |
0.04% |
0.002% |
VIP 5 |
0.0375% |
0.001% |
Supreme VIP |
0.03% |
0% |
Pro 1 |
0.035% |
0% |
Pro 2 |
0.0325% |
0% |
Pro 3 |
0.03% |
0% |
Options trading
Cryptocurrency options give the right (but not an obligation) to buy or sell underlying cryptocurrency at the predetermined price upon expiry of the contract or prior to its expiry. Bibit offers three types of USDC-settled options: BTC options, ETH options, and SOL options.
Options trading fees:
| Level | Market Fee Rate | Taker Fee Rate |
|---|---|---|
Non-VIP |
0.03% |
0.03% |
VIP 1 |
0.027% |
0.027% |
VIP 2 |
0.025% |
0.025% |
VIP 3 |
0.024% |
0.024% |
VIP 4 |
0.023% |
0.023% |
VIP 5 |
0.022% |
0.022% |
Supreme VIP |
0.022% |
0.022% |
Pro 1 |
0.020% |
0.020% |
Pro 2 |
0.015% |
0.015% |
Pro 3 |
0.01% |
0.01% |
ByBit Non-Trading Fees
If you are a taker, you have to pay 0.075%, while if you are a maker, you can earn a 0.025% rebate. ByBit makes 0.05% of the transaction from maker and taker fees.
Withdrawal fee
Both Binance and Bybit don’t charge a deposit fee. However, Bybit only supports crypto for depositing funds, whereas Binance offers Wire transfers, credit cards, and crypto.
Both the exchanges charge a small withdrawal fee, which changes from coin to coin. For example, the minimum withdrawal on Bybit for BTC is 0.001 BTC, and the flat fee for withdrawals is 0.0005 BTC. Binance also charges the same withdrawal charges.
| BTH | ETH | XRP | EOS | USDT | DOGE | DOT | |
|---|---|---|---|---|---|---|---|
Withdrawal Amount |
0.001 |
0.02 |
20 | 20 |
20 |
25 |
1.50 |
Conventional fee
No fees for asset exchanges. By exchanging your assets directly on Bybit, traders do not have to pay two-way transfer miner fee.
The transaction limit / 24 hours exchange limit for a single account is shown below
The bonus balance cannot be converted to other coins. It will not be forfeited upon submitting any coin conversion request as well.
The Real-Time Exchange Rate is based on the best quote price from several market makers according to the current index price.
| Coins | Per Transaction Minimum limit | Per Transaction Maximum limit | 24 hours user exchange limit | 24 hours platform exchange limit |
|---|---|---|---|---|
BTC |
0.001 |
20 |
200 | 4000 |
ETH |
0.01 |
250 |
2500 |
50000 |
EOS |
2 |
1000000 |
1000000 |
3000000 |
XRP |
20 |
500000 |
5000000 |
60000000 |
USDT |
1 |
1000000 |
10000000 |
150000000 |
DOT |
1 |
10000 |
10000 |
10000 |
Bybit Cross Margin Trading
Bybit offers leverage for cryptocurrency trading that allows you to use assets in your Spot Account as collateral to borrow additional funds from Bybit in order to open positions larger than your wallet balance. The interest rate on the loan has two calculation formulas: daily rate and annual rate.
Learn about Margin TradingThe interest rate depends on the asset. The table below provides examples of interest rates for certain cryptocurrencies:
| Daily interest rate | Annual interest rate | |
|---|---|---|
USDT |
0.02173852% |
7.93455834% |
BTC |
0.00843603% |
3.07914964% |
ETH |
0.01171066% |
4.27438944% |
USDC |
0.02142967% |
7.82182678% |
XRP |
0.02758637% |
10.06902257% |
The exchange also charges a 2% fee for margin position liquidation.
For comparison: the interest rate charged by Binance on BTC is much lower: 0.04% daily, and 1.81% annual. Meanwhile, the interest rate charged by Binance on XRP is higher: 0.03% and 11.15% respectively.
Leveraged tokens
Leveraged tokens are derivatives with no margin or liquidation risks. They represent a basket of contracts for the underlying asset. The fees are specified in the comparative table below:
| Bybit fee | Binance fee | |
|---|---|---|
Trading fee |
0.1% |
0.1% |
Purchase fee |
0.05% |
0.1% |
Redemption fee |
0.05% |
0.1% |
Management fee |
0.005% |
0.01% |
Funding fee |
Funding fee (individual for each contract) |
Funding fees are paid to the base fund based on the funding rate |
Comparative analysis shows that Bybit fees are more attractive.
How to Reduce ByBit Fees?
Despite that Bybit charges comparatively low fees, you can reduce them even further by taking the following steps:
Increase your trading volume, thereby raising your status level. The higher the level the lower the fees.
Fund your account and withdraw money via the P2P service of the platform, as there are no fees there;
If you are not using cryptocurrency for some time, stake it. You can earn additional income that can be used to pay fees;
Invest crypto in dual-assets, or Bybit savings. Do not try to reduce fees; try to find additional sources of income to cover them;
Use copy trading. Copy trades of successful traders, thereby reducing not the fees, but the probability of losing money because of your own mistakes due to the lack of experience.
You can also reduce trading fees using the features of Traders Union. We offer traders to receive a rebate.
👍 Bybit Pros
• Bybit uses a robust 100K TPS Matching Engine.
• It has a powerful API where market data is pushed every 20 ms.
• Copy trading service;
• Additional passive income tools: participation in liquidity pools, staking, etc;
• The size of each contract is smaller compared to other exchanges.
• Bybit offers futures contracts on EOS and Ripple, unlike other platforms.
• Extensive customer support.
• Best trading bot services has integration with Bybit.
👎 Bybit Cons
• Some fees are higher than those charged by key competitors.
• The US citizens are not allowed to trade.
FAQs
Where is Bybit located?
ByBit has been registered in the British Virgin Islands. The headquarters are in Singapore, and they have offices in Hong Kong and Taiwan.
Can you use Bybit in the United States?
US citizens cannot use ByBit
How much are Bybit fees?
They use a maker-taker model. If you are a taker, you have to pay 0.075%, while if you are a maker, you can earn a 0.025%
What are the Bybit withdrawal times?
You can withdraw three times a day at 8:00, 16:00, and 24:00 UTC
Is Bybit safe?
They use robust security tools and are graded B by Mozilla’s Observatory Test. They use SSL communication, two-factor authentication and an advanced Mark and Index pricing system.
Team that worked on the article
A professional English-Spanish translator, writer, proofreader, transcriber. Jose Antonio Gastelum offers his services for website content, blogs, research papers, documents, books and manuals about technology, finance, investment, tourism and insurance. In addition, he has some experience in web and app development, content marketing and SEO optimization.
His motto is: Hard work produces luck and success.
Jason Law is a freelance writer and journalist and a Traders Union website contributor. While his main areas of expertise are currently finance and investing, he’s also a generalist writer covering news, current events, and travel.
Jason’s experience includes being an editor for South24 News and writing for the Vietnam Times newspaper. He is also an avid investor and an active stock and cryptocurrency trader with several years of experience.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.