Bybit vs. Binance: Which Crypto Exchange Is Better for You?

There are so many crypto exchanges that finding the perfect one for you can be a bit of a minefield. Both Binance Bybit are strong contenders, but are they right for you? In this article, I will compare both exchanges and give you all the information you need to make the right decision.

General Overview: Bybit vs. Binance 

In this article, I compare industry heavy hitter Binance against a rising star, Bybit. Binance has a considerable market share, but with regulatory issues and changes in leadership, other exchanges, like Bybit, are all clamoring for an extra slice of the pie. 

Grab your forks, folks; let’s tuck in and find out which one deserves our custom.

Note: Users from the United States may need to look elsewhere as neither exchange US shores. However, Binance does have the simpler Binance.US platform.

Bybit Overview

In recent years, Bybit has been rapidly gaining popularity, and it looks like it will continue. It has a sleek user interface and excellent customer service. It supports users of all levels, although it is possibly more geared towards users with more experience of centralized exchanges.

Pros of using Bybit

• Great for porofessional Level Trading
• Fees are low and comparable to other leading exchanges
• More suitable for Advanced Traders
• Mobile App is very easy to use
• Highly Security conscious and has never been hacked

Cons of using Bybit

• Advanced trading features can be confusing for new users

Binance Overview 

If you have spent even a second in the cryptosphere, you will have heard of Binance. Binance is by far the most popular crypto exchange; it is very secure, has a wide range of altcoins, and has an extensive library of educational resources. It is excellent for beginners and advanced users.

Pros of using Binance

• Huge range of tools suitable for all user levels
• Great options to earn passive income on your assets
• A wide range of trading pairs
• Highly secure and trusted

Cons of using Binance

• It can be confusing for beginners
• Current regulatory issues

Binance vs. Bybit: Side-by-Side Comparison

Binance and Bybit are top-rated exchanges packed with crypto assets and tools, so which one is best? Let’s delve deep beneath the hood and find out.

Crypto List

It’s important to note that finding trading pairs (combinations of assets for trading) will be okay with whichever crypto exchange you choose.

Binance:

• Crypto Assets: 402
• Trading Pairs: 1591
• Fiat Currencies: 11

Bybit:

• Crypto Assets: 523
• Trading Pairs: 759
• Fiat Currencies: 6

Both exchanges have comparable crypto assets; however, the difference comes from trading pairs and fiat currencies. Binance takes the title of trading pair champion; it has many more options for trading directly between any crypto assets you hold (or hodl, as we like to say in crypto). 

Before deciding which exchange to use, you should investigate whether your home fiat currency is supported. However, this might not be the most important factor as US Dollars are a common alternative in most countries. Binance narrowly takes the win here, too.

Fees

Binance and Bybit have a tiered loyalty structure based on how much you hold on the platform and how large your transactions are. 

Fees decrease with increasing loyalty levels, but I shall only compare the base loyalty levels and spot trading fees for this article to keep things comparable. I have added an image of each platform’s fee structure below for more detail.

It’s important to note, though, that I am nitpicking now; both of these exchanges offer some of the lowest fees in the industry. When an industry starts to mature, things like fees become less of a selling point, much in the same way as call and text charges became less critical in the cell phone industry.

While both Exchanges do not charge fiat deposit or withdrawal fees, you may incur network fees or fees from a third-party platform if you use one.

Binance:

• Deposit fees (fiat): 0%
• Spot Trading fees: 0.1%
• Withdrawal fees (fiat): 0%

Bybit:

• Deposit fees (fiat): 0%
• Spot Trading fees: 0.1%
• Withdrawal fees (fiat): 0%

Security

Having reasonable fees and lots of crypto is great, but being highly secure is even more critical regarding your hard-earned money. Let’s find out if Binance and Bybit have the security of a British castle or a cheap tent!

Both platforms require KYC (Know Your Customer) verification, which is typical with regulated exchanges. This helps to keep out nefarious actors, but that’s not all they do.

Is Binance safe to use?

“With great power comes great responsibility.” Binance certainly understands Uncle Ben when it comes to this. Binance has taken every possible step to make it the safest crypto exchange.

During sign-up, Binance uses state-of-the-art artificial intelligence risk control solutions and identity and facial recognition. It also uses big-data analytics and cyber forensics to monitor every transaction on the exchange.

Binance is set up very well to spot and address suspicious activity on its platform.

Binance has experienced a hack before, yet since 2019, there hasn’t been another successful attempt. Importantly, all users impacted by the previous hack were completely compensated through the Binance SAFU insurance fund.

Is Bybit safe to use?

Unlike Binance, Bybit has never been hacked and has earned a Triple-A security rating. Bybit users can use 2FA and biometric login measures for an added layer of security. They also offer the following measures:

• Fund Password
  • This is used for security verification and withdrawal requests, safeguarding your funds even if someone gains access to your login credentials.
• Anti-Phishing code
  • Bybit adds a code to all emails sent to you; if the code is wrong or not on the email, you know it is probably a phishing scam attempt.
• New address withdrawal lock
  • This feature prevents withdrawals to new addresses for 24 hours, giving you the time to stop them if they were not done by yourself.

Features and Tools

As highlighted earlier, Binance and Bybit offer a comprehensive suite of tools and features. Both platforms excel in providing advanced functions like spot and derivative trading, as well as margin trading.

Each exchange boasts capabilities like trading bots, peer-to-peer (P2P) trading, NFT marketplaces, and leverage trading. Additionally, they both provide options for crypto lending, various earning products, and a launchpad that gives early access and support for emerging crypto projects.

In terms of features, there’s little to differentiate between the two; both are richly equipped!

User experience

I’ll say that Binance and Bybit might not be the most beginner-friendly exchanges. Their extensive features and options could be overwhelming for someone new to crypto exchanges (they sure were for me!). However, for those with some previous experience, they will be fine.

Having used both, I find it unlikely most users will tap into the full spectrum of tools available on either platform.

That being said, basic functions like depositing crypto and utilizing the straightforward “one-click” trading features are user-friendly, allowing even novices to purchase crypto without getting completely lost.

Both platforms integrate TradingView charts and can rapidly process many transactions per second.

In conclusion, Binance and Bybit are accessible to users of varying skill levels as long as they limit their engagement to features within their level of understanding. 

Binance vs Bybit: Head to Head

How to Choose the Best Crypto Exchange for Yourself

I have covered all the different things you need to know to make an informed decision on which crypto exchange to use; there’s lots to think about, right? So, before your head explodes, let’s recap the most important aspects.

The main factors to consider are as follows:

Level of knowledge

Are you new to investing in crypto? If you are, be honest with yourself; if you don’t understand any of the options, don’t use them until you educate yourself further. Failure to do so will probably result in errors and you losing money.

Fees

Both deposit and withdrawal fees should be compared before you decide. However, with such similarities between Binance and Bybit fees, this is moot. Remember, though, a slight difference in fees can make a big difference if you plan on investing regularly.

Security

Security should speak for itself. Remember that the more hoops you jump through to register and use an exchange, the more secure it should be.

Range of crypto assets

Quite a simple one: make sure the exchange has the crypto you want to invest in available.

Features

Very closely related to your level of knowledge, make sure the features and trade types you want to use (and are capable of using) are present on the exchange you choose.

Bybit vs. Binance: The Verdict

This is tricky; Binance and Bybit are reliable, secure exchanges, and both would be a good choice. However, if push came to shove, I’d choose Binance over Bybit for users with less than expert knowledge. This decision is based on the wealth of educational features accompanying the Binance exchange. I have used many of these; they are beneficial and easy to understand.

Bybit is best for:

• 24/7 customer support in several languages
• A robust copy trading tool
• Security history: Bybit has never been hacked

Binance is best for:

• A more comprehensive range of earn from your crypto products
• Launchpad has a broader selection of promising projects
• Highly regarded educational library

On the Flipside

Centralized exchanges offer comprehensive services in one place, ideal for those seeking a full suite of options. Yet, for newcomers, this might seem daunting; those looking for a more straightforward, user-friendly experience may find centralized finance (CeFi) apps such as Nexo and Swissborg more to their liking.

Why This Matters 

Selecting the right crypto exchange is a highly individual decision. Finding one that offers all the essential features while remaining user-friendly is important. Facing a difficult learning curve can significantly raise the risk of errors, potentially leading to financial losses.