In the last few years, many exchange platforms have accepted cryptocurrency. However, even though there are a lot of exchange platforms that offer cryptocurrency trading services, it isn’t easy to decide which one is right for you. If you don’t make the right choice, you’ll earn a lot less than you should, or worse; you may experience losses that you did not expect to incur.
Binance and Bybit are cryptocurrency exchange platforms that allow users to trade in digital currencies for traditional money. By the end of this article, you’ll have a good idea about the strengths and weaknesses of both of these exchange platforms. You’ll also learn more about the different features that each platform offers.
To start, let’s take a look at the main contrasts between them:
| BYBIT | BINANCE | |
| OVERALL RATING (*source: Trustpilot) | 2.6 out of 5 | 2 out of 5 |
| AVAILABLE CRYPTOS OFFERED | 200+ | 300+ |
| MAKER FEE | -0.025% | 0.1% |
| TAKER FEE | 0.075% | 0.1% |
| WITHDRAWAL FEE | 0.0005 BTC | 0.0005 BTC |
| WITHDRAWAL FREQUENCY | 3x/day | anytime |
| SUPPORTED DEPOSIT OPTIONS | Debit Card, Credit Card, Cryptocurrency, Bank Wire, Bank Transfer, plus more | PayPal, Debit Card, Credit Card, Cryptocurrency, Bank Wire, Bank Deposit, plus more |
Bybit vs. Binance: Features & Capabilities
Bybit is a Singapore-based exchange that offers several advantages over traditional platforms. It has a user-friendly interface that makes it easy for beginners to start for starters.
But that’s just the beginning. Bybit also offers a wide range of features and capabilities, including:
- Futures contracts: Bybit offers many different futures contracts, such as BTC/USD, ETH/USD, and XRP/USD. These contracts allow Bybit users to speculate on what digital currencies will be like in the future.
- Leverage: Bybit offers up to 100x leverage, which means that investors can boost their return on their investments or even prevent them from losing money.
- A wide range of order types: Bybit offers various order types, such as limit, market, and stop orders. Bybit provides a wide range of order types to its investors. This allows them to place trades in the way that suits them.
- A fast and reliable order execution engine: Bybit has an order execution engine that is fast and reliable, allowing investors to execute trades quickly and easily.
Moving on to Binance, the platform is one of the most popular cryptocurrency exchanges globally. It offers a wide range of features and capabilities that make it an attractive option for traders and investors. Some of the key features and capabilities of Binance include:
- A wide range of cryptocurrencies: Binance is the largest cryptocurrency exchange globally, and it supports a wide variety of cryptocurrencies. For example, investors can buy and sell Bitcoin, Ethereum, Litecoin, and many more digital assets. It is a convenient platform for investors to buy and sell different cryptocurrencies.
- High-quality trading tools: Binance is a reputable exchange that offers traders high-quality tools, such as a sophisticated trading platform, margin trading, and a wide range of order types. Binance is an attractive choice for traders who want to trade cryptocurrencies.
- Excellent customer support: Binance offers good customer support, making it a convenient option for traders who need help.
- Fast and secure transactions: Binance provides fast and secure transactions, making it a safe option for traders.
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Bybit vs. Binance: Pricing
Bybit charges a flat fee of 0.025% on all trades, which is much lower than the fees charged by most other exchanges. Bybit also has a fee rate of 0.01% and a taker fee rate of 0.06%.
As for Binance, the platform charges a 0.1% fee for trading on top of a 0.5% fee for instant buying or selling.
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Reasons to choose Bybit over Binance.
There are many reasons why traders might prefer to use Bybit over Binance. For example, Bybit offers a better user experience with a more intuitive and user-friendly interface. Bybit also offers a wider range of features, including a more sophisticated order book and more options for margin trading.
In addition, Bybit offers significantly lower fees than Binance. Bybit’s fees are among the lowest in the industry. Finally, Bybit is a more reliable platform with a better uptime record. Binance has suffered from several outages and system failures in the past, while Bybit has been far more reliable.
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Reasons to choose Binance over Bybit.
In some cases, there are plenty of reasons why traders might choose Binance over Bybit.
Binance is a much larger exchange with a much larger user base, meaning that there is much greater liquidity on Binance, and you are less likely to experience trading issues on the platform. Binance also offers a wider range of trading pairs than Bybit, meaning you can trade more cryptocurrencies against each other on Binance than you can on Bybit.
Lastly, Binance is a much more established exchange than Bybit. Binance has been operating since 2017, while Bybit has only been operating since 2018. This means that Binance offers a more trustworthy exchange.
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The Similarities between Bybit and Binance
There are some key similarities between Bybit and Binance. They are both exchanges that allow users to buy and sell cryptocurrencies. They also offer a variety of features, such as margin trading and stop-loss orders. Both exchanges also offer great customer support and have a lot of support staff.
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Bybit and Binance Alternatives
Bybit and Binance aren’t the only cryptocurrency platforms available. There are other options as well. If you’re interested, here are two popular platforms you may want to take a look at:
Coinbase – Coinbase is one of the best-known exchanges for buying, selling, and exchanging cryptocurrencies. Coinbase makes buying and selling Bitcoins easy; however, you should know that additional fees are associated with buying and selling bitcoins on the platform.
Kraken – Kraken is another cryptocurrency exchange that allows users to buy and sell cryptocurrencies, like Bitcoin and Ethereum. Kraken is a good choice for cryptocurrency traders who want to trade with low fees and access a large variety of coins.
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Bybit vs. Binance: Final Verdict
In this Bybit vs. Binance comparison, both exchanges have proven good trading platforms. In addition, Bybit and Binance offer traders flexibility and safety, and both offer a trading environment that is convenient and secure. But, of course, it depends on what trading platform you prefer to use.
It isn’t that hard to decide which exchange between Binance and Bybit is better. Binance offers all of the features that Bybit offers, plus a lot more. Binance is very popular exchange, and because of the high amount of money traded every day, it’s more liquid than Bybit. It also offers a lot of different trading pairs.
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FAQ
Is Bybit safe to use?
Yes. Bybit is a legitimate crypto exchange platform; therefore, it is safe.
How long does it take to deposit in Binance?
Upon completing the bank transfer, transactions usually take 1 business day.
Is my money safe with Binance?
Short answer, yes. Binance offers users a secure asset fund that helps them to keep their money safe.
What countries is Bybit available in?
Bybit is available to all users globally, except for some countries such as Mainland China, The U.S., Quebec (Canada), Cuba, North Korea, Singapore, Crimea, Iran, Sevastopol, Syria, and Sudan.
Is it considered illegal to use a VPN for Bybit?
Technically, yes. You’ll need a VPN to use Bybit in the U.S., and the U.S. law enforcement has tightened up on cryptocurrencies in recent years, making it more difficult for U.S. citizens to trade them.
How long does it take to withdraw from Bybit?
In Bybit, the withdrawal process usually takes around 30 minutes.
Does Binance have a deposit limit?
Binance offers users the ability to deposit as much as $7,500,000 via bank wire, so if you decide to do that, your bank may charge you a fee.