Bybit Vs. Binance Comparison 2024

Bybit was founded in Singapore in March 2018 by Ben Zhou. It initially established itself as one of the best derivatives exchanges. Later, the platform expanded its services to include spot trading.

Binance was founded in Cayman Island in 2017. Founder Changpen Zhao is one of the most influential names in the cryptocurrency industry. Within a short period of time, Binance has become the world’s number one exchange in terms of trading volume and number of users. To date, it holds the number one position in many jurisdictions.

Considering the establishment time and team experience in the cryptocurrency market, Bybit and Binance are on par. Therefore, round 1 is sheave.

Now, let’s compare the features offered by these two platforms and their various tokens.

Round 2 – Functional and Crypto Tokens

1. Bybit offers spot trading capabilities for over 900 token pairs. Additionally, the average 24-hour trading volume is approximately $400 million.

Binance’s share is much more important. We offer over 1600 token pairs. And the average 24-hour trading volume is about $10.1 billion.

2. Bybit offers derivatives trading on over 100 token pairs. The average 24-hour trading volume is approximately $9.3 billion. Derivatives trading services are the platform’s USP (Unique Selling Proposition), which can be seen in its phenomenal trading volumes.

However, Binance’s share of derivatives trading volume is also much more important. It offers over 200 token pairs and has an average 24-hour trading volume of around $2 million. 49.2 billion.

3. Bybit has a user base of 10 million. However, Binance has a user base of around 2 million. 29 million.

4. Bybit offers margins of up to 100x the user’s trading position. Binance offers up to 125x margin.

5. Bybit has several unique features:

no way) Copy Trading – Helps beginners copy trade from professional traders and make money easily in the cryptocurrency market.

rain) leveraged tokens – Leveraged tokens allow users to leverage trading without using margin trading features. This frees users from margin fees, interest, and the need to maintain margin at all times.

aspirate) Cryptocurrency Savings – This allows users to earn passive income from crypto assets. Your assets are liquid while they are in a savings account. This means you can withdraw or sell it at any time.

d) NFT Marketplace – This allows users to buy and sell non-fungible tokens (NFTs) seamlessly.

6. Binance also has some unique features:

no way) grid bot trading – Grid bots allow users to automate their trading strategies and make money while they sleep.

rain) automatic investment – Auto Invest is an automated way to invest in cryptocurrency tokens. This helps establish discipline in your investment approach.

aspirate) Cryptocurrency Savings – Crypto savings is one of the best ways to generate passive income with cryptocurrency assets. Your assets are liquid while they are in a savings account. This means you can withdraw or sell it at any time.

d) Cryptocurrency staking – Staking is another way to earn passive income from cryptocurrency assets. Moreover, staking returns are usually much higher than savings returns. However, there is always a lock-in period for staking. This means that if you withdraw your funds before the lock period, you will lose all staking rewards.

7. Both Bybit and Binance are banned for US citizens. However, Binance has a separate exchange called Binance.US. This is a US-only exchange. However, the features offered by Binance.US are limited compared to the Binance international platform.

8. Bybit does not have its own cryptocurrency token. However, it recently created BitDAO, a decentralized autonomous organization to support cryptocurrency projects related to DeFi, DAOs, NFTs, gaming, etc. BitDAO has its own token called BIT.

Binance has its own token called BNB. This token can be used in several ways. By staking these tokens, you can earn passive income, get discounts on trading fees, and more. Additionally, Binance continuously purchases and burns BNB tokens on the open market.

9. Lastly, Bybit does not require KYC until you withdraw 20,000 USDT per day. Third-party KYC is required to use fiat support on the platform.

However, Binance requires user KYC when signing up.

Both candidates are solid in their service offerings, but Binance is much bigger and better in this area. So round 2 Binance.

Now, let’s understand the support these platforms provide for fiat currency trading.

Round 3 – Bybit vs. Fiat Support Binance

1. Both Bybit and Binance support fiat deposits on their platforms. This includes several fiat currencies including USD, GBP, EUR, CAD, AED, and INR.

2. Both Bybit and Binance support various deposit and withdrawal channels, including:

no way) Debit/Credit Card
rain) bank transfer
aspirate) P2P trading
d) Third party payment channels

Therefore, fiat support is similar on both platforms. So round 3 sheave.

The next round is about the fees charged by these platforms.

Round 4 – Fee Structure

1. For spot trading, Bybit charges a standard transaction fee of 0.1%. This fee decreases as the user’s trading volume increases.

Binance also charges a base trading fee of 0.1%. However, if you pay this fee with BNB tokens, you can get a 25% discount. This gives an effective cost of 0.075%. So Binance is cheaper.

2. For derivatives trading, Bybit charges a basic maker fee of 0.01% and a taker fee of 0.06%. Again, this fee decreases as the user’s trading volume increases.

Binance charges a maker fee of 0.01% and a taker fee of 0.05%.

3. Neither platform charges fees for cryptocurrency or fiat deposits. However, for fiat deposits, third-party platforms may charge fees.

4. For fiat withdrawals, both platforms do not charge any fees. However, third-party platforms may charge fees.

5. Both platforms charge variable fees for crypto token withdrawals from their platforms depending on the type of token being withdrawn.

Futures Trading Fees: Binance vs ByBit

Therefore, due to the low fee structure, round 4 is Binance.

Now let’s make the final selection.

Conclusion – Bybit Vs. Binance Cryptocurrency Exchange Comparison

From our understanding, the winner of this match is Binance. It is a healthy exchange that offers most of the services available in the industry. If you have decided on Binance as your exchange, you can find detailed step-by-step registration procedures in the Binance Beginner’s Guide.

Bybit lost this match, but it offers a number of unique and useful features. So, users can use the platform for these unique features.

This is it. We hope this post helped you decide which exchange option is right for you. Please let us know your thoughts and feedback.

Please note that what is written in this post is not financial advice. Consult a financial advisor before making any financial decisions.

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