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Bybit Vs Binance: Futures Trading Fees, Volume & Features

Bybit and Binance are two of the most loved exchanges in the crypto world.

Bybit vs Binance
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Hence, as a trader, you may feel confused between the two and wonder Bybit vs. Binance - which one should I choose?

Both exchanges offer the best trading services and have quite a lot of similarities and let you earn passive income on your crypto.

Well, to help you with the question, I have compared both the exchanges head to head and explained every bit of it below.

So you can easily know the strengths and weaknesses of both exchanges.

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Experts Recommendation

Bybit vs Binance: At A Glance Comparison

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Bybit

Bybit comes under the top 5 global cryptocurrency exchanges as per CoinMarketCap, with up to 100x leverage and a deposit bonus of up to 5000 USDT for its customers.

The exchange is famously known for being the best crypto derivatives trading platform.

But derivatives aren’t the only market it allows you to trade in.

With Bybit, you can trade in spot, margin, USDT perpetual contracts, and USDC options contracts. Plus, it offers additional trading features like copy trading, trading bots, leveraged tokens, P2P trading, etc.

One of the cool features that Bybit has is TradeGPT, which allows you to use AI power for trading. This little AI feature can be used to ask anything about the crypto market. So crypto traders can expand their knowledge further.

Another cool feature that Bybit really has is the support for MetaTrader 4. Using this, you can enjoy a seamless transition between crypto trading or forex/CFD trading at 0 pip spread with the lowest fees.

Bybit was also established back in 2018, and it is currently located in Dubai.

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Binance

Now, coming to Binance- it is the biggest crypto exchange in the world with a leverage offering of up to 20x, with plans that reward users up to a $30,000 deposit bonus depending on how much they trade on Binance.

The exchange was launched in 2018, and since then, it has been standing strong and offering a wide range of crypto trading features and markets.

As per CoinMarketCap, it is the largest exchange in the world by trading volume and is known as the best crypto futures trading exchange . The exchange has a daily trading volume of over $3.94 billion.

Using Binance, you can trade crypto in spot, margin, and derivatives markets, plus enjoy other trading features like P2P trading, trading bots, grid trading, and more.

The exchange also offers you lucrative trading fees and one of the highest leverage for futures trading in the market.

You also get other crypto features like dual investment, liquid swap, crypto loans, mining pool, etc.

Bybit vs Binance: Trading Markets, Products & Leverage Offered

Before we deep dive into a head-to-head comparison of Binance vs. Bybit – here is a quick side-by-side comparison to help you get a clear idea about the similarities and differences:

Exchange Features

Bybit

Binance

Founded In

2018

2018

Supported Coins

435

350

Supported Trading Markets

Spot, Margin, Futures & Options

Spot, Margin, USDT perpetual & USDC options

Maximum Leverage

100x

125x

Supported Deposit Methods

FIAT via Bank card, Zelle, AirTM, Crypto & P2P

FIAT via Advcash, Crypto & P2P

Deposit Bonus

Upto $30,000

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Bybit vs Binance: Supported Cryptocurrencies

Both Binance and Bybit are pretty close to each other regarding supported cryptocurrencies. If we talk about coins, here is how the exchanges compare:

Starting with Bybit, the exchange is also not really lagging behind. As per CoinMarketCap, there around 435 coins are listed on the exchange.

Bybit is at the forefront of introducing newer coins to their exchange.

As a result, you will always find new and hyped coins available for trading on the platform. Some of these tokens offered by Bybit are:

  • BTC
  • ETH
  • BNB
  • XRP
  • USDC
  • STETH
  • ADA
  • DOGE
  • SOL
  • TRX

Binance offers a wide range of crypto tokens.

It supports more than 350+ cryptocurrencies that you can buy, trade, and hold.

Binance also does an excellent job when it comes to introducing newer crypto coins to the exchange from time to time.

As a result, you will always find new coins available on the exchange for you to invest or trade. Some of the popular tokens available on Binance are:

  • BNB
  • BTC
  • ETH
  • CYBER
  • SEI
  • WILD
  • GTG
  • BLZ
  • XRP
  • ARK

Verdict: Bybit is a winner as it supports a higher number of crypto tokens compared to Binance. However, there is not really a huge difference between the number of supported cryptocurrencies, and you will find most traded coins on both platforms.

Bybit vs Binance: Trading Fee & Deposit/Withdrawal Fee Compared

Both Binance crypto exchange and Bybit follow a tiered fee structure with the usual maker-and-taker fee model.

So, your trading fee would depend on your 30-day trading volume. And here is how the exchange’s fees compare across spot, derivatives deposit/withdrawal:

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Bybit Spot Trading Fees
  • Maker: 0.1000%
  • Taker: 0.1000%

Bybit Futures Trading Fees

  • Maker: 0.0200%
  • Taker: 0.0550%

Bybit Options Trading Fees

  • Maker: 0.0300%
  • Taker: 0.0300%

Bybit Deposit & Withdrawal Fees

Bybit doesn’t charge you deposit fees. However, Bybit charges you a withdrawal fee depending on the cryptocurrencies you’re withdrawing.

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Binance Spot Trading Fees

Maker: 0.1000%

Taker: 0.1000%

Binance Futures Trading Fees

Maker: 0.0200%

Taker: 0.0400%

Binance Options Trading Fees

Maker: 0.0300%

Taker: 0.0300%

Binance Deposit & Withdrawal Fees

Crypto deposits are free on Binance. However, Binance also charges you a flat fee while withdrawing to cover the transaction costs of moving the cryptocurrency out of your account.

Verdict: For this section, the winner tag goes to Binance. While both Binance and Bybit have lower fees. However, Binance is the clear winner by offering you a 25% BNB discount for spot and margin trade and a 10% BNB discount for futures contracts.

Bybit vs Binance: Order Types

Just like the stock market, crypto exchanges also offer you various order types. These order types help you place different types of trades on the exchange.

Also, you can take advantage of the order types to protect yourself against market volatility or execute your trades at your desired price.

Hence, it is a good idea to go with an exchange that offers you a maximum number of order types. So you are backed up with more tools to execute your trades smoothly.

Now, coming to Bybit, the exchange offers you order types such as market and limit.

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Along with that, you also get conditional order types, which allow you to place advanced types of trades such as post only, good till cancelled, etc.

Binance has better order types even if it offers you many order types that most other crypto exchanges lack.

For instance, you are getting the usual limit and market order types. Along with that, you are getting advanced order types such as Stop limit, stop market, trailing stop, post only, TWAP, and scaled order.

Verdict: As Binance has more order types – it is the winner in this case. Also, the higher the number of order types you have, the better it is for you to execute your trades. Having too many order types can also bring complexity into the picture.

Bybit vs Binance: KYC Requirements & KYC Limits

The KYC part of an exchange is based on a trader’s preference. Many traders don’t like an exchange with KYC, while others don’t have any issue with identity verification.

If we talk about Bybit’s KYC policies, it is mandatory for you to verify your account with proper government documents. Earlier, Bybit didn’t need you to complete KYC verification.

But to comply with regulatory concerns and enhance the overall security of the exchange, KYC is now made mandatory by the exchange.

Talking about Bybit’s KYC levels, it has two different levels – Lv.1 and Lv.2. The Lv.1 offers you a daily coin withdrawal limit of up to 1,000,000 USDT and a fiat top-up limit of $20K daily.

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If you need a higher withdrawal limit, Lv.2 will help you with a 2,000,000 USD daily withdrawal limit and a $100K daily fiat top-up limit.

Next, we have Binance; from the start, the exchange made it mandatory to complete KYC. Without verifying your account on the exchange, you won’t be able to deposit, trade or withdraw.

Also, just like Bybit, Binance also uses different levels of KYC. For instance, its basic verification offers you a fiat limit of 50K USD daily. But if you need more, you can always level up your KYC.

Verdict: As both Binance and Bybit require you to complete KYC – it is a tie between the two.

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Bybit vs Binance: Deposits & Withdrawal Options

The next crucial thing is how easy it is to deposit and withdraw funds from an exchange. And in this section, both the exchanges do a great job.

Talking about Bybit first, the exchange allows you to deposit funds in multiple ways.

First, you can directly buy crypto on the exchange using payment options like Advcash, Bank card, Zelle, AirTM, and a few other payment options.

However, different payment merchants will have different transaction charges.

Bybit also allows you to directly deposit crypto to your Bybit wallet, which will only incur the network fees. This is good if you are moving from any other exchange to Bybit.

Lastly, you can use P2P trading. Through P2P trading, you will get various deposit and withdrawal limits depending on your location.

On the other side, Binance also offers you similar options for depositing funds into your account.

Depending on which currency you wish to deposit, like EUR, TRY, or KZT, you will find different payment options. For instance, for EUR deposits, Binance uses bank cards and Advcash options.

Furthermore, you have the same way of depositing crypto from other exchanges or a crypto wallet. But this will incur a network fee.

Or you can use P2P trading, which lets you deposit and withdraw funds at zero cost, and the payment options will vary depending on where you live.

Verdict: Bybit may be the perfect choice for this section. The exchange offers you a few additional methods of depositing fiat compared to Binance.

Bybit vs Binance: Trading & Platform Experience Comparison

Both Bybit and Binance offer a power-packed trading platform that experienced crypto investors would love to use.

Both come with a wide range of trading tools, a pro trading interface, and a faster trading engine.

But still, there are a few changes here and there that make a real difference.

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Bybit

Starting with Bybit, if we talk about the trading interface, then it has all the features that you would usually expect.

It has a technical chart powered by TradingView and supports all its indicators. So you can analyze it right on the platform.

Bybit allows you to switch between trading pairs, choose your leverage, or check all the order details, trade history, and more.

To sum it up all, here is everything you will be getting:

  • Technical chart powered by TradingView
  • Positions, closed P&L, current orders, order history and trade history
  • Multiple trading pairs
  • Easy-to-use order window
  • Order book and recent orders
  • Customizable trading platform
  • Webhook Signal trading
  • Position builder

Binance also stands in a similar position as Bybit. With Binance, you are getting multiple charts, including TradingView and all of its indicators.

Also, above the chart, you will have all the details of trading pairs details, like the mark and index price, funding rate, 24-hour low and high price, and more.

Plus, with just a few clicks, you can change your leverage, trading pair, and place orders seamlessly.

Another good part about Binance is that the mobile app is extremely good and helps you with a smooth trading experience. To sum it up all, Binance offers you these trading features:

Multiple technical charts, including TradingView

Customizable trading platform

Multiple trading pairs

Easy-to-use order window

Order book and recent orders

Positions, closed P&L, current orders, order history and trade history

Verdict: Bybit is a good choice regarding the overall trading experience. As you are getting a few extra features like webhook signal trading and position builder.

Bybit vs Binance: Customer Support

Customer support is another crucial factor when choosing a crypto exchange.

As a trader, you should pick an exchange that has a faster response time, lots of help guides, and a community of other traders where you can ask your questions and get your queries solved at the earliest.

So now let’s see how Binance and Bybit offer their customer support:

Bybit

Bybit offers customers support through live chat. Their service is available 24/7, and the live chat should be able to solve most of your queries.

If you prefer self-service more, then the exchange has many helpful troubleshooting guides related to KYC, deposit/withdrawal status, 2FA reset, and more. So getting your queries solved at the earliest won’t be a problem.

Furthermore, Bybit also offers you support via its social media channels like Twitter or Facebook.

Plus, if you want to connect with other traders too and solve your questions not only related to Bybit but anything to do with trading, then you can join Bybit’s telegram channel.

Binance

Binance, on the other hand, stands in an equal position with Bybit; you get the same self-service option to get guides around KYC, crypto deposit/withdrawal status, name correction, and more.

Along with that, it also offers you quite a lot of FAQs that should solve most of your questions.

If you need detailed help, you can connect with a live support agent. Binance provides 24*7 support and has a faster response time.

The exchange also offers help through its social media channels like Twitter. Or you can join their Telegram community or Discord server and connect with other fellow traders.

Verdict: Both exchanges offer you help in a similar way and offer faster response time. It is a tie between the two.

Bybit vs Binance: Security Features

Last but not least, the security features of an exchange are one of the most crucial factors. As you probably already know, crypto exchange hacks are quite common.

So you don’t want to lose your funds to potential hacks or scams.

However, when it comes to exchange security and user-side security, both Bybit and Binance do an excellent job and offer plenty of security features. Here is a detailed look at them:

Bybit

Bybit is known for offering high-end security to its users. The exchange utilizes industry-leading security solutions and strategies working with international regulators to ensure user safety.

The exchange is designed with a security-first mindset, and they regularly and diligently enhance their underlying technologies with the latest solutions and innovations.

Some of the top security features that you are getting with Bybit are:

  • User funds are stored securely offline in cold wallets
  • Google Two-Factor Authentication
  • Anti-phishing Code to help you prevent phishing attempts.
  • Fund Password for enhanced withdrawal protection
  • Yubikey Authentication
  • Withdrawal Address Whitelist
  • Withdraw via Address Book
  • Trusted Devices Management

Bybit protects your account from unauthorized online access through a combination of advanced multi-signature, Trusted Execution Environment (TEE) and Threshold Signature Schemes (TSS)

Bybit conducts regular Proof of Reserves audits and publishes them to the public with transparency.

Not only these, but Bybit also has a real-time monitoring system in place that monitors and analyzes user behaviour in real-time. Upon detecting suspicious activities, withdrawals will be subject to strengthened authentication measures.

Binance

Now, comparing Binance with Bybit's security feature, Binance is one of the most secure trading platforms out there, with a zero history of hack attacks.

The exchange safeguards user funds by securing their platform with strict protocols and industry-leading technical measures.

The exchange also has a real-time monitoring system and a 360-degree risk management system to advanced data privacy tools and end-user security education.

Talking about the security features, here is everything you are getting with Binance:

  • The majority of user funds are stored securely offline in cold wallets.
  • Binance supports strict sign-in protocols using two-factor authentication, hardware key, SMS, and email methods.
  • Anti-Phishing Code
  • Crypto Withdrawal restrictions
  • Device Management
  • Security notifications
  • Advanced data encryption
  • Binance works with global crypto compliances to conduct regular audits
  • Binance users compliance technology like Ciphertrace, ELLPTIC, TRM, Jumio, and more

Verdict: Both of the exchanges are using industry-leading security protocols to safeguard user’s funds and data. So, it is a tie between the two.

Frequently Asked Questions (FAQs):

Which is better Bybit or Binance?

There is not much of a difference between Bybit and Binance, and the decision should be based on your trading style. However, Bybit has more coins, cheaper trading fees, and an easy-to-use mobile app to company with your trading journey.

Is Bybit Safe & Legal To Use?

Bybit is one of the most secure platforms for crypto trading.

It is one of the leading platforms with a user base of 15 million. In terms of safety, Bybit has a three-layer asset protection system in place that stores user funds' security offline in cold wallets.

Also, it has a privacy-first approach for all of its products and services and encrypts data during storage and while in transit.

Plus, users are also getting strict authorization settings in their hands to protect their accounts from any potential hacks.

As far as the legality of the exchange is concerned, Bybit holds several regulatory licenses around the globe to offer its users a safe trading experience.

The exchange is licensed to operate in various countries such as Australia, Brazil, Estonia, Italy, and more. However, you must check if Bybit is available in your country beforehand.

Is Binance Safe & Legal To Use?

Binance is one of the leading cryptocurrency exchanges out there, and it takes user security and exchange security pretty seriously.

Talking about the safety part, Binance has a Secure Asset Fund for Users (SAFU). This stores 10% of all the trading fees in a secure asset fund to protect a share of user funds.

Along with that, the exchange also offers personalized access control that allows users to restrict devices and addresses that can access their accounts.

Furthermore, the exchange also uses advanced data encryption to secure transaction data via end-to-end encryption.

Regarding the legality part, Binance claims to work closely and collaborate with regulators around the globe.

The exchange currently holds regulatory licenses from several countries and organizations.

The exchange can operate in countries with France, Italy, Poland, Spain, Sweden, and many more. Also, before you sign up on the exchange, check whether Binance can be accessed in your region or not.

Bybit vs Binance: In the End

Binance and Bybit are two of the well-known crypto exchanges with their own pros and cons.

The Main difference between Byit and Binance is Bybit , exchange offers you a low trading fees, and maximum leverage of 100x, whereas Binance offers a maximum leverage of 125x and a wide range of crypto trading pairs.

But is Bybit better than Binance?

Well, the best exchange for you will depend on your trading style.

So it would be better to explore Bybit or Binance exchange on your own and then decide which one meets your trading style: Binance or Bybit.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.

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