Bybit and Binance are two of the biggest crypto exchanges globally. Both of them are widely regulated in many countries and offer high-quality services to crypto investors and traders all over the world.
However, they are different in their own unique ways. In this guide, we compare these two crypto giants to help you decide on which one is best suited to your needs.
Bybit is a leading crypto derivatives trading platform that is used widely worldwide. First founded in Singapore, the exchange moved its headquarters to Dubai earlier this year, and also recently secured an operational license there.
Bybit is known for its deep liquidity and long list of supported crypto assets. There are currently more than 930 supported assets and different trading services including spot, futures, and options, and peer-to-peer trading.
The platform also has a clean regulatory record, not having any issues with regulators in any jurisdiction where it operates. Users can deposit fiat currencies using Bank Transfer, Cryptocurrency, Debit Card, Credit Card, PayPal and more, to buy, trade, and stake cryptocurrencies.
Binance is the biggest crypto exchange in the world with the highest trading volume. It is an exchange known for its high liquidity, making it a destination for trading assets that are not easily found on other platforms.
Binance doesn’t have a physical office anywhere in the world, but it is run from wherever the CEO is. Binance has 300 supported crypto assets, and users can engage in spot, futures, and options trading.
Like Bybit, Binance allows users to stake crypto assets with 60 assets supported for this. It is also a renowned peer-to-peer trading platform, one of the best offered by a centralized exchange.
There are over 120 million Binance users worldwide, from hundreds of countries excluding the United States where it has a special platform for the residents.
Bybit vs Binance
How do these two crypto exchanges compare? The following are some ways we have compared the two platforms.
Bybit staking supports more than 100 assets with rewards up to 99% depending on the asset used. Binance supports only 60 assets for staking, but interest can be as high as 104%, also depending on the staked assets.
Binance and Bybit are both reputed as low-fee exchanges, but how are their fees different? Both Bybit and Binance charge 0.10% for maker and takers in spot trading. They also both charge 0.02% for maker fee for futures trading.
For futures taker fee, Binance charges a little less at 0.04% compared to Bybit’s 0.055%. As you can see, the differences are negligible.
Both Bybit and Binance are futures trading platforms in the crypto space. Bybit has over 180 contracts that can be traded on its user-friendly platform. With 99.99% uptime, users always have a reliable place to trade futures to trade futures on Bybit. Beginner traders can also copy the trades of more experienced futures traders.
For Binance, there are unique futures trading products, including USDⓈ-M and COIN-M futures for 100 contracts.
Bybit provides more contract options and is more focused on user experience, which makes it the preferred platform for most futures traders.
Security and Regulation
The security of a crypto trading platform is paramount, and it is in a way tied to the regulatory stance of the platform.
Bybit is a newer exchange than Binance, so it is still working towards securing regulatory licenses in several countries. Already, it has secured licenses in DUbai where its headquarters is, and in Cyprus.
As expected, Binance has a lot more licenses than Bybit. It currently operates in hundreds of countries, and has licenses in quite a number of them, including UAE, El-Salvador, Kazakhstan, to name but a few.
The exchange has faced several issues with regulators though, which has made it to either leave some jurisdictions such as Netherlands, or create special platforms in such jurisdictions as the U.S and Japan.
Looking at the comparison of these two top exchanges, one can see that they are not very different, and any regular crypto investor can use any of them satisfactorily.