ByBit vs Binance: Fees, Cryptos, Trading Features Compared 2023

ByBit and Binance are two well-known and popular crypto-exchanges designed for trading on the futures and spot market of cryptocurrencies.

In this article we will analyze Bybit vs Binance, which will allow us to draw conclusions about the advisability of working with one or another platform.

Advantages and disadvantages of ByBit

About ByBit exchange

Bybit is an exchange that opened in March 2018, it offers users a wide range of services such as: P2P, Spot Trading, Futures Trading, Steaking also this exchange hosts Launchpad and just recently they opened their NFT market

Bybit is in the top 20 exchanges in terms of spot trading volume, and top 3 in terms of derivatives. It is clear by the volume that this exchange is focused on Futures trading.

About Binance Exchange

Binance is a blockchain and infrastructure provider for the cryptocurrency industry with a suite of products, including digital asset trading, education, research and data, philanthropy, investment and incubation, decentralization and infrastructure solutions, and more.

Comparative analysis of ByBit and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

ByBit offers: 

Binance offers:

Verification (KYC)

ByBit, on the other hand, allows trading without verification. The exchange belongs to the category of unregulated. If you are not going to work with fiat, participate in IEO or exceed the established minimum limits, you can do without account verification. Although passing the KYC is still desirable for those who plan to actively use the exchange and all its functions.

As for Binance, the exchange went through a difficult time in 2021, when a large number of regulators from different countries brought charges against it, initiated investigations or issued warnings. These countries include: United Kingdom, Singapore, China, Poland, Italy, Malta, South Africa and Thailand. As a result, the platform has also had to take many different measures, including the introduction of mandatory verification. CZ (CEO Binance) has repeatedly stated his willingness to cooperate with regulators as much as necessary. In the verification process, the user provides the following data: Passport or other identification, Citizenship and country of residence, Address, Date of birth, name, Confirmation of face in photo or video, depending on exchange requirements.
After sending the information it takes an average of 24 hours for employees to verify.

Account deposit

Exchanges offer the following options for funding the account:

Comparison of Trading Fees

ByBit:

Binance:

Owners of BIT and BNB tokens, respectively, can reduce these fees with them. In addition, fees are reduced for large traders with large monthly trading volumes.

Account security

Bybit has 2FA and anti-phishing code, the cryptocurrency is stored cold, but in general the list of protection measures is good.

Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.

Passive earn on exchanges

Products available at Bybit Earn: Savings - 5-600%, Bi-currency investments - 99-500 %, Liquidity Mining - 0.9-34 %, DeFi mining - 3-17%. 

Binance exchange is a place where you can invest in many different ways. For example, with dual (bicurrency) investments, standard cryptocurrency deposits, Liquid Swap liquidity supply, subscription to new tokens via Launchpad, Proof-of-Stake cryptocurrency stacking.

Which to choose - ByBit or Binance

We looked at two competing cryptocurrency exchanges - ByBit vs Binance. The fact that they survived a lot of attacks from the authorities and still continue to work successfully and develop shows that the management knows their business. At the same time, it confirms the opinion that the modern crypto industry cannot survive without regulation. The choice of one of these platforms depends on the needs of certain functions. Both exchanges are very safe and offer many tools for their users.

Disclaimer:

NFTs trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is Bianance a good exchange?

Yes, Binance is an excellent exchange, which is suitable for both experienced traders and beginners.

Where is Bybit located?

Bybit is a centralized cryptocurrency exchange established in 2018 and is registered in Singapore.

Is ByBit legit?

ByBit Crypto Exchange is registered in the Singapore and has been operating since 2018. Its services are used by millions of clients from more than 100 countries. ByBit is fully legal.

Is Binance the best crypto exchange?

At the moment, Binance ranks first in all ratings of cryptocurrency exchanges.

Conclusion

Both ByBit and Binance are truly quality platforms, similar in many ways, but at the same time each with its own features. Both are great for cryptocurrency trading and have about the same commissions, so the choice depends on related factors: requirements for user identity, availability of required coins and tokens in the listing, quality of tech support. The user-friendliness of the interface and the ways you can deposit or withdraw money also play a role. Whatever options you choose, make sure you secure your account as much as possible. One of the safest ways to do this is to turn on 2FA.