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    Bybit vs Binance 2022: Which Should You Choose?

    Updated: Nov 24th, 2022
    Kevin Groves
    Kevin Groves
    Bybit vs Binance 2022: Which Should You Choose?

    Binance and Bybit are two of the world’s largest cryptocurrency exchanges, raking in billions of dollars in daily trading volume. Both platforms are rich with features that can satisfy even the most experienced crypto investor. But which exchange should you pick? In this comparison article, we will dive into Binance and ByBit’s fees, deposit methods, and features to see how they stack up with one another. Based on these metrics, we will try and draw a conclusion on which cryptocurrency exchange is the better option to choose.

    Bybit vs Binance - Quick Verdict

    Both Binance and ByBit are high-volume exchanges that focus on providing an array of features for more experienced investors. Binance has a huge audience and can be useful for both beginners and the crypto-savvy. In comparison, ByBit is lacking in features and less friendly to those without much trading skill. However, those seeking a way to trade derivatives with margins up to 100x will find ByBit the superior option.

    While Binance offers slightly more features and trading liquidity, ultimately, which exchange is “better” will depend on whether investors wish to actively trade with leverage (ByBit wins), or if they want to participate in the blockchain ecosystem (Binance wins).

    Start trading on Binance and ByBit.

    Binance vs Bybit Compared

    BinanceBybit
    Website
    PromotionUp to $100 welcome bonusDeposit bonus up to $30,000
    Fiat CurrencyAUD, USD, EUR, GBP, SGD & UGXCrypto only
    Supported Cryptocurrency600+81
    Overall Rating
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.8/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Visit Binance
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.8/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Visit Bybit
    ReviewRead our full Binance reviewRead our full Bybit review

    Binance Overview

    Binance is the world’s largest cryptocurrency exchange based on multiple metrics — trading volume, weekly visits and liquidity. The platform is renowned for being a reliable and fast way for intermediate-advanced investors to build their digital currency portfolios. Binance has many useful features, including a comprehensive earning program, an NFT marketplace, and an OTC service. Undoubtedly, Binance is one of the most popular platforms in the world for both retail and institutional investors.

    Binance has occasionally come under fire due to lack of regulation and has therefore been banned (or can only provide limited use) in certain nations. Given its huge customer base and revenue, Binance is a prominent target for malicious actors looking to hack or exploit the platform. Despite these issues, the exchange is still generally considered trustworthy and reputable.

    Although Binance is focused more on blockchain-based features, the platform still provides comprehensive services for advanced day and swing traders. Binance’s deep liquidity and a huge range of altcoins give it greater money-making potential than some other platforms. Traders can place leveraged orders, borrow and lend assets, and trade derivatives on the Binance platform. Additionally, new users to Binance can claim up to $100 in bonuses with a Binance referral code and using our link.

    Binance Pros:
    • #1 ranked exchange globally for liquidity, trading volume and average weekly visits
    • Boasts one of the largest lists of altcoins of any crypto investment platform
    • Competitive fees and passive earning opportunities
    • Brimming with useful features like charting, lending and an NFT marketplace
    • Great range of deposit methods for multiple fiat/cryptocurrencies
    Binance Cons:
    • The massive list of features and coins can overwhelm beginners
    • Fiat withdrawal fees can be high (depends on currency)
    • Limited services for multiple nations — US residents can’t use the main exchange
    • Poor customer service and response times
    • Has been targeted by hackers

    ByBit Overview

    ByBit was founded in 2018, around the same time other derivatives-based crypto exchanges started to crop up. In only a few years of operating, ByBit amassed four million+ registered accounts trading on the platform. The ByBit philosophy is simple — provide the best crypto margin exchange for experienced traders with everything they need. This includes the ability to trade between hundreds of derivative pairs and amplify potential profits (and losses) with leverage of up to 100x. The trading hub comes with all the bells and whistles one would expect from a modern exchange, including a fully customizable chart, access to an order book, and basic asset information such as 24h trading volume.

    Beyond its trading features, ByBit stacks up well in other areas too. The platform has a solid earning program that frequently offers promotions and competitions that can boost money-making opportunities. ByBit has a P2P platform to trade four cryptocurrencies easily, and even hosts a decent NFT marketplace.

    A major downside of ByBit is that it can be harsh for beginners. The user interface is very similar to Binance’s. However, the platform’s trading-centric philosophy may be off-putting to the inexperienced. Derivatives and futures contracts are best avoided by newcomers to trading, as they require a certain level of skill and knowledge to prevent quickly accumulating losses.

    ByBit Pros:
    • An excellent trading platform with everything an advanced trader would need
    • Solid range of features, including earning hub and NFT marketplace
    • Extremely deep liquidity, perfect for high-volume traders
    • Efficient platform with low fees and frequent competitions/promotions
    • Modern and sleek companion mobile app
    • Trade with up to 100x leverage — higher than several competitors
    ByBit Cons:
    • Unregulated in most countries
    • Doesn’t support fiat currency deposits or trades — customers must use an expensive third-party gateway
    • Beginners should steer clear of derivatives

    Bybit vs Binance - Features, Products & Services Compared

    ByBit and Binance are two of the most feature-laden exchanges on the crypto market. Intended for intermediate to advanced users, these platforms provide all sorts of blockchain services, including an earning program, derivatives trading, and an NFT marketplace. This guide will compare each exchange’s features, products, and services to see which comes out on top.

    Supported Countries

    Binance and ByBit have a massive global audience, each servicing millions of residents from 100+ countries. It is much easier to look at the nations these platforms don’t support than the ones they do. Binance is restricted from use in the United States (although residents from here can use the Binance.US platform), United Kingdom, China, Malaysia, Japan, Thailand and Iran.

    Although Binance has run into regulatory issues, the company is generally licensed by financial bodies in most countries. The same cannot be said of ByBit, which reportedly lacks regulation worldwide. Because of this, ByBit is one of the more popular no KYC crypto exchanges. Although, some governments have restricted the platform such as the United States, China, Singapore, parts of Canada, Cuba and North Korea.

    winner

    Winner: Draw.

    It is difficult to separate Binance and ByBit here, as both exchanges boast an impressive list of supported countries. Binance does fall a little behind for some due to not servicing customers from the UK and Japan. However, ByBit is not legal to operate in the US which is one of the biggest markets. Binance.US users may not have access to certain things from the main exchange, but it is still a feature-rich platform perfect for all types of investors.

    Supported Deposit & Withdrawal Methods

    Binance is one of the most comprehensive platforms with a wide range of supported deposit and withdrawal methods. The specific methods available will vary depending on the asset being transferred. Fiat currencies such as AUD, EUR, and USD can all be deposited for free via bank transfer. Certain fiat currencies can even be deposited with a credit/debit card to buy crypto, although this can incur a hefty fee (1.8%+). Users can make free fiat withdrawals via bank transfer and occasionally through direct sales to a bank card. Crypto deposits are free, but withdrawals will incur a variable fee.

    Depositing fiat currency to BinanceDepositing fiat currency to BinanceFiat gateway to fund an account on Binance.

    In contrast, ByBit does not accept fiat deposits and withdrawals. Instead, customers wishing to use their native currencies will need to use a third-party payment provider such as Banxa or MoonPay, which can incur unfavorable fee rates. ByBit does, however, support the deposit and withdrawal of crypto. The platform only charges standard network fees for these transactions.

    winner

    Winner: Binance.

    Binance is the big winner here, as they offer an impressive list of supported deposit and withdrawal methods for fiat currencies — in particular, AUD and EUR. ByBit is limited in using fiat currency on its platform, largely due to its unregulated status. Some inconvenient workarounds (third-party gateways and P2P trading) allow users to deposit fiat onto ByBit.

    Supported Cryptocurrencies

    Binance is renowned for its list of altcoins, which stretches beyond 600 coins at the time of writing. Binance customers have access to buying, selling, and trading all of these cryptocurrencies with deep liquidity. There are very few major assets missing from Binance’s supported digital currencies. Even the most experienced crypto investors can likely find what they need on the Binance platform.

    binance supported coinsbinance supported coinsExample of the supported coins on Binance.

    ByBit has a solid range of cryptocurrencies on offer. They allow “express” trading on 17 digital assets, including USDT, BTC, ETH, XRP, and DOGE — the simplest way to use the platform. More advanced users will find over 75 cryptocurrencies in 100+ trading pairs via the trading hub. A noteworthy negative of ByBit is that users cannot deposit Binance Smart Chain (BSC) tokens onto the platform.

    winner

    Winner: Binance.

    Binance has five times more cryptocurrencies available for purchase, sale, and swapping than ByBit, giving it a clear advantage. The bigger selection of cryptos to trade across all of its markets makes it a clear winner and one of the best altcoin trading platforms.

    Trading Volume & Liquidity

    According to Coinmarketcap, Binance is the number one ranked cryptocurrency exchange in terms of average liquidity and 24h trading volume. At the time of writing this article, Binance had accumulated US $11 billion in the past day of activity. To provide some perspective, the next highest-volume exchange, Hotcoin, saw $3.3 billion.

    Bybit vs binance trading volumesBybit vs binance trading volumesBybit and Binance trading volumes (derivatives market).

    By contrast, when researching this article, ByBit didn’t sit in the top ten for volume or liquidity. The platform typically sees $1 billion+ trading volume daily and provides deep enough liquidity for institutional and retail investors.

    winner

    Winner: Binance.

    ByBit’s liquidity and trading volume are more than enough for most crypto traders. The platform has pretty stiff competition in Binance — the world’s most popular exchange. When it comes to liquidity and trading volume, Binance is close to unbeatable and the winner when it comes to crypto day trading platforms.

    Earning Interest On Crypto

    Binance and ByBit both support earning hubs with an array of opportunities for investors looking to earn passive interest on their crypto portfolios. They also both frequently run promotions of short-term interest rate boosts. Binance hosts one of the most comprehensive earning programs out of any centralized exchange. Beginners can use the “Simple Earn” hub, which operates like a high-interest savings account. Binance supports simple earning for 302 different cryptocurrencies, which is an extremely impressive figure. Binance customers with a little more experience may want to try their hand at ETH 2.0 staking or joining a mining pool.

    selection of coins to earn interest on Binanceselection of coins to earn interest on BinanceSelection of coins to earn interest on Binance.

    ByBit’s earn products have been around for a few years and returned over $6 million in passive income. Five different programs are on offer, the most used being the ByBit savings account. This hub supports 21 cryptocurrencies with very competitive APY rates. There are also ample opportunities via liquidity mining, dual asset, and LaunchPool earning programs, but they are much riskier.

    winner

    Winner: Binance.

    We found the ByBit earning program a bit easier to navigate and that it provided slightly greater yields on prominent tokens. However, the sheer weight of coins available for earning on Binance is extremely advantageous to investors of all skill levels that want to earn yield on their deposits.

    Buying & Selling NFTs

    Generally, the best platform for purchasing NFTs will be a dedicated marketplace such as OpenSea. However, the convenience of buying digital collectibles on an exchange is noteworthy, and demand for such a service has increased in the past few years. Binance and ByBit each offer NFT marketplaces of varying depths.

    Neither platform is brimming with high-value, well-known NFT collections like Bored Ape or Meebits. Instead, the marketplaces are ideal for smaller, niche NFTs that work within blockchain-based games or as standalone art pieces. Binance users can mint and sell their NFTs on the market. In contrast, ByBit users can only access live drops unless they’ve contacted the support team.

    winner

    Winner: Draw.

    Binance and ByBit’s NFT platforms are relatively new, so they are lacking compared to more-established marketplaces. That said, they are still a respectable way for newcomers to build their NFT collections. More experience NFT collectors will likely look elsewhere.

    Binance vs. ByBit: Ease Of Use

    Binance and ByBit are notorious for not being the most user-friendly exchanges around. In our research, we found this reputation to be a little overstated, although still relatively true. Both platforms can be navigated rather easily, with each significant feature simple enough to find. The exchanges each have dropdown menus for major site sections, such as Trade, Buy Crypto, Derivatives, Earn and NFTs.

    The biggest issue when navigating each platform isn’t really the user design, but rather, the overwhelming number of features available. Beginners can quickly become disoriented by the weight of options, especially if they are just trying to buy a small amount of Bitcoin.

    winner

    Winner: Draw.

    Binance and ByBit have almost identical designs and user interfaces, making them very difficult to separate. Although some other beginner-friendly exchanges (such as Coinbase) are far easier to use, most investors should eventually become comfortable with either platform.

    Binance vs. ByBit: Trading Experience

    ByBit and Binance are both renowned for their professional trading interface, filled with features that should satisfy the most experienced crypto investors. The Binance trading hub includes a customizable chart, order book access, and pertinent information about the asset being traded.

    Binance trading interfaceBinance trading interfaceScreenshot of the Binance trading interface.

    In fact, ByBit’s trading interface is almost identical to Binance’s, and comes with all the same functions traders would desire. There are very few differences between the two regarding trading experience. It’s worth noting that Binance only offers leverage of up to 20x due to regulatory concerns. The platform has also removed derivatives and margin trading for pairs, including AUD, GBP, and EUR.

    Bybit trading interfaceBybit trading interfaceScreenshot of the Bybit trading interface.

    On the other hand, ByBit supports margin trading of 100x and almost no trading pairs that include fiat currency. Most ByBit derivatives are paired with USD-pegged stablecoins like Tether or USD Coin.

    winner

    Winner: ByBit.

    Each exchange boasts a powerful trading interface with a robust set of features. ByBit is a little more focussed on trading — particularly derivatives — than Binance, offering marginally greater trading opportunities. In addition, customers report that ByBit’s API integration with market feeds is faster than Binance’s, meaning asset prices refresh and update at world-class speeds.

    ByBit vs Binance: Trading Fees

    The Binance fee structure is relatively straightforward, although it does vary depending on monthly trading volume and the amount of BNB being staked. In general, Binance is one of the most cost-effective exchanges out there for beginners to use when building a cryptocurrency portfolio. Compared to other advanced, trading-centric platforms, Binance isn’t quite as cheap.

    Most trades on Binance will incur a flat 0.1% fee for both makers and takers. Those with hefty trading volume – over US $1 million per month – will see their fees discounted to 0.08%. Customers using Binance Coin (BNB) to pay their trading fees will receive a 25% discount. However, Binance has recently introduced zero-fee trading on 13 Bitcoin trading pairs.

    Deposit feesWithdrawal feesTrading fees (no discounts)Trading fees (max discounts)
    BinanceVaries, but usually noneUSD $25 for wire transfers, mostly none. Standard network fees for crypto withdrawals0.1%0.06%
    BybitNot applicableStandard network fees for crypto withdrawals0.1% for instant buys. 0.06% for derivatives0%

    In comparison, ByBit has some of the lowest trading fees available on any exchange. The base fee for spot trading is 0.1%, which is exactly the same as Binance's. However, trading derivatives — the platform's primary function — sees that fee rate drop dramatically. Market makers are charged 0.01%, while takers are charged 0.06% for trading derivatives. Those with high-volume, Pro 3 accounts can enjoy zero spot and futures trading fees.

    winner

    Winner: ByBit.

    ByBit is one of the cheapest cryptocurrency exchanges to use in the world. Its low fee rate for derivatives (down to 0%) makes it an excellent choice for active day traders using leverage. Binance is equally competitive in fees and is the winner in this category due to the 0% trading fees on Bitcoin spot trading pairs.

    Binance vs ByBit: Mobile App

    Binance has developed and released a state-of-the-art mobile application that allows customers to access all things Binance on the go. The app has all the main features of the web exchange, including trading cryptocurrencies, earning passive income, and buying NFTs. The app is available via the Google Play Store (4.4/5-star rating) and Apple App Store (4.7/5-star rating). When it comes to finding the best crypto app, Binance is a strong choice with over fifty million downloads to date.

    binance app screenshotsbinance app screenshots

    ByBit also supports an excellent, user-friendly mobile app. The smartphone application is well-designed and provides all the basic functions a ByBit customer would desire. Being able to trade ByBit’s huge range of derivatives while in transit is an excellent benefit of the platform. However, reviews on the Google Play (3.8/5-star rating) and Apple App (3.9/5-star rating) Stores suggest that application updates can have intermittent bugs.

    winner

    Winner: Binance.

    Binance and ByBit have clearly put time and effort into developing modern and intuitive mobile applications to support their desktop platforms. However, the larger Binance development team can pour slightly more resources into maintaining the application. This has resulted in customers responding a little better to Binance’s app than ByBit’s, reflected in their respective star ratings.

    Binance vs. ByBit: Security

    Each platform turns over billions of dollars worth of cryptocurrency and other assets every single day, meaning it must employ state-of-the-art security tech to ensure its safety. In general, both Binance and ByBit have bank-like security measures in place.

    Firstlsy, Binance uses cold storage for the majority of its digital currencies, alongside wallet and IP address whitelisting, Two-Factor Authentication (2FA), and data encryption. In 2018, Binance started its Secure Asset Fund for Users (SAFU) as an insurance protocol. The team dedicated 10% of all trading fees to the fund, which has now reached over $1 billion. The Binance exchange was hacked in 2019 to the tune of US $40 million, but since then, it has been relatively controversy-free. However, the related Binance Smart Chain has encountered hacks in more recent times, losing approximately $570 million worth of assets in October 2022.

    Like Binance, ByBit holds its digital assets in a combination of hot/cold wallets to ensure a mix of safety and convenience. The team also diverts 20% of its annual budget to developing security measures and supporting an insurance fund. In its multiple years of operating, ByBit has never experienced a public hack or compromise.

    winner

    Winner: ByBit.

    ByBit’s lack of regulation may make it inherently seem a slightly less trustworthy option than Binance. However, ByBit is a world-class exchange that takes security very seriously — in general, it is a safe platform to use. The same can be said of Binance, however, its history of hacks (attempted or successful) does give ByBit a slight edge. Regardless, customers will likely feel comfortable depositing funds onto either exchange.

    Binance vs. ByBit: Customer Support

    Binance has a reasonable customer support service. The Help Centre comprises 100+ helpful articles, including answers to FAQs, walkthroughs, and guides. However, if users cannot find the help they require from these articles, Binance’s customer support can feel a little lacking. It can be difficult to get in quick contact with a support representative via live chat or email form submission.

    The customer support team can provide helpful responses, but the long wait times make getting in contact with them in the first place a struggle. This lack of faith in Binance’s customer support is reflected by its ProductReview (1.9/5) and Trustpilot (2/5) scores.

    ByBit has a solid reputation for customer service. The platform has a comprehensive Help Centre, like Binance, filled with useful walkthroughs on most basic functions (such as depositing cryptocurrency). ByBit also has a “learn” section, which can help beginners understand the fundamentals of derivatives trading.

    Moreover, there is a live chatbot that supports multi-lingual responses. Users can request help through form submission or even by messaging ByBit on social media to get in contact with an actual customer service representative. The response times aren’t known for being lightning-fast; because of this, ByBit only has a 2.5/5 rating on TrustPilot.

    winner

    Winner: ByBit

    Neither Binance nor ByBit is exactly heralded for their cutting-edge customer support. At the end of the day, ByBit is the superior option due to faster turnaround times and more ways of getting in contact. Despite this, each platform’s swathe of articles should be more than enough for most basic questions.

    Final Comparison Scores

    To conclude this comparison of which exchange is better between Binance and ByBit, each crypto exchange has been scored using simple evaluation criteria as shown below.

    Comparison CriteriaWinner
    Features, Products and ServicesBinance
    Ease of UseDraw
    Trading ExperienceByBit
    Trading FeesBinance
    Mobile AppBinance
    SecurityByBit
    Customer SupportByBit

    Final Verdict: ByBit or Binance?

    If we looked at our comparison criteria, ByBit and Binance are on par when determining which is the better exchange for trading crypto. The reality is that Binance and ByBit each have very different strengths and weaknesses, and their optimal uses will vary from investor to investor.

    Differentiating which of Binance or ByBit is the “better” exchange will come down to someone’s personal investment goals. Those that want access to an enormous list of altcoins and obscure digital currencies would find themselves very happy using Binance. In addition, investors seeking a broad earning program for passive investment, a wide range of deposit methods, and innate support for fiat currency will likely select Binance as their preferred exchange.

    On the other hand, ByBit is a good Binance alternative with its modern trading exchange perfectly suited to experienced day traders. High-volume and high-capital investors will enjoy ByBit’s lower trading fees, range of derivatives on offer, and the ability to margin trade with up to 100x leverage.

    In short, picking a winner between ByBit and Binance is very difficult as it depends on the person. Experienced traders with no need for fiat currency may find ByBit the better choice. In contrast, those after blockchain-based features and an easy way to buy lesser-known altcoins will likely prefer Binance.

    To start trading, visit the Binance and ByBit websites.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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