Binance Vs Bybit – A comparison, which one should you use

When it comes to cryptocurrency exchanges, Binance and Bybit are two of the most popular platforms, each catering to different types of traders. While Binance is known for its vast range of services, including spot trading, futures, staking, and DeFi, Bybit focuses primarily on derivatives and perpetual contracts. Both platforms offer unique strengths and cater to both beginners and experienced traders, but understanding their distinct features and similarities can help you choose the one that best fits your trading needs. Below is a detailed comparison of the two platforms, highlighting their differences and similar features to help you make an informed decision.

Feature	Binance	Bybit	Similarities

Founded

2017

2018

Both are relatively new platforms launched within the same period.

Focus

Comprehensive exchange for spot trading, derivatives, staking, and DeFi.

Primarily focused on derivatives trading with recent expansion into spot trading.

Both offer a variety of crypto products, but Binance has a broader scope beyond derivatives.

Cryptocurrency Selection

Supports 600+ cryptocurrencies for spot trading.

Supports 200+ cryptocurrencies, mainly for derivatives.

Both support a wide variety of cryptocurrencies but Binance offers more options, especially for spot trading.

Leverage

Offers up to 125x leverage on futures.

Offers up to 100x leverage on perpetual contracts.

Both provide high leverage options for traders looking to trade with a high-risk strategy.

Trading Fees

Starts at 0.10% for spot trading, with discounts for using BNB.

Starts at 0.03% for takers and 0.01% for makers.

Both exchanges offer competitive fee structures, though Binance provides more fee discounts for holding BNB.

Spot Trading

Extensive spot trading options with hundreds of pairs.

Recently added spot trading but with fewer pairs.

Both offer spot trading, but Binance has a significantly larger selection of pairs.

Derivatives Trading

Offers futures, perpetual contracts, and options.

Primarily offers perpetual contracts and inverse futures.

Both platforms are major players in derivatives trading, with leverage options and perpetual contracts.

Security Features

Two-Factor Authentication (2FA), cold storage, SAFU fund for user protection.

Two-Factor Authentication (2FA), cold storage.

Both exchanges prioritize security with 2FA, cold storage for funds, and strong encryption. Binance has an additional insurance fund (SAFU).

Mobile App

Available for iOS and Android.

Both exchanges offer mobile apps for trading on the go, with similar features and user-friendly interfaces.

User Base

Over 90 million users globally.

Over 10 million users globally.

Both exchanges have millions of users worldwide but Binance has a larger user base due to its broader range of services.

Customer Support

24/7 support via live chat, email, and a ticketing system.

24/7 support via live chat and email.

Both exchanges offer round-the-clock customer support to assist users with any issues.

Fiat Support

Supports multiple fiat currencies for deposits and withdrawals (via bank transfers, credit/debit cards, etc.).

Limited fiat support (mostly in BTC or USDT trading pairs).

Binance has broader fiat support for deposits and withdrawals compared to Bybit, which is mostly crypto-to-crypto.

Native Token

Has a native token BNB with multiple use cases (fee discounts, staking, etc.).

No native token.

Binance’s native token, BNB, offers discounts and other benefits, while Bybit does not have a native token.

Staking/DeFi Services

Offers staking, savings, and DeFi services for passive income.

Does not offer staking or DeFi services.

Both exchanges allow active trading, but Binance has a broader suite of passive income options like staking, savings, and DeFi integration.

KYC Requirements

KYC required for most services, especially fiat deposits and withdrawals.

KYC optional, but limits apply to unverified accounts.

Both platforms offer KYC processes, but Bybit allows limited use without KYC verification, while Binance is stricter in enforcing it for most features.

Referral Program

Offers a referral program where users can earn up to 40% commission on fees.

Offers a referral program with up to 30% commission.

Both exchanges have referral programs that reward users for bringing in new traders, but Binance offers a higher commission percentage.

Education & Learning

Binance Academy provides extensive educational resources on trading, blockchain, and crypto.

Offers Bybit Learn for trading and market analysis education.

Both exchanges offer educational resources for users to learn about crypto trading, though Binance Academy is more comprehensive with a wider range of topics.

Trading Competitions

Regular trading competitions with high rewards and incentives.

Regular trading competitions with rewards for top traders.

Both platforms host trading competitions, providing rewards to top traders based on volume or performance.

Advanced Features

Margin trading, staking, DeFi, savings, options trading, and P2P.

Primarily focused on derivatives, with no advanced DeFi or savings features.

Binance offers a broader range of advanced features, including DeFi staking, margin trading, and P2P, while Bybit focuses more on derivatives and perpetual contracts.

Conclusion: Which is Better for You?

Binance is ideal for users looking for a one-stop-shop for all things crypto, with access to spot trading, futures, staking, DeFi, and more. It’s best for those who want diversity in their trading and investment options.
Bybit is more suitable for derivatives traders seeking high leverage and a user-friendly platform with robust risk management tools. Bybit’s streamlined focus on futures trading makes it a better option for experienced traders who prefer simplicity and powerful trading tools.

Both exchanges have their strengths, and your choice should depend on your trading style and goals.