Comparison of Bybit and Binance

Previously, the Bybit service did not require users to identify their identity. However, since May 8, 2023, unverified clients have lost the ability to make a deposit. The procedure of identity verification became mandatory. To pass verification, you need to specify your full name, country of residence, and send a photo of the main page of your passport.

Identification on the Binance platform is mandatory. Without it, users are prohibited to deposit and withdraw cryptocurrency. To pass verification on the cryptocurrency exchange, you need to specify personal data, upload a photo of an identity document and selfies.

Welcome bonuses

To attract customers, cryptocurrency exchanges regularly launch promotions. Often their essence is trading. For example, the Bybit service is giving away HLG tokens on May 30, 2024 in honor of the listing of the cryptocurrency. Under the terms of the promotion, you need to make a deposit of $100 P2P and trade on a spot paired with the new digital asset. 100 random participants of the event will receive 500 HLG each. Similar promotions are constantly being run by both Bybit and Binance.

Sometimes crypto platforms give out welcome rewards for registration and deposit. For example, until the end of March 2024, Bybit offered 10 USDT to users who bought cryptocurrency worth $100 or more in fiat. In turn, Binance often gives away $10 vouchers to redeem trading commissions.

Referral programs for users

Bybit and Binance customers can earn without trading digital assets. For this purpose, the crypto exchanges have referral programs. Thanks to them, users can invite new clients to the platforms and receive rewards. At the same time, referrals for participation in the programs also earn bonuses. However, there are conditions for each party. Without their fulfillment, rewards are not accrued.

Conditions for referrals

Invited users receive rewards under the loyalty program. To acquire the status of a referral, you need to register on Bybit or Binance through a special link. To receive rewards, it is required to comply with the terms of the program. They differ depending on the selected cryptocurrency exchange.

On the Bybit platform, the referrer and invited clients earn the same rewards. The conditions to fulfill are as follows:

• Make a deposit of $100 or more within a week of account creation. For this, members of the referral program receive 10 USDT per wallet.
• Reach a trading turnover of $500. For this, participants receive another 15 USDT each.
• Achieve a trading volume of $10 thousand. For fulfillment of this condition, participants receive mystery boxes. Cryptocurrency with a price of up to $1000 falls out in them.

On the Binance exchange, the conditions of the referral program are different. The platform does not pay customers one-time awards. Instead, invited visitors receive a discount on trading commissions. If the referral’s balance is less than 500 BNB, his maximum cashback will be 10%. In the other case – up to 20%. The size of the discount is determined by the referrer at his/her discretion.

Terms for referring clients

At Bybit, referrers earn on commissions paid by visitors attracted to the site during trading. The minimum rate is 20%, and the maximum rate is 30%. To increase profits from commissions, you need to invite more users. You can increase the rate to 30% if you invite at least 100 clients to the exchange.

On the platform Binance inviting clients earn only on the commissions of referrals. The rate is from 10% to 40%. Its size is set by the referrer himself. If he wants to receive 40% of the commission, he will have to not provide invited users with a discount for trading.

Liquidity

This indicator is important when choosing a crypto trading platform. High liquidity allows you to easily exchange one asset for another. Its size depends on the trading turnover of the exchange. Therefore, in the confrontation Bybit vs Binance on the liquidity indicator, the second platform wins. On May 30, 2024, its trading volume was $18.76 billion.

According to monitoring data, Binance’s liquidity ratio is 869. The Baybit exchange has less – 614.

Commissions

Cryptocurrency exchanges charge fees for services rendered to clients. Their size depends on many criteria. If the user of the Bybit service has a large balance and a high trading turnover, the commission for him will be less. On the Binance platform, the situation is similar. However, on this crypto exchange you can additionally reduce the amount of fees by 25% when using the BNB token.

Trading

For a part of the users of cryptocurrencies better than Binance or Bybit will be exchanges with lower commissions. Therefore, it is necessary to consider in detail the system of fees on each platform. This will help to determine on which platform it is more profitable to trade.

On the crypto exchange Binance, a tiered system of users works. The higher the status of the client, the lower the commissions for him. The data about the platform’s fees is presented in the table.

Bybit crypto platform uses a similar fee system for spot traders. On it, the size of the commission also depends on the account status.

Futures trading

Derivatives trading is characterized by additional instruments. Futures trading allows to hedge risks and use leverage to increase profit from transactions. At the same time, traders in the derivatives market pay other commissions. A tiered system is also implemented in this segment. The fees of the Binance platform are shown in the table.

Derivative instruments on the Bybit platform are the main specialization of the exchange. Trading commissions for their users are reduced. The fees of the Bybit service are presented in the table.

For withdrawals

Both crypto exchanges do not charge a commission for user deposits. However, a fee is charged for withdrawals. This is to cover transfer fees in blockchains.

Unlike CEX, fees on decentralized networks vary. They depend on the utilization of the blockchain. Therefore, exchanges have the right to change asset withdrawal fees without notifying customers.

As of May 30, 2024, the Binance crypto platform supports 386 digital assets. The amount of cacheout fees depends on the selected coin. The fees for 5 popular cryptocurrencies on the trading platform are as follows:

• Bitcoin – 0.00028 BTC.
• Ethereum – 0.0015 ETH.
• Solana – 0.012 SOL.
• Binance Coin – 0.0006 BNB.
• Cardano – 0.8 ADA.

According to the site’s data as of May 30, 2024 Bybit cryptocurrency exchange supports 447 coins. Exchange fees when withdrawing the following 5 assets:

• Bitcoin – 0.0004 BTC.
• Ethereum – 0.0027 ETH.
• Solana – 0.01 SOL.
• Binance Coin – 0.0006 BNB.
• Cardano – 0.8 ADA.

Existing cryptocurrency trading pairs

Relying on their number, many traders decide on the choice of exchange. The more exchange pairs are represented on the platform, the higher the variability of trading. According to information as of May 30, 2024, Binance offers customers 1257 combinations. The highest volume in the following trading pairs:

• BTC/USDT – $1.661 billion.
• ETH/USDT – $1.164 billion.
• USDC/USDT – $989.64 million.

Bybit trading platform offers fewer combinations – 487. The following pairs are popular among traders:

• BTC/USDT – $1.208 bln.
• ETH/USDT – $502 mln.
• BTC/USDC – $353.25 mln.

Legal details

Changpeng Zhao crypto exchange is owned by Binance Holdings Limited. As of May 2024, it is registered in Malta. It also has a separate subsidiary organization, Binance.US. It runs a crypto platform that operates in the United States. Binance.US is fully compliant with the American law. Additionally, the company has exchange divisions in different countries.

Another crypto platform belongs to the organization Bybit Global Inc. The company has a registration in the British Virgin Islands. The number of the organization is 1967969. According to the documents, the company provides financial operator services through its own online platform. The crypto exchange operates in most countries, except for the United States, China, Singapore and Canada.

Deposit and withdrawal methods

As of May 2024, trading platforms support the same deposit methods and keshout tools. One of the popular methods is cryptocurrency transaction. The exchanges allow you to use most of the supported assets for deposits and withdrawals. Also, both crypto platforms offer to buy coins for fiat directly from a bank card.

However, as of May 2024, the use of RUB is prohibited for clients on the Binance trading platform. This is due to sanctions against Russia.

Also, crypto exchanges provide P2P services. Thanks to this, Bybit users can buy and sell BTC, ETH, USDT and USDC using Russian bank cards. Another trading platform also has a P2P platform. However, access to it is closed for Russians since January 2024.

Functionality of exchanges

Cryptoplatforms offer customers many different features. Among the similar tools, features and services on both exchanges are:

• Launchpads.
• Instant conversion of assets.
• Bots for automated trading.
• Copytrading.
• Crypto-loans.
• Platforms for passive earnings.
• Plastic cryptocurrencies.

Each trading platform has unique features. For example, clients of Bybit service can trade with the help of artificial intelligence, download and use MetaTrader 4 terminal, conduct OTC large transactions. For Binance users there is a mining pool, NFT-marketplace, a platform for exchanging fan-tokens, Web3-wallet.

Training programs

Cryptocurrency trading requires some knowledge about the market. Therefore, exchanges offer training programs. At Binance Academy, users take tests and receive digital assets. There are also informative articles, glossary and training courses on the platform.

Cryptocurrency exchange Bybit regularly releases articles on various topics. The Learn section has a guide to the platform’s features. However, as of May 2024, the service does not offer training courses.

Analytics

For market research, crypto exchanges provide almost the same functionality. Terminals allow you to change the sources of quotes from your own to the TradingView service. Among the analytical functions are:

• Candlestick and line charts.
• Exchange stacks.
• Various indicators and oscillators.

Percentages of income from passive instruments

Services Binance and Baybit have sections Earn. They offer tools for passive earnings. The Bybit platform has the following:

• Cryptocurrency deposits – from 0.9% to 120% per year.
• Bi-currency investments – from 12.6% to 687.6%.
• ETH 2.0cryptocurrencyliquidity staking – up to 7%.
• Liquidity mining – from 0.9% to 72.6%.
• Capital trust management – from 4.5% to 6%.

As of May 2024, the Binance trading platform offers fewer tools for passive earnings. Among them:

• Bi-currency investments – from 3.74% to 84.63%.
• Deposits and staking – from 0.01% to 19.9% per annum.
• Autoinvestment – from -40.35% to 539.7%.

Quality of work of technical support

This characteristic of crypto exchanges is of interest to many customers who choose a trading platform. Technical support helps users in solving problems, and also answers their questions. On the platforms Baybit and Binance, an online chat is provided for customers. At first, the bot tries to solve the problem. If the virtual assistant fails to do so, the client is switched to the operator.

Also, both exchanges allow you to contact technical support by e-mail. To do this, it is enough to fill out a feedback form.

Pros and cons of Binance and Baybit

Both platforms are large cryptocurrency exchanges. They offer customers a lot of opportunities. The advantages and disadvantages of the trading platform Binance in the table.

The Bybit crypto platform is a strong competitor for the Binance service. Its advantages and disadvantages are in the following table.

Frequently Asked Questions