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03/17/2023
Binance or Bybit: Crypto Exchanges Head to Head

Binance or Bybit: Crypto Exchanges Head to Head

Bybit and Binance are among the top platforms for crypto trading globally. This comparison evaluates both platforms based on numerous factors to determine which is the superior option. The aim of this post is to assist you in selecting the most suitable exchange for your crypto trading or investment requirements

Exchanges’ background 

Binance is a leading global cryptocurrency exchange that was launched in 2017. The exchange has gained a solid reputation over the years and has been consistently ranked as one of the top crypto exchanges in the world. It has a user base of around 29 million and offers trading in more than 1,600 token pairs.

Launched in 2018, Bybit has also quickly gained popularity, especially in the derivatives trading market. The exchange has a user base of around 5 million and offers trading in more than 300 token pairs.

Trading features 

When it comes to trading features and crypto tokens, both Binance and Bybit have a lot to offer. Bybit offers spot trading on more than 300 token pairs and derivatives trading on over 100 token pairs. The exchange has an average 24-hour trading volume of around $400 million for spot trading and $10.5 billion for derivatives trading.

In comparison, Binance offers spot trading on more than 1,600 token pairs and derivatives trading on over 200 token pairs. The exchange has an average 24-hour trading volume of around $12.5 billion for spot trading and $49.2 billion for derivatives trading. Both exchanges offer leverage trading, with Bybit offering a maximum leverage of 100x and Binance offering a maximum leverage of 125x.

In addition, both exchanges offer unique features. Bybit's unique features include copy trading, leveraged tokens. Binance offer grid bot trading, auto invest, and crypto staking among others.  However, Binance's range of features and token pairs is much broader than Bybit's, and it also has a much larger user base.

Native tokens

Binance has its own token known as BNB, which has various applications. It can be staked to generate passive income, receive trading fee discounts, and more. Additionally, Binance routinely acquires BNB tokens from the open market and "burns" them to regulate the supply of BNB, thereby increasing its value.

Bybit, on the other hand doesn’t have a native token. Nevertheless, they recently established BitDAO, a Decentralized Autonomous Organization that provides support to cryptocurrency initiatives concerning DeFi, NFT, Gaming, DAO, and more. BitDAO has its own token, known as BIT.

Fiat support

Both Binance and Bybit support fiat deposits and withdrawals in multiple currencies, including USD, GBP, EUR, CAD, AED, and INR. Both exchanges support various deposit and withdrawal channels, such as debit/credit cards, bank transfers, P2P trading, and third-party payment channels. 

Fees

Bybit charges a base trading fee of 0.1% for spot trading, which reduces with an increase in a user's trading volume. For derivatives trading, Bybit charges a maker fee of 0.01% and a taker fee of 0.06%.

Binance also charges a base trading fee of 0.1% for spot trading, which reduces to 0.075% if paid with Binance's native token, BNB. For derivatives trading, Binance charges a maker fee of 0.01% and a taker fee of 0.05%.

Both exchanges do not charge any fees for depositing cryptocurrencies or fiat currencies. However, for fiat deposits, third-party platforms may charge a fee.

User interface

Bybit's user interface is sleek and intuitive, with a dark theme that is easy on the eyes. The platform also offers a mobile app for both iOS and Android devices. Binance also has a user-friendly interface, with a range of customization options to suit individual preferences. The exchange also offers a mobile app for iOS and Android devices, as well as a desktop app for Windows and Mac users.

Both platforms offer comprehensive user support, with a range of resources and tools to help users navigate the platform and troubleshoot any issues. Bybit also offers live chat support, while Binance provides 24/7 customer support via email and live chat. Overall, both platforms offer user-friendly interfaces and a comprehensive range of trading tools and features. 

Final verdict

The two exchanges have their unique features and advantages. Ultimately, the choice between both exchanges depends on the individual user's preferences and trading needs. It's important to carefully research and evaluate the features and risks of each type of exchange before making the final decision. 

The materials found on the Cryptonica.com website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

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