Which Exchange Is Better for Traders?

Bybit and Binance are popular options for crypto investors looking for the best platform to hold, stake, and trade cryptocurrencies. But which exchange is the better? And how do you determine the best option for your needs, seeing that they offer similar key products?

To answer these questions, we’ll compare Binance vs Bybit across products and services, trading features, security measures, trading fees, and our user experience. Keep reading to learn more about both exchanges!

Bybit Vs Binance Comparison: At a Glance

What is Bybit? 

Bybit is a top derivatives exchange founded in 2018 by Ben Zhou, who previously worked at one of the largest forex brokerage companies in China for 7 years. The platform serves over 60 million global users and is ranked the second-largest cryptocurrency exchange by trading volume, behind Binance.

Bybit offers a professional trading platform with features such as advanced TradingView charts, a user-friendly web and mobile interface, and a range of products including spot trading,  Derivatives (futures and perpetual contracts, USDC options, and leveraged tokens), easy access to the web3 ecosystem, NFT trading, and staking.

Although Bybit is known for its robust security measures, it suffered a major hack in February 2025, resulting in a loss of about $1.5 billion in Ethereum. The cryptocurrency exchange quickly restored liquidity with emergency funding from major firms and has since improved its security to prevent future events.

Pros & Cons of Bybit

Bybit is Best for:

• Derivatives Trading: The exchange allows trading on the following derivative products: USDT perpetuals, inverse perpetuals, USDC perpetuals, futures, USDC options, and leveraged tokens.
• Active and High-volume Traders: Bybit is also suitable for frequent traders thanks to its low fees and fast execution, enabling orders to be fulfilled quickly with minimal slippage.
• Traders who are looking for opportunities to earn passive income and those who want to explore new token listings early.

What is Binance? 

Binance is the world’s largest crypto exchange by user count and trading volume, serving 280+ users globally and averaging $20 billion in daily trading volume. Binance allows trading in more than 500 cryptocurrencies across 1,500+ trading pairs and offers a wide range of services, including spot trading, margin trading, futures, and staking.

The exchange offers low transaction fees and deep liquidity, and also provides an NFT marketplace and a comprehensive ecosystem supporting crypto wallets, payments, education, and research. Binance was founded in 2017 by Changpeng Zhao (CZ), who was the company’s former CEO.

He resigned as the CEO in November 2023 after pleading guilty, paying a $50 million fine, and serving time for failing to maintain an effective anti-money laundering (AML) system at Binance. Although Binance has faced regulatory and legal issues in the past, it has improved its compliance and security measures and remains a top choice for millions of traders.

Pros & Cons of Binance

Binance is Best for:

• High Liquidity: Since Binance has the highest trading volumes, it means that there is much trading activity (enough buyers and sellers) on the exchange, allowing users to open and close positions quickly with zero price slippage.
• Advanced Crypto Traders: Binance offers a range of professional-grade trading tools. The cryptocurrency exchange provides margin and futures trading with TradingView integration, DeFi services, staking, and algorithmic trading tools.
• Developers and Institutional Investors: The exchange offers API access for developers, and advanced trading functionalities and institutional-grade services for institutional traders, hedge funds, and asset managers.

Bybit Vs Binance: Trading Features

Binance Vs Bybit: Platform Products and Services

What Binance Offers:

• Binance Launchpool and Earn Products: Through Binance Launchpool, users can participate in new project token launches by staking their existing tokens to farm new ones. The Earn program includes flexible and locked savings, staking, liquidity farming, and dual investment products, giving users multiple ways to grow their holdings.

• Basic and Advanced Trading Tools: Binance offers a comprehensive set of products for beginners and experienced traders. Beginners can choose from Spot, Margin, P2P, and Demo Trading. Meanwhile, skilled traders can explore the DEX (Beta), Trading Bots, Copy Trading, and APIs.
• Binance Wallet: This self-custody wallet integrates with other Binance features, allowing users to buy, trade, and manage their crypto assets without an external wallet. The wallet also supports Web3 integration, enabling users to interact with decentralized applications (dApps) directly.

What Bybit Offers:

• Advanced Trading Options: Bybit offers spot trading, margin trading, perpetual and futures contracts, options trading, and a funded demo account for practice. The trading tools include detailed analytics, real-time data visualization, and advanced order types, giving traders more control over their strategies.

• Automated Trading Tools: On Bybit, users can leverage algorithmic strategies to either simplify market moves or replicate trades that run 24/7. The cryptocurrency exchange makes this possible through features such as trading bots, copy trading, and TradeGPT. This AI-powered assistant helps generate, backtest, and optimize trading strategies based on preset parameters.
• Bybit TradFi: TradFi allows users to trade traditional assets, including stock CFDs, indices, forex, commodities, and gold, denominated in USDT. Traders can access over 100 stock CFDs, including major tech companies such as Apple, Tesla, and NVIDIA. TradFi also offers leverage up to 500x and tight spreads and is available on the mobile app and web platform.

Bybit Vs Binance: Fee Structures

Binance Vs Bybit: Coins Supported, Liquidity, & Volume

Bybit Vs Binance: Security & Regulatory Compliance

Bybit Security Measures

• Account Safety Features: The exchange supports two-factor authentication (2FA), anti-phishing mechanisms, fund password for withdrawals, IP whitelisting, and withdrawal address locks for new addresses.
• Insurance Fund: Bybit’s insurance fund is a reserve pool designed to protect traders and the cryptocurrency exchange from excessive losses, especially during forced liquidations.
• Cold Storage With Multi-sig Authorization: Transactions from cold wallets require multiple signers to approve, enhancing security by preventing single points of failure.

Binance Security Measures

• Account Safety Measures: The platform supports 2FA, withdrawal whitelist options, anti-phishing codes to verify authentic Binance emails, device management to monitor login activity, and biometric login support for mobile users.
• Platform Safety Measures: The exchange employs an AI-powered risk management system, robust data encryption to secure its ecosystem from external threats, and it also undergoes regular security audits.
• SAFU Insurance Fund: This fund serves as a financial safety net, compensating Binance users in the event of security breaches or unforeseen incidents. It currently holds up to $1 billion.

Bybit vs Binance: Regulatory Compliance

Bybit holds a Virtual Asset Service Provider (VASP) license in Dubai and operates under the regulatory framework of the Netherlands through its partnership with SATOS B.V., which is licensed by De Nederlandsche Bank (DNB). Binance, on the other hand, holds VASP and Digital Asset Service Provider (DASP) licenses in several jurisdictions, including Dubai, France, Italy, Spain, and Argentina.

Binance Vs Bybit: Affiliate & Referral Programs

Bybit Vs Binance: User Experience

From our Bybit review, the web platform and mobile app are easy to use and beginner-friendly. Products/services are structured properly, and the onboarding is fast, but requires KYC verification. After completing identity verification, you can easily deposit and start trading.

Trading on Bybit is also seamless. For new traders, we advise you to start with spot trading for simple buy/sell orders. You can also buy/sell crypto assets via the P2P marketplace. Once you’ve become familiar with the cryptocurrency exchange, you can then practice with a demo account and proceed to explore the derivatives market with real funds when you are ready.

Moving on, our Binance review found that onboarding is quite easy, and users must complete KYC verification. Upon verification, you get access to the platform’s products and services. One thing we noticed was the extensive product offering available on both mobile and web platforms, which can be overwhelming for newbies.

For beginners, you can also stick to the spot market, practice with demo accounts before going live, or simply copy the trades of advanced traders via the copy trading marketplace. However, we encourage copy traders to have some level of experience so they can customize their trades. That said, this extensive product support is good for experienced traders.

Bybit Vs Binance: Customer Support 

Bybit provides 24/7 support via live chat and email, with timely responses to most queries. To get help, you can log your complaint via the Support Hub and wait for a response. While you wait, you could try the exchange’s Help Center or find answers to related questions in their FAQ section.

Binance also offers 24/7 service via live chat and support tickets, but response times are inconsistent. You can get self-help from the extensive educational and help resources Binance has. For online ratings, Bybit customer support reviews are mixed, with a current rating of 3.4 out of 5 from 6,000+ reviews on Trustpilot. Binance’s online reviews are also mixed, but not as positive. The exchange has a 1.4 rating out of 5,700+ reviews on Trustpilot.

Conclusion

Binance is the largest exchange by trading volume and has maintained the position for years. This means it is the most liquid platform in the crypto market, making it ideal for high-volume, frequent traders. On the flip side, Bybit excels in providing a comprehensive derivative trading service. In addition, it offers trading of other financial products, including Gold, FX, and CFDs.

So determining which exchange is best for you depends on your trading goals and preferences. You can visit both exchanges to understand their key differences and how they align with your goals. Once you decide, use the current Bybit referral code or Binance referral code to get monetary rewards, fee discounts, and other exclusive bonuses.

FAQs

Is Bybit a Trusted Crypto Exchange?

Yes, Bybit is a trusted crypto exchange. The platform is the second-largest exchange by trading volume and has robust security measures to keep used funds safe.

What Exchange is Better than Binance?

As discussed earlier, Binance offers perks that set it apart from other exchanges. However, no cryptocurrency exchange is perfect, so the best alternatives to Binance include Bybit, Kraken, Crypto.com, OKX, and MEXC.

Is Bybit Better than Binance?

In some ways, Bybit is better than Binance. Bybit might be better than Binance for the following reasons: the interface is easier to navigate, products are well displayed,  derivatives trading focus, and responsive support. However, be advised that choosing one exchange over another depends on your specific needs and trading style.

Which Crypto Exchange has Lower Fees: Bybit vs Binance?

Both exchanges charge the same fee for spot trading, and Bybit charges slightly higher for perpetual & futures contracts. For spot, they charge 0.10% on maker and taker fees, while makers pay 0.020% for perp and futures trading fees on both Bybit and Binance. For perp and futures takers’ fee, Bybit charges 0.0550% while Binance charges 0.050%.

Which Exchange is More Beginner-friendly: Bybit or Binance?

Bybit is more beginner-friendly than Binance. Binance provides a broader range of services, which can be overwhelming for new users. 

What are the Deposit and Withdrawal Options on Bybit and Binance?

Binance and Bybit users can fund their accounts with cryptocurrencies, credit or debit cards, third-party payment providers, or bank transfers. Withdrawals are primarily made in crypto, but fiat withdrawals are available. Both exchanges also support P2P trading, allowing users to buy and sell crypto directly using local payment methods. In addition, Binance supports over 300 payment channels globally via Binance Pay.