Comparison of Binance Us vs Bybit [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Binance Us vs Bybit comparison!

Your expert: Alejandro Borja

Binance Us

Your expert: Xavier Tarrasó

Bybit

Main points

Fees

0,00%/0,40%

Earns

Yes

Customer service

4/5

≤0,10%

Fees

Yes

Earns

4/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.7 – Low fees comparable to its global counterpart.

4.1 – Low fees with a focus on derivatives trading.

Level

0,00%/0,40%

≤0,10%

Brief explanation

Binance US is known for its competitive and low fee structure, which is one of its most attractive features. The exchange operates on a tiered fee system where trading fees are reduced based on trading volume and Binance Coin (BNB) balance, making it particularly appealing for high-volume traders. Typically, trading fees start low and can decrease further with higher trade volumes and the use of BNB for transaction fees. This fee structure not only encourages active trading but also enhances profitability by keeping transaction costs minimal. Deposit fees are generally non-existent, but withdrawals incur a small fee that varies depending on the cryptocurrency being withdrawn. For traders using credit or debit cards, higher transaction fees may apply, making it important to consider the most cost-effective payment method when trading.

Bybit’s commission structure is designed to be competitive and appealing to both high-volume traders and occasional participants. The platform primarily charges two types of fees: maker fees and taker fees. The maker fee can reward users for adding liquidity to the market, typically set below the industry average, while the taker fee is slightly higher due to the nature of removing liquidity. For trading derivatives such as perpetual contracts, Bybit charges a taker fee of 0.075% and provides a maker rebate of 0.025%, which means makers actually earn a credit for executing trades. This fee structure is particularly attractive to those who trade frequently or utilize trading bots to maintain liquidity on the exchange. Overall, Bybit’s fee strategy supports a dynamic trading environment, encouraging both the provision and taking of liquidity while keeping costs transparent and manageable for traders of all levels.

Binance Us

Security Methods: Binance US employs robust security protocols, including advanced encryption, multi-signature technology, and two-factor authentication (2FA). These measures ensure the safety of users' funds and personal information.
Customer Service: Binance US offers responsive and accessible customer support through various channels, including live chat and email. This ensures that users can quickly resolve any issues or get assistance when needed.
Reputation and Reviews: Binance US is well-regarded in the crypto community, with generally positive reviews from users and industry experts. The exchange's reputation for reliability and user satisfaction further enhances trust.
Volume Managed: Binance US manages a significant trading volume, indicating a high level of liquidity. This means that users can execute large transactions with minimal impact on the market price, ensuring efficient trading.
Regulation: Binance US operates under strict regulatory compliance, adhering to US financial regulations. This ensures transparency and accountability, providing users with confidence in the platform's integrity.

Bybit

Security Methods: Bybit employs robust security practices, including cold storage for digital assets, real-time risk audits, and two-factor authentication (2FA) to protect user accounts and funds. This comprehensive approach ensures a secure trading environment.
Reputation and Reviews: Since its inception, Bybit has maintained a strong reputation within the crypto community for its reliability, advanced trading features, and user-friendly interface. Positive reviews across various forums and its low incident of security breaches contribute to its credibility.
Trading Volume and Liquidity: Bybit is known for its deep liquidity and high trading volume, facilitating seamless execution of trades without significant slippage, even during volatile market conditions. This is crucial for traders looking to execute large orders.
Transparency: Bybit provides clear and detailed information on trading fees, funding rates, and insurance funds. It regularly publishes updates about system upgrades and security enhancements, demonstrating transparency in operations and communications with its users.
Customer Service: Bybit offers 24/7 customer support with a multilingual team accessible via live chat, email, and social media. This constant availability ensures that user queries and issues are resolved promptly, enhancing user trust and satisfaction.

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Account Minimum

Get started with just $100.

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Direct link to the website

Product selection

Native token

Token BNB

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

BAM Trading Services Inc.

Bybit Fintech Limited

Regulation

Regulated in the EE. UU.

Not regulated

Year founded

2019

2018

Founder

Operated by BAM Trading Services (non-specific founder)

Ben Zhou

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Binance Us	FEATURES	Bybit
Allows small minimum trades, accessible for beginners.	Minimum Trade	Bybit allows for a relatively low minimum trade size, making it accessible for traders starting with smaller amounts.
Competitive low fees, beneficial for high-volume traders.	Trading and Transaction Fees	Bybit is known for its competitive fee structure, which is lower than many other exchanges, benefiting frequent traders.
Offers a wide selection, though less than its global counterpart.	Number of Cryptocurrencies	Offers a diverse range of over 100 cryptocurrencies, providing good options for traders looking to diversify their portfolios.
Extensive range of trading pairs, providing good market flexibility.	Crypto-to-Crypto Trading Pairs	Provides a wide array of trading pairs, allowing users to trade various combinations of cryptocurrencies efficiently.
Generally clear info, but some users desire more detailed disclosures.	Website Transparency	The website provides clear and detailed information about trading conditions, fees, and security measures.
Binance US does not offer an exchange card for in-store purchases and benefits.	Credit/Debit Card	Bybit does not offer a branded exchange card for in-store purchases or benefits, limiting its functionality in terms of everyday financial transactions.
Offers secure storage solutions, including cold storage options.	Storage Offering	Offers secure storage solutions with a majority of funds kept in cold storage, though it lacks some advanced features found in specialized wallets.
Provides staking options with competitive rewards.	Staking and Rewards	Offers basic staking features but is not as competitive as other platforms that provide higher yields and more variety in staking options.
Highly functional and user-friendly on both platforms.	Mobile App and Desktop	Both the mobile app and desktop platform are highly rated for user interface design and functionality, catering well to both beginner and advanced traders.
Reports of slow response times can be a significant drawback.	Customer Service	Provides 24/7 customer support with multiple channels, though response times can vary depending on the channel and query complexity.
Efficient processes, though some reports of delays with fiat withdrawals.	Deposit and Withdraw	Offers efficient deposit and withdrawal processes, though limited by the lack of direct fiat currency transaction support.

Key features

Analysis tools

Similar to Binance with advanced charting and indicators

Advanced charting, technical analysis tools, and derivatives trading features

Mobile APP

Yes

Security

High 4,9/5

Additional features

Staking, recurring buys, OTC trading, educational resources

Futures trading, perpetual contracts, staking, Bybit Earn program

Anonymity

Yes

Key points

Available cryptocurrencies

100+

Primarily derivatives, but around 100 cryptocurrencies

User-friendliness

Binance US provides a user-friendly platform similar to its global counterpart, tailored to the US market. The interface is clean and intuitive, making it easy for new traders to get started with cryptocurrency trading.

Bybit offers a user-friendly platform that is easy to navigate, with a focus on derivatives trading. The interface is designed to be accessible to both beginners and experienced traders.

Value for money

Provides great value for money with low trading fees and a wide selection of cryptocurrencies tailored for the US market.

Offers good value for money with low trading fees and advanced trading features, suitable for both retail and institutional traders.

Countries of operation

United States

Singapore, Japan, South Korea, United States, Canada

Best for

Best for US-based traders looking for a reliable and user-friendly platform with low fees and a wide selection of cryptocurrencies.

Great for both retail and institutional traders interested in derivatives trading with low fees and advanced features.

Base currencies available

USD, BTC, USDT

USD, USDT, BTC

Account

Trading

Binance US offers a streamlined version of Binance for American users, providing a good selection of cryptocurrencies and competitive fees. It maintains high security standards, though the variety of coins is less extensive than the global platform.

Bybit is known for its derivatives trading and leverage options. It offers advanced trading tools and high liquidity but is not suitable for beginners due to its complexity and risk.

Deposit and withdrawal

Binance US offers similar deposit and withdrawal methods to its global counterpart, including bank transfers and credit/debit cards. Withdrawals are typically processed within a day, with competitive fees.

Bybit supports cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed efficiently, usually within a few hours, with low fees.

Account opening process

Binance US has a similar account opening process to its global counterpart. Users need to provide personal details, verify their identity, and the process is usually completed within a day. It’s user-friendly and secure.

Bybit offers a seamless and fully digital account opening process. Users need to fill out personal information and verify their identity. The process is quick, typically taking less than a day to complete.

KYC required?

Yes

Customer Service

Binance US offers support through email and live chat, similar to its global counterpart. The support team is responsive, and assistance is available 24/7, ensuring users get timely help.

Bybit provides extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Security

Binance US provides strong security with 2FA, encryption, and cold storage. It is regulated by the U.S. financial authorities, ensuring high security for investors .

Bybit provides robust security features with 2FA, encryption, and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend Binance US for its strong security measures and high liquidity, which make it a reliable choice for both new and experienced traders. The platform’s user-friendly interface and responsive customer support enhance the overall trading experience, although the absence of an exchange card is a minor drawback. Overall, Binance US stands out for its robust performance in the US market.

Xavier Tarrasó

As one of the experts here at Threenvest, I’d like to share a brief recommendation about using Bybit. Bybit offers a robust platform that caters well to experienced traders looking for advanced trading options in the crypto derivatives market. Its high-performance trading engine ensures rapid execution of trades, which is crucial during volatile market conditions. If you’re comfortable with high leverage and complex trading instruments, Bybit can be a powerful tool in your trading arsenal. However, beginners should tread carefully, given the platform’s complexity and the inherent risks of leveraged trading.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.