Binance vs Bybit 2024: Which Exchange is BEST for Crypto Trading?

Last updated: May 15, 2024
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The article compares Binance, the largest and most popular cryptocurrency exchange, with Bybit, a rapidly growing exchange. It provides an overview of the products and features offered by each platform, assesses their user-friendliness, fees, security measures, and trading options.

Binance is praised for its wide range of products and features, making it a one-stop-shop for crypto users. However, its interface can be overwhelming due to the multitude of options available. Bybit, on the other hand, offers a simpler interface with fewer features but has solidified its position as a top trading exchange.

Both exchanges offer leveraged trading options, but Binance has a larger selection of futures markets. Binance also has a more extensive earn section, allowing users to earn passive income through various means. Bybit, on the other hand, offers a copy trading feature, which has gained popularity among users.

https://img.coinbureau.dev/strapi/2022/08/Binance_inline-1024x369.jpg

In terms of user-friendliness, neither exchange is beginner-friendly, but with some experience, both platforms are easy to navigate. Both exchanges have high-quality trading interfaces, powered by TradingView, and offer advanced order types.

When it comes to fees, Binance generally has lower fees, especially for crypto withdrawals. Bybit, however, offers zero trading fees on select spot trading pairs.

In terms of security, both exchanges prioritize the safety of customer funds. Binance keeps the majority of funds in cold storage, utilizes AI and cyber forensics for security, and offers insurance protection. Bybit also keeps customer funds in cold storage and takes extensive security measures.

https://img.coinbureau.dev/strapi/2021/09/Telegram_inline.jpg

Overall, while Bybit is a strong competitor and may be preferable for certain features like copy trading, Binance stands out as the preferred exchange for most crypto traders due to its extensive product offerings, lower fees, and robust security measures.

The article compares Binance, the largest and most popular cryptocurrency exchange, with Bybit, a rapidly growing exchange. It provides an overview of the products and features offered by each platform, assesses their user-friendliness, fees, security measures, and trading options.

Binance is praised for its wide range of products and features, making it a one-stop-shop for crypto users. However, its interface can be overwhelming due to the multitude of options available. Bybit, on the other hand, offers a simpler interface with fewer features but has solidified its position as a top trading exchange.

Both exchanges offer leveraged trading options, but Binance has a larger selection of futures markets. Binance also has a more extensive earn section, allowing users to earn passive income through various means. Bybit, on the other hand, offers a copy trading feature, which has gained popularity among users.

In terms of user-friendliness, neither exchange is beginner-friendly, but with some experience, both platforms are easy to navigate. Both exchanges have high-quality trading interfaces, powered by TradingView, and offer advanced order types.

When it comes to fees, Binance generally has lower fees, especially for crypto withdrawals. Bybit, however, offers zero trading fees on select spot trading pairs.

In terms of security, both exchanges prioritize the safety of customer funds. Binance keeps the majority of funds in cold storage, utilizes AI and cyber forensics for security, and offers insurance protection. Bybit also keeps customer funds in cold storage and takes extensive security measures.

Overall, while Bybit is a strong competitor and may be preferable for certain features like copy trading, Binance stands out as the preferred exchange for most crypto traders due to its extensive product offerings, lower fees, and robust security measures.

https://img.coinbureau.dev/strapi/2022/08/Binance_inline-1024x369.jpg
https://img.coinbureau.dev/strapi/2021/09/Telegram_inline.jpg
cbc-logo
cbc-logo
Rating
4.7
4.5
Headquarters:

Cayman Islands

Dubai

Year Established:

2017

2018

Regulation:

United States-Licensed Money Services Business registered with FinCEN (Binance US)

Dubai– Specialist License issued by VARA

Europe– Digital Asset Service Provider in France, Italy, and Spain

United Kingdom- Limited set of activities regulated by the FCA

Canada- Regulated by the Alberta Securities Commission

Bahrain– Crypto Asset Service Provider issued by the CBB.

Kazakstan– Preliminary License

Australia- Registered with AUSTRAC

Binance is thoroughly licensed and regulated, holding more licenses than are listed here. Binance legally operates in most countries not under US Sanctions.

Dubai- MVP License

Regulated by the authorities in Malta

Spot Cryptocurrencies Listed:

400+

300+

Native Token:

BNB

BIT

Maker/Taker Fees:

Lowest: 0.02% / 0.04%

Highest: 0.1% / 0.1%

Lowest: 0%/0.02%

Highest: 0.1%/0.1%

Security:

Very High

High

Beginner-Friendly:

Advanced trading concepts can be confusing for beginners. Binance offers a lot of features and products that can overwhelm new users.

Advanced trading concepts can be confusing for beginners. Good platform to learn how to trade.

KYC/AML Verification:

Yes

Yes

Fiat Currency Support:

Yes, Binance offers full fiat-to-crypto services. 50+ supported fiat currencies supported through various integrated partners. Fiat withdrawals are also supported.

Yes, crypto can be purchased with 50+ fiat currencies through various integrated partners. Fiat withdrawals are supported through third-party integrations.

Deposit/Withdraw Method

ACH Bank Transfer, Wire Transfer, PayPal, Credit/Debit card, Apple Pay, Google Pay. Binance Supports Deposits and Withdrawals.

Deposit- Purchase crypto via bank card or transfer via third-party companies. P2P.

Withdrawal- Crypto only


 

cbc-logo
cbc-logo
Rating
4.7
4.5
Headquarters:

Cayman Islands

Dubai

Year Established:

2017

2018

Regulation:

United States-Licensed Money Services Business registered with FinCEN (Binance US)

Dubai– Specialist License issued by VARA

Europe– Digital Asset Service Provider in France, Italy, and Spain

United Kingdom- Limited set of activities regulated by the FCA

Canada- Regulated by the Alberta Securities Commission

Bahrain– Crypto Asset Service Provider issued by the CBB.

Kazakstan– Preliminary License

Australia- Registered with AUSTRAC

Binance is thoroughly licensed and regulated, holding more licenses than are listed here. Binance legally operates in most countries not under US Sanctions.

Dubai- MVP License

Regulated by the authorities in Malta

Spot Cryptocurrencies Listed:

400+

300+

Native Token:

BNB

BIT

Maker/Taker Fees:

Lowest: 0.02% / 0.04%

Highest: 0.1% / 0.1%

Lowest: 0%/0.02%

Highest: 0.1%/0.1%

Security:

Very High

High

Beginner-Friendly:

Advanced trading concepts can be confusing for beginners. Binance offers a lot of features and products that can overwhelm new users.

Advanced trading concepts can be confusing for beginners. Good platform to learn how to trade.

KYC/AML Verification:

Yes

Yes

Fiat Currency Support:

Yes, Binance offers full fiat-to-crypto services. 50+ supported fiat currencies supported through various integrated partners. Fiat withdrawals are also supported.

Yes, crypto can be purchased with 50+ fiat currencies through various integrated partners. Fiat withdrawals are supported through third-party integrations.

Deposit/Withdraw Method

ACH Bank Transfer, Wire Transfer, PayPal, Credit/Debit card, Apple Pay, Google Pay. Binance Supports Deposits and Withdrawals.

Deposit- Purchase crypto via bank card or transfer via third-party companies. P2P.

Withdrawal- Crypto only


 

Welcome cryptonaut, to another article in our versus series where we compare some of the top exchanges to help our community find which exchange is right for them.

Because scouring through the hundreds of exchanges available isn’t easy and can take up a lot of your valuable time and effort. One way we help our community is by doing the research and leg work to streamline the process for you, helping folks find which exchange is best to suit their individual needs.

Today’s article is an interesting one as we have Binance, the #1 largest and most popular exchange in the world, and Bybit, the #11 exchange, but is one that is growing faster than most of the competition and is rapidly moving up in the ranks. So, should you stick with the tried, tested and true Binance exchange, or see what all the hype is about and sign up with Bybit? Well, that is exactly what we are going to determine in this Binance vs Bybit review.

As you are on a journey to find the perfect crypto exchange, you may find our Best Cryptocurrency Exchanges 2024 article useful.

We also have in-depth dedicated reviews for both of the exchanges in this article if you want to learn more about them:

But for now, let’s crack into our Binance vs Bybit review and determine which one is best for crypto trading.

Disclaimer: I use Binance as part of my personal crypto trading and investment strategy

Binance vs Bybit

Further in this article, we will take a closer look at each exchange individually, but first, we want to give you an overview of our findings by comparing Binance versus Bybit.

Binance vs Bybit: Products Offered

I am going to cut right to the chase and not sugarcoat the fact that Binance is an absolute beast when it comes to products and features. They are the #1 crypto exchange by a huge margin for a good reason.

Binance is, without a doubt, the best one-stop-shop in crypto as they offer pretty much every feature and product a crypto user could ever need or want, which is why they have the largest user base by tens of millions of customers located worldwide. The trading interface on Binance is suitable for all skill levels of traders from beginner to pro to institutional.

The downside is that the Binance exchange is absolutely jam-packed! There are so many features on there that it is very cluttered and easy to get lost. Most users probably don’t understand what over half of the features do. Take a look at just some of the multiple features and products on offer:

Binance options
 Binance Interface- So Many Options!!

Even for someone who has been using Binance for years, I rarely navigate to most of the places on the website, and I am embarrassed to admit I still find myself getting so lost on the platform that I sometimes feel like this:

John Travolta Gif
 Source: Giphy

Seriously, is it just me, or does anyone else have a ridiculously hard time trying to find any sort of crypto or fiat transaction history on Binance? It can be a nightmare!

Anyway, on to Bybit. While Bybit has fewer features than Binance, it has still solidified itself as a top trading exchange with over 10m users. They feature a pretty darn good Earn section, Copy Trading, an NFT marketplace, and one of the highest-grade, professional quality trading interfaces with flawless order execution and advanced order types.

bybit navigation
 A Look at the Bybit Site

Bybit’s primary attraction, aside from the incredibly powerful trading engine and stellar trading interface, is Bybit's copy trading product. Bybit is one of the leading exchanges in the industry for those looking to get into copy trading.

While Binance holds more licenses and registrations than just about any other exchange, Bybit is a little light in that area, only holding an MVP license in Dubai and regulated by the authorities in Cyprus. Both platforms offer a functioning fiat on and offramp, a recent addition to Bybit's arsenal. 

Bybit has done an impressive job over the past while taking market share away from Binance and becoming one of the fastest-growing exchanges in the industry, becoming a great “all-in-one” crypto hub. Being among the most highly respected, long-standing and reputable exchanges in the space, Bybit has been successful in attracting institutional and professional clients, as well as retail crypto traders in droves.

bybit products
 A Look at Bybit's Products

After using both exchanges, I have to say that trading on both platforms is seamless, with the trading interface and trading execution being second to none. Both Binance and Bybit are hubs for professional traders with exciting trading competitions. Bybit offers some of the best sign-up bonuses that I have come across in crypto.

Coin Bureau readers can take advantage of Binance’s plethora of features, low fees, and top-rated security while enjoying an exclusive 20% trading fee discount for life and up to a $600 bonus by using our Binance Sign-up Link. 

 

https://img.coinbureau.dev/strapi/2022/08/Binance_inline-1024x369.jpg

 

If after reading this review, you fancy taking a crack at the high-performance trading platform Bybit, you can earn up to 50k in sign-up bonuses and take advantage of their $0 Spot trading fee promotion using our Bybit Sign-Up Link

Alright, let’s take a quick look at what Binance has to offer

  • Launchpad
  • Crypto loans
  • Binance DEX
  • NFT marketplace
  • Leveraged tokens
  • Up to 50x leverage
  • OTC + P2P services
  • Robust Earn section
  • Advanced trading interface
  • Binance crypto debit card
  • Full fiat on and offramp services
  • Advanced analytics and educational section
  • Rewards hub and trading contests
  • Multiple tradeable markets such as Spot and Derivatives

Here is what Bybit offers:

  • Earn
  • Launchpad
  • Crypto card
  • Trading bots
  • Copy trading
  • NFT marketplace
  • Leveraged tokens
  • DAO participation
  • Up to 100x leverage
  • Spot + Derivatives trading
  • Fiat on and offramp services
  • VIP, broker, and Affiliate programs
  • Rewards hub and trading contests
  • Advanced analytics and educational section
  • Ability to buy crypto via card or bank transfer

That covers the products and key features at a glance, now let’s jump into how else these two stack up.

Binance vs Bybit: User Friendliness

I think it is helpful to make a distinction between being beginner-friendly and user-friendly. Brand new crypto users are unlikely to find either Binance or Bybit very user-friendly as these exchanges feature advanced crypto trading interfaces and order types. Binance especially can be incredibly overwhelming to new crypto users due to the sheer amounts of features and products.

Though even as a newbie, learning how to navigate these platforms and use the trading interface will be a huge benefit to you over time as you will be able to save a substantial amount on fees and get in and out of crypto at better prices. I’m not even talking about actually learning how to trade, just how to hit the “buy and sell” button on the trading screen instead of using the simple “convert” or “swap” features, which can often gouge users who pay a price for that convenience.

Fortunately, Guy has this great video where he shows you how to get started and use Binance like a pro:

That statement that neither Binance nor Bybit are beginner friendly is not intended as a criticism against them as they are not aiming to provide beginner-friendly platforms. These platforms support advanced crypto trading for experienced traders, and in the case of Binance, offer everything under the sun suitable for traders of all skill levels.

If you are looking for the most user-friendly platforms that are the most beginner friendly, I would recommend taking a gander at our Kraken and SwissBorg reviews.

For anyone with experience using cryptocurrency exchanges, or after getting used to them, both Binance and Bybit are great platforms, the user-friendliness comes with time. Bybit is definitely the easier one to use and navigate simply due to the fewer features, menus, and bells and whistles scattered all over the place.

From a UX/UI perspective, other than Binance being a bit cluttered and the navigation not being as straightforward as other exchanges, there are no real major issues to point out and both platforms have great mobile apps that are highly rated in their respective app stores for crypto on the go.

The trading interfaces themselves are quite similar between these two as both charting screens are powered by TradingView, which has become the gold standard for the top crypto exchanges.

Here is a look at the Bybit trading interface:

bybit trading screen
 A Look at Bybit’s trading screen

Thanks to the TradingView integration, Bybit and Binance are suitable for any level of technical analysis trader, and both exchanges offer advanced order types to appease traders from any background.

Everything on the Bybit site is well laid out and easy to find. The drop-down menus make platform navigation a breeze, there really is no fault to be found for design or usability.

Now let’s swing over to the Binance trading interface.

Binance trading screen
 Image via Binance

While laid out slightly differently than Bybit, the nuts, bolts, and functions are the same, and traders can swap between TradingView, traditional, and depth charts.

Like Bybit, trade execution on Binance is flawless and trades occur nearly instantaneously which is important to avoid issues like slippage.

Aside from some menus feeling cluttered and some of the features and functions being difficult to find, the UI/UX on Binance also serves its function well enough that I can’t beat up on it too much.

As far as the trading interface and trading functionality go, there isn’t a whole lot of difference between these two platforms. Neither platform significantly outshines the other when comparing the trading function itself, though Binance does offer more tradeable markets and instruments.

Where the platforms start to differ greatly is in all the other product offerings and features, many of which will be outlined throughout this article. If I had to give a point to a winner for user-friendliness though, it would have to be Bybit as trying to find certain information on Binance can be a pain, while Bybit is very straightforward.

Binance vs Bybit: Fees

Fees have become very competitive in the crypto exchange industry with exchanges like Binance, OKX, and KuCoin being the leaders in the space for rock-bottom fees.

Bybit fees are not high by any stretch of the imagination, but they are not the fractions of a percentage low as traders can achieve on Binance. Plus, users looking to purchase crypto can save significantly more on Binance thanks to their fee-free deposit options. Note that both Binance and Bybit have recently started offering zero trading fees on select spot trading pairs, that’s about as low as you can get.

If you are looking to purchase crypto, a good rule of thumb is to avoid purchasing on exchanges with no native fiat on and offramp support such as KuCoin, as they facilitate purchases through third-party companies with steep fees ranging from 2-8%. Although Bybit also does not offer banking services, they do offer some $0-fee fiat options which are worth checking out. Binance has options for fee-free and low-fee bank deposits as well, making it one of the best options for a crypto-to-fiat gateway.

Bybit utilizes a similar maker/taker fee model as most other crypto exchanges. Following a VIP tier level, here is what traders on Bybit can expect to pay for trading fees:

bybit fees
 Bybit's Fee Structure

Binance utilizes a similar maker/taker fee model and is one of the lowest fee names in the game. Following a tiered structure based on a rolling 30-day trading volume and amount of BNB being held, here is what traders can expect to pay for Binance fees:

binance fees
 Image via Binance

Binance Fees can be further reduced up to an additional 25% for users who choose to pay fees in the platform’s native BNB token.

Binance edges out a win in the fees category in almost every regard except for when it comes to crypto withdrawal fees.

One of the best features of Bybit is they are not looking to make a profit from customer withdrawals, something very rare among crypto exchanges. As is the industry standard, cryptocurrency withdrawals are still subject to miner or network fees, but Bybit keeps these as minimal as possible. Crypto withdrawals on Binance can be pretty hefty depending on the asset and network being withdrawn.

Binance vs Bybit: Security

Now onto the ever-important topic of security, and this one is a doozy as both exchanges are rated in the top 10 most secure exchanges and given a Triple-A security rating according to Certified… ouch

bybit security rating.jpg
Image via cer.live

Yes, Crypto.com takes the #1 spot as the most secure exchange, with Kraken right behind them at the second spot. You can find out what makes these the most secure exchanges in our Crypto.com Review and Kraken Review.

Both platforms take extensive measures and have built out a robust security framework, deserving of their security rankings.

Both Binance and Bybit take the most important step in crypto security, and that is that they keep the majority of customer funds in cold storage, away from the reach of hackers. The US dollars placed in Binance are FDIC insured and held in regulated US bank accounts. Binance also has the “Secure Asset Fund for Users” (SAFU) emergency insurance fund to pay back and protect users in the unlikely event of a security breach or hack.

Binance also uses a mix of artificial intelligence and cyber security forensics to ensure the security of funds, which is covered in more detail later on

binance security
 Binance's Commitment to Security. Image via Binance

From a customer perspective, users on Binance can initiate the following additional security measures on their accounts for a higher level of protection:

  • Login safety phrase
  • Whitelisting IP addresses
  • Device Authorization list
  • Biometrics for mobile app
  • Withdrawal verification email
  • 2FA for login and withdrawals
  • Anti-phishing number in emails
  • Trading and withdrawal password
  • Activity monitoring on the system
  • Whitelisting Withdrawal addresses
  • Universal 2nd Factor Authentication (U2F) Support

Both platforms require multi-signature authorization from key employees for withdrawals and the movement of platform funds so one bad actor cannot make off with customer funds if they are compromised.

Turning our attention to Bybit, they handle their cold storage procedure quite a bit different to any other exchange I’ve encountered. Bybit claims that 100% of customer funds are kept in a cold-storage air-gapped environment, and the only funds exposed to hot wallets for customer withdrawals are the company’s own funds.

bybit security
 Image via Bybit

Bybit also uses SSL encryption, supports 2FA, and has insurance in place to protect traders in the event of liquidation posed by shortfalls in futures contract settlement, but no insurance is in place to reimburse customers in the event of a hack. Instead of me highlighting Bybit's security measures, here is a great infographic showing their 360-degree approach to security:

Bybit security.jpg
Image via Bybit

From a customer point of view, Bybit offers its users the following security features:

  • 2FA
  • Encrypted data transmission
  • Security notifications
  • Round-the-clock platform monitoring
  • API access control
  • Biometric login for mobile app

Binance has more security features that users can opt-in for, it would be nice to see Bybit roll out more in that department. Binance also has the SAFU insurance in place for customer protection. 

Great, now that we have covered a bit of head-to-head, let’s dive into each one a little more in detail.

Bybit vs Binance Futures

Both Bybit and Binance are a great place for traders looking to trade futures contracts with the option to use leverage.

Bybit features trading for 10 different perpetual futures contracts: -

  • BTC/USD
  • ETH/USD
  • XRP/USD
  • EOS/USD
  • BTC/USDT
  • BCH/USDT
  • LTC/USDT
  • XRP/USDT
  • ETH/USDT
  • EOS/USDT 

Bybit is one of the few places that offers XRP and EOS contracts. Leverage up to 100x is possible on BTC/USD inverse perpetual contracts and up to 50x on others.

Binance has an impressive selection of futures with over 1000 futures markets. The product list includes:

  • Binance Vanilla Options: These are Bitcoin options contracts that are European-style with USDT as the settlement currency.
  • USDT-M Futures: These are similar to traditional standard futures, being USDT margined and settled. These can be traded with up to 125x leverage.
  • COIN-M Perpetual Futures: The COIN-margined perpetual futures are an additional way to access exposure in cryptocurrency without owning it, these products also offer up to 125x leverage.

Binance Review

What is Binance

As I am sure you’ve already gathered, Binance is a cryptocurrency exchange that supports Spot and Derivatives trading on over 400 pairs and offers one of the largest selections of tradeable assets and markets available.

Binance, as the #1 exchange in the world for trading volume and user base, is much more than just a crypto exchange. They also cater to crypto enthusiasts of all backgrounds pursuing different goals on their crypto adventures. Binance truly is a massively robust platform, featuring more products and services than any other exchange.

binance ecosystem
 A Look at the Robust Binance Ecosystem Image via Binance

Binance can be accessed by traders from all over the world and have established licenses and are regulated in multiple jurisdictions. For our US-based readers, I recommend checking out Guy’s Binance US Review:

Binance was originally a Hong Kong-based exchange launched by Changpeng Zhao (AKA CZ) in 2017. Following struggles with the Chinese government and its views on cryptocurrency, Binance moved to an offshore location, remaining location agnostic for several years. Binance had no headquarters for years until recently establishing itself in the Cayman Islands. CZ stepped down as CEO in November 2023 after pleading guilty to a money laundering charge by US authorities. 

Some of the reasons I truly respect Binance and former CEO CZ is that they are one of the leaders in advancing the entire crypto industry, not just focused on benefitting themselves. CZ is often in talks with regulators, officials, and key decision makers discussing fair crypto regulation and policy, the Binance Launchpad helps new crypto projects get off the ground, and the Binance Academy provides the second-highest quality crypto education in the world! After the Coin Bureau, of course, 😉

Cryptocurrencies Offered

Binance has a respectable 400+ cryptocurrencies available for trading, one of the best selections in the industry featuring all the major coins and many of the smaller, harder-to-find altcoins. While you would be hard-pressed not to find a coin on Binance that strikes your interest, for the true rare altcoin gem hunter, KuCoin and Gate.io win the game of “who has the most coins.”

Binance keeps an updated and searchable page of their supported crypto assets, which is great for searching to see if your favourite crypto tokens are available, and they have a separate page showing fiat currency support and fees.

Binance Products

Let’s quickly cover a high-level overview of the products on Binance. We do cover each of these more in-depth in our dedicated Binance review if you want a more thorough look. We also have a step-by-step guide on How to Sign Up on Binance if you are keen to get started.

Trading Platform

The trading interface on Binance is very intuitive and well-designed, attracting traders from all skill levels and supports advanced trading features and order types.

One of the largest criticisms against Binance in recent months has been the significant reduction of margin offered on the platform. Traders can now only access 50x leverage, meaning Bybit will be the platform of choice for traders who like higher amounts of leverage.

Binance offers multiple different ways for users to trade, from a simple “convert” option that looks like this:

binance convert
 The Easiest Way to Trade Crypto on Binance

Where users can simply swap assets, to advanced charting screens like the one shown below for more advanced trading:

trade bitcoin
 A Look at the Crypto Trading Interface on Binance

The trading interface provides access to all of the cryptocurrencies and trading pairs available on Binance. New traders may be overwhelmed when they first access this platform, but once they use it a few times it becomes easy, and it isn’t as complicated as it looks.

Also, using this trading interface as opposed to the simple “buy crypto” feature can help save a significant amount on fees over time when swapping fiat to crypto, not to mention allow traders to place advanced order types that can help the trader enter and exit trades at more opportune price levels.

The trading chart on Binance is powered by the industry gold standard TradingView, meaning that Binance is suitable for the most hardcore technical analysis traders, while a depth chart can also be accessed for traders who wish to consult it.

For traders looking to trade more than just the Spot market, futures contracts, leveraged tokens, and Vanilla options are also available. Binance was the first platform to offer tokenized stocks like Tesla and Apple, but due to regulatory pressures, had to cease this offering.

Binance Earn

Earning passive income on your crypto stash has become one of the main attractors to the Binance platform, bringing institutional and retail money. Binance is by far, the leader in the “Earn” space, offering more products on more tokens and coins than any of the competition.

binance earn
 A Look at the Earn Section.

On Binance, users can get involved with staking, depositing into savings accounts, liquidity farming, depositing into the BNB vault, launchpad investing, among accessing other income-earning products.

There are both fixed and flexible term options with varying APYs, and both low-risk and high-risk earn options are available. There are way too many ways to earn with Binance to list them all here, be sure to check out their detailed Earn article if you want to know more.

Here is a look at the different products available in Binance Earn:

binance earn options
 A Wide Range of Ways to Earn on Binance

Binance Earn has become my personal favourite centralized platform for earning passive income on my crypto. The reason for this is two-fold. Not only does Binance have the most options for the most tokens, but as the largest exchange in the world, there are no liquidity concerns, so I am not overly worried about the company going bankrupt like Celsius. Plus, Binance has some of the best security around.

Of course, keeping funds on any exchange is still riskier than using a self-custody hardware wallet as you are exposing your funds to third-party risk and funds kept on an exchange are at risk of hackers getting their grubby hands on your crypto.

Because of this, I only keep on Binance what I can afford to lose, being mainly my speculative tokens of choice and only a portion of my holdings, while the majority of my crypto rests safe and sound in a Trezor. Be sure to check out our article on How to Keep Your Crypto Safe for a more in-depth explanation of why keeping funds on any exchange is risky and find out the best steps to take to keep your crypto safe.

Binance NFT Marketplace

Binance was the first major exchange to offer an NFT marketplace, supporting Ethereum and BSC NFTs.

Binance NFTs
 A Look at the Binance NFT Marketplace

The Binance NFT marketplace grew rapidly in popularity as a place where users could buy, sell, and mint NFTs. Because the NFT marketplace runs on the Binance Smart Chain, Binance was able to offer a far more cost-friendly and efficient marketplace over many of the other NFT marketplaces.

Since the success of the Binance NFT marketplace, we have seen other exchanges like KuCoin, Coinbase, OKX, and even Bybit launch their own NFT marketplaces as well.

Binance Leveraged Tokens

Binance Leveraged Tokens are a derivative product that gives traders leveraged exposure to an underlying asset at a predefined leverage level. These leveraged tokens are traded on the spot market, and each leveraged token represents a basket of perpetual contract positions.

Binance leveraged tokens
 Image via Binance

Unlike margin trading, leveraged tokens allow traders to gain exposure to leveraged positions without having to put up any funds as collateral or worry about the risk of liquidation. Binance offers leveraged tokens of up to 5x leverage. Leveraged tokens have become very popular and are now offered on many of the major exchanges, including Bybit.

These leveraged tokens are fantastic additions to the crypto industry as they provide traders with reasonable access to leverage and can be easily traded on the spot market, avoiding the complexities and risk of using margin.

Binance Card

Crypto cards have become so popular. I remember one time waiting 16 weeks for a card to arrive due to high demand and I have been on a waiting list of over 300,000 people for another crypto card for over a year now.

While my Crypto.com card is my favourite go-to, and my Plutus card is my backup, I also have the Binance card which has been incredibly solid! I think I may have a slight crypto card addiction. Be sure to check out our article on the Top Crypto Cards if you are in the market for your first (or tenth) one.

The Binance card is currently one of the best cards for pure cashback rewards, paid out in the BNB token. The reason I prefer the Crypto.com card and Plutus is that I get things like free Spotify, Netflix, Uber discounts, etc. If I only cared about cashback then the Binance card would be my main.

binance card
 Image via Binance

Binance’s cashback card offers up to a massive 8% cashback, but those perks don’t come cheap, here are the levels of how much BNB you need to hold to earn your BNB cashback.

Binance Card Tiers
 Image via Binance

The card is powered by Visa, meaning it is accepted pretty much anywhere, and users can load it not only with fiat currencies but also with crypto! The Binance card is the only one I have seen offering both options. You can load it with fiat, or nearly any of the major layer 1 network coins and select which crypto or fiat asset to pay with. Pretty sweet, especially for those who get paid in crypto! Bye Bye, banks.

The card is fee free as well:

  • No card issues fee
  • No signup fees
  • No annual fees
  • No account inactivity fees

Which is just fantastic! It's no wonder crypto exchanges and DeFi are taking out banks. My bank nickel and dimes me every time I even think about using my bank card or account 🙄

My one major gripe with the Binance card… and it is a big one, is that the BNB you need to hold for the higher cashback rewards cannot be staked or earn any APY, it needs to be sat in your account essentially collecting dust.

So the fact that you need hundreds of thousands of dollars worth of BNB earning no yield to get the 8% cashback, I feel like that amount of capital could be deployed better elsewhere. In contrast, the CRO tokens I need to hold for my Crypto.com card is staked and earning 10% per year, so Crypto.com card users get to double dip on rewards. Binance could improve there.

Binance Launchpad

Launchpads are one of my favourite products offered by many of the popular exchanges and DEXes out there.

Binance features my favourite centralized launchpad out there, while TrustSwap takes my top pick for DeFi launchpads. The reason I love the Binance launchpad is for the simple fact that as the largest platform with the most customers and money, it attracts some of the best projects.

binance launchpad
 A Look at the Binance Launchpad

The launchpad provides Binance users with the opportunity to get into the most promising projects early before they launch their tokens to the public. Investing into projects early can prove to be incredibly lucrative (and risky). Here is a look at some of the project returns enjoyed by Binance Launchpad users:

Binance Launchpad
 Users Who Participate in the Binance Launchpad Have Historically Done Quite well for Themselves Image via Coin98

Not bad. A few picks like that and most investors have hit their ROI goals for the decade! The risk is inherent in the fact that these are brand-new projects, and there is a high likelihood of project failure.

However, the risk, in my opinion, is minimized on Binance vs other platforms due to there being more customer interest in the project as there are more Binance users, meaning the project is more likely to raise the capital it needs for financial obligations. The projects on the Binance Launchpad also receive support and advice from the Binance team on how to launch successfully, providing them with the best chances.

Binance Strategy Trading

Binance has gotten into the auto/bot trading game with their Strategy Trading area of the site.

Binance strategy trading
 A Look at the Strategy Trading Page on Binance

This feature provides users with a comprehensive list of Spot and Futures Grid Trading strategies along with each “bot” aka “strategy” performance and popularity so that traders can make informed decisions on which strategy they want to replicate for their own account.

If you are interested in exploring trading bots and automated trading further, I recommend checking out our Top Trading Bots article. 

Binance also offers crypto loans, Binance Pay for merchants, mining pools, liquidity farming, battle, VIP portal and institutional services, plus more that we can’t go into without turning this article into textbook length.

Types of Accounts and Binance Fees

Binance has different accounts for retail and institutional traders. For retail traders, there is only one main account type, which can fall into 10 different VIP tiers that provide trading discounts based on a rolling 30-day trading volume and/or how many BNB tokens are held by the trader.

binance fees
 Image via Binance

These fees can be reduced up to another 25% for traders who are happy to pay fees in the BNB token, and of course, Coin Bureau readers get another 20% trading discount for life by using our Sign-up Link. Cha-Ching! I took advantage of the offer and use all the money I save to buy more Bitcoin!

Binance Security

As mentioned earlier, Binance is a highly secure platform, ranked #5 most secure in the world according to Certified. Binance follows industry best practices of keeping the majority of funds in cold storage that requires multiple signatures to access.

Along with US dollars being FDIC insured, and the SAFU insurance fund in place to protect traders in the unlikely event of a hack, Binance also offers more security options that a user can enable over most other exchanges out there.

Binance Security Features
 Binance takes security very seriously. Image via Binance blog.

There is also a level of safety that comes with regulation and licensing compliancy, as Binance needs to follow certain safety and security protocols, along with adhering to responsible best practices to earn them licensing and recognition from global regulators.

Binance has implemented state-of-the-art artificial intelligence risk control solutions and accesses big data analytics and cyber forensic investigators to monitor transaction and security adequacy on the platform at all times. These practices help to identify any suspicious or irregular activities that may be taking place on the platform.

All in all, Binance is a highly secure exchange, one of the safest platforms where users can trade. It is important to note that Binance did suffer a successful hack in 2019, where a bad actor was able to exploit 2FA and made off with 7,000 BTC. This issue has been patched, all customer funds were reimbursed by Binance, and there have been no security breaches since then as they significantly enhanced all security measures.

Bybit Review

What is Bybit

Bybit is a cryptocurrency and derivatives trading exchange with multiple other products and features such as an Earn feature, Launchpad, Copy Trading and more. The crypto exchange launched in 2018 and is used by customers all over the world with a user base of over 10 million traders.

bybit

Bybit has had one of the most impressive growth trajectories in the industry thanks to their flawless trading platform and aggressive marketing campaigns where they have partnered with plenty of notable figures in the crypto space. Bybit also offers some of the best trading competitions and sign-up bonuses, which have been successful in attracting traders.

Bybit has become a trading oasis, and has impressively, somehow managed to continue its growth despite the bear market we find ourselves in where most exchanges are dropping in users and trading volume. This is a testament to what a fantastic trading platform Bybit is.

bybit announcements
 Some of the Exciting Announcements and Promotions Attracting Traders to Bybit

Bybit has solidified its position in the top ten largest exchanges in the world in terms of trading volume and is quickly moving up in the ranks as they attract more and more retail and institutional traders.

I have always highly respected Bybit thanks to their continuous efforts to advance and benefit the entire industry with their Bybit educational academy Bybit Learn, which is so high in quality that it rivals the likes of the Binance academy. Bybit also releases a number of fantastic reports regularly on the state of crypto and highlights important developments in the industry, offering some comprehensive in-depth analytic reports and tools for anyone to access.

Cryptocurrencies Offered

Bybit has a good selection of over 300 crypto assets to trade on the spot market and nearly 300 derivatives products. Among Bybit’s main competitors, this impressive asset selection is one of the reasons Bybit has become a “go-to” for crypto trading.

bybit assets
 A Look at Some of the Assets Available for Trading at Bybit

Bybit also deserves a nod for their leveraged token products and their dedication to listing new tokens earlier than many other exchanges, offering their customers first dibs on some exciting projects.

Bybit Products

We cover Bybit’s products in more detail in our Bybit review, but here is a high-level overview of the most prominent features.

Trading Platform

The trading interface on Bybit is the same high quality you’ll find on the major player exchanges like Binance, KuCoin, and OKX.

Bybit has proven to provide a seamless trading experience with both simple and advanced functionality, suitable for both traders with easy or complex needs and order functionality.

bybit trading screen
 A Look at Bybit’s trading screen

I’ve already mentioned the charting functionality being powered by TradingView, which is often a requirement that many traders look for in an exchange. It is nice that Bybit also provides users with the ability to swap to a standard depth chart as well.

Bybit is highly rated and praised among users and traders, pros and amateurs alike. Like Binance, there aren’t any flaws to be pointed out as far as trade execution and order types go, both these platforms have it all, and are nearly flawless in execution.

Leveraged Tokens

Similar to the products found on Binance, Bybit also offers leveraged tokens for traders to access.

leveraged tokens
 A Look at Some of the Leveraged Tokens on Bybit

Leveraged tokens provide traders with access to leverage, but without the liquidation or margin risks. The leveraged tokens on Bybit are popular among traders as they can gain access to leverage while avoiding margin call risks.

Bybit Launch

The Launchpad on Bybit was their response to similar launchpads being released on other major exchanges. Once the industry saw how successful the Binance launchpad was, many of the other exchanges rushed to launch their own.

launchpad
 A Look at the Bybit Launchpad

Now, I feel the launchpad space has become a bit over-saturated now with nearly every exchange offering one, and especially during this bear market, there aren’t enough projects launching to keep all the different launchpads well stocked with quality projects.

The result has been many exchange launchpads rarely listing new projects, and as the exchanges themselves are desperate to find new projects to feature, many of the projects being listed on the launchpads are, well… Meh…

Binance is the obvious exception here, as the king of launchpads, theirs is still pumping along, and I was surprised to find the Bybit launchpad is also remaining quite active and popular, attracting deep-pocketed investors and high-quality projects.

Bybit Earn

Bybit has a decent Earn platform, providing traders with multiple opportunities for passive income. If we were to rank their Earn section on a scale from best to worst in terms of selection of products and tokens, they would lean towards the better side, as in, they are not the best, but better than a whole slew of other ones out there, definitely better than average in this regard.

bybit earn
 A Look at Bybit Earn

Users can earn safe and guaranteed yields in the Savings section, take advantage of low-risk yield options like liquidity mining, Shark Fin, Launchpool, or participate in higher-risk activities such as Dual Asset.

Check out our dedicated analysis on Bybit Earn to learn more.

Bybit NFT Marketplace

Ah, NFTs… Does anyone even remember what those are anymore? Kidding, NFTs were insanely popular in 2021, and will likely regain their lustre once the markets turn around. Not to mention, we haven’t even begun to see the true utility of NFTs roll out yet, they will certainly be used for way more than blurry JPEGs of punks and silly monkey pictures. How about things like legal contracts, insurance contracts, house deeds, medical records, carbon credit NFTs, etc.

Following the success of other exchanges that launched NFT marketplaces, Bybit was not going to let themselves get left behind.

bybit nfts
 The Bybit NFT Marketplace

Bybit has done a decent job here, offering access to NFTs from popular creators. The marketplace offers NFTs with zero fees from the digital art, collectables, GameFi, Metaverse niches, and more.

Bybit Copy Trading

Copy trading is the one category where Bybit takes a massive win over Binance. Copy trading has become insanely popular from day one of launch on Bybit and has already attracted nearly 300k users to the platform.

bybit copy trading
 Image via Bybit

Copy trading has become very popular among crypto traders and is offered on many exchanges now, with Bybit being one of the best. Thanks to the fact that Bybit attracts many professional traders and has a very good reputation among skilled and experienced traders, the choice of high-quality and skilled traders to copy on the platform is bountiful.

The users of Bybit copy trading are made up of skilled traders who enjoy 10% of the profit earned by each of their followers, and users who want to copy the trades of skilled traders.

Here is a look at how simple it is to be a trader or follower on Bybit’s copy trading platform:

bybit copy trading 2
 Image via Bybit

There are also exclusive promotion periods and additional rewards for some of the top traders.

Types of Accounts and Bybit Fees

Bybit offers only one main account type that provides access to the full platform.

Alongside the main account, traders can open subaccounts where they can manage other pools of funds. There are also custodial trading subaccounts for users who want to entrust their funds to a team of professional traders.

As far as fees go, Bybit fees follow the standard Maker/Taker fee model, meaning that they charge traders different fees for either adding liquidity to the books or taking it off the books.

Bybit’s tiered fee structure is as follows:

bybit fees 2
 Image via Bybit

The fees on Bybit are quite reasonable in terms of being easy on the bank account, but exchanges like Binance, KuCoin and OKX still offer lower fees on average.

Bybit Security

Similar to Binance, Bybit uses cold storage solutions to protect customer funds, utilizing offline cold wallets that are secured in an air-gapped environment out of the reach of hackers. Funds also require multiple signatures from key staff members to access.

The website is also SSL encrypted and users can take advantage of 2FA and biometric login for the mobile app for added layers of security. The last time we reviewed Bybit, they weren't even ranked in the top 50 exchanges from a security point of view according to Certified, so it is great to see how much they have significantly beefed up their security protocols to have now earned a Triple-A security rating. Bybit is also one of the few leading exchanges to have never been hacked, so they must be doing something right

 

https://img.coinbureau.dev/strapi/2021/09/Telegram_inline.jpg

 

Binance or Bybit: Conclusion

You don’t become the most popular exchange in the world with over double the trading volume of the other major exchanges combined without being, by a substantial degree, the best in the industry.

By nearly every metric, Binance outperforms most other exchanges by leaps and bounds.  Still, just because they are the biggest and most popular, certainly does not mean they are the best for everyone, especially for traders with niche needs.

To highlight this, Gate.io is better than Binance for copy trading and trading bots, KuCoin is better for altcoin enthusiasts and trading bots, and Bybit is one of the most trusted platforms for copy trading and attracts a more sophisticated level of trader than many competing exchanges.

I would recommend Bybit over Binance for anyone interested in participating in certain trading competitions and for copy trading. It is also a fantastic exchange for anyone who is just looking for a Binance alternative.

But outside of those features, I feel Binance takes the win and is the more suitable exchange for most crypto traders and crypto enthusiasts from all walks of life. You just can't beat the combined benefits of the security and massive selection of products and liquidity that can only be found on Binance.

Frequently Asked Questions

Is Bybit better than Binance?

As Bybit is the #11 rated exchange and Binance has held an ironclad grasp on the #1 spot for years, the common consensus is that Bybit is not better than Binance.

Binance is the leader as they offer a similar high-quality trading interface as Bybit, suitable for retail, professional, and institutional traders, but Binance offers more tradeable markets and products than Bybit.

The primary reason why a trader would opt for Bybit over Binance is if they are looking to join a community of more sophisticated traders, participate in their trading competitions or take advantage of some of Bybit’s Sign Up Bonuses.

Is Bybit a good crypto exchange?

The 10 million users on Bybit, and I, would absolutely consider Bybit a fantastic exchange. They have a long-standing sterling and trusted reputation within the crypto community, and offer one of the most solid and high-performance trading engines in the crypto space.

Is Binance a good crypto exchange?

Binance consistently retains a 24hr trading volume that is over 5x the volume of the #2 exchange and has tens of millions of users worldwide, the most by a significant margin.

Binance is, by and large, the most dominant exchange in the cryptocurrency industry as they are the best exchange around. What makes Binance a great exchange is its high security, insurance on customer funds, massive selection of assets and tradeable markets/instruments, and the fact they offer more products and features than any other exchange while remaining very low in fees.

Are Bybit fees high?

On the scale of low to high, Bybit’s fee structure is towards the low end, providing traders with a fee structure that is unlikely to break the bank.

Bybit fees range from 0% to 0.1% depending on trading volume as laid out on the Bybit Fees page.

What are the disadvantages of Bybit?

Bybit is a great trading platform, but all crypto exchanges have their disadvantages. The disadvantages of Bybit include the lack of regulation, meaning that it does not have recognized regulators overseeing its operations

There is also no guarantee on order execution as it is subject to market price movement and liquidity

Is there something better than Binance?

Cryptocurrency exchanges each have their pros and cons. When it comes to sheer features, products and functions, there is no better exchange than Binance. Binance became the biggest exchange in the world because they are widely considered the best and offers the most robust “one-stop shop” for crypto traders.

However, Binance is not the best for every metric. For example, some exchanges have slightly lower fees and as far as security is concerned, exchanges such as Kraken and Crypto.com rank higher than Binance. 

Tayler McCracken

Providing financial education to those who need it most has always been a passion of mine. While working as a Financial Advisor, I had my eyes opened to the world of crypto and its potential to help make the world a better place. I believe that blockchain technology can build a brighter future and am excited to be part of it. 

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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