Bybit vs Binance: Features, Futures & Fees

Bybit vs Binance Overview

Bybit offers 1,500 cryptocurrencies for spot trading, derivatives, and options trading. Founded in 2018, it has quickly gained traction, with over 50 million registered users in 180 countries. As a global platform, it accepts deposits in 65 fiat currencies and can be used in 22 languages. It has features like trading bots, TradeGPT, NFT trading, lending and borrowing services, and staking.

Binance serves over 235 million users across 180+ countries and accepts deposits in 70 fiat currencies. It allows users to trade more than 350 cryptocurrencies on spot, margin, and futures markets with 50x leverage. Beyond trading, it offers services such as staking, savings products through Binance Earn, copy trading, Launchpool, Binance Wallet and an NFT marketplace.

Refer to this comparison table for detailed insight into what each platform offers.

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Bybit vs Binance Products

Bybit and Binance offer a variety of tools and services beyond simple cryptocurrency trading, each targeting different types of traders. Here’s a breakdown of the key offerings on each platform.

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Bybit Features

Bybit is geared toward more experienced traders, focusing on derivatives and advanced trading features. Here are its main services:

• Multiple Order Types: Bybit offers over 400 futures contracts with up to 200x leverage. It also provides access to 1,500 cryptocurrencies for spot and options trading.
• Copy Trading: This feature lets users follow and automatically copy the strategies of 800,000 master traders. Over 32 million successful trades have been made on the platform.
• Earn Options: There are several staking options, including Bybit Savings, ETH2.0, Liquid Staking, Liquidity Mining, Dual Asset, Double-Win, Smart Leverage and Wealth Management, allowing users to earn up to 450% APY with fixed and flexible terms.
• Trading Bots: The automated trading bots enable users to execute pre-set strategies for both spot and derivatives markets. Available bots include Futures Grid, Futures Martingale, Futures Combo, Spot Grid and DCA.
• Bybit Card: The Bybit Visa card allows users to spend their crypto holdings by converting them into fiat at the point of sale, accepted at millions of merchants worldwide. Users can earn loyalty points on all transactions made on the card.
• Practice Account: Bybit’s demo account allows users to practice trading in real market conditions with zero risk, offering virtual funds for testing strategies and refining skills without the need for deposits.
• Crypto Loans: This feature allows users to borrow one cryptocurrency using another as collateral, offering flexible repayment terms, high loan-to-value ratios, and instant access to borrowed assets for trading or investment purposes.

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Binance Features

As the largest crypto exchange in the world, Binance offers a comprehensive suite of services for beginners and experienced investors, including:

• Diverse Trading Options: Binance supports spot, margin, and futures trading with leverage up to 50x. Users can trade over 350 different cryptocurrencies for spot and 100 derivatives contracts.
• NFT Trading: This marketplace is a one-stop platform where users can securely buy, sell, and trade NFTs, offering features like fixed-price sales, auctions, and third-party NFT listings across multiple blockchains.
• Staking Services: There is a wide range of staking options with both fixed and flexible terms, with APYs ranging from 1% to as high as 155%.
• Binance Loans: Binance lets users take out loans using their crypto holdings like Bitcoin as collateral, giving them the flexibility to access liquidity without selling their assets.
• Trading Bots: The platform provides automated trading bots, allowing users to set strategies for both spot and futures markets. Users can choose from Spot Grid, Arbitrage Bot, Rebalancing Bot, Auto-Invest, Spot and DCA bots.
• Binance Card: The Binance Visa card converts crypto into fiat in real-time, enabling users to make purchases at millions of merchants around the globe.
• BNB Chain: BNB Chain is a decentralized blockchain built by Binance that is designed to support smart contracts, dApps, and a wide range of digital assets.

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Bybit vs Binance Futures Trading

Bybit and Binance both offer advanced futures trading platforms, but they serve different users. Bybit provides over 400 perpetual and futures contracts settled in USDT and USDC, allowing users to trade with up to 200x leverage. It provides trading tools such as copy trading, demo accounts for strategy testing, and high-speed trading, supported by its 99.99% server uptime​.

Binance supports 100 futures contracts and offers leverage up to 50x for derivatives and options markets. It provides both USDⓈ-M and COIN-M futures contracts, settled in either stablecoins or cryptocurrencies, providing greater flexibility for traders. Additional trading features include copy trading and trading bots​.

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Bybit and Binance Security

Bybit operates under global regulatory oversight, including CySEC in Europe and VARA in Dubai, which helps reinforce trust across various regions. It ensures transparency with a 1:1 reserve ratio and stores most assets in cold wallets, keeping them safe from online threats. The platform also offers multi-factor authentication (MFA) and a risk management system​.

Binance also takes user security seriously through comprehensive measures such as its Secure Asset Fund for Users (SAFU), two-factor authentication (2FA), withdrawal whitelisting, and cold wallet storage. It is regulated in various regions, though it has faced scrutiny from regulators in certain countries. Despite these challenges, it continues to apply for global licenses.

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Bybit vs Binance Fee Schedule

Fees are an important factor in choosing the right crypto exchange, so let’s see how Bybit and Binance compare in terms of trading costs and VIP benefits.

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Bybit Fees

Bybit is known for offering low fees, especially for high-volume traders. Here's a breakdown:

• Spot Trading Fees: Bybit charges a flat 0.1% for both makers and takers. VIP users enjoy discounts, with top traders paying as little as 0.015% for makers and 0.03% for takers​.
• Futures Trading Fees: For futures, Bybit offers maker fees starting at 0.02%, and VIP users can potentially reduce this to 0%. Taker fees range from 0.055% down to 0.018% based on the user’s VIP status​.
• VIP Program: Bybit’s VIP program offers fee reductions, exclusive perks, and rebates for traders with higher volumes, helping active traders significantly reduce their costs​.

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Binance Fees

Binance also offers a highly competitive fee structure and VIP benefits, including:

• Spot Trading Fees: Binance charges 0.1% for makers and takers on spot trades. However, users who pay fees using BNB (Binance’s native token) receive a 25% discount, reducing fees to 0.075%​.
• Futures Trading Fees: For futures, Binance's maker fees start at 0.02%, while taker fees start at 0.04%. VIP users benefit from even lower fees, depending on their tier​.
• VIP Program: Binance’s VIP program offers progressively lower fees as trading volumes increase. Higher-tier traders can enjoy discounts, rebates, and exclusive services​.

Bybit is a strong option for futures traders looking for lower fees and VIP benefits, while Binance offers an all-around package with lower fees for spot trading.

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Bybit and Binance Supported Countries

Bybit is available in over 160 countries worldwide. However, there are several notable regions where Bybit is restricted due to regulatory concerns, including the United States, mainland China, Singapore, and several others. In countries where it operates, Bybit complies with local regulations, and its services are supported in 22 languages.

Binance is accessible from 100 countries, offering a multilingual platform for over 40 languages. However, it faces regulatory restrictions in the United States, the United Kingdom, Japan, and parts of Europe, where it has been banned from offering certain services. In response, it has developed local versions of its exchange to comply with varying regulations across different jurisdictions. 

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Bottom Line

Bybit and Binance offer unique advantages depending on what you want in an exchange. Bybit is great if you're into high-leverage futures trading and want a platform with advanced tools. Meanwhile, Binance gives you a broader experience with unique features like staking, lending, and an NFT marketplace, plus lower fees when using BNB for spot trading.

In the end, your choice between Bybit and Binance comes down to what you need, whether its futures and simplicity or a wider ecosystem with more features.