Is Bybit better than Binance?
Yes, Bybit is the better exchange for various reasons, the first and most important reason is due to the fact that Bybit does not require users to KYC (verify their identity). This essentially allows users to trade cryptocurrencies without needing to consider tax obligations or where they are based geographically. Bybit is the only exchange globally that doesn’t require users to KYC.
In addition to not needing to verify your identity, Bybit offers significantly more staking options and better features overall. It also has considerably lower trading fees and a better customer support team.
Bybit vs Binance Fees: Trading & Deposit
Bybit offers overall much lower fees than Binance, all deposits through Bybit are completely free and withdrawals vary between $1 - $15AUD. Bybit has the lowest Spot trading fees available starting from 0.1% for regular users and when you trade a significant volume there are 0% fees. As for Derivatives trading, the maker fee starts from 0.01% and the taker fee starts from 0.06%.
Binance has slightly more expensive fees but also offers free deposits. For withdrawals, the fees vary from $2 - $20 AUD depending on what token/currency you are withdrawing. The Spot trading fee starts from 0.2% and gets lower the higher your monthly trading volume is, the Maker fee for futures trading starts from 0.02% and the Taker starts from 0.04%.
Winner: Bybit offers lower withdrawal, spot and futures trading fees than Binance and therefore wins the fees category.
Customer Support & Social Media
Bybit has one of the largest social media presences in crypto with over 10 online communities. You can reach Bybit via Live Chat, E-mail, Twitter, Discord, Telegram, Instagram, Youtube, Facebook, LinkedIn, Reddit, Trust Pilot, TikTok & Medium. The Bybit support team can be contacted in over 30 languages including English, Spanish, Mandarin, Japanese and more.
Binance also supports a live chat feature on its platform and offers assistance via email. Although, they do have less online communities available, you can find Binance on Discord, Telegram, Facebook, Twitter, Reddit, LinkedIn, Instagram and VK.
Winner: Bybit offers assistance to its users in more languages than Binance does and it has significantly more contact options.
How to Transfer from Binance to Bybit
If you’re looking to transfer your funds from Binance to Bybit, you have come to the right place. The entire process will take around 5 minutes to complete, it is only lengthy because Binance requires its users to approve multiple transactions with 2FA via google authenticator, mobile phone and email. Follow the below steps to get started:
Step One: Sign into Binance and select ‘Wallets’ and click 'Overview'
Step Two: Press 'Withdraw' and select the token you want to withdraw, enter your receiving wallet address and select the network you want to send your funds from
Step Three: Once you have confirmed these details you will need to provide an email, phone and google authenticator code to authorise withdrawal
Binance vs Bybit: Futures Trading
Bybit has the most diverse futures trading platform in the world with over 5 types of derivatives trading offered. Users can choose between USDC Perpetual, Inverse Perpetual, Inverse Futures, USDT Perpetual, USDC Options, Copy Trading and Leveraged Token trading. It is also the only exchange that allows users to open positions with 100x leverage.
Binance also has extensive futures trading options, it currently offers USDⓈ-M Futures, COIN-M Futures, Binance Leveraged Tokens and Binance Options. On Binance users can trade with up to 20x leverage on derivatives trading.
Winner: Bybit is the best futures trading platform in the world and is the only cryptocurrency exchange that offers 100x leverage on derivatives trading. Their platform offer more leverage and lower fees compared to Binance.
Security: Licensing and Regulation in Australia
Bybit unfortunately is not regulated in any country besides Singapore, this does not mean that you cannot use the platform in Australia. It simply means Bybit can operate in Australia without requiring its users to KYC (verify) to use the platform. It is considered a very safe exchange and has never been subjected to any cyber-attacks or hacking incidents.
Binance however is a regulated digital asset exchange registered with AUSTRAC and follows all the requirements to operate in Australia. Although it may be properly regulated, this does not mean it's a safe exchange. Binance was regrettably subject to multiple cyber attacks in 2019, 2020 and 2022. Binance has had over $50M worth of users' funds stolen from the exchange.
Winner: Binance technically has better security measures in place as its regulated by AUSTRAC in Australia but they have been subject to multiple hacking incidents.
We recommend using Bybit over Binance as it offers a larger selection of futures trading options, lower fees, doesn't require KYC and better customer support. If you are interested in learning more about either of these exchanges, you can visit our Bybit Australia Review and our Binance Australia Review.