The year is 2023, and ByBit and Binance are two of the most popular centralized cryptocurrency exchanges in the Cryptoverse. If you’re needing a comprehensive overview and comparison of these two exchanges, then you’ve come to the right place. This article gives an updated, relevant, and information-packed summary of everything ByBit and Binance. So without any further adieu…
ByBit vs Binance: Executive Summary
Founded in 2018, ByBit is a Singapore-based crypto exchange that services a global user-base of more than 10 million clients. ByBit is currently a top 10 crypto exchange in terms of 24 hour trading volume. ByBit offers a very diverse menu of trading instruments, including spot, margin, options, futures, and perpetual derivatives. The exchange features multiple savings products, a token launchpad, and an NFT marketplace. In late 2022, ByBit launched the Apex Pro Exchange, a non-custodial, permission-less, decentralized crypto exchange.
ByBit likely appeals to intermediate and experienced crypto investors and traders due to its diverse, exotic product menu and low trading fees. Bybit offers extensive optionality with regards to trading order types and TA tools. There is no KYC is required on ByBit! And most users will want to fund and withdraw with only crypto, as there are fewer options for fiat on and off ramps. Apex Pro offers users a trading avenue that’s completely discrete and immune from possible misuse of funds by a centralized authority.
Interesting Read: The Ultimate Bybit Review
Next Level Reliability, Products & Opportunities
Established in 2017, Binance is the largest centralized cryptocurrency exchange by 24-hour trading volume. The Binance platform is extremely diverse, allowing users to engage in spot, margin, and derivatives trading, trade NFTS, and participate in various types of interest-bearing and financial products. A central component to Binance is its native token, BNB, which is currently the 4th largest cryptocurrency by market cap.
Binance was originally a China-based exchange, founded by Changpeng Zhao (known on crypto-Twitter as “CZ”). The exchange moved its headcounters outside of China near the end of 2017 just before the implementation of Chinese government cryptocurrency regulations. Binance quickly grew in size and began serving a global user-base. The exchange services approximately 90 million users and offers trading on roughly 384 coins.
This comparison will analyze ByBit and Binance under the following seven factors:
- Security
- Ease of access, control, and use
- Fees
- Supported trading instruments, orders and tools
- Unique features
- Aesthetic experience
- Supported cryptocurrencies.
Note that this analysis focuses on ByBit and Binance product suites for retail investors. Binance does offer various institutional and OTC products, but these are included in this comparison.
Definitions
- Security: Degree of protection against third-party theft, exchange freezes or seizures, and privacy leaks
- Ease of Access, Control, and Use: Ease and ability to access, deposit, withdrawal, and trade assets
- Fees: Fees charged to deposit, withdrawal, and trade assets
- Supported Trading Instruments, Orders & Tools: Diversity of available trading instruments, order types, and TA indicator…
David learned about bitcoin in 2015 and has closely followed the crypto industry since then.
His professional interests center around bitcoin, layer-one blockchain protocols, decentralized finance, and clean energy.
An attorney by trade, David has held licenses to practice law in the State of Hawaii and in US federal courts.
