Which Exchange is Better to Select in 2022: Bybit or Binance?

Among the several hundred cryptocurrency exchanges existing in 2022, only 10 to 15 will stand out as clear leaders, defined by their rich functionality, strong security, lengthy service life, and client comfort. The undisputed leader is the Binance exchange, but the Bybit platform, which is excellent for trading cryptocurrency futures and provides additional options, also needs consideration.

Comparison of Fundamental Metrics of Bybit vs Binance

Now, let’s examine the primary components of dealing with exchanges in further detail.

Verification Requirements

Identity verification is necessary on Binance. Without it, you cannot fund your account, withdraw funds, or trade on the spot, futures, or peer-to-peer markets. The corporation has said numerous times that it seeks to follow regulatory requirements as closely as possible. Therefore, the user will be required to verify his identification, and if he wishes to optimize his withdrawal limits, his address as well.

On Bybit, you can conduct transactions without verification. The exchange falls under the category of uncontrolled markets. If you do not intend to operate with fiat, engage in IEO, or exceed the specified minimum limitations, account verification is not required. Although the completion of KYC is still recommended for individuals who intend to utilize the exchange and all of its capabilities actively.

Commissions

The spot market base charge on Binance is 0.1%.

Commission structure of the futures market:

• USDS-M is 0.02 percent maker and 0.04 percent taker, while COIN-M is 0.01 percent maker and 0.05 percent taker.
• By retaining BNB in the account or by increasing trade volume, fees can be minimized.
• Good news. Binance will offer commission-free trading of bitcoin on the spot market for all supported trading pairs beginning in July 2022. The promotion’s termination date is unknown; if known, customers will be notified.

Bybit’s base spot market charge is 0.1%.

Commission structure of the futures market:

• Maker – 0.01%; Taker – 0.06%
• You can also cut commissions in this area by increasing your level. By holding a particular amount of assets in their account and accomplishing significant trading volumes, they are elevated to VIP status.

The cryptocurrencies and trade pairs supported by Binance are:

• 364 cryptocurrencies
• 1457 exchange rates 241 contracts

The daily trading volume on the spot market is $10,716,060,270, whilst on the futures market it is $32,067,056,518.

Bybit supports:

• 211 cryptocurrencies
• 257 currency pairings and 185 contracts
• The daily trading volume on the spot market is $239,616,222 while on the futures market it is $6,693,531,707.

Obviously, these numbers fluctuate. Both exchanges periodically delete unclaimed tokens with a low trading volume or projects that turned out to be scams, and add new coins with potential. Obviously, the leading cryptocurrencies by market capitalization are accessible on both sites.

Legal documentation

The Binance exchange is authorized to operate in a number of nations, but it does not yet have an official headquarters (which is of great concern to regulators). The organization is seeking the optimal site for its expansion. The company’s country of registration has changed multiple times. The CEO of the exchange, Changpeng Zhao (CZ), stated before that the exchange’s headquarters and other legal intricacies are unimportant, and that it is possible to manage a business from home like he does now. Nonetheless, the claims of the regulators had to be taken into account. There is a separate Binance for the US. US-based platform licensed by the majority of US states.

Bybit’s headquarters are in Singapore, however the precise address has not been disclosed. Ben Zhou is the company’s CEO. The company does not operate with citizens of a number of other states and has recently been in disagreement with the Ontario Securities Commission. The unregulated structure of the exchange permits it to exempt consumers from obligatory KYC requirements and to disregard sanctions.

Additional capabilities

Both platforms offer a vast array of assistance tools that enable users to boost their profits or discover new trading and investing opportunities. These features consist of:

• P2P trade
• The NFT market.
• In the Earn area, there are several ways to generate passive money.
• Launchpad-platform.
• A trading bot designed for grid trading.
• Bonuses for beginners
• Administrative services
• Affiliate and referral programs.
• Contests and competitions

In addition, Bybit supports copy trading and leveraged tokens, but Binance has its own mining pool and an expansive ecosystem overall.

Safety

On the Binance exchange, funds and user accounts are protected with great care; nonetheless, many security measures must be enabled by the user, as the exchange cannot function without them. As protective measures, the following are implemented: two-factor authentication (2FA), anti-phishing code, FDIC – Federal Deposit Insurance Corporation (for Binance US), trusted device management, address whitelisting, and cold storage of cryptocurrencies.

Bybit also features two-factor authentication and an anti-phishing code, and the cryptocurrency is stored in a cold wallet, but the overall list of security precautions is shorter.

Choosing between Bybit and Binance

Surely, based on the foregoing, you were able to make your own decision, but our opinion is as follows:

1. Binance is the most liquid platform, with high trading volumes, a wide variety of cryptocurrencies and features, and an exceptional security infrastructure.
2. Register with Bybit if anonymity, more freedom, and independence from punishments are more essential to you.
3. Nothing precludes you from holding accounts on both exchanges and utilizing them when a particular circumstance calls for it.

Conclusion

Binance and Bybit are both high-quality platforms that are comparable in many respects, yet each has its own unique traits. Both are excellent for trading cryptocurrencies and have almost the same commission, so the choice depends on variables such as user identification requirements, the availability of the necessary coins and tokens in the listing, and the quality of technical assistance. In a variety of ways, the simplicity of the interface and the methods for replenishing or withdrawing funds are important. Regardless of the options you select, ensure that your account is as safe as possible. Enabling two-factor authentication is one of the most secure methods for achieving this.