Binance is one of the largest cryptocurrency exchanges in the market. It offers access to hundreds of altcoins that are often hard to purchase on other exchanges and provides users with a range of additional features, such as crypto lending, trading bots, future markets, margin trading, a P2P marketplace, and more.

On the flip side, Bybit is newer than Binance but has quickly grown to more than two million users. Customers love Bybit as it offers a range of advanced trader features for experienced traders.

This article will study the security, features, coins, and tools on offer at each cryptocurrency exchange to identify which one is the best option for what you are after.

While certain cryptocurrency exchange articles look at how many coins are on offer, we make sure to look at the many other aspects that all contribute to how good a cryptocurrency platform is.

These factors include unique features, security, fees, and usability.

Let's dive straight in.

Header

Coins

160+

600+

Trading Fee

0.01% for Spot, 0.01%/0.06% maker/taker for Derivatives

0.1%

Deposit Fee

No fiat deposits

Free

Withdraw Fee

No fiat withdrawals

Free

Deposit Methods

Cryptocurrency only

Direct Deposit, POLi, PayID, Cryptocurrency

Features

Supports over 160+ cryptocurrencies

Testnet demo platform to practise trading

Margin training with up to 100x leverage

24/7 Live Chat support

Rapid trade speed

Over 600+ different coins

Advanced trading options and tools for experienced traders

Staking is available - grow your crypto while you invest

Largest crypto exchange in the world based on trading volume

Disadvantages

- No fiat deposits or withdrawals

No customer support available

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Header

Coins

160+

600

Trading Fee

0.01% for Spot, 0.01%/0.06% maker/taker for Derivatives

0.1%

Deposit Fee

No fiat deposits

Free

 

Withdraw Fee

No fiat withdrawals

Free

Deposit Methods

Cryptocurrency only

Direct Deposit, POLi, PayID, Cryptocurrency

Features

Supports over 160+ cryptocurrencies

Testnet demo platform to practise trading

Margin training with up to 100x leverage

24/7 Live Chat support

Rapid trade speed

Over 600+ different coins

Advanced trading options and tools for experienced traders

Staking is available - grow your crypto while you invest

Largest crypto exchange in the world based on trading volume

Cons

- No fiat deposits or withdrawals

No customer support available

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Bybit Australia vs Binance Australia

Binance has several different features you can try out to increase your cryptocurrency investment while you hold it within your account. There are staking options on over 70+ coins to earn interest on your crypto.

On top of that, Binance has linked up with Visa to offer customers a free Binance Visa Card. When you use your Binance card to spend crypto, there are no admin or processing fees, and you can get up to 8% cashback on certain purchases.

Binance also has plenty of additional features such as an NFT marketplace, and crypto borrowing and lending, if that is something you are interested in.

Alternatively, Bybit has become a popular crypto exchange by focusing primarily on advanced trading features.

On Bybit, you can undertake spot trading or derivatives trading. The following derivatives are on offer:

  • Inverse Perpetual Contracts

  • USDT Perpetual Contracts

  • Inverse Future Contracts

Bybit also provides customers with the opportunity to try out the platform without spending their hard-earned cash by setting up a demo account on the exchange. Here, you can practice trading with fake money and become more familiar with the platform without using any of your own money.

Another excellent feature on offer at Bybit is margin trading, with up to 100x leverage. This feature is fantastic for advanced traders as it allows them to make bigger profits on winning trades. Some crypto exchanges only offer up to 5x leverage.

Features: Both exchanges offer excellent features, including advanced trading markets and margin trading. However, Binance also has an NFT marketplace, crypto borrowing, crypto lending, and staking.

Number of Coins

Bybit has 160+ coins on offer.

Binance has 600+ cryptocurrencies on offer.

Coins: Binance easily wins this round, although both exchanges offer a generous amount of cryptocurrencies to invest in. However, with over 600+ on offer, Binance is one of the market leaders for crypto coins on offer.

Bybit Australia vs Binance Fees

When depositing fiat currency into Binance, there is no fee involved for Australian users.

As for trading fees, Binance fees begin at 0.1%, which is very competitive. Not only that, but you can get a 25% discount if you pay your fees with Binance's native token, BNB. This discount takes your trading fee down to 0.075%, which is extremely low.

Withdrawals of AUD in Australia are also free of charge.

For a cryptocurrency withdrawal, Binance will charge a flat fee. The fee varies depending on the cryptocurrency, which is listed here.

Bybit does not accept fiat deposits, but if you want to purchase BTC, ETH or USDT directly with AUD, you can use the fiat gateway. Bybit will not charge you for this, but there is a fee from the service provider. This fee will vary so you need to refer to the third-party payment processor’s site to determine the cost involved.

Bybit also does not allow withdrawal of fiat currency, and crypto withdrawals will incur a fee depending on each coin. 

Trading fees differ based on whether you are spot trading or derivatives trading, as follows:

Spot Trading - Market takers and makers both pay a 0.1% fee.

Derivatives Trading - Market takers pay a 0.06% fee. Marker makers pay a 0.01% fee.

Fees: Bybit wins when it comes to fees. The trading fees for Bybit are the same as Binance when Spot trading, and significantly lower when it comes to derivatives trading. 

Deposit Methods

Bybit only accepts cryptocurrency deposits into their platform. 

In comparison, Binance Australia offers three types of deposit methods to their users. You can deposit via PayID, cryptocurrency, or direct deposit, all of which have no fees.

Deposit Methods: Binance offers more deposit methods, whereas Bybit only accepts crypto deposits.

Bybit Australia vs Binance Security

You will be happy to know that Bybit has numerous security protocols in place to ensure your assets are well protected and cannot be stolen. For starters, all of your funds and the other customers on Bybit's funds are stored offline in cold storage.

Bybit reviews withdrawal transactions to check that they are authorised, and legitimate, and they offers rewards to ethical hackers who help to find and report bugs or vulnerabilities on their platform.

Binance is licensed to operate in Australia and is registered with AUSTRAC. The majority of their digital assets are stored offline in cold storage. However, Binance has been hacked in 2019 and over $40 million of Bitcoin was stolen. They covered all losses so that their users were unaffected, which is exactly what you want to see from a trustworthy crypto exchange. After this incident, Binance increased their security management and was awarded the ISO 27001 certification.

Security: Due to the fact that Binance is licensed and registered in Australia, and it has received the ISO 27001 certification, it adheres to some of the strictest regulations in the world. Because of this, it offers plenty of additional security measures that many crypto exchanges do not.

ByBit Australia Pros & Cons

Pros
  • Live chat 24/7 support
  • Over 160+ cryptocurrencies supported
  • Up to 100x leverage margin trading
  • Testnet (Demo) trading option for beginners to learn
  • Rapid trade speed
Cons
  • No fiat deposits or withdrawals

Binance Pros & Cons

Pros
  • Over 600+ different coins
  • Advanced trading options and tools for experienced traders
  • Staking is available - grow your crypto while you invest
  • Largest crypto exchange in the world based on trading volume
Cons
  • No customer support available

Conclusion

To conclude, both Binance and Bybit have plenty to offer their customers, and each of these cryptocurrency exchanges would be a fantastic option for traders.

Each of these cryptocurrency exchanges provides its customers with a unique trading experience that is full of fantastic, advanced features. Alongside this, both platforms are extremely secure, especially Binance, which adheres to AUSTRAC regulations.

However, there are a couple of areas where Binance slightly beats Bybit. For starters, there are a remarkable 600+ coins on offer for you to consider trading on the exchange, which is an extremely impressive offering.

Not only that, but the exchange is extremely secure and also does not charge any fees for deposits or withdrawals from Australian accounts.

If you want to do some more research before making up your mind, please read our Binance review and Bybit review, or you can also take a look at our article on the best crypto exchanges in Australia (here).

Is Bybit trustworthy?

You will be happy to know that Bybit has numerous security protocols in place to ensure your assets are well protected and cannot be stolen. For starters, all of customers’ funds are stored offline in cold storage.

On top of that, each withdrawal is checked manually by Bybit employees to ensure no unauthorised withdrawals from suspicious accounts occur.

Can I trust Binance?

While Binance can be a little overwhelming for new customers, it is highly trustworthy. Binance offers a versatile, secure way to trade and invest in cryptocurrency.

Is it legal to use Binance in Australia?

Yes, Binance is fully available in Australia for citizens and residents to open an account and start trading.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

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