The crypto revolution over the past few years is remarkable, and since then Bybit and Binance have established themselves as market’s leading exchanges through their aggressive performance.Both these platforms feature high leverage and unique contracts. However, both Binance and Bybit differ from each other concerning their fees structure, trading options, and UI.
Here is a comprehensive comparison of Bybit and Binance that will assist users who are new to the crypto market in making a decision.
Bybit Overview
Bybit exchange was first introduced in 2018 and is basically a derivatives trading platform based in Singapore. It is recognized as one of the safest and fastest-growing crypto exchanges in terms of trading volume. The platform attracts a great number of users by providing high-end trading services with quality user experience and advanced security.
Binance Overview
Binance is also a renowned crypto exchange in the market providing access to a wide range of crypto assets. It is popular among the traders’ community for its stable trading platform, fast transaction process, and impressive customer support. In addition to extensive customer support, it also raves about its unique products and liquidity.
Just like Bybit, Binance continues to have a strong influence onbringing more mainstream users on board. The derivatives option on Binance includes leveraged tokens, vanilla options, and perpetual futures. Moreover, Binance offers users to opt for leverage up to 20x.
Trading Platform
For users, who are looking for a crypto exchange with an interactive UI and maximum functionality, Bybit is the right fit because it caters to more than 100,000 transactions per second. This means users do not have to worry about the system getting overwhelmed by trading surges. The platform is in demand because of its cutting-edge mark and index pricing mechanism that prevents unfair liquidation. Moreover, Bybit’s proactive system APIs refresh market info/dataevery 20 milliseconds. The depth of liquidity on this platform allows the users to execute their trades with minimum price impact. The Bybit exchange has also instigated the famous trading bot services by using API keys.
Binance also features a highly intuitive and simple interface. The exchange has a highly optimized structureswitchable betweendifferent product segments for both advanced and new traders.
Whether a user opts for Bybit or Binance, they will enjoy therobust platform architecture.
Leverage Options & Futures Contracts
Bybit provides some fascinating derivatives features. It’s an exclusive platform on the crypto market that facilitates futures trading with XRP and EOS contracts. Bybit exchange also provides high leverage percentage of more than 100x on inverse perpetual contracts on BTC and USD. Whereas traders get up to 50x on other contracts.
Bybit deals in ten different perpetual futures contracts enlisted below:
- ETH/USD
- BTC/USD
- XRP/USD
- EOS/USD
- BCH/USDT
- BTC/USDT
- LTC/USDT
- ETH/USDT
- XRP/USDT
- EOS/USDT
Therefore, traders have a wide selection of futures and margin options when it comes to Bybit exchange.
Unlike Bybit, Binance offers trading services across both spot and derivatives segments of the crypto market. It provides advanced and efficient trading products in the futures market. Users enjoy the perks of myriad options with this platform.The trading platform offers leveragedtokens, allowing users the exposure to underlying assets or tokens. These accessible leveraged tokens on the platform can be traded, like any other leveraged product, and are known as the perpetual contract baskets.
Fees Structure
Bybit fees are applicable on USDT contracts as well as inverse perpetual contracts. The taker fee is 0.075 percent and maker fees come in at 0.025 percent.However, these fee rates are not absolute and vary from time to time depending upon market and platform conditions. The platform also allows users to make deposits via wallet transfer or direct purchase transfers with fiat currencies. The user doesn’t have to pay any deposit fee until or unless it is a fiat-to-crypto conversion.
When it comes to Binance, it is one of the only market exchanges that has competitive fees and a flat trading fee structure for both takers and makers. Trading fees depend on a 30-day period, with the first level (VIP 0) sitting at a 50 BTC trading volume and a rate of 0.1 percent.
However, traders are supposed to pay a flat fee, which covers theexpense of moving digital currencies from their Binance wallet.Ultimately, this depends on the network fee required to process a transaction. From coin to coin, the minimum withdrawal limit varies.
Note: If a trader decides to perform transactions with Binance native crypto asset BNB then they can enjoy a 25 percent discount on trading fees.
Conclusion
Without a doubt, bothBybitand Binance are great options for any crypto trader who is looking for a margin trading exchange.Both platforms offer great services to get the most out of the crypto market.However, forleveraged crypto trading, it seems that the balance tilts towards the platform that caters to users’ trading requirements. The key parameters to select the best-suited platform for users depend on trading fees, security, supported crypto assets, and liquidity.
