Every month, we come across an array of platforms offering a variety of services. In this hype, exchanges have also taken a whole new dimension and they do not simply rely on conventional or manual trading. In this Bybit vs Binance review, we will explore a variety of unique and futuristic features offered by these two top exchanges in the industry.
|Transaction fee||0.075% for takers and -0.025% for makers||0.1% regular fee; 25% discount if you pay in BNB|
|Leverage||Up to 100X||Up to 125X (for futures)|
|Deposit method||Crypto only||Crypto and credit/debit card|
|Customer support||Email, live chat and telegram||Email and social media|
|Security||Above average||Considered average; although is has gained ISO security accreditation|
Launched in 2018, this exchange has hit several milestones in the very first year of its operations. While most of the startups only focus on a single country or continent in the beginning, Bybit claims to have customers from all over the Globe. Furthermore, even if we look at the online stats and go through user reviews, its popularity is evident. S
o, let it be North America, Japan, Southeast Asia or Russia, Bybit is competing with some of the well-established ventures. Therefore, the ‘how’ is what we are going to explore in this Bybit vs Binance review.
So, here comes one of the most important factors while selecting an exchange. At Bybit, every order is classified into one of the two categories – maker or taker. As the names suggest, a maker is someone who offers a (fractional) portion of liquidity to the exchange. On the contrary, takers work oppositely and they trade through the orders already present on the books.
Therefore, since takers act as a limiting factor for the liquidity of the exchange, Bytbit charges them a transaction fee of 0.075%. Of course, it is a bit more than what makers are charged, but the reason is understandable.
Furthermore, if we talk about Bybit’s withdrawal fee, even that is significantly less (0.0005 BTC) than the average fee for withdrawing BTCs from mainstream exchanges.
So, this is probably the most futuristic feature offered by the exchange and in this Bybit vs Binance review, leveraging will be one of our prime focus. For a new exchange, surprisingly, they offer 100X times leverage.
Therefore, if you have $10 in your Bytbit wallet, then you can attain a 100X better position and can trade up to $1000 worth of assets.
Well, they are strictly crypto-oriented and therefore, if you want to buy assets on Bybit, you need to make a deposit in cryptocurrency first. As soon as you hit the deposit button, a modal box will open and show you the QR code and the wallet address for receiving BTCs.
Moreover, it should also be noted that the US-based traders would have a hard time trading on this platform and this is due to the country’s regulatory framework.
This is a prime concern for many traders who are trying a new venture with the likes of Binance. So, the good news is that Bybit’s security is quite satisfactory. At the very forefront, they start with embedding the SSL certificate. Thus, securing the communication from any kind of attack (e.g. phishing).
Moreover, another great pro is that they do not store the coins in ‘hot’ or ‘active’ wallets. In fact, most of the assets are kept in a cold wallet, thus ensuring that the hackers do not get their hands on these coins.
Furthermore, Bybit also utilizes multi-signature with an aim to secure the coins while they are moved from one wallet to another. This procedure increases the difficulty level for hackers to trace the parties involved in any transaction.
Here comes one of the best cryptocurrency exchanges in the market. Well, they are renowned for an array of features and in this Bybit vs Binance article, we will explore how this platform offers a staunch competition to others.
See, Binance is particularly known for offering competitive transaction fees as they charge you merely 0.1%. What’s even more exciting is that if you decide to pay this fee in their native token (BNB) the charges are further decreased by 0.25%.
Hence, if you happen to be a regular trader and have used multiple exchanges, you must be aware that these rates are some of the lowest in the industry and some of the people use Binance only for this very reason.
Binance offers various leverages for different schemes and the most celebrated one is related to its futures platform. In early July 2019, when the just rolled out the system, they were facilitating 20X leverage which was pretty high.
However, as of October 2019, they have gone way off the mainstream as Binance now offers up to 125X leverage at the futures exchange. As mentioned above in this Bybit vs Binance review, it implies that for every dollar, you can borrow 124 more dollars from Binance.
Primarily, it happens to be a crypto-only exchange which means that it only accepts cryptocurrencies for withdrawal and deposit. However, recently, they partnered with Simplex in order to offer feasibility for accepting credit cards as well.
But please be advised that this feature is only available for a limited number of cryptocurrencies. It should also be noted that they charge hefty transaction fees for this process, as compared with their regular charges mentioned above.
As of yet, a debit or credit card transaction would cost you 3.5% or 10USD (they will automatically charge whichever is higher in each case). Moreover, if you opt for swift transfers, there will be a lag of roughly 10-30 minutes for the transfer to take place.
Wide Array of Currencies
So, this is the area where Binance enjoys a clear edge. They have often been praised by several experts and traders for providing an extensive range of cryptocurrencies and their respective pairs.
Furthermore, apart from the mainstream tokens, Binance is also quite popular for entertaining several ICO listing, thus facilitating new ventures to get the required kickstart for finding their place in higher tiers of the market.
Fortunately, for successful projects, Binance is very responsive as they can be listed pretty quickly. Therefore, since you can buy these coins in the beginning, you enjoy a decent chance to earn a higher RoI.
Traders, particularly the newbies, are quite eager to know about the customer support of the platform before pouring in their money. It is worth noticing that while Binance is limited to email and social media engagement only, Bybit goes way beyond that and facilitates your queries through online chat, email and surprisingly, Telegram as well.
On the contrary, plenty of response messages sent by Binance (through online chat) are automated and in Chinese, thus limiting the number of people who can take the benefit. Apart from that, they support 15 different languages, which support their claim of being Internationally recognized.
So, it is pretty evident in this Bybit vs Binance review that both of the exchanges are good, depending upon your region and preferences. But if we compare them in terms of options and affordability, then Binance is the clear winner. However, it does lack the ‘richness’ of customer support.
Please click here if you want to read our reviews on more cryptocurrency exchanges.