If you’re considering making a deposit on a cryptocurrency exchange, you’re probably wondering what the difference is between Binance and Bybit. While both exchanges are similar, they offer different features. Both have a wide range of trading pairs and their own knowledge bases.
Difference Between Binance and Bybit
Security is another important aspect when choosing a cryptocurrency exchange. Bybit uses multi-signature to secure coins, making it harder for hackers to trace the parties involved in a transaction. In addition, Binance is well-known for its competitive transaction fees, which are as low as 0.1%. The fee decreases to 0.25% when you pay in its native token. Bybit has a better reputation for security, which should be a plus when considering a cryptocurrency exchange.
The main difference between bybit vs binance is the leverage. Binance has 125X leverage on its futures exchange, which means that for every dollar you borrow on Binance, you can borrow 124. While Binance is still a crypto-only exchange, it has recently partnered with Simplex to accept credit cards. This feature, however, only supports a small number of cryptocurrencies, and it comes with a high transaction fee.
Bybit offers 100x leverage on its BTC/USD and BTC/USDT contracts. For volume under $2 million, the fees are 0.2% and 0.07% respectively. After that, the volume over $50 million is 0.04% and no maker fee. The same applies to the other exchanges.
How Safe Is Binance?
Are Binance and the exchange it runs trustworthy? Well, you can be as safe as possible, but you should be wary of bogus requests and prompts. Generally, you should ignore prompts from alleged Binance staff and Customer Care. Only the user with authorized access to your account should receive communications from Binance. Moreover, you should always keep your device equipped with antivirus. This way, you can prevent leaks of sensitive information. Make sure about how safe is binance?
One of the best ways to decide whether a crypto exchange is safe is to look at security. Binance adheres to the CryptoCurrency Security Standard, which is industry-standard. However, the best place to store your crypto is in a personal, offline wallet. Even if the exchange supports a large variety of cryptocurrencies, it’s not a secure place to store them online. If you’re looking for a secure place to store your crypto, Binance has many reasons to attract experienced traders. Besides its simple fee structure, Binance also supports many popular cryptocurrencies. Moreover, it cannot be withdrawn as a base amount, so you will have to trade fifty lots to withdraw the $50. In addition, some brokers will offer a deposit bonus and no deposit bonus at the same time, but most traders ignore these deals.
To Sum Up
As one of the most popular and fastest-growing crypto exchanges, Binance has a robust arsenal of tools to make it as safe as possible. In addition to its large trading volume, Binance offers a variety of trading options and is constantly developing to meet the needs of its users. In addition, it recently added margin trading and futures contracts after the launch of Bakkt and CME. As a security measure, Binance offers bank-grade security for its customers.