When it comes to selecting the best Futures Trading Platform, reputation plays a very vital role. Users who have used and experienced the Bybit and Binance Futures trading interface can sincerely speak at lengths about the high standard of the platforms. However, it is important to know which platform to stick with for the majority of your Futures Trading endeavour.
The depth of your assets or portfolio might not be vast enough to diversify your assets on both platforms. So which is the better platform between the duo. Let’s explore.
Binance Futures are one of the tradable markets of the Binance trading platform. The Futures Market allows you to buy and sell specified contracts at a future date. Binance Futures is still the world’s largest traded crypto Futures market.
More like Binance, Bybit is also another crypto trading platform that offers traders across the globe the opportunity to speculate in the Futures market. Bybit is an Asian cryptocurrency exchange ranked only second in the Future exchange industry by way of Open Interests.
Similar Features of Binance Futures and Bybit
- Reputation: Both Binance and Bybit have formed and maintained a solid reputation over the last few years. This is one of the reasons why both hold the highest Open Interests across the Futures Trading sphere.
- Withdrawal Fees: Binance Futures and Bybits charge a similar withdrawal fee of 0.0005 BTC on your withdrawal.
- Perpetual Contracts: These newly introduced type of contracts without expiration dates are available on both Bybit and Binance Futures platform.
Key Differences between Binance and Bybit
- Crypto Options: While Binance supports about 202 assets, Bybits only supports 10 cryptos. This limited option with Bybit can be extremely limiting for traders who wish to trade a vast variety of assets. Hence, preferably, multiple coin traders usually tilt towards Binance than Bybit Futures.
- Maker and Taker Fees: Binance Futures charge a standard of 0.10% as maker and taker fees. Bybits on the other hand charge less: 0.025% and 0.075% respectively.
- Deposit Methods: Binance futures support deposit with Wire transfers and Credit cards. However, they do not accept direct payments with crypto. With Bybits, nonenone of the above-mentioned payment methods is accepted as means for payment.
Which is better: Binance Futures or Bybit?
By way of Open Interests, it is clear that there’s a great preference for Binance over Bybit. For example, 3.71 billion dollars was traded in Binance Futures as of March, 2021, as compared with 3.53 billion dollars traded on Bybit. There are more assets to trade on Binance, more convenient features to implement in your Futures Trading. But while Binance still holds the top spot, with the persistent rise of Bybit over the years, the Future Tradings Platform may rise higher in years to come.
Right now, if you’re looking to choose one over the other and you like to have a variety of altcoins to trade, then you might want to go with Binance Futures over Bybit.