The market for cryptocurrency derivatives is expanding quickly and has reached the volume of the marketplace.
The newly created crypto futures programs also support this market transition with different contracts and higher leverage capabilities.
This article will examine two of these platforms—including Binance, which is placed first on the list of best cryptocurrency derivative markets depending on trading volume. However, there is also Bybit, a company that amazed everyone with its rapid development and is generally rated fourth.
So, let’s look at the differences between Bybit vs Binance Futures and the ByBit exchange and see which is the safer and better option for your trading needs.
Bybit vs. Binance: Introduction
Bybit is a Singapore-based cryptocurrency derivatives exchange platform that was established in March 2018. It has more than 1.2 million registered members, making it one of the quickest cryptocurrency derivative sites in the industry.
No other futures contracts are available for trade, and leverage up to 100 times is allowed.
As one of the most well-known cryptocurrency exchanges, Binance introduced its Futures trading platform in 2019. It is well-known for its dependable trading environment, liquidity, distinctive products, and commitment to the advancement of the crypto sphere.
In the derivatives market, it provides clients access to a huge variety of trading assets, some of which are perpetual futures, plain options, and leveraged vouchers. Additionally, it provides leverage up to 125X.
Supported Assets for Bybit vs. Binance
All the main cryptocurrencies, like Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Liquidity Token (LIT), and Litecoin (LTC), are supported by both Bybit & Binance.
Binance is among the largest selections of coins because it supports more than 500 digital assets, including its own BNB token. Traders can construct hundreds of trades on the market. However, it is important to note that the exchange only accepts a limited number of assets on its Binance.US network (around 65).
If you don’t know how many assets Bybit supports, you can still build over 100 distinct trading pairings because the exchange supports over 50 cryptos; that is a fair amount.
Winner: Binance succeeds in this case since it offers a better variety of digital assets than Bybit and the rest of other well-known cryptocurrency exchanges.
Is Binance the same as Bybit?
The two businesses are different ones with various product lines. Bybit, specializing in cryptocurrency derivatives, will let traders take leveraged positions on various products, including opposite futures, USD perpetual, and even inverse permanent contracts.
An extensive range of tradable goods is available on Binance’s platform, including a spot price with high liquidity and strong crypto derivatives trading. In terms of both average trading volume and the total number of users, the market is one of the biggest in the world.
Additionally, Binance may be reached in the United States through its Binance exchange partner. Bybit is a US-based platform. However, it is not licensed to operate in the United States.
As a result, despite being some of the world’s most well-known and respected exchanges, both platforms are different crypto trading platforms.