In the last few years, many people have started recognizing cryptocurrency as a viable investment option. Many people have started showing interest in this field, as cryptocurrency promises to become a major economic player in the near future.
Crypto traders often look for cryptocurrency exchanges that offer unique offers and bonuses to investors. Among multiple exchanges, two names have become popular recently: Binance and ByBit. So, which one draws more investors towards it?
Both Binance and ByBit are legitimate cryptocurrency exchanges that come with arrays of trading products for investors. Comparing the different aspects of these two platforms will help novice traders to understand their benefits and shortcomings.
Futures Trading Fees
Both Binance and ByBit have taker and maker fee structures for the traders. Taker fees for Binance and ByBit are 0.040% and 0.075%, respectively. On the other hand, their maker fees are 0.020% and -0.025%.
Both these platforms have been developed on 30D trading volume. This trading volume indicates a decrease in makers’ and takers’ fees when 30-day trading volume increases.
The Funding Fees
Along with the futures trading fee, investors also consider the funding fees. Both exchanges have a simple method for calculating the funding fee. Premium components and interest rates are the two significant factors for calculating the funding fee.
The interest rates of Binance and ByBit are 0.03% and 0.06%, respectively. On the other hand, these platforms have 8-hour premium components. Since the funding fees of these exchanges are similar, they have become evenly popular among the traders.
The Signup Bonus
Many traders take free crypto to sign up bonus 2022 bybit vs finance fees when choosing their trading exchanges. Binance has recently announced a limited time bonus of a whopping $100000 in SHIB.
There are two types of promotions, named Promotion A and Promotion B. In promotion A, the platform offers welcome gifts worth $80000 to the users. Under Promotion B, it offers multiple tasks, which you need to complete to claim $20000 in SHIB.
ByBit offers a signup bonus for the users having referral codes. A person can earn up to $4100 using the referral code during the ByBit signup. Additionally, the platform also offers a referral bonus, which you can earn by referring the trading exchange to a friend. Investors can also earn up to $3000 for their first deposit on this trading exchange.
Trading Experiences on ByBit and Binance
Besides checking the free crypto sign up bonus 2022 and trading fees, traders also consider the user experience of the trading platform. Without a good user experience, you cannot enjoy hassle-free and secured trading.
ByBit has a user-friendly and advanced mobile application, which features rapid trade fees. On the other hand, Binance also offers an advanced charting platform with multi-level security. This decentralized exchange platform also has an interactive mobile application.
So, both exchanges offer seamless user experiences, and thus they have become so popular nowadays. These platforms are suitable for both seasoned and novice traders. So, you can choose ByBit or Binance if you want to invest in cryptocurrency.