This article gives a complete description of features, fees, app, cryptocurrencies to affiliate programs, and customer support of Bybit vs Binance vs Coinbase . The comparison table given below summarizes each critical aspect of the said platforms.
Table of Contents
What is Coinbase?
Coinbase is a regulated cryptocurrency exchange that was established in 2012 by Brian Armstrong and Fred Ehrsam. Initially, the platform offered Bitcoin brokerage services. However, with the evolution of crypto assets and trading options, the exchange has constantly improved the platform.
Apart from this, the exchange aims to create a more fair, transparent, reliable, and efficient financial system powered by cryptocurrency.
What is Bybit?
Bybit is one of the fastest-rising cryptocurrency exchange platforms that focuses on leveraged trading. It allows up to 100x leverage on the crypto assets. Moreover, it has a highly advanced and fast processing system that oversees millions of transactions per second. For better understanding, read about Bybit Margin trading.
However, as a user from the United States, you will be unable to use Bybit due to regulatory concerns. However, you may adjust your digital location with Hola VPN and then utilise Bybit. Do you want to go over the processes in further detail? Read, how do I use Bybit in the United States?
What is Binance?
It was established in 2017 and is one of the world’s most credible and reliable cryptocurrency exchange platforms. Traders can enjoy the advanced and unique services and products offered by Binance, such as Binance Smart Pools, Binance Labs, Binance Visa Card, and much more. To know how to use Binance, go through the Binance review.
- Coinbase has independent wallets through which you can store and manage your crypto assets. These wallets are fully secure and easy to use and are available as mobile apps for android and iPhone users. Also, you can very quickly send or receive money through your Coinbase wallet by just using the username of your friends.
- Coinbase allows e-commerce merchants to accept cryptocurrencies in their businesses. because of this, they can quickly receive crypto assets on their websites from anywhere in the world
- On logging into your account, you can easily find the ‘For You’ option on the left sidebar in your dashboard. Through this tab, Coinbase provides valuable educational content and news related to cryptocurrency.
- Besides delivering good brokerage services and solutions in the crypto economy, Coinbase has a foothold in early-stage ventures. That is, Coinbase ventures invest in rudimentary and early-stage crypto start-ups with mind-blowing ideas. For more information, you can refer to the announcement blog post by the exchange itself.
- Bybit has a spectacular trading engine that processes transactions at a remarkable speed.
- Bybit offers cold wallets for maximum protection of their customers’ funds.
- The dual-price mechanism ensures fair liquidations for every trader.
- Lightning-fast updates with a powerful API are available every 20 minutes to provide a good trading experience to each user.
- Flexible trading plans are available for beginners and advanced traders.
- Bybit provides trading services around the globe, excluding a few countries like the USA.
- Additionally, it also offers an ‘Insurance Fund’ option if the trader cannot get a better price than bankruptcy price.
- Users can use the Bybit testnet to get an idea of how the platform works.
- 24 x 7 customer support is available in several languages.
- Users can choose not to disclose their identity because KYC is optional on Bybit.
- It offers extensive charting options with indicators and overlays.
- It supports more than 500 cryptocurrencies for global traders but only 52 cryptocurrencies for U.S. investors.
- It supports Binance margin trading, peer-to-peer trading, limit order, market order, stop-limit order, trailing stop order, post-only order, one-cancels-the-order, and much more.
- The maximum trading amount on Binance varies with the type of cryptocurrency used.
- Traders also get access to Public API keys for integrating other software tools.
- It also provides a third wallet option to its users.
- Binance provides its services to users in more than 180 countries around the world. However, only 43 states of the U.S. can get access to Binance.
How to Start trading on the platforms?
Bybit vs Binance vs Coinbase: Coinbase
- Sign in to your Coinbase account. On your dashboard, you can see the prices of all the crypto assets.
- After that, click on the account located on the top center.
- Once you are inside your account tab, click on the “add funds” option located below the No transactions quote.
- At this point, you will have two choices to deposit funds that is via wire transfer or by making a bank deposit.
- Deposit funds through wire transfer: So for this, click the wire transfer tab that appears after clicking deposit funds. You have to enter your bank credentials, enter the amount of money you wish to deposit in USD, and just click on the continue button. This automatically transfers your fund into your Coinbase account.
- Depositing funds through bank transfer: For this, you have to click on the bank deposit tab that appears after you click on the deposit funds button. Then click on the link bank account option.
Now enter your bank credentials and wait for few minutes meanwhile it gets verified. After this, select the bank account you need to use, enable transferring funds option and click continue to transfer funds into your Coinbase account.
- Once you have deposited funds, go to the homepage of your Coinbase account and click on the buy/ sell tab and enter the amount of BTC you need to buy and confirm your order. Now, the exchange will transfer the received bitcoins to your Coinbase wallet.
Bybit vs Binance vs Coinbase: Bybit
Margin trading on Bybit enables users to open both long and short positions. Moreover, Bybit offers perpetual contracts with no expiration date, which follows the margin-based spot trading and futures contracts with expiration dates.
Also, Bybit has an Insurance Fund that is used to compensate for a trader’s loss when it is unable to close the liquidated position at a better value than the bankruptcy price.
You can create an account, deposit funds, and select the pair you wish to trade and get started. To go through the steps in detail refer to A Guide to Bybit Margin Trading.
Bybit vs Binance vs Coinbase: Binance
Binance offers spot, perpetual, and futures contracts to its users. Furthermore, Binance trading options allow a user to convert cryptocurrencies with one click. The interface is user-friendly and straightforward, and users also get several tools to assist them in trading further. If the users are confused about how to trade on Binance, they can read the Binance review to know the complete process.
Other than maximizing profits using leverage, users also can trade stocks through cryptocurrencies on Binance.
Bybit vs Binance vs Coinbase: App
Just like the web platform, the Coinbase mobile app is a user-friendly way to buy, sell, and manage cryptocurrency. It has high ratings on both the Apple App Store and the Google Play Store, so it’s a great option if you plan to do any mobile crypto trading.
Traders can now access all the unique features of Bybit anytime, anywhere on these android and iOS devices. The Bybit app aims to provide a seamless and better trading experience to its users. With multilingual support, traders can check balances, monitor positions, and quickly place a trade with just a few clicks.
Excellent trading features, multiple payments options, P2P transactions, and much more can be now seen on the Binance app. This user-friendly and highly responsive app is currently available on both android and iOS devices.
Bybit vs Binance vs Coinbase: Fees
It not wholly possible to state the exact fee structure of Coinbase as it varies depending on your country and type of transaction. Furthermore, Coinbase is prominent for charging a pretty high amount of fees. However, generally, Coinbase charges deposit fees ranging from 1.49% to 3.99%, depending on the payment method you choose.
Bybit charges a minimal fee of 0.075% from the takers and 0.025% from the makers. The users can calculate opening and closing fees by a simple formula.
Opening fee = (Contract quantity / Entry price) * Trading Fee rate Closing fee = (Contract quantity / Exit price) * Trading Fee rate
For example, a user wants to set a long position of 100,000 BTCUSD contracts at $9,500 and close it at $9,600. The table shows the minimum fee the user has to pay in each case.
The trading fee charged by Binance is 0.1%. Therefore, upon using the BNB coins for trade, the users will get a 50% discount. Binance does not charge any deposit fee. However, there is a different withdrawal fee for every cryptocurrency.
Bybit vs Binance vs Coinbase: Security
Is Coinbase safe?
Yes, Coinbase is completely safe to use. Coinbase comes out of the USA, and it is evident that it has to satisfy US regulatory security standards. Also, the exchange is very transparent about storing funds of its users. Customer funds are stored separately from company funds.
Is Bybit safe?
Bybit has included the following features to keep the exchange platform safe for trading.
- It has been built on the impenetrable cold wallet system that stores all the users’ funds offline to keep it safe from digital thefts. The deposit address given to the users is a cold wallet address.
- Only three withdrawals are allowed in a single day. If the public keys do not match, the trading is immediately frozen, and the system is closed.
- It also uses two-factor authentication via email, SMS, or Google Authenticator.
- SSL encryption is also used for website security.
Is Binance Safe?
- Binance verification involves KYC and two-factor authentication to eliminate fraudsters.
- It also uses CryptoCurrency Security Standard (CCSS) for better protection.
- Binance features a ‘Whitelist Address Management’ that enables users to limit their wallet addresses to make the withdrawal.
Coinbase provides customer support through emails. Apart from this, it has a vast and diverse knowledge base that it offers through its learn and earn program and extensive FAQ. Also, you can use the FAQs column as most of your problems are already answered there. Coinbase offers 24×7 support through email. You can contact the support team by clicking on the ‘Contact Us’ button.
Bybit offers 24 x 7 online support in multiple languages to assist the users in their language. In addition, there is a live support and email support feature for the queries of the customers.
Similarly, Binance provides round-the-clock customer support to help its users. The customers can either use theory social media page or email support to avail of this service.
Bybit vs Binance vs Coinbase: Pros and Cons
|Bybit||It has the three highest derivatives trading volumes.|
High bonuses are offered.
Competitive trading fees.
|Not regulated by any authority.|
Less number of trading pairs.
|Binance||A wide range of cryptocurrencies is available.|
Lightning speed processing.
Various payment options for users.
|Weak customer support.|
Few trading pairs are available.
|Coinbase||The exchange offers high liquidity.|
Coinbase offers free crypto through Coinbase Earn.
|The fees charged by the exchange are among the highest charges.|
Each of the three exchange platforms has its exclusive features and products. With the above comparison, users can make an informed choice and select what may be the best for them. New traders should focus more on Bybit and Binance as both are established platforms. However, Coinbase is a unique platform and has advanced features, which is excellent for experienced traders.
Frequently Asked Questions
What is Binance withdrawal time?
It usually takes 30 mins to 2 hours to complete a withdrawal. The time taken for this process is known as Binance withdrawal time.
Is Bybit available in the United States?
No, U.S. citizens cannot use or access Bybit.
What is Bybit Testnet?
It is a testing platform for those who want to experience Bybit before actually using it.