Choosing one platform that can cater to all your trading needs can be challenging. Hence, this comparison article on “Bybit vs. Binance vs. BitYard” will help you get more insights into what these platforms offer and help you make an informed decision.
|Supported cryptocurrencies||AAVE, BTC, DOGE, ETH, XTZ, SOL, LTC, DOT, ADA, ETC, FIL, and more.||BTC, ETH, OXT, PAXG, ADA, LINK, USDT, and more.||AAVE, BNB, DAI, DOGE, USDT, USDC, XRP, SUSHI, 1INCH, LTC, and many more.|
|Mobile App||Yes, Available for both Android and iOS.||Yes, Available for both Android and iOS.||Yes, Available for both Android and iOS.|
Table of Contents
What is Bybit?
Bybit is amongst some of the fastest-rising cryptocurrency exchange platforms focusing on leveraged trading. You can trade various pairs with up to 100x leverage and work out your trading while keeping the risk is to reward ratio in mind.
In addition, their innovative, user-friendly, and highly advanced platform has been designed from the ground up and by using the best-in-class infrastructure to provide traders with the industry’s fastest, fairest, safest, and most transparent trading experience.
What is Binance?
Binance exchange was established in 2017 and is now among the world’s most reliable and credible cryptocurrency exchange platforms.
Traders can enjoy the unique and advanced services and products offered by Binance exchange, such as Binance Labs, Binance Visa Card, Binance Smart Pools, and much more.
To learn more, you can head over to the Binance review.
What is BitYard?
BitYard comes among some of the most popular cryptocurrency exchange platforms. It was established back in 2019 and is based in Singapore.
The platform provides simple, fast, and safe crypto-asset exchange services to all its traders. The platform has 500,000+ users from 150+ countries.
Moreover, it provides all the traders with Multiple licenses, easy deposit and withdrawal features, service diversification, copy trading options, and many others.
Features: Bybit vs. Binance vs. BitYard
- Bybit exchange provides traders with an intuitive, smart, professional, and innovative online trading, mining, and staking experience.
- Bybit Earn provides traders convenient and hassle-free access to their reliable APY from liquidity mining and staking products.
- Traders can now buy, sell, or trade NFTs on the Ethereum ERC-721 standard through their Bybit Spot accounts.
- The platform offers stablecoin-margined options contracts to help you expand trading opportunities.
- With their 100K TPS matching engine, there’s no need to worry about overloads.
- Moreover, you can set up take profit and stop loss at entry, receive strategy alerts and adjust your order with just one click.
- Binance offers traders extensive charting options with indicators and overlays.
- It supports Binance margin trading, limit order, market order, trailing stop order, post-only order, peer-to-peer trading, stop-limit order, one-cancels-the-order, and much more.
- The trading limits on the Binance exchange depend on the crypto being exchanged.
- Traders also get access to Public API keys for integrating other software tools.
- There’s Binance Advanced which lets more advanced traders view more detailed statistics.
- The main and primary focus of BitYard trading is to bring forth a simplified trading experience for the traders.
- BitYard provides traders with easier tools than all the other brokers present in the crypto market. Moreover, its distinct contract capabilities allow traders to place orders without worrying.
- It takes 30 seconds for a trader to successfully register on the BitYard platform via their phone number or email address.
- The platform’s user interface and mobile application are explicitly designed for its traders.
- There are eight different languages in which this trading platform has been translated, which further makes it more accessible for all traders.
- BitYard trading now has its global presence in 150+ countries, even though it debuted in 2019.
Ease of Use: Bybit vs. Binance vs. BitYard
Bybit Ease of Use
Bybit might be a little bit intimidating for casual visitors, but it is among the most convenient crypto trading platforms to use for someone with a trained eye.
They have just updated their User interface to a whole new one, thus making it more user-friendly and appealing for traders.
Binance’s platform is straightforward to use, but the number of choices present in it can be a bit overwhelming to a novice user.
The trading platform better suits people who are familiar with cryptocurrency lingo and also the investigating options. In addition to this, Binance also offers blogs and a knowledge base to the traders for their better understanding.
Bityard exchange has a clean home page that gives traders everything they want in one view.
Traders can view everything the exchange offers from Market, Derivative, Spot, and Copy trading on their first look.
Fee Structure: Bybit vs. Binance vs. BitYard
Bybit’s fee structure is very well organized as it shows all the details and different fee levels of it. The fee structure varies for Non-VIP members, VIP members, and Pro members.
The VIP level for the traders is determined based on their asset balance or last 30-day trading volume. You can find the detailed price structure for the Bybit platform here.
Binance follows a maker and taker model; hence the trading fees charged for Spot trading are 0.1000% for both maker and taker.
The fee structure varies for different VIP levels, ranging from Level 1 to Level 9. Traders receive an extra discount on the maker and taker charges when they reach level 4 and above.
Moreover, traders can also enjoy more benefits with fee deductions for the following transactions:
- BTC Spot Trading Pairs : 0% Fee on selected fiat and stablecoin BTC pairs.
- BUSD Spot Trading Pairs: 0% maker fee on BUSD pairs.
- BNB Deduction: 25% off on Spot Trading fee.
- BNB Deduction: 10% Off on USD-M Futures Trading fee.
Furthermore, the fee structure varies differently for margin Borrow Interest, USD-M Futures Trading, COIN-M Futures Trading, Cross Collateral Interest, Swap Farming, and P2P.
You can also avail an extra 10% discount by signing up with the button below!
Bityard charges a transaction fee with positions opened at the market price when the order is getting executed. The pending or trigger orders that are not opened will not be charged.
- The maker and taker fee for all Spot trading pairs is 0.1% to 0.3%, respectively.
- The conversion fee ranges from 0.1% to 0.15%.
- The transaction fee for Contract For Difference(CFD) is adjusted from 0.075% to 0.05%, and the formula for calculating that fee is
- Opening Fee = Margin * Leverage * 0.05% and Closing Fee = margin * Leverage * 0.05%.
- Moreover, the formula for calculating the overnight fee is
- margin * Leverage * 0.05% * Overnight Days.
- Furthermore, the transaction fee for leveraged tokens is charged separately at 0.2% when buying or selling USDT.
Security: Bybit vs. Binance vs. BitYard
Is Bybit safe or legit to use?
Bybit has included many features to keep the platform safe for trading. The platform provides traders with an impenetrable cold wallet system that stores funds offline of all the traders to keep them safe from digital thefts.
In addition to this, only three withdrawals are allowed on a particular day, and if the public key does not match, then the trading gets immediately frozen.
Furthermore, Bybit also makes use of two-factor authentication via SMS, email, or Google Authenticator.
Is Binance safe or legit to use?
Yes, Binance is a safe and legit crypto exchange as it verifies using KYC and Two-factor authentication to eliminate fraudsters.
The exchange also uses CryptoCurrency Security Standard (CSSS) for much better protection.
Moreover, Binance has a ‘Whitelist Address Management’ feature that enables all the traders to limit their wallet addresses to make the withdrawal.
Is BitYard safe or legit to use?
Bityard always tries to keep up to its name and position in the crypto market. Along with the various features that the platform provides, it is also best known for its great security measures.
Moreover, the BitYard trading platform also uses SSL encryption and has acquired many licenses over the past few years.
Furthermore, the platform is regulated by the Financial Regulatory Authority(MTR), Australia’s Transaction Reporting, Singapore’s Business Administration of Singapore, Analysis Center(AUSTRAC), and U.S. Money Services Business(MSB).
Mobile Application: Bybit vs. Binance vs. BitYard
Bybit Mobile App
Traders can now easily access all the unique features provided by Bybit anytime and anywhere on their Android and iOS devices.
The bybit app aims to provide you with a better and seamless trading experience. With the help of multilingual support, traders can monitor positions, quickly place a trade with just a few clicks, and check their balances.
Binance Mobile App
Multiple payment options, excellent trading features, P2P transactions, and many such features like these can now be seen on the Binance app.
This highly responsive and user-friendly app is currently available for iOS and Android users.
BitYard Mobile App
The BitYard mobile app makes everything a little more accessible and easy-going.
Further, it allows all traders to copy trade and analyze the crypto market from anywhere. The BitYard app can be downloaded from App Store or Play Store and is available for both iOS and Android users.
Customer Service: Bybit vs. Binance vs. BitYard
Have you, as a trader, ever encountered an issue/query that doesn’t seem to solve? There’s some technical glitch, and you cannot see your funds in your wallet. In situations like these, customer support becomes an asset to be had.
Bybit Customer Service
The live chat option the platform provides makes it much easier for the traders to ask their query and get an answer accordingly within no time.
Bybit is a trading exchange that offers users a live chat bot to get rid of their queries. They also have a separate FAQ section where all the frequently Asked Questions are available.
If there is still some doubt left and the trader cannot find an appropriate solution, then they may submit a request and raise a ticket accordingly.
Binance Customer Service
Binance customer support is as good as its trading platform. They share most of their helpful guides and tutorials on the platform’s own YouTube channel.
There’s also a Binance Twitter handle; if the trader is in any kind of doubt, they can just quickly reach them through it.
Moreover, Binance also has a Telegram Channel, which is available in Chinese and English. Furthermore, the trading platform has separate channels dedicated to the latest announcements in the crypto market.
BitYard Customer Service
BitYard trading is always ready to hop in and solve traders’ queries with its 24*7 live chat support.
The trader would need to connect to a customer support agent via a live-chat feature at the bottom-left corner of the website.
In addition to this wonderful feature, they also have a separate FAQ section, a help center, and links to various platforms where traders can reach out to them for help.
Pros and Cons: Bybit vs. Binance vs. BitYard
|Bybit||The platform offers high bonuses. |
It has competitive trading fees.
They provide 24*7 multilingual support.
The platform is less risky about price manipulation.
Bybit is extremely secure and has lightning-fast speed.
|Less number of trading pairs are available.|
|Binance||There is a wide variety of cryptocurrencies available.|
Binance exchange has lightning-speed processing.
It has high liquidity.
There are several payment options available for the traders.
|The customer support system is not that strong. |
Binance can sometimes be a bit overwhelming to traders as it has a variety of features.
Binance UI could have been a bit more interactive and appealing to eyes.
|BitYard||BitYard trading provides you with many charting tools that are available for technical analysis. |
The trading platform has many licenses, further making it more secure and trustworthy.
There is an option available in BitYard for a demo trading account for traders to have hands-on practice.
BitYard believes in bringing out a simplified yet fulfilling trading experience.
|There are only limited withdrawal options available.|
Conclusion: Bybit vs. Binance vs. BitYard
Bybit and Binance have many features that might act as a lifesaver to a trader, but at the same time, they can be a bit overwhelming to new users.
Further, both these platforms can perform thousands of transactions in just a few seconds with their lightning-fast engine. However, if you are in search of a simple yet powerful and secured trading platform, then you should go for BitYard.
Moreover, with trading at BitYard you get many other benefits as well, like a 10% discount on trading fees, a chance of winning UPTO $258 USD, free BYD crypto mining, and a chance to win our premium Crypto and NFT signals.
Frequently Asked Questions
How does Bybit leverage work?
Leverage allows all the traders to open positions with just minimal capital and multiple their returns on trades. The platform offers maximum leverage of 100x, and traders can easily customize it accordingly using the leverage slider for isolated margin trading.
What is a Binance Card?
The Binance Visa Card is a cryptocurrency card that works almost like any other debit card but has some additional features. For example, traders can deposit all their funds in fiat or cryptocurrency through the Binance Card App. Moreover, traders can also use it for regular payment without selling crypto, thus, making their entire experience seamless.
Does BitYard have a platform spread?
BitYard trading does not have a platform spread of its own. Moreover, its pricing is the most accurate spot price available, with no additional slippages or spreads. The platform also offers a 24-hour liquidity pool, and it is secure and equitable.