- Binance is one of the largest cryptocurrency exchanges and so is Bybit.
- Both exchanges are in the list of top 10 in the world according to Coinmarketcap ranking.
- They offer similar services and are trusted by millions of users.
- Thus, Bybit is a good alternative if you’re a Binance user that is looking to diversify your portfolio.
Let’s see how Bybit is a good Binance alternative.
I know that you are a huge fan of Binance, well, so am I.
However, crypto experts advise against putting all your eggs in one basket.
So, my goal here is not to dissuade you from using Binance.
But to give you reasons to consider Bybit when diversifying your portfolio.
Are you ready? Let’s jump right in!
Overview of Binance and Bybit
Binance is the world’s leading exchange in daily trading volume.
It’s no wonder why it is the first choice for most crypto folks.
Changpeng Zhao founded Binance in July 2017 to improve the future of crypto finance.
The exchange allows users to buy, trade, and hold over 350 cryptocurrencies.
Also, it has a native token, BNB, which is used for discounts on transaction fees, commercial services, crypto trading, platform incentives, and as a store of value.
You may read our complete Binance review to learn more.
Bybit is a cryptocurrency exchange that provides users with a variety of excellent services.
Ben Zhou founded the platform in March 2018.
It supports over 150 cryptocurrencies which users can trade or stake for profits.
Like Binance, it has a native token BIT.
This token is used to pay transaction fees, commercial services, crypto trading, platform incentives, governance, and as a store of value.
Feel free to read our Bybit review to learn more.
Now to what brought us here, let’s see what makes Bybit a good Binance alternative in the next section.
6 Reasons Why Bybit Is A Good Alternative To Binance
a. Similar Services
Binance and Bybit offer similar services including:
- Spot and Derivatives Trading
- P2P Trading
- NFT Marketplace, and more.
So, whatever you enjoy in Binance, you’ll also find it on Bybit.
b. Low transaction fees
One thing that attracts many users to the Binance Exchange is its low transaction fee of 0.1%.
Guess what? It’s the same for Bybit.
To make it juicier, right now on Bybit, Spot Trading is free.
You may want to jump in now.
It’s common to consider the number of persons using an exchange before making an investment.
Well, I’m happy to announce to you that both Binance and Bybit are trusted by millions of users.
While Binance boasts 28.6 million users, Bybit recently hit a milestone of 10 million users.
Do you see? If you can trust Binance then you can trust Bybit.
d. Regular rewards and bonuses
Both Binance and Bybit provide reward users with freebies on a regular basis.
These rewards include:
- Crypto airdrops
- High APY on crypto savings
- New coins for staking native tokens, etc.
At the moment, Bybit is giving away over one million dollars in its ETH Trading Fiesta.
Both exchanges employ different security measures like storing users’ funds in cold wallets and 2FA.
f. Customer support
Rest assured, your queries will be attended to, and in time.
Binance and Bybit have excellent customer support systems.
They have several channels where users can stay up-to-date with the platforms and the general crypto industry like blogs.
Both Binance and Bybit have a solid reputation for the 3+ years they have been in existence.
Furthermore, they grant their users a seamless crypto trading experience with their high-quality services and multiple payment methods.
If you are a Binance user seeking to explore other good exchanges, then Bybit is an excellent choice.
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