ByBit Alternative: Which Cryptocurrency Exchange is ByBit’s Closest Competitor

ByBit is one of the major cryptocurrency exchanges that provides its clients with a lot of trading opportunities, including trading coins, tokens, and various digital derivatives. If you are looking for some interesting alternatives, our experts have made a comparison between ByBit and Huobi.

Trading Conditions

ByBit is considered one of those cryptocurrency exchanges with the lowest minimum deposit, as you can start with only $1 there. When it comes to Huobi, the minimum deposit here is $100, which is considerably higher. Therefore, if you are new to cryptocurrency trading and want to take your first steps here with the lowest possible amount, you will definitely choose ByBit. However, professional traders pick Huobi for a broad range of additional features that the latter offers to its clients.

The maximum leverage on both exchanges is 1:100, meaning you can significantly increase your trading volume by 100 times. However, with this leverage, you can only trade futures contracts.

When it comes to the number of trading assets, Huobi overruns Bybit by 300 coins and tokens as Huobi offers 500+ trading instruments, while ByBit can boast of 200+ financial instruments only. As you can see, the range of financial instruments looks more attractive on the Huobi platform.

Another important aspect that you should keep in mind is that ByBit offers no fiat currency at all. You can deposit and withdraw cryptocurrencies only. On the other hand, Huobi provides you with the opportunity to use both fiat and tokens to top up your account and cash out your earnings.

Additional Features to Look At

If you are looking for a ByBit alternative, you should know that both cryptocurrency platforms offer staking and mining features, allowing you to earn passive income from your additional investments. It should also be mentioned that these platforms provide their clients with all the necessary analysis tools to make reasonable market decisions. In particular, traders can use 20+ technical indicators and a variety of graphic tools to predict market price fluctuations.

As for deposit methods, Huobi accepts bank wires, electronic wallets, credit and debit cards, as well as cryptocurrencies. This gives you more freedom of action even if you have no cryptocurrency at your fingertips. ByBit, on the other hand, offers nothing but cryptocurrencies, which makes it harder for you to deposit if you have no digital coins in your cryptocurrency wallet.

Final Words

If you are looking for an alternative to the ByBit exchange, you can focus on the Huobi platform. The latter offers a lot of cryptocurrency assets to trade and allows you to start investing using various banking options. Huobi allows you to buy and sell 500+ trading instruments, which is significantly higher than the range of financial instruments that you can find on ByBit.