Features, services and benefits of cryptocurrency exchanges. A brief analysis.
The crypto-exchange market is constantly expanding, with some more popular for trading volumes, others for the types of trading services and still others for the number of crypto-pairs they offer. In this complex context, it is necessary to make the right assessments before proceeding with the choice of the trading platform that is most interesting.
In fact, each crypto-exchange has its own characteristics that bring specific advantages to traders who need them. Here is a little mirror for comparing the crypto-exchanges of Bitget, Binance and Bybit.
Crypto-Exchange compared: the characteristics of Bitget
Established in 2018, the Bitget crypto-exchange offers trading solutions to its 2 million users. CoinGecko ranks it among the top five exchanges globally by derivative trading volume, having generated over $100 billion in trading volume in 2021 alone.
In general, Bitget offers trading Spot, OTC, Futures, Grid, P2P services and the possibility for users to earn Bitget Token (BGB), while for startups to launch their own new coins on the Launchpad. The platform currently offers 68 different types of fiat currencies that users can deposit to purchase 11 different types of cryptocurrencies.
Not only that, Bitget offers its users Grid Trading which is an "automated currency trading" strategy which consists of buying repeatedly at the "predetermined" price, and waiting for the price to go above that level to sell the position. .
For both companies and investors, the Launchpad service allows startups to receive support for their new project, while for investors there is the option to buy these tokens before they become available to the public.
For lovers of peer-to-peer or P2P trading, which requires a couple of people to sell or buy crypto from each other, Bitget offers some advantages such as:
- No commission;
- No fiat - kyc combination for users and traders;
- Speed thanks to the "SKP" system;
- Multiple solutions (merchant, express, p2p).
Bitget, Binance and Bybit in the CoinGecko rankings
As said above, the choice of the crypto-exchange is very much based on the different features offered by the platform and its competitors.
Thus, according to the rankings reported by CoinGecko, among the three exchanges, if you wanted to consider the trading volumes, Binance is the largest cryptocurrency exchange in the world, followed then in the ranking by Bybit (in third position in the global one) and then by Bitget (placed at the 16th).
Of course the situation could change if we consider other specific services. And in fact, if the ranking were based on the number of "crypto pairs" offered by the exchanges, Binance is still in first place with 1449 pairs, followed by Bitget with 424 and then Bybit with its 335 trading pairs.
CoinGecko also reports the ranking of crypto-exchanges on Futures, where while Binance Futures always remains first of the three exchanges for open interest and trading volume, in second place there is once again Bitget and then Bybit.
The advantages offered by Bitget on futures: copy trading
Continuing with the comparison, if the user-trader wanted to pause to analyze the different crypto-exchanges for their futures offer he could re-evaluate Bitget itself, against Binance and Bybit.
For example, while with Binance the user borrows money as margin, with higher costs, Bitget uses the Quanto Swap contract which supports different digital currencies (such as BTC, ETH and USDT) as margin for transactions, including cross currencies. This reduces the digital currency trading process and transaction fees. Conversely, Bybit does not provide this function.
Other strengths for Bitget futures are:
- low-cost, as there are no settlement fees
- the ability to set “stop order” when in open and closed positions. In Binance and Bybit this only happens with open positions and not with closed ones.
- the reverse trading, not present in Binance while yes in Bybit
- support for copy trading, not present in either Binance or Bybit
And precisely on copy trading, Bitget offers advantages to its users, allowing them to copy the operations created by experienced traders to generate profits. The function is simple, clear and easy to use even for novice users, as well as allowing real-time control of trading orders placed.
Original article published on Money.it Italy 2022-11-08 17:56:00.
Original title: Crypto-Exchange quale scegliere? Un confronto tra Bitget, Binance e Bybit
