Bybit vs Bitrue Comparison

Bybit vs Bitrue Comparison

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Jonathan
Jonathan

An editor at Coincrop


17 Aug 2022 | 20 min read
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I

f you're like the majority of people, you likely view cryptocurrencies as speculative investments that may be bought and sold in an effort to realise a quick profit. You might not be aware of it, but it is also possible to receive interest on your cryptocurrency investments.

Similar to a bank savings account, you can keep your digital currency in a wallet and accumulate interest over time. There is, of course, a little more to it than that.

We'll cover all you need to know about generating interest on your crypto assets in this article, including how it operates and what you should be aware of before starting.

So, whether you want to earn a little extra money on your digital currency holdings or you're just curious about how this process works, keep reading to find out everything you need to know.

Bybit vs Bitrue Summary

How Does Crypto Saving Work?

A new method of saving money is with cryptocurrencies. It's a method of money management that is unrelated to the conventional banking system. You can store your money in an online wallet by using cryptocurrency saving. This wallet functions similarly to a bank account, however it is not linked to any conventional banks. It is instead linked to the cryptocurrency network.

Cryptocurrency saving allows you to save money in a variety of cryptocurrencies. These cryptocurrencies include Bitcoin, Ethereum, Litecoin, and many others. Each cryptocurrency has its own set of features and benefits.

One of the biggest benefits of cryptocurrency saving is that your money is safe and secure. Your money is not stored in a traditional bank, so it is not at risk of being stolen or lost. Additionally, your money is not subject to the fluctuations of the stock market. This makes cryptocurrency savings a great option for people who are looking for a safe and stable way to save their money.

Another great benefit of cryptocurrency saving is that it allows you to earn interest on your money. The cryptocurrency network offers this interest, which, depending on the currency you choose to save in, can be quite significant.

By investing in a variety of different cryptocurrencies, you can reduce your overall risk. By diversifying your investments, you can increase profits while reducing losses.

You can find about more about high-yield crypto alternatives to low interest rates here.

In the sections below we examine both companies as part of comparing Bybit vs Bitrue.

What Is Bybit

Bybit logo

With the recent boom in cryptocurrency prices, a lot of people are looking to get involved in the market. However, many are unsure of where to start. For those looking to trade Bitcoin derivatives, one popular option is Bybit. But is Bybit the best exchange out there?

In this article, we'll take a look at the pros and cons of using Bybit to trade Bitcoin derivatives so that you can make an informed decision.

Bybit Review

When comparing Bybit vs Bitrue, we should look at the background of each company.

Bybit is a margin trading platform that allows users to trade with up to 100x leverage. This means that you can control a large amount of capital with a small amount of money. However, it's important to note that leverage can also magnify losses. As such, it's important to only use leverage if you're confident in your ability to trade profitably.

To open a position on Bybit, you will need to deposit some collateral in the form of cryptocurrency. The amount of collateral you need will depend on the size of the position you want to open and the leverage you're using.

For example, let's say you want to buy 1 BTC worth of Bybit's BTC/USDT contracts. If you're using 10x leverage, you will need to deposit 0.1 BTC as collateral. This is because 10x leverage allows you to control a position that is 10 times larger than your collateral.

Once you have deposited your collateral, you can open a long or short position. A long position means that you expect the price of the underlying asset to go up. A short position means that you expect the price to go down.

If the price goes in the direction you predicted, you will make a profit. If it goes against you, you will make a loss.

How to trade on Bybit

If you want to start trading on Bybit, the first thing you need to do is create an account. You can do this by going to the Bybit website and clicking on the 'Sign Up' button.

Once you have created your account, you will need to deposit some collateral in order to start trading. As mentioned earlier, the amount of collateral you need will depend on the size of the position you want to open and the leverage you're using.

To deposit collateral, click on the 'Wallet' tab and then select the cryptocurrency you want to deposit. Once you have selected the cryptocurrency, enter the amount you want to deposit and click on the 'Deposit' button.

Once your deposit has been processed, you can start trading by going to the 'Exchange' tab. Here, you will see a list of all the available trading pairs.

To open a position, click on the trading pair you want to trade and then enter the amount you want to trade. Once you have done this, click on the 'Buy' or 'Sell' button depending on whether you're opening a long or short position.

It's important to note that you can only place orders when the market is open. The market for each trading pair is open from Monday 00:00:00 UTC to Friday 23:59:59 UTC.

Bybit also has what's known as a perpetual contract. This type of contract doesn't have an expiry date and allows you to trade with up to 100x leverage.

To trade a perpetual contract, go to the 'Exchange' tab and then select the 'Perpetual' tab. From here, you can choose the trading pair you want to trade and enter the amount you want to trade. Once you have done this, click on the 'Buy' or 'Sell' button depending on whether you're opening a long or short position.

It's important to note that Bybit has a funding rate for each perpetual contract. The funding rate is a fee that is paid every 8 hours and is used to incentivize traders to hold their positions.

If the funding rate is positive, long traders will pay and short traders will receive. If the funding rate is negative, long traders will receive and short traders will pay.

The amount that is paid or received is based on the size of the position and the length of time it is held for.

Is Bybit Safe?

Bybit is licensed by the Seychelles Financial Services Authority (FSA).

As for asset safety, Bybit stores all user funds in cold storage wallets that are not accessible by hackers. In addition, the platform employs multiple layers of security, including 2-factor authentication and IP whitelisting.

Overall, Bybit appears to be a very safe and secure platform to use for trading cryptocurrency derivatives.

What Is Bitrue

Bitrue logo

Bitrue is a Singapore-based cryptocurrency exchange that offers a wide range of features for users. These include a user-friendly interface, multiple fiat currencies, and an impressive variety of cryptocurrencies.

Bitrue also offers a rewards system that allows users to earn points for performing various actions on the site. These points can then be redeemed for various benefits, such as discounts on trading fees or increased withdrawal limits.

Bitrue Review

When comparing Bybit vs Bitrue, lets look at the background of the second company.

What Is Bitrue?

Bitrue is a cryptocurrency exchange that enables users to buy, sell, and trade digital assets such as Bitcoin, Ethereum, Ripple, and Litecoin. The platform also allows users to convert their fiat currency into digital assets. Bitrue was founded in 2018 by Curis Wang and Sophon Zhu to provide a safe and secure platform for users to trade cryptocurrencies.

The company is headquartered in Singapore and has offices in China, Japan, South Korea, and the United States. Bitrue has a team of experienced professionals who are committed to providing the best possible service to their clients.

Bitrue is a member of the Blockchain Association of Singapore. The company is also registered with the Monetary Authority of Singapore (MAS).

How can you use Bitrue?

The platform allows users to buy, sell, and trade cryptocurrencies. It also allows users to convert their fiat currency into digital assets. Bitrue also provides a wallet for users to store their digital assets.

Bitrue offers a variety of features that make it an attractive option for those looking to trade cryptocurrencies. These features include:

-A user-friendly interface: The platform has a user-friendly interface that is easy to use.

-A wide range of currencies: The platform supports a wide range of currencies, including Bitcoin, Ethereum, Ripple, and Litecoin.

-A secure platform: The platform uses state-of-the-art security measures to protect users' funds.

-An affiliate program: The platform has an affiliate program that allows users to earn commission by referring other users to the platform.

Is Bitrue Safe?

Bitrue is a safe and secure platform for users to trade cryptocurrencies. The platform uses state-of-the-art security measures to protect users' funds. Bitrue is also registered with the Monetary Authority of Singapore (MAS).

Users have responded positively to the platform's security features and practices. The platform has a user-friendly interface and a wide range of currencies that make it an attractive option for those looking to trade cryptocurrencies.

Bybit Vs Bitrue Interest Rates

The following table shows products offered by both organizations on a flexible term basis. In comparing Bybit vs Bitrue, we show the APY rates of each product. Such products do not require any notice period and deposits can be withdrawn at any time.

Deposit AssetBybitBitrue
Dai (DAI)3%5%
Cardano (ADA)0.55%2.1%
Polkadot (DOT)0.83%7.3%
Binance USD (BUSD)8%4%
Fantom (FTM)1.32%4%
Polygon (MATIC)1.1%3%
Tether (USDT)12%6%
Cosmos (ATOM)1.1%1.5%
NEAR Protocol (NEAR)0.44%7%
Shiba Inu (SHIB)0.34%1%
Harmony (ONE)0.44%7%
Axie Infinity (AXS)2.2%8%
Avalanche (AVAX)0.72%1.8%
Bitcoin (BTC)4.5%1.9%
Ethereum (ETH)1.8%2.2%
Solana (SOL)0.58%3%

Data provided by Seedling

What Are the Risks of Bybit Vs Bitrue?

Understanding the dangers involved is essential before deciding to earn interest on your crypto holdings. The following are a few of the most crucial points to bear in mind:

1. Security: One of the biggest risks associated with earning interest on your crypto is the threat of theft or hacking. Make sure you only use reputable platforms that have a solid track record when it comes to security.. This is especially important when comparing Bybit vs Bitrue.

2. Volatility: Because the value of cryptocurrencies can change greatly over time, your earnings may do likewise. Ensure that you are at ease with both the possibility of losses and benefits.

3. Taxation: The tax laws surrounding cryptocurrency are still relatively murky, so it's important to consult a tax professional before making any decisions about earning interest on your crypto assets. You may need to report your earnings as income, and you may also be subject to capital gains taxes.

4. Liquidity: In some cases, it may be difficult to sell your crypto assets when you need to cash out. This could lead to losses if you need to sell at a lower price than you bought in at.

5. Fees: The majority of websites that provide interest-bearing accounts demand fees in exchange for their services. Make sure you comprehend how these fees operate and how much they will cost overall.. Fees are a significant consideration when comparing Bybit vs Bitrue

Regulation: Because the cryptocurrency sector is still in its infancy, it's not always apparent how the various regulatory bodies will handle its various constituent parts. This would imply that it's illegal in some countries to earn interest on your cryptocurrency holdings. Before making any choices in this matter, be sure to consult a legal expert.

Bybit Vs Bitrue Facts

In the following table, we illustrate some key facts regarding Bybit vs Bitrue

BybitBitrue
Year founded20182018
HeadquartersBVISingapore
No. employees140010
No. products31127

Data provided by Seedling

Bybit Vs Bitrue Conclusion

Earning interest on your crypto assets can be a great way to boost the overall yield of your portfolio or store your assets in a more stable manner. There are several methods for earning interest on your crypto assets, and we've outlined the most popular ones in this article.

Before selecting a platform, conduct your own research because not all of them provide the same benefits. Thank you for your time!

Disclaimer: All of the information written on Coincrop is without influence and based on our analysis. No guarantee is offered concerning the accuracy of this information and therefore, any individual following up on it does as such completely at their own risk. Rates are correct at time of publication.


Jonathan

Jonathan

An editor at Coincrop
View articles

Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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