Binance vs Bybit vs Alpaca: Which Exchange is Right for You?
A detailed comparison of the three exchanges supported by AlsaTrade — features, fees, asset classes, and when to use each.
AlsaTrade supports three exchanges, each with distinct strengths. Choosing the right one depends on what you trade, where you’re located, and what features matter most to you.
Quick Comparison
| Feature | Binance | Bybit | Alpaca |
|---|---|---|---|
| Crypto Futures | Yes (up to 125x) | Yes (up to 100x) | No |
| Crypto Spot | Yes | Yes | Yes |
| US Stocks | No | No | Yes |
| Options | No | No | Yes |
| Market Hours | 24/7 | 24/7 | Stocks: 9:30–4 ET |
| Paper Trading | Testnet | Demo mode | Paper mode |
| TP/SL | Separate orders | Native API | Bracket orders |
| Account Type | Separate wallets | Unified account | Unified account |
Binance: The Crypto Giant
Binance is the world’s largest crypto exchange by volume. If you’re trading crypto futures, Binance offers the deepest liquidity and the widest selection of trading pairs.
Strengths
- Highest leverage: Up to 125x on major pairs like BTCUSDT
- Deepest liquidity: Tightest spreads and fastest fills
- Most trading pairs: Hundreds of perpetual futures contracts
- Testnet: Full-featured testnet for paper trading
Considerations
- Futures and spot wallets are separate — you need to transfer funds between them
- TP/SL requires placing separate orders (not native to the position)
- Regulatory restrictions in some regions
Best For
Crypto futures traders who want maximum leverage, the most trading pairs, and the deepest liquidity. If you’re running high-frequency webhook strategies on crypto, Binance is likely your best option.
Bybit: The Unified Experience
Bybit’s Unified Trading Account (UTA) simplifies portfolio management by combining all asset types under one account. No more transferring between wallets.
Strengths
- Unified account: Spot, futures, and margin all in one wallet
- Native TP/SL: Built into the position via
set_trading_stop()— cleaner than Binance’s approach - Demo mode: Instant demo trading without a separate testnet account
- Good leverage: Up to 100x on major pairs
Considerations
- Slightly less liquidity than Binance on some pairs
- Category parameter (
linear,spot,inverse) must be specified correctly in API calls
Best For
Traders who want a cleaner account structure with unified balances. The native TP/SL support makes it particularly good for position management strategies. If you’re using AlsaTrade’s trading bots (DCA/Grid), Bybit’s unified account simplifies balance tracking.
Alpaca: Stocks, Options & Crypto
Alpaca is the only exchange on AlsaTrade that supports US stocks and options trading. It’s a broker-dealer regulated by FINRA and the SEC.
Strengths
- US stocks: Full access to the US equity market
- Options trading: Options chains with Greeks (delta, gamma, theta, vega)
- Crypto: Cryptocurrency trading alongside stocks
- Paper trading: Instant paper trading mode for testing
- Commission-free: No commissions on stock and ETF trades
Considerations
- Market hours: Stocks only trade during market hours (9:30 AM – 4:00 PM ET)
- PDT rule: Accounts under $25,000 are limited to 3 day trades per 5 days
- No leverage/futures: No leveraged trading on stocks
- Fractional shares: Not all stocks support fractional shares
Best For
Traders who want to include US stocks and options in their portfolio alongside crypto. AlsaTrade’s order queue processor handles out-of-hours orders automatically — they execute when the market opens.
Using Multiple Exchanges
One of AlsaTrade’s key advantages is managing all three exchanges from a single dashboard. Common multi-exchange setups:
Crypto + Stocks Portfolio
- Binance or Bybit for crypto futures and spot trading
- Alpaca for US stock positions and options
Diversified Crypto
- Binance for high-leverage scalping strategies
- Bybit for longer-term positions with native TP/SL
Risk-Managed Approach
- Use AlsaTrade’s RiskGuard to set per-exchange daily loss limits
- Run different strategies on different exchanges to diversify execution risk
- If one exchange has an outage, your other strategies continue unaffected
How to Choose
Ask yourself these questions:
- Do you trade stocks or options? → You need Alpaca
- Do you need leverage above 100x? → Binance
- Do you prefer a unified account? → Bybit
- Are you just starting out? → Bybit’s demo mode or Alpaca’s paper trading are the easiest to set up
The good news: you don’t have to pick just one. Connect all three and let AlsaTrade manage them from a unified interface.
Ready to start trading?
Create a free account and connect your exchange in minutes.
Get Started Free