We review some basic characteristics of soft X‐ray transients (rise, decay and recurrence times, maximum luminosity and total outburst energies). Based on a literature search we compare the optical spectra of low‐mass X‐ray binaries with those of catacylsmic variables. A comparison of the properties of soft X‐ray transients with those of dwarf novae shows: 1. The amounts of mass transferred in soft X‐ray transients and large dwarf nova outbursts are of similar order of magnitude. 2. The rise times of soft X‐ray transients are similar to those of dwarf nova outbursts, their decay times are an order of magnitude larger. We suggest that X‐ray irradiation of the disc is responsible for this difference in decay behaviour. 3. Soft X‐ray transients have recurrence times in excess of ∼200 days, whereas most known dwarf novae recur at intervals less than this value. We suggest an explanation for this difference based on the idea that short recurrence times correspond to high mass transfer rates in quiescence: potential soft X‐ray transients with short recurrence times have a quiescent X‐ray luminosity above a cetain critical value, which stabilizes the mass transfer process.