Bibox and Binance are two of the leading cryptocurrency exchanges offering various services in the crypto industry.
Both exchanges offer similar features, trading markets, and other crypto financial services. Hence, as a result, many newbies are confused between Bibox vs Binance and are not sure which one to choose.
To help you make the right decision, I have compared both crypto exchanges on various factors. So it will be easier for you to choose an exchange based on your requirements.
So here we go:
Bibox vs Binance: At A Glance Comparison
Bibox is one of the leading cryptocurrency exchanges out there, operating since 2017. It claims to be the first AI-powered digital asset exchange and offers crypto traders a robust and secure system to trade on.
It has multiple products that not only include crypto trading in the spot or futures market. But you can use the exchange for services like lend and earn, treasure box, etc.
Binance is known as the largest cryptocurrency exchange by trading volume. The exchange has been operating since 2017.
The crypto exchange cannot only be used for crypto trading across various markets. But it offers you tons of other features that help you to indulge with the crypto community more.
Some crypto-related services that you can find on the exchange are crypto loans, DeFi staking, liquidity farming, etc.
Bibox vs Binance: Trading Markets, Products & Leverage Offered
When it comes to product offerings, both exchanges are pretty equal. You get similar market types, leverage, and more.
The Product Offerings By Bibox
- Spot Trading
- Margin Trading with leverage ranging from 5x to 10x.
- USDT-M Perpetual with leverage ranging from 1x to 100x.
- Coin-M Perpetual with leverage ranging from 1x to 100x.
- Coin-M Delivery with leverage ranging from 1x to 100x.
- Bibox Convert – Convert any crypto to another one instantly.
Do note that the leverage across margin trading and futures trading varies from trading pair to pair.
The Product Offerings By Binance
- Spot Market Trading
- Margin Trading with 3x leverage for cross and 10x leverage for isolated trades.
- USD-M Futures: Crypto futures contracts settled in USDT or BUSD with leverage up to 125x.
- Coin-M Contracts: Perpetual and quarterly futures contracts settled in cryptocurrencies leverage up to 125x.
- Crypto Options
While both the exchange market types and other offerings are pretty similar, Binance is still a clear winner. As it offers you the option of crypto options and leverages up to 125x.
Bibox vs Binance: Supported Cryptocurrencies
You can trade in the leading cryptocurrencies on both exchanges. Also, there is a slight difference between both exchanges when it comes to supported cryptocurrencies.
Bibox supports more than 400+ cryptocurrencies and more than 270 trading pairs. You can find a mix of both leading and new and unique crypto tokens like:
Binance also has an extensive list of supported crypto trading pairs. On the exchange, you will find 500+ supported cryptocurrencies.
Also, apart from the majorly traded crypto tokens, the exchange is at the forefront of new coin launches. You can find crypto tokens such as:
As you can see, Binance supports more coins. Hence the exchange wins this section.
Bibox vs Binance: Trading Fee & Deposit/Withdrawal Fee Compared
Trading fee is a crucial factor when it comes to trading fee. Both exchanges have a competitive trading fee with fee discounts and follow a structured fee structure.
Bibox Spot Trading Fee
Bibox follows a maker-and-taker trading fee model. To be eligible for a certain fee tier, you need to meet different requirements. The regular fee without discount is:
- Maker Fee:1000%
- Taker Fee:2000%
But if you pay using BIX (Bibox’s native currency), you will get a 12.5% discount. So the discounted rate would be:
- Maker Fee:0875%
- Taker Fee:1750%
Furthermore, if you are a high-volume trader with 30 days of trading volume surpassing 10,000,000 or have 100,000 USDT worth of assets, then the minimum trading fee would be without discount:
- Maker Fee:0750%
- Taker Fee:1000%
Also, the 12.5% discounted trading fee would be:
- Maker Fee:0656%
- Taker Fee:0875%
Bibox Futures Trading Fee
Bibox futures trading fee applies on both USDT-M perpetual and Coin-M Perpetual contracts. Also, there is no discount on futures trading fees. The minimum trading fee that you will get charged is:
- Maker Fee:040%
- Taker Fee:060%
Bibox Deposit & Withdrawal Fees
On Bibox, the deposits are free. However, certain payment methods may charge you transaction costs. Like, if you are depositing fiat using a debit or credit card, the card issuer may bill you a transaction fee.
On the other side, withdrawal isn’t free on the exchange. The charges depend on the currency you are withdrawing from your selected withdrawal method.
Also, there is no option for P2P trading. So there is no way you can enjoy free deposit or withdrawal services.
Binance Spot Trading Fee
Binance also follows a tired fee structure and offers you a 25% trading discount for spot trading when you pay the fee using Binance’s native token BNB. The fee for regular users stands at:
- Maker Fee:1000%
- Taker Fee:1000%
The discounted spot trading fee would be:
- Maker Fee:0750%
- Taker Fee:0750%
Binance Futures Trading Fee
Unlike Bibox, Binance charges you a different trading fee for USD-M and Coin-M PERP. The regular rate without discount stands at:
USD-M Futures Trading
- Maker Fee:0200%
- Taker Fee:0400%
With 10% BNB Discount:
- Maker Fee:0180%
- Taker Fee:0360%
COIN-M Futures Trading
For Coin-M Futures trading, you don’t get any discount. So the fees for regular user stands at:
- Maker Fee:0100%
- Taker Fee:0500%
Options Trading Fee
- Maker Fee:020%
- Taker Fee:020%
Binance Deposit & Withdrawal Fees
You can enjoy free deposits and withdrawals on Binance through P2P trading. But usually, on Binance, deposits are free. But it is subjected to an external transaction fee charged by your selection of payment method.
Withdrawal fees it is again free in some cases and chargeable in others. It completely depends on the withdrawal method you have selected.
Overall, the winner, in this case, would be Binance. As it offers you a clear fee structure, heavy discounts, and in some instances, the fee is lower than Bibox.
Bibox vs Binance: Order Types
Both exchanges offer similar yet a few different order types. These order types are:
- Market Only
- Stop Limit
- Stop Market
- Trailing Stop
- Post Only
Talking about the winner, Binance is a better option as it offers you multiple order types that can enhance your trading experience.
Bibox vs Binance: KYC Requirements & KYC Limits
When it comes to KYC verification, Bibox can be a better choice as it allows you to use the exchange without KYC to a certain extent.
But Binance has made it mandatory to complete your KYC. Without verifying your user account, you are not allowed to deposit or withdraw funds or participate in any trading activity.
On Bibox, without verifying your identity, you get a daily withdrawal limit of 0.5 BTC.
However, if you want to increase the withdrawal limit, then you need to verify your account by submitting a Govt ID, and you will be eligible for a daily withdrawal limit of 2BTC.
Also, if you want an ever higher limit, you are required to contact Bibox support.
As you can see that Bibox allows you to trade without verifying your user account. Hence, it is a clear winner.
Bibox vs Binance: Deposits & Withdrawal Options
Both Binance and Bibox offer you plenty of ways to deposit and withdraw funds.
- Method 1: Deposit funds using payment options like wire transfer, Apple Pay, Google pay, Bank Transfer, or debit/credit cards.
- Method 2: Deposit crypto funds from an exchange or wallet (Subjected to network fee charged by the blockchain network).
- Method 1: Buy crypto using Credit/Debit cards or other locally available payment methods.
- Method 2: Use P2P trading to deposit or withdraw funds.
- Method 3: Transfer crypto to Binance’s wallet from another exchange or wallet.
Binance, in this case, is the winner. As it offers you peer-to-peer trading, this allows you to use locally available payment methods to exchange crypto with other users at zero fees.
Bibox vs Binance: Trading & Platform Experience Comparison
Both the exchange’s trading window looks pretty much the same. So if you are a master at one exchange, using the other would come easily.
Bibox offers you multiple charts, the option to adjust leverage and choose different market types pretty easily. Some of the features that you get to see on the exchange are:
- Order Book
- 24h value, 24h change, last price, the funding fee
- Easy-to-use order book
- Trading pairs menu
- Trade and order history
Binance also stands in an equal position with Bibox. You get a similar way of adjusting leverage, choosing trading pair, viewing trading pair details, and more.
- Order Book
- Multiple charts, including TradingView
- Recent orders
- Trading pair details
- Easy-to-use order menu
- Multiple order types
- Easy-to-use mobile app
Overall, it’s a tie between them. As there is not much of a difference, and the look and feel of both the exchange’s trading windows are the same.
Bibox vs Binance: Customer Support
Bibox and Binance offer you a similar way to offer customer support.
On one side, you can reach out to Bibox through live chat support, which can be used for both getting help info and connecting to a live agent.
Or you can reach out to their customer support team through email. Plus, you can also get help through Bibox’s telegram channel.
On the other side, Binance also has live chat support that solves your queries quickly. Alternatively, they have support emails. Even they also extend their support through their social media channels like Twitter.
Since both exchanges offer a similar kind of support, it’s a tie between the two.
Bibox vs Binance: Security Features
Both the crypto exchanges are also pretty secure. Both of them keep users’ funds stored in offline storage and have taken strong security measures into account.
- Microservices splitting design and AI to provide smart token and trading management.
- SMS Authentication
- Google Authentication
- Fund password
- Anti-phishing Code
- Secure Storage
- Real-Time Monitoring
- Organizational Security
- Advanced-Data Encryption
- Regular Audits
There is not so much of a difference between both exchanges. So it’s a tie between Bibox and Binance for this section.
Is Bibox a Safe & Legal To Use?
Bibox is a leading crypto exchange that has been standing rock solid since its inception. It is used by millions of users worldwide and offers you a secure system and robust security features that ensure your account is protected.
Also, on the user side, you are getting a bunch of features to protect your account. Plus, the exchange has never been hacked in the past.
Is Binance a Safe & Legal To Use?
Binance is a widely trusted cryptocurrency exchange with zero history of hacks.
The exchange offers you a bunch of security features that help you to keep your account safe and secure. It also keeps a vast amount of users’ funds in cold storage and performs regular audits.
Bibox vs Binance Conclusion: Why not use both?
In the battle between Bibox vs Binance, Binance stands out to be the clear winner. The exchange satisfies every need of a crypto user by providing services in trading, staking, lending, and so on.
It also offers you more supported tokens and a competitive trading fee. Plus, being the number one in the industry, it offers you deep market liquidity.
But I wouldn’t say Bibox is a loser. The exchange is rock solid and offers you tons of features. You get heavy discounts on the trading fee, have different market types, and offer interesting leverage.
So go ahead and check both exchanges out and choose the one that satisfies your needs.
- 9 Best Monero Wallets To Secure XMR In 2023 - February 9, 2023
- What Does “SAFU” & “HODL” Mean In Crypto World? (2023) - November 8, 2022
- Best Tron(TRX) Wallets To Secure Tron Crypto In 2023 - October 25, 2022