BingX and Binance are two of the most popular crypto derivatives exchanges available out there. Both exchanges have similar product offerings and a wide range of features.
As a result, there are many users who are confused between these two. So the question is, BingX vs Binance – which one is better?
To help you find the answer, I have compared both the exchanges below at various key factors. So go ahead and check the comparison below:
BingX vs Binance: At A Glance Comparison
BingX is one of the leading crypto exchanges. The company was founded back in 2018, and over the years, it has become the favourite choice of many.
You can use BingX for spot and crypto futures trading. But you can also use the exchange for other trading activities like copy trading, grid trading, or P2P trading.
Binance, on the other side, is one of the largest cryptocurrency day trading platforms by trading volume.
The company was also founded back in 2018, and it is the favourite choice of many crypto traders for a wide range of reasons.
You can use Binance for everything crypto – be it spot trading, futures trading or margin trading. Alongside this, you can also use it for strategy trading, swap farming, P2P trading, and more.
BingX vs Binance: Trading Markets, Products & Leverage Offered
Both BingX and Binance are quite similar in terms of trading market offerings but with a slight difference. And here is how both the exchanges compare:
- Spot Trading
- Perpetual futures trading in USDT with up to 150x leverage.
- Copy Trading
- P2P Trading
- Spot Trading
- Margin trading with leverage between 3x to 5x
- Perpetual futures trading in USDT with up to 125x leverage.
- Perpetual futures trading in crypto tokens up to 125x leverage
- Perpetual futures trading in BUSD with up to 125x leverage.
- Crypto Options (European Style)
- Binance Leveraged Tokens with up to 4x leverage
Verdict: Binance is the winner for this section. As the exchange is offering more products compared to BingX.
BingX vs Binance: Supported Cryptocurrencies
BingX does support a wide range of coins. You would find all the majorly traded crypto tokens. Alongside this, you will also find a wide range of new tokens.
However, there is no official number of how many tokens it supports. But the estimated number is above 300+. Some of the listed tokens on BingX are:
Binance Futures is one of the largest crypto exchanges out there, with hundreds of tokens listed. An estimation says there are over 500+ crypto tokens and trading pairs available on Binance.
Also, Binance launches new tokens from time to time. Some of the listed tokens are:
Verdict: Binance is the winner for this section as well. As the exchange supports a higher number of tokens compared to BingX.
BingX vs Binance: Trading Fee & Deposit/Withdrawal Fee Compared
The trading fee is the most important element of choosing a crypto exchange. So do make sure to choose an exchange with the lowest fees.
BingX Spot Trading Fee
Talking about BingX’s spot trading fee, it has a pretty straightforward fee structure with no additional discounts.
It follows the usual maker-and-taker fee model and doesn’t follow any tiers. Instead, here is the regular fee charged by the exchange:
- Maker Fee: 0.1%
- Taker Fee: 0.1%
Note: For certain crypto spot trading pairs, the maker and taker fees may vary. So you must look at BingX’s trading fee page to get a better understanding.
BingX Futures Trading Fee
For Perpetual futures trading, BingX also has a flat fee rate with the maker and taker fee model. The fee stands at:
- Maker Fees: 0.0200%
- Taker Fee: 0.0500%
- Trading Fee Rate: 0.0450%
BingX Deposit & Withdrawal Fees
BingX does not charge you any deposit fee. But you must meet the minimum deposit requirement. Alternatively, if you are depositing crypto by buying tokens using a credit/debit card, it will be subjected to a transaction fee.
For withdrawals, BingX users are required to pay a flat rate. Also, the withdrawal rates are determined by the blockchain network.
However, BingX does support P2P trading, so it can be used for free deposits and withdrawals.
Binance Spot Trading Fee
Binance follows a completely different structure for its trading fee. You get to see a tiered fee structure which is based on your 30days trading volume. So the more you trade, the lesser your trading fee will be.
On top of that, you will get a 25% discount on your spot trading fee when you use Binance’s native token BNB to pay for the fees.
So the regular and discount spot trading fee stands at:
|Regular Fee||25% Discounted Fee|
Binance Futures Trading Fee
A similar tiered fee structure also goes for Binance futures trades. Also, it comes with 10% off on the trading fee. But the discount is only applicable for USDT and BUSD perpetual contracts.
And here is how the fee structure stands out:
|USD-M Futures Fee||Regular Fee||10% Discounted Fee|
|BUSD Futures Fee||Regular Fee||10% Discounted Fee|
|Coin-M Futures Fee||Regular Fee|
|Binance Options Trading Fee||Regular Fee|
Binance Deposit & Withdrawal Fees
Binance also doesn’t charge you for depositing crypto. But for withdrawals, there is a certain fee that depends on the currency you are withdrawing and the blockchain.
However, if you are depositing fiat by buying crypto using a credit/debit card, bank transfer, or any other method, then you have to pay a transaction fee.
But you can enjoy completely free deposits and withdrawals when using Binance’s P2P trading.
Verdict: Overall, Binance is a better choice in terms of trading choice. The exchange offers you various ways to enjoy heavy discounts on trading fees. So your trading cost would be lower.
BingX vs Binance: Order Types
- Trailing Stop
- Post Only
- Stop Limit
- Stop Market
- Trailing Stop
- Post Only
Verdict: As you can see, Binance has more number of supported order types. Hence, Binance wins this section.
BingX vs Binance: KYC Requirements & KYC Limits
On BingX, you can start trading without verifying your account. You are free to deposit/withdraw funds and place trades.
However, without verifying your account, you won’t be able to buy crypto using debit/credit cards. But you can always access P2P trading without verifying your account.
Furthermore, there are no mentions of different KYC levels that will enhance your daily deposits or withdrawal limits.
Binance made it mandatory to complete KYC (Know Your Verification). Without verifying your account, you are not allowed to deposit or withdraw funds in any way.
However, Binance does have different KYC levels that will enhance your daily transaction limit.
Binance KYC Limits
- Verified: A daily fiat limit of 50K USDT.
- Verified Plus: A daily fiat limit of 2M USDT.
- Verified Plus (2): Unlimited fiat transactions.
Verdict: BingX is the winner for this section. As you can use the exchange without verifying your account.
BingX vs Binance: Deposits & Withdrawal Options
When it comes to deposits and withdrawal options, both exchanges stand at an equal position.
- Method 1: Deposit or withdraw funds using P2P Trading.
- Method 2: Deposit funds by buying crypto using a credit/debit card or bank transfer.
- Method 3: Transfer funds from another wallet or exchange or withdraw the funds in an external wallet.
- Method 1: Buy crypto using a credit/debit card, bank transfer, and other third-party payment options.
- Method 2: Deposit funds using P2P Trading.
- Method 3: Transfer funds from another wallet or exchange and vice versa for withdrawals.
Verdict: As there is no difference in terms of deposit and withdrawal options, it is a tie between BingX and Binance.
BingX vs Binance: Trading & Platform Experience Comparison
BingX’s overall trading experience is pretty great. It offers you a ton of features and has an easy-to-use mobile and web trading interface.
Under its trading terminal, you see features like:
- Technical chart powered by TradingView
- Trading pair details
- Order book
- Recent trades
- Trading pairs favourites
- Positions, Open orders, Order history, Trade history & Transaction History
- Easy-to-use order form
Binance also offers an easy-to-use interface for trading. It offers you all the features that you are going to need for crypto trading.
Plus, it comes with a mobile app that is designed for both new and advanced users. Some of the features you get to see on Binance are:
- Multiple technical chart options, including TradingView
- Pair details
- Order book
- Easy-to-use order form
- Trade history, open orders, PnL records
- User-friendly mobile app
Verdict: Overall, I find Binance’s trading window a better choice. Especially its mobile app, which is pretty user-friendly.
BingX vs Binance: Customer Support
Getting help from Binance is super easy and straightforward.
On the homepage itself, you would find a chat option that can be used for accessing different help guides or connecting with a live chat support agent.
Alternatively, you can also get help over email. However, BingX doesn’t offer its support through social media channels like Twitter.
Reaching out to Binance’s help is also no brainer. You have a live chat option that will instantly connect you with a support agent. Plus, they have an excellent response time.
Alternatively, you can also get help over email. Or you can try reaching out to Binance’s support on Twitter at @BinanceHelpDesk.
Verdict: As Binance’s support is more convenient to reach out to, it is the winner for this section.
BingX vs Binance: Security Features
Now coming to the most important part, which is security. And here is how both exchanges compare:
- Google Verification
- Fund Password
- Anti Phishing Code
- Keeps funds in cold storage
- Two-factor Authentication
- Real-Time Monitoring
- Advanced-Data Encryption
- Crypto Withdrawal Settings
- Anti Phishing Code
- Device Management
Verdict: Binance is a clear winner as it has more security features compared to BingX.
Is BingX Safe & Legal To Use?
BingX is a regulated yet safe crypto exchange. It falls under the regulation of FinCEN. Also, the exchange has implemented several features to protect its users’ details.
Plus, BingX keeps the majority of funds in cold storage. Also, the exchange hasn’t been hacked to date.
Is Binance Safe & Legal To Use?
Binance is one of the most secure crypto exchanges out there. The exchange is compiled with multiple jurisdictions around the globe.
Plus, it has implemented high-end security features and uses offline storage to protect its users’ funds and details. Also, the exchange doesn’t have any history of hacks at all.
BingX vs Binance: Conclusion: Why not use both?
Overall, Binance is a clear winner. The exchange wins in many key areas, such as trading fees, product offerings, and the overall usability of the exchange.
Also, being the largest crypto exchange, it offers deep liquidity, which can be extremely beneficial in your day-to-day trading activities.
But I see BingX as no loser.
The exchange is regulated and offers you up to 150x leverage for futures trading. Plus, it has several other features which will make your trading journey a smooth process.
Check out how BingX & Binance stacks up against the competition: