BingX vs Binance: Trading Fees, Security etc Compared !?

In the dynamic realm of crypto exchanges, BingX and Binance stand out.

Traders often ponder whether BingX trumps Binance.

This article compares their offerings, from fees to security, to guide traders in 2024. BingX caters to novices and veterans with its user-friendly copy trading and over 700 coins.

Binance, known for robust trading tools and liquidity, supports 350 cryptocurrencies.

We’ll dissect their pros and cons to help you decide which exchange meets your trading objectives. Let’s uncover if BingX has the upper hand in this competitive market.

BingX Vs. Binance: Comparative Table

Feature	BingX	Binance
Founded	2018	2017
Founder(s)	Not Publicly Disclosed	Changpeng Zhao (CZ)
Supported Coins	Over 700, including a variety of new coins and altcoins	Over 350 well-established cryptocurrencies
Trading Volume	Limited information is available; check the latest data	High volume, among the top exchanges globally
Leverage	Offers leverage trading; specifics vary by market	Up to 125x leverage on certain derivatives products
Trading Features	Spot trading, derivatives market, copy trading, grid trading	Spot trading, futures, options, savings, staking, loans
Deposit Methods	Multiple options, including credit/debit cards, wire transfer	Bank transfer, credit card, cryptocurrency, P2P trading
Fees	Competitive fees can be lower for higher trading volumes	Relatively low fees, with discounts for BNB token holders
Sign up Bonus	🔥 Get up to $5000 Sign up Bonus	–

You’ll find that each platform has its unique strengths and differences.

BingX touts a vast array of over 700 coins. In contrast, Binance focuses on a more curated list of 350 established cryptocurrencies.

Look into their respective leverage offerings to ensure they match your trading requirements.

Binance provides significant leverage on derivatives products.

Both support various trading features, though the range and specifics may vary.

When onboarding funds, you have multiple options on both platforms. However, review the fee structure, as costs can impact your trading outcome.

Binance, one of the largest exchanges globally, boasts a high trading volume. This may be advantageous for liquidity and trade execution speed.

BingX Vs. Binance: Products And Services

As you explore the world of cryptocurrency trading, understanding the distinct offerings of BingX and Binance can significantly influence your trading experience.

BingX is known for its broad spectrum of coins, presenting you with over 700 choices, which include a mix of new coins and altcoins. This diverse selection can be vital if your strategy involves many cryptocurrencies.

• Spot Trading: Available on both BingX and Binance, offering a traditional trading experience.
• Futures Trading: BingX provides perpetual futures trading with up to 150x leverage, while Binance offers competitive leverage options.
• Copy Trading: A standout feature for BingX, allowing you to mimic the trades of experienced users.

Binance, on the other hand, supports around 350 well-established cryptocurrencies. If you focus on more recognized digital assets, Binance’s portfolio may suffice.

• Options Trading and Leveraged Tokens:
  • Binance: Provides options trading and innovative products like leveraged tokens.
  • BingX: It does not heavily feature options or leverage tokens.
• NFT Marketplace:
  • Binance: Has integrated an NFT marketplace catering to the growing interest in digital collectibles.
  • BingX: Less emphasis on NFTs, focusing primarily on trading functionalities.

Both platforms offer similar services, such as staking, with Binance often recognized as a slightly more developed ecosystem.

Your choice between BingX and Binance can hinge on specific needs, whether for a broader range of cryptos or a platform with a rich array of innovative trading products.

 

BingX Vs. Binance: Contract Types

When comparing contract types between BingX and Binance, there are several varieties to consider that suit different trading strategies.

Binance offers an extensive range of contract types:

• Inverse Perpetual Contracts: These allow you to trade with cryptocurrencies as collateral.
• Linear Perpetual Contracts: Your trades are collateralized and settled in stablecoins like USDT, offering straightforward valuation.
• Inverse Futures Contracts: Similar to inverse perpetual, but with an expiration date and using cryptocurrency as collateral.
• COIN-M Futures: These contracts use the underlying coin as a margin.
• USD-M Futures: Settled in USDT, these provide clarity on value and are often preferred for hedging.
• Options: Providing flexibility, they give you the right, but not the obligation, to buy or sell at a predetermined price.

BingX specializes in the following contracts:

• Perpetual Futures Trading: Offering USDT margined (linear) and cryptocurrency margined (inverse) contracts. This provides a diversity of trading with different leverage options.
• Inverse Perpetual Contracts: Similar to Binance, allowing trade with cryptocurrency as collateral.
• Options with BingX are less emphasized, and they may lack advanced types like Iceberg orders.

Each platform also allows for Copy Trading, a feature enabling you to mimic experienced users’ trades.

Contract Type	BingX	Binance
Inverse Perpetual	Available	Available
Linear Perpetual	USDT Margined Only	Available
Inverse Futures	Not Prominently Offered	Available
COIN-M Futures	Not Prominently Offered	Available
USD-M Futures	Not Prominently Offered	USDT Margined
Options	Less Emphasized	Available

Remember, the proper exchange for you hinges on the types of contracts that align with your trading strategies and preferences regarding collateral and settlement.

 

BingX Vs Binance: Supported Cryptocurrencies

When you’re exploring the realm of digital asset exchanges, BingX and Binance present a wide array of cryptocurrency options catering to diverse trading preferences.

BingX is known for its extensive list, which supports over 700 coins and tokens. Its mix includes well-established cryptocurrencies and niche altcoins that appeal to various traders.

Binance, on the other hand, is one of the largest platforms in terms of trading volume and user base, offering a sizable range of cryptocurrencies.

Although Binance doesn’t match BingX’s number of offerings, it still provides a comprehensive selection that covers most of the major coins and a variety of lesser-known tokens.

In the context of futures and leverage trading:

• Binance allows futures trading with a significant number of pairs. The most popular crypto futures trading pairs on Binance include BTC/USDT, ETH/USDT, and BNB/USDT.
• BingX also offers futures and leverage trading, but specifics about the number of supported cryptocurrencies for these trades are less publicized. However, it facilitates these trading modes on several of the significant cryptocurrencies.

Exchange	Crypto Futures Trading Pairs	Popular Trading Pairs
Binance	Extensive number	BTC/USDT, ETH/USDT, BNB/USDT
BingX	Wide selection	Major cryptocurrencies

When considering which exchange to use for trading cryptocurrencies, your choice depends on whether you prioritize a vast selection of coins or prefer an exchange with a high volume of trades and liquidity for more popular pairs.

 

BingX Vs Binance: Leverage And Margin Trading

When you trade cryptocurrencies, leverage and margin trading are powerful tools that allow you to amplify your positions and potential returns on exchanges like BingX and Binance.

BingX offers leverage of up to 150x for its perpetual futures trading, particularly on USDT pairs. This high level of leverage could be a significant draw if you’re interested in executing high-leverage trades.

With BingX, the emphasis on their leverage offerings enables you to control more prominent positions with a smaller capital outlay. However, this also increases the potential for both gains and losses.

Remember that you should also keep an eye on margin requirements and be aware of liquidation risks, as the possibility of amplified losses can accompany these high-leverage opportunities.

Binance, on the other hand, extends leverage up to 125x for specific products.

Regarding margin trading, Binance allows you to access leverage between 3x to 5x.

The availability of an extensive list of perpetual futures across various pairs, including USDT, crypto tokens, and BUSD, adds to its leverage offerings.

Both platforms offer mechanisms to manage risk, such as margin calls and liquidation protocols, to avoid significant losses.

It’s also essential to monitor funding rates, which can affect the cost of holding your leveraged positions over time. These funding rates frequently update depending on market conditions, reflecting the cost of carrying leverage.

Feature	BingX	Binance
Maximum Leverage	150x	125x
Futures on USDT Pairs	Up to 150x	Up to 125x
Margin Leverage	N/A	3x to 5x
Risk Management	Margin Call and Liquidation Protocols	Margin Call and Liquidation Protocols
Funding Rates	Variable	Variable

Remember to trade responsibly, as margin trading amplifies both gains and losses.

 

BingX Vs Binance: Trading Volume

When you examine the trading volume on BingX versus Binance, you’ll notice a mark that affects your trading experience.

Binance, known for its vast user base, typically has a higher trading volume.

The volume is essential as it impacts the efficiency of your trades.

Higher volume indicates a robust market where assets can be bought or sold promptly, minimizing the spread between bid and ask prices.

Binance:

• Liquidity Ranking: Often ranks at the top in global exchange liquidity rankings.
• Volume: Maintains a high volume, contributing to efficient trading and reduced slippage.

BingX:

• Liquidity Ranking: Lower than Binance, which may affect instantaneous trade execution.
• Volume: Less than Binance, leading to potential price variability during order execution.

Regarding slippage, Binance’s high validity translates to less price movement when your trade is placed, ensuring closer adherence to the expected execution price.

Meanwhile, BingX, with its comparatively lower volume, may not be as efficient in this regard.

However, both exchanges do succeed in facilitating trade execution, but Binance stands out due to its higher volume, resulting in a more seamless trading experience for you.

Liquidity and volume data can be sourced from market analysis reports, exchange ranking websites, and periodic financial disclosures provided by the exchanges.

Your decisions between these two platforms may hinge on these metrics, depending on your emphasis on speed and price consistency when executing trades.

 

BingX Vs Binance: Futures Trading Fees And Rewards

When comparing the futures trading fees on BingX and Binance, your potential profits and costs will vary depending on your chosen platform.

BingX tends to offer a competitive fee structure.

For instance, if you engage in futures trading, you might encounter fees that scale with your trading volume.

Assuming you are a standard user without VIP status, you could see maker fees around 0.02%, and taker fees may be up to 0.05%.

Bonuses such as rewards for new users may significantly reduce your effective costs.

On the other hand, Binance has a tiered fee system based on your VIP limited by your 30-day trading volume and without discounts on BNB balances.

The standard maker fee is about 0.02%, while the taker fee is 0.04%.

Binance allows you to decrease your fees further by using BNB tokens for transaction fees, which can give you a 10% discount, adjusting your fees to 0.018% for the maker and 0.036% for a taker.

Here’s how these fees can play out:

• If you make a $10,000 futures trade as a maker on BingX without any discount, your fee would be $2. On Binance, with the BNB discount, the same trade would cost you $1.80.
• As a taker, the same trade on BingX would cost $5 without discounts, whereas Binance, with the BNB discount, would be $3.60.

Remember, withdrawal and deees should also be factored into your cost analysis, as they differ across platforms and can add up, especially with frequent trading.

Using a platform’s native token for fees or reaching higher VIP levels can significantly mitigate these costs, enhancing your trading strategy’s profitability.

 

BingX Vs Binance: Deposits & Withdrawal Options

When navigating BingX and Binance, understanding your options for deposits and withdrawals is essential for managing your funds effectively.

BingX offers a diverse set of options for depositing and withdrawing funds. You can use:

• P2P Trading: Peer-to-peer transactions to move funds.
• Credit/Debit Cards: Direct purchases of crypto.
• Bank Transfers: Traditional banking methods for depositing funds.

Deposits are typically free of charge, but a standard fee is applied to withdrawals.

The variety of cryptocurrencies you can deposit and withdraw is significant, with BingX supporting over 700 coins.

Binance, on the other hand, facilitates deposits and withdrawals through:

• P2P Trading: Similar to BingX, enabling direct user-to-user transactions.
• Credit/Debit Cards & Bank Transfers: Wide acceptance of conventional pay factors like trading volume and verification status could influence more established options.

While specifics on deposit fees are not mentioned, withdrawal fees vary, and sometimes unique withdrawal methods might be available, depending on the cryptocurrency.

Both exchanges aim to offer convenience, but the processing times for each method may vary depending on your location and the specific currencies involved.

As for the minimum and maximum transaction amounts, these are often determined by the exchange’s policies and your account level, which factors like trading volume and verification status could influence.

Remember that the specifics around fees, limits, and processing times on BingX and Binance can change, so you should always double-check the most current information on their respective platforms.

 

BingX Vs Binance: Native Token Usage

When trading on BingX or Binance, understanding the utility of their native tokens can save you money and enhance your trading experience.

Both platforms offer unique benefits for users who hold and use these tokens.

BingX does not have a native token as of the knowledge cutoff 2023.

Users on BingX should keep an eye on announcements from the platform, as introducing a native token could offer additional trading benefits in the future.

On the other hand, Binance uses the BNB token within its ecosystem. As a Binance user, you can use BNB to:

• Reduce Trading Fees: Holding BNB entitles you to a discount on trading fees. This discount starts at 25% for crypto spot trading fees and can be further reduced based on your 30-day trading volume.
• Token Sales Participation: BNB allows you to participate in token sales hosted on the Binance Launchpad.
• Pay for Transaction Costs: On the Binance Chain, BNB is used to pay transaction fees.

Here’s how Binance’s fee reduction works for holders of BNB:

Trading Volume (30d) in BTC	Maker/Taker Fee Without BNB	Maker/Taker Fee With BNB
< 50 BTC	0.1% / 0.1%	0.075% / 0.075%
> 50 BTC	Reduced further	Reduced even more

Remember, the value of using these native tokens can be significant, especially if you’re a frequent trader. Keep abreast of any ages or promotional periods that may offer additional benefits for using BNB.

While BingX may lack a native token, its other features and offerings still cater to various trading needs and preferences.

 

BingX Vs Binance: KYC Requirements & KYC Limits

BingX and Binance approach KYC (Know Your Customer) compliance with distinct policies that reflect the level of privacy, security, and accessibility they offer their users.

BingX KYC Policies:

• Initially, you can trade on BingX without account verification.
• For certain services, such as buying ng crypto with debit/credit cards, KYC verification is required.
• Non-verified users have a withdrawal limit of $50,000 worth of crypto daily.

Binance KYC Policies:

• Binance mandates identity verification for all users.
• You will need a government-issued ID, passport, or driver’s license, and a facial recognition check is performed during Level 1 verification.
• The services available and limits on transactions correlate directly to your verification level.

Verification Level	Required Documents	BingX Limits	Binance Limits
Unverified	None	Withdrawals allowed up to $50,000 per day	Trading is possible but has limited functionality
Basic	Government ID/Passport	–	Deposit and withdrawal limits increased.
Full	Government ID + Facial Recognition	Access to the full range of services and higher withdrawal limits	Full platform access with maximum limits

KYC requirements inevitably affect your privacy, requiring you to disclose personal information. Still, they also play a crucial role in enhancing the platform’s security and compliance with anti-money laundering laws.

Your verification status on BingX and Binance directly impacts your ability to deposit, withdraw, and access other sophisticated trading features.

Understanding these requirements allows you to align your exchange choice with your needs for privacy, transaction limits, and services offered.

 

BingX Vs Binance: User Experience

When you choose a cryptocurrency exchange, the user experience (UX) is crucial.

BingX and Binance have developed platforms that cater to traders with different preferences and experience levels.

BingX

• Interface: Presents a balance between simplicity and simplicity, trading on accessibility: Focus on an interface that’s easy to navigate.
• Features: Offers copy trading, allowing you to mirror the strategies of veteran traders directly. To know more, check this BingX tutorial.

Binance

• Interface: Highly detailed with various tools and charts for advanced traders.
• Accessibility: It might feel overwhelming if you’re a beginner due to its extensive functionality.
• Features: Provides a comprehensive suite of spot trading and derivatives market tools. To know more, check this Binance trading tutorial.

Mobile Apps Comparison

BingX

• Ease of Use: The app is designed to simplify trading on the go.
• Speed & Design: It is hailed for its responsive design and fast execution speeds.

Binance

• Ease of Use: The mobile app is full-featured, mirroring the complex nature of its web interface.
• Speed & Design: Users benefit from a powerful app that’s relatively quick, but due to its complexity, it might require a steep learning curve.

Web Interface Comparison

• BingX and Binance offer web interfaces with real-time data, charting tools, and secure transaction capabilities.
• BingX’s web interface aligns with its mobile app, providing a unified experience between devices.
• Binance, known for its wide array of features on the web platform, offers an environment suitable for detailed technical analysis and trading.

 

BingX Vs. Binance: Order Types

When you trade cryptocurrencies, the types of orders you can place play a critical role in your strategy execution and risk management. BingX and Binance offer a variety of order types that cater to different trading styles.

• Market Orders: On BingX and Binance, you can enter or exit the market instantly at the best price. This is suitable for times when you prioritize execution speed over price precision.
• Limit Orders: Limit orders allow you to specify the price you are willing to buy or sell. Both exchanges support this feature, giving you control over the price point of your trades.

Each platform also provides advanced order options:

• Stop Orders: These orders limit potential losses or secure profits by triggering a buy or sell order if the asset hits a specific price.
• Conditional Orders: You can set orders that will only be executed when certain conditions are met, allowing for more strategic planning.
• Post-Only Orders: This option ensures your limit order will be added to the order book and not filled immediately, ensuring you pay the maker fee instead of the taker fee.
• Reduce-Only Orders: Such orders are used in margin and futures trading. They will only reduce your position, not increase it, which is crucial for risk management in leveraged trades.

BingX and Binance differ slightly in terms of the specific nuances and additional order types they offer:

BingX:

• Offers features like copy trading can influence how and when different order types might be utilized.

Binance:

• Prominent for a more extensive array of advanced orders and its expansive ecosystem, which could affect the applicability of specific order types within various trading contexts.

 

BingX vs Binance: Security Measures & Reliability

When considering a cryptocurrency exchange, the types of orders you can place play a critical role in your strategy execution and risk management.

BingX and Binaety of order types that cater to different trading styles.

• Market Orders: On BingX and Binance, you can enter or exit the market instantly at the best price. This is suitable for times when you prioritize execution speed over price precision.
• Limit Orders: Limit orders allow you to specify the price you are willing to buy or sell. Both exchanges support this feature, giving you control over the price point of your trades.

Each platform also provides advanced order options:

• Stop Orders: These orders limit potential losses or secure profits by triggering a buy or sell order if the asset hits a specific price.
• Conditional Orders: You can set orders that will only be executed when certain conditions are met, allowing for more strategic planning.
• Post-Only Orders: This option ensures your limit order will be added to the order book and not filled immediately, ensuring you pay the maker fee instead of the taker fee.
• Reduce-Only Orders: Such orders are used in margin and futures trading. They will only reduce your position, not increase it, which is crucial for risk management in leveraged trades.

BingX and Binance differ slightly in terms of the specific nuances and additional order types they offer:

BingX:

• Offers features like copy trading can influence how and when different order types might be utilized.

Binance:

• Prominent for a more extensive array of advanced orders and its expansive ecosystem, which could affect the applicability of specific order types within various trading contexts.

 

BingX vs Binance: Security & Reliability

When considering a cryptocurrency exchange, your peace of mind regarding security and reliability is paramount. BingX and Binance take considerable steps to protect your funds and personal data.

BingX has established a name for championing security by selecting coins. You have access to over 700 options, including newer altcoins.

BingX emphasizes the importance of using all the security features it provides for safeguarding.

• Security Tools include but are not limited to two-factor authentication (2FA), withdrawal allowlist, and encryption technology.
• Incident Response: No recent security breaches have been publicly disclosed, indicating a stable security posture or effective containment and resolution methods.

On the other hand, Binance is known for supporting 350 well-established cryptocurrencies, and while it offers fewer coins, it also strongly focuses on security and reliability.

• Security Features: Binance provides 2FA, device management, and IP allowlisting to ensure that only you can access your funds.
• Transparency: Binance has withstood the test of time and user scrutiny, providing proof of reserves to show that customer assets are fully backed.

Both platforms advocate for personal responsibility in security.

They encourage you to use the security features and remain vigilant against phishing attacks and other fraudulent activities.

In the past, both exchanges have encountered security issues.

However, through prompt and transparent communication, they’ve shown resilience in addressing these challenges and have managed to regain user trust.

Initiatives like regular security audits and transparency reports are steps these platforms take to maintain their integrity and reliability.

 

BingX vs Binance: Insurance Fund

When engaging with either BingX or Binance, you’ll find that the safety of your funds is a priority. Understanding how each platform safeguards your assets can be pivotal in your decision-making process.

Binance: Secure Asset Fund for Users (SAFU)

Binance provides an emergency insurance fund called the Secure Asset Fund for Users (SAFU).

They were established on July 20 and were funded by allocating 10% of all trading fees received into this fund to protect users and their funds in extreme cases. As of the latest information, Binance’s SAFU is valued at over $1 billion.

• Function: Protection against extreme losses
• Funding: 10% of trading fees
• Current Value: Over $1 billion

BingX

Meanwhile, BingX’s specific insurance ails aren’t highlighted as prominently in comparison to Binance.

However, both platforms deploy rigorous security measures to serve your needs better.

Typically, such funds cover unexpected losses outside the users’ control, such as those arising from the exchange’s security breaches.

• Function: Protection against specific losses
• Security Measures: Robust, including various protections

During your decision-making process, consider the differences in the scope and transparency of the insurance funds available.

Stay updated with the latest security features and fund insurance details directly from BingX and Binance, as these policies can evolve to serve your needs better.

 

BingX vs Binance: Customer Support

When engaging with either BingX or Binance, you’ll find that customer support is a priority for both platforms. Your queries and issues are addressed with systems designed to ensure that you receive timely and appropriate assistance.

Binance:

• Availability: Offers 24/7 customer support through various channels, including live chat.
• Infrastructure: Given its size and more extended history, Binance has developed a comprehensive support system that can handle many requests.
• Languages: Support is provided in multiple languages, catering to its global user base.
• Resources: You have access to a vast knowledge base, helping you find answers independently.

BingX:

• Availability: Similar to Binance, BingX provides 24/7 customer support, keeping in line with industry standards.
• Focused Support: While smaller in scale, BingX offers dedicated support to its growing user base.
• Response Time: Strives to offer quick response times to ensure a smooth trading experience.

Your experience with customer support will vary based on your specific needs and the complexity of your requests.

Both platforms are committed to offering reliable support, but the scale and reach of Binance may provide a slightly more polished system due to its maturity in the market.

 

BingX vs Binance: Regulatory Compliance

When assessing the regulatory compliance of BingX and Binance, you should be aware that both platforms operate in a complex and fast-evolving legal landscape.

Their adherence to regulatory standards is critical for ensuring your security and the legality of your transactions.

BingX:

• Licensing: BingX complies with the jurisdictions’ regulations, though specifics may vary by region.
• Security Standards: Regular audits ensure that operational and security protocols are up to par with international standards, though detailed information on certifications may not be publicly disclosed.

Binance:

• Licensing: Binance has faced scrutiny and has proactively sought licenses from various regulatory bodies. They actively work with regulators to ensure compliance.
• Security Standards: Binance undergoes periodic security audits and aligns with high industry standards to protect your investments and personal data.

Compliance Aspect	BingX	Binance
Regulatory Approvals	Adjusted for service regions; details on licenses vary	Actively obtains licenses in operating countries
Operational Audits	Conducts regular audits for security	Undergoes routine third-party audits for system security
Industry Standards	Complies with international standards; specifics vary	Meets high industry standards with periodic updates

Both exchanges strive to comply with Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regulations.

You’ll find that they implement Know Your Customer (KYC) processes, which are part of the global effort to prevent identity theft, financial fraud, and the funding of criminal activities.

Read More: Crypto Futures vs Margin Trading

Remember that each platform’s compliance status can impact your experience. Any changes in their compliance could affect their offerings and operational jurisdictions, something to keep in mind when choosing an exchange for your cryptocurrency endeavors.

 

Conclusion: Binance or BingX which is better?

When selecting a cryptocurrency exchange, your preferences and trading goals are paramount.

BingX might be your go-to platform if:

• You value a vast variety of altcoins, having access to over 700 coins.
• Copy trading is a feature you find beneficial.
• New and potentiallytonexperimenterest you.

On the other hand, Binance could be more aligned with your needs if:

• A more established assortment of cryptocurrencies, totaling around 350, is what you seek.
• Lower trading fees are important to you.
• You require deep liquidity for more efficient trading.

Both exchanges provide unique advantages:

Feature	BingX	Binance
Coin Diversity	✔️
Copy Trading	✔️
Established Coins		Thus, Your choice should
humidity		✔️

Your decision should align with your trading habits and the theories you will experience.

If you are inclined to experiment with a broad range of coins, including the less mainstream ones, BingX might fit your explorative style.

On the other hand, if your priority is an established platform with competitive fees and a focus on popular cryptocurrencies, Binance would likely serve you better.

In the evolving landscape of cryptocurrency exchanges, being informed about each platform’s offerings is crucial.

Thus, Your choice should reflect a thorough consideration of their respective features and how they align with your trading approach.

Compare BingX and Binance with other major exchanges

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• BingX vs Bitget
• BingX vs OKX
• Bybit vs Binance
• Binance vs KuCoin
• Binance vs Phemex