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BingX vs Bitget: An Extensive Comparison of Features, Fees, and Security

Written by Stephen Wedge

Written by:

Stephen Wedge

Stephen Wedge, with over 15 years of experience in finance, holds a Master of Science in Finance from Vanderbilt University's Owen Graduate School of Management. He specializes in financial analysis, strategic investment planning, and has a keen interest in the world of cryptocurrencies. With a deep understanding of both traditional and digital financial markets, Stephen offers valuable expertise to investors seeking to navigate the complexities of crypto investments.

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Expert Reviewed

This article has been reviewed by crypto market experts at SCM to ensure all the content, sources, and claims adhere to the highest standards of accuracy and reliability.

Last Updated on July 16, 2024

In the dynamic cryptocurrency exchange landscape, traders often weigh the merits of platforms like BingX and Bitget.

Both, launched in 2018 and based in Singapore, offer diverse trading options. The pivotal question is whether BingX outshines Bitget.

This article will compare the two, assessing fees, security, and user experience to aid traders in making an informed choice.

We’ll dissect key features that define an exchange’s value and help new and veteran traders in their crypto endeavors.

BingX vs Bitget: Comparative Table

When comparing BingX and Bitget, you’ll find that both exchanges share some similarities but also have their distinct features. Below is a comparative table to help you understand both platforms’ key differences and offerings.

Feature BingX Bitget
Founded 2018 2017
Headquarters Singapore Singapore
Supported Cryptocurrencies Extensive range Extensive range
Trading Fees (Futures) Not specified 0.02% for makers, 0.06% for takers
Trading Fees (Spot) 0.1% for makers and takers 0.1% for makers and takers
Deposit Methods Multiple, including fiat and crypto Multiple, including fiat and crypto
Leverage Not specified Not specified
Trading Volume Not specified Not specified
Products Spot trading, futures contracts, and more Spot trading, futures contracts, and more
User Scores Not specified Not specified

Please note that the above trading fees, leverage, and trading volume could vary based on market conditions and exchange policy updates.

Both platforms typically update their feature sets and adjust fees to stay competitive, so you may want to check their respective websites or contact their customer service for the most current information.

Our 2024's Recommendation

  • Upto 150x Leverage for BTC

  •  Supports over 300+ crypto trading pairs

  • Fees starting at 0.075% for futures

  • Strong security features

BingX vs Bitget: Products and Services

BingX is known for its social trading features.

Your experience with BingX is enhanced through copy trading and a social network for traders, which can be particularly beneficial if you appreciate a community-focused approach to trading.

BingX offers a variety of cryptocurrency pairs for trading, meaning you have a decent selection to diversify your portfolio.

However, the platform might not compare to Bitget in terms of the sheer number of futures and options in the market depth.

On the other hand, Bitget stands out for its futures and options trading services. If you’re interested in these markets, Bitget could be worth considering.

The exchange offers leverage up to 125x on certain products, which is significant for those looking to trade on margin. This high leverage can mean increased potential profits but involves higher risk.

Trading volume is another strong suit of Bitget, particularly with the BTC/USDT pair, indicating liquidity that might benefit your trading strategies.

Both platforms offer a range of services, but their focuses diverge:

  • BingX
    • Social and copy-trading
    • User-friendly interface
    • Diverse coin offerings
  • Bitget
    • Extensive futures and options trading
    • High leverage possibilities
    • Strong trading volumes

Your decision between BingX and Bitget should reflect your preferences for a robust, community-oriented trading experience or a more feature-rich platform specializing in derivatives and higher leverage options.

While variety and innovative services are crucial, user experience tailored to your trading style is equally important.

BingX vs Bitget: Contract Types

When considering BingX and Bitget for futures trading, each platform offers a different range of contract types—essential for tailoring your trading strategy.

BingX contracts are designed to fit various trading styles. The platform offers:

  • Spot Trading: Directly trade cryptocurrencies.
  • Standard Futures Contracts (Inverse and Linear Perpetual Contracts): These allow you to speculate on the future price of cryptocurrencies.

BingX Features:

  • USD-M Futures: Pegged to a stablecoin like USDT.
  • COIN-M Futures: The margin is paid and settled in the actual coin of the contract.

Bitget, on the other hand, provides a comprehensive set of contract types:

  • Inverse Perpetual Contracts: These contracts use cryptocurrency as a margin.
  • Linear Perpetual Contracts: Margin and settlement in stablecoin.

Bitget Features:

  • Inverse Futures Contracts: For those who prefer settlement in the base currency.
  • Options: Offering additional flexibility in trading strategies.
Contract Type BingX Bitget
Inverse Perpetual
Linear Perpetual
Inverse Futures  
COIN-M Futures  
USD-M Futures  
Options  

Each contract type comes with its features and nuances. For instance, COIN-M futures enable you to receive a settlement in the actual cryptocurrency, which might appeal to those who want to amass a particular coin.

USD-M futures can be considered less volatile due to the stability of the pegged stablecoin.

By contrast, options offered by Bitget could be advantageous if you’re looking for the ability to execute contracts at predetermined prices.

The addition of inverse perpetual and futures contracts also caters to those preferring to use the actual cryptocurrency as a margin.

When choosing between BingX and Bitget, consider the types of contracts that align with your investment strategy and risk preferences.

Both platforms cater to a spectrum of trading needs, but your approach to market exposure, margin preference, and settlement currency will dictate your optimal platform.

BingX vs Bitget: Supported Cryptocurrencies

bingx supported coins

When selecting a cryptocurrency exchange platform, the range of supported cryptocurrencies is an essential factor to consider.

BingX and Bitget are notable exchanges that facilitate futures and leverage trading, offering a diverse selection of crypto assets.

bitget supported coins

BingX allows you to trade in a comprehensive range of cryptocurrencies.

Bitget, on the other hand, tends to offer a slightly more extensive selection than BingX. This might influence your decision to seek specific altcoins or a more extensive portfolio.

Here’s a snapshot of the supported cryptocurrencies for futures trading:

  BingX Bitget
BTC Yes Yes
ETH Yes Yes
LTC Yes Yes
XRP Yes Yes
Others Numerous altcoins available Even more comprehensive range of altcoins

BingX and Bitget typically feature pairs like BTC/USD and ETH/USD due to their high liquidity and market demand if you’re interested in the most popular futures trading pairs.

You’re likely to strongly emphasize these pairs, ensuring you have access to some of the most dynamic and potentially rewarding trading opportunities in the cryptocurrency market.

Keep in mind that the landscape of supported cryptocurrencies and popular trading pairs can evolve rapidly, so staying informed about the latest offerings of each exchange is wise.

BingX vs Bitget: Leverage and Margin Trading

When you engage in margin trading on BingX or Bitget, you amplify your trading position using borrowed funds. This enables you to control a more significant stake in the market than your existing capital would otherwise allow.

  • Leverage: Both BingX and Bitget offer significant leverage options. BingX provides up to 125x leverage on certain products, which means that for every $1 of your capital, you can control up to $125 in the market. Similarly, Bitget offers high leverage, up to 125x, across 50+ margin trading pairs.
  • Margin Requirements: The specific margin requirements vary depending on the asset you trade. Higher leverage will reduce the margin you need but increase the potential for liquidation.
  • Liquidation Risks: At both exchanges, your position is at risk of liquidation if the market moves against you. The risk of liquidation increases as your leverage goes up because the maintenance margin—how much equity you need to maintain your position—becomes smaller than your borrowed amount.
  • Funding Rates: The funding rate is another consideration. It is a fee paid by one side of the perpetual contract to the other, meant to anchor the market price to the spot price. BingX and Bitget charge funding rates on leveraged positions, which can vary based on market conditions and the cryptocurrency in question.

Please ensure that you understand the terms and conditions associated with margin trading and the specific rules that apply to both BingX and Bitget regarding using leverage before you begin trading.

Proper risk management is crucial when trading with leverage due to the enhanced risks of significant losses that come alongside the potential for amplified returns.

BingX vs Bitget: Trading Volume

When examining BingX and Bitget, trading volume is a critical metric to consider, as it reflects the level of activity and liquidity on each platform, which subsequently influences your trading experience in terms of efficiency, execution, and slippage.

BingX has been a strong contender in the crypto exchange market since its establishment in 2018.

While specific trading volume figures aren’t detailed in the search results, liquidity and volume are essential aspects that BingX prides itself on, enhancing your ability to trade smoothly without significant price impact.

Bitget, established in 2017, hit a notable milestone by reaching a peak trading volume of $7.8 billion within 24 hours by August 2023.

This impressive figure indicates a robust marketplace that can afford quick execution and reduced slippage, even for larger orders.

Exchange Peak 24h Volume Year Established
BingX Not specified 2018
Bitget $7.8 billion 2017

The trading volume of an exchange is an excellent indicator of its reliability and efficiency.

Bitget, with its proclaimed higher trading volume, can potentially offer better liquidity, ensuring that your trades are executed promptly and with minimal price deviation.

Conversely, while BingX’s trading volume isn’t quantified here, liquidity should not be discounted as it continues to be a competitive platform in the marketplace, striving for a seamless trading experience.

For current and precise metrics on liquidity and volume, you should refer to up-to-date industry rankings and the respective exchanges’ websites for real-time data before making trading decisions.

BingX vs Bitget: Futures Trading Fees and Rewards

When trading futures on cryptocurrency exchanges like BingX and Bitget, understanding the fee structure and rewards is essential for managing your trading expenses and maximizing potential gains.

bingx fees

Depending on the traded pair, BingX implements a perpetual futures fee of 0.02% to 0.05%. BingX’s Standard Futures Fee Is 0.045%, which is only charged when a position is closed. By engaging in high-volume trading or holding the platform’s native token, you might be eligible for discounts.

bitget fees

Bitget, on the other hand, charges futures trading fees with a maker fee of 0.02% and a taker fee of 0.06% without any discounts.

Higher volume traders might receive a reduction in these fees depending on their VIP level or participation in the exchange’s promotional activities.

Both platforms employ a maker-taker fee model that incentivizes liquidity creation.

As a maker who provides liquidity to the market by placing an order that doesn’t fill immediately, you’ll be charged a lesser fee. If you take liquidity away from the exchange by filling orders immediately, known as a taker, you’ll incur a slightly higher cost.

Rewards on these platforms may come as trading bonuses, fee discounts, or rebates, often tied to trading volume or promotional events.

BingX and Bitget may offer additional rewards for referrals or through the use of their respective native tokens.

Suppose you execute a futures trade worth $10,000 on BingX for a practical scenario.

If you are a maker, your fee could be as low as $2. If you are a taker, the cost could increase to $5. At Bitget, you would pay a $2 fee as a maker, and as a taker, it would be $6.

It is important to note that actual trading fees can vary due to changes in user level or participation in fee-related promotions.

BingX vs Bitget: Deposits & Withdrawal Options

Understanding how you can deposit and withdraw your funds is paramount when navigating the waters of cryptocurrency exchanges.

BingX and Bitget provide varied options to cater to your financial needs with nuances that distinguish their services.

BingX: You’ll find a robust lineup of cryptocurrency-based deposits and withdrawals, which ensures a more seamless experience if you prefer dealing in digital assets.

For fiat currency support, BingX has recently incorporated bank transfer services, although they may have a narrower scope than Bitget.

  • Deposit Methods: Crypto, Bank Transfer (recently added)
  • Withdrawal Methods: Primarily Crypto-based
  • Currencies Supported: Multiple cryptocurrencies, limited fiat options
  • Processing Times: Typically swift for crypto transactions; fiat processing times vary
  • Limits: Not specified; refer to the platform for up-to-date details

Bitget: This platform offers you a more comprehensive array of options, especially if you want to deposit or withdraw in fiat. Alongside supporting over 150 cryptocurrencies, it allows for fiat withdrawals in currencies including EUR, GBP, and more.

  • Deposit Methods: Crypto, Various fiat options
  • Withdrawal Methods: Crypto (over 150 types), Multiple fiat currencies
  • Currencies Supported: Extensive list of cryptocurrencies and select fiat currencies
  • Processing Times: Quick for crypto; fiat times are not explicitly detailed
  • Limits: For unverified accounts, up to 20 BTC daily; for verified, up to 200 BTC daily

These options influence your transfer’s convenience, speed, and cost.

For instance, using fiat may simplify the process for you but could involve more processing time than a crypto-to-crypto transaction. Always check for the latest terms on the exchanges, as they are subject to change and could directly impact your trading strategy.

BingX vs Bitget: Native Token Usage

In the digital asset exchange arena, native tokens can enhance your trading experience. Both BingX and Bitget have implemented their tokens, each with unique advantages within their ecosystems.

BingX:

  • Native Token: BGB
  • Benefits for Holders:
    • Reduced trading fees
    • Participation in platform governance
    • Access to exclusive events

Bitget:

  • Native Token: BFT
  • Benefits for Holders:
    • Discounts on trading fees
    • Rewards for participation in community activities
    • Staking opportunities

As a trader on these platforms, leveraging these native tokens allows you to enjoy cost-related benefits.

When you hold the BGB token on BingX, you are privy to slashed trading fees, maximizing your potential profitability.

Similarly, Bitget’s use of the BFT token offers you fee discounts. This means that your cost per trade can be significantly lower, preserving more of your capital for investment.

Beyond trading fees, these tokens provide internal value.

In BingX’s case, BGB holders may participate in the decision-making processes through governance votes or gain early access to new features.

Bitget’s BFT token also rewards its holders with a sense of community involvement and staking benefits, potentially leading to ancillary earnings.

Your participation in BingX or Bitget’s ecosystem is enriched by engaging with their native tokens, BGB and BFT, respectively. You can minimize fees and partake in unique platform-specific perks through these tokens.

BingX vs Bitget: KYC Requirements & KYC Limits

When you sign up for BingX and Bitget, two leading crypto exchanges, you’ll encounter different Know Your Customer (KYC) protocols.

These requirements prevent fraud and ensure the platforms comply with financial regulations.

BingX implements KYC procedures as a security measure.

To trade on BingX, you will need to verify your identity. The typical documents required include a government-issued ID and proof of address. Upon complete verification, BingX may provide you with higher withdrawal limits.

Bitget, conversely, offers a more straightforward signup process that necessitates a mobile number or email address and a strong password.

However, the withdrawal limit is restricted to a certain extent until full KYC is completed. Verified users enjoy higher withdrawal caps—potentially $50,000 daily or $100,000 monthly.

Here’s a breakdown of what you need to know:

Feature BingX Bitget
Signup ID, proof of address needed Email or mobile number
KYC Tier 1 Limited trading options Limited withdrawals
KYC Tier 2 Full access to the platform Up to $50,000/day withdraw

Both platforms’ KYC impacts your accessibility to certain features.

Limited KYC can mean restricted deposits and withdrawals or unavailable trading capabilities. Complete the KYC process, which usually involves additional verification steps, to access full benefits and higher limits.

Remember, while KYC can be seen as an infringement on your privacy, it’s also a step towards safeguarding your security on the exchange.

BingX vs Bitget: User Experience

When choosing a cryptocurrency exchange, the user experience (UX) is crucial to efficient trading and managing your digital assets. BingX and Bitget offer modern platforms that cater to a range of users, from beginners to experienced traders.

BingX

bingx ui
  • Interface: BingX provides a clean, user-friendly interface that guides you through various services, including spot and futures trading.
  • Mobile App: The app is praised for its intuitive design, making trading on-the-go seamless.
  • Features: It offers detailed charts and multiple trading tools that are accessible to users of all experience levels.

Bitget

bitget ui
  • Interface: Bitget’s interface is similarly user-centric, with accessible options for different trading activities.
  • Mobile App: Focuses on delivering a responsive and reliable mobile experience.
  • Features: Strong emphasis on futures trading, accompanied by relevant analytical tools.

Comparison Table:

Feature BingX Bitget
Design Clean and intuitive User-centric, easy navigation
Mobile App Seamless and intuitive Responsive, reliable
Accessibility Suited for all levels Focused on futures trading
Tools Comprehensive trading tools Advanced analytical tools

Both BingX and Bitget focus on providing swift and responsive user experiences, with both their web interfaces and mobile applications functioning smoothly.

Your preference will hinge on the specific features you require; for an all-rounder experience with a mix of spot and futures trading, BingX might be your choice.

If your interests lean more toward futures contracts and related analytical tools, then Bitget may better serve your needs. Remember to assess each platform based on what aligns best with your trading style and experience.

Bitget vs BingX: Order Types

When trading on BingX and Bitget, you have access to various order types that enable you to execute your trading strategies effectively and manage risks efficiently.

BingX supports the following order types:

  • Market Orders: These orders are executed immediately at the best available price.
  • Limit Orders: You set the maximum or minimum price you are willing to buy or sell, allowing for precise entry and exit points.
  • Conditional Orders: Conditional orders are executed only when specific pre-defined conditions are met, giving you control over the trades according to market movements.
  • Reduce-Only Orders: Essential for risk management, these orders ensure you can only reduce a position, not increase it.

On the other hand, Bitget provides you with the following order functionalities:

  • Market OrdersImmediate execution at current market prices
  • Limit OrdersFixed price entries and exits
  • Stop Orders: Set a stop price to be executed when the market hits your specified price, which is crucial for loss prevention.
  • Post-Only Orders: These orders add liquidity to the market by being placed in the order book and not executed against market orders.

Both platforms offer mechanisms to help you take profits and limit losses, thus optimizing your trading strategies and safeguarding your investments.

These order types are used to tailor your trading to the market conditions and your risk tolerance.

Remember, the choice of order type can significantly impact your trading outcomes. Therefore, please familiarize yourself with the specifics of each type and apply them appropriately to your trading strategy on BingX or Bitget.

Bitget vs BingX: Security Measures & Reliability

When evaluating Bitget and BingX, your security is a top priority. Both platforms take your data and fund protection seriously, implementing various security measures.

Bitget highlights include:

  • Cold Storage: Most of your assets are held in secure, offline storage.
  • Two-Factor Authentication (2FA): Enhances account security, requiring a second verification form.

BingX counters with:

  • Robust System Architecture: Designed to mitigate risks of hacking and operational errors.
  • 2FA: Similar to Bitget, BingX employs two-factor authentication to protect your access.

Past incidents across crypto exchanges underscore the importance of ongoing vigilance.

While no high-profile breaches have been have been reported recently for Bitget and BingX, monitoring any platform’s incident response is critical. Both are committed to rapidly addressing potential vulnerabilities and maintaining user trust.

Keep in mind, regular system updates and user education are essential components of the security strategy of both platforms, helping to maintain their reliability.

Your understanding and cooperation with these security measures contribute significantly to the safety of your funds and personal information.

Bitget vs. BingX: Insurance Fund

In the landscape of digital asset exchanges, the security of your funds is paramount. Bitget and BingX recognize this necessity and have instituted their respective insurance funds to protect clients’ assets.

Bitget:
Your protection is a priority at Bitget, which the Bitget Protection Fund anchors. This fund is designed to cover unexpected losses resulting from systemic risks or extreme market conditions. Here’s how it works to safeguard your investments:

  • Security Protocols: A combination of hot and cold wallet storage ensures funds are not all kept in one place, which reduces risk.
  • Two-Factor Authentication (2FA): An additional layer of security during withdrawals and other sensitive account operations.

BingX:
BingX similarly provides safety mechanisms for your digital assets, including:

  • Two-Factor Authentication (2FA): Increases the security of your account alongside other login checks.
  • Cold Storage: Your funds are stored offline, substantially lowering the risk of hacks.
  • Insurance Fund: This is intended to compensate for any unforeseen losses you might experience, further solidifying the safety of your assets on their platform.
Feature Bitget BingX
Insurance Fund Bitget Protection Fund BingX Insurance Fund
Wallet Security Hot and Cold Wallets Primarily Cold Storage
Additional Safeguard 2FA for withdrawals and logins Advanced security checks, 2FA

Your choice between Bitget and BingX may hinge on the specifics of how each platform secures your assets and what conditions are covered by their insurance funds.

Always review their terms to understand the exact coverage and benefits provided.

Bitget vs. BingX: Customer Support

When choosing between BingX and Bitget, consider the nuances of their customer support options to ensure they align with your needs.

BingX:

  • 24/7 Support: Access assistance at any time.
  • Live Chat and Email: Communicate in a way that suits you.
  • Response Time: Expect prompt replies, though complex issues may result in delays.

Bitget:

  • Multilayered Support: Offers various support structures.
  • Help Center, Email, and Live Chat: Comprehensive assistance is available.

Community Support:

  • Bitget: Offers a community platform for peer-to-peer help.
  • BingX: May have similar offerings, specifics should be confirmed on their website.

When contacting customer support, ensure you have all relevant information on hand to expedite the process.

Should you encounter delays, both platforms strive to address concerns as efficiently as possible. Remember to check each provider’s website for the most up-to-date details on their customer support services.

Bitget vs. BingX: Regulatory Compliance

When you engage with cryptocurrency exchanges, understanding their commitment to regulatory compliance ensures your security and trust in the platform. Both BingX and Bitget prioritize adherence to regulations within their respective operating jurisdictions.

BingX:

  • Establishment: Incorporated in 2018.
  • Headquarters: Singapore.
  • Regulatory Framework:
    • You’ll find that BingX emphasizes securing requisite licenses where necessary.
    • The platform participates in regular audits to maintain transparency and compliance.
    • It works within international compliance standards determined by the jurisdictions it services.

Bitget:

  • Establishment: Launched in 2017.
  • Headquarters: Singapore.
  • Regulatory Framework:
    • Bitget shares BingX’s commitment to regulatory compliance, seeking approvals and licenses in its operational scope.
    • Regular auditing for Bitget is a practice aimed at ensuring adherence to regulatory demands.
    • Like BingX, Bitget follows stringent compliance guidelines to meet international standards.

You should note that both platforms have worked to align with legal and ethical standards.

Still, like any institution operating within the rapidly evolving crypto marketplace, facing challenges and adapting to new regulations is a consistent requirement.

Awareness of these platforms’ regulatory efforts can inform your choice of a secure and reliable exchange.

Conclusion

As you navigate the crypto trading landscape, you’ll find that both BingX and Bitget have distinct advantages.

BingX: Ideal for beginners, BingX provides a user-friendly platform with integrated features that ease newcomers into cryptocurrency trading. Should you need assistance, BingX offers 24/7 customer support through live chat and email.

Bitget: Tailored to advanced traders, Bitget caters to your sophisticated trading needs with comprehensive features and detailed market data that helps you make informed decisions.

Exchange Target Audience Trading Fees Support
BingX Beginners 0.1% standard spot fees 24/7 live chat and email
Bitget Advanced traders 0.02% maker, 0.06% taker Standard Support

Both exchanges provide regulated services, ensuring adherence to international compliance standards.

Considering factors such as regulatory compliance, user experience, and fee structure, your choice between BingX and Bitget should align with your trading expertise and support preferences.

About the Authors

Stephen Wedge, with over 15 years of experience in finance, holds a Master of Science in Finance from Vanderbilt University's Owen Graduate School of Management. He specializes in financial analysis, strategic investment planning, and has a keen interest in the world of cryptocurrencies. With a deep understanding of both traditional and digital financial markets, Stephen offers valuable expertise to investors seeking to navigate the complexities of crypto investments.