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BingX vs Phemex: Comprehensive Comparison!?

Written by Michael Hayes

Written by:

Michael Hayes

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field

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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 25, 2024

BingX and Phemex are leading platforms that have garnered attention for their robust features and user-friendly interfaces.

In this comprehensive comparison, we will explore the critical aspects of BingX and Phemex, including their founding backgrounds, supported coins, leverage options, trading volumes, deposit methods, fees, security measures, order types, and customer support.

By the end of this analysis, you will have a clearer understanding of which platform aligns best with your trading goals in 2024

BingX and Phemex are two prominent cryptocurrency exchanges. This table breaks down the main features, fees, and products of each:

Feature BingX Phemex
Founded 2018 by an anonymous group of crypto enthusiasts 2019 by former Morgan Stanley executives
Supported Coins 250+ 200+
Leverage Up to 150x Up to 100x
Trading Volume High High
Deposit Methods Bank Transfer, Credit/Debit Card, Crypto Crypto only
Withdrawal Fees Varies by coin Varies by coin
Trading Fees 0.10% maker, 0.10% taker 0.075% maker, 0.075% taker
Security Features 2FA, Cold Storage 2FA, Cold Storage, Multisignature
Order Types Market, Limit, Stop-Limit, Trailing Stop Market, Limit, Stop-Limit, Trailing Stop, Conditional Orders
User Interface User-friendly, Mobile App User-friendly, Mobile App
Customer Support 24/7 Live Chat, Email Support 24/7 Live Chat, Email Support

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 Phemex: Products and Services

  • Futures Trading

Both BingX and Phemex offer robust crypto futures trading platforms. BingX provides users access to various perpetual futures contracts suitable for traders who want high leverage. Phemex also has a wide range of futures products, emphasizing user-friendly interfaces and a variety of trading pairs.

  • Spot Trading

BingX supports a comprehensive range of spot trading cryptocurrencies, catering to beginners and advanced users. While offering spot trading, Phemex focuses on a streamlined experience that integrates well with its other services.

  • Options Trading

Phemex stands out with its crypto options trading feature, allowing more advanced risk management strategies. BingX does not yet offer options trading, making Phemex the preferred choice for those needing this service.

  • Leveraged Tokens

BingX provides leveraged tokens, which allow users to trade with leverage without the complexities of margin trading. Phemex currently lacks this feature, which may limit options for traders who prefer leveraged tokens.

  • NFT Marketplace

Phemex includes an NFT marketplace, enabling users to trade and interact with digital assets. BingX does not offer an NFT marketplace, which may be a drawback for users interested in this burgeoning area of the crypto world.

  • Staking

BingX offers staking services, allowing users to earn rewards on their crypto holdings. Phemex also provides staking but emphasizes flexibility and higher potential returns, depending on the asset and staking period.

  • User Experience

BingX focuses on an intuitive user experience with multiple services integrated smoothly. Phemex emphasizes innovative features and a user-friendly interface across its trading platforms.

Feature BingX Phemex
Futures Trading Extensive options Wide range
Spot Trading Wide range Streamlined experience
Options Trading Not available Available
Leveraged Tokens Available Not available
NFT Marketplace Not available Available
Staking Available Available

Each platform excels in different areas, depending on your specific needs and preferences.

BingX vs Phemex: Contract Types

Both BingX and Phemex offer a variety of contract types designed to cater to different trading preferences and strategies.

BingX Contract Types:

  • Linear Perpetual Contracts: Settled in cryptocurrencies, these contracts allow you to speculate on price movements without an expiry date.

Phemex Contract Types:

  • Inverse Perpetual Contracts: Settled in base currencies like Bitcoin. These contracts are beneficial if you prefer to hold underlying assets.
  • Linear Perpetual Contracts: Quoted and settled in stablecoins, such as USDT, offering easier tracking of profits and losses.

Both platforms offer unique features and benefits to accommodate a range of trading strategies.

Benefits and Drawbacks

In choosing between BingX and Phemex, consider the following aspects:

  • Settlement Currencies: BingX’s linear contracts are settled in cryptocurrencies, which can increase or decrease your holdings based on market conditions. Phemex offers stablecoin settlements for linear contracts, making your profit and loss more predictable in fiat terms.
  • Trading Flexibility: Phemex provides inverse contracts that appeal to those who prefer trading with base currency (e.g., Bitcoin) as collateral, offering more flexibility.

When deciding on the best platform, evaluate how each contract type aligns with your trading strategies. Both exchanges provide options designed to meet diverse needs.

BingX vs Phemex: Supported Cryptocurrencies

When evaluating BingX and Phemex in terms of supported cryptocurrencies, there are several aspects to consider, including the number of available cryptocurrencies for futures and leverage trading and the most popular futures trading pairs.

BingX and Phemex support cryptocurrencies, allowing users to trade multiple digital assets. This broad selection can enhance your trading strategy by providing diverse opportunities.

Number of Supported Cryptocurrencies

BingX:

bingx supported coins
  • Supports a large number of cryptocurrencies for both spot and futures trading.
  • It is famous for its comprehensive selection, encompassing primary and alternative coins.

Phemex:

phemex supported coins
  • It also offers many cryptocurrencies, focusing heavily on popular and high-demand coins.
  • Known for supporting established and emerging cryptos, ensuring a diverse trading portfolio.

Most Popular Futures Trading Pairs

BingX:

  • BTC/USDT
  • ETH/USDT
  • XRP/USDT
  • ADA/USDT

Phemex:

  • BTC/USD
  • ETH/USD
  • LTC/USD
  • LINK/USD

Key Points

  • BingX tends to have a more extensive list of supported altcoins than Phemex.
  • Phemex is recognized for its streamlined, high-liquidity trading pairs.

Choosing between BingX and Phemex for supported cryptocurrencies ultimately depends on your trading preferences and the specific cryptos you are interested in. Both platforms provide robust options tailored to various trading needs.

BingX vs Phemex: Leverage and Margin Trading

When comparing leverage and margin trading between BingX and Phemex, it’s essential to consider their respective offerings.

BingX provides futures trading with up to 50x leverage. This high leverage allows you to amplify your positions significantly, thereby increasing potential returns.

Margin requirements on BingX are straightforward, but you must be mindful of liquidation risks. You could lose your entire margin if the market moves against your position.

Phemex offers ambitious leverage options, specifically up to 100x for futures trading. This enables you to control more prominent positions with relatively little capital.

The margin requirements here involve maintaining a certain level of collateral to avoid liquidation. If your collateral falls below this level, your position may be liquidated.

Feature BingX Phemex
Maximum Leverage 50x 100x
Margin Requirements Maintains basic margin Collateral level-based
Liquidation Risks High High
Funding Rates Competitive Competitive

Both exchanges share similarities in that high leverage comes with high risks. You have to manage your positions carefully to avoid liquidation.

Funding rates on both platforms are competitive, which helps maintain long-term positions.

It’s crucial to understand that while high leverage can lead to significant gains, it also increases the potential for substantial losses.

Hence, risk management techniques and a thorough understanding of market dynamics are essential when trading on BingX and Phemex.

BingX vs Phemex: Trading Volume

When comparing trading volume between BingX and Phemex, liquidity and the ability to execute trades efficiently play vital roles.

BingX
BingX has a high trading volume, which translates to better liquidity. Higher liquidity ensures you can buy or sell assets quickly without significant price changes. This reduces slippage and leads to more accurate trade executions.

Phemex
Phemex, although a notable exchange, has a lower trading volume. Lower volume can mean less liquidity, which may result in higher slippage. This makes it essential to be cautious when trading more prominent positions to avoid adverse price movements.

Metric BingX Phemex
Trading Volume High Medium
Liquidity Very High Moderate
Trade Execution Fast Slower
Slippage Low Higher

When choosing between BingX and Phemex for trading, it’s crucial to consider these factors. Traders seeking minimal slippage and fast trade execution might find BingX more suitable due to its higher liquidity and trading volume.

BingX vs Phemex: Futures Trading Fees and Rewards

When trading futures on BingX and Phemex, fee structures and rewards are crucial in determining profitability. Both platforms offer competitive fees, but they have distinct differences.

Fee Structure Comparison:

Fee Type BingX Phemex
Maker Fee 0.02% 0.025%
Taker Fee 0.06% 0.075%
Withdrawal Fee (BTC) 0.0005 BTC 0.0005 BTC
Deposit Fee Free Free

BingX Fee Example:

bingx fees

If you make a futures trade with a $10,000 notional value on BingX:

  • Maker Fee: $10,000 * 0.02% = $2
  • Taker Fee: $10,000 * 0.06% = $6

Phemex Fee Example:

For the same $10,000 trade on Phemex:

  • Maker Fee: $10,000 * 0.025% = $2.50
  • Taker Fee: $10,000 * 0.075% = $7.50

BingX provides a more attractive fee structure for both maker and taker fees. Additionally, BingX and Phemex offer various reward systems to incentivize traders.

Rewards and Bonuses:

  • BingX: Users can benefit from referral bonuses and trading rewards. New users might receive up to $5000 in bonuses.
  • Phemex: Offers bonuses up to $8800 for new registrations and referrals.

Both platforms may provide additional discounts based on user levels or specific promotions. For example, high-volume traders might receive reduced fees, enhancing profitability.

BingX vs Phemex: Deposits & Withdrawal Options

When comparing deposits and withdrawals, BingX and Phemex have distinct features that affect the convenience, speed, and cost of transferring funds.

Supported Currencies:

  • BingX: Supports a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDT.
  • Phemex: It also supports numerous cryptocurrencies, such as BTC, ETH, and USDT.

Payment Methods:

  • BingX: Allows deposits via bank transfers, credit cards, and cryptocurrencies.
  • Phemex: Supports cryptocurrency deposits and credit card payments.

Processing Times:

  • BingX: Deposits are generally processed quickly, often within minutes. Withdrawals can take a few hours to 24 hours.
  • Phemex: Deposits are processed almost instantly. Withdrawals typically take between 30 minutes and an hour.

Transaction Limits:

  • BingX:
    • Minimum Deposit: Varies by cryptocurrency.
    • Maximum Withdrawal: Based on user verification level.
    • Withdrawal Fees: Vary depending on the cryptocurrency.
  • Phemex:
    • Minimum Deposit: Also varies by cryptocurrency.
    • Withdrawal Fees: Fixed rates depending on the cryptocurrency.

Key Points to Note:

  • You might find BingX’s range of supported fiat payments advantageous.
  • Phemex offers a relatively fast withdrawal processing time, which can benefit active traders.
  • Transaction limits on both platforms are dependent on your verification status.

This comparison highlights critical aspects to consider when choosing between BingX and Phemex for deposits and withdrawals.

BingX vs Phemex: Native Token Usage

BingX and Phemex have native tokens, each serving different roles within their ecosystems.

BingX Native Token

BingX utilizes BING, its native token. BING token holders gain several benefits:

  • Reduced Trading Fees: Holding BING can provide discounts on trading fees.
  • Staking Rewards: Users can stake BING for additional rewards.
  • Exclusive Access: Access to premium features and early-bird offerings.

Phemex Native Token

Phemex offers PHEMEX, its native token. The usage of PHEMEX includes:

  • Fee Discounts: Similar to BING, holding PHEMEX reduces trading fees.
  • Membership Benefits: Token holders receive memberships offering perks such as increased withdrawal limits and faster transaction processing.
  • Community Participation: Users may participate in decision-making processes and governance.

Comparison Table

Feature BingX (BING) Phemex (PHEMEX)
Fee Reduction Yes (holding BING) Yes (holding PHEMEX)
Staking Rewards Yes Not specified
Exclusive Access Yes Via memberships influenced by tokens
Community Participation Not specified Yes (governance role)

Both exchanges leverage native tokens to enhance user experience and engagement through trading fee reductions and other exclusive benefits.

BingX vs. Phemex: KYC Requirements & KYC Limits

When trading on BingX or Phemex, compliance with their Know Your Customer (KYC) procedures is essential. These requirements impact your privacy, security, and trading capabilities.

BingX KYC Requirements:

  • BingX is recognized for its lenient KYC requirements.
  • Verification Levels: Multiple levels with varying documentation needs.
  • Documents Required: Typically, ID proof and address verification.
  • Limits: Non-KYC accounts can trade with certain restrictions, while verified users enjoy higher limits on deposits, withdrawals, and trading.

Phemex KYC Requirements:

  • Phemex offers flexible KYC options.
  • Verification Levels: There are numerous tiers, each requiring different levels of documentation.
  • Documents Required: ID proof and address verification; higher tiers may need additional verification.
  • Limits: Non-KYC users have limited withdrawal limits; verified users benefit from higher limits and more features.

Comparison Table

Feature BingX Phemex
Verification Levels Multiple levels Numerous tiers
Documents Required ID proof, Address verification ID proof, Address verification
Non-KYC Limits Restricted trading, lower withdrawal limits Withdrawal limit capped at 50,000 USDT/day
KYC Benefits Higher deposit, withdrawal, and trading limits Increased limits, access to more features

Both exchanges offer flexible KYC processes, impacting user experience based on compliance.

Non-KYC accounts at BingX face trading restrictions, while Phemex imposes a withdrawal cap. Verification unlocks enhanced capabilities and limits, ensuring greater flexibility and security.

BingX vs Phemex: User Experience

When comparing BingX and Phemex, the user experience is a critical factor. Both exchanges offer interfaces tailored for different types of traders.

  • Web Interface:
bingx ui

BingX provides a sleek and intuitive design crafted for newcomers and experienced traders. The dashboard is straightforward, with easy navigation menus.

Phemex also offers a user-friendly web interface. Its design is slightly more minimalist, which can be appealing if you prefer a cleaner look.

  • Mobile App:

BingX’s mobile app mirrors its web experience. The app is responsive, with clear icons and fast load times, providing a smooth trading experience on the go.

Phemex’s mobile app is similarly efficient. It stands out mainly for its speed and minimalistic design, ensuring quick access to essential features. To know more, check this BingX futures trading guide

  • Feature Access:
phemex ui

On BingX, accessing different trading types and features is simple. The platform frequently updates to ensure users have the most reliable and up-to-date tools.

Phemex also excels in providing a variety of trading options. Regular updates keep the platform current, matching BingX in this regard.

  • Design and Navigation:

BingX’s design focuses on clarity, making it easy to locate tools and information. This reduces the learning curve for new users.

Phemex’s interface benefits from a straightforward design, which complements its speed and reliability, though it may be slightly less feature-rich than BingX.

BingX vs Phemex: Order Types

When comparing BingX and Phemex, it’s essential to consider the range of order types available, as these tools can significantly impact your trading strategies and risk management.

  • Market Orders:

Both BingX and Phemex offer market orders. This type of order executes immediately at the current market price, providing speed and immediacy, which is crucial in volatile markets.

  • Limit Orders:

Limiting orders on both platforms lets you specify the maximum or minimum price you’re willing to buy or sell. This gives you greater control over entry and exit points.

  • Stop Orders:

Both exchanges support stop orders, which protect against significant losses. You set a trigger price, and once the market reaches that price, the stop order turns into a market order.

  • Conditional Orders:

BingX and Phemex provide conditional orders. These orders only execute when certain conditions are met, allowing for more complex trading strategies.

  • Post-Only Orders:

Phemex includes post-only orders, ensuring that your order gets added to the order book without being executed immediately. This is useful for market makers looking to avoid taker fees.

  • Reduce-Only Orders:

Phemex also offers reduce-only orders, which will only reduce your existing position. This can help prevent accidental position increases and manage your risk more effectively.

Order Type BingX Phemex
Market Orders
Limit Orders
Stop Orders
Conditional Orders
Post-Only Orders
Reduce-Only Orders

By providing a variety of order types, both BingX and Phemex cater to different trading needs and help you implement your strategies with precision.

Whether you are a market taker or a market maker, these options offer the tools necessary for effective trading and risk management.

BingX vs Phemex: Security Measures & Reliability

BingX and Phemex prioritize safeguarding user funds and data when considering security measures.

BingX implements standard industry security measures. It employs multi-layer encryption and cold wallet storage. Additionally, BingX utilizes an insurance fund to cover potential losses, enhancing user confidence.

Phemex also adopts rigorous security protocols. It features cold storage for most assets and employs a hierarchical deterministic wallet system. Two-factor authentication (2FA) adds an extra layer of security for users.

Feature BingX Phemex
Cold Storage Yes Yes
Insurance Fund Yes No
Two-factor authentication (2FA) Yes Yes
Encryption Multi-layer Multi-layer

Regarding reliability, both exchanges are committed to high availability and performance. BingX has integrated a robust infrastructure to minimize downtime.

Phemex emphasizes a fast and efficient trading engine capable of handling large volumes of transactions.

Regarding incident history, neither BingX nor Phemex has faced significant security breaches. Both platforms maintain transparency with users and quickly address any minor issues.

BingX and Phemex aim to provide their users with a secure and reliable environment by adhering to strict security measures and continuously improving their infrastructure.

BingX vs Phemex: Insurance Fund

When comparing BingX and Phemex, one crucial aspect is their insurance funds. These funds are essential for safeguarding your investments and covering potential losses.

BingX employs standard industry security measures and utilizes an insurance fund to cover potential losses.

Key Points:

  • Implements standard security protocols.
  • Uses an insurance fund for potential losses.

Phemex, on the other hand, does not explicitly mention an insurance fund on its platform.

Key Points:

  • There is no explicit mention of an insurance fund.

Comparison Table: Insurance Funds

Feature BingX Phemex
Insurance Fund Yes No explicit mention
Security Measures Standard industry protocols Emphasis on security

Knowing how these platforms handle potential losses through insurance funds can be a critical factor in decision-making for investors.

BingX vs Phemex: Customer Support

When evaluating customer support, both BingX and Phemex offer several services to ensure a smooth trading experience.

BingX provides a comprehensive support system. You have access to live chat assistance and email correspondence. This allows you to receive timely help for any issues you encounter.

The live chat is handy for urgent queries, while email support can handle more detailed or technical concerns.

Phemex also offers robust customer support options. It includes a live chat feature, allowing you to get swift responses to your inquiries.

Additionally, Phemex provides support through a detailed FAQ section and numerous guides. This can help you troubleshoot issues independently without waiting for direct assistance.

Exchange Support Channels
BingX Live Chat, Email
Phemex Live Chat, FAQ Guide

Regarding support availability, both platforms strive to offer 24/7 assistance, which is crucial for the dynamic nature of cryptocurrency trading.

You may find BingX’s direct email option helpful for complex issues, whereas Phemex’s FAQ section can be a quick way to resolve common problems.

Both exchanges aim to provide accessible and user-friendly support solutions to enhance your trading experience.

BingX vs Phemex: Regulatory Compliance

BingX and Phemex prioritize regulatory compliance to ensure reliability and safety for their users. They strive to meet international standards, which enhances their trustworthiness in the cryptocurrency market.

Licenses and Certifications:

  • BingX: Obtains various licenses across jurisdictions, adhering to regulations in regions like the U.S., Canada, and Australia.
  • Phemex: Focuses on acquiring similar licenses, particularly under the regulatory frameworks of the United States and the European Union.

Both exchanges implement Know Your Customer (KYC) practices to prevent illicit activities. This involves the verification of user identities to deter fraud and comply with anti-money laundering (AML) regulations.

Audits and Inspections:

  • Both platforms undergo regular audits by third-party firms. These audits review security protocols, financial practices, and compliance with industry standards.
  • Regular security audits bolster the platforms’ reputations and assure users of their commitment to safety.

Challenges and Controversies:

Despite rigorous compliance efforts, both BingX and Phemex face challenges.

  • Changes in regulatory environments can pose difficulties, requiring continuous adaptation and legal consultations.
  • Neither exchange has faced significant legal controversies, but the dynamic nature of crypto regulations means they must remain vigilant.

BingX and Phemex are well-regarded for their active compliance with regulatory standards and robust licensing and auditing practices. They continue to adapt to changing legal landscapes to maintain their competitive standing in the cryptocurrency market.

Conclusion

When choosing between BingX and Phemex, it is crucial to consider your trading needs and preferences.

BingX:

  • Best For: Beginners and social traders.
  • Features: Offers copy trading, which allows you to follow the strategies of successful traders.
  • Fees: Competitive trading fees.

Phemex:

  • Best For: Experienced traders and those looking for a broader range of trading types.
  • Features: Spot trading, derivatives, and zero-fee trading for premium members.
  • Fees: Spot maker and taker fees of 0.1%.

Both platforms are rated with a user score of 4.0. This indicates general satisfaction among users. Assess your trading style and requirements to decide which platform suits you best.

Compare BingX and Phemex with other major exchanges

About the Authors

Michael Hayes, a seasoned finance professional, enhanced his expertise by attending executive education programs in Finance at the prestigious Wharton School of the University of Pennsylvania. With a career spanning over 20 years, Michael has gained extensive experience in financial analysis, investment management, and strategic financial planning. His deep understanding of financial markets, coupled with his passion for continuous learning, has made him a trusted advisor in the field