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Bitget vs Binance: A Deep Dive into Key Differences

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 realm of cryptocurrency exchanges, the choice between platforms like Bitget and Binance can be pivotal for traders.

Bitget, known for its copy trading feature since 2018, contrasts with Binance’s robust derivatives market presence since 2017.

This article will compare the two, focusing on fees, security, and user experience to see if Bitget outshines Binance or if the latter maintains its leading position.

We’ll dissect their offerings to help you make an informed choice in the Bitget vs Binance showdown.

Bitget Vs. Binance: Comparative Table

Your choice between Bitget and Binance depends on various factors, including fees, features, and the range of services offered. The following table provides a clear comparison to help you decide what suits your trading needs.

Feature Bitget Binance
Founded 2018 2017
Founder Sandra Lou Changpeng Zhao (CZ)
Trading Fees Spot: 0.1%
Futures: 0.02% / 0.06% (Maker/Taker)
Spot: 0.1%
Futures: 0.02% / 0.04% (Maker/Taker)
Fee Discounts Using BGB: 20% discount Using BNB: 25% discount
Supported Cryptos ~150 >350
Max Leverage Up to 100x Up to 125x
Deposit Methods Cryptocurrency, Bank transfer, Others Cryptocurrency, Bank transfer, Credit/Debit card, P2P, Others
Products Offered Spot, Futures, Copy Trading Spot, Futures, Staking, Savings, DeFi, P2P, NFT, & more

You’ll see that Binance is an older platform with a broader range of cryptocurrencies and additional features catering to various aspects of the crypto sphere beyond trading.

Bitget, on the other hand, focuses mainly on providing a streamlined experience in trading with competitive features like copy trading.

Both platforms offer discounts for using their respective native tokens to pay for transaction fees.

Remember your trading preferences and financial strategies when choosing the platform that best fits your requirements.

Our 2024's Recommendation

  • Upto 125x Leverage for BTC

  •  Supports over 250+ crypto trading pairs

  • Fees starting at 0.02% for futures

  • Strong security features

Bitget Vs. Binance: Products and Services

When evaluating Bitget and Binance, it’s essential to consider the variety of products and services each offers.

Spot Trading
Both platforms facilitate spot trading, allowing you to buy and sell cryptocurrencies at the prevailing market prices.

  • Bitget: A solid choice for spot trading with a user-friendly interface.
  • Binance: Well-known for its expansive list of tradable pairs and high liquidity.

Futures Trading
Where these exchanges diverge is in the details of their futures trading services.

  • Bitget: Imposes a 0.02% maker fee and a 0.06% taker fee.
  • Binance: Binance also provides futures trading with a competitive fee structure that can be reduced using Binance Coin (BNB).

Options and Leveraged Tokens
Options trading and leveraged tokens are relatively innovations in the crypto space.

  • Binance: Offers these products and tailoring services to experienced traders seeking advanced trading options.
  • Bitget: It may have a narrower range in this category.

NFT Marketplace
The popularity of NFTs has spurred exchanges to incorporate marketplaces into their ecosystems.

  • Binance: Provides an NFT marketplace with a diverse array of digital assets.

Staking and Earn Products
Crypto staking and earning products are your go-to for passive income opportunities.

  • Binance: Stands out with Binance Earn, liquidity farming, and more.
  • Bitget: Fewer options in comparison, but offers competitive staking services.

In summary, you have a robust suite of services on either exchange. Binance leads in variety and innovation, while Bitget offers a streamlined experience that could benefit specific traders.

Consider your trading needs and preferences to decide which exchange aligns best with your goals.

Bitget Vs Binance: Contract Types

When you examine the contract types on Bitget and Binance, you’ll find distinct offerings tailored to different trading strategies.

Bitget primarily specializes in:

  • Linear Perpetual Contracts: These contracts are settled in cryptocurrency, such as USDT, making them easier to manage if you’re a newcomer.
  • Inverse Perpetual Contracts: These are contracts where the settlement is in the native cryptocurrency, like BTC or ETH, which can be advantageous if you prefer dealing with the underlying asset.

The simplicity of Bitget’s contract offerings can be beneficial if you seek straightforward futures trading without an overwhelming variety of options.

Binance, on the other hand, boasts a broader range of contract types suitable for both beginner and advanced traders:

  • Inverse Perpetual Contracts: Similar to Bitget, Binance allows you to trade contracts with cryptocurrency settlements.
  • USD-M Futures: These contracts are margined and settled in stablecoins pegged to the USD, offering a stable valuation.
  • COIN-M Futures: Settled in the specific cryptocurrency, these contracts might be of interest if you want to receive the payout in the coin itself.
  • Options: Binance includes options trading, giving you more strategic choices based on your market predictions.

Both platforms provide mechanisms to hedge your investments and leverage your positions.

However, Binance’s diversified portfolio, including options trading, could be more appealing if you’re after a broader range of financial instruments.

Conversely, the focused approach of Bitget’s contract types might be advantageous if you prefer a platform that’s easier to navigate and involves less complexity.

Bitget Vs. Binance: Supported Cryptocurrencies

binance supported coins

When assessing Bitget and Binance, it’s crucial to consider the range of cryptocurrencies each platform supports.

As of the latest information, Binance stands out with over 500 cryptocurrencies for you to access. This extensive selection spans significant coins like Bitcoin (BTC) and Ethereum (ETH) to various altcoins.

bitget supported coins

In contrast, Bitget offers a more focused selection of around 100 cryptocurrencies.

Despite a smaller range, Bitget includes many famous and emerging digital assets to cater to different trading preferences.

Both exchanges provide these options for futures and leverage trading, but there can be variations in the number of supported cryptocurrencies for these advanced trading mechanisms.

Binance often includes a broader selection for these trading types, reflecting its more extensive variety of cryptocurrencies.

Here’s a brief look at the most popular futures trading pairs available on each platform:

Binance:

  • BTC/USDT
  • ETH/USDT
  • BNB/USDT

Bitget:

  • BTC/USDT
  • ETH/USDT
  • LTC/USDT

When trading futures or looking for leverage options, check for the availability of your desired cryptocurrency pairs on both platforms.

This will help you determine which exchange aligns better with your trading goals. Remember, the specific pairs and their availability might change, so staying updated with each platform is advisable.

Bitget Vs. Binance: Leverage and Margin Trading

Regarding leveraging and margin trading, Bitget and Binance are two prominent cryptocurrency exchanges that allow you to amplify your trading positions.

Here is what you need to know about each platform’s offerings:

  • Leverage: Both exchanges offer you significant leverage options, but they differ in the maximum amount provided. On Bitget, you can access leverage up to 125x for certain products like USDT-M Futures and USDC-M futures. Binance, in comparison, also allows up to 125x leverage on specific futures products.
  • Margin: With Bitget, you can engage in spot margin trading with leverage ranging between 5x to 10x. Binance offers similar cross-margin and isolated-margin options, which can influence your risk and margin requirements.
  • Liquidation Risks: Higher leverage may increase your profit potential but raises the stakes in liquidation risk. You may lose your entire margin if the market moves against your position. You must be aware of each platform’s liquidation protocols.
  • Funding Rates: These are payments made based on the position size you hold in perpetual contracts; they can vary between the two platforms. Both exchanges adjust their funding rates according to market liquidity and volatility but check the specific rates as they update regularly.

When using leverage and margin on either Bitget or Binance, it’s essential to consider your experience level and risk tolerance.

Always be informed of the terms, conditions, and potential consequences of amplified trading before you commit your capital.

Bitget Vs Binance: Trading Volume

When you look into the trading volume of cryptocurrency exchanges like Bitget and Binance, the volume plays a crucial role in your trading experience.

It affects the liquidity, efficiency of execution, and the degree of slippage you might encounter.

Binance:

binance fees


Binance stands as a giant in terms of trading volume. It’s not just about the size; their high trading volume means you can expect superior liquidity.

This translates to faster execution of your trades and minimize slippage. As the world’s largest crypto exchange by volume, Binance offers a hefty market where the transactions are robust throughout the day.

  • Spot Trading Volume: Typically, Binance has a standard 0.1% maker and taker fee for spot trading.
  • Futures Trading Volume: Binance also maintains a significant presence in the futures market.

Bitget:

bitget fees

Bitget, while smaller in volume compared to Binance, is notable in its own right. The exchange’s volume places it within the top tier worldwide.

Bitget still offers a sufficiently liquid market, ensuring trade orders are executed reasonably efficiently.

  • Futures Trading Volume: Daily futures trading volume at Bitget is reported to reach $6-8 million, marking it as a competitive platform for futures trades.

Bitget and Binance offer native cryptocurrencies—BGB and BNB, respectively—to provide discounted trading fees, enhancing your trading experience by reducing costs. This incentive may influence the trading volume, as cost-effective trading can attract more users.

Volume & Liquidity Rankings:
Both exchanges are ranked regularly, with Binance often at the top, owing to its vast user base and high trading activity. Considering its growing user base and volume, Bitget’s rankings are also commendable.

When selecting an exchange, remember that the trading volume can directly impact your trading session’s smoothness and success.

Bitget Vs Binance: Futures Trading Fees and Rewards

When engaging with futures trading on Bitget and Binance, understanding their fee structures and reward systems is crucial for your profitability.

Bitget has established its futures trading fees with a 0.02% maker fee and a 0.06% taker fee. Bitget offers a discount to incentivize traders when using their native token, BGB.

If you place an order that adds liquidity to the market (a maker order), you’ll be charged less than if your order takes liquidity away (a taker order).

Binance, on the other hand, has a different fee structure for futures trading. Although specific rates aren’t provided, Binance also incentivizes users by offering a 25% discount on fees if you pay with Binance Coin (BNB), their native cryptocurrency.

Exchange Maker Fee Taker Fee Native Token Discount
Bitget 0.02% 0.06% Yes (BGB)
Binance Varies Varies Yes (BNB – 25% off)

As for deposits and withdrawals, these fees can differ based on your chosen method.

Generally, cryptocurrency deposits on both platforms are free of charge, while withdrawals incur a fee based on the specific coin being transferred from your exchange wallet. The cost is subject to change based on network congestion and currency value.

You must review these fees regularly, as they can impact your trading strategy.

For example, frequent traders might favor lower taker fees, while those who set limit orders could prioritize lower maker fees to maximize profit margins.

Always calculate the potential costs and rewards before executing trades to ensure the most favorable outcome for your investment strategy.

Bitget Vs Binance: Deposits & Withdrawal Options

When looking at cryptocurrency exchanges like Bitget and Binance, assessing how they handle your deposits and withdrawals is essential.

Both exchanges offer various options to fund your account and cash out, accommodating different preferences.

Bitget:

  • Cryptocurrency Transfer: Enables direct deposit of digital assets.
  • Fiat Options: Availability varies by region, with some fiat deposit methods integrated.
  • Withdrawal Methods: Similar to deposits, cryptocurrencies are readily transferable to wallets or other exchanges.

Binance:

  • Cryptocurrency Transfer: Supports a wide range of cryptocurrencies for deposit and withdrawal.
  • Bank Transfer and Cards: In most regions, you can deposit fiat using bank transfers, debit, or credit cards.
  • Payment Services: Offers additional options like P2P trading and third-party payment channels.

Your transfers’ speed and cost will vary:

  • Crypto transfer times depend on the asset and network congestion.
  • Fiat deposit times may depend on your bank or payment service.
  • Withdrawal times are generally swift but vary based on method and security checks.

Each platform has different minimums and maximums for transactions, shaped by the currency and selected method.

On both Bitget and Binance, you may find that higher-level verification accounts receive more favorable conditions with increased limits and potentially lower fees.

Before transacting, verify the current terms on the respective platforms, as they might update their policies or integrate new services to improve your experience handling funds.

Bitget Vs Binance: Native Token Usage

When trading on cryptocurrency exchanges like Bitget and Binance, holding native tokens can offer you several advantages.

Each platform has its unique token: Bitget with BGB and Binance with BNB. These tokens are more than just digital assets; they integrate deeply into the exchanges’ ecosystems, providing various benefits.

Bitget’s BGB Token Benefits:

  • Trading Fee Discounts: You receive a fee discount when using BGB to pay for trading fees.
  • In-exchange Utility: BGB also offers additional utilities within the Bitget platform, including participation in exclusive token sales or staking rewards.

Binance’s BNB Token Benefits:

  • Trading Fee Discounts: Holding BNB entitles you to a significant discount on trading fees. By using BNB to pay fees, your costs can be reduced by 25%.
  • Versatile Utility: BNB’s utility extends beyond fee discounts. It can be used in token sales hosted on the Binance Launchpad and for other in-platform functions.

Here is a breakdown of how both tokens can be utilized for trading fee discounts:

Exchange Maker Fee (Without Token) Taker Fee (Without Token) Discount for Token Holders
Bitget 0.02% 0.06% Up to 20% with BGB
Binance 0.1% 0.1% 25% with BNB

By holding these tokens, you are investing in the assets themselves and accessing a range of privileges that can enhance your trading experience.

Whether it’s reduced fees through BGB on Bitget or the multipurpose application of BNB on Binance, integrating native token usage into your trading strategy can unlock additional value.

Remember that these benefits are subject to change, so review the latest information from each exchange to maximize your use of BGB and BNB.

Bitget Vs Binance: KYC Requirements & KYC Limits

When engaging with cryptocurrency exchanges, you’ll encounter KYC (Know Your Customer) requirements, which are crucial for ensuring security and complying with anti-money laundering regulations. Both Bitget and Binance have their own KYC protocols.

Bitget KYC Requirements:

  • Initial Verification:
    • Government-issued ID.
    • Selfie verification.

Binance KYC Requirements:

  • Initial Verification:
    • Government-issued ID.
    • Selfie verification.
  • Advanced Verification:
    • Proof of address may be requested for increased limits.

Without completing KYC, your access to certain features will be limited. Below is how the KYC status affects your transactions on both exchanges:

Feature Bitget (Non-KYC) Bitget (KYC) Binance (Non-KYC) Binance (KYC)
Withdrawals Restricted Higher Limits Restricted Higher Limits
P2P Trading Not Available Available Restricted Available

For Bitget, failing to verify your account means you cannot add or withdraw funds, engage in peer-to-peer trading, or deposit funds. With KYC, you enjoy fewer limitations and increased accessibility to the platform’s complete services.

On Binance, you can begin with basic functionality under limited conditions. However, advanced verification is needed to remove these limitations, providing higher withdrawal and trading limits and improved access to the platform’s features.

Both exchanges require KYC for enhanced security and to ensure you have fuller access to services.

Adhering to KYC requirements mitigates risks and maintains the integrity of your transactions on both platforms. Regular updates to your KYC information may be necessary to maintain account functionality and comply with changing regulations.

Bitget Vs. Binance: User Experience

binance ui

When evaluating the user experience on both Bitget and Binance platforms, there are several aspects to consider:

  • Ease of Use: Binance’s interface is feature-rich, which can be overwhelming for newcomers, but it caters comprehensively to the needs of experienced traders. Conversely, Bitget provides a more streamlined experience that may appeal to traders who prefer a less complex interface.
  • Design and Functionality: Binance’s web and mobile platforms are highly functional, with various interactive charts and tools. Bitget’s clean and user-friendly design ensures users can find features quickly.
  • Speed: Transaction speed is critical in trading. Binance is renowned for its fast transaction speeds, reflecting its robust technical infrastructure. Bitget also provides satisfactory performance, but with a smaller user base, its speed benchmarks are less tested at scale.
bitget ui

Below is a comparison of key user interface aspects:

Aspect Binance Bitget
Interface Complexity High (many features) Lower (simplified)
Mobile App Experience Comprehensive functionality Streamlined, focused experience
Ease of Navigation Advanced, with a learning curve Intuitive for beginners and casual traders
Customization Extensive customization options Basic customization for ease of use

Technical Support: Both platforms offer support, but Binance, with a more extensive user base, may have a broader array of support options, whereas Bitget’s support team might provide more personalized service due to fewer users.

Remember that your choice largely depends on your familiarity with cryptocurrency trading and preference for a trading environment.

Bitget vs Binance: Order Types

When you trade cryptocurrencies, the variety and sophistication of order types at your disposal can significantly impact your trading strategy and risk management.

Bitget and Binance both feature a selection of orders tailored to diverse trading needs; however, each platform may offer different options.

Binance, one of the largest exchanges, provides a comprehensive suite of order types. Here’s a breakdown:

  • Market Orders: Allow you to buy or sell immediately at the current market price.
  • Limit Orders: Enables you to set a specific price you want to buy or sell.
  • Stop-Limit Orders / Stop-Market Orders: Activates your order once the market hits your specified stop price.
  • OCO (One Cancels the Other) Orders: Combines a limit order with a stop-limit order.
  • Trailing Stop Orders: Automatically adjust the stop price at a fixed percentage below or above the market price.

Bitget also offers a range of order types, though it may differ slightly from Binance:

  • Market Orders: Execute immediately at the going market price.
  • Limit Orders: You decide at what price to buy or sell.
  • Post-Only Orders: Guarantees you’ll pay the maker fee and not the taker fee.
  • Conditional Orders: Executes when certain predefined conditions are met.
  • Reduce-Only Orders: Ensures the order only reduces your position, not increases.

Both platforms continuously iterate their trading tools to cater to their users’ evolving needs. You need to understand the nuances of each order type as they directly impact potential profit outcomes and exposure to market volatility.

Bitget vs Binance: Security Measures & Reliability

Your security and the platform’s reliability are paramount when considering cryptocurrency exchanges. Binance and Bitget recognize this and implement robust measures to protect your assets.

Binance

  • Cold Storage: Many digital assets are stored offline, minimizing the risks associated with online breaches.
  • User Security: You can enable two-factor authentication (2FA), offering an extra layer of security for your account.
  • History: Binance has faced security challenges, including a significant hack in May 2019. The exchange strengthened its security systems and fully compensated the affected users.

Bitget

  • Fund Safety: Bitget has mechanisms to safeguard your funds, with a portion secured in cold storage.
  • Security Compliance: They strive to comply with various international security protocols to enhance your data protection.
  • Incident Response: Details on past incidents and their resolution are less widely reported, which could be due to the lower profile of the exchange relative to Binance.
Feature Binance Bitget
Cold Storage Yes, a significant portion of offline Yes, an undisclosed portion
2FA Yes Not commonly detailed
Past Hacks Yes, 2019 hack with user compensation Specific past incidents not widely disclosed
User Safety Encourages use of security features Follows international security protocols

Your choice in exchange should weigh these security features and their track record for reliability.

Both have taken steps to address security concerns, though Binance’s more extensive scale and transparency about past issues offer a clearer picture of their resilience to threats.

Bitget vs. Binance: Insurance Fund

When you’re considering the security of your investments on cryptocurrency exchanges, the existence of an insurance fund can provide additional peace of mind. Binance and Bitget have established insurance funds to enhance the safety of user assets.

Binance has set up the Secure Asset Fund for Users (SAFU). This fund is built by allocating 10% of all trading fees collected by Binance into SAFU to protect users and their funds in extreme cases. As of the data available, the SAFU is valued at over $1 billion.

Binance Insurance Fund Details
Name SAFU
Valuation > $1 billion
Purpose To protect users in unprecedented events

On the other side, Bitget has also created a substantial security fund that protects against potential threats and unforeseen events.

Bitget’s security fund is reportedly over $700 million, highlighting its commitment to user security.

Bitget Insurance Fund Details
Valuation > $700 million
Purpose To safeguard against unexpected risks and events

When evaluating which exchange aligns best with your risk tolerance and security expectations, the size and purpose of these funds are significant factors.

Both Binance and Bitget show their dedication to user safety through these substantial insurance funds, but the exact size of their funds may influence your decision.

Bitget vs Binance: Customer Support

In your exploration of cryptocurrency exchanges, you’ll find that customer support is a critical aspect to consider. Bitget and Binance offer customer support services, but they differ.

Bitget:

  • 24/7 Live Chat: You can access immediate assistance anytime, a convenient feature for urgent queries.
  • Email Support: Available for less pressing issues where you can wait for a response.
  • Knowledge Base: Extensive resources are provided to help you get started and solve common issues independently.

Binance:

  • Live Chat: Customer support is available around the clock.
  • Email Support: Similar to Bitget, Binance provides email help for queries that can afford a waiting period for replies.
  • Both platforms offer support through these methods, ensuring you can get assistance whenever needed.

Here’s a quick comparison:

Feature Bitget Binance
Live Chat 24/7 24/7
Email Support Available Available
Knowledge Base Extensive and helpful Information not specified in the search results

Your choice depends on your preferences for customer service interaction. Bitget’s knowledge base may appeal to you if you value extensive self-help resources.

However, both exchanges ensure that help is always a chat or email away.

Bitget Vs. Binance: Regulatory Compliance

When you choose a cryptocurrency exchange, understanding how it conforms to regulations is crucial.

Binance, one of the largest exchanges globally, adheres to stringent guidelines. They implement extensive Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.

Moreover, Binance aligns its operations with requirements for law enforcement agencies (LEAs).

Despite facing regulatory challenges in various countries, Binance has proactively obtained licenses for its continued operations.

On the other hand, Bitget has been comparatively less prominent in the public discourse surrounding regulatory compliance.

However, Bitget has been steadily working to ensure compliance with global standards as an emerging exchange. Both exchanges employ security measures like Data Encryption and have tried to secure user information and funds.

Here’s a concise comparison of their regulatory adherence:

Aspect Binance Bitget
KYC/AML Policies Comprehensive Being adopted
Licenses & Certifications Multiple jurisdictions Emerging presence
Data Protection Encrypted Encrypted
Market Compliance Adjusts to regional regulations Adjusting to standards
Regulatory Challenges Addressed with strategic exits/entries Lesser known challenges

Lastly, your awareness of regulatory changes affecting these exchanges is essential.

For instance, Binance discontinued its services in Canada in 2023 due to regulatory uncertainty, which shows its responsive approach toward the shifting compliance landscape.

Each exchange’s strategy reflects its mission to provide secure and legally compliant platforms for your crypto endeavors.

Conclusion

When deciding between Bitget and Binance as your go-to cryptocurrency exchange, your choice largely depends on your trading preferences and requirements.

Bitget might be more suitable if you prefer:

  • More straightforward fee structure with its flat trading fee.
  • Using BGB to attain a discount on trading fees (20% off).

Binance could be the better option for you if:

  • A more extensive variety of trading pairs and features is what you’re looking for.
  • You are interested in a tiered fee structure that can lower costs, especially when using BNB for a 25% discount.
  • You demand a platform that caters extensively to both novice and experienced traders.

Remember, security is a top priority on both platforms, so your decision may also hinge on other factors, such as user interface preferences, the need for advanced trading tools, or the availability of customer support in your preferred language.

Before making your final decision, consider thoroughly reviewing each platform, fee structure, security measures, and supported features.

Your choice should align with your investment strategy, trading volume, and desired user experience.

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.