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BitMEX vs Binance: Comparing Exchanges in 2025

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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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 January 26, 2025

  • Binance, the largest exchange by trading volume, offers a comprehensive platform with a wide selection of cryptocurrencies, futures, margin trading, staking, and various DeFi services, making it suitable for traders of all experience levels.

    BitMEX, in contrast, specializes in high-leverage futures and derivatives trading, appealing to advanced traders seeking to maximize their positions in the market.

    In this post, we’ll compare BitMEX and Binance regarding trading options, fees, security, and user experience to help you decide which platform suits your trading strategy.

    Our 2025's Recommendation

    • Upto 100x Leverage for BTC

    •  Supports over 100+ crypto trading pairs

    • 0.075% & 0.02% as taker/maker fees

    • Robust security measures

    BitMEX vs Binance: Comparison at a Glance

    BitMEX and Binance are two prominent cryptocurrency exchanges with unique features and offerings. Here’s a comparative table highlighting critical aspects of both platforms:

    Feature BitMEX Binance
    Founded 2014 2017
    Founders Arthur Hayes, Ben Delo, Samuel Reed Changpeng Zhao
    Supported Coins Bitcoin and major altcoins 350+ cryptocurrencies
    Leverage Up to 100x Up to 125x
    Trading Volume High Very High
    Deposit Methods Cryptocurrency only Cryptocurrency, bank transfer, credit/debit cards
    Fees 0.075% maker, 0.075% taker 0.1% spot trading, 0.02% futures
    Products Futures, perpetual contracts Spot, futures, options, margin trading
    Regulation Registered in Seychelles Licensed in multiple jurisdictions

    BitMEX launched earlier, focusing primarily on derivatives trading with high-leverage options. You can trade significant cryptocurrencies with up to 100x leverage on their platform.

    Binance entered the market later but quickly became a dominant player. You can access a broader range of cryptocurrencies and trading options on Binance, including spot trading and various derivatives.

    Both exchanges offer competitive fee structures. BitMEX charges a flat 0.075% for makers and takers, while Binance’s fees vary by product type.

    Binance provides more deposit options, allowing you to fund your account with fiat currencies. On BitMEX, you can only deposit cryptocurrencies.

     

    BitMEX vs Binance: Products and Services

    BitMEX and Binance offer diverse cryptocurrency trading products and services, catering to different trader needs.

    BitMEX specializes in crypto derivatives, providing futures and perpetual contracts. You can trade with high leverage on popular cryptocurrencies like Bitcoin and Ethereum.

    Binance, on the other hand, offers a broader range of products. You can access spot trading, futures, options, and leveraged tokens. The exchange also provides staking services and an NFT marketplace.

    For spot trading, Binance is the clear winner. You can trade hundreds of cryptocurrencies directly on their platform. BitMEX does not offer spot trading.

    Both exchanges excel in futures trading. BitMEX is known for its Bitcoin perpetual swap contract, while Binance offers futures on a broader range of cryptocurrencies.

    Binance’s innovation shines through its diverse product offerings. You can participate in token sales, earn interest through staking, and trade NFTs all within one ecosystem.

    BitMEX focuses on delivering a robust trading experience for derivatives. Experienced traders favor their platform for its advanced order types and analytical tools.

    User experience varies between the two. Binance’s interface is more beginner-friendly, with a broader array of services accessible through one account. BitMEX’s platform may have a steeper learning curve, but it offers powerful features for seasoned traders.

     

    BitMEX vs. Binance: Contract Types

    BitMEX and Binance offer diverse cryptocurrency derivative products to suit different trading strategies. Let’s compare their contract offerings.

    BitMEX provides inverse perpetual contracts, allowing you to trade with Bitcoin as collateral. These contracts have no expiry date and use a funding rate mechanism to keep prices aligned with the spot market.

    Binance offers both inverse and linear perpetual contracts. Linear contracts use the same asset for trading and settlement, simplifying profit and loss calculations.

    For futures trading, BitMEX features inverse futures contracts with fixed expiry dates. These are popular among experienced traders for hedging and speculating on Bitcoin price movements.

    Binance expands its futures offerings with COIN-M and USD-M contracts. COIN-M futures are settled in the cryptocurrency, while USD-M futures use stablecoins for settlement.

    Options trading is available on Binance, giving you the right to buy or sell an asset at a predetermined price. BitMEX currently does not offer options contracts.

    Contract Type BitMEX Binance
    Inverse Perpetual ✓ ✓
    Linear Perpetual ✗ ✓
    Inverse Futures ✓ ✓
    COIN-M Futures ✗ ✓
    USD-M Futures ✗ ✓
    Options ✗ ✓

    Binance provides a broader range of contract types, catering to novice and advanced traders. BitMEX focuses on specific contract types, appealing to traders who prefer its specialized offerings.

     

    BitMEX vs Binance: Supported Cryptocurrencies

    choose trading pair bitmex

    BitMEX offers a more focused selection of cryptocurrencies for futures and leverage trading. You can trade Bitcoin, Ethereum, Litecoin, and other significant altcoins on BitMEX.

    Binance provides a much more comprehensive range of supported cryptocurrencies. You’ll find over 380 cryptocurrencies and trading pairs available on the platform.

    binance supported coins

     

    For futures trading, BitMEX’s most famous pairs include:

    • BTC/USD
    • ETH/USD
    • XRP/USD

    Binance offers more variety in futures trading pairs, such as:

    • BTC/USDT
    • ETH/USDT
    • BNB/USDT
    • ADA/USDT
    • DOT/USDT

    On Binance, you can trade futures for more altcoins than BitMEX. This gives you more opportunities to diversify your trading strategy.

    Both exchanges support leverage trading, but the available leverage varies by cryptocurrency and market conditions. BitMEX allows up to 100x leverage on some pairs, while Binance offers up to 125x leverage on select trading pairs.

     

    BitMEX vs Binance: Leverage and Margin Trading

    BitMEX and Binance offer powerful leverage and margin trading options for cryptocurrency traders. These features allow you to amplify your positions and potential returns, but they also come with increased risks.

    BitMEX provides leverage up to 100x on specific contracts. This means you can control a position 100 times larger than your initial investment. However, such high leverage significantly increases the risk of liquidation.

    Binance offers more conservative leverage options, with a maximum of 20x for futures trading and 10x for margin trading on specific pairs. This lower leverage may reduce potential gains and decrease the risk of rapid liquidation.

    Margin requirements:

    • BitMEX: Initial margin varies by contract, typically 1% for 100x leverage
    • Binance: Initial margin depends on the leverage used, ranging from 5% to 50%

    Both exchanges use a liquidation system to protect themselves from negative balances. If your position moves against you and your maintenance margin is depleted, your position will be automatically closed.

    Funding rates on perpetual contracts differ between the platforms:

    • BitMEX: Calculated every 8 hours
    • Binance: Calculated every hour

    These rates can impact your profits or losses, especially for long-term positions. It’s crucial to monitor them closely when trading on either platform.

    Remember, while leverage can amplify gains, it also magnifies losses. Always trade responsibly and within your risk tolerance.

     

    BitMEX vs. Binance: Trading Volume

    Binance consistently outperforms BitMEX in terms of trading volume. As the world’s largest cryptocurrency exchange, Binance boasts impressive liquidity across various trading pairs.

    You’ll find that Binance’s high trading volume translates to better execution speeds and reduced slippage for your trades. This means you can enter and exit positions more efficiently, especially during volatile market conditions.

    BitMEX, while still a popular platform for derivatives trading, generally has lower trading volumes than Binance. This can lead to slightly wider spreads and potentially higher slippage on some trading pairs.

    CoinGecko and CoinMarketCap are reliable sources for comparing exchange volumes. As of September 2024, these metrics consistently rank Binance at the top for spot and derivatives trading volume.

    Here’s a quick comparison of 24-hour trading volumes:

    Exchange Spot Volume Derivatives Volume
    Binance $15-20B $50-60B
    BitMEX N/A $2-3B

    Note: Actual figures may vary; always check real-time data.

    The higher trading volume on Binance typically results in tighter bid-ask spreads, benefiting your trading strategies. However, BitMEX’s focus on derivatives can offer competitive liquidity for products like perpetual contracts with Bitcoin.

     

    BitMEX vs Binance: Futures Trading Fees and Rewards

    bitmex fees

     

    BitMEX and Binance employ different fee structures for futures trading. BitMEX uses a flat fee model, charging 0.075% for takers and offering a 0.025% rebate for makers. This simplifies calculations for traders.

    binance fees

    Binance’s fee structure is tiered, based on trading volume and BNB holdings. Taker fees start at 0.04% and can decrease to 0.012% for high-volume traders. Maker fees begin at 0.02% and can drop to 0.0% for top-tier users.

    You can reduce your Binance fees by holding BNB tokens. For example, using BNB to pay fees grants a 25% discount. This incentivizes traders to keep BNB in their accounts.

    Both exchanges offer referral programs. BitMEX provides a 10% fee discount for referred users, while Binance offers commission kickbacks to referrers.

    Withdrawal fees vary between the exchanges. BitMEX charges a flat 0.0005 BTC for Bitcoin withdrawals. Binance’s withdrawal fees depend on the cryptocurrency and network used.

    To calculate your fees on BitMEX:

    1. Taker order: Trade amount * 0.075%
    2. Maker order: Trade amount * -0.025% (rebate)

    For Binance, your fee calculation depends on your VIP level and BNB holdings. Always check the current fee schedule before trading to optimize your costs.

    Remember to factor in these fees when planning your trading strategy. Lower costs can significantly impact your overall profitability, especially for high-frequency traders.

     

    BitMEX vs Binance: Deposits & Withdrawal Options

    BitMEX and Binance offer different deposit and withdrawal options for various user needs. BitMEX supports only cryptocurrency deposits and withdrawals, with Bitcoin being the primary currency.

    On Binance, you can deposit and withdraw using various cryptocurrencies. The exchange also supports fiat currencies through bank transfers, credit/debit cards, and different payment processors.

    Cryptocurrency processing times on both platforms are generally quick, often taking just a few minutes to a few hours. Fiat transactions on Binance may take 1-3 business days.

    BitMEX has no minimum deposit amount, but withdrawals must be at least 0.001 BTC. Binance’s minimum deposit and withdrawal amounts vary by currency and payment method.

    Binance typically charges lower withdrawal fees than BitMEX. However, exact costs depend on the cryptocurrency and network used.

    Binance offers higher thresholds for maximum deposit and withdrawal limits, especially for verified accounts. BitMEX imposes stricter limits on withdrawals.

    Binance provides more flexibility with its numerous deposit and withdrawal options. This can be particularly convenient if you prefer using fiat currencies or a variety of cryptocurrencies.

    BitMEX’s Bitcoin-only approach may appeal to users focused solely on BTC trading, but it can be limiting if you want to trade or withdraw other cryptocurrencies directly.

     

    BitMEX vs Binance: Native Token Usage

    BitMEX and Binance have their native tokens, offering unique benefits to users within their respective ecosystems.

    BitMEX’s native token is called BMEX. When you hold BMEX tokens, you can enjoy trading fee discounts of up to 15%. This can significantly reduce your costs if you’re an active trader on the platform.

    Binance’s native token is BNB (Binance Coin). It provides similar advantages for a fee reduction. When you use BNB to pay for trading fees on Binance, you receive substantial discounts according to a tiered schedule.

    The utility of these tokens extends beyond fee discounts:

    • BMEX: Staking rewards, early access to new products, and exclusive privileges
    • BNB: Participation in token sales, voting rights in Binance Launchpad projects, and discounts on other Binance services

    Binance’s BNB has a more comprehensive range of use cases due to its integration across the broader Binance ecosystem. You can use it for payments, travel bookings, and decentralized applications.

    While both tokens offer benefits, BNB has gained more mainstream adoption and utility outside its native exchange. This broader usage may make it more appealing if you want a token with diverse applications.

     

    BitMEX vs Binance: KYC Requirements & KYC Limits

    BitMEX and Binance have different Know Your Customer (KYC) procedures approaches.

    BitMEX requires all users to complete KYC verification before trading. You’ll need to provide personal information and a government-issued ID. This process typically takes 5-10 minutes.

    Binance offers tiered verification levels. You can start trading with primary account verification, which only requires an email and phone number.

    For higher limits on Binance, you’ll need to complete Intermediate verification. This involves submitting ID and facial recognition. Advanced verification requires additional proof of address.

    BitMEX has a uniform withdrawal limit of 100 BTC per 24 hours for all verified users. Binance’s limits vary based on your verification level:

    • Primary: 0.06 BTC/day
    • Intermediate: 100 BTC/day
    • Advanced: 500 BTC/day

    Binance’s tiered system offers more flexibility for users who prefer privacy. You can trade with minimal personal information at lower volumes.

    BitMEX’s mandatory KYC may be seen as more secure, as all users are verified. However, it reduces accessibility for those unwilling to share personal data.

    Both exchanges use industry-standard security measures to protect your personal information. They employ encryption and secure storage practices for KYC documents.

     

    BitMEX vs Binance: User Experience

    binance ui

     

    Binance offers a clean, modern interface that you’ll find intuitive and user-friendly. The platform’s sleek design has easy navigation and quick access to critical features. To know more, check this Binance Futures trading guide.

    BitMEX’s interface, while functional, can be more complex for newcomers. It caters to experienced traders with its advanced charting tools and order types. To know more, check this BitMEX leverage trading guide.

    bitmex ui

    On mobile, Binance’s app provides a seamless experience. You can easily trade, check prices, and manage your account. The app mirrors the web version’s functionality well.

    BitMEX’s mobile app is less comprehensive. You may find it lacks some features that are available on the web platform.

    Binance’s web interface loads quickly and responds smoothly. You can execute trades rapidly, even during high-volume periods.

    BitMEX occasionally experiences slowdowns during peak trading times. This can affect your ability to place or modify orders swiftly.

    For beginners, Binance offers a more straightforward onboarding process. You’ll find helpful guides and tutorials to get started.

    BitMEX assumes a higher level of trading knowledge. You might need to invest more time in learning its features and terminology.

    Both exchanges provide two-factor authentication for added security. Binance offers additional security features like device management and anti-phishing codes.

    Binance supports a broader range of cryptocurrencies, giving you more trading options. BitMEX focuses primarily on Bitcoin and a select few other significant cryptocurrencies.

     

    BitMEX vs Binance: Order Types

    BitMEX and Binance offer a variety of order types to help you execute trades effectively. Both exchanges support common order types like market, limit, and stop orders.

    Market orders on BitMEX and Binance execute immediately at the best available price. They’re ideal when you need quick trade execution.

    Limit orders allow you to set a specific price for your trade. These are useful for getting better prices or entering positions at desired levels.

    Stop orders help manage risk by triggering at a specified price. Both platforms offer stop-limit and stop-market variations.

    BitMEX provides some unique order types:

    •  Post-Only: Ensures your order is added to the order book as a maker
    • Reduce-Only: Prevents your position from flipping sides

    Binance offers additional order types:

    • OCO (One-Cancels-the-Other): Combines a limit order with a stop-limit order
    • Trailing Stop: Adjust the stop price as the market moves in your favor

    Both exchanges support conditional orders, letting you set up complex trading strategies. These can be based on price movements or other market conditions.

    Binance’s order type selection is slightly more diverse, catering to a broader range of trading styles. However, BitMEX’s order types are well-suited for its futures-focused platform.

     

    BitMEX vs Binance: Security Measures & Reliability

    When choosing a cryptocurrency exchange, security is paramount. BitMEX and Binance have implemented robust measures to protect your funds and data.

    BitMEX uses multi-signature wallets and cold storage for the majority of user funds. The platform also employs two-factor authentication (2FA) and IP address allowlisting to enhance account security.

    Binance, on the other hand, offers a Secure Asset Fund for Users (SAFU) to protect against potential losses. They also use cold storage and multi-signature technology for fund protection.

    Both exchanges have faced security challenges in the past. In 2019, BitMEX experienced a data leak that exposed user email addresses. The issue was quickly addressed, and no funds were compromised.

    Binance suffered a major hack in 2019, resulting in a loss of 7,000 BTC. However, the exchange fully compensated affected users and strengthened its security protocols.

    In terms of reliability, Binance has a slight edge. The platform boasts higher liquidity and trading volume, with daily trades exceeding $45 billion. BitMEX, while still significant, averages around $3.6 billion in daily trading volume.

    Both exchanges use advanced security features such as:

    • SSL encryption
    • Regular security audits
    • Bug bounty programs

    Regarding user trust, recent surveys indicate that crypto investors consider Binance one of the safest exchanges. This reputation may drive other platforms, including BitMEX, to further enhance security measures.

     

    BitMEX vs. Binance: Insurance Fund

    Both BitMEX and Binance maintain insurance funds to protect traders against unforeseen losses. These funds act as a safety net for the exchanges’ trading systems.

    BitMEX’s insurance fund is substantial, with over 35,000 BTC as of September 2024. This fund grows through liquidation fees and helps prevent auto-deleveraging events.

    Binance’s insurance fund is more minor but still significant. It covers potential losses from liquidations that exceed the initial margin. The exact size of Binance’s fund is not publicly disclosed.

    You should note that BitMEX’s larger fund may provide more robust protection against extreme market volatility. However, Binance’s fund has proven adequate for its trading volume.

    Both exchanges use their insurance funds to maintain orderly markets during high-stress periods. This can help prevent cascading liquidations and protect traders’ positions.

    When choosing between BitMEX and Binance, consider your risk tolerance and trading style. BitMEX’s larger fund may appeal to high-leverage traders, while Binance’s overall stability might be preferable for more conservative strategies.

    Remember that insurance funds don’t guarantee against all losses. Always trade responsibly and use appropriate risk management techniques.

     

    BitMEX vs Binance: Customer Support

    Customer support is a crucial factor when choosing a cryptocurrency exchange. Binance stands out with its extensive support options. You can access help in over six international languages, including English.

    Binance offers a ticketing system for user inquiries. This allows you to submit questions or issues at any time. The exchange’s customer service is often praised for being responsive and helpful.

    BitMEX’s customer support, while functional, is more limited in comparison. They primarily offer English-language assistance through their support portal.

    Both exchanges provide FAQ sections and knowledge bases to help users find answers to common questions. These resources can be valuable for quick problem-solving.

    Response times may vary between the two platforms. Binance generally aims for faster turnaround, especially for urgent issues.

    For more complex problems, Binance’s multi-language support can be a significant advantage. It allows users from different regions to communicate more effectively with the support team.

    BitMEX focuses on providing clear technical support for its derivatives trading platform. Their team is knowledgeable about the intricacies of futures and options trading.

    Regarding accessibility, Binance edges ahead with its broader language options and multiple support channels. This can be particularly beneficial for users new to cryptocurrency trading.

     

    BitMEX vs. Binance: Regulatory Compliance

    Binance has shown a proactive approach to regulatory compliance. The exchange has obtained licenses in multiple jurisdictions and works to align with international regulations.

    You’ll find Binance operating with increased transparency and implementing stricter KYC procedures. They’ve also established regional entities to better comply with local laws.

    BitMEX, on the other hand, has faced more regulatory challenges. In 2020, the exchange and its founders were charged by the U.S. CFTC for operating an unregistered trading platform.

    Since then, BitMEX has taken steps to improve compliance. They’ve implemented mandatory KYC for all users and enhanced their AML procedures.

    Both exchanges now require users to verify their identity. This helps prevent money laundering and other illicit activities on their platforms.

    Binance has faced scrutiny from regulators in various countries. They’ve responded by increasing compliance efforts and engaging with authorities to address concerns.

    BitMEX has worked to rebuild its reputation after the regulatory issues. They’ve obtained licenses in some jurisdictions and strive for better compliance practices.

    You should know that regulatory landscapes can change quickly in the crypto industry. Both exchanges continue to adapt their policies to meet evolving requirements.

    When choosing between BitMEX and Binance, consider their current regulatory status in your jurisdiction. This can impact your ability to use their services and the level of protection you receive.

     

    Conclusion

    Binance and BitMEX cater to different trader needs.

    Binance is ideal for beginners and intermediate traders, offering a user-friendly interface and a wide selection of cryptocurrencies. It’s great for spot trading with lower fees and diverse features.

    BitMEX suits advanced traders focused on Bitcoin futures, offering high-leverage trading up to 100x on specific contracts.

    Binance is best for general crypto trading, while BitMEX specializes in derivatives for higher-risk strategies. Your choice should depend on your trading goals, risk tolerance, and experience level.

    Always practice responsible trading and risk management.

    Our 2025's Recommendation

    • Upto 100x Leverage for BTC

    •  Supports over 100+ crypto trading pairs

    • 0.075% & 0.02% as taker/maker fees

    • Robust security measures

    Compare BitMEX and Binance with other major exchanges

    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.