Selecting the best trading platform is crucial in the fast-paced and dynamic cryptocurrency space. If you’re looking for a chance to maximize on crypto trading, futures, or options, there are established names to consider.
Among those names are BingX vs Binance, two of the leading cryptocurrency exchanges worldwide. In this Binance vs BingX guide, we will examine factors such as fees, features, customer support, and usability.
BingX vs Binance: Comparison Table
ExchangeBingXBinanceYear Founded20182017FoundersJosh LuChangpeng Zhao, Yi HeHeadquartersHong KongDubaiUser base7 million +290 million +Supported cryptocurrencies1000+500+Security LevelHighHighKYC VerificationNot requiredMandatoryNative tokenNoneBNB
What is BingX?
BingX cryptocurrency exchange was founded in 2018 and has its headquarters in Panama, with offices in Hong Kong, Taiwan, and other locations. In just a few years, the platform has become a Tier-1 crypto exchange, offering a 24-hour trading volume of $1 billion. The platform provides a transparent and competitive fee structure, specifically designed to cater to both occasional and frequent investors.
BingX had adopted the maker and taker fee model with competitively set fees designed to incentivize trading activities. The tiered-fee structure is based on an investor’s trading volume, meaning those who trade more pay lower fees. The platform also charges withdrawal fees that may vary based on the crypto and blockchain you use.
The platform offers a wide range of services in addition to regular P2P trading, spot trading, and futures trading. The additional offerings include copy trading, which allows new users to benefit from the strategies used by experienced traders. BingX holds a prominent position among the leading global crypto exchanges due to its competitive fees, high liquidity, and substantial trade volume. The platform’s mobile app allows investors to manage their crypto assets on the go.
BingX Pros
Supports futures, spot, and copy tradingIntuitive interface for both new and experienced tradersStrong security measures with regulatory complianceLow and competitive trading feesConvenient mobile app for managing crypto on the goInnovative copy trading feature to follow expert traders
BingX Cons
Limited fiat withdrawal options, no direct bank withdrawalsGeographical restrictions in regions like the UK, USA, and CanadaHigher withdrawal fees for some cryptocurrencies
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What is Binance?
Founded in 2017 by Changpeng Zhao, Binance has established itself as the world’s largest cryptocurrency exchange in terms of trade volumes. The platform is renowned in the world of crypto assets for its relatively low fee structure that begins at 0.1%. The exchange has adopted a maker-taker fee model, charging a standard fee for most transactions.
Binance has its own native token, the Binance Coin (BNB), which also help reduce the transaction fees Users who trade with or hold the BNB coin are given massive discounts, thereby enhancing the token’s utility and attractiveness. Moreover, the platform uses a tiered fee structure for high-volume traders, charging them significantly lower fees. For example, fees can drop to as low as 0.03% for takers and 0.015% for makers for the highest VIP tiers.
Cryptocurrency exchange Binance provides comprehensive services with advanced features, catering to all classes of cryptocurrency users. The platform supports over 500 cryptocurrencies and is licensed in more than 150 countries, with the list continually growing. Data shows that the platform supported an average $65 billion daily trading volume, with almost 300 million active users.
Apart from traditional futures and spot trading, Binance also supports over-the-counter (OTC) trading, peer-to-peer (P2P) trading, and NFT trading. Users can also utilize the platform’s advanced products to earn passive income through the Binance Earn segment. Moreover, the exchange offers a standalone desktop app compatible with both Windows and macOS, as well as mobile apps for Android and iOS.
Binance Pros
Supports 500+ cryptocurrencies including meme, AI coins, and GameFiOffers 1,300+ trading pairs, including 460 for Futures and Perpetual marketsLow trading fees with discounts for using Binance Coin (BNB)Various trading options, P2P, margin, and spot trading and multiple order types.Strong security measures, including 2FA and KYC/AML policies.Supports fiat currencies (GBP, EUR, USD, etc.).
Binance Cons
Platform subject to regulatory issues and lawsuits, with future legal concerns.Some features and trading options may be confusing for beginners.Legal troubles surrounding Binance and CEO Changpeng Zhao over anti-money laundering violations.
BingX vs Binance: Trading Features and Tools
Binance vs BingX are both leading crypto exchanges worldwide. They are preferred choices for many, offering a range of trading features.
BingX
Copy Trade: BingX exchange’s copy trading tool enables new traders to learn and earn by copying the moves of professional traders.Efficient Grid Trading: The Grid Trading tool enables traders to automatically buy low and sell high, thereby maximizing their profit potential. This becomes an especially effective tool considering the crypto market’s volatility.Wide Selection of Languages: As BingX is an international exchange serving investors from around the world, the platform provides a comprehensive language filter. The broad language selection includes English, French, Italian, Vietnamese, and much more.BingX Affiliate Program: Approved users can avail themselves of more financial benefits by promoting the platform to others using the BingX Affiliate Program.Favorable Bonuses: Users have access to several bonuses, including a signup and welcome bonus on their first deposit of up to 5,000 USDT.
Binance
On the other hand, Binance offers the following unique trading features you need to know about:
Many Supported Cryptocurrencies: The platform supports over 500 cryptocurrencies, including BTC, ETH, XRP, and many other emerging altcoins and tokens.Low Trading Fees: Binance charges relatively low trading fees, starting at 0.1%, and these fees can be further reduced when using the BNB coin.Multiple Trading Options: The exchange offers a range of trading options, including spot trading, margin trading, and futures trading, allowing investors to choose from various options.Security and Protection: The platform utilizes state-of-the-art security measures, including two-factor authentication (2FA), advanced encryption, and crypto custody services. Advanced and Beginner Interfaces: The exchange offers distinct interfaces tailored for both beginners and experienced traders.Integrated Apps and Services: There are web browsers, smartphone apps, prepaid cards, and lending services designed to enhance the trading experience.Local Language and Currency Support: The platform supports multiple local fiat currencies and provides customer support in several languages worldwide.
BingX vs Binance: Fees
When it comes to BingX vs Binance fees, you need to consider each platform’s fee structure to maximize profitability carefully. Fees can vary depending on the trading product you choose and whether you qualify for discounts for trading large volumes. Since fees are subject to change, carefully review the fee structures regularly and make comparisons between BingX and Binance. Binance vs. BingX offers among the most competitive trading fees, along with discounts for high-volume traders and native token holders.
BingX Trading Fees
Spot Trading Fees: BingX charges a 0.1% fee for the spot market, but unlike Binance, it doesn’t offer discounts on large trade volumes.Futures Trading Fees: BingX charges crypto futures traders on the platform 0.05% taker fees and 0.02% maker fees. Traders can further reduce their fees based on their 30-day trade volume, reaching a 5% maker fee of 0.0015 and a 0.035% taker fee. The platform charges a fixed fee of 0.045% for both maker and taker fees on traditional futures, including stocks, indices, commodities, and foreign exchange (forex).
Binance Trading Fees
Spot Trading Fees: Binance customers pay a maker fee of 0.1% for the spot market. Traders can reduce the amount by 25% by holding the BNB token by activating the “BNB fee deduction” feature. As a result, BNB holders are charged only $0.075% on the spot market. Moreover, the fee can be as low as 0.015% for makers and 0.03% for takers, based on a trader’s 30-day trading volume.Futures Trading Fees: The Binance spot and futures trading fees are both relatively lower than those charged by BingX. Additionally, the trader can reduce the rate further if they hold BNB tokens and have a high 30-day trade volume.
Deposit and Withdrawal Fees
Cryptocurrency exchange BingX doesn’t charge users any fees when they make cryptocurrency deposits. Nonetheless, some network fees could be applicable depending on the blockchain network used. When it comes to withdrawals, a flat fee is appropriate, but it is also dependent on the specific blockchain network. The costs may also fluctuate depending on the prevailing network congestion. Please note that BingX has a minimum deposit requirement for various cryptocurrencies. Deposits below this amount may incur additional fees.
Binance exchange doesn’t charge deposit fees for either fiat or cryptocurrency. However, its withdrawal fees vary based on the particular asset and blockchain network. Please carefully read the fine print, as there may be exceptions based on the specific cryptocurrency or payment method. Applicable withdrawal fees may also vary widely and range from free to a small percentage.
BingX vs Binance: Products & Services
When choosing between BingX and Binance cryptocurrency exchanges, consider their diverse trading offerings and unique features. Both exchanges provide a variety of products and services tailored to different trading strategies.
BingX offers a wide selection of crypto assets, including popular coins and altcoins, while Binance supports over 500 cryptocurrencies, making it ideal for those focused on well-established assets.
Spot Trading: Both platforms offer conventional spot trading, allowing users to buy and sell assets at market prices.Futures Trading: BingX provides perpetual futures with up to 150x leverage, while Binance also offers futures trading with varying leverage options.Copy Trading: BingX stands out with its copy trading feature on spot markets, enabling inexperienced traders to copy strategies from experts. Binance offers copy trading on both spot and futures markets.Options & Leveraged Tokens: Binance excels with options trading and leveraged tokens, offering more dynamic products. BingX has less focus on these advanced options.NFT Marketplace: Binance features a dedicated NFT marketplace for digital collectibles, including art and memes, with support for ETH and BNB. BingX offers limited NFT support, mainly focused on meme NFTs.Staking: Both platforms support staking, but Binance has a broader selection of assets and a more advanced system.
Your choice between BingX and Binance depends on your trading needs, with Binance offering a broader range of assets and advanced features, while BingX is appealing for users seeking simplicity and copy trading.
BingX vs Binance: Supported Cryptocurrencies
When it comes to the number of cryptocurrencies supported by BingX vs Binance, the latter takes the lead. BingX supports over 700 crypto assets, catering to both beginner and seasoned traders, particularly those interested in altcoins. The platform also supports at least 100 fiat currencies, including the AUD, CHF, CAD, and EUR.
Binance offers nearly 500 cryptocurrencies, including popular assets such as Bitcoin, Ethereum, and several stablecoins. The platform has adopted a more selective approach, focusing on quality rather than quantity. As a result, you won’t find any of the new and merging cryptocurrencies on Binance. The exchange also supports over 160 fiat currencies, including EUR, USD, TRY, JPY, GBP, AUD, and CAD, among others.
BingX vs Binance: Regulation & Availability
BingX complies with regulations in the countries it operates, ensuring adherence to local laws. It is registered with FINTRAC in Canada and FinCEN in the U.S., and has a presence in countries like the U.S., Canada, EU, Taiwan, Hong Kong, and Australia. BingX operates under the regulatory oversight of various jurisdictions, providing users with access to global markets.
Binance, a global leader in cryptocurrency trading, also works hard to comply with regulations worldwide. The platform collaborates with local authorities and has established compliance programs to meet anti-money laundering (AML), know-your-customer (KYC), and counter-terrorism financing (CTF) frameworks. Binance has achieved regulatory milestones in countries such as Brazil, Argentina, India, Kazakhstan, and Indonesia, but some regions, including Canada, France, South Korea, and Singapore, face restrictions due to regulatory issues. In the U.S., Binance is available in just six states, while other users access the platform through Binance.US, a compliant alternative.
Check the full list of Binance licenses here.
BingX is accessible in over 100 countries across regions like Oceania, Asia, Australia, Europe, and South America, offering a wide reach for traders. However, Binance has more limited availability due to regulatory constraints, affecting users in several countries and restricting access to its main platform.
As the cryptocurrency regulatory landscape evolves, both platforms work to ensure compliance. Users should stay informed about any changes to remain compliant with local laws.
BingX vs Binance: Security
Both Binance vs BingX take the security of their customers’ funds and their peace of mind seriously. Both exchanges have employed robust security measures to ensure trading occurs in a safe and secure environment. The two platforms provide proof of reserves, designed to back up customer funds 1:1, meaning assets are over 100% backed. Customer assets are held in multi-signature cold wallets that aren’t connected to the internet and need several signatures to unlock.
BingX
BingX is among a select few cryptocurrency exchanges that have never experienced security breaches, such as hacking. To protect user accounts, BingX employs the following security measures:
Two-factor Authentication: BingX users can activate 2FA to ensure they verify all sign-ins with a code sent to their phone numbers.SSL: The platform has an SSL certificate offered by Google Trust Services.Firewalls: The exchange utilizes active firewalls to safeguard its servers against cyberattacks.Monitoring: BingX has system administrators who monitor the site’s security 24/7.Insurance coverage: The exchange operates an insurance fund that protects investors from unpredictable loss of funds.Anti-phishing codes: Traders can activate an anti-phishing feature that helps them identify fraudulent emails.
Binance
Binance has experienced hacking incidents in the past, but none have occurred since 2019. The platform reimbursed its customers for the lost funds and is currently recognized as one of the most secure crypto exchanges. To maintain the state-of-the-art security, Binance has put in place the following measures:
Two-factor authentication: The use of 2FA is designed to provide an additional security layer, ensuring user accounts are safeguarded.SSL: Binance utilizes SSL encryption provided by Google Trust Services, which places the platform on the same level as BingX.Withdrawal Whitelists: The exchange enables users to whitelist crypto wallets and bank accounts to prevent unauthorized withdrawals. Transactions to addresses outside the whitelist are vetted seriously before being permitted.Anti-phishing: Users can activate the anti-phishing feature that indicates genuine emails from the exchange.Regulatory oversight: Binance is subject to regulatory oversight in different jurisdictions to maintain top-notch security.
Compared to BingX, Binance stands out with its Binance SAFU Security Fund (SAFU), which is currently worth over $1 billion. The fund is a form of internal insurance measure designed to safeguard customers from black swan events. However, the platform has never had to employ the security fund so far.
BingX vs Binance: Trading Volume and Liquidity
You cannot compare BingX and Binance without considering their respective trade volumes, as this impacts your trading experience. Binance, a leading global exchange, is renowned for its extensive user base and high trading volume. The higher the trade volume, the faster you can execute trades and minimize spreads between bids and ask prices.
Binance has often been ranked highest in terms of crypto exchange liquidity. The platform also maintains a high trade volume (with a 24h trading volume of $19 billion), which contributes to its efficient trading practice and reduced slippage. BingX has a relatively lower liquidity ranking compared to Binance, which may impact large trade executions in certain situations. The platform’s 24h trading volume ($1 Billion) is also lower than Binance’s and could lead to price variability during execution.
Regarding slippage, Binance’s higher ranking means the platform is less likely to encounter price movements when a trade is being executed. The result is that traders experience predictable prices, as they will be close to the anticipated execution price. On the other hand, BingX, with its relatively lower trade volume, could potentially experience slippage in this regard. Nonetheless, both Binance vs BingX have so far facilitated stable trade executions, though Binance ranks slightly higher.
If you’re interested in getting real-time data on any exchange’s liquidity or trade volume, you can easily outsource it. These can be obtained from exchange ranking websites, such as CoinGecko, as well as market analysis reports and financial disclosures from the exchanges. The exchange you choose will depend on these metrics and your preferences regarding speed and price consistency.
BingX vs Binance: KYC Requirement
BingX vs Binance: Mobile App
Both BingX and Binance offer robust mobile apps for Android and iOS, designed to enhance the trading experience for millions of users worldwide. These apps are intuitive and provide seamless access to various features, allowing users to trade cryptocurrencies on the go.
The BingX Mobile app is available on the Google Play Store and Apple App Store, allowing users to trade digital assets, track near-instant market tickers, and access advanced features like demo accounts and copy trading. The app also supports market orders, limit orders, and margin trading. Users appreciate its user-friendly design, which ensures a hassle-free trading experience.
The Binance Mobile app also supports Android and iOS devices, offering users the ability to buy, sell, and trade cryptocurrencies. It provides additional features such as staking, recurring buys, price charts, and real-time market data. The app’s intuitive interface caters to both beginners and experienced traders. For US users, Binance also offers the Binance.US app, which includes similar features.
In terms of usability, both apps are well-designed and user-friendly. BingX’s mobile app is lighter and has received positive feedback for its ease of use, though the Android version is only available for download on the platform’s website. Binance’s app has garnered higher ratings on both the App Store and Google Play, offering a more feature-packed experience. Both apps provide essential tools for smooth, on-the-go trading.
BingX vs Binance: User Experience
BingX
BingX presents as a great platform offering an excellent overall trading experience to users, thanks to its ton of features. The platform is especially ideal for new users as the signup process is uncomplicated. Users can utilize the copy trading feature, which enables them to replicate an expert’s trades and benefit from their success.
In addition to the responsive mobile app, the BingX user experience is enriched through a beginner’s guide. The “how to” guide offers resources with a basic tutorial that shows the fundamentals of crypto trading and using the exchange. New traders find this feature and the “help center” quite essential. Users can have their questions answered at the “help center” before calling BingX customer support.
The BingX verify is a standout feature of the platform that could have saved countless users from getting scammed. The feature helps users verify the legitimacy of email addresses, Telegram IDs, and domain names. Other essential features that enhance the BingX user experience include technical charts from TradingView and detailed information on trading pairs. Others are trading pair favorites, order books, recent trades, transaction and trade histories, and the easy-to-use order form.
BingX presents a user-friendly interface that offers tens of features designed to simplify the crypto trading experience.
Binance
Binance also offers an easy-to-use interface for trading. It provides all the features you need for crypto trading, making it suitable for even experienced traders. The tens of millions of traders who patronize the exchange give evidence of its pleasant user experience. Judging from online reviews, users love the rich suite of advanced features and the low transaction fees. This has made it the go-to exchange for traders seeking to leverage the platform’s stability in a volatile market.
The exchange’s specification as the world’s leading cryptocurrency exchange makes it an impressive platform. For example, it is estimated that at least 1.4 million transactions happen every second. Perhaps one of the most notable features of the platform is the Binance Coin, the exchange’s native cryptocurrency. Users can also benefit from multiple charts from TradingView, pair details, and an easy-to-use order form.
BingX vs Binance: Customer Support & Service
Both Binance and BingX offer 24/7 customer support using live chat. However, users have ranked BingX as having a faster response rate, with customer queries solved quickly. The response teams are knowledgeable and helpful, responding within 30 seconds on average. Binance also offers a responsive live chat with response times averaging 2-5 minutes. However, even with the slower response times, the staff is also reportedly knowledgeable and courteous.
Crypto exchange Binance boasts a generously extensive and exhaustive FAQ section. While that could involve some level of searching, the database contains answers to the most common queries. You can easily transition from the FAQ database to speaking with support staff with the click of a button. The Binance online feature provides direct access to the trading interface.
BingX’s customer service has representatives ready to help users and address queries traders may face. Users can also reach the customer care center through support@bingX.com in addition to the live chat option for fast assistance.
Conclusion: Which Exchange is Better?
BingX vs Binance are both top choices for crypto traders from all over the globe. However, if you’re going to choose between the two, you need to consider the key differences between them carefully.
If you’re interested in staying anonymous, you’re going to choose BingX. That’s especially true if you’re also interested in trading other commodities like forex, stocks, and indices in addition to crypto. However, you can choose Binance if you’re interested in having a more comprehensive crypto trading experience. Binance offers relatively low trading fees for the advanced trading experience it offers.
When choosing between Binance and BingX, you should also consider the fiat currency support offered by each exchange. Binance supports a wide range of popular fiat currencies, including EUR, GBP, USD, AED, AUD, and more. This makes it easier for you to transfer your proceeds straight to your bank account once you’re done trading. Remember also that the Binance exchange’s interface may not be as beginner-friendly as BingX’s. Consider your investment needs before choosing between BingX vs Binance.
FAQs
Is BingX legal in the USA?
BingX may not be explicitly legal in the United States due to several regulatory compliance issues. As a result, BingX, like several other crypto exchanges, operates partially in the United States.
Is BingX a good exchange?
BingX offers a competitive fee structure, a wide selection of cryptocurrencies, and an intuitive interface. This makes it regarded as a great cryptocurrency exchange designed for both beginners and expert traders alike.
Is there a better app than Binance?
The Binance app contains components that make it unique. Users have ranked it the most secure and easy-to-use app currently, making it the go-to crypto trading app.
Is Binance safe?
Binance has suffered security breaches in the past, but none have occurred since 2019. Currently, Binance ranks among the most secure cryptocurrency platforms, as evidenced by its growing number of users. The platform has implemented several state-of-the-art security measures to safeguard users.
Is BingX better than Binance?
Binance has held the title of best cryptocurrency exchange for a while now, but BingX seems to have invaded this arena. BingX’s easy-to-use interface, robust risk management, and diverse trading options make it a great competitor. As the cryptocurrency trading world evolves and new platforms emerge, BingX is poised to redefine the trading experience.
