If you are screening for the top crypto exchanges to trade on, look no further. In this comparison between two Tier-1 exchanges, Binance and BingX, we will give you everything that you need to know! We have tested over 100 exchanges.
In this BingX vs Binance comparison, we will go over features, fees, security, usability, customer support, and more! Let’s find out which exchange is the best for YOU!
First, let’s start this off with a table. The table below will show you all the key features and measures of the crypto exchanges Binance and BingX.
BingX was launched in 2018 and has its headquarters in Hong Kong. Within just a few years, BingX became one of the largest Tier-1 crypto exchanges based on a 24-hour trading volume of over $8 billion. BingX also has expanded its service to offer P2P trading aside from spot and futures trading. One of the key features of BingX is the integrated copy trading feature which new users can utilize to make passive income and profit from experienced traders. With high volume, high liquidity, and low fees, it is safe to say that BingX has earned its spot in the top crypto exchanges in the world. With a comprehensive mobile app, you can even trade cryptos on BingX from the get-go.
Binance is the largest crypto exchange in the world and was founded in 2017 and is now based in Dubai. With comprehensive service and features for everything crypto, Binance is the top choice for traders from over 150 countries. As of 2023, Binance employs over 6000 people to handle over $20 billion in daily trading volume and over 30 million active users. Aside from typical spot and futures trading, you can access P2P, OTC, and NFT trading as well as passive income products in the Binance Earn and Finance section. Additionally, Binance offers a standalone desktop application for macOS and Windows and a mobile app for iOS and Android.
With over $8 billion in daily trading volume, BingX is ranked among the top 10 exchanges according to coinmarketcap.
On the BingX spot market, traders can access over 520 different cryptocurrencies which are settled in USDT. With spot trading fees of 0.1% for makers and takers, BingX charges a fair rate on the spot trading market
The futures market of BingX is also well-designed with a clean and smooth interface, ensuring a great trading experience. With over 240 trading pairs, maker fees of 0.02%, and taker fees of 0.05%, as well as leverage of up to 150x, crypto day traders will have a good time on BingX. One thing that BingX is lacking is advanced order types such as Iceberg orders or TWAP orders. Other than that, BingX is a top choice for traders, even for beginners as it is very easy to use and navigate.
Where BingX stands out from the rest, is the range of assets outside of crypto. BingX even offers indices, commodities, stocks, and forex trading pairs, making it a great choice for traders not only interested in traditional futures markets. The trading fee for standard futures (=everything that is not crypto) is 0.045%.
Binance transacts over $20 billion in trading volume per day, ranking it the number 1 on coinmarketcap.
On the Binance spot market, you can trade over 380 different cryptos across almost 1700 trading pairs. Binance spot pairs are not just settled in USDT, but also available in BUSD, TUSD, and even FIAT currencies such as EUR, GBP, and USD. The spot fees are 0.1% which is the industry standard.
The Binance futures market supports 259 cryptos which are mostly settled in USDT and BUSD. Unfortunately, Binance does not offer stocks, forex, or commodity trading. However, Binance is fully focused on crypto trading and therefore offers some of the lowest futures fees at 0.02% maker and 0.04% taker. When it comes to user-friendliness, Binance performs rather poorly as the platform is very big and could be hard to navigate for beginners. Though, once you learn how to use Binance, you will have a great crypto experience all around.
If you are only interested in crypto trading, Binance is definitely the best choice for you due to lower fees, higher liquidity, and more crypto assets.
However, if you are interested in assets aside from crypto such as Stocks, commodities, forex, or even indices, BingX is perfect for you!
BingX has a fully integrated copy trading feature, making it super easy to follow professional traders. With just a few clicks, you can analyze the past performance of other traders and make an informed decision, about if following them makes sense or not. Once you find a great trader to copy, this can be a good way to make passive income.
Unfortunately, Binance does not have an integrated copy trading feature. Binance partnered with TraderWagon, which is a third-party application to offer copy trading. This process is more complicated and most people don’t even know about this.
If you are interested in copy trading, we highly recommend you check out BingX!
Fees on the BingX spot market are 0.1%. Unfortunately, there are no fee discounts based on monthly trading volume
Binance charges a 0.1% maker fee on the spot market. This fee can instantly be reduced by 25% when holding the BNB token (Binance Token) and activating the “BNB fee deduction” feature. This leaves you at 0.075% on the spot market. You can even reduce your fees further based on your 30-day trading volume to as low as 0.015% maker and 0.03% taker.
For crypto futures trades, BingX charges 0.02% maker and 0.05% taker fees. Based on your 30-day trading volume, you can reduce your futures fees to 0.0015% maker and 0.035% taker. For traditional futures (e.g. stocks, indices, commodities, or forex), the fee is fixed at 0.045% for makers and takers. You can check the full BingX futures fee schedule here.
On the Binance derivatives market, traders enjoy 0.02% maker and 0.04% taker fees. Yet again, you can activate the BNB fee deduction, reducing your futures trading fees by 10%, leaving you at 0.018% maker and 0.036% taker fees. Based on your 30-day trading volume you can reduce your futures fees to as low as -0.01% maker and 0.0207% taker fees, meaning that you get paid for limit orders. You can check out the full Binance futures fee schedule here.
The trading fees on Binance spot and futures market are lower and can even be reduced a lot further based on your BNB holdings and 30-day trading volume.
Binance is the clear winner in terms of trading fees.
Registering on Binance and BingX is very simple and straightforward. Simply use your email or phone number and choose a strong password. Then verify your email or phone number with the 6-digit code you received in the inbox and the signup process is done. Next on the agenda: KYC verifcation.
BingX does not require its customers to verify their identity. You can deposit, trade and withdraw on BingX without KYC verification, making it a great choice for people that choose to stay anonymous. But note that without KYC, your withdrawal limits on BingX are heavily limited. Furthermore, you do not get access to every feature (such as crypto direct purchases via credit card) without verifying your identity.
Binance requires all users to verify their identity. You will need legal documents such as your ID, Passport, or Driver’s License and a device to take a photo of your face to complete Level 1 verification. The verification process on Binance usually just takes 15 minutes. For higher FIAT withdrawal limits, you must complete Level 2 KYC where you have to submit proof of identity. We will cover the exact withdrawal limits in the next section.
Now which exchange is best here? There is no clear winner as some people prefer KYC requirements while others prefer to stay anonymous.
If you just want to trade while being anonymous, BingX is the best choice for you, while Binance is better if you care more about higher withdrawal limits.
Both exchanges accept crypto deposits and withdrawals. The on-chain crypto deposits are free of charge. Crypto withdrawal fees are different for each currency and also depend on the network you choose. The fees can also vary based on the current network capacity. Make sure to manually check the respective crypto you wish to send and see what the current fees are.
Unfortunately, BingX does not offer FIAT deposits or withdrawals, However, you can purchase cryptos directly on the platform with credit cards or bank transfers.
BingX partnered with crypto direct purchase providers such as MoonPay, Banxa, Advcash, Mercuryo, and more to facilitate crypto purchases. The cheapest option is MoonPay and airTM with fees being 0.8% to 2%. In order to purchase cryptos on BingX directly, you must verify your identity.
The withdrawal limit on BingX for non-KYC users is $50.000 worth of cryptos per day. When completing the KYC process, you can send $5,000,000 worth of cryptos per day.
Binance offers FIAT deposits and withdrawals for over 40 currencies. You can onramp EUR, GBP, USD, AED, and more via Bank Transfer or Credit Card. You can then exchange your FIAT currency for cryptos on the platform. The FIAT deposit fees are fixed at $1 for Bank Transfer and vary between 1.8-3% (based on your currency) for Card payments.
For Level 1 KYC on Binance, the FIAT deposit and withdrawal limit per day is $50.000. At KYC Level 2, your 24h FIAT limit is raised to $2m. For Cryptocurrencies, the withdrawal limit is $8m at level 1 and 2.
Binance also offers direct crypto purchases via credit card with fees of 1-3% based on your currency and payment method. You can use apple pay, google pay, or your credit card directly.
For deposits and withdrawals, Binance has more to offer due to the wide FIAT support.
Aside from trading, both platforms offer crypto-related features. When comparing both platforms’ features side by side, you will quickly come to one realization: Binance is the most comprehensive crypto platform.
Binance is not just one of the best trading platforms, but you can even access finance features to make passive income such as Binance earn, staking, mining, liquidity farming, automated range trading, and loans.
Furthermore, you can receive your personal Binance crypto debit card where you can purchase goods with your cryptos. The card is not only virtual, but you can even receive the physical card and pay at your local store. For NFT enthusiasts, Binance even offers an NFT marketplace where you can buy and sell non-fungible tokens.
Lastly, Binance offers a comprehensive mobile application for iOS and Android which features all the important tools to enjoy trading from the get-go.
Unfortunately, BingX barely offers any of these features. You can access copy trading, and grid trading and receive a welcome bonus of up to 5125 USDT, but there is no sign of earn and finance products. However, BingX did an amazing job developing a smooth mobile app for iOS and Android. The app is well-designed, responsive and ensures a flawless trading experience.
In terms of services and features all around crypto, Binance easily takes the lead. There is no other crypto exchange offering the same service.
BingX and Binance both excel in terms of security and customer protection. Both platforms provide full proof of reserves, meaning that customer assets are backed 1:1 on the platform. In most cases, your assets are even backed by over 100%.
Furthermore, both exchanges hold most funds in multi-sig cold wallets, meaning they are not connected to the internet and require signatures from multiple people to be unlocked.
BingX has never been hacked before and can show off a clean track record.
While Binance did get hacked, all customer funds were fully refunded. Since 2019, Binance has not encountered any issues. We still consider Binance to be one of the most secure crypto exchanges.
Where Binance stands out most is the security fund called SAFU, now worth over $1 billion. This fund is used to protect customers in black swan events. Luckily, Binance never had to make use of its security fund.
Both exchanges offer 24/7 customer support via live chat. However, there was one exchange that stood out more.
BingX had the fastest response rate and the customer support solved all queries quickly. The support staff was knowledgeable and helpful while being very fast, with an average response time of 30 seconds!
Binance also offers a 24/7 live chat. The response time is 2-5 minutes. While the response time is slower, the support staff still managed to solve all queries and left us satisfied.
If you want the fastest support experience, BingX is perfect for you. If you can wait a little longer, Binance will do just as well.
First of all, Binance and BingX are both top choices for crypto enthusiasts from all around the world. However, there are a few key differences that can make a big impact on your choice.
BingX is the best option if you wish to trade while staying anonymous.
Furthermore, the copy trading feature on BingX is superior. Lastly, BingX is perfect for traders interested in TradFi assets such as commodities, indices, forex, and stock.
If you are looking for the most comprehensive crypto experience, Binance is the way to go.
With the lowest fees, the most advanced features, and the most comprehensive crypto service, Binance is a one-stop shop for crypto enthusiasts from many countries.
One key thing to not overlook is the FIAT support on Binance. You can not only deposit and withdraw cryptos, but even over 40 FIAT currencies, including EUR, GBP, USD, AED, AUD, and more. So after a successful trading session, you can easily send your profits to your bank account.
While the Binance interface is not as beginner friendly as BingX, we still think it is worth getting into it and figuring out how to navigate through it.