BingX vs Binance | Did We Find The Clearly Better Exchange?
Jack Moreau
Apr 2024
9 min read
Fact checked
Are you curious to find out whether BingX is better than Binance? You have come to the right place. We've done the research and compared Bingx and Binance across factors such as product features, trading fees, user experience and much more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
BingX is a relatively new exchange founded in 2018 by Josh Lu and is headquartered in Singapore. BingX has has over 150 employees and the exchange is available to users in over 100 countries around the world.
BingX exchange
BingX users have access to buy and sell over 350 cryptocurrencies such as Bitcoin, Ethereum, Solana, Cosmos and Polkadot. BingX also has over 1 million app downloads and a user-friendly interface that appeals to both novice and experienced traders.
BingX mobile app
Binance is one of the largest and most popular cryptocurrency exchanges in the world. Founded in 2017 by Changpeng Zhao and registered in the Cayman Islands as Binance Holdings Ltd, the company has over 6400 employees and is available in 186 countries.
As one of the most comprehensive trading platforms, Binance offers a suite of services, including spot trading, futures trading, staking, and decentralized finance (DeFi) solutions.
The exchange supports over 350 cryptocurrencies and numerous trading pairs. The Binance Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Binance app
BingX vs Binance Signup & KYC
When it comes to signing up for an exchange, the process can vary widely. Let's take a look at the signup process for BingX and Binance.
The signup process for BingX is very straightforward and only an email address is necessary to register. Once done, users can begin depositing cryptocurrencies and trade immediately. However, if users want to access higher withdrawal amounts, KYC is mandatory.
BingX KYC
Creating a Binance account is incredibly easy and takes only 30 seconds. Binance is a well-established exchange that requires all users to verify their identity through a Know Your Customer (KYC) process.
Users can't trade before completing this process which takes a maximum of 5 minutes to submit all the necessary documents for verification. Generally, the verification process takes around 15 minutes but can take up to 2-3 business days in some cases.
Binance KYC
So, which exchange is right for you? It depends whether you are ok going through KYC or not. If you prioritize privacy and wish to trade without going through KYC, then exchanges that don't require KYC such as BingX, Phemex and OKX are the better choice.
BingX vs Binance Products & Services
BingX is a cryptocurrency exchange that offers a wide range of trading services to its users. The platform is well-known for its spot trading service which allows users to buy and sell a wide range of digital assets.
The exchange also offers derivative products such as perpetual and standard futures, allowing users to trade with leverage.
Futures trading on BingX
One of the key advantages of BingX is its high futures leverage of up to 150X, making it an attractive option for more experienced traders who want to take on more risk. For traders who want to automate their trading strategies, BingX also offers grid and copy trading.
BingX copy trading
The usability of BingX is similar to that of other popular exchanges like Binance and Kucoin. The platform is easy to navigate and users can quickly get started without the need for KYC verification.
Binance stands as the colossal presence in the global cryptocurrency exchange arena with a staggering user base of 150 million. The platform is a veritable ecosystem catering to a broad spectrum of users, from novices to experienced traders and institutional clients.
Ease of use is a hallmark of the Binance experience with a user interface that's thoughtfully designed for ease of navigation, making it approachable for users at all levels.
Central to Binance's offerings is its robust spot trading platform which is the gateway to trading an impressive array of over 350 cryptocurrencies, including popular names such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cosmos (ATOM), Osmosis (OSMO), Tether (USDT), and USDC among others.
Binance Spot Trading
Traders with a penchant for margin trading will find Binance's leverage options appealing, with the potential to amplify trades 3-10 times, varying by the currency of choice.
For newcomers, Binance eases the trading process with an extensive selection of automated strategies through trade bots. These bots cover various strategies like spot trading, Dollar-Cost Averaging (DCA), auto-investing, and portfolio rebalancing, offering a hands-on trading experience for beginners.
Binance Trading Bots
For those who relish more advanced trading, Binance extends its futures trading options including perpetual contracts with up to 125X leverage for traders seeking positions without an expiration date.
The exchange offers hundreds of USD-Margined futures contracts that appeal to traders looking to navigate the crypto volatility by settling trades in stablecoins like USDT or BUSD.
Binance Crypto Futures
For those inclined to directly leverage the volatility of cryptocurrencies, Binance's coin-margined futures contracts, settled in the underlying cryptocurrency, are available in both perpetual and delivery forms.
Additionally, Binance's options platform is designed with built-in leverage which allows for strategic portfolio hedging. This platform hosts options for five underlying assets including BTC, ETH, BNB, XRP, and DOGE with over 700 contracts.
Binance Options
Binance is not just about trading. Its Binance Earn platform is a financial product suite where users can accrue interest on digital assets, including BTC, ETH, USDT, and USDC, with flexible or locked durations through staking, savings, and liquidity farming.
Binance Earn
The platform also ventures into emerging crypto sectors with its Binance Launchpad, providing early access to upcoming token projects.
Binance has also developed it's own dedicated NFT marketplace catering to the demand for non-fungible tokens across popular blockchains like Bitcoin, Ethereum, and Binance's own BNB Chain.
Binance NFTs
Security is paramount at Binance, evidenced by their Secure Asset Fund for Users (SAFU) which acts as a protective emergency insurance fund, and their implementation of proof of reserves, offering users peace of mind and transparency in verifying that their assets are fully accounted for.
Binance POR
Binance also addresses the needs of high-volume traders and institutions through its OTC Trading service. This enables large transactions to be executed discreetly and securely without swaying the market.
Binance OTC Product
Further demonstrating its innovative streak, Binance has carved out its niche in the blockchain space with the Binance Smart Chain, a fertile ground for developers to craft DeFi applications, and for users to interact with decentralized services using non-custodial wallets.
Binance Smart Chain
To complement this, Binance now also offers its own Web 3 wallet in Trust Wallet which they acquired a couple of years back.
Let's take a look at the trading fees of BingX and Binance to see who offers the competitive fees.
First up, we have Binance that offers a spot maker fee of 0.10% and a spot taker fee of 0.10%. If you're interested in futures trading, Binance has a slightly lower maker fee of 0.02% and a taker fee of 0.04%.
Binance spot trading fees
BingX on the other end has spot trading fees ranging from 0.1% to 0.2% for makers and takers. The spot trading fee on BingX depends on which cryptocurrency you are trading.
Large cap coins like Bitcoin and Ethereum have a lower trading fee while lesser known altcoins have a higher fee. For futures, BingX has a maker fee of 0.045% and a taker fee of 0.075%.
So which one has the lower fees? Binance comes out on top across the board with lower fees unless you are spot trading well known coins on BingX, in that case the fee structure for Binance and BingX is the same.
When it comes to depositing funds on cryptocurrency exchanges, there are various methods available. Let's take a look at BingX and Binance, two popular exchanges, and see what their deposit options are.
BingX unfortunately does not support fiat deposits on their platform. However, users can still buy cryptocurrencies via credit card through third-party providers like Banxa and MoonPay.
Buy crypto with BingX
Binance supports fiat deposits via various methods including bank transfers via Swift, Signet, SEPA and Faster Payments (FSP). Users can also deposit fiat with Visa, Mastercard, PayID and Advacash.
Binance fiat deposit
While fees apply with most deposit methods, it's worth noting that fiat deposited with Visa and Mastercard on Binance incur a 1.8% fee, while bank transfer via SEPA come with a flat fee of 1 EUR. Binance all and all supports 26 different fiat currencies and multiple deposit methods.
When it comes to withdrawing your funds from a cryptocurrency exchange, it's important to consider the withdrawal methods available and the fees associated with each method.
BingX does not offer any type of fiat withdrawals. Crypto withdrawals are however available with different fees depending on the blockchain.
Withdrawing Bitcoin comes with a 0.0002 BTC fee, Ethereum with a 0.00076 ETH fee, Solana with a 0.0008 SOL fee and ERC-20 USDT comes with a 10 USDT fee.
In contrast, Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. For SEPA, there is a low 1 EUR withdrawal fee.
Binance fiat withdrawals
However, bank withdrawals with many other fiat currencies are free of charge. As for cryptocurrency withdrawals, withdrawing Bitcoin comes with a 0.0002 BTC fee, withdrawing ETH comes with a 0.000768 ETH fee, withdrawing SOL comes with a 0.008 SOL fee, and withdrawing ERC-20 USDT comes with a 6 USDT fee.
As you can see, if you want to withdraw fiat currencies, that is only possible on Binance but not on BingX. When it comes to cryptocurency withdrawals, that is possible on both exchanges with low fees overall.
BingX and Binance are two of the most popular cryptocurrency exchanges around the world, with millions of users and a wide range of trading services available.
With Binance having over 120 million users worldwide, it has the highest liquidity of any exchange globally frequently handling daily spot trading volumes exceeding $10 billion.
Both exchanges support a wide range of over 300 cryptocurrencies such as Bitcoin, Ethereum and many others.
Binance is a well-established exchange that requires users to go through a KYC process before trading. On the other hand, BingX does not request this kind of verification for users who only want to deposit cryptocurrencies and trade
While Binance offers a comprehensive suite of products ranging from spot trading to decentralized finance, staking, and NFT marketplace, BingX is recognized for its focus on crypto trading products such as spot and futures trading for novice and experienced traders alike.
In terms of trading fees, Binance offers lower fees on spot trading and futures maker trading unless we are talking about large cap coins, in which case BingX matches Binance.
BingX's futures leverage option allowing up to 150X makes it a platform for more sophisticated traders while Binance offers up to 100X leverage.
Binance has a more extensive range of fiat deposit and withdrawal options available. Likewise, when it comes to withdrawing funds, Binance offers more diverse options for fiat currency withdrawals, while BingX only allows crypto withdrawals.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
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