Bitget vs Binance | Which Exchange Is Best Plus Cheaper?
Jack Moreau
Apr 2024
10 min read
Fact checked
Introduction: In this review, we'll compare Bitget vs Binance across various metrics such as supported cryptocurrencies, trading fees, product features, user experience and much more to help you make the best decision!
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.
In the world of cryptocurrency spot and futures trading, Bitget and Binance are two of the biggest players. Bitget was founded in 2018 and has quickly become one of the largest crypto copy trading and derivatives exchanges in the world.
Bitget Exchange
Binance which was founded n 2017, is one of the largest trading platforms in the world and offers a comprehensive suite of trading and financial services.
Bitget has a registered office in Seychelles and is based in Singapore. The company has more than 1000 employees and is available in 100 countries.
Bitget specializes in offering advanced trading options, including perpetual contracts, futures, and inverse contracts, with up to 100x leverage for various cryptocurrencies such as Bitcoin and Ethereum.
Bitget has over 20 million users and is one of the top 5 derivatives platforms by trading volume. The exchange supports an impressive 450 cryptocurrencies.
Binance supports over 350 cryptocurrencies like BTC, ETH, SOL, ATOM,DOT and is one of the most liquid exchange in the world with spot and futures volumes exceeding $50 billion per day.
Binance exchange
Binance offers a comprehensive suite of trading and financial services to its 150 million users worldwide, ranging from spot trading and futures trading to staking, earn products, launchpad for new token listings and much more.
The Binance Android app has been downloaded over 50 million times and has a rock-solid rating of 4.4 based on over 1 million reviews.
Binance app
While Bitget is more focused on offering advanced trading options for experienced traders, Binance offers a more comprehensive suite of services that includes retail users, professional traders and even institutional clients.
Bitget vs Binance Signup & KYC
When it comes to signup and KYC requirements, Bitget and Binance have taken two different approaches. Bitget differs from Binance in that it allows users to begin trading without going through KYC verification.
This comes with certain limitations but users can still signup, deposit cryptocurrencies and begin trading right away. For those that want to access higher daily withdrawal limits or higher leverage, they will need to go through KYC.
Bitget signup
Unlike Bitget, users on Binance are obligated to pass KYC before they can do anything on the exchange.
While creating an account on Binance takes no time at all, completing the KYC process will take a few minutes as users must upload personal information, a valid government ID, facial recognition and a few others pieces of information.
Binance KYC
Once the the information has been provided, it may take Binance as little as 15 minutes to verify a new account but can take as long as 2-3 business days in the slowest of cases.
Bitget vs Binance Products & Services
Bitget and Binance are two exchanges that both offer a wide range of product and services tailored to different target groups.
Beginning with Bitget, the exchange offers trading services like spot trading, futures, margin trading, copy trading and trading bots.
Its liquidity is also good with average daily spot trading volumes over $400 million. Bitget also offers traders the option to take up to 125X leverage for futures, 3X for cross margin, and 10X for isolated margin.
Futures trading on Bitget
The user experience on Bitget is quite nice, with a website that is similar to Bybit, Kucoin, and OKX. Many of the product are however more tailored to intermediate to advanced users who are know how to trade spot and futures.
Bitget also offers a variety of financial services that includes cryptocurrency staking, the ability to lend and borrow digital assets and p2p trading.
Bitget earn products
Meanwhile, Binance provides an even greater variety of trading services that include spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
Binance is the largest cryptocurrency exchange globally and caters to an extensive user base of over 150 million. The platform is designed to be user-friendly, ensuring that beginners and experienced traders alike can easily navigate its website and mobile apps.
Central to Binance's services is its trading platform, where users can trade a wide variety of over 350 cryptocurrencies including but not limited to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Tether (USDT).
Binance Spot Trading
For those interested in margin trading, Binance offers leverage ranging from 3X to 10X depending on the cryptocurrency.
Additionally, Binance provides a rich selection of trading bots with thousands of strategies suitable for various trading styles, including spot trading, Dollar-Cost Averaging (DCA), auto-investing, and portfolio rebalancing.
Binance Trading Bots
Binance also ventures into the realm of advanced trading products such as futures and options. The platform features hundreds of USD-Margined futures contracts, ideal for traders looking to stabilize their trading against the volatility of cryptocurrencies by opting for settlements in stablecoins like USDT or BUSD.
Binance Futures
Conversely, Binance offers hundreds of coin-margined futures contracts, available in both perpetual and delivery options, settled directly in cryptocurrencies.
The options trading platform on Binance allows traders to effectively manage their portfolios. This platform offers options trading on five major assets: BTC, ETH, BNB, XRP, and DOGE, encompassing over 700 contracts in total.
Binance Options Trading
Binance’s trading platform is known for its high liquidity and advanced features, including comprehensive charting tools for technical analysis and a variety of order types for risk management. This robust setup ensures minimal market impact even during large trades.
Binance Markets & Volumes
Binance boasts the highest liquidity in both spot and futures markets, with a 24-hour trading volume surpassing $60 billion.
For those looking to earn interest on their cryptocurrencies, Binance offers the Binance Earn platform. Here users can engage in staking, savings, and liquidity farming, earning interest on various digital assets, including BTC, ETH, USDT, and USDC, with flexible or locked durations.
Binance Earn
The Binance Launchpad is another notable feature offering users early access to new and emerging token projects. Additionally, Binance caters to the NFT market with a dedicated section for trading NFTs on major blockchains like Bitcoin, Ethereum, and BNB.
Binance NFTs
Binance also accommodates larger transactions through its OTC Trading service, designed for individuals and institutions seeking to conduct large trades privately without impacting the wider market.
Binance OTC
In the realm of blockchain technology, Binance has developed its Binance Smart Chain, a platform for developers to build DeFi applications and for users to interact through non-custodial wallets.
Binance Smart Chain
Binance further enhances its offerings with the acquisition of Trust Wallet, a comprehensive Web 3 wallet that supports thousands of cryptocurrencies and includes features like in-wallet trading and earning.
Binance Web 3 Wallet
Security is a top priority at Binance, evidenced by their Secure Asset Fund for Users (SAFU) which acts as an emergency insurance fund.
Additionally, Binance's implementation of a proof of reserves system ensures clients can verify the full accounting of their held assets.
Let's dive into the details of the trading fees of Bitget and Binance and see how they compare.
Starting with Binance that charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.04%.
On top of this, Binance also enables users to lower their trading fees by meeting certain criteria. If monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens, trading fees can be reduced. This incentivizes users to trade more and hold Binance's native toke.
When it comes to trading rebates, Bitget has taken a similar approach to Binance with trading rebates for those who trade over $1,000,000 per month or who hold over $50,000 worth of value in their accounts.
When it comes to depositing fiat currencies on crypto exchanges, there are a variety of options available depending on the exchange you choose. Let's take a closer look at Bitget and Binance to see what deposit methods they offer.
Bitget supports over 40 fiat currencies for buying crypto with credit or debit card. However, these same fiat currencies are not available for direct deposit. This means that users must first purchase a supported cryptocurrency and then use it to trade for other coins on the exchange.
When it comes to the fees of buying with credit/debit card via third-party providers, Moonpay charges 3.5% for purchases and Simplex can go as high as 5%. These fees are steep and we would advice users to avoid them if possible.
Buy crypto with Card on Bitget
Binance supports 26 fiat currencies including USD, EUR, AUD, GBP, and more that can actually be deposited on the exchange. Binance further offers a variety of deposit methods for fiat currencies, including bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP).
Binance fiat deposits
It's also possible to deposit fiat currencies with Visa, Mastercard, PayID, and Advacash. However, it's important to note that there are fees associated with these deposit methods. For example, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee while bank transfers via SEPA come with a 1 EUR fee. In the fiat deposit category, Binance is the clear winner as Bitget does not offer any ways to deposit fiat currencies on the exchange, while Binance offers a wide range at very low cost.
When it comes to withdrawal methods, once again, the offering of Bitget and Binance differs.
Bitget unfortunately does not offer any fiat withdrawal options limiting users to only withdrawing cryptocurrencies. The withdrawal fees for Bitcoin, Ethereum, Solana, and USDT (ERC-20) are relatively low, making it a good option for those looking to withdraw their crypto assets.
On the other hand, 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).
Fiat withdrawals on Binance
Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, but offers a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies.
Bitget and Binance are two of the most well-known cryptocurrency exchanges in the market. Bitget is based in Singapore while Binance is registered in the Cayman Islands. Binance is obviously the much bigger company with a larger foot print and user base around the world.
Bitget specializes in offering advanced trading options such as perpetual contracts, futures, and inverse contracts, while Binance offers a comprehensive suite of trading and financial services, including spot trading, futures trading, staking, earn products, and launchpad.
Bitget allows it's users to buy and sell over 450 cryptocurrencies while Binance offers a more limited range of 350 coins and tokens. In terms of user experience, both Bitget and Binance provide easy sign-up processes and relatively efficient verification timelines. However, Bitget allows users to begin trading without KYC verification, while Binance requires users to verify their account to gain full access to trading privileges.
When it comes to trading products and services, both exchanges offer high liquidity and impressive max futures leverage, with Bitget and Binance providing a max leverage of up to 125X for futures.
In terms of trading fees, the two exchanges are once again neck and neck with low trading fees for makers and takers of only 0.1%. When it comes to depositing fiat currencies, Bitget supports 40 fiat currencies for buying crypto with credit or debit card, while Binance supports 26 fiat currencies and offers a variety of deposit methods, including bank transfers and Visa/Mastercard.
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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