Bitmart vs Binance | Who Has Best Trading & Cheaper Fees?

When it comes to trading fees, both Bitmart and Binance have their own unique offerings.

Let's start by taking a look at the trading fees of Binance which charges a spot maker and taker fee of 0.1%. For futures trading, the maker fee is 0.02% while the taker fee is 0.04%.

If you're a high-volume trader, you'll be happy to know that Binance offers ways to lower your trading fees. You can either exceed a monthly trade volume of $1 million, or hold at least 25 BNB tokens.

Now, let's shift our attention to Bitmart. Like Binance, Bitmart charges a spot maker fee of 0.1% and a spot taker fee of 0.1%. For futures trading, the maker fee is 0.02%, while the taker fee is 0.06%. Bitmart also offers a volume based structure that allows high volume traders to further lower their fees if they trade for over 150 BTC per month or if they hold over 500 BMX tokens.

So which exchange is better for trading fees? Well, as we can see, both Bitmart and Binance both offer almost an identical fee structure that overall, is really competitive and hard to beat.

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Moving on to deposits, let's look into the deposit options available on each exchange. Bitmart supports 42 fiat currencies including USD, EUR, CAD, and AUD. However, bank deposits are not available on the platform. Instead, users can make fiat purchases with third-party providers like Moonpay and Simplex.

We don't recommend users buy via third-party providers unless they absolutely have to considering the high fees. For example, Moonpay, Banxa and Simplex can charge fees ranging from 3-7% for buying cryptocurrencies depending on which fiat currency is used. This is something to keep in mind when considering deposit options on Bitmart.

In contrast, Binance supports 26 fiat currencies including USD, EUR, AUD, and GBP. The exchange offers several fiat deposit methods including bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Additionally, fiat deposits can be made with Visa, Mastercard, PayID, and Advacash.

Different deposits options come with different fees however. For example, Visa and Mastercard deposits come with a 1.8% fee while bank transfers via SEPA incur a 1 EUR fee. Those with an Advcash account can deposit with a 1.5% fee.

Binance as such offers support for more fiat currencies and deposit methods while Bitmart only really offers the option to buy crypto via third-party providers which comes with high fees.

Bitmart and Binance offer various withdrawal methods to their users. However, their withdrawal fees and supported currencies differ.

Beginning with Bitmart, once again, they do not support fiat withdrawals for any fiat currencies. This means that users can only withdraw cryptocurrencies. If we look at the withdraw fees for some popular cryptocurrencies, Bitmart charges a 0.0005 BTC fee for Bitcoin withdrawals, 0.0026 ETH fee for Ethereum, 0.05 SOL for Solana and a fee of 5.4 USDT fee for Tether USD.

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). They charge a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. However, SEPA withdrawals only cost 1 EUR while there are also bank withdrawals for other fiat currencies that are free.

In terms of cryptocurrency withdrawals, Binance charges a 0.0002 BTC fee for Bitcoin, a 0.000768 ETH fee for Ethereum, an 0.008 SOL fee for Solana and a 2.5 USDT fee for ERC-20 USDT. Thus, when it comes to the range of fiat currencies that can be deposited and withdrawn and the respective fees, Binance has a big edge over Bitmart.

In conclusion, Bitmart and Binance are both highly popular exchanges while Binance of course is the much bigger one with a more than 10 times bigger userbase.

Both exchanges offer a wide range of cryptocurrencies but Bitmart has the edge with over 700 cryptocurrencies compared to the 350 offer by Binance. For users who want to quickly begin buying and selling, that is easier to do on Bitmart who does not require KYC for this activity, while Binance obligates KYC from all of it's user.

When it comes to trading services, both provide a wide range of product overall with Binance having the edge of pretty much offering every service under the sun. Bitmart provides spot trading, futures trading, margin trading, the ability to earn interest, staking opportunities, NFTs, and launchpad.

Meanwhile, Binance offers spot trading, futures trading, margin trading, perpetual swaps, options trading, leveraged tokens, staking, lending, and different types of vaults. Both exchanges also have good user experiences, with Bitmart having a clean and easy-to-use interface and Binance having a good user experience design that allows users to navigate the platform with ease.

In terms of liquidity, Bitmart has an average daily spot trading volume of over $550 million which is not bad but it does get dwarfed by Binance which frequently exceeds $10 billion. Both Bitmart and Binance offers a max leverage of 125X and both exchanges offer very competitive trading fees with spot maker and taker fees of only 0.1%.

While Binance has the edge over Bitmart in most categories, these are two really versatile exchanges that have a lot to offer for the more intermediate to advanced users who are comfortable navigating more busy interface with some more unique sounding products. For the total beginners, you may be better off beginning with more beginner friendly options such as eToro and Uphold.