BitMEX vs Binance | Comparison & Review

Bitmex vs Binance

When it comes to top cryptocurrency exchanges, there are plenty of options in the market these days. However, in this BitMEX vs Binance review, we will focus solely on these two platforms and explore how they provide decent opportunities to the respective traders.

  BitMEX Binance
Transaction Fees -0.025% for makers and 0.075% for takers 0.1%; 25% discount if you pay in BNB
Leverage Up to 100X Up to 125X
Deposit method Crypto only Crypto and credit/debit card
Security High Average
Customer support Email, telegram, Weibo, Wechat, IRC Email and social media

BitMEX

Image result for bitmex

Well, BitMEX has established a decent reputation in the industry and the reason why they have become so popular is that the platform allows the mainstream crypto community to use sophisticated and traditional trading tools. For instance, these include futures contracts, margin trading, perpetual contracts, and upside and downside profit contracts as well.

Moreover, we cannot ignore the fact that despite being a young exchange, BitMEX has hit many crucial milestones. Just to clue you in about their progress, in June 2019, they reported $11b worth of activity in one day!

So, let’s just explore some hardcore areas to evaluate their performance.

Fees

Firstly, please be advised that for regular and ‘mainstream’ crypto trading, they have a pretty straightforward structure. However, if you go in-depth and start exploring their sophisticated products, the fee structure varies and depends on an array of factors.

Therefore, for now, we will talk about the primary fees, just to give you a comparison between BitMEX and Binance. Please understand that just like most of the advanced exchanges these days, BitMEX also works on the maker and taker model. So, it implies that if you add liquidity to the market (maker), they pay you 0.025% of the transaction. However, if you trade through an order that’s already present on the books, then you have to pay a fee of 0.075%.

Moreover, just so you understand their advanced fee structure as well, a table is attached below.

It should also be noted that they do not charge anything for deposits or withdrawals. However, the regular Bitcoin network fee does apply, but that’s not something going in their pockets. Fortunately, it is a great perk as very handful of platforms are offering such feasibilities. Usually, when you trade at a popular exchange, you have to pay roughly 0.25% regardless of your position.

Leverage

Well, since BitMEX is a very dynamic exchange with an aim to satisfy the needs of every trader, they have several leverage plans/ratios for different products and contracts. However, it is worth noticing that they offer the highest leverage for Bitcoin, which goes up to a whopping 100X.

Deposit Method

This is where BitMEX lacks the feasibility as they are strictly crypto-oriented. Whether you want to make a deposit or withdraw your assets/earnings, you have to use cryptocurrencies.

Moreover, even if you are dealing with some altcoins on BitMEX, the balances, profits and losses are shown in Bitcoin.

Security

If you have read this BitMEX vs Binance review thoroughly until now, you must have developed a decent sense as to how big this platform is in the market. Therefore, their security is quite unshakable as well.

For your ease, here is a quick overview of their top security features:

  1. Wallets are multi-sig with multiple keys
  2. For the cloud, they use AWS, which is quite a popular name if we talk about security and reliability
  3. Their tech stack behind the trading engine is the one used by some major banks for HFT

Customer Support

Well, for an exchange of this size, BitMEX offers pretty reasonable customer support. To start with, their support is extended in multiple languages, including Korean, Russian and Chinese.

Furthermore, the following mediums are open 24/7:

  1. Telegram
  2. Email tickets
  3. Weibo
  4. Wechat
  5. IRC

Binance

Image result for binance

Now that we have explored the pros and cons of BitMEX in the first part of this review, let’s shed some light on Binance as well.

To start with, please note that this exchange is most popular for its extensive number of coin pairs. Moreover, they also list several ICOs on the platform, thus allowing the investors to diversify their portfolios at affordable costs and earn decent RoI in the long run.

Fees

So, here comes yet another reason for which Binance has earned its reputation in the crypto community. They have a nominal transaction fee of 0.1% and even that gets diminished by 0.25% if you pay it in the native token (i.e. BNB).

See, it may seem insignificant in the beginning, but if you plan to trade in huge volumes or frequently, then the transaction fee must be taken into the equation.

Leverage

Just like BitMEX, they also have several products to offer leverage for. However, the one with the highest margin happens to be Binance’s futures exchange. At the time when it was launched, the leverage was set at 20X.  However, within a couple of months, it was stacked up to 125X.

Just to clue you in, if for instance, you have just $5 in your wallet and you avail 125X leverage, then you can buy tokens worth $625.

Deposit Method

So, this is yet another interesting area where Binance has plenty to offer than most of its competitors. Essentially, it’s an all crypto exchange and so is their approach towards deposit and withdrawal modes as well. However, they do accept credit and debit card payments now.

I know it is quite a charming feature for many readers, but please note that with debit/credit card deposits, you can only buy a limited number of cryptocurrencies – although the number may increase in the future.

Moreover, one major con is that such deposits come with a huge fee as they charge you either 10USD or 3.5% of the transaction value. If we compare this rate with their regular fee (i.e. 0.1%), it is simply unaffordable for some people.

Security

Basically, what you want to be sure of is that whether Binance is safe or not. Well, they do take you and your asset’s security pretty seriously.

At the very forefront of their operations, we have 2FA which is enough for building the initial confidence as many exchanges still do not have this.

Moreover, since Binance suffered from a hack in March 2018, the exchange made significant upgrades to its security and was awarded ISO accreditation as well.

Customer Support

Well, since Binance is an international exchange, it does offer support in 15 languages, which is quite a good thing to start with. Secondly, as far as the mode of contact is concerned, please note that they only entertain your queries through email and social media. Unlike some cheesy ventures, Binance does not offer its support through Telegram, live chat or phone.

Conclusion

Therefore, it is quite evident in this BitMEX vs Binance review that the two are quite reputable in the niche and both have a variety of products to attract the traders. It is quite difficult to pick up a favorite, but if you are a newbie, I would recommend you to go with Binance because of its simplicity. Otherwise, if you are a pro and are interested to try latest and futuristic features, then BitMEX might be a better option.

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