Comparison of Bingx vs Bitmex [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bingx vs Bitmex comparison!

Your expert: Alejandro Borja

Bingx

Your expert: Xavier Tarrasó

Bitmex

Main points

Fees

0,10%

Earns

Yes

Customer service

4/5

≤0,10%

Fees

Yes

Earns

3/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for social trading features.

4.2 – Competitive fees with a focus on leveraged trading.

Level

0,10%

≤0,10%

Brief explanation

BingX offers a competitive and transparent fee structure that is designed to accommodate both occasional and frequent traders. The platform charges a trading fee for each transaction, which is broken down into maker and taker fees. These fees are competitively set to encourage trading activities while ensuring the platform can maintain high-quality services. The trading fees on BingX are tiered based on the user’s trading volume, which means that the more you trade, the lower your fees can be. This system is particularly advantageous for active traders who can benefit from significantly reduced costs as their trading activity increases. Additionally, BingX charges withdrawal fees that vary depending on the type of cryptocurrency being withdrawn, aligning with the network fees of each blockchain. Overall, BingX’s commission structure is built to support both new entrants to the crypto market and seasoned traders, ensuring transparency and fairness in every transaction.

BitMEX’s commission structure is geared towards facilitating a dynamic trading environment, particularly favorable for traders who engage in high-volume trading. The platform primarily charges a trading fee based on the maker-taker model, where makers, who add liquidity to the market by placing limit orders, generally pay a lower fee compared to takers, who remove liquidity by executing against existing orders. The fees on BitMEX vary depending on the product being traded but are typically in the range of 0.025% to 0.075% for makers, which can actually go negative, effectively rewarding makers for adding liquidity. Takers, on the other hand, face fees from 0.075% to 0.25%. This competitive fee structure is particularly advantageous for frequent traders who can benefit from lower costs as their trading volume increases. Moreover, BitMEX does not charge fees for deposits or withdrawals, though standard blockchain network fees apply when withdrawing cryptocurrency. This aspect of the fee structure makes it straightforward and cost-effective for users to manage their funds, aligning with BitMEX’s user-centric approach to crypto trading.

Bingx

Security Methods: BingX implements stringent security protocols, including two-factor authentication, cold storage of assets, and encryption technologies. These measures ensure a high level of protection for user funds and personal information, making it a trustworthy platform for trading cryptocurrencies.
Reputation and Reviews: BingX has built a solid reputation within the crypto community, backed by positive user reviews and ratings. The platform's commitment to user satisfaction and continuous improvement has garnered trust and loyalty among its users.
Transparency: BingX operates with a high degree of transparency, providing clear information about its operations, fee structure, and trading processes. This openness is crucial in building trust with users and differentiates BingX from other exchanges that might not be as forthcoming.
Trading Volume and Liquidity: The exchange boasts significant trading volume and liquidity, ensuring that trades can be executed quickly and at stable prices. High liquidity not only enhances the user experience but also establishes BingX as a reliable exchange for handling large volumes of trades efficiently.
Customer Service: Despite some delays, BingX's dedication to providing helpful and responsive customer service contributes to its trustworthiness. The platform's efforts to improve response times and expand its support capabilities demonstrate a commitment to user support, crucial for trust and reliability in the fast-paced crypto market.

Bitmex

Security Methods: BitMEX employs robust security measures, including multi-factor authentication and manual checks for withdrawal processes. This comprehensive approach ensures that all transactions are secure and user funds are protected against unauthorized access.
Trading Volume and Liquidity: The platform is known for its high liquidity and substantial trading volume, which enables traders to execute large trades without significantly affecting the market price. This high volume and liquidity make it a preferred choice for serious traders looking for effective trade execution.
Reputation and Reviews: BitMEX has built a strong reputation in the cryptocurrency trading community, particularly among experienced traders who require advanced trading tools. Despite facing regulatory challenges, it maintains positive reviews for its technical capabilities and innovative financial products.
Year Founded: Established in 2014, BitMEX is one of the more seasoned platforms in the rapidly evolving crypto exchange landscape. Its longevity in the market speaks to its resilience and ability to adapt to the changing regulatory and technological environments.
Customer Service: BitMEX provides dedicated customer service that assists users with any inquiries or issues. The availability of responsive support helps in building trust and ensures that users can rely on prompt assistance whenever needed.

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Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

BingX Trading

HDR Global Trading Limited

Regulation

Not regulated

Not regulated, enfrentó acciones legales en los EE. UU.

Year founded

2018

2014

Founder

Elvisco Carrington

Arthur Hayes, Ben Delo, Samuel Reed

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Bingx	FEATURES	Bitmex
The minimum trade size is accessible for beginners, allowing small investments to start trading.	Minimum Trade	BitMEX allows for relatively small minimum trade sizes, making it accessible for traders who prefer to start with smaller amounts.
Competitive fees compared to industry standards, making it economical for frequent trading.	Trading and Transaction Fees	BitMEX offers competitive fees, especially for high-volume traders, but can be slightly on the higher side for low-volume or casual traders.
Offers a moderate range of cryptocurrencies, sufficient for most traders but not the most extensive.	Number of Cryptocurrencies	While BitMEX supports major cryptocurrencies, its focus is more on derivatives and futures rather than providing a wide array of crypto assets.
A wide array of trading pairs provides good options for crypto-to-crypto trading.	Crypto-to-Crypto Trading Pairs	BitMEX provides a solid selection of trading pairs for major cryptocurrencies, especially in derivatives markets.
Highly transparent about trading processes and fees, providing clear and easy-to-find information.	Website Transparency	The platform is quite transparent about its terms, fees, and trading options, though some users may find the information overwhelming.
While BingX provides a robust trading platform with various features, the lack of an exchange card limits additional spending flexibility and rewards for its users	Credit/Debit Card	BitMEX lacks a debit or credit card feature for spending or earning rewards, limiting its utility for everyday transactions compared to other exchanges that offer such cards.
Offers robust storage solutions including cold storage options to secure user funds.	Storage Offering	BitMEX provides secure storage options, but as a derivatives exchange, it does not emphasize wallet services like other exchanges.
Provides staking options with competitive rewards, enhancing passive earning potential.	Staking and Rewards	Limited options for staking or earning rewards, as BitMEX is primarily a trading platform for derivatives.
Excellent user interface on both mobile and desktop platforms, ensuring a seamless trading experience.	Mobile App and Desktop	Both mobile and desktop platforms are robust and well-designed, offering high functionality for trading on the go or at a workstation.
Good customer support with room for improvement in response times and accessibility.	Customer Service	Customer service is adequate, with support channels available, but response times and resolution effectiveness can vary.
Efficient deposit and withdrawal processes with clear guidelines, but could be faster.	Deposit and Withdraw	BitMEX supports efficient mechanisms for deposit and withdrawal, though primarily limited to cryptocurrency movements.

Key features

Analysis tools

Trading signals, technical analysis tools

High-level technical analysis tools, derivatives trading features

Mobile APP

Security

High 4,9/5

Additional features

Copy trading, margin trading, derivatives trading, BingX Academy

High leverage trading, futures contracts, perpetual contracts, BitMEX Academy

Anonymity

Yes

Key points

Available cryptocurrencies

50+

Primarily derivatives, few direct cryptocurrencies

User-friendliness

BingX features an easy-to-navigate platform with a focus on social trading. The user interface is designed to be beginner-friendly, allowing users to follow and copy trades from experienced traders effortlessly.

BitMEX, while offering advanced trading features, has a relatively user-friendly interface. However, it may be more suited to those with some experience in trading due to its focus on leveraged trading.

Value for money

Delivers good value for money with competitive fees and innovative social trading features, making it a cost-effective choice for traders.

Delivers reasonable value for money with competitive fees and advanced trading features, though its focus on leveraged trading may not suit all users.

Countries of operation

Singapore, United States, Canada, Australia, United Kingdom

Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Suitable for both beginners and experienced traders interested in social trading and following the strategies of other successful traders.

Ideal for experienced traders interested in leveraged trading and advanced trading features.

Base currencies available

USD, BTC, USDT

BTC, USDT (for derivative products)

Account

Trading

BingX focuses on social trading, allowing users to follow and copy trades from experienced traders. It offers a unique feature but has a smaller selection of cryptocurrencies compared to leading exchanges.

BitMEX is renowned for its derivatives trading and leverage options, making it ideal for experienced traders. However, it is not suitable for beginners due to its complexity and high-risk trading environment.

Deposit and withdrawal

BingX provides various deposit methods, including bank transfers and crypto. Withdrawals are fast and generally processed within 24 hours. Fees are low, making it user-friendly.

BitMEX focuses on cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed daily, and fees are minimal, but users must manage the timing of their requests.

Account opening process

BingX offers a simple and fast account opening process. Users need to fill in basic information and verify their identity. The process is fully digital and typically takes less than a day to complete.

BitMEX has a straightforward account registration process, requiring personal information and identity verification. The process is quick and fully digital, making it easy for users to start trading within a short period.

KYC required?

Yes

Customer Service

BingX provides customer support via email and live chat. The support team is responsive and helpful, although 24/7 availability is not guaranteed, which can be a limitation.

BitMEX offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.

Security

BingX uses standard security measures like 2FA and cold storage. However, it is not regulated by top-tier financial authorities, which might be a concern for some investors.

BitMEX ensures security with 2FA, encryption, and cold storage. It is not regulated by top-tier financial authorities, which might be a concern for some users regarding the safety of their funds.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend BingX for both new and experienced traders seeking a balanced platform. Its strong security measures and transparent trading environment provide a trustworthy space for cryptocurrency transactions. However, while the platform offers robust features, including diverse trading pairs and competitive staking rewards, potential users should note the occasional delays in customer service response times. Overall, BingX stands out as a solid choice for navigating the complexities of the crypto market.

Xavier Tarrasó

As an expert reviewing cryptocurrency exchanges, I find BitMEX to be a compelling option for experienced traders who are looking for high leverage and sophisticated trading options. However, due to its complexity and the high risk associated with its leverage capabilities, I recommend it primarily for seasoned traders. New users should approach with caution and consider starting with smaller trades until they become more familiar with the platform’s functionalities.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.