BingX vs Binance (2024): Features, Fees, and Security

Cryptocurrency trading is booming, and two major player comparisons have emerged in the exchange market – BingX vs Binance. Both offer a range of features, but there are key differences to consider. 

BingX emphasizes copy trading, making it potentially appealing to newcomers. Binance is the industry giant, known for its advanced trading tools and deep liquidity. Which suits you best? Let’s dive deeper into these platforms to find out.

Key Takeaways:

1. Binance and BingX are both popular crypto exchanges that offer a range of trading features such as spot trading, derivatives market, and copy trading.
2. BingX stands out for its extensive selection of coins, boasting over 700 options, including numerous new coins and altcoins, whereas Binance supports only 350 well-established cryptocurrencies.
3. Binance dominates BingX in terms of trading volume and offers a wider range of features such as margin trading, options, and an NFT marketplace.

BingX vs Binance: Overview

What is BingX?

BingX is a top crypto exchange established in 2018 and headquartered in Singapore. The platform has social trading features and offers a range of services, including spot trading, futures trading, copy trading, and automated trading bots.

It also maintains a substantial user base, with over 10 million users across more than 100 countries and regions. The exchange’s crypto portfolio is comprehensive, supporting an array of over 700 digital currencies for spot trading and up to 150x leverage for futures. 

The exchange operates as a regulated business in the jurisdictions where it offers its services, including having branch offices in the European Union and Australia. Furthermore, BingX has partnered with top cybersecurity organizations to provide 100% proof-of-reserves, ensuring transparency and trust among its users. You can read our full BingX review here.

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What is Binance?

Binance is another top cryptocurrency exchange platform that supports over 350 digital assets for trading and has exceptionally high trading volume. Founded in 2017 by Changpeng Zhao, it has experienced meteoric growth, currently serving 180 million users across over 100 countries. The core of Binance is its crypto exchange, where users can buy, sell, and trade crypto coins like Bitcoin, Ethereum, and its native token, BNB.

Beyond its core exchange functionality, Binance has evolved into a multifaceted cryptocurrency ecosystem. It offers a comprehensive suite of features including margin trading, futures markets, an NFT marketplace, staking services, and various avenues to earn interest on your crypto holdings. It also actively supports the development of blockchain technology through its Binance Labs investment arm and the BNB Chain. Read our full Binance review for a detailed overview.

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BingX vs Binance: Features comparison

Trading and Leverage

BingX offers different trading types such as spot trading, futures trading including both perpetual and standard futures, and P2P trading. 

• Spot Trading: Engage in trades of over 700 cryptocurrencies by buying or selling them at the prevailing market rates.
• Futures Trading: This category encompasses both perpetual and standard futures. Perpetual futures allow for indefinite position holding, whereas fixed-term futures are bound by a specific expiration date.
• P2P Trading: This mode facilitates direct cryptocurrency transactions between individuals, bypassing the need for a central authority.

One of BingX’s defining characteristics is its focus on leveraged trading. It offers up to 150x leverage trading for certain assets. Leverage means using borrowed funds to increase position size. This means you can potentially amplify your profits, but it also significantly increases the potential risks involved.

Similar to BingX, Binance also offers spot, futures, and P2P trading. However, it also supports margin trading and crypto options trading. 

One of Binance’s key strengths lies in its expansive support for various cryptocurrencies across these trading types. Major coins like Bitcoin (BTC) and Ethereum (ETH) naturally enjoy robust options. Within the futures market, Binance offers both COIN-M and USDT-M contracts. COIN-M futures settle in the underlying cryptocurrency, while USDT-M contracts settle in the stablecoin Tether (USDT).

The maximum leverage amounts on Binance can vary depending on the specific asset. For established coins such as BTC and ETH, leverage could reach as high as 125x. For altcoins like Solana, Dogecoin, and others, leverage is adjusted up to 100x, depending on the asset’s volatility.

Binance offers two types of margin modes: cross margin and isolated margin. In cross margin, all the money in your margin account is used as collateral for every trade you make. Isolated margin, on the other hand, sets aside a specific amount of money for each trade. This means losses are limited to what you’ve set aside, which is safer. 

Talking about options trading, Binance offers European-style options contracts for popular digital currencies like Bitcoin and Ethereum. European options can only be exercised at the expiration date, as opposed to American options which can be exercised anytime before expiration.

Winner: BingX offers higher leverage (up to 150x) compared to Binance (up to 125x), but Binance has more trading features such as margin trading and options trading.

Earn Products

The BingX Wealth feature is designed to help you generate passive returns on your cryptocurrency assets. It offers a variety of savings and investment options, allowing you to earn interest. Within the BingX Wealth suite, two primary products stand out: Shark Fin and Simple Earn.

Shark Fin products are structured financial products that aim to provide a more secure way to earn returns while minimizing risks. The key aspect of Shark Fin is principal protection, which means your initial investment is guaranteed. 

On top of this guarantee, Shark Fin products offer a potential upside linked to the performance of specific cryptocurrencies within a determined period. If the underlying cryptocurrency meets the target price, you’ll receive a potentially high yield. If market conditions turn unfavorable, you don’t lose your initial investment.

Simple Earn offers a more straightforward approach to earning interest on your crypto holdings. It includes both flexible and fixed-term options. 

Flexible-term subscriptions allow you to deposit and withdraw your assets at any time, providing more liquidity. Fixed-term subscriptions generally offer higher APYs (Annual Percentage Yields), but they lock your assets for a defined period.

Binance offers staking options for a variety of proof-of-stake cryptocurrencies. Rewards can vary depending on factors like the specific cryptocurrency being staked, the length of the lock-up period, and overall network conditions. 

Similar to BingX, Binance also provides both flexible staking (allowing you to withdraw staked assets at will) and locked staking.

Binance also offers “Dual Investment” products. You deposit a specific cryptocurrency and select a target price and settlement date. 

If the price of the cryptocurrency reaches your target price on the settlement date, you’ll receive your payout in a different currency. If the target price isn’t reached, you receive your originally deposited cryptocurrency back. Dual investment allows you to take advantage of price volatility and offers potentially higher yields than traditional savings products.

Binance also has a feature called “BNB Vault”. It is an aggregator that invests your BNB holdings across a variety of earning opportunities within the Binance ecosystem. The BNB Vault combines potential earnings sources like staking, participation in Launchpool projects, and savings products, with the actual reward composition dynamically adjusting based on the best available options.

You can also participate in Binance Launchpad products. By holding BNB, you can potentially participate in token sales for promising new projects. The process usually involves committing BNB for a period in hopes of receiving an allocation of the newly launched token.

Winner: Binance offers more earn features compared to BingX such as Dual Investment, BNB Vault, and Launchpad.

Copy Trading

BingX markets itself as a copy trading platform, emphasizing the community aspect of investing. Their copy trading system allows you to follow and automatically mirror the positions of seasoned traders. BingX offers several ways to find traders to copy:

• Trending Traders: Features traders with impressive recent returns.
• Conservative Traders: Showcases risk-averse traders for those seeking a steadier approach.
• Newcomer Traders: Highlights up-and-coming traders with potential.

BingX’s copy trading has unique features like the “Feed” where traders can share their market insights and analysis. This fosters a sense of community and can aid in making informed decisions about who to follow. 

You can also choose between copy trading modes such as “Copy by Position Ratio”, “Copy by Fixed Margin,” and “Spot Grid Copy.” These modes give you flexibility in how closely you want to replicate the selected trader’s strategies.

Binance also provides a copy trading feature. This function is simpler compared to BingX. On Binance, you can view a list of traders along with their past performance like 7D ROI, follower count, and risk ratings.

Using Binance copy trading is quite easy. After choosing a trader, you can specify your investment amount and preferences. Then, the system will execute trades that mimic the actions of the master trader.

NFT Marketplace

Binance boasts a mature and robust NFT marketplace. It leverages the massive user base and liquidity of the Binance ecosystem. One of its prominent aspects is the ‘Mystery Boxes’, which offer surprise NFTs for those who enjoy a bit of a gamble. 

The platform frequently features high-profile collections, exclusive NFT drops from celebrities and brands, and collaborations with significant players in the NFT world.

Binance’s selection of NFTs is generally broader, encompassing a wider array of artwork, gaming items, collectibles, and more. You’ll find support for multiple blockchains, including Ethereum and BNB Chain, providing users with flexibility in the types of NFTs they wish to interact with. You can check out the entire Binance NFT collection here.

Meanwhile, BingX exchanges do not have a dedicated NFT marketplace.

Trading Bots

The focus on grid trading makes BingX a good option for traders who primarily want to automate range-bound trading strategies. Their bots come in three flavors:

1. Spot Grid: A classic grid strategy designed to buy low and sell high within a predefined price range. It profits from volatility within the specified range.
2. Futures Grid: Similar to Spot Grid, but operates within the futures market, potentially allowing for leveraged trades.
3. Spot Infinity Grid: Designed to avoid the limitations of traditional grid trading. It doesn’t have an upper price limit, allowing it to ride on potential uptrends indefinitely.

Binance also offers a broader spectrum of trading bots:

1. Spot and Futures Grid: Functions similarly to BingX’s offerings.
2. DCA (Dollar-Cost Averaging): Allows regular purchases of an asset at set intervals. This is useful for long-term, buy-and-hold strategies and aims to smooth out the average entry price.
3. TWAP (Time-Weighted Average Price): Designed to break large orders into smaller ones executed at regular intervals. This aims to minimize market impact, potentially improving the average filled price.
4. Rebalancing: It focuses on maintaining a desired asset allocation within your portfolio. It works by automatically buying low and selling high within a selected asset pair to keep your target ratio consistent.

Winner: If you want to automate strategies beyond pure grid trading, such as long-term DCA or order management with TWAP or rebalancing, Binance’s wider toolkit becomes more attractive.

BingX vs Binance: Order Types

BingX offers many different order types such as:

1. Limit Order: This classic order type lets you set your desired buy or sell price. 
2. Market Order: A market order gets you in or out of the market instantly at the current best price. It emphasizes speed over precise price control.
3. Trigger Order: This is BingX’s way of handling conditional orders. You set a trigger price, and when the market hits that price, your pre-defined order (which can be a limit or market order) is automatically placed.
4. Trailing Stop Order: Ideal for locking in profits, a trailing stop adjusts your sell (or buy) stop price upwards (or downwards) as the market moves favorably. 
5. Post Only Order: This specialized order type aims to add liquidity to the order book instead of taking from it. It’s a way to avoid taker fees and potentially get better prices on your trades.

Binance also offers different trading order types:

1. Limit Order
2. Market Order
3. Stop-Limit Order: When your stop price is triggered, a limit order is placed, offering more precision than a stop-market order.
4. Stop-Market Order: When your stop price is hit, a market order executes, providing immediate exit (or entry) but less price control.
5. Trailing Stop Order
6. Post-Only Order
7. TWAP (Time-Weighted Average Price) Order: Excellent for large orders. TWAP breaks the order down into smaller pieces executed throughout a specified time period, reducing the impact on the market.
8. Scaled Order: This offers even greater customization than TWAP. You can control both the price points and the size of the smaller orders created from your large order, allowing for fine-tuned execution strategies.

BingX vs Binance: Fees

Here is the BingX fees vs Binance fees comparison:

Spot Trading Fees

Both BingX and Binance use the classic maker-taker model for spot trading. Makers create liquidity by placing limit orders on the book, while takers remove that liquidity by immediately executing market orders. 

Binance generally charges a 0.1% fee for both makers and takers, with a potential of up to 25% discount available for holding BNB or reaching higher trading volumes. Here is the Binance fee breakdown:

Similar to Binance, BingX also charges 0.1% for both makers and takers across most trading pairs. Here is the full BingX fees breakdown including VIP privileges:

Futures Trading Fees

Binance’s fees vary depending on your VIP level. Standard users pay around  0.02% for makers and 0.05% for takers in perpetual futures contracts. As VIP levels increase, those fees can decrease with a 10% discount using BNB holdings. 

BingX also maintains a similar perpetual futures fee structure of 0.02% for makers and 0.05% for takers, potentially providing an advantage for high-volume traders.

Deposit and Withdrawal Fees

Good news here! Both BingX and Binance generally do not charge fees for depositing cryptocurrencies into your exchange account. However, if you’re purchasing crypto directly on the exchange using fiat currency (like USD), there may be fees associated with payment processing methods.

Binance and BingX both charge withdrawal fees that are determined by the specific cryptocurrency you want to withdraw. Crucially, these fees are not set by the exchanges themselves but instead reflect the costs of transacting on the underlying blockchain network. These fees fluctuate based on network congestion.

BingX vs Binance: Supported Currencies

BingX takes the lead in offering the widest variety of cryptocurrencies. The exchange boasts over 700 coins and tokens, catering to both seasoned traders seeking established coins and those interested in exploring the potential of newer, more niche altcoins.

Binance, while offering 350+ cryptocurrencies, adopts a more selective approach. It includes many popular coins like Bitcoin, Ethereum, and various stablecoins. However, its focus appears to be on quality over quantity, making it less likely you’ll find extremely niche or new crypto projects on the platform.

Winner: BingX supports more than 700 cryptocurrencies, whereas Binance offers only 350 coins and tokens.

BingX vs Binance: Security

Both BingX and Binance present solid security practices, indicating their commitment to safeguarding investors’ assets.

Here’s a closer look at BingX security measures:

1. Two-Factor Authentication (2FA): BingX strongly encourages users to enable 2FA, an additional layer of protection. It supports SMS-based 2FA and authenticator apps (like Google Authenticator) for safer logins.
2. Cold Storage: Like many major crypto exchanges, it keeps most user funds in cold storage (offline wallets). This makes it harder for hackers to steal large amounts of cryptocurrency.
3. Industry Partnerships: It works with well-known security companies like Certik for regular checkups and tests. This helps them find and fix weaknesses before hackers can exploit them.
4. Withdrawal Whitelisting: This feature lets you limit withdrawals to only addresses you’ve chosen beforehand. This adds a hurdle for anyone who might try to steal funds from a hacked account.
5. Insurance: It is set up to make sure regular crypto transactions can happen smoothly and to cover any unexpected losses. However, the exact insurance amount has not been disclosed.

Binance also has a very strong focus on security including:

1. Mandatory Two-Factor Authentication: Binance makes everyone use 2FA, making it harder for hackers to access accounts even if they steal passwords.
2. Device Management: You can see which devices are linked to your account and give you the power to disconnect them if needed.
3. Advanced Risk Management: The platform uses smart security systems to watch for suspicious activity and can freeze accounts to protect user funds.
4. Secure Asset Fund for Users (SAFU): Binance has a special emergency fund to pay users back if something unexpected happens on the platform itself and causes losses.
5. Bug Bounty Program: Binance pays security experts who find weaknesses in their system. This helps them constantly get stronger and safer.

BingX vs Binance: PoR (Solvency)

Proof of Reserves (PoR) is a mechanism designed to increase transparency in cryptocurrency exchanges. By employing audits, exchanges can demonstrate that they hold sufficient assets to cover all user deposits.

BingX has publicly released its Proof of Reserves report. Currently, it holds over 100% PoR. You can check the solvency report here.

Binance has also published its Proof of Reserves report. It appears to be more transparent at this stage due to its integration with DeFiLlama’s PoR tracking system. According to Defillama, Binance currently holds more than $114.2 billion assets.

Please note that DeFiLlama provides a more trustable view of Binance’s on-chain asset holdings and liabilities compared to what may be available in BingX’s standalone report.

BingX vs Binance: Licenses

1. AUSTRAC Registration: BingX is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), a regulatory body overseeing financial transactions and combating money laundering.
2. FinCEN Registration: It is registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States.
3. FSIC and MSB Licensing: BingX also holds licenses or registrations in other jurisdictions, including the European Union and Canada.

Binance’s regulatory situation is more complex and constantly evolving due to its global presence and the varying stances of different countries towards cryptocurrency regulation.

1. CASP License: Binance holds a crypto-asset service provider license from the Central Bank of Bahrain, making it one of the first major exchanges with such a license in the Middle East.
2. VARA: Binance is actively seeking licensing in Dubai and has received in-principle approval from the Virtual Asset Regulatory Authority (VARA).

BingX vs Binance: KYC

BingX has a KYC (Know Your Customer) process that follows rules against money laundering and fraud. This process needs users to provide a government ID, passport, or other documents, along with a selfie holding the document. 

For users who haven’t completed this process, there’s a withdrawal limit of 50,000 USDT within 24 hours. However, verified users can withdraw up to 5,000,000 USDT. The KYC approval usually takes a day if all documents are correct.

Please note that you can withdraw funds without KYC, but can not deposit funds on BingX.

Similarly, Binance has updated its global KYC rules to improve user safety and follow international standards. Every new user must reach the ‘Verified’ level to use Binance services like deposits, trades, and withdrawals. 

Furthermore, undergoing the full verification process on Binance can increase the withdrawal limit to as high as 100 BTC.

BingX vs Binance: Mobile App

BingX and Binance have mobile apps available for both Android and iOS devices. Both BingX and Binance apps offer relatively clean and intuitive user interfaces. 

However, BingX takes a more streamlined approach, focusing on core trading functions and social/copy trading elements. This makes it potentially easier to navigate for beginners. Binance, while well-organized, presents a wider array of features which can feel slightly overwhelming for those new to cryptocurrency trading.

Conclusion: Which is Better?

BingX vs Binance are two popular crypto exchanges, each offering a unique set of features and benefits. While Binance maintains its position as the leading exchange in terms of sheer volume and liquidity, BingX stands out with its social trading features and focus on user-friendliness.

BingX’s copy trading functionalities make it ideal for those who are new to the crypto space or want to learn from experienced traders. Binance, on the other hand, caters to more seasoned investors with advanced trading tools such as margin trading, options trading, NFT marketplace, and more.

FAQs

Is BingX a good exchange?

Yes, BingX is a good social trading platform focused on ease-of-use and user-friendly interface. It offers spot, derivatives trading, and copy trading features. Some of its advantages include a variety of supported altcoins, competitive fees for crypto trading pairs, and its social elements that allow novice traders to learn from experienced ones.

BingX shows transparency by sharing its Proof-of-Reserves data publicly and following rules in the countries in which it works. It has licenses from different regulatory groups like FinCEN, AUSTRAC, and FSIC. This shows it’s real and safe as a trading place.

Can US citizens use BingX?

Yes, US citizens can use the BingX crypto exchange. However, certain features like leverage trading are likely restricted for US-based users. This is common practice for cryptocurrency exchanges operating within the US, where regulations surrounding these types of activities are often stricter compared to other jurisdictions.

Is BingX better than Binance?

BingX is better in terms of basic spot trading and copy trading features, whereas Binance is better for high-volume trading without price slippage and more advanced trading tools. BingX might also be attractive if you value customer support, as they have a small user base. Therefore, it’s easier to reach out to the customer team compared to Binance, which has 180 million users.

What country is BingX from?

BingX is headquartered in Singapore. The company is known to be globally focused and operates under licenses from various jurisdictions, including Lithuania, Canada, and Australia.

Is Binance safe?

Yes, Binance is considered safe for trading cryptocurrencies. It employs various security measures to protect users’ funds and personal information. These measures include encryption protocols, two-factor authentication (2FA), anti-phishing codes, and cold storage for the majority of funds, meaning they’re stored offline, away from potential online threats. 

Additionally, Binance undergoes regular security audits and updates to stay ahead of potential risks. However, it has faced regulatory scrutiny in some jurisdictions, including the United States.

Is BingX available in the USA?

Yes, BingX has secured Money Services Business (MSB) licenses in the United States and Canada. This means BingX is now operating in compliance with US regulations and can offer its services to US residents.