Bitget vs Binance 2024: Fees, Security, Features Comparison

In this Bitget vs Binance comparison, we will explore these two popular crypto trading platforms, examining their fees, security measures, features, and overall user experience.

We’ll break down the key differences and similarities between Bitget and Binance, so you can make an informed decision based on your trading needs and priorities.

Key Takeaways:

1. Bitget offers over 820 cryptocurrencies for trading, while Binance supports around 380 coins, making Bitget a good option for exploring new and lesser-known tokens.
2. Bitget stands out with its extensive copy trading feature, allowing users to follow and replicate the trades of experienced traders, which is great for beginners.
3. Both crypto exchanges prioritize security, offering features like two-factor authentication, cold storage, and dedicated user insurance funds to safeguard assets.

Bitget vs Binance: Overview

What is Bitget?

Bitget is a leading crypto copy trading exchange with various trading options and innovative features. Founded in 2018, it offers services such as spot trading, futures trading, margin trading, and copy trading. It is headquartered in Singapore and boasts notable collaborations with Juventus F.C. and global football icon Lionel Messi.

Bitget has experienced significant growth, with over 25 million registered users globally and an average daily trading volume surpassing $10 billion. The platform supports a vast selection of cryptocurrencies, with over 820 coins and 919 trading pairs available.

A key feature of Bitget is its copy trading service. This allows beginners to follow and mimic the trades of experienced traders, making it easier for less experienced users to achieve better trading results. The service has attracted substantial user base, including more than 150,000 elite traders and over 650,000 followers.

The exchange also offers a VIP Trading Club, providing users with fee discounts and exclusive product access. VIP members benefit from lower trading fees and higher returns on savings and investment products. Security is also a top priority. The platform has established a $451 million insurance fund to protect user assets.

Sign up with Bitget using referral code ew9a8763 to receive a welcome pack worth 1,000 USDT and enjoy up to 20% trading fee discounts.

[Box]

Pros of Bitget

• Best social trading portal that allows users to follow and copy the trades of successful traders
• Implements robust security protocols such as cold storage and 2FA
• Offers a wide range of order types, including OCO and trailing stop orders.
• Demo trading for the futures market to practice and learn without risking real funds
• 820+ tradable assets with a variety of altcoins and new projects

Cons of Bitget

• Lower volume and liquidity compared to Binance
• Not available for US customers

What is Binance?

Binance, established in July 2017 by Changpeng Zhao (CZ), has grown to become the largest cryptocurrency exchange in the world by trading volume with over 194 million registered users. It offers a comprehensive platform that includes trading, earning, staking, and more, positioning itself as a leading blockchain ecosystem.

Beyond basic trading, it offers numerous financial products and services. You can buy cryptocurrencies using different methods such as bank transfers, credit/debit cards, and P2P transfers. Binance’s Earn section provides options like savings, staking, and liquidity farming, enabling you to earn interest or rewards on your crypto holdings. 

For those interested in non-fungible tokens (NFTs), it has its own NFT marketplace, where you can create, buy, and sell NFTs. Binance has also established a Secure Asset Fund for Users (SAFU), which acts as an emergency insurance fund to protect user funds in extreme cases. The exchange is also dedicated to compliance, working with regulators around the world to ensure a safe and fair trading environment.

You can sign up with Binance using referral code DGO3UIDP to get a 100 USDT trading fee rebate and a 10% discount on trading fees.

[Box]

Pros of Binance

• Provides advanced trading options like futures, options, and margin trading, appealing to experienced traders
• Supports its own blockchain (BNB chain), enabling cheaper and faster transactions compared to Ethereum
• Frequently runs promotions, airdrops, and higher staking rewards for new users
• Opportunities for users to participate in token sales for promising new projects
• NFT marketplace for digital art lovers

Cons of Binance

• Separate platform “Binance US” for US users with comparatively lower liquidity
• The advanced trading features can be overwhelming for beginners

Bitget vs Binance: Liquidity & Volume

Binance is known for its massive trading volume and high liquidity, which makes it a preferred choice for many high-volume traders. According to CoinMarketCap, Binance’s 24-hour spot trading volume exceeds $15.3 billion, with a substantial portion coming from its Bitcoin (BTC) trading pairs. 

In contrast, Bitget has a lower trading volume compared to Binance. The highest trading volumes on Bitget typically involve pairs like BTC/USDT and ETH/USDT. It ranks 12th in overall spot trading volume with over $980 million per day volume.

In the futures market, Binance has over $44.2 billion in volume, whereas Bitget has around $14.9 billion in total trading volume.

Bitget vs Binance: Features Comparison

Bitget Standout Features

1. Trading Bots: It offers various trading bots, including grid trading and DCA (Dollar-Cost Averaging) bots, which automate trading strategies.
2. Bitget Web3 Wallet: Bitget Wallet connects seamlessly with the Web3 world, giving access to a massive collection of over 220,000 NFT collections and letting you interact with decentralized applications (DApps). The wallet also allows you to manage your digital assets and participate in NFT trading, staking, and other DeFi activities.
3. Bitget Card: The Bitget Visa card helps you to spend your cryptocurrency holdings in real-time at millions of merchants worldwide. 
4. Bitget Swap: It supports the on-chain swap of over 20,000 tokens across multiple blockchains. It ensures users can exchange tokens at the best possible rates by aggregating liquidity from various sources.
5. Earn Services: The exchange offers various earning opportunities, including staking, BGB staking, structured products, and participation in the Launchpool.
6. Copy Trading: Bitget is a top platform where you can copy the trades of expert cryptocurrency traders. This makes it easier for new traders to learn and potentially earn profits on trades.

Binance Standout Features

1. Futures Contracts: Binance is also a very popular futures crypto exchange. It allows traders to potentially multiply their gains by up to 125x leverage. This works in both rising and falling markets. With lots of trading liquidity on Binance, you can easily buy or sell, even if you have a large order.
2. Options Trading: It is a financial practice where you buy and sell options contracts, which grant the right but not the obligation to buy or sell an underlying asset at a predetermined price within a specific time frame.
3. Binance Pay: A secure and easy way to send and receive crypto payments anywhere in the world, without any fees, making it ideal for both personal use and business.
4. Binance Square: It is your one-stop portal for all things Web3, where crypto experts, fans, and media share the latest trends and news, helping you stay ahead in the ever-changing world of crypto.
5. Crypto Loans: Binance provides crypto loans, letting you borrow money using your crypto assets as collateral, so you can access funds without selling your crypto.

Bitget vs Binance Fees

Bitget Fees

For spot trading, the standard Bitget fees are 0.1% for both maker and taker orders. Users can benefit from discounts by using Bitget’s native token, BGB, to pay the fees. This results in a 20% reduction, making the effective fee 0.08% for both maker and taker orders. Futures trading on Bitget comes with a base fee of 0.02% for makers and 0.06% for takers.

These fees can also be significantly reduced based on the user’s VIP level, which is determined by their trading volume over the last 30 days. The more you trade crypto, the higher your VIP level and the lower your fees.

Bitget offers a tiered VIP program with five levels, each providing progressively larger discounts on trading fees. Here is a detailed table showing the Bitget fee structure across different VIP levels:

Note: You need to manually enable the BGB deduction feature to automatically use BGB for fee payments, providing a 20% discount. If the BGB balance is insufficient, fees revert to the standard rates.

Binance Fees

Similar to Bitget, Binance’s standard fees for spot trading are also 0.1% maker/taker, but you can slash them by 25% if you use Binance Coin (BNB) to pay fees. 

Futures trading fees are 0.02% for makers and 0.05% for takers, and you can qualify for even lower rates based on your VIP status, which depends on your 30-day trading volume and how much BNB you hold.

Here is the full Binance fee structure:

Binance also offers options trading with a 0.03% maker/taker fee. It also incentivizes high-volume traders with progressively lower pricing.

Deposit & Withdrawal Fees

Both Bitget and Binance offer a great advantage by not charging any fees for cryptocurrency deposits. This makes them attractive options for users looking to fund their accounts without extra charges.

However, there may be different charges for crypto withdrawals based on the type of cryptocurrency and network congestion. Here is a quick comparison:

Winner: Both Bitget and Binance have the same spot fees, but Binance has lower futures taker fees (0.05% vs 0.06%). Plus, Binance has lower withdrawal fees compared to Bitget.

Bitget vs Binance: Coins Supported

Bitget’s extensive selection includes 820 coins and 919 trading pairs. It focuses on listing a wide range of new and emerging coins, making it a hub for discovering the latest tokens in the crypto market.

Conversely, Binance emphasizes supporting popular and well-established coins and tokens. While it supports 384 coins, it excels in offering a vast number of trading pairs, with 1,200 options available. This variety allows users to engage in numerous trading strategies and pairs, including common ones like BTC/USDT, BTC/ETH, and BTC/USDC.

Winner: Bitget supports more number of cryptocurrencies with many new tokens compared to Binance.

Bitget vs Binance: Security

Bitget stores most of its funds in “cold storage”. This means the assets are kept offline, making it harder for hackers to reach. The platform also uses “two-factor authentication (2FA)”. This important security measure adds an extra step when logging in, requiring a code from a user’s mobile device or Google Authenticator, along with their password.

A major security feature of Bitget is its $451 million (6,500 BTC) Protection Fund. This fund acts as a financial backup if there is a security breach or other unexpected issues. Bitget also performs regular security checks and uses SSL encryption to safeguard user data during transfers. 

Additionally, Bitget has a bug bounty program, which encourages security experts to find and report flaws for monetary rewards. This helps keep the platform’s security strong and up-to-date.

Binance has a complex security setup that includes multi-tier and multi-cluster systems. This setup ensures that even if one part of the system is attacked, the overall damage is limited. It also uses 2FA, offering options like Google Authenticator and SMS verification, similar to Bitget. 

Both cryptocurrency exchanges also offer some advanced fund safety measures like:

• Withdrawal address whitelist: This allows users to select which addresses can withdraw funds from their accounts, which adds another layer of security.
• Anti-phishing code: It is a unique code included in every official email from the platforms, helping users verify the authenticity of communications and avoid phishing scams.

A unique feature of Binance is its Secure Asset Fund for Users (SAFU). This fund collects 10% of all trading fees to cover potential losses from hacks. This proactive approach ensures user funds are safe even in worst-case scenarios. 

Binance also uses AI and big data to monitor for suspicious activities and secure transactions. The platform conducts regular security audits and uses hardware security modules (HSMs) to protect private keys, adding more security layers.

Talking about regulatory approval, In 2023, Bitget got a regulatory license to operate as a Virtual Asset Service Provider (VASP) in Poland. Before this, Bitget received its VASP license in Lithuania, allowing the exchange to provide cryptocurrency services within and from Lithuania.

Binance also has regulatory approvals in many jurisdictions:

• Registration as a Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF) in France.
• Granted a VASP registration by the Registry of Legal Entities of the Republic of Lithuania and local Financial Intelligence Unit (FIU).
• A Financial Services Permission (FSP) license from the Financial Services Regulatory Authority in Abu Dhabi.

Binance also has financial registration in other countries like Mexico, Poland, Australia, Japan, and more. You can check the full list of Binance licenses here. 

Bitget and Binance Deposit Methods

Bitget supports numerous ways to deposit funds into your account. You can use credit or debit cards, including Visa and Mastercard, to purchase cryptocurrencies directly. It also offers P2P trading to buy crypto from verified merchants with your preferred payment methods and at zero fees. This includes:

• Bank Transfer
• Payeer
• Zelle
• Perfect Money
• Volet.com (Formerly Advcash)
• Wise
• UPI

Bank deposits are another option in some selected countries, making it easy to top up your fiat balance and bind your bank account to Bitget. 

For a more straightforward experience, you can use the “Quick Buy” option, which supports various payment methods including bank cards and e-wallets like Mercuryo, MoonPay, etc. Lastly, you can make on-chain deposits by transferring cryptocurrencies from external wallets into your Bitget account.

On the other hand, Binance provides a similarly extensive range of deposit methods. You can use credit and debit cards to buy crypto directly. The P2P marketplace also supports over 100 fiat currencies and 800 local payment methods.

• Bank transfer
• Alipay
• OSKO
• PayID
• International Wire (SWIFT0
• Cash deposits to banks

Finally, users can deposit cryptocurrencies directly from their external crypto wallets to their Binance accounts.

Winner: Binance supports more deposit methods than Bitget due to its extensive P2P market and local regulatory compliance in countries.

Bitget vs Binance: User Experience

Bitget is easy to use, especially if you’re new to buying and selling crypto. Their trading interface is clear and simple, so you can find what you need and make trades without getting lost. The exchange even has tutorials and guides (Binance Academy) to teach you about the platform and how to trade like a pro. This makes Bitget a great choice for beginners who want to learn in a friendly environment.

Binance, on the other hand, has tons of features and advanced trading options. The Binance app can be used by both beginners and experts. Beginners can start with a “simple mode” that only shows the most important things like quick buying/selling and instant deposit/withdrawals. 

But if you’re an expert, you can switch to a more “advanced mode” with all the features, like charting tools, order books, and advanced order types to help you decide what to buy. 

However, the comprehensive feature set of Binance can sometimes be daunting for new users due to the vast array of trading options and functionalities available.

Winner: Bitget is more aligned towards beginners, whereas Binance is best for both beginners and experienced users.

Conclusion: Bitget vs Binance, Which is Better?

In summary, Bitget and Binance are both excellent cryptocurrency exchanges, each with its unique strengths. Bitget is ideal for those interested in copy trading and exploring a vast array of cryptocurrencies, while Binance offers unparalleled liquidity, advanced trading features, and a comprehensive ecosystem. Your choice between the two will depend on your specific trading needs and experience level.

FAQs

Is Bitget available in the US?

Bitget is not available for customers in the United States for cryptocurrency trading. Due to regulatory restrictions, U.S. residents cannot use Bitget’s services. If you’re in the U.S. and looking for a crypto exchange, consider alternatives that comply with local regulations, such as Coinbase or Binance US.

Is Bitget a good exchange?

Yes, Bitget is considered a good exchange, especially for those interested in copy trading. It offers a wide range of trading options, robust security measures, and a user-friendly interface. Bitget’s innovative features and competitive fees make it a popular choice among traders globally, although it has lower liquidity compared to larger exchanges like Binance.

What is better than Binance?

While Binance excels in high liquidity, diverse trading options, and extensive web3 ecosystem, some users might prefer exchanges like Coinbase for its ease of fiat deposits, or Kraken for its strong security measures. Bitget is also notable for its copy trading feature, which is not as prominent on Binance.

Which is better for beginners, Bitget or Binance?

For beginners, Bitget might be slightly easier to navigate due to its simpler interface and focus on copy trading, which allows beginners to mimic successful traders. However, Binance offers a wide range of educational resources through Binance Academy and has a more extensive feature set. Beginners might find Binance’s advanced features overwhelming, but its “simple mode” can help ease the learning curve.