BitMEX vs Binance Which Platform to Choose?

BitMEX and Binance are the market's leading crypto exchanges offering advanced trading solutions. Read on to know which platform is more suitable for you.

There are numerous strategies to make profits in the crypto market, and one of the most popular techniques is trading altcoins on exchanges like BitMEX and Binance. Binance and BitMEX are two unparalleled leaders in the crypto exchange market, but they are pretty different from one another. Many people miss this point and start trading on these exchanges without any prior experience or background knowledge. This often results in liquidation of their accounts.

Therefore, you must understand the differences between the two platforms. Acknowledge that both the exchanges are for different purposes before trading crypto assets.

BitMEX vs Binance: Overview

It is essential to compare every aspect of Binance and BitMEX because both offer numerous trading options and tools. It becomes imperative to analyze them and understand all possibilities. The most solid reason behind the popularity of these exchanges is that users can trade multiple crypto assets via a single interface, and therefore they don’t need to make several wallets for each cryptocurrency they are trading.

Another primary reason for trading crypto on BitMEX exchange and Binance is that these exchanges are entirely safe and regulated. Theses exchanges implement high-end security protocols to keep user funds safe against any criminal activity and cyber theft.

Binance and BitMEX Fees Structure

In terms of fees, Binance has one of the lowest rates in the crypto market, settling at a 0.1% trading fee, and users are offered more discounts if they trade with its native BNB token. However, this fees rate is not fixed as it varies according to the size of the trade and market conditions.

BitMEX fees are not as competitive because it deals in the dense derivatives and futures market. BitMEX fees structure also varies, depending on the crypto asset the user is trading in and the type of contract. BitMEX exchange follows a maker-taker fee model with a flat-fee structure for Quanto futures, perpetual, and traditional contracts. The exchange offers a maker rebate of 0.025% and a taker fee of 0.075%.

Note: BitMEX exchange does not charge any fees on withdrawals or deposits. When a user is withdrawing Bitcoin, the average Bitcoin network fee is based on the blockchain load.

Supported Coins

Binance offers support to a plethora of digital assets and 380 crypto trading pairs. As Binance is a crypto-to-crypto exchange, that is why users cannot access fiat pairs such as USD or EUR, but they can easily purchase other popular cryptocurrencies, including LTC, ETH, BCH, XRP or ADA if they have BTC.

BitMEX exchange is a BTC oriented exchange; all deposits are accepted in Bitcoin. Moreover, profits and losses are also calculated in BTC terms.

Trading Volume

Liquidity is the critical factor that determines whether the platform is legit enough for faster trade execution. This Binance and BitMEX review reveal that these trading platforms have the highest liquidity level and deep order book compared to any popular crypto exchange in the crypto market.

For example, BitMEX’s XBT/USD is recognized as one of the most liquid markets globally, and the platform experiences a daily trading volume of approx. $3.6 billion. On the contrary, Binance clocks more than $45 billion as a daily trading volume.

Customer Support

Binance possesses outstanding customer support, offering assistance in 6 different languages, including English. They also have a live chat feature and a detailed FAQ section that helps users with most concerns. Moreover, the team at Binance is active on social channels, regularly interacting with the audience pool. Additionally, users get standardized support from the Binance ticketing system that users can use anytime.

Like Binance, BitMEX exchange also possesses highly responsive customer support. BitMEX also has various channels through which users can reach out anytime and anywhere. The customer support at this exchange is provided 24/7 through the communication channels enlisted below:

Support Ticketing System

Telegram (Russian Language)

BitMEX also consists of a comprehensive knowledge base that assists the user in resolving some of the common pressing issues by themselves.

Also Read: Learning About Trading Bitcoin

Conclusion

BitMEX is a world-class crypto trading platform continuously evolving and becoming the go-to exchange for traders of every level. BitMEX has been around for years and is trusted by many margin traders for margin trading. The margin trading option on BitMEX makes it an ideal choice between Binance and BitMEX. However, if you are new to the crypto world, you must acquire some knowledge before trading crypto on BitMEX. There is a lot of learning material available on the exchange that can help you understand every aspect of the exchange before trading.

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