BitMEX

is a crypto trading platform that operates since 2014. The company was founded by Arthur Hayes, Ben Delo, and Samuel Reed. With the BitMEX platform, you can trade the global financial markets using only the Bitcoin cryptocurrency. 

BitMex does not charge any fees when you deposit in your account, the same applies for withdrawals too. When you trade the crypto market there are fees charged for every trade you complete. 

BitMex has a daily volume of more than 1.40 billion and over 1 trillion volumes yearly. BitMEX is known as one of the safest exchange platforms for trading cryptocurrencies.

Binance

Binance platform, besides the crypto trading platform, it offers also the option to buy crypto. The company was founded in 2017 from Chanpeng Zhao. Binance has an average daily volume of more than 2 billion and over 1 million transactions completed per second.

You can buy crypto with different payment methods such as Credit Cards, Crypto, etc. Also, you can sell your cryptos with the Binance too. Deposing with crypto does not charge you any fees, but for deposits with credit and debit cards, there are fees charged. 

The trading platform has fees that are calculated on the volume size. To trade with lower fees on the trading platform, you can join the VIP clients program.

Supported Countries

BitMEX Supported Countries

BitMEX is one of the known trading platforms for crypto, but it’s not available in all countries. Some countries like the United States, Hong Kong, Cuba, Crimea, etc, are not supported on the BitMEX platform. Using any VPN or Proxy to access the BitMEX website from the prohibited countries can result in your account getting banned.

The following countries and territories cannot use the BitMEX service: the United States of America, the province of Québec in Canada, the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, and Sudan.

Binance Supported Countries

Compared to BitMEX restricted countries, the Binance platform does not have any restrictions. There is no information on the Binance website that could tell if the service is prohibited in some countries or provinces. 

Supported Cryptos

BitMEX Supported Cryptos

BitMEX offers a wide range of cryptocurrencies to trade in its platform. The following crypto can be traded on the BitMEX platform: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Ripple (XRP), Tron (TRX), and EOS Token (EOS).

Binance Supported Cryptos

Binance supports the following crypto coins to buy through its platform: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).

The trading platform offers more crypto coins to trade such as Cardano (ADA), Stellar (XML), Tezor (XTZ), Tron (TRX), Nano (NANO), Zcash (ZEC), etc. To see the full list of supported crypto coins on the trading platform, visit the Binance Link Here.

Trading

BitMEX Trading

The trading platform allows you to trade the major crypto coins. First, you have to register on the BitMEX website, deposit funds, and then start trading. The platform uses a user-friendly design that it’s simple but easy to navigate. To give you a better view of the crypto markets, there’s a chart window on the trading platform. 

You can switch to different time frames to see the market data in-depth. Also, there are indicators available that can help you with trading crypto. BitMEX offers a high leverage of up to 100x, so you could buy 100 contracts of Bitcoin crypto with 1 BTC deposited in total.

To trade the crypto assets you have to deposit only with Bitcoin as other crypto payment methods are not supported. On top of the trading platform page, you have information about the crypto values. When you open an order you can close it with one click at the bottom of the page.

Binance Trading

The Binance trading platform is more advanced in the design aspect. There are differences that can be seen when you use the Binance and the BitMEX trading platform. Binance offers two design styles, the light mode, and the dark mode. 

You can switch the design styles with a single click above the chart. To trade the crypto assets, you have to open an order with a minimum size of 0.0001 BTC. One thing that makes the Binance trading platform different from the BitMEX trading platform, is the option to analyze the cart. 

Binance platform has integrated the TradingView platform so you can analyze the crypto charts with advanced trading tools. Some of the tools like trendlines, horizontal and vertical lines, patterns, can help you analyze the crypto chart in-depth details.

Fees

BitMEX Fees

BitMEX does not charge any fees on deposits and withdrawal methods. But for the trading platform, there are fees charged for each order that you complete. You will get charged for Marker, Taker, Settlement, Long Funding, and Short funding.

Below you have the tables that show the fees charged for each crypto asset:

Perpetual Contracts

SeriesLeverageMaker FeeTaker FeeLong FundingShort FundingFunding Interval
Bitcoin (XBT)100x-0.0250%0.0750%0.0100%-0.0100%every 8 hours
Ethereum (ETH)50x-0.0250%0.0750%0.0470%-0.0470%every 8 hours
Ripple (XRP)50x-0.0250%0.0750%0.0329%-0.0329%every 8 hours

Traditional Futures

SeriesLeverageMaker FeeTaker FeeSettlement Fee
Bitcoin (XBT)100x-0.0250%0.0750%0.0500%
Bitcoin Cash (BCH)20x-0.0500%0.2500%0.0000%
Cardano (ADA)20x-0.0500%0.2500%0.0000%
EOS Token (EOS)20x-0.0500%0.2500%0.0000%
Ethereum (ETH)50x-0.0500%0.2500%0.0000%
Litecoin (LTC)33.33x-0.0500%0.2500%0.0000%
Ripple (XRP)20x-0.0500%0.2500%0.0000%
Tron (TRX)20x-0.0500%0.2500%0.0000%

Quanto Futures

SeriesLeverageMaker FeeTaker FeeSettlement Fee
Ethereum (ETH)50x-0.0250%0.0750%0.0000%

Binance Fees

Fees do not apply for deposit and withdrawal too, on the Binance platform. However, other fees in your completed order with the trading platform are applied. And for some crypto coins when you withdraw a small fee applies.

30d Trade Volume (BTC)BNB BalanceMaker/TakerMaker/TakerMaker/Taker
< 50 BTC≥ 0 BNB0.1000% / 0.1000%0.0750% / 0.0750%0.0600%  /  0.0600%
≥ 50 BTC≥ 50 BNB0.0900% / 0.1000%0.0675% / 0.0750%0.0540%  /  0.0600%
≥ 500 BTC≥ 200 BNB0.0800% / 0.1000%0.0600% / 0.0750%0.0480%  /  0.0600%
≥ 1500 BTC≥ 500 BNB0.0700% / 0.1000%0.0525% / 0.0750%0.0420%  /  0.0600%
≥ 4500 BTC≥ 1000 BNB0.0700% / 0.0900%0.0525% / 0.0675%0.0420%  /  0.0540%
≥ 10000 BTC≥ 2000 BNB0.0600% / 0.0800%0.0450% / 0.0600%0.0360%  /  0.0480%
≥ 20000 BTC≥ 3500 BNB0.0500% / 0.0700%0.0375% / 0.0525%0.0300%  /  0.0420%
≥ 40000 BTC≥ 6000 BNB0.0400% / 0.0600%0.0300% / 0.0450%0.0240%  /  0.0360%
≥ 80000 BTC≥ 9000 BNB0.0300% / 0.0500%0.0225% / 0.0375%0.0180%  /  0.0300%
≥ 150000 BTC≥ 11000 BNB0.0200% / 0.0400%0.0150% / 0.0300%0.0120%  /  0.0240%

Deposit methods

BitMEX Deposit methods

BitMEX has some downsides when it comes to the deposit method. The only option to deposit funds in the BitMEX platform is through Bitcoin.

Binance Deposit methods

To deposit crypto in the Binance platform you have to create an account first. After your account is completed, go on the upper right-hand side of the page and click the option Spot Wallet. And then click on the left menu Deposit. After that, you can deposit some of the crypto coins like Bitcoin, Cardano, Stellar, Ripple, Litecoin, Ehtereum, Zcash, Trezor, etc.

Binance offers more than 50 crypto coins and altcoins to deposit. To see the full list you have to create an account and you can see the full list of supported cryptos and altcoins.

You can buy also crypto with the following payment methods:

  • Credit and Debit Card (Visa and MasterCard)
  • Bank Transfer
  • Alipay
  • WeChat
  • QIWI
  • Simplex 
  • Koinal 
  • Paxful 
  • BANXA

Withdrawal methods

BitMEX Withdrawal methods

Bitcoin is the only option to withdraw too. There are no other payment methods supported.

Binance Withdrawal methods

Binance does not offer payment methods with Bank, Debit, and Credit Card or any other third-party payment method. The only option to withdraw is through cryptocurrencies. You can withdraw your funds in hundreds of crypto coins like Bitcoin, Ripple, Ethereum, Stellar, Litecoin, etc. 

Also, you have the option to withdraw funds directly on a secure online wallet like 

Trust Wallet. The full list of available crypto coins to withdraw can be found on your Binance account.

Affiliate Program

BitMEX Affiliate Program

BitMEX offers the affiliate program too, but the commission is lower compared to Binance. You can earn a maximum of 20% for each referred client. The client you refer needs to signup within 7 days to credit the client as your referral. 

Once 7 days have passed, you will not be credited as the referral for that client. The clients you refer to will receive a 10% discount fee within a 6 month period to trade. Earnings from the referral program can be withdrawn daily and you will be paid in Bitcoin.

Binance Affiliate Program

Binance affiliate program offers up to 40% commission every time you refer a friend. The affiliate program compared to other affiliate programs of crypto platforms like BitMEX, Kraken, etc, is easier to join. 

You only need to have an account registered with the Binance and verify the account with the needed documents. After the verification is complete, you can start using the affiliate program and refer new clients. 

Support

BitMEX Support

BitMEX does not offer many alternatives to contact the support team for any issues. You have to send an email through the contact form on their website. BitMEX offers support on English, Chinese, Russian, Korean and Japanese languages. 

Other support methods like Live Chat or Phone Support are not available. But you can access the Frequently Asked Question (FAQ) page to get more information about the services of BitMEX platform.

Binance Support

Binane offers more alternatives to reach the support team for any questions or issues that you have. The Live Chat is available 24/7 according to the Binance website. You can also reach the support team via email. Currently, there’s not any support offered through the phone. 

To help you get more details about the fees, verification, deposit, withdrawal, trading platform, etc, you can visit the FAQ page.

Verification

BitMEX Verification

BitMEX requires you to verify the account with ID documents and your face. The verification process is shown before you start trading crypto assets on the trading platform. First, the verification system will ask you to provide an ID document like National ID, Passport, or Driver’s License

You have to upload your ID document on both sides. The final step is to pass the liveness detection test. You’ll need to show your face with your camera and take a photo with your face fully shown. If you forget the Two-Factor-Authentication (2FA), then to reset it you have to pass the ID verification form again.

Binance Verification

Binance platform also requires you to verify the account with ID documents. Netverify system verification is used to verify your identity. The first process asks you to complete the ID verification with a Passport, Driver’s License, or National ID card. After the verification is completed, you’ll have to verify your identity with your face too. 

Your face needs to be shown completely to pass the face verification step. The verification system gives you a maximum of 15 minutes to complete the verification. You can attempt to verify your account up to 10 times per day.

Summary

BitMEX platform does not offer crypto buying, but BitMEX is known mostly for the trading platform. It’s one of the safest platforms to trade crypto assets that offer low trading fees. 

Binance besides the trading platform, you can also buy Crypto and it does not charge any fees. Trading fees are similar to BitMEX but can deposit and withdraw with hundreds of crypto coins.

We can recommend both platforms to trade crypto as they offer competitive fees. We hope you enjoyed this BitMEX vs Binance review, if you wanted to read more we would recommend our Kraken vs Binance & Hotforex vs XM review as well.

Get Started at Binance Here! & Get Started at Bitmex Here!

Image via shutterstock, Writer Behar H.

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