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BaseFEX vs Bitmex Comparison in 2020
In this article, we will compare how a relatively new trading platform stands up to the one that started it all. Each has its advantages and disadvantages, but one of the platforms clearly offers more than the other. In this comparison, designed to help you choose the platform that best suits you as a trader, we will compare both product offerings, trading instruments, interfaces, fees, deposit and withdrawal options.
BaseFEX vs Bitmex UI Comparison
The user interfaces of both platforms have all the important indicators and information included, however, the old school design of Bitmex cannot compete against the modernized approach of BaseFEX.
Exchanges cannot implement drastic changes to the standard layout just like that, because there are traders who are used to it and would feel disturbed if it were to change dramatically.
The user interface of BaseFEX is significantly better. They have taken a different approach, especially visible on the desktop versions. The layout and the color scheme both are completely different. BaseFEX’s user interface follows a more logical path, which ensures that newcomers to perpetual contracts and trading, in general, will have an easy time navigating through the exchange.
Bitmex’s user interface clearly retains a more traditional approach that is more familiar to old school traders. The interface resembles one from the 1990s, which may be cool to some extent, and to some extent a little too much given the demographics of the majority of traders within the industry. Overall, the elements are well designed and do their job. If you are interested in old school UI design, this might be the right platform for you.
The winner in this round is clear: BaseFEX. It has a better color scheme, better overall functionality, and everything is designed in a way that will spare you the headaches in navigating through the platform even as a newbie.
BaseFEX vs Bitmex Security Comparison
BaseFEX and Bitmex, both adhere to high-security standards. BaseFEX has never had any breaches or loss of user funds or information, while Bitmex leaked the personal information of thousands of its users in 2019 due to an internal error. Both implement account security tools such as 2FA Google authentication, encrypted SSL, hot and multi-sig cold wallets. With BaseFEX you have an additional security feature – anti-phishing code. Overall, both platforms take high-security practices seriously and are considered secure.
Deposits and Withdrawals Comparison
On Bitmex you can only deposit and withdraw Bitcoin, while on BaseFEX you can deposit and withdraw Bitcoin and USDT. Considering how important stable coins can be in times of high volatility, BaseFEX is the clear winner of this round.
Trading instruments Comparison
It is always important to offer a wider choice of trading instruments, especially as traders gain more experience over time and begin to take advantage of opportunities on multiple pairs and markets. Both exchanges offer very similar instruments. On Bitmex you can trade 8 cryptocurrency pairs, while on BaseFEX you have both BTC and USDT settled contracts with a total of 10 trading pairs.
The winner in this round is BaseFEX, as it offers both USD and BTC settled perpetual contracts. Having more pairs against different types of assets opens up many more trading opportunities.
BaseFEX vs Bitmex Trading Fees
Trading fees on both platforms are among the lowest on the market. BaseFEX has an advantage over Bitmex. The Maker fee on Bitmex is 0.025% and the Taker fee is 0.075%, while on BaseFEX you have 0.02% Maker and 0.06% as a Taker. On BaseFEX your fees can be reduced based on the trading volume of the last 30 days, allowing you to can get as low as 0.005% as a Maker and 0.030% as a Taker.
For newer platforms to be competitive, they must offer either more trading instruments or lower trading fees. BaseFEX has included both within their product offering, allowing it to take the high ground in almost all of the aspects within our comparison.
Of course, Bitmex has made a name for itself over the years and has the largest daily volume, the highest internal liquidity, and a large insurance fund. But to give emerging trading platforms a chance, we need to compare them in terms of five characteristics – UI, security, deposit and withdrawal options, trading instruments and fees.