We are going to compare the two biggest platforms in the crypto market – Bitmex vs Binance. They lead the market with volume and daily users. Both are an irreplaceable part of the crypto universe. You will find many people using both because they are two completely different exchanges serving different purposes. We are seeing many platforms wanting to take a chunk out of the users of Bitmex thus big exchanges like Binance beginning to roll out margin trading.
Of course, it will be hard to offer exactly the same product as Bitmex – 100x leverage. We see this that Binance will add only a portion from that, at least for now. For one thing, we are sure – there is a big demand for margin trading in the crypto industry.
Therefore we felt the need to compare one that is strictly leverage trading with one that started as a crypto to crypto exchange. There is a lot of room in this industry for many players. And considering that we are still in the early stages the room will continue to expand. Now let the comparison begin! Keep in mind in this review there will be no winner as the two platforms are completely different. We will try to help you to understand the differences and why they have nothing in common except for one thing.
With the two exchange being so different by their initial design it is no wonder that they imply completely different UI designs. It is normal when you take a look at what the platforms are offering and see how different of a product they are. There may be similarities between the designs but in the end, they are completely different. Even people who don’t know much will be able to tell the difference and that they are made different purposes in mind.
You can see clearly that the design of Bitmex is made purely for margin trading. Thus you have important information like order book, open positions and most importantly margin information tab. This is all besides the order tab where you buy or sell the long/short positions. Everything is designed with the intent of quick access and it is fully customizable. When you trade with leverage you need all the information that you can get in the blink of an eye.
This is the Binance UI design and it is not bad but it serves a more basic option – pure exchange of crypto to crypto. You will not find here a margin tab showing you the information of your trading account like on the leverage trading platforms. Instead, you will find a place where you can do basic orders so you can either buy or sell your favorite altcoin.
The good thing is that Binance has a second UI design that is more advanced. And there you will find the margin trade option which is similar to that of Bitmex. Thus this is making the design much Better for longer trading sessions.
As we will not give a winner this should tell you that the two UI designs are good and serve different purposes.
Round 1 – TIE
Bitmex and Binance apply high security as the two being the largest cryptocurrency platforms. Best security practices are followed by the two platforms. Even though one of them suffered a breach not so long ago. It was Binance, they managed to get out of the ugly situation but it took a blow to their security. Thus, promising to allocate even more resources to even better security practices. Bitmex keeps high security as it should due to billions in trading volume passing its platform every day. No matter how high the security is of exchange there is always a risk thus never hold your Bitcoins on exchanges.
Round 2 Winner – Bitmex
This will be a short round as Bitmex offers deposits and withdrawals in BTC only. You have only one option which for leverage trading platforms is normal. Binance offers a wide range of deposits and withdrawals for over 350 cryptocurrencies. And on top of that, you have Debit/Credit cards available as an option to purchase various cryptos. Here you have one dominating, but this is normal as one is strictly a leverage trading platform and the other is a crypto to crypto exchange that is adding a margin trading feature.
Round 3 Winner – Binance
Bitmex offers leverage trading only and not direct exchange for the cryptos that it is offering. On it, you can long/short BTC with 100x, ETH with 50x, LTC with 33.3x, Tron/XRP/BCH/ADA and EOS with 20x. While on Binance you can short/long with 20x for now. Of course, on Binance you can exchange over 350+ cryptocurrencies thus making it more diversified. Enough being said this is the big difference between the two and thus being so different and with different purposes this round is even. As neither of them can replace the other.
Round 4 – Tie
Again we are on a crossroad as the fees on both exchanges are low but with one big difference. Bitmex Maker fee is 0.025% and the Taker fee is 0.075%, which is low overall for the industry. Binance is offering a fee of 0.1% for maker and taker. Which is higher than Bitmex but here comes the big difference in this round. Binance has a native token – BNB and depending on how much BNB you hold the fees will get lower. Thus becoming even lower than those on Bitmex. With the starting fee, while holding 0 BNB being 0.1%, you can get to as low as – Maker – 0.020 and Taker: 0.015%. Binance clearly is much more flexible in the trading fee design which is made possible because of their token. Thus this round is won by Binance as it offers a deep and innovative way to decide fees. For a deep analysis of the Binance fees, you can read our review.
Round 5 Winner – Binance
Both platforms are very different and serve different purposes. What you can find on Bitmex can’t be found on Binance and the opposite. One is an exchange for exchanging altcoins with a bonus feature – margin trading (which requires KYC). The other is a leverage trading platform made exclusively for traders who want to have exposure to advanced instruments and more riskier options, such as 100x leverage. You need the options available on both platforms, therefore people end up using both Bitmex and Binance.