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Bitmex VS Binance Comparison in 2020
Head to head comparison of two of the biggest platforms in the crypto market – Bitmex vs Binance. Both of the platforms are leading the market, boasting with the highest daily trading volumes and user bases in the industry.
Initially, those were two completely different exchanges serving different purposes, however, with the latest update, Binance has added margin trading to its arsenal, becoming not only the biggest crypto exchange but also aiming for Bitmex’s spot in leveraged products.
Bitmex vs Binance UI Comparison
With the two exchanges being so different in their initial design it’s no wonder they imply completely different UI designs.
BitMEX is much more limited at this point in time as it’s made purely for margin trading and having only one type of interface. All of the important information like order book, open positions and most importantly margin information tab are located in a convenient eye-sight spot, together with the order tab where you open long or short positions.
Everything is designed with the intent for quick access and it is fully customizable. When you trade with leverage you need all of the information that you can get in the blink of an eye.
Binance has several multi-purpose UI designs serving the extended list of features their platform offers. With the latest developments and the addition of new instruments, the need for a new interface led to the roll-out of a third UI specialized for Futures Trading in addition to Basic and Advanced UI.
The Basic UI aims to be simplistic and easy to comprehend, coming with a compact view of all the tabs and instruments. The Chart, as usual, is in the middle with the order tab below it and the additional tabs allocated on the side of it.
The Advanced UI design is made for more experienced traders in search of a detailed order overview and an easy to use charting system. The layout takes up the whole screen, providing more space for the important elements.
Besides Spot trading on both versions, you also have the option for margin trading on certain altcoin pairs with low leverage.
For Futures trading, Binance implemented an updated version of their Advanced UI. Coming up with a sleek design that is a few levels above the one we can see on Bitmex. The main layout is almost the same as the Advanced UI with one main difference – the inclusion of a depth chart including additional options on the orders for quicker access and better functionality in the order tab.
By being the biggest exchanges on the market, where billions in volumes are being turned over, applying the highest security practices is a must.
Not so long ago, Binance experienced a breach, however, they’ve managed to reimburse the lost funds, while taking a blow to their image.
On a positive note, they’ve promised to allocate more resources to their security department.
Both exchanges use cold storage for the funds and apply standard security practices all over the board.
Deposits and Withdrawals Comparison
Bitmex offers deposits and withdrawals in BTC only. Having only one option is normal for a leverage trading platform.
Binance offers a wide range of deposit and withdrawal options for over 350 cryptocurrencies and over 15 FIAT currencies. Debit and Credit cards are available as an option to purchase various cryptos while continuing to add more options.
Bitmex vs Binance Leverage Trading Instruments Comparison
On Bitmex you can long or short BTC with 100x leverage, ETH with 50x, LTC with 33.3x, Tron, XRP, BCH, ADA and EOS with 20x.
On Binance you can exchange over 350+ cryptocurrencies, making the platform more diversified.
For Margin Trading on Binance, you can trade with up to 5x more than 50 pairs, from ADA/BTC, ATOM/USDT to BNB/BTC, NEO/BTC.
They also offer Futures market – BTC/USDT with up to 125x leverage and ETH/USDT with up to 50x leverage.
They’re developing new features really fast, offering more instruments than 90% of its competitors like Bitmex, which aims to do only one thing – futures trading.
Fast expansion and coverage, however, is a double-edged sword since expanding really fast opens up a bigger arch for more possible security breaches and additional properly placed staff is needed in order to fully satisfy the needs of the growing user base.
So far, they’re doing a great job to maintain the high profile platform.
Bitmex vs Binance Trading Fees Comparison
Again, we are on a crossroads, 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 compared to the industry overall.
Binance is offering a fee of 0.1% for maker and taker, however, it has a native token – BNB and depending on how much BNB you hold the fees will get lower. By holding a certain amount of BNB, your trading fees can go as low as Maker – 0.02% and Taker – 0.015%. Thanks to their token, the fee rates are much more flexible.
Bitmex is specializing itself only in being a CFD trading platform, while Binance gradually built-up to the where it offers much more than a specialized leverage trading exchange.
With the inclusion of Margin trading on over 50+ pairs with 3-5x leverage and futures with up to 125x on BTC, Binance goes one step above Bitmex. Of course, for in order to trade TRX, XRP, BCH, ADA, and EOS with 20x you would have to go to Bitmex.
With the inclusion of all of the new features on Binance, and so far successfully maintaining all of their product branches, the winner is clear!