Over time many crypto derivatives have evolved, and choosing the right one is quite necessary for the traders. Derivatives like Binance and BitMEX are seen as the booming one right now. But, there are a few comparative differences between these two exchanges. Let us first understand Binance and BitMEX and then watch out for the comparison between these crypto exchanges.
Binance: It is one of the largest cryptocurrencies globally, with BNB being its coin that can be used to exchange money from one cryptocurrency to another. Beijie Technology runs Binance exchange, and it was founded in 2017 by ChangPeng Zhao. According to Statista, it was a 2020 leading cryptocurrency exchange by the volume of almost 12.13 billion US Dollars. The exchange can be operated on Android and IOS devices and is personalized for your Mac and Windows operating system.
BitMEX: This is a peer-to-peer crypto trading platform and offers versatile contract types. BitMEX supports margin trading and possesses one interface only. The traders can find all the relative information like the open positions, order book, and margin information at one spot only. The interface is fully customized and user-friendly. Apart from this, you get 100x leverage and industry-based security.
Let us now see the comparison between the two crypto exchanges to get a fair idea of which one is best for you.
Binance has several UI designs apart from the basic and advanced UI designs. The basic UI has a chart and the order tab allocated below the table. The advanced UI is for experienced traders with an intuitive charting system and consists of other major elements.
Even for Future Trading, modern UI is designed that will be an updated version of the Advanced UI. But, it will include an in-depth chart and provide quick access to better functionalities.
BitMEX It has one type of interface where the users can carry out margin trading, get details about order book and open positions too.
Deposits & Withdrawals
Binance provides deposits and withdrawals in almost 350 cryptocurrencies and 15 fiat currencies. You get options in CAD, EUR, USD, UAH, etc.
To leverage the trading platform, BitMEX provides deposits and withdrawals in BTC only.
Requirement of KYC
Binance has kept a limit of 2 BTC per day. There is no KYC withdrawal required, whereas you will need to provide KYC for BitMEX.
Binance possesses team members from the finance industry as well as veterans from the crypto exchanges.
BitMEX team members are economists, developers, and high-frequency algorithm traders.
Binance has a fee of approx. 0.1% for both the maker and the taker. Even the fee can go lower according to BNB you hold. It can go as low as 0.02% for the maker and 0.015% for the taker.
At BitMEX, the maker fee is approx. 0.025%, and the taker fee is approx. 0.075%.
Binance uses cold storage to secure funds and applies industry-based security practices. BitMEX also applies industry-based security practices and uses cold storage.
Binance and BitMEX are both providing suitable trading instruments and options to the traders. It depends on you what exchange fits and appeals to your needs and requirement and its fee structure.