Binance vs Bitget

Binance vs Bitget

Robert McDougall 

January 9, 2024

Cryptocurrency

The cryptocurrency exchange market is becoming increasingly saturated. While this is good news for traders and investors, (since it increases competition and drives down fees), it can make it difficult to choose the right exchange. In this article, we will pit two of the most popular exchanges against each other: Binance and Bitget. Both have a lot to offer their customers, but which is the better choice?

Binance is the winner, with a huge range of 600+ coins, plenty of features, and the option to earn interest on hundreds of cryptocurrencies. However, Binance may not be for everyone, so have a read through this article to see which one is better for you.

Cell

Fiat Currencies

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

USD, EUR, GBP, BRL

Number of Coins

280+

450+

Trading Fees

0.1%

0.1% for spot, 0.02/0.06% (maker/taker) for futures

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

USD, EUR, GBP, BRL

Number of Coins

600+

450+

Trading Fees

0.1% 

0.1% for spot, 0.02/0.06% (maker/taker) for futures

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Pros
  • Supports 600+ cryptocurrencies
  • Largest crypto exchange in the world by trading volume
  • Users can earn interest by staking their crypto
  • Supports spot, margin, futures, and derivatives trading
  • Additional benefits like Binance Pay, Binance Card, and Binance Gift Card
Cons
  • Lacks live chat/email customer support
  • Not available in the US
Pros
  • Supports over 450+ cryptocurrencies
  • Spot and futures trading markets
  • Low trading fees
  • Live Chat customer support is available
  • Copy Trader feature supported so you can take advantage of other traders' experience
Cons
  • Fewer trading markets compared to Binance

Binance vs Bitget Features

Now that we have looked at the key similarities and differences between Binance and Bitget, it's time to take a closer look at their features and find out which one is better suited to your needs.

Trading Markets

Binance offers a variety of trading markets to meet the needs of all kinds of investors. The Spot Trading markets have over 600 cryptocurrencies and 1,000+ trading pairs, making it one of the largest and most liquid markets. 

The margin trading feature allows users to trade with up to 10x leverage, and isolated or cross margins are both available. Margin traders on Binance can also access Crypto Loans, a unique feature that allows them to borrow funds from other users on the platform.

Futures trading is also available on Binance. This market offers 110+ contracts with up to 20x leverage on USD-M perpetual contracts and COIN-M perpetual contracts. 

Finally, Binance offers leveraged tokens with 40 options to choose from. 

Unlike Binance, Bitget only supports spot and futures trading, but this exchange is worth considering if those are the only types of trading you're interested in. The digital asset trading platform offers over 450 cryptocurrencies, and while this is lower than what Binance offers, it still gives users plenty of coins to trade.

For those interested in futures trading, Bitget supports a growing number of futures contract options, including USDT-M contracts, COIN-M perpetual and settled contracts, and USDC-M contracts. They've currently listed 135 contracts with leverage up to 100x. With a wide range of options and competitive pricing, Bitget is an ideal choice for both experienced and novice traders.

Trading Automation

Recently, cryptocurrency exchanges have been adapting to the changing demands of users by offering more trading automation features. This is in response to the rise of crypto trading bots, which have become increasingly popular among traders who want to take advantage of market opportunities around the clock.

Binance was one of the first exchanges to offer trading automation features with their spot grid trading bot. Bitget also offers a similar grid trading bot for spot and futures trading. On Bitget, users can even save their past strategies on the Strategies Library to be used again in the future.

Both platforms also offer the copy trading feature, allowing users to copy the trades of more experienced traders ranked on a leaderboard to maximize their returns.

Advanced Trading Features

In addition to the trading bots and copy trader features, both Binance and Bitget offer their users a number of other advanced trading features.

Binance offers a variety of trading tools to help users get the most out of their experience. The order book is a great place to start, as it provides an overview of the current buy and sell orders for a particular asset. The market chart is also useful, as it gives an indication of the current market conditions.

For those looking to take advantage of price movements, the stop loss/take profit function is essential. This allows users to set a limit on their losses or profits and will automatically execute trades when these limits are reached. Finally, the limit and market orders are two different ways to buy or sell assets. Limit orders allow users to specify the price at which they want to buy or sell, while market orders will execute trades at the best available price. By understanding and utilizing these various tools, Binance users can maximize their chances for success.

Limit and market orders are the most basic and commonly used orders, but Bitget also offers more advanced orders like trailing stop, trigger and post only. Limit orders are best for traders who want to control the price at which their trade is executed, while market orders are best for traders who want to get the best possible price at the time of their trade.

Trailing stop orders are best for traders who want to lock in profits on a winning trade, while trigger orders are best for traders who want to enter a trade when certain conditions are met. Post-only orders are best for traders who want to ensure their trade is never executed at a worse price than expected. This feature ensures that trades are only executed at the prices specified, making it easy to avoid trades that are likely to be unprofitable.

Like Binance, Bitget also features an updated order book and market charting tools.

Earn Platforms

Crypto exchanges are not only a place to buy and sell cryptocurrencies but also a place to earn interest on them. In the past, many exchanges only allowed users to trade their crypto assets. Now, an increasing number of exchanges are offering staking that allow users to earn interest on their coins.

Bitget’s earning platform is called "Bitget Earn." It is a flexible savings account that allows users to earn interest of up to 20% APR on their digital assets. There are 35 coins available to be staked, and users can choose to receive their interest in the same coin or in USDT. The minimum amount required to earn interest is 1 USDT, and there is no maximum limit.

Users can also choose to redeem their earnings early if they need it. By subscribing to products that support early redemption, users can earn BGB daily with an interest rate of up to 6% APR. BGB is Bitget's native currency and can be used to pay transaction fees on the platform.

Binance offers similar interest-earning products called "Binance Savings." With very competitive yields, you can earn a decent return on your investment if you plan to HODL for the long term. 

In addition to Binance Savings, the exchange offers staking, farming, and auto-invest. With staking, you can lock up your coins for a fixed or flexible term and earn interest on them. Some of the coins available for staking include USDT, ETH, and DOT.

Farming refers to the process of earning rewards for providing liquidity to a pool. Binance provides multiple farming pools with high APYs, allowing you to earn more on your investment.

With the Dual Investments product, you can invest in two assets simultaneously without having to do it yourself. This is perfect for people who want to diversify their portfolios but don't have the knowledge or time to do it manually.

With Portfolio Auto-Invest, you can invest a predetermined amount of money into a portfolio of 63 coins regularly. This allows you to accumulate your crypto holdings over time without actively trading.

Decentralized Marketplaces

While most cryptocurrency exchanges are centralized, some offer decentralized marketplaces that allow for peer-to-peer trading. In a decentralized marketplace, there is no central authority that controls the market or sets the rules.

Both Binance and Bitget have a P2P marketplace where users can trade directly with each other. The advantage of using the P2P marketplace is that you can trade directly with other users without having to go through the exchange, and on Binance and Bitget, there are no trading fees. The P2P marketplaces support a wider range of payment options, so you are more likely to find your local payment processor listed. The disadvantage of the P2P marketplace is that it can be challenging to find a good trade partner. Given that there are no market rules, the traders set the crypto prices.

Binance goes a step further to offer an NFT marketplace where users can buy, sell, or auction their NFTs. Binance's NFT marketplace offers a unique experience for both artists and collectors. The minting studio allows artists to create and launch their own NFTs, while the marketplace provides a space for buying and selling NFTs. The events platform gives users access to premium NFTS from renowned artists and exhibitions, and the mystery boxes offer a chance to win rare NFTs. Whether you're an artist looking to showcase your work or a collector searching for the perfect addition to your collection, Binance's NFT marketplace is sure to have something for you.

User Experience

Binance offers a range of unique features that make it one of the most popular cryptocurrency exchanges in the world. Binance Pay allows users to spend their crypto without converting it to cash or withdrawing it, making it convenient for everyday purchases. Binance Card allows users to spend their crypto anywhere Visa is accepted, and Binance Gift Card can be used to top up wallets or give friends and family a simple way to purchase crypto.

The platform also has an in-built crypto wallet where users can store their cryptocurrencies and NFTs securely. In addition, margin traders can take out loans against their assets using the Crypto Loans feature.

However, Binance doesn't seem to pay attention to customer support. While most exchanges go above and beyond to offer live chat, email, and even phone support, Binance only offers a FAQ section that does not provide urgent help, especially to new traders who may have trouble navigating the platform.

On the other hand, Bitget offers live chat customer support 24/7, which is a big plus for the exchange. In addition, the platform has an extensive knowledge base that can help new users get started with trading.

Winner - Binance

Binance has the edge when it comes to features. The exchange offers more trading pairs, more trading markets, trading pairs and passive income products, and even more unique offerings like Binance Pay, Binance Card, and Binance Gift Card.

Binance vs Bitget Deposit Methods

Both Binance and Bitget offer a variety of deposit methods to their users. Binance supports deposits in fiat currencies like USD, EUR, and GBP and cryptocurrencies like BTC, ETH, and XRP. Bitget also allows users to deposit fiat currencies and cryptocurrencies.

When it comes to depositing fiat currency, Bitget and Binance both over a decent range of options. It is a tie in this category, as it will depend on which method you wish to use.

Winner - Draw

Both Binance and Bitget support a decent range of deposit options.

Binance vs Bitget Fees

Binance and Bitget both offer free deposits into their exchange. 

However, when it comes to trading fees, Binance charges a 0.1% fee.

Bitget also charges 0.1% for spot trading. For futures trading, Bitget charges a 0.02% maker fee and a 0.06% taker fee.

Both exchanges also offer a discount if you pay for fees using their native cryptocurrency. Binance offers a 25% discount if you use BNB, while Bitget offers a 20% discount if you use BGB. 

Winner - Bitget

Bitget has lower fees compared to Binance, so it is the winner in this section.

Number of Cryptocurrencies

Binance offers over 600+ cryptocurrencies to trade, while Bitget has 450+ coins. This means that Binance users have access to more potential trading opportunities and can take advantage of a wider range of price movements.

Winner - Binance

Binance has more cryptocurrencies than Bitget, making it the clear winner in this comparison.

Binance vs Bitget Security

Binance is the world's largest cryptocurrency exchange, with some of the strongest security measures in place to protect user funds and assets. Offline, cold storage for user funds ensures that assets remain safe even if the Binance platform were to be hacked.

In addition, real-time monitoring by a risk management system flags any suspicious activity, while IP and wallet address whitelisting prevents unauthorized access. Data encryption further protects user information, while compliance with Compliance Initiatives such as KYC, AML, and LEAs allows Binance to operate legally and responsibly. Binance also has an insurance fund of $1 billion in case of any unforeseen events, and it holds ISO27001 certification.

Bitget is also committed to providing a secure trading environment for all users. They implemented a number of industry-leading security measures to protect user information and safeguard their assets, like encryption. They have also implemented a strict KYC/AML policy to prevent fraud and money laundering, and only verified users can trade on the platform. The exchange has also implemented a multifactor authentication system to further enhance security.

Winner - Binance

Bitget is a secure exchange but Binance has taken more steps to insure their customers are protected. They have offline cold storage, and an insurance policy. Binance also holds the coveted ISO27001 certification.

Binance vs Bitget Summary

Binance has the upper hand when we compare it to Bitget. It has a huge number of 600+ cryptocurrencies, more features, markets, and interest-generating options. However, Bitget is still an excellent choice for crypto traders, so it is up to your personal choice which one you decide to use.

Overall Winner - Binance

Binance is the overall winner, with more coins, features, insurance, and higher levels of security.

Still Researching?

If you want to read more before deciding on one or the other, see our reviews of Binance (here) and Bitget (here). If you are not swayed by either of these crypto platforms, you can also see our article on the top cryptocurrency exchanges. We have also included a table below summarizing the key points about these sites. 

Comparison Table of the Best Crypto Exchanges in the USA

MEXC
eToro
Uphold
Coinmama
Crypto.com
Crypto Exchange
Crypto Exchange
MEXC
eToro
Uphold
Coinmama
Crypto.com
Fiat Currencies
Fiat Currencies
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
Cryptocurrencies
Cryptocurrencies
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, BCH, DASH, LTC, ETC & 75 more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
PayPal, Debit card, Wire transfer
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
0% for spot, 0.0%/0.01% for futures
1%
Fees included in the spread
2.93% - 3.90% (depending on loyalty level)
Included in spread

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

To view our privacy policy read this breakdown.


Tags


You may also like

>