Which Exchange Is Better for Traders?

When looking for a better cryptocurrency exchange and want to compare MEXC vs BingX, your ultimate choice depends on your needs.  For example, you will choose MEXC if you prioritize low trading fees and access to a wide range of crypto assets, including altcoins. On the other hand, if you enjoy copy and social trading, BingX will be your choice. Our guide will delve into the similarities and differences between BingX vs MEXC to help you decide the better exchange.  

MEXC vs BingX: Overview Comparison

What is MEXC?

MEXC cryptocurrency exchange was founded in 2018 and has, over time, grown to become a prominent trading platform. The exchange stands out for its wide selection of supported cryptocurrencies and a competitive fee structure ideal for beginners and experts. MEXC supports over 3000 different assets, offering an unparalleled variety of trading options. The diversity caters for users interested in popular cryptocurrencies as well as those seeking high-potential emerging altcoins.

MEXC exchange has distinguished itself from other exchanges through its competitive trading fee strategy. The exchange offers among the lowest fees in the industry, including zero spot trading fees.  This has become an attractive feature, especially among active traders interested in reducing costs from their frequent transactions. The platform offers high-leverage derivatives trading with a maximum leverage of 200x. MEXC also provides a copy trading feature that allows beginners to replicate the successful moves of expert traders.

Pros & Cons of MEXC

MEXC is best for:

• Spot, futures, and margin trading are available due to a large number of trading pairs and high liquidity.
• High-frequency and quantitative trades leveraging latency API, deep order books, and fast matching engines.
• High-volume and large institutional trade due to high withdrawal limits
• Traders interested in trading a wide array of digital assets, including new listings
• Traders interested in earning passive income with a high percentage-based annual interest by staking specific cryptocurrencies.
• Users interested in investing in various cryptocurrencies to earn daily passive income with potentially high APYs through MEXC EARN.         

What is BingX?       

Cryptocurrency exchange BingX was founded in 2018 and has differentiated itself from other exchanges by integrating social elements in its activities. The trading platform has managed to create a unique blend encompassing advanced financial strategies and a robust user community. Through this innovative approach, BingX has positioned itself as a trading platform with a vibrant social network of enthusiastic traders. 

Users of the BingX exchange have access to a wide range of trading strategies, including spot trading, futures trading and margin trading. However, the exchange’s most significant feature that makes it stand out is its implementation of TradingView integration. This advanced feature provides real-time data analysis and charting tools that enhance the user experience in making informed investment decisions.

The platform’s Social Crypto Network feature is unique as it allows traders to follow and interact with each other. Using this feature, users can share knowledge and insights about their entire crypto trading experience. This has become the platform’s distinct identifier for promoting community-driven trading through sharing winning strategies from everyone’s individual experience.

Pros & Cons of BingX 

 BingX is best for:

• Copy trading for beginners interested in following and replicating experts
• Users interested in automated trading through trading bots
• Spot and derivatives trading, including leverage trading in the futures market
• Advanced trading using AI-based tools for insights and risk analysis

MEXC vs BingX: Trading Features 

MEXC vs BingX: Platform Products and Services

Both MEXC and BingX have several distinctive products they offer traders who patronize the platform. The following is a comparison of the products offered by each platform:

What MEXC Offers:

• Perpetual Futures Trading: MEXC offers a futures trading tool for over 1,200 futures contracts with up to 500x leverage. Users can agree to buy or sell crypto at a set price on a predetermined future date.   
• P2P Trading: This feature allows users to easily buy and sell assets with each other and pay using fiat currencies.  
• Demo Trading: The demo account mimics the real futures trading market with 50,000 USDT, allowing beginners to practice without risking real funds.
• Copy Trading: Allows new traders to replicate the moves of experts without having to do their own market analysis.  
• MEXC Express: Enables users to easily buy crypto using their preferred payment methods such as credit/debit cards, SEPA or third-party services.
• MEXC Mastercard: This is a virtual prepaid Mastercard specifically designed for MEXC users and is available in specific countries.

What BingX Offers:

• BingX Trading Products: BingX offers specific trading products, including spot trading with over 700 pairs. The platform also provides perpetual futures with 125x leverage and standard futures that are settled on fixed dates.
• Additional Trading Tools: Other trading tools offered by BingX include grid trading and copy trading surrounding a growing selection of cryptocurrencies.
• BingX Wealth: The BingX Wealth feature provides earning opportunities through lending and borrowing.
• BingX XPool & Staking: BingX Pool is a component of BingX Wealth that allows users to lock up specific tokens to earn rewards from a different token. Nonetheless, users must stake tokens in pairs.  
• BingX Launchpool & Launchpad: These features allow investors to gain early access to emerging tokens. Launchpool will enable users to choose specific tokens, while Launchpad offers traders access to new tokens. However, Launchpad represents a higher opportunity/higher risk opportunity compared to Launchpool.

MEXC vs BingX: Fee Structures      

BingX Exchange vs MEXC: Coins Supported, Liquidity & Volume

MEXC vs BingX: Security Comparison                       

Both BingX and MEXC utilize robust security measures to protect user data and user funds, though they may differ in specific implementation.

MEXC Security Measures

• Multi-layered protection: Offers a $100M Guardian Fund and a Futures Insurance Fund to safeguard assets from platform-caused losses.
• Asset custody: The Majority of assets are stored in cold wallets.
• Basic security: Supports two-factor authentication (2FA) and uses multi-signature wallets.
• Data security: Uses advanced encryption technology to protect user funds.
• Audits and reserves: The platform conducts regular audits, besides maintaining 100% Proof of Reserves.
• Other measures: Utilizes risk monitoring and has a T+N withdrawal policy for tokens purchased via specific payment channels, such as requiring a 24-72 hour withdrawal hold.                       

BingX Security Measures

• Multi-layered protection: Specializes in using data encryption and advanced firewalls.
• Asset custody: Exchange manages funds using both cold and hot wallets.
• Basic security: Supports 2FA and multi-factor authentication (MFA) via Google Authenticator.
• Data security: BingX uses multi-layer private key encryption and real-time fund monitoring for assets in its hot wallets.
• Audits and reserves: Conducts regular audits and maintains a 100% Proof of Reserves system.
• Other measures: Provides insurance coverage for security incidents.

Key Differences and Similarities

 MEXC vs BingX: Affiliate & Referral Programs

The following and the similarities and differences between the MEXC and BingX operate referral and affiliate programs:

BingX vs MEXC: User Experience

Both MEXC and BingX are renowned for offering user-friendly interfaces which cater to different user experiences. Most traders find the BingX user experience to be more beginner-friendly, while the MEXC one is mainly catered to advanced traders.

BingX

• Social & Community Focused: Exchange integrates a social crypto network consisting of copy trading and signal sharing for a community-oriented experience.
• Beginner-Friendly: Social and copy trading aspects are ideal for new users to learn and trade.
• AI Integration: Actively integrates AI-powered tools to enhance user experience and analytical capabilities.
• Trading Tools: Supports spot, futures, and copy trading, besides integrating TradingView for enhanced analytical tools.

MEXC

• Massive Asset Selection: Offers one of the most significant numbers of trading pairs (over 2,600) in the market.
• Advanced Tools: Supports a robust set of tools for experienced traders. These include futures trading, P2P trading, and a dedicated “Meme+” trading zone for high-risk, high-return meme coins.
• Demo Trading: A free demo trading account with virtual 50,000 USDT for futures trading that allows new users to practice without financial risk.
• Efficient Interface: The MEXC user interface is straightforward and facilitates efficient trading, catering to both beginners and advanced users.                                             

MEXC vs BingX: Customer Support                

Customer support plays a crucial role in the lives of users, especially new traders, and both MEXC and BingX take it seriously. BingX customer support encompasses a responsive ticket system, live support and a vibrant Telegram and Discord community. The platform has also heavily invested in trader education and engagement using tournaments, contests and copy trading events.

On the other hand, MEXC customer support includes support via email and live chat, but with a less dynamic user community. The platform has also heavily invested in offering educational content and announcements, including an active Telegram community.

Conclusion  

Our MEXC vs BingX review concludes that MEXC offers a better option for expert traders and new altcoin hunters who don’t care about KYC verification. The platform’s many supported cryptocurrencies, powerful futures suite and low fees make it ideal for crypto trade professionals and enthusiasts. BingX turns out to be the better platform for new traders and those who care about community and simplicity. The platform’s copy trading feature and clean interface make for an easy learning curve for traders with little or no experience. Choose MEXC if you’re interested in low fees, leverage and early altcoin listings, and BingX if you prefer simplicity and social features.

FAQs                                       

Which is better, MEXC or BingX?  

Since both MEXC vs BingX are designed for and serve different audiences, the better exchange depends on your trading goals. However, you can still use either exchange for other purposes as they’re not mutually exclusive. Most smart traders diversify across exchanges in the evolving world of crypto.  

Which exchange has lower fees: MEXC vs BingX?

While both BingX and MEXC offer competitive fees, the MEXC fees are relatively lower, especially in futures contracts. Spot trading fees begin at 0.1%, which can become even lower through rebates or using MX tokens.                                    

Which exchange is more beginner-friendly: BingX or MEXC?      

Traders find that BingX is more beginner-friendly due to its more intuitive and easy-to-use interface. MEXC has a responsive, easy-to-navigate interface, meaning both options can easily cater for beginners seeking a simplified experience.  

Which exchange is safer: BingX vs MEXC?

Traders generally consider both BingX and MEXC to be safe exchanges due to the robust security measures they employ. These measures include cold storage and multi-factor authentication, among others. However, when it comes to “safer”, your choice will depend on your individual trading preferences.       

Which is best for advanced traders: MEXC vs BingX?       

MEXC generally caters for the more advanced traders seeking diversity and depth, while BingX mainly caters for beginners seeking ease of use and simplicity.