Difference between Bitmex and BingX

Difference between Bitmex and BingX

BINGX

Crypto1earn

1/17/20231 min read

Bitmex and BingX are both well-known cryptocurrency platforms, but they offer different services and features to their users.

Bitmex is a cryptocurrency derivative trading platform founded by Hayes, a former banker from Hong Kong who made a fortune through bitcoin arbitrage. The platform was designed to improve the experience of derivative trading with the introduction of the Insurance Pool and Double Price Mechanism. However, despite its initial success, Bitmex has since fallen in popularity and is currently ranked as the 11th largest derivative trading platform. This decline can be attributed to poor customer service and lack of support, as well as investigations by the FBI. Additionally, Bitmex does not support spot trading or the purchase of bitcoin with fiat currencies, and is not available in certain countries including the US and Canada. Despite efforts to improve its standing, Bitmex is unlikely to regain its position as a market leader and its future remains uncertain.

On the other hand, BingX is an international digital financial institution with branches in North America, Canada, the EU, Hong Kong, and Taiwan. BingX has also obtained regulatory approval to operate in other countries where it provides services or conducts business. BingX focuses on providing users with financial services such as lending, borrowing, and staking, as well as allowing users to buy and sell cryptocurrencies. They also have a referral program, a trading competition, and a copy trading feature that enables users who do not have much time or who are new to crypto to choose their trader of choice and follow their trade(s).

In conclusion, Bitmex and BingX have different features and services that cater to different user needs, preferences, and purposes. It is advisable to research both platforms thoroughly and consult with financial advisors before making any investment decisions.