BitMEX vs BingX
Copy trading is the reason most people land on BingX, and it is the reason I looked at it hard for BitMEX refugees. With BitMEX closing on 23 September 2026, a lot of traders want somewhere to follow other people's positions rather than build every trade themselves. BingX does that well. It also carries a 2024 hot-wallet hack on its record, so the honest picture has two sides. Here is the full field-by-field breakdown.
The short version
BingX gives you coin-margined and USDT perps up to 150x, base fees of 0.02% / 0.05%, one-click copy trading, and a no-KYC tier to 20,000 USDT a day. It also lost about 44.7M USD in a 2024 hot-wallet hack, and it blocks both US and UK traders. We have no affiliate deal with BingX, so nothing below is padded to sell you a signup; it is rated purely on merits.
See our top pickStatus & Access
BingX is running normally while BitMEX counts down. The catch is who it lets in: both the US and the UK are on the restricted list, which rules out a large slice of BitMEX's old base.
| Field | BitMEX | BingX |
|---|---|---|
| Operational status | Closing 23 Sep 2026, 04:00 UTC | Active |
| Founded | 2014 | 2018 |
| Registration / legal entity | HDR Global Trading Limited | Not disclosed |
| US / UK / restricted | US restricted; UK unclear | US and UK restricted; Canada, Singapore, Netherlands, mainland China + more |
| KYC levels & no-KYC limit | KYC required; no no-KYC tier | Unverified no-KYC to 20k USDT/day; Basic + Advanced verified |
| Account verification time | Not disclosed | Advanced KYC ~2-10 min |
Fees
BitMEX charged a flat 0.05% on both sides. BingX undercuts it for makers and matches it for takers, then drops with volume.
| Field | BitMEX | BingX |
|---|---|---|
| Futures maker / taker (base) | 0.05% / 0.05% | 0.02% / 0.05% |
| VIP 1 threshold | Not disclosed | ≥5M USDT 30d futures volume |
| VIP 1 maker / taker | Not disclosed | 0.016% / 0.045% |
| Funding frequency | Not disclosed | Every 8 hours |
| Withdrawal fees (BTC/USDT/ETH) | Not disclosed | Not disclosed |
| Native-token discount | None (BMEX not a fee token) | Not disclosed |
| Hidden fees | Not disclosed | None flagged |
Products & Contracts
Good news for BitMEX loyalists: the inverse perp lives on here, the pair count is deep, and the leverage ceiling runs higher.
| Field | BitMEX | BingX |
|---|---|---|
| Perpetual markets | Not disclosed | ~945 |
| Inverse / coin-margined perps | Yes (the pioneer) | Yes (Coin-M) |
| Max leverage BTC / ETH | Up to 100x | 150x / 150x |
| Max leverage alts | Up to 100x | Not disclosed |
| Dated futures | Yes | Yes |
| Options | No | No |
| TradFi / commodity perps | Yes | Yes |
| Settlement currency | BTC, USDT + others | Not disclosed |
Liquidity & Scale
This is where BingX pulls clear of a winding-down BitMEX. It sits inside the top ten derivatives venues by volume.
| Field | BitMEX | BingX |
|---|---|---|
| 24h futures volume | Thin (winding down) | ~$5.19B |
| Open interest | Not disclosed | ~$2.64B |
| Market rank | Not disclosed | #7-#8 derivatives |
| Order-book depth | Not disclosed | Not disclosed |
Margin & Risk
Neither exchange publishes much detail here. Treat the blanks as unverified, not as zero.
| Field | BitMEX | BingX |
|---|---|---|
| Margin modes | Not disclosed | Not disclosed |
| Insurance / risk fund | Not disclosed | Not disclosed |
| ADL policy | Not disclosed | Not disclosed |
| Max position limits | Not disclosed | Not disclosed |
Security & Transparency
BitMEX's record is one of the cleanest in the industry: no funds lost to a hack since 2014. BingX cannot say the same, and this row is the whole reason to pause.
| Field | BitMEX | BingX |
|---|---|---|
| Proof of Reserves | Yes (published) | Yes, 100% monthly Merkle Tree |
| Custody partner | Not disclosed | Not disclosed |
| Historical hacks | None since 2014 | $44.7M hot-wallet hack (Sep 2024) |
| Bug bounty / audits | Not disclosed | Not disclosed |
| Cold storage % | Not disclosed | Not disclosed |
Trading Features
This is BingX's strongest column and the honest reason to consider it: copy trading and bots are built in, not bolted on.
| Field | BitMEX | BingX |
|---|---|---|
| Copy trading | Not disclosed | Yes (one-click) |
| Bots / grid / DCA | Not disclosed | Yes (Grid Trading) |
| API | Yes (well-regarded) | Not disclosed |
| Demo / paper trading | Testnet (historically) | Not disclosed |
| Advanced order types | Yes | Not disclosed |
| Mobile app rating | Not disclosed | Not disclosed |
User Experience & Support
BitMEX built a pro terminal for advanced traders. BingX leans consumer and social, though it publishes little hard detail on support metrics.
| Field | BitMEX | BingX |
|---|---|---|
| UI / UX | Pro, advanced-trader oriented | Not disclosed |
| Support | Not disclosed | Not disclosed |
| Education / testnet | Testnet (historically) | Not disclosed |
| Referral / VIP program | Not disclosed | Not disclosed |
Deposits, Tokens & Migration
Both stay quiet on the deposit mechanics. BitMEX has a native token that unwinds at closure; BingX does not push one.
| Field | BitMEX | BingX |
|---|---|---|
| Min deposit / withdrawal | Not disclosed | Not disclosed |
| Deposit networks | Not disclosed | Not disclosed |
| Fiat on-ramps | Not disclosed | Not disclosed |
| Native token | BMEX | Not disclosed |
| New-user bonus | n/a (closing) | Not disclosed |
Figures checked July 2026 from BingX's own materials and public data (CoinGecko, CoinGlass). "Not disclosed" means we could not verify a current figure, not that it is zero. We have no affiliate relationship with BingX. Confirm live on bingx.com.
Who should switch from BitMEX to BingX
BingX fits one trader in particular: the one who wants to follow other people's positions instead of calling every entry alone. Its copy-trading and grid tools are a genuine strength, the pair menu is deep, and inverse perps carry over from BitMEX with a higher leverage ceiling. The reasons to hesitate are just as real. A 44.7M USD hot-wallet hack in 2024 is not a footnote, even though BingX made users whole and keeps posting monthly proof-of-reserves. On top of that, both US and UK traders are locked out, which sends a big part of the old BitMEX crowd elsewhere. If security record matters most to you, our top pick, Blofin, has a cleaner one. If copy trading is the whole point, compare BitMEX vs Bitget before you decide. And if you want the widest altcoin list, see BitMEX vs MEXC. Whatever you choose, start from our list of BitMEX alternatives. Check your own local law before you sign up anywhere; this is general information, not legal advice.
Want a cleaner security record?
BingX has the social features, but its 2024 hack keeps it out of our top spot. Blofin gives you inverse perps and no-KYC trading with no hack on its history, which is why it leads our list for people leaving BitMEX.
Open a Blofin account → See all 19 alternatives
The Blofin link is an affiliate link: if you open an account through it we may earn a commission at no extra cost to you. It never changes our ranking, and we earn nothing from BingX. How we make money.
BitMEX vs BingX FAQ
Is BingX a good replacement for BitMEX?
It can be, especially if copy trading appeals to you. BingX keeps inverse coin-margined perps, adds USDT markets up to 150x, charges base fees of 0.02% / 0.05%, and runs a large one-click copy-trading network. The two things to weigh first are its 2024 hot-wallet hack and the fact that it restricts both US and UK traders.
Does BingX require KYC?
Not at the entry tier. The Unverified level lets you withdraw up to 20,000 USDT per day with no ID. Moving to Basic or Advanced needs verification, and Advanced KYC usually clears in about 2 to 10 minutes.
Was BingX ever hacked?
Yes. In September 2024 BingX lost roughly 44.7 million USD in a hot-wallet breach. It covered affected users and has kept publishing monthly proof-of-reserves since. It is a real mark on its record, and worth knowing before you move funds over.
Can US or UK traders use BingX?
No. BingX restricts the US and UK, along with Canada, Singapore, the Netherlands, mainland China and others. Check your own local rules first; this is not legal advice.
Last checked July 2026. Compare other options: Blofin (our top pick), Bitget (copy trading), MEXC (most altcoins), or the full list of BitMEX alternatives.