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Bitget vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In the evolving world of cryptocurrency, Bitget and BitMEX have carved out their spaces, offering unique trading experiences for their users. While Bitget provides Canadians with a platform filled with advanced features and altcoin varieties, BitMEX stands out as a leader in crypto derivatives trading, primarily catering to experienced traders.

Description

Bitget is a cryptocurrency exchange for skilled users that offers thousand of altcoins for Canadians (and people all over the world) to trade.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

Coins

Over 1000 major coins and altcoins

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

Fees

Trading fees on Bitget are low at just 0.1%, but can be lower if you pay fees with their token BGB.

  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

Pros

  • Low trading fees
  • Hundreds of altcoins
  • Advanced features
  • Simple KYC process
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

Cons

  • No Interac e-Transfer
  • Confusing for beginners
  • No CAD deposits and withdrawals
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

No major limits

Low

Methods to buy

  • Credit or debit card
  • P2P platform

Security

  • 2FA
  • Anti-phishing code
  • $300 million insurance for lost assets
  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Bitget's desktop platform is advanced, detailed, and filled with tools tailored to the sophisticated trader. While beginners might find it a touch complex, the offerings are top-notch. On the mobile front, Bitget’s app holds commendable ratings: 4.5 stars on the Apple App Store and 4.2 stars on Google Play. These ratings suggest a generally positive user reception. On the other side, BitMEX's desktop interface is recognized for its detailed and professional-oriented features, managing to capture the essence of in-depth market analysis tools, charts, and indicators. The mobile app, launched in 2020, does well to mirror this experience. However, ratings suggest a bit of variance, with slightly lower scores on both iOS and Android compared to Bitget.

Bitget

The Bitget platform can be confusing for beginners since there is advanced charting and order book data. Bitget’s mobile app has a 4.4-star rating on the Apple App Store and a 4.6-star rating on Google Play

Trading crypto on Bitget from Canada

Bitget desktop view (trading screen)

Depositing money to Bitget

Bitget depositing screen

Bitget mobile app main screenshot

Bitget mobile app main screen

Bitget mobile app screenshot

Bitget mobile app (coins)

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

Security Compliance

Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Bitget emphasizes account security with its two-factor authentication and email alerts for logins and withdrawals. An anti-phishing code feature further bolsters email security. Its standout feature is the emergency insurance coverage, set at $300 million, to protect customer funds. BitMEX doesn't fall short in this aspect either. Their use of multisignature deposits and withdrawal schemes ensures user funds' safety. Moreover, they rely heavily on offline storage, and their commitment to Amazon Web Services offers additional protection. Since its 2014 inception, BitMEX has successfully steered clear of major security breaches.

Regulatory Compliance

Not regulated by Canadian financial institutions. 

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Bitget is gaining traction in Canada, especially as alternatives like Binance and ByBit wind down their operations in the country. As for BitMEX, there have been regulatory constraints, with the platform not offering its services to residents of Ontario and Quebec due to new provincial regulations. Canadians must remain vigilant about federal and regional cryptocurrency regulations to ensure compliance.

Customer support

Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out. 

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Bitget's customer support has seen a mixed reception. While their Trustpilot rating stands at 2.8 stars, with some calling out the copy trading feature, it's worth noting that many of these reviews might stem from misunderstandings. Conversely, BitMEX handles its client support through an email ticketing system, and user feedback has generally been satisfactory.

Conclusion

Both Bitget and BitMEX are undeniably powerful platforms in their right. While BitMEX offers advanced derivative trading and strong security protocols, its limited availability in some Canadian provinces poses a disadvantage. On balance, given its comprehensive features, positive mobile app reviews, and growing traction in Canada, Bitget edges out as the winner for Canadians looking for a versatile trading experience.

We recommend choosing Bitget over BitMEX for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitget nor BitMEX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.