Binance vs Bitget Comparison

Editorial assessment, November 2026: We have downgraded Binance to 2.2 out of 5 and do not recommend the exchange. The deciding factor is the missing authorisation: no Binance company is listed in ESMA's register of crypto-asset service providers authorised under MiCA (file dated 5 November 2026, accessed 8 November 2026), and Binance withdrew its application in Greece on 24 June 2026. On top of that came the attack on the exchange's hot wallets on 29 October 2026, after which withdrawals were suspended from 30 October to 1 November. Low trading fees and the large choice of coins do not outweigh this for us. MiCA-licensed exchanges are listed in our comparison of regulated crypto exchanges.

In short: Binance is the world's largest crypto exchange by trading volume: more than 480 coins, spot trading from 0.1%, from 0.075% with BNB, plus futures and a regular proof of reserves. For investors in the EU, licensing comes first: Binance holds no MiCA licence, and according to Binance users in the EU may be restricted depending on their country and account status. According to Binance, balances remain accessible and can be withdrawn.

Is Binance safe and licensed in the EU?

Binance is not taking new customers in the EU at the moment. Crypto exchanges need a licence under the EU's MiCA regulation to serve customers in the EU. The transition period for providers registered under national rules ended on 1 July 2026 across the EU, and on 31 December 2025 in Germany. Binance does not appear in the ESMA register (file of 22 October 2026, 387 licensed providers). Binance withdrew its application with the Greek capital market regulator on 24 June 2026 and announced that it would apply in another EU member state. Background in our report on the Binance MiCA licence.

Reserves and track record: Binance regularly publishes a proof of reserves, verified with a Merkle tree and zk-SNARKs. The snapshot of 1 October 2026 shows coverage of 100.35% for Bitcoin, 100.00% for Ether, 103.88% for USDT and 100.47% for BNB (Binance proof of reserves). For emergencies such as hacks, Binance keeps its SAFU fund. In 2023 Binance pleaded guilty in the US to breaching anti-money laundering rules and paid $4.3 billion.

Hack in October 2026: On the evening of 29 October 2026 an attacker drained crypto from Binance wallets. In an official announcement the exchange puts the damage at around $6.3 billion, of which about $3 billion is frozen on-chain. According to Binance the entry point was an employee's compromised laptop; no private key leak has been found. Binance will cover all losses from its SAFU fund and company funds; according to Recovery Update #4 of 1 November, around 95 percent had been replaced. Since the morning of 1 November the first withdrawals have been running again; at 16:30 UTC the Binance interface showed them open for Bitcoin, Ether, BNB, Solana, XRP, USDT and USDC. Binance expects to publish its full proof of reserves by Tuesday, 3 November (UTC). What happened is in our report on the Binance hack, where the money went in our on-chain analysis. If you want to hold your coins independently of any exchange, our hardware wallet comparison lists the devices.

What you can do yourself: if you still hold funds at Binance, turn on two-factor authentication and a withdrawal address whitelist, and keep larger amounts in your own wallet, for example a hardware wallet, or move them to an exchange with a MiCA licence.

Who is Binance for?

Binance suits experienced traders outside the EU who want a very large choice of coins, futures and low spot fees. If you want to open an account in the EU, choose an exchange with a MiCA licence, such as OKX, Kraken, Bybit EU or Bitvavo. Our report on Binance fees breaks down the costs; all licensed providers are listed in our comparison of regulated crypto exchanges.

In short: Bitget is one of the large crypto exchanges for active traders: more than 1,000 coins, spot trading from 0.1%, futures from 0.02% for makers, plus copy trading and trading bots. It serves customers in many countries outside the EU and publishes a proof of reserves every month, most recently with 115% coverage. Whether you can open an account depends on where you live, so check the country section below first.

Is Bitget safe and legit?

Regulation: Bitget is operated by BTG Technology Holdings Limited. Its licence page lists a digital currency exchange registration with AUSTRAC in Australia, a crypto asset service provider licence from the FSCA in South Africa, registration with the CNV in Argentina, licences in El Salvador, Mauritius and Georgia, membership of a FINMA-recognised self-regulatory organisation in Switzerland, and in the UK promotions approved by an FCA-authorised firm under section 21 of FSMA. Australia's securities regulator ASIC confirms the AUSTRAC registration for exchange services and points out that Bitget holds no Australian financial services licence for its crypto futures (ASIC investor alert).

The hack of 24 September 2026: Through a flaw at a third-party software supplier, about $388 million left the exchange's wallets; Chainalysis attributes the attack to groups linked to North Korea. Bitget's protection fund covered the loss and customer balances stayed unchanged. From 28 September Bitget reopened withdrawals in stages; according to the exchange's public API, Bitcoin, Ether, USDT, XRP and Solana, among others, were withdrawable again on 1 November 2026. More in our reports Bitget after the hack and what existing customers should check.

Reserves and protection fund: Bitget has published a Merkle-tree proof of reserves every month since December 2022. The snapshot of 21 October 2026 shows total coverage of 115%: 113% for Bitcoin, 105% for USDT and 162% for Ether (Bitget proof of reserves). According to Bitget, the protection fund holds 3,705 BTC, valued at about $286 million on 1 November 2026; its dollar value moves with the bitcoin price. It is a voluntary reserve of the exchange, not a statutory deposit guarantee.

What you can do yourself: turn on two-factor authentication and a withdrawal address whitelist, and keep larger amounts in your own wallet, for example a hardware wallet.

Where can you use Bitget?

Bitget's Terms of Use (version of 20 October 2026) exclude residents of Afghanistan, Austria, Belarus, Canada, the Central African Republic, Cuba, the Democratic Republic of the Congo, France, Germany, Guinea-Bissau, Haiti, Hong Kong, Iran, Iraq, Japan, Kazakhstan, Lebanon, Libya, Malaysia, North Korea, Russia, Singapore, Somalia, South Sudan, Sudan, Thailand, the United States and its territories, Yemen and the Crimea, Luhansk, Donetsk, Kherson and Zaporizhzhia regions. Using a VPN to get around this is not allowed.

In the EU every crypto exchange needs a licence under the MiCA regulation since 1 July 2026. Bitget has applied to Austria's Financial Market Authority and does not yet appear in the ESMA register (file of 30 October 2026), so it opens new EU accounts once that licence is granted. In India crypto service providers register with the Financial Intelligence Unit (FIU-IND); Bitget said in July 2025 that it was in talks about registration. In the Philippines the SEC named Bitget in an advisory of 1 August 2025 on platforms without a local registration.

Bitget referral code and welcome bonus

The Bitget referral code is 94qs. If you open the sign-up page through the button on this page, the code is already filled in. On 1 November 2026 Bitget's sign-up page advertised welcome rewards of up to 6,200 USDT for new users; the tasks behind them, such as a first deposit or trading volume, and the amount you can actually earn depend on your country and are shown on Bitget's event page after sign-up. Step-by-step instructions, the voucher rules and the countries where the code works are on our page about the Bitget referral code; every spot, futures and VIP rate is in our overview of Bitget fees.

Bitget copy trading

Copy trading mirrors the trades of other users, Bitget's “elite traders”, in your own account. Bitget offers it for futures, spot, trading bots and CFDs. For every elite trader the copy trading leaderboard shows the 30-day profit and loss, return, the profit of their copiers, the assets they manage and the maximum drawdown. The trader you follow passes on losses just as readily as gains, and futures copy trading uses leverage, so set a maximum amount per trader and a stop-loss before you start. Our Bitget copy trading guide walks through the settings.

Bitget Wallet and the exchange

Bitget Wallet is a separate self-custody app, not your exchange account: coins in the wallet do not sit on the exchange, and coins on the exchange are not in the wallet. The September attack hit the exchange's wallets, not the app. With the keyless setup one of two key shares sits on Bitget's server; what that means for you is explained in Bitget Wallet is not the exchange.

Who is Bitget for?

Bitget suits experienced traders who want futures, copy trading and a very large choice of coins and who live in a country where Bitget accepts customers, such as Australia. If you live in the EU, choose an exchange with a MiCA licence, such as Bybit EU (licensed by the FMA), OKX, Kraken or Bitvavo. Exchanges licensed in your region are listed in our comparison of regulated crypto exchanges.