I want to update client data with server data and vice-versa. Currently i am using BasicHttpBinding which is faster than wsHttpBinding. My requirnment is to achive:
wsHTttpBinding implemenets the WS-Security standard for web services communication, however, I believe HTTPS will provide you with sufficient security if you use basicHttpBinding.
You should also keep in mind that wsHttpBinding restricts your interoperability, as wsHttpBinding is only compatible with clients that support WS-* (SOAP 1.2).
In my opinion, I would stick with basicHttpBinding unless there are specific WS-* standard features that you need. In terms of WS-Security, the features it comes with is things like message level encryption (beyond the transport level encryption that HTTPS provides). To me, transport encryption ensures your message is encrypted when transmitted over the wire, the only benefit of having message level encryption is not wanting the overhead of using transport level security, but just wanting lighter weight encryption in specific areas of the message.
Here's a list of WS specifications from wikipedia for your information:
http://en.wikipedia.org/wiki/List_of_Web_service_specifications