This BingX review will comprehensively cover the different aspects of BingX, what we can expect from the platform, and its key advantages and disadvantages.
Introduction
BingX is a Singapore-based digital asset derivatives trading platform that was launched in 2018. With over 1 million users, BingX positioned itself as a prominent crypto trading platform that allows retail traders to use crypto derivative contracts.
BingX is a derivatives exchange; hence, it concentrates more is on derivatives trading. Derivatives trading connected to the following are available in BingX: Bitcoin, Binance Coin, Aave, ChainLink, Decentraland, Dogecoin, The Sandbox, Enjin Coin, Ethereum, Chiliz, Uniswap, Pancakeswap, and Ripple.
Additionally, BingX also covers other financial instruments like FOREX, commodities, and indices.
Review from Customers
Compared with Binance, Crypto, Kraken, Huobi, OKEx, and Bitmex, BingX customer review is very high. Only two “Bad” complaints are from fake users in Trustpiolt.
Features
BingX Trading Products
BingX offers a wide range of instruments, including cryptocurrency, FOREX, indices, and commodities.
USDT-denominated BingX contracts are presented with a total of 12 other prominent coins such as Ethereum, Bitcoin, Bitcoin Cash, Litecoin, and ChainLink. There are specialized inverse contracts for Bitcoin and Ethererum that BingX offers, allowing users to choose between BTC or ETH as their base coin in the contract.
Non-cryptocurrencies. BingX also provides contracts connected to many pairs of exchange currencies and a range of spot price speculation on a few of key commodities, like gold, silver, and crude oil.
Many major equity indices are also available on BingX. There are eight prominent indices that BingX members can select to speculate, which include Nikkei 225, NASDAQ-100, S&P500, DJIA. BingX’s non-crypto contracts use USDT as the default base currency.
BingX Features
BingX is recognized for its social trading. Social trading means traders of all levels of experience are provided with tools that will allow them to progressively participate and learn about this trading without investing risk. This is why BingX is known for: Demo trading, and Copy Trading.
Demo Mode for Trading Practice
Inexperienced investors and those who do not want to incur risks should strongly try this feature. This feature helps new traders be acquainted with the platform and its features, as well as helps them learn the leverage limitations of crypto trading and all types of trading strategies. This feature makes use of the practice token called VST, equivalent of a USDT. Traders may study without fear of losing their money.
Copy Trade
For those interested in replicating the trading strategies of top traders, BingX offers this feature. In this way, everyone may learn from successful investors’ methods and know the strategies they carry out on a daily basis. Inevitably there is a certain amount of risk associated with copy trading, but that risk is mitigated by working with experienced investors.
BingX copy trading feature enables users to watch prominent traders and automatically copy their trades. There is a list of traders based on their trading style as well as their followers and profit rates.
Traders can see their overall statistics and recent deals on their platform. Users can select a daily and a maximum amount that they are willing to commit to a given copy exchange. Also, traders can limit their losses to a certain extent. Additionally, BingX’s copy trade features allow users to duplicate trades with the demo trading currency, VST. There are 1,200 traders to copy-trade in BingX. They can be sorted by using the search box or selecting criteria such as “trading style” or “profit rates.” Nebraskan Gooner and Altcoin Rookie, two well-known personalities in the cryptocurrency world, are among the users of the BingX.
| Exchange Name | BingX |
|---|---|
| Fiat Currency | No |
| Withdraw to Bank | Bank must support USDC. |
| Payment Type | Credit Card |
| Trading Fees | 0.02% |
| Non Supported Countries or Places | Depends on Policy |
Comparison
Leveraged Trading
BingX allows leveraged trading to its users. It allows perpetual contracts.
Someone considering leveraged trading should be aware of the risks involved. While leveraged trades have the potential to generate huge profits, they can lead to equally large losses.
Leverage Limits
In BingX, the maximum leverage varies depending on the type of product you wish to trade. Etherium perpetuals have a 100x maximum leverage. Bitcoin and USDT contracts have a 150x leverage, which is higher than most cryptocurrency exchange platforms, while other crypto-based contracts on BingX have a maximum leverage of either 35x or 50x. The maximum leverage for commodities and indices is 100x, while the maximum leverage for FX pairings is 300x.
Mobile Support
Most crypto traders believe that trading on a PC provides the optimal conditions. More information may be shown at once on a computer with a larger screen. In addition, the trading chart will be easier to read. However, to be fair, not all crypto investors use desktop computers to trade. Some people choose to trade crypto on their mobile phones instead of a computer. These traders will appreciate the fact that BingX offers its trading platform as an app for Android and iPhone users.
With the BingX trading app, you can access the vast majority of the platform’s features that are available on the desktop version. Technical analysis and quick withdrawals are easy to execute with the BingX app since it’s clean, straightforward, and easy to use. The mobile app is available for download in Google Play and App Store.
BingX Trading
To start trading, users must create a BingX account by registering on the platform’s website to start the registration process. The process will ask for personal information such as the user’s name, email address, phone number and requires the creation of a new password.
To activate the account of a newly-registered user, an activation email will be sent to the registered email address.
BingX does not have KYC; hence, users may start making deposits and trading numerous derivative products when their account is confirmed.
Start by funding the account. Digital currencies can be sent to a BingX wallet in order to fund an account. Bitcoin (BTC), Ethereum (ETH), USDC, and USDT are the four supported cryptos and stablecoins that may be put into the exchange. A personal hardware wallet or other exchange provider withdrawals will need the user to copy the coin’s unique address or scan a QR code.
The following are the minimum deposit accounts for each asset:
BTC : 0.0002 BTC
ETH : 0.01 ETH
USDT : 1.00 USDT
USDC: 1.00 USDC
Users who don’t have any cryptocurrency can choose the option to purchase crypto with regular fiat. Fiat-to-crypto payment gateways Banxa and MoonPay have connected with BingX and offer a range of deposit options to purchase crypto, such as credit or debit card, SEPA, and ApplePay. The downside of this process is the conversion fees.
Other Reviews
BingX Exchange Review
- Binance is the No.1 digital assets trading platform
- BingX is the No.1 crypto copy trading platform.
Trading with BingX
Beginning and expert traders alike may take advantage of BingX’s modern trading platform, which has a simple, intuitive user interface. As part of BingX’s TradingView function, customers have access to hundreds of chart patterns, sketching tools, and technical indicators to do technical analysis.
Users have the option of trading with an isolated or cross margin. This is especially helpful for advanced traders as it allows them to manage the margin risk as per their trading account balance. Isolated margin minimizes the trading risk of a single trade, and cross shares the trade risk across many open positions.
Profit and loss orders are set below the margin slider. Automatic cancellation occurs when the price hits one of the orders values. In the trading world, this is known as OCO (One Cancels the Other), and this feature is not present in most crypto exchange.
Because the BingX stop-loss orders do not come with any guarantees, the SL price might vary by up to 30%, particularly when the markets are extremely volatile. Additionally, there’s a Profit & Loss calculator, which is a useful tool for traders to calculate the position size based on the margin amount and entry and exit price of the trade.
Is BingX Safe?
There is no evidence of a security breach in BingX. BingX delivers a seamless and steady operation, even in the face of severe market conditions, thanks to its leading market depth, which comes from numerous liquidity providers. As of 2019, it’s been in operation, and it’s continuing to develop a solid safety and security record.
BingX strives to secure its users’ accounts from unauthorized access and hacking, resulting in financial loss. SlowMist, a cybersecurity business, launched a bug bounty program on the BingX platform to further strengthen the exchange’s security. The usage of two-step verification (2FA) technology are also encouraged for users to secure their accounts.
Support Country
BingX is registered in the Republic of Estonia with satellite offices worldwide located in Singapore, Taiwan, Korea, Japan, Vietnam, and Russia. It is currently based in Singapore.
In the Republic of Estonia, BingX has been registered as a trading platform. The cryptocurrency exchange has secured an AUSTRAC license and a FinCen Money Services Business license (MSB) license.
BingX Trading Exchange Fees
BingX Trading Fees
A trading fee is charged to you by the exchange every time you make an order. Most traders exchange platforms charge a portion for each trade order. Takers and makers are separated in many trades. Whoever takes an existing order from the order book is referred to as a “taker.” Those that add orders to the order book are regarded as Makers, and their activities provide liquidity on the platform.
An extensive report found that the global average taker and maker fees are 0.063% and 0.018%, respectively. At BingX, takers pay 0.045% per order, while makers are charged 0.02%. This means that the taker fees for BingX are somewhat below average; however, the maker fees are above the average.
BingX Withdrawal Fees
If you want to withdraw bitcoins, you have to pay 0.0005 BTC per BTC-withdrawal, far less than the global industry average, which is 0.00059 BTC per BTC-withdrawal.
BingX Deposit Methods
Cryptocurrency is the only asset class that you may deposit into BingX. As an alternative, if you’re interested in BingX but don’t have any crypto, you can easily open an account with a cryptocurrency exchange that accepts fiat deposits, purchase crypto there, and then transfer it to BingX.
BingX Social Trading Fees
In BingX, beginners and experienced crypto traders may discuss their methods and ideas. As part of the exchange’s social trading incentive system, the traders who have shared their trading techniques get 8% for every successful trades
Overall Scores
Summary: Pros and Cons of BingX
BingX Review Pros:
- Easy User Interface
- Fair and Transparent
- Leverage limits up to 150x
- Offers over 30 trading pairs
- User-friendly Mobile App
- Offers contracts tied to cryptocurrencies, indices, commodities, and forex
BingX Review Cons:
- No US investors allowed
- Inadequate information on the exchange’s security
- Limited number of trading pairs
Conclusion
The BingX reviews reveal that BingX takes a lot of thought to user experience. When it comes to the user experience, BingX takes a lot of care. The exchange strives to give novice traders with a high degree of support. Anyone may start trading within minutes due to minimal barriers to entry. Margin trading is available to a wide range of users. In addition, low transaction costs are a tremendous benefit to the users.
BingX also provides a range of non-crypto-based derivatives that may be used to diversify portfolios which is a notable benefit to investors.
In general, this BingX review elaborates how promising BingX is as a cryptocurrency exchange platform. It is ideal for both beginners and experienced traders. Among its strongest advantages are a large range of crypto derivatives products, copy-trading features as well as demo trading tools.
However, in order for BingX to catch up with some of its big competitors, it will have to list more cryptocurrency contracts. This way, it will be able to help thousands more people in making investments in the market.
