BingX Review: Latest BingX Pros, Cons, and Key Features 2023

As digital trading exchanges continue to proliferate, selecting the optimal cryptocurrency exchange can be a daunting task. The market is teeming with numerous options, and new traders must consider several key factors, such as the charting interface, platform features, trading pairs, security, customer support, and fees, to assess exchange quality effectively.

BingX, a popular exchange in Europe, is a safe, secure, and fast derivatives trading platform. This BingX review will provide you with the latest and most accurate information about the BingX trading exchange. However, we note that this is just a preview and not financial advice for you. It is essential to make informed decisions before investing in cryptocurrency exchanges.

What Is BingX?

BingX is a Trading Platform for Contracts for Difference (CFD) specializing in cryptocurrency exchange. It works similarly to the futures market on Binance. BingX allows traders to execute a variety of contracts, including cryptocurrencies, indices, and forex pairs, quickly, safely, securely, and with low fees.

Founded in Taiwan in 2018 with the original name of Bingbon, until now BingX (new name from 2021) has positioned itself as a leading cryptocurrency trading platform that allows traders to use cryptocurrency derivatives contracts. BingX's ultimate goal is to lead the industry and become the largest major cryptocurrency exchange in the world.

What Is BingX

BingX Review: Pros and Cons

As a cryptocurrency exchange, BingX will have certain advantages and disadvantages.

Pros of Trading with BingX

  • BingX offers a copy-trading feature, allowing beginners to view and copy the trades of other users.
  • The platform is known for its affordable trading fees, with a maximum fee of 0.2%.
  • BingX provides access to derivatives and leveraged margin markets, with leverage of up to 125x.
  • The exchange also offers 24/7 live chat support to its users.

Cons of BingX

  • Fiat currency support is not available for trading, and users can only make third-party purchases.
  • There is limited information available regarding the storage of assets and security measures.
  • Crypto-to-crypto transactions are only possible with USDT trading pairs.

Features of BingX

Instant Trading

Sign up for an account on BingX now! The platform allows the conversion of one currency to another without the transferor's funds to a spot exchange. With Instant Trading you can exchange cryptocurrencies with just one click. Traders can participate in buying or selling BTC, ETH, USDC, and USDT… against each other, all on a single platform.

Derivatives Trading

BingX provides a comprehensive crypto margin platform, featuring derivatives and futures available at a leverage of up to 125x. Moreover, users can access futures trading of indices, commodities, and Forex. On the platform, users can choose between standard derivatives and perpetual futures, which is a unique crypto trading product.

On the standard derivatives platform, users can trade cryptocurrencies and other assets with varying leverage amounts of up to 125x. It offers both long and short positions, along with market or trigger orders (similar to limit orders). Additionally, users can practice trading with a VST demo trading feature.

On the platform of the perpetual future, users can place limit and market orders, enter long or short positions, and choose between isolated and cross-margin options.

Derivatives Trading

Although BingX is not the top crypto margin platform for derivatives trading, it offers access to enormous leverage, diverse trading opportunities beyond just crypto, and detailed TradingView charts. The platform's layout is user-friendly, with open positions and real-time profit and loss details being quickly visible.

Grid Trading

Over the past few years, grid bots have gained popularity, and BingX has integrated the ability to create your own grid bot. The platform offers grid trading as a spot trading feature, where users can set a “high” and “low” price for specific crypto, select the number of “grids” to create (from 2 to 200) and activate the bot.

The bot will then automatically place trades, buying near the lower end and selling as the price increases to capture profits. Each grid line represents a buy or sell point, with the bot placing limit trades in advance for automatic execution.

Grid trading has both automatic and manual modes, allowing users to create a bot with a single click or customize their settings. The Grid Trading feature is available at no additional cost.

Grid Trading

In summary, BingX's grid bot offers simple settings and is free for exchange users, which is a great feature that is usually only available through third-party tools. It would be beneficial to have the grids visually displayed on the chart and a wider selection of bots to compete with the top crypto trading bot platforms.

BingX Review Services

Trading Products

BingX has a selection of perpetual contract cryptocurrency trading products that allow traders to choose between isolated or cross margins. The platform offers the top 7 crypto assets which is usually enough for most traders. For Bitcoin and Ethereum, traders can choose inverse contracts, which allow them to use Bitcoin for BTC-based contracts and Ethereum as a margin for ETH-based contracts. Additionally, BingX offers USDT-based contracts for both assets.

The platform provides crypto derivatives contracts linked to eight indices, including S&P 500, Nikkei 225, NASDAQ-100, DJIA, and others. BingX also features a Forex market with seven contracts for traders to speculate on popular foreign exchange crypto trading pairs. Moreover, users can speculate on commodities and track crude oil, silver, and gold prices. It's important to note that all non-crypto contracts on BingX must be settled in USDT.

Leverage Limits

BingX leverage limits vary based on the traded product. BTC and USDT contracts come with a leverage limit of up to 150x, which is higher than the standard of other exchanges. Besides, Ethereum contracts can be leveraged up to 100x and other crypto-based contracts have a leverage limit of 35x or 50x. In commodities and indices trading, the leverage limit can be up to 100x, while for forex pairs this limit is up to 300x.

Interface

The BingX platform dashboard displays a user's assets in BTC and USDT equivalents in a simple manner. The TradingView chart in the center is fully customizable, allowing users to add comments, plot support, resistance levels, and more. Traders can easily view their holdings, and transaction history, and deposit or withdraw funds from the dashboard.

Information about open orders and positions can be found below the price chart, while the trading pair selector is located on the left-hand side, and the order placement interface is on the right-hand side. Users can also purchase BTC, ETH, or USDT using the fiat payment gateway by selecting “Buy Crypto.” Finally, users can search for their preferred cryptocurrency and quickly access the trading platform by clicking the “Trade” button.

Copy Trading

Copy trading is often associated with forex, however, not all exchanges offer this feature due to licensing challenges. It marks the beginning of the crypto era in general and BingX in particular. More than that, think about whether this is the main direction that all currency exchanges are headed, representing a future development trend or not.

Copy trading involves entrusting someone you trust to deliver the results of your trade without entrusting your money to them. Have you ever been approached by someone offering to trade on your behalf, taking a portion of the profits? Are you really worried if your money disappears? Rest assured when trading on BingX!

With copy trading, you can now rest easy knowing that your cryptocurrency can be transferred to a proven and trusted individual without fear of being stolen. Your cryptocurrency will remain in your account, there is no exchange of funds, and will only mimic trades made by experienced traders for profit.

This is a particularly useful feature for newbies who want to mimic the trades of veteran traders without having to be constantly online. It allows them to trade instantly and with the same level of expertise as experienced traders.

Copy Trading

Demo Trading

BingX provides a demo trading feature for users interested in Futures trading, which allows them to practice without risking their own funds. The demo trading feature uses the platform's own virtual currency, Virtual USDT (VST). Upon account creation, 100,000 VST are deposited, which users can utilize to practice trading in the standard futures trading platform.

VST is not exchangeable for any other currency or withdrawable from the platform, and it has no actual value. It is strictly intended for demo purposes.

The demo mode is beneficial for users who are new to futures trading, which is an advanced trading feature. We were able to swiftly execute trades using VST funds within the account and monitor the real-time unrealized profit and loss.

How To Register BingX Account?

If you have trouble creating an account on BingX. Don't worry, we will help you. Please follow the steps below in the correct order to ensure successful registration:

  • Step 1 – Create an account, open BingX's official website www.bingx.com, and select Login/Register in the top right corner.
  • Step 2 – Fill out your information completely on the form: your name, phone number, email address, and password.
  • Step 3 – Enter referral code (……………)
  • Step 4 – Enter Submit. An activation email will be sent from BingX to your Gmail to confirm account registration.
  • Step 5 – Once you've confirmed your email address, your BingX account will be activated automatically. Upon receiving the 6-digit OTP on your registered mobile number, you can use it to log in to your newly created account.

It's worth noting that BingX doesn't require a KYC process for depositing funds into your account. After creating your account, you can log in and start exchanging and exploring all the great features BingX has to offer. However, you should conduct KYC of your account to increase the security of your account!

Trading With BingX

BingX exchange provides a user-friendly trading platform that caters to both beginners and experienced traders. Its interface is easy to use and navigate. The TradingView feature offers access to various technical analysis tools, such as hundreds of chart patterns, technical indicators, and drawing tools.

Traders can choose between isolated and cross-margin trading. Advanced traders can utilize this feature to manage their margin risk based on their account balance. An isolated margin limits the trade risk per transaction, while cross-margin shares trade risks across multiple open positions.

Traders can set take-profit and stop-loss orders under the margin slider. The innovative One-Cancels-the-Other (OCO) feature automatically cancels one order when the other is triggered. However, it's important to note that BingX stop-loss orders don't come with a guarantee, and the SL price may fluctuate by up to 30% during highly volatile market conditions. Additionally, the Profit & Loss calculator is a useful tool for traders to estimate their position size based on the margin amount and entry/exit price.

BingX Fees

Trading Fees

The BingX derivatives exchange applies a consistent trading fee of 0.075% for both open and closed positions, calculated as the product of trading volume and a percentage of trading fees. This fee structure is quite competitive when compared to other crypto exchanges.

What are you waiting for, create an account on BingX now to enjoy this advantage.

Type Spread Ranges
Cryptocurrency – Bitcoin 0.02%  ~  0.1%
Cryptocurrencies other than Bitcoin 0.02%  ~  0.2%
Global Indies 0.02%  ~  0.15%
Commodities 0.02%  ~  0.1%
Forex 0.02%  ~  0.1%

In addition to the trading fees, the exchange imposes a spread fee that varies depending on the contract type being traded. For instance, the spread fee for BTC contracts falls within the range of 0.02% to 0.1%, while it could increase to 0.2% for other crypto trading pairs. To discover the minimum deposit amount and the roster of supported cryptocurrencies for a deposit, consult the table underneath:

Cryptocurrencies Minimum Deposit Amount Supported Network
1 USDT 1 USDT ERC20, TRC20, OMNi
2 USDC 1 USDT ERC20
3 BTC 0.0002 BTC BTC
4 ETH 0.01 ETH ERC20

Withdrawal Fees

BingX levies a modest withdrawal fee when users withdraw ETH or BTC, amounting to around 0.007 ETH and 0.0005 BTC, respectively. However, for withdrawing stablecoins, the exchange charges $28 per transaction, which is relatively steep compared to the average fees charged worldwide. To find out the withdrawal fees that BingXg applies, refer to the table below:

Cryptocurrencies Withdrawal Fee
1 USDT-ERC20 20 USDT
2 USDT-TRC20 1 USDT
3 USDT-OMNI 28 USDT
4 USDC 20 USDT
5 BTC 0.005 BTC
6 ETH 0.007 ETH
7 XRP 0.25 XRP

Deposit Fees

When depositing cryptocurrencies into a trading account, BingX doesn't levy any fees. However, there might be fees when converting fiat to crypto, which is dependent on the deposit method selected by the user and their region's third-party provider. To obtain a complete understanding of the fee structure, it's recommended to examine the detailed information accessible on BingX's official website.

BingX Affiliate Program

If you have a network that could benefit from BingX and you find their offer appealing, you can reach out to [email protected]. Their affiliate program offers an industry-leading commission rate of 60%.

Additionally, affiliates can take advantage of reduced fee rates, with standard contract rates as low as 0.045%, maker rates at 0.02%, and taker rates at 0.03% for Perpetual Swaps.

Upon registration, there's also a chance to receive bonuses of 100+ USDT, and BingX provides branded gifts to its affiliates. If you have a network, BingX's affiliate program presents an exciting opportunity to seize.

BingX Accepted Payment Method

BingX provides a range of payment methods, including:

  • Debit or credit cards (Mastercard, Visa)
  • MoonPay
  • Banxa
  • Apple Pay
  • Cryptocurrencies

Customer Support by BingX Exchange

If you need any help or have questions, you can head to the Help Center section available on the BingX website or contact their support team via email at [email protected]. They usually respond to email inquiries within 12 hours. You should consult cryptocurrency trading professionals for independent advice before making any investment decisions, as well as with any financial decisions.

Community of Bingx exchange

  1. Twitter: https://twitter.com/bingxcom
  2. Facebook: https://www.facebook.com/bingxcom
  3. LinkedIn: https://www.linkedin.com/company/bingx-com/
  4. Telegram: https://t.me/bingx_com
  5. Medium: https://medium.com/bingx-com
  6. Reddit: https://www.reddit.com/user/bingxcom
  7. Instagram: https://www.instagram.com/bingxcom/

Conclusion

In conclusion, BingX is a promising and compelling cryptocurrency exchange that provides a leading crypto-powered leverage platform for both novice and experienced traders. It is considered among the top cryptocurrency exchanges and offers a wide range of crypto derivative products, copy trading, and demo trading features. The exchange offers over 30 crypto assets with a leverage limit against BTC or USDT, as well as traditional markets such as indices, commodities, forex, and digital currencies. However, our research suggests that BingX could improve its language documentation and help the section to be more competitive with other exchanges.

Frequently Asked Questions

Is BingX Legit?

BingX is an authentic cryptocurrency exchange that possesses licenses from regulatory bodies such as FinCEN (U.S.), FINTRAC (Canada), Majandustegevuse Register (EU), and AUSTRAC (Australia). The exchange has established offices in different regions, including North America, Canada, the EU, Hong Kong, and Taiwan. BingX takes security seriously by implementing various measures, and it provides ample liquidity for traders.

Is BingX the same as Bingbon?

BingBon underwent a rebranding in 2021 and adopted the name BingX. Despite the change in name, the exchange remains the same as the one that was launched in 2018 as BingBon. Several new features have since been incorporated, including additional regulatory licenses to ensure its availability and compliance in most jurisdictions worldwide.

Can I use BingX in the USA?

BingX caters to investors and traders from all 50 states in the U.S. As an exchange registered with FinCEN, BingX possesses the necessary license to facilitate crypto-to-crypto trading for residents of the United States. U.S.-based users can create an account, deposit cryptocurrency, and engage in trading of both spot and derivative products.

Where is BingX located?

The main office of BingX is in Singapore, and it has additional supporting offices situated in North America, Canada, the European Union, Hong Kong, and Taiwan.

bitcoin
Bitcoin (BTC) $ 69,239.55
ethereum
Ethereum (ETH) $ 3,515.16
tether
Tether (USDT) $ 0.999479
bnb
BNB (BNB) $ 607.76
xrp
XRP (XRP) $ 0.613216
solana
Solana (SOL) $ 171.37
litecoin
Litecoin (LTC) $ 96.39
okb
OKB (OKB) $ 57.30
tron
TRON (TRX) $ 0.118954
matic-network
Polygon (MATIC) $ 0.880887
cardano
Cardano (ADA) $ 0.580612