Home » Exchanges » BingX Review 2024 – Is This Crypto Exchange Legit and Safe?

Exchanges

BingX Review 2024 – Is This Crypto Exchange Legit and Safe?

Crypto Nerd

April 21, 2024

28 Views 0

SaveSavedRemoved 0

Overview

What is BingX?

BingX is a cryptocurrency exchange with its headquarters in Singapore, having undergone a rebranding from Bingbon, which was active since 2018. BingX boasts over 10 million global users and supports trading in more than 700+ different cryptocurrencies. The platform is known for its derivatives trading, copy trading, and instant crypto buy feature.

BingX Summary

BingX Review – Key Features

Crypto trading, the BingX way: Sure, BingX is famous for copy-trading, but don’t underestimate their classic buy/sell setup. It’s sleek, professional, and just as easy to use as the big exchanges out there.

Copy-trading champs: Most exchanges treat copy-trading like an afterthought. BingX? It’s their whole thing. You get clear stats on the best traders, so you can tailor your strategy based on what works. It’s no wonder this is how they built their reputation.

Help when you need it: Regular trades, copy trades, leverage…it can get complicated! BingX understands that, which is why their support team is there 24/7 in a bunch of languages (Dutch included!). Risky trades are less scary when you know someone’s got your back.

FIAT Support: BingX lets you buy crypto with a ton of currencies – USD, AUD, EUR, you name it. They partner with 3rd party platforms like Banxa and Moonpay enabling the customers to make their crypto purchases using FIAT.

Perpetual Swap feature:: Sick of closing and re-opening positions when contracts expire? BingX’s Perpetual Swap feature has your number. Keep those trades running nonstop, so you don’t miss a beat.

Beginner-Friendly Platform: From the moment you sign up with just your email, BingX guides you through everything. Beginners and experienced traders alike will feel right at home with the platform.

Is BingX Safe & Legit?

BingX like any other cryptocurrency exchange takes security seriously. They work with big names in cybersecurity and even had CertiK give them a security check-up. BingX believes in transparency hence they regularly conduct audits and provide 100% proof-of-reserves verified by Mazars.

BingX has made significant strides in ensuring it operates within the legal frameworks of the countries it serves. It’s registered and regulated in several jurisdictions, highlighting its commitment to legal compliance and security for its users.

In the European Union, BingX is regulated by the Financial Crime Investigation Service (FCIS) in Lithuania, allowing it to offer a range of services including spot and derivatives trading. Down under in Australia, it’s registered as a Digital Currency Exchange provider, aligning with the country’s financial regulations.

Expanding into North America, BingX has secured compliance licenses in both the United States and Canada. In the US, it’s registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN), and in Canada, it holds a similar status with the Financial Transactions and Reports Analysis Centre (FINTRAC). These steps are crucial for BingX’s legal operation and service provision in these markets.

Does BingX have a Native Token?

No, BingX does not have a native token.

How To Register Account

To start trading on BingX, follow these simple steps:

1. Go to the BingX website and click on ‘Login/Signup’ in the top right corner.
2. Complete the signup form with your details like name, phone number, email, and password.
3. If you have a referral code, enter it.
4. Click ‘Submit’ to receive a confirmation email.
5. Confirm your email, and you’ll get a 6-digit OTP on your phone. Use this OTP to log in to your BingX account.

No KYC is needed to deposit funds. After setting up your account, you can log in and explore BingX’s features.

Do you need KYC for BingX?

No, although KYC is not mandatory but ‘Unverified’ user accounts have limited deposit and withdrawal limits as well as restricted access to some of the features that are available on the platform.

Being verified has its perks: If you’ve gone through the KYC process on BingX, you can withdraw 5,000,000 USDT per day. Unverified users have a much lower limit, only 50,000 USDT. Plus, you unlock cool stuff like depositing regular money through your bank or peer-to-peer trading.

Getting KYC done on BingX: It’s pretty simple. Just snap a pic of your ID (passport, driver’s license, etc.) and a selfie of you holding that ID. If everything’s clear, the whole process normally takes about a day.

 BingX Features

Spot Trading

Think of the spot market as the heart of any crypto exchange. It’s where you buy and sell cryptocurrencies at the going rate, no fancy stuff like leverage. Whether you’re just starting out or a seasoned pro, spot trading is essential.

BingX Spot Features: Simple but Powerful

BingX makes spot trading a breeze. They support a whopping 700 coins, so chances are they’ve got what you’re looking for. You can place different kinds of orders (limit, market, etc.) to get the best price.

Need a quick swap? Their “Convert” feature has your back. Think of it like trading one cryptocurrency for another instantly. Right now it works with 15 major coins (like BTC, ETH, USDT, LTC, USDC, XRP, ADA, BNB, EOS, BCH, ETC, FIL, LINK, TRX, TUSD) and they don’t even charge fees!

Leverage Trading on BingX

BingX empowers traders with leverage options up to 125x for potential profit maximization on their cryptocurrency trades. Explore versatile derivatives with both perpetual contracts (ideal for tracking spot prices) and standard futures (offering fixed expiration dates).

Getting Started with BingX Leverage

1. Fund your account with USDT collateral.
2. Select your desired leverage ratio (this impacts your margin requirements and risk profile).

BingX prioritizes trader security with:

• Mark prices – Ensures fair market valuation
• Funding rates – Mechanism to align futures prices with the underlying asset
• Liquidation prices – Triggers position closure to mitigate excessive losses

Important Note: Higher leverage amplifies potential gains, but also increases risk. Understand your risk tolerance before selecting a leverage ratio.

BingX Copy Trading

BingX Copy Trading unlocks a world of automated profits by allowing you to directly replicate the trades of top-performing crypto traders. Analyze performance history, risk tolerance, and trading styles to handpick your ideal trading mentors.

Features and Flexibility:

• Spot & Futures Markets: Access 700+ cryptocurrencies and derivatives.
• Full Control: Customize fund allocation, order limits, slippage tolerance, and stop-loss levels.
• Transparent Monitoring: Track performance, order details, and adjust your copy trading strategies on the fly.

Points to Note:

• Profit Share: Deduct a 10% profit share for the master trader.
• Trading Fees: Standard trading and network fees may apply.
• Elite Network: Explore a pool of 15,000+ skilled traders with a history of over 400 million completed orders.

Grid Trading Bots

BingX offers a suite of grid trading bots that strategically capitalize on market fluctuations for profitable cryptocurrency trades. These bots employ a grid trading strategy, placing buy and sell orders at calculated intervals to capture profits as prices move within a defined range.

BingX Grid Bot Options:

• Futures Grid: Amplify potential returns with leveraged futures contracts (up to 125x). BingX dynamically optimizes grid parameters for market adaptability.
• Spot Grid: Ideal for direct cryptocurrency trading; automatically buys low and sells high within a volatility range. Customize price limits, grid quantity, and investment.
• Spot Infinity Grid: Advanced spot trading with no upper price limit for continuous profit potential. Features a trailing stop-loss for risk management.

Ease of Use:

1. Select your bot type, trading pair, and grid preferences.
2. Launch the bot and let it automate your trades.
3. Track performance, history, and earnings in real-time.
4. Pause, edit, or terminate the bot as needed.

P2P Trading

Looking to trade cryptocurrencies with regular money directly from other traders or sellers? Look no further than BingX P2P trading! This platform acts as a middleman, making trading safe and easy for you.

Here are some reasons why BingX P2P trading is a great choice:

1. Available Everywhere: BingX P2P trading supports more than 40 types of fiat currencies, including USD, TWD, PHP, VND, and many more. It works in most countries and regions, so finding someone to trade with is easy.
2. Escrow Security: BingX P2P trading holds onto the crypto until both sides are happy, so you don’t have to worry about scams. This ensures that your transactions are secure and protected.
3. No Extra Fees: BingX P2P trading doesn’t charge any extra fees for making trades. This means you’ll get the best deals without any additional costs.

To prevent abnormal deposits and withdrawals, money laundering, fraud, and other illegal activities, BingX P2P has a T+1 withdrawal policy. This policy mandates users to wait for a minimum of one day after purchasing cryptocurrencies via P2P Trading before they can proceed with withdrawal or selling.

Overall, BingX P2P trading is a secure and convenient platform for trading cryptocurrencies with regular money. With its availability in most countries and regions, escrow security, and no extra fees, it’s an excellent choice for both novice and experienced traders. So why wait? Start trading on BingX P2P today!

Demo Trading with VST

If you’re new to trading cryptocurrencies, the idea of investing real money can be daunting. That’s where demo trading comes in. With BingX’s Virtual Simulation Trading (VST) feature, you can practice trading cryptocurrencies without risking any real money.

The VST feature is incredibly user-friendly and easy to use. Simply select the “VST” option on the BingX platform, and you’ll be given a virtual balance of 10,000 USDT to practice with. From there, you can trade just like you would with real money, using the same charts, tools, and indicators to make informed decisions.

One of the great things about demo trading on BingX is that it allows you to try out different trading strategies without risking your hard-earned cash. Whether you’re new to trading or an experienced trader looking to test out a new strategy, the VST feature is an excellent way to practice and hone your skills.

BingX Wealth

BingX Wealth is a fantastic platform that offers a one-stop solution for managing your digital assets. It allows you to earn interest on your idle funds and provides steady returns, making it an excellent choice for those who want to make the most out of their cryptocurrency investments.

One of the standout features of BingX Wealth is the Shark Fin, which lets you predict market directions and earn interest accordingly. If you’re feeling bullish or bearish about a particular cryptocurrency, you can select that direction and set a price range for the asset. If the asset price falls within your chosen range upon maturity, you’ll earn a higher interest rate. If not, you’ll still earn the base interest rate.

Shark Fin currently offers four products: Bullish BTC, Bearish BTC, Bullish ETH, and Bearish ETH, each with lock periods of 1-day, 3-day, or 7-day. The actual APR you’ll earn is determined at maturity, and unfortunately, early redemption isn’t supported.

If you’re looking for a more flexible option, BingX Wealth also offers the Simple Earn product. This product allows you to earn interest without locking up your assets. You can deposit and withdraw anytime, and you’ll enjoy daily interest accrual. It’s an excellent option for those who want to earn interest without committing their funds for a set period.

BingX Wealth also provides fixed-term products with fixed start and maturity times. These products offer predictable returns and are available in 30-day and 90-day durations. They provide competitive interest rates of up to 7.5% APR on various cryptocurrencies, making it an excellent choice for those who want to earn a steady return on their investment.

BingX Supported Currencies

BingX is constantly listing new and trending coins on their platforms. Currently they support over 700 different coins and tokens including the popular like:

• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Coin (BNB)
• Solana (SOL)
• XRP (Ripple)
• Litecoin (LTC)
• Cardano (ADA)
• Stellar (XLM)
• Dogecoin (DOGE)
• Polkadot (DOT)

BingX Supported Countries

With a user base of over 10 million traders across more than 100 countries and regions worldwide. With its widespread accessibility, BingX caters to a diverse demographic of traders from various parts of the globe.

Some of the regions where BingX is popular include Asia, Oceania, Europe, Australia, and South America. Since BingX is recognized and registered as a Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN), it allows US residents unrestricted access to its services.

However, it’s worth noting that certain countries are restricted from accessing BingX services due to factors such as regulatory aversion to cryptocurrencies or ongoing uncertainties. Here are some examples of countries that are currently restricted from using BingX:

• Afghanistan
• Burundi
• Central African Republic
• Congo
• China
• Hong Kong
• Macau

BingX Fees

BingX offers competitive trading fees that are on par with other top-tier exchanges like Binance and Bybit. However, what sets BingX apart is its dynamic fee structure, which is based on your trading volume and VIP level. The more you trade, the lower your fees become, providing an incentive for active traders.

Spot Trading Fees
For spot trading, BingX’s fees are determined by your VIP level, which is based on your 30-day trading volume. Here’s a breakdown of the fees:

Futures Trading Fees

BingX’s futures trading fees follow a similar structure, with discounts for higher VIP levels:

No Native Token… Yet
Unlike many other cryptocurrency exchanges, BingX does not currently offer a native exchange token. However, this doesn’t mean you can’t enjoy low trading fees. BingX’s VIP program ensures that active traders are rewarded with lower fees based on their trading volume.

Deposit and Withdrawal Fees

As a crypto trader, understanding the intricacies of deposit and withdrawal fees is crucial for efficient fund management. BingX, a prominent cryptocurrency exchange, offers a user-friendly platform with a range of options to suit various trading needs. Let’s explore the nuances of their fee structure and deposit/withdrawal methods.

Deposit Fees on BingX
One of the most attractive features of BingX is the absence of deposit fees. Whether you’re funding your account with Bitcoin, Ethereum, or any other supported cryptocurrency, you can rest assured that no additional charges will be incurred during the deposit process.

Withdrawal Fees on BingX

While deposits are free of charge, withdrawals on BingX come with a fee that varies depending on the cryptocurrency and the network you choose. The exchange supports multiple withdrawal networks, including ERC-20, BEP-2, BEP-20, TRC-20, and OMNI, giving you flexibility in your transactions.

For instance, if you’re withdrawing USDT (Tether), the fee and minimum withdrawal amount differ based on the network you select:

• ERC-20: $5 fee with a minimum withdrawal of $5
• TRC-20: $1 fee with a minimum withdrawal of $8

It’s essential to note that BingX regularly updates these fees and minimum withdrawal limits to align with network conditions and market dynamics. As a responsible trader, it’s always wise to check the latest fee structure before initiating a withdrawal.

Funding Your Account:
BingX understands the diverse needs of its user base and offers several convenient methods to purchase cryptocurrencies with fiat currencies:

1. Quick Buy: This feature allows for swift transactions using bank cards like Visa and Maestro, ensuring instant processing. With over 30 fiat currencies available, you can choose Quick Buy or utilize third-party payment providers like MoonPay or Mercury.
2. P2P (Peer-to-Peer): Engage in direct cryptocurrency trading with other BingX users through the Peer-to-Peer market. This avenue expands your options with additional fiat currencies and over 300 payment methods, including Wise, Payeer, Advcash, Zelle, and more.
3. Credit/Debit Cards: BingX currently supports payments through Visa and Mastercard. However, it’s crucial to confirm your card’s compatibility with “3D Secure” and its eligibility for international and online transactions. The platform supports various fiat currencies, including EUR, USD, GBP, TWD, AUD, BRL, CHF, MXN, PLN, SEK, JPY, CZK, AED, INR, and TRY, as well as USDT for deposits.

Here are the fees for credit/debit card transactions:

Here are the transaction limits for credit cards:

Frequently Asked Questions – FAQs