With the developing availability of virtual trading exchanges, choosing the pleasant cryptocurrency change can every now and then emerge as an arduous mission. So many exchanges are available in the marketplace. Multiple elements permit beginners to be acquainted with the charting interface, platform functions, trading pairs, security, customer support, and fees that determine trade great.
BingX is one such buying and selling change broadly utilized in Asia that provides a safe, secure, and fast buying and selling derivatives platform. In this BingX evaluate, we can provide you with the trendy and maximum correct data on BingX. Note that that is simplest a preview and does not represent investment recommendation, so please make an knowledgeable choice earlier than investing in cryptocurrency exchanges.
Table of Contents
BingX Summary
| Official Website | https://bingx.com/en-us/ |
| Headquarters | Singapore |
| Found in | 2018 |
| Native Token | None |
| Listed Cryptocurrency | BTC, ETH, LTC, XRP, BCH, LINK & 10 others |
| Trading Pairs | 30+ |
| Supported Fiat Currencies | Yes |
| Supported Countries | Most of All |
| Minimum Deposit | 1 USDT/ 0.01ETH/ 0.0002BTC |
| Deposit Fees | No fees to Deposit Cryptocurrency |
| Transaction Fees | 0.075% |
| Withdrawal Fees | 0.0005 BTC |
| Application | Yes |
| Customer Support | Live Chat, FAQs, and Submit Complaint Support |
What Is BingX?
BingX is a pioneer and marketplace chief in the crypto derivatives marketplace, established in Singapore in 2018. With extra than 1 million customers gift, it’s far placed in distinct elements of Asia, such as Taiwan, Japan, Korea, Russia, and Vietnam, to make certain a dependable, robust, and price-powerful trading environment.
The primary feature of the BingX platform is to allow customers to shop for and promote digital merchandise from a single platform. The change additionally offers a wide variety of services consisting of instantaneous spot exchanges, derivatives pairs, and a fiat monetary machine to the customers for digital buying and selling currencies with high leverage.
Is BingX Regulated?
BingX is a registered buying and selling platform beneath the Republic of Estonia. The cryptocurrency trade has obtained licenses underneath the regulatory body AUSTRAC and an MSB or Money Services Business license beneath FinCen. However, BingX have to word that having a trifling certificates from the government isn’t always sufficient for endorsement or legitimacy of the commercial enterprise. BingX retail buyers ought to behavior their due diligence even as the usage of any alternate.
Expert Review of BingX
BingX has been operating for 4 years. Over this period, there have now not been any unresolved conflicts with clients; the platform has not been hacked and there have now not been insider leaks of user information. The exchange is 100% stable. Comprehensive checking out of the website and the app, inclusive of by dynamic criteria at a top workload, did no longer display any weaknesses and overall performance drawdowns. The app is intuitive, at the level of top general.
As for the trading conditions, BingX has spot, conversion, grid buying and selling and derivatives (perpetual and wellknown futures). Leverage isn’t always presented for any sort of buying and selling. The preferred price for BTC/USDT is 0.050% for maker and 0.100% for taker (reductions are presented every now and then). The spread is floating, with a median price of zero.04% for the majority of belongings (0.01% for a few property). In phrases of the assets, the broker offers get right of entry to to trading Bitcoin and all top altcoins, inclusive of ETH, XRP, BNB, DOGE and others. The base asset is USDT; all the relaxation property are traded with it; the fees are charged in USDT and the deposits are transformed in USDT.
There aren’t any troubles with withdrawals – all cryptocurrency wallets are regular.
The expenses are fixed and are based totally at the withdrawal alternative. For instance, the fee for USDT-TRC20 is 1 USDT and for USDT-OMNI – 28 USDT. These are average indicators in the marketplace or slightly better than common. The trading prices, however, are average or lower than common. Overall, it could be said that BingX offers popular trading situations.
There are separate fees for the replica trading service and they depend on the asset and sign issuer. The profitability of pinnacle vendors can reach 2400%+, which lets in passive investors to earn outstanding money. Based at the summary of things, the broker may be encouraged.
Features of BingX
One of the principle reasons BingX receives all the limelight is the basket of additional critical functions it promises to offer. Essentially, it provides perpetual contract trading and a choice of isolated and cross margin. The platform’s derivative options cowl digital property and different economic devices, along with FOREX, worldwide indices, and commodities. All those devices are to be had to speculators and investors. The change also gives many different features mentioned beneath:–
Instant Trading
BingX investors can trade cryptocurrency immediately with just a few clicks. You can convert one coin to any other without shifting your budget to the spot trade. This single platform allows investors to shop for/sell BTC, ETH, USDC, and USDT with one another.
Advanced Platform
Another large attention for all cryptocurrency investors is to be on hand to a more advanced trading platform. BingX works to live the expectations and provide a present day yet nicely-designed and straightforward person interface on both cell devices and computers. Charts are furnished by means of the TradingView that consists of multiple charting tools, overlays, and indicators.
Demo Mode for Trading Practice
The new a/c is credited with VSD tokens worth 100,000. BingX problems these digital-based totally coins. Users can alternate virtual currencies the use of VSD on BingX; consequently, there may be no need to make real deposits. This feature enables new traders to be familiar with the trade, and the practice of VSD tokens may be used to study the leverage limits of cryptocurrency trading.
Copy Successful Traders
BingX is one of the few derivatives structures presenting a automated copy trading machine. Traders can comply with the trading strategies of a hit traders and copy them. If the follower shares the dealer’s approach, 8 percent of the profits generated from the reproduction-trades might be given.
Traditional Market
With BingX, users get more exposure to the traditional markets than any other derivatives platform. Retail buyers can speculate on the crypto markets’ fee moves, together with commodities, forex, and indices. For example, they can choose lengthy or short positions for markets like the NASDAQ and S&P 500 the usage of USDT foreign money as the same old collateral asset with 100x leverage.
BingX Services
Trading Products
BingX lists several cryptocurrency buying and selling products which can be perpetual contracts. BingX investors can pick out between pass and isolated margins. The choice of virtual currencies on BingX covers the pinnacle 7 crypto property that suffice for maximum customers.
For Ethereum and Bitcoin, users can opt for inverse contracts. This approach users can use Bitcoin to alternate the BTC-primarily based contract and Ethereum as a margin for trading the ETH-based totally contracts. In addition, BingX also gives USDT-primarily based contracts for both BTC and ETH.
The crypto derivatives contracts on BingX are tied to eight unique indices for customers to take a position, along with S&P 500, Nikkei 225, NASDAQ-one hundred, DJIA, and many others. Unlike other structures, BingX features a Forex marketplace with seven contracts tied to the popular forex crypto buying and selling pairs. Users can also speculate at the commodities and music crude oil, silver, and gold expenses. It is essential to note that all these non-crypto contracts on BingX ought to be settled in USDT.
Leverage Limits
BingX’s leverage limits vary based at the product you want to change. The BTC and USDT contracts include a 150x leverage, normally better than the industry common. Ethereum leverage is going as much as 100x, while different crypto-primarily based contracts on BingX are capped at 35x or 50x leverage. Coming to commodities and indices, the leverage limit is going up to 100x, and for foreign exchange pairs, the most limit is going to 300x.
Interface
BingX’s buying and selling interface is pretty conservative. There aren’t any substantial upgrades compared to other exchanges. There is a totally customizable TradingView chart on the middle in which you may add feedback, draw resistance and guide tiers, and plenty of more.
Information regarding orders and the open position is available simply below the fee chart. At the same time, the buying and selling pair selector is located at the left, while the order interface is on the proper.
The platform offers methods of getting into a position, both thru a cause or restrict order or market order. To be part of a position, investors want to set the take profit and stop-loss stages. The interface presentations estimates for the actual loss or profit price to develop these SL and TP levels if SL or TP is completed.
Copy Trading
BingX boasts the replica buying and selling function that permits customers to examine the famous investors and replica their trades automatically. Traders are listed primarily based on their buying and selling style, quantity of followers, and profit prices.
For each dealer, the platform suggests the general information in conjunction with the latest trades. Users can set their most quantity and day by day restriction that they want to commit to unique copy exchange. The functionality lets in customers to limit their ability losses to a certain degree. In addition, the copy change is a splendid feature that allows customers to copy trades with the demo trading foreign money, VST, on BingX. Note that Copy Trading have to be dealt with with caution.
Demo Trading
As said within the previous function, BingX boasts a demo trading forex known as VST. This feature is one of the nice strategies to guide demo exchange. After growing an account, a hundred,000 VST is granted to the person that basically amounts to 1 dollar. VST forex is used to demo change every agreement that BingX offers. To experience demo trading, the person wishes to go into the VST amount from the menu whilst accessing the change.
BingX Review: Pros and Cons
| Pros | Cons |
| Well-integrated copy trading and demo trading platform. | Inadequate information on the exchange’s security. |
| Leverage limits up to 150x. | US traders are not allowed. |
| Over 30 trading pairs against Bitcoin or USDT. | Below-par customer service quality. |
| Easy and intuitive use of the mobile trading app. | |
| BingX offers contracts tied to indices, commodities, forex market, and cryptocurrencies. | |
Registration Process
To initiate buying and selling with the leading crypto buying and selling platform, BingX, you need to sign in yourself and sign-up for a BingX account. A step-by-step tutorial on the registration and login procedure has been stated underneath:–
Step 1 – Create an a/c, open the BingX legit website, and select Login/Signup at the top right corner.
Step 2 – Fill within the form along with your non-public information, together with your call, quantity, e mail deal with, and password.
Step three – Enter the referral code when you have one.
Step 4 – Enter Submit. An activation e mail could be sent to affirm your electronic mail deal with.
Step five – Once you confirm the e-mail ID, your account will routinely be activated, and a 6-digit OTP could be sent in your cellular range. Enter the OTP after signing into your new BingX account.
Note that BingX does no longer encompass any KYC system for depositing budget into the platform. Once the account is created, you could log in and begin exchanging and exploring the tremendous BingX features.
Trading With BingX
BingX alternate gives a modern trade suite for beginners and experienced buyers, and the user interface is simple to use with a honest format. The TradingView characteristic of BingX ensures that the customers can perform technical analysis with loads of chart patterns, drawing equipment, and technical indicators.
Users can select remoted or go margin whilst trading on this platform. This beneficial function is usually for the superior traders who would love to govern the margin chance depending on their trading account balance. Isolated margin limits the alternate risks of an person exchange whilst cross stocks the exchange risk among more than one open positions.
Under the margin slider, investors set the take income and prevent-loss orders. The second price touches one of the order values, mechanically, the alternative one gets canceled. This manner is regularly termed OCO or One-Cancels-the-Other, and you’ll no longer locate such an progressive characteristic in any other trading platform.
There isn’t any assure on the BingX forestall-loss orders, and subsequently the SL rate may additionally range as much as 30 percent, specifically whilst the markets are rather volatile. There is also a Profit & Loss calculator, a valuable tool for the traders to estimate the position length depending on the margin amount and access/go out rate.
BingX Fees
Trading Fees
BingX derivatives exchange costs the identical trading charge of zero.1/2% for each opening and closing a position. The calculation of the transaction fee is straightforward. The buying and selling charge is calculated by way of multiplying the trading price of 0.0.5% with the change volume. The exchange rate is enormously aggressive in comparison to other cryptocurrency exchanges.
| TYPE | SPREAD RANGES |
|---|---|
| Cryptocurrency – Bitcoin | 0.02% ~ 0.1% |
| Cryptocurrencies other than Bitcoin | 0.02% ~ 0.2% |
| Global Indices | 0.02% ~ 0.15% |
| Commodities | 0.02% ~ 0.1% |
| Forex | 0.02% ~ 0.1% |
In addition to buying and selling costs, the exchange gives a spread charge. This rate varies based totally at the type of agreement buying and selling. For example, the spread price on BTC degrees from zero.02% to zero.1%, and this will increase to 0.2% for different crypto trading pairs. However, take a look at the below table to recognize the listing of supported cryptocurrencies for deposit with their minimum amount of deposit:-
| NO. | 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
BingXg expenses a small withdrawal price for retreating ETH and BTC, approximately zero.007ETH and zero.0005BTC, respectively. To withdraw Stable cash, the withdrawal price charged is $28 according to transaction. This is tremendously excessive in comparison to the worldwide industry average. So check the underneath table to realize the withdrawal expenses taken via BingX:-
| NO. | CRYPTOCURRENCIES | WITHDRAWAL FEE |
|---|---|---|
| 1 | USDT-ERC20 | 20 USDT |
| 2 | USDT-TRC20 | 1 USDT |
| 3 | USDT-OMNI | 28 USDT |
| 4 | USDC | 20 USDC |
| 5 | BTC | 0.0005 BTC |
| 6 | ETH | 0.007 ETH |
| 7 | XRP | 0.25 XRP |
Deposit Fees
The fine factor approximately BingX is that it does no longer rate any charge to deposit crypto in trading bills. However, a charge can be carried out in case you transfer fiat to crypto based totally on the deposit technique and the selected 3rd-celebration company of the consumer’s location. To recognise the total charge shape it’s far extraordinarily endorsed to check out the details on its official site.
BingX Accepted Payment Method
BingX offers several payment methods, including:–
- Debit or Credit Card (Mastercard, Visa)
- MoonPay, Banxa
- Apple Pay
- Cryptocurrencies
Customer Support by BingX Exchange
Not very lengthy ago, there was a rumor of client dissatisfaction relating to BingX’s customer service as Zendesk become below upkeep. Soon after their carrier became resumed, they have been back in the sport.
For any question, you may go to Help middle segment or electronic mail BingX to aid@BingX.Com, and the guide team will serve you via an e mail within 12 hours. Before making any selection, searching for independent monetary advice from cryptocurrency buying and selling specialists.
BingX Review: Conclusion
To finish this BingX assessment, it’s miles critical to word that this change is a promising and compelling cryptocurrency exchange for users trying to find the leading crypto-powered leverage platform. It changed into established for each beginners and skilled buyers and is derived below the listing of top-rated cryptocurrency exchanges. It is bundled with a number of the excellent factors, along with a huge type of crypto derivatives products, replica buying and selling, and demo trading features.
The well-rounded alternate offers more than 30 crypto assets with a leverage restrict towards BTC or USDT. It additionally presents a couple of conventional markets like indices, commodities, foreign exchange, and digital currencies. Nevertheless, at the same time as undertaking in-intensity studies, we determined that BingX need to improve the language documentation and assist the segment seize up with maximum of its competitors.
FAQs
Is BingX Safe?
Based at the BingX overview, there isn’t any proof helping a security breach within the case of BingX. With the leading market depth from a couple of liquidity companies, BingX gives a easy and stable operation, even when there are intense marketplace situations. It has been operating due to the fact that 2019, and it is nonetheless constructing its lengthy document of protection and protection.
Is BingX Available in Australia?
BingX buying and selling platform received a license from AUSTRAC, a regulatory body in Australia. Australian cryptocurrency traders can create an account, deposit or withdraw virtual belongings, buy or promote them the usage of leverage, and plenty of extra.
How to Deposit Crypto on BingX?
Depositing crypto on BingX is fantastically truthful. Open your BingX account, and pick out Deposit. Choose the cryptocurrency coin you want to deposit after which press input to switch it for your wallet cope with. Note that within the case of a BTC deposit, the BTC quantity receives transformed to USDT automatically after it receives deposited.
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The BingX exchange does not have fiat currencies at all. That is, in order to buy cryptocurrency on this exchange, you must first buy USDT. And only then it will be possible to exchange cryptocurrency. Thus, on the BingX exchange, everything is pegged to the equivalent of the dollar to the USDT cryptocurrency. There is no buying or selling of cryptocurrencies, only exchange.
BingX exchange has no fiat currency at all. In other words, to buy cryptocurrencies on this exchange, you must first buy USDT. Only then will it be possible to exchange cryptocurrencies. Therefore, everything on the BingX exchange is pegged to the USD equivalent of the USDT cryptocurrency. There is no buying or selling of cryptocurrencies, only exchanges.
Is it possible to have a capital of 100$ copy trade?