BingX Review 2023: Is BingX Exchange Secured?

With the growing availability of digital trading exchanges, choosing the best cryptocurrency exchange can sometimes become an arduous task. So many exchanges are available on the market. Multiple factors allow beginners to be familiar with the charting interface, platform features, trading pairs, security, customer support, and fees that determine exchange quality.

BingX is one such trading exchange widely used in Asia that provides a safe, secure, and fast trading derivatives platform. In this BingX review, we will provide you with the latest and most accurate information on BingX. Note that this is only a preview and does not constitute investment advice, so please make an informed decision before investing in cryptocurrency exchanges.

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

Sign Up Now

What Is BingX?

BingX is a pioneer and market leader in the crypto derivatives market, established in Singapore in 2018. With more than 1 million users present, it is located in different parts of Asia, including Taiwan, Japan, Korea, Russia, and Vietnam, to ensure a reliable, robust, and cost-effective trading environment.

The primary function of the BingX platform is to enable users to buy and sell digital products from a single platform. The exchange also provides a wide variety of services such as instant spot exchanges, derivatives pairs, and a fiat financial system to the users for digital trading currencies with high leverage.

Sign Up Now

Is BingX Regulated?

BingX is a registered trading platform under the Republic of Estonia. The cryptocurrency exchange has acquired licenses under the regulatory body AUSTRAC and an MSB or Money Services Business license under FinCen. However, BingX must note that having a mere certificate from the authorities is not sufficient for endorsement or legitimacy of the business. BingX retail traders should conduct their due diligence while using any exchange.

Features of BingX

One of the main reasons BingX gets all the limelight is the basket of additional vital features it promises to offer. Essentially, it provides perpetual contract trading and a selection of isolated and cross margin. The platform’s derivative options cover digital assets and other financial instruments, including FOREX, global indices, and commodities. All these instruments are available to speculators and traders. The exchange also offers many other features mentioned below:–

Instant Trading

BingX traders can exchange cryptocurrency instantly with just a few clicks. You can convert one coin to another without transferring your funds to the spot exchange. This single platform allows traders to buy/sell BTC, ETH, USDC, and USDT with one another.

Sign Up Now

Advanced Platform

Another significant consideration for all cryptocurrency investors is to be accessible to a more advanced trading platform. BingX works to live the expectations and provide a modern yet well-designed and straightforward user interface on both mobile devices and desktops. Charts are provided by the TradingView that includes multiple charting tools, overlays, and indicators.

Sign Up Now

Demo Mode for Trading Practice

The new a/c is credited with VSD tokens worth 100,000. BingX issues these virtual-based coins. Users can trade digital currencies using VSD on BingX; hence, there is no need to make actual deposits. This feature enables new traders to be familiar with the exchange, and the practice of VSD tokens can be used to study the leverage limits of cryptocurrency trading.

Copy Successful Traders

BingX is one of the few derivatives platforms offering a automatic copy trading system with their best crypto trading bot. Traders can follow the trading strategies of successful traders and copy them. If the follower shares the trader’s strategy, 8 percent of the profits generated from the copy-trades will be given.

Sign Up Now

Traditional Market

With BingX, users get more exposure to the traditional markets than any other derivatives platform. Retail traders can speculate on the crypto markets’ price movements, such as commodities, forex, and indices. For example, they can opt for long or short positions for markets like the NASDAQ and S&P 500 using USDT currency as the standard collateral asset with 100x leverage.

BingX Services

Trading Products

BingX lists several cryptocurrency trading products that are perpetual contracts. BingX traders can choose between cross and isolated margins. The selection of digital currencies on BingX covers the top 7 crypto assets that suffice for most users.

For Ethereum and Bitcoin, users can opt for inverse contracts. This means users can use Bitcoin to trade the BTC-based contract and Ethereum as a margin for trading the ETH-based contracts. In addition, BingX also provides USDT-based contracts for both BTC and ETH.

The crypto derivatives contracts on BingX are tied to eight different indices for users to speculate, such as S&P 500, Nikkei 225, NASDAQ-100, DJIA, etc. Unlike other platforms, BingX features a Forex market with seven contracts tied to the favored foreign exchange crypto trading pairs. Users can also speculate on the commodities and track crude oil, silver, and gold prices. It is important to note that all these non-crypto contracts on BingX should be settled in USDT.

Sign Up Now

Leverage Limits

BingX’s leverage limits vary based on the product you want to trade. The BTC and USDT contracts come with a 150x leverage, typically higher than the industry average. Ethereum leverage goes up to 100x, whereas other crypto-based contracts on BingX are capped at 35x or 50x leverage. Coming to commodities and indices, the leverage limit goes up to 100x, and for forex pairs, the maximum limit goes to 300x.

Interface

BingX’s trading interface is quite conservative. There are no significant improvements compared to other exchanges. There is a fully customizable TradingView chart at the center in which you can add comments, draw resistance and support levels, and many more.

Information relating to orders and the open position is available just below the price chart. At the same time, the trading pair selector is placed on the left, whereas the order interface is on the right.

Sign Up Now

The platform provides two ways of entering a position, either through a trigger or limit order or market order. To join a position, traders need to set the take profit and stop-loss levels. The interface displays estimates for the actual loss or profit rate to develop these SL and TP levels if SL or TP is executed.

Copy Trading

BingX boasts the copy trading feature that allows users to observe the famous traders and copy their trades automatically. Traders are listed based on their trading style, number of followers, and profit rates.

Sign Up Now

For every trader, the platform shows the overall statistics along with the recent trades. Users can set their maximum amount and daily limit that they want to commit to particular copy trade. The functionality allows users to restrict their potential losses to a certain degree. In addition, the copy trade is a great feature that allows users to copy trades with the demo trading currency, VST, on BingX. Note that Copy Trading must be handled with caution.

Demo Trading

As stated in the previous feature, BingX boasts a demo trading currency known as VST. This feature is one of the best methods to support demo trade. After creating an account, 100,000 VST is granted to the user that essentially amounts to 1 dollar. VST currency is used to demo trade every contract that BingX offers. To enjoy demo trading, the user needs to enter the VST amount from the menu while accessing the trade.

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.

Sign Up Now

Registration Process

To initiate trading with the leading crypto trading platform, BingX, you need to register yourself and sign-up for a BingX account. A step-by-step tutorial on the registration and login process has been mentioned below:–

Step 1 – Create an a/c, open the BingX official website, and select Login/Signup on the top right corner.

Step 2 – Fill in the form with your personal information, such as your name, number, email address, and password.

Step 3 – Enter the referral code if you have one.

Step 4 – Enter Submit. An activation email will be sent to confirm your email address.

Step 5 – Once you confirm the email ID, your account will automatically be activated, and a 6-digit OTP will be sent to your mobile number. Enter the OTP after signing into your new BingX account.

Note that BingX does not include any KYC process for depositing funds into the platform. Once the account is created, you can log in and start exchanging and exploring the excellent BingX features.

Sign Up Now

Trading With BingX

BingX exchange provides a modern exchange suite for beginners and experienced traders, and the user interface is easy to use with a straightforward layout. The TradingView feature of BingX ensures that the users can carry out technical analysis with hundreds of chart patterns, drawing tools, and technical indicators.

Sign Up Now

Users can select isolated or cross margin while trading on this platform. This helpful feature is usually for the advanced traders who would like to control the margin risk depending on their trading account balance. Isolated margin limits the trade risks of an individual trade while cross shares the trade risk among multiple open positions.

Under the margin slider, traders set the take profit and stop-loss orders. The moment price touches one of the order values, automatically, the other one gets canceled. This process is often termed OCO or One-Cancels-the-Other, and you will not find such an innovative feature in any other trading platform.

There is no guarantee on the BingX stop-loss orders, and hence the SL price may vary up to 30 percent, especially when the markets are highly volatile. There is also a Profit & Loss calculator, a valuable tool for the traders to estimate the position size depending on the margin amount and entry/exit price.

Sign Up Now

BingX Fees

Trading Fees

BingX derivatives exchange charges the same trading fee of 0.075% for both opening and closing a position. The calculation of the transaction fee is simple. The trading fee is calculated by multiplying the trading fee of 0.075% with the trade volume. The trade fee is relatively competitive compared 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 trading fees, the exchange offers a spread fee. This fee varies based on the type of contract trading. For example, the spread fee on BTC ranges from 0.02% to 0.1%, and this may increase to 0.2% for other crypto trading pairs. However, check the below table to know the list 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

Sign Up Now

Withdrawal Fees

BingXg charges a small withdrawal fee for withdrawing ETH and BTC, about 0.007ETH and 0.0005BTC, respectively. To withdraw Stable coins, the withdrawal fee charged is $28 per transaction. This is relatively high compared to the global industry average. So check the below table to know the withdrawal fees taken by 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 best thing about BingX is that it does not charge any fee to deposit crypto in trading accounts. However, a fee may be applied if you transfer fiat to crypto based on the deposit method and the selected 3rd-party provider of the user’s region. To know the full fee structure it is highly recommended 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 long ago, there was a rumor of customer dissatisfaction relating to BingX’s customer service as Zendesk was under maintenance. Soon after their service was resumed, they were back in the game.

For any query, you can visit Help center section or email BingX to [email protected], and the support team will serve you through an email within 12 hours. Before making any decision, seek independent financial advice from cryptocurrency trading experts.

BingX Review: Conclusion

To conclude this BingX review, it is essential to note that this exchange is a promising and compelling cryptocurrency exchange for users searching for the leading crypto-powered leverage platform. It was established for both beginners and experienced traders and comes under the list of top crypto exchanges. It is bundled with some of the best factors, including a wide variety of crypto derivatives products, copy trading, and demo trading features.

The well-rounded exchange offers more than 30 crypto assets with a leverage limit against BTC or USDT. It also provides multiple traditional markets like indices, commodities, forex, and digital currencies. Nevertheless, while conducting in-depth research, we found that BingX should improve the language documentation and help the section catch up with most of its competitors.

Sign Up Now

FAQs

Is BingX Safe?

Based on the BingX review, there isn’t any evidence supporting a security breach in the case of BingX. With the leading market depth from multiple liquidity providers, BingX offers a smooth and stable operation, even when there are extreme market conditions. It has been operating since 2019, and it is still building its long record of safety and security.

Is BingX Available in Australia?

BingX trading platform acquired a license from AUSTRAC, a regulatory body in Australia. Australian cryptocurrency traders can create an account, deposit or withdraw digital assets, buy or sell them using leverage, and many more.

How to Deposit Crypto on BingX?

Depositing crypto on BingX is relatively straightforward. Open your BingX account, and select Deposit. Choose the cryptocurrency coin you wish to deposit and then press enter to transfer it to your wallet address. Note that in the case of a BTC deposit, the BTC amount gets converted to USDT automatically after it gets deposited.