BingX Review 2023: Social Trading, Fees, Pros & Cons | HedgewithCrypto
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BingX is a social trading crypto exchange that offers a unique approach to trading, allowing users to copy the trades of successful traders. With very low trading fees, a great selection of cryptocurrency, and the ability to earn income by becoming an expert trader, BingX is ideal for both beginners and advanced traders.
In this review, we’ll cover the details of the BingX platform, including security, available crypto, fees, trading experience (on desktop and mobile), and customer service. We will walk through how to create a BingX account, place a trade, deposit assets, and an overview of the trading platform.
https://bingx.com/
HedgewithCrypto Score
4.2 /5
0.05% – 0.2%
Global (USA allowed)
Crypto only
Up to 100 USDT for trading activity
Ease of useReputation
Deposit methods
Fees
Visit BingX
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BingX Overview
BingX is a top crypto exchange that is designed for beginner and advanced investors and traders alike. The exchange features a built-in social trading feature that allows users to subscribe to their favorite active trader, and automatically copy the trades placed for a nominal fee. The exchange is full-featured and provides investors and traders with spot and derivative markets where over 250 cryptocurrencies can be bought, traded, and sold.
BingX offers a simple convert feature that allows new users to quickly swap one crypto for another. But advanced users can also take advantage of the trading platform, offering advanced charting tools, live order books, multiple order types, and even a grid trading bot. In addition, BingX offers standards and perpetual futures trading with up to 125x margin, as well as a demo trading environment, complete with demo currencies to place trades with.
BingX offers several notable features, including:
- A copy-trading feature where beginners can follow successful traders.
- Fees under 0.2% per trade.
- Convert feature to quickly swap between crypto.
- 266 crypto available to trade (and more are being added).
- New user rewards for trading activity (up to 100 USDT).
- Trading competitions with prizes.
- Commodities and Forex markets are available.
Exchange Name
BingX
FIAT Currency
None (USD, AUD, EUR and others available via third-party)
Cryptocurrency
266
Payment Type
Cryptocurrency, bank account, credit/debit card via third-party
Trading Fee
0.05% – 0.2%
Deposit Fee
None
Withdrawal Fee
Crypto withdrawal fees vary by currency
Mobile App
Yes
Review of BingX – Quick Verdict
For serious crypto traders, BingX is a good option with its variety of markets to buy, trade, and sell crypto. The margin and derivatives platform allow users to speculate across hundreds of pairs, or simply choose to copy-trade the best traders on its social trading platform. Either way, BingX is a professional and feature-rich platform with rock-bottom fees of under 0.2% per trade.
Visit the BingX Website
BingX Pros & Cons
BingX is a global crypto exchange that offers social trading features, low fees, and an intuitive mobile app. It also offers a wide selection of crypto, as well as leveraged trading. The downside of BingX is that users cannot deposit fiat currency for trading. Moreover, there are no earn features offered, including lending and borrowing or a crypto staking platform.
BingX Pros
- A copy-trading feature where beginners can see and copy the trades of other users.
- An economical crypto trading platform with maximum fees of 0.2%.
- Derivatives and leveraged margin markets (up to 125x).
- 24/7 live chat support.
BingX Cons
- No fiat currency support for trading (third-party purchases only)
- Limited information on asset cold storage and security measures.
- Crypto-to-crypto transactions are limited to USDT trading pairs.
What is BingX?
BingX is a Singaporean-based crypto exchange that offers unique trading features and a great selection of cryptocurrencies. Founded by a team of financial and development professionals from the banking and tech industry, BingX was originally known as BingBon, but changed its name to BingX in a full-scale rebrand after the crypto exchange shutdown in 2020.
The exchange is designed for both beginners and advanced traders alike, offering simple order forms and an advanced trading platform. BingX is the world’s foremost Copy Trading crypto platform, with over 1,000 active traders for users to copy with the click of a button. It also offers a comprehensive derivatives market, with the ability to trade crypto futures, as well as indices, commodities, and Forex. BingX offers trading on the go with both Android and iOS mobile apps.
Is BingX Safe?
BingX is highly regulated in the jurisdictions where it provides crypto products and services, complying with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies. Based on our research, BingX has not suffered any security hacks or breaches that have resulted in the loss of user funds or assets.
BingX Top Features
Copy Trading
BingX offers users the ability to copy the trades of “elite” traders on the platform, automatically executing trades on users’ accounts that follow the trader they select. With over 1,000 active traders to choose from, users can quickly find someone that has a trading style they want to emulate. BingX copy-trading feature has high usage and is very well developed which makes BingX stand out from most other crypto exchanges. In fact, based on our reviews, it one is of the best crypto social platforms with copy-trading features to learn and follow the top performers.
Users can quickly browse through hundreds of active traders and see their number of followers, 30-day returns (ROI), and risk level (rated from 1 to 5). Upon selecting a trader, users can view a breakdown of profit and risk for the traders, as well as a live feed of their most recent communication with followers. There is also a trade history available to see all the activity of each trader and what types of trades they are placing.
Screenshot of the BingX copy trade function.
Expert traders execute trades either on the BingX Futures platform or with partner Binance, utilizing API keys for Binance integration. There are also traders that utilize the spot grid trading bot and allow users to copy their grid trades as well. For users that want to apply to be copy-trader themselves, there is an application form available. Approved traders receive 8% – 10% profit share from sharing trades on the platform.
Overall, the Copy Trade is one of the coolest features of the BingX exchange. It is very popular and more well-rounded compared to other social trading apps. BingX offers a well-organized user interface and reasonable trading fees.
A Large Crypto Selection (Bitcoin and others)
BingX supports over 250 cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and XRP (Ripple). Everyone’s favorite meme coins are supported as well, including Dogecoin (DOGE) and Shiba Inu (SHIB). There are also many small-cap coins available, including many DeFi, NFT, Metaverse, and Web3 projects.
All trading assets available are paired with USDT, though there are several other stablecoins available on the platform. This makes it a bit more difficult to trade between different crypto, as users will need to convert to USDT to trade.
While the selection of trading pairs is fairly large, the lack of altcoin pairs against Bitcoin and Ethereum (or other stablecoins) makes it a bit more cumbersome to swap between cryptocurrencies.
Derivatives Trading
BingX offers a comprehensive crypto margin platform with derivatives and futures available at up to 125x leverage. There is also access to futures trading of indices, commodities, and even Forex. Users can choose between standard derivatives, and perpetual futures, which is a crypto-specific trading product.
On the standard derivatives platform, users can trade crypto with up to 125x leverage, as well as other assets with varying leverage amounts. Both long and short positions are available, and users can place market or trigger orders (similar to limit orders). Users can also practice trading with VST demo trading.
On the perpetual futures platform, users can still place limit and market orders, as well as enter long or short positions, but there is also the choice between isolated and cross margin available.
While not the best crypto margin platform for derivatives trading, users can access huge leverage, trade more than just crypto, and view detailed TradingView charts. The platform layout is fairly intuitive, and users can quickly see open positions and up-to-the-second profit and loss details.
Grid Trading
Grid bots have become popular in the past few years, and BingX has built in the ability to create your own. Available as a spot trading feature, grid trading allows users to set a “high” price and a “low” price for specific crypto, choose how many “grids” to create (between 2 and 200), and activate the bot.
The bot will then place trades automatically, buying the price near the lower end, and selling as the price rises to capture profit along the way. Each grid line represents a buy or sell point, and the bot places those limit trades in advance so they automatically execute.
Grid trading offers both automatic mode and manual mode, allowing users to create a bot with a single click, or adjust their own settings to customize the bot. There are no additional costs to use the Grid Trading feature.
In short, the grid bot offers a few simple settings and is available at no extra cost to exchange users. This is a great feature that usually requires a 3rd party tool, so it’s nice to see it built into the exchange. It would be nice to see the grids visually represented on the chart and a greater selection of bots to compete against the best crypto trading bot platforms.
VST Trading (Demo Trading)
For users that want to practice Futures trading without risking their own funds, BingX offers a crypto demo trading feature using their own virtual currency, Virtual USDT (VST). 100,000 VST are deposited upon account creation, and users can use the VST to practice trading in the standard futures trading platform. VST carries no value, and cannot be exchanged for any other currency, or withdrawn from the platform. It is strictly used for demo purposes.
The demo mode is handy for users that are just learning futures trading, which is a more advanced trading feature. We were able to quickly place trades using the VST funds within the account, and watch the unrealized profit and loss in real-time.
BingX Compared
BingX offers a lot of features for advanced traders, plus a simple order form for new users. The exchange carries some of the lowest fees in the industry as well. Check out the comparison table below to see how BingX stacks up against some of the best crypto exchanges on the market.
BingX Verification
Whilst BingX does not require verification to use the platform, there are restrictions on the amounts of USDT that can be withdrawn within each 24-hours and cumulatively over the life of the account. For unverified accounts, up to $50,000 USDT and $100,000 USDT can be withdrawn for 24-hours and cumulatively, respectively. As shown in the table below, withdrawal limits increase substantially once the account is verified.
Account TypeWithdrawal LimitsUnverified Account24-hour withdrawal limit: 50,000 USDT. Cumulative withdrawal limit: 100,000 USDT.Verified Account24-hour withdrawal limit: 1,000,000 USDT. Cumulative withdrawal limit: unlimited.
To verify an account to increase withdrawal limits, BingX customers will need to submit personal information. This involves submitting a picture of a photo ID, such as a driver’s license. In addition to a selfie picture of the user’s face. Once the documents are submitted, BingX will review and complete verification.
Funding & Limits
BingX only supports crypto deposits which can be done free of charge. Users can deposit any of the 260+ supported cryptocurrencies, including the ability to support multiple blockchains for specified crypto-assets (such as ERC-20 or BEP-20). There are no maximum deposit amounts on crypto, but there are minimums, which vary by cryptocurrency.
Crypto withdrawals are limited daily, and there are also cumulative (lifetime) withdrawal limits for unverified accounts. Crypto withdrawal minimums and fees vary by currency and are listed on the withdrawal page within a user’s account. For example, USDT withdrawals require a 10 USDT minimum to complete. Withdrawal fees are in addition to network fees charged by each blockchain.
Volume and Liquidity
BingX offers good liquidity overall, transacting quite a lot of volume with its BTC/USDT and ETH/USDT pairs. CoinMarketCap rates the exchange with a liquidity ranking of 573 (out of 1,000 possible), suggesting that it offers better-than-average liquidity. While the volume and liquidity are high for large-cap cryptocurrencies, some of the smaller coins offer very little liquidity (which is common among larger exchanges).
BingX liquidity and trading volumes. Source: Coinmarketcap
BingX processes over $800 million in daily trading volume, which is a decent volume, but there are many crypto exchanges processing over $1 billion in daily volume (or more), so it does not offer the deepest liquidity on the market. Overall, users can expect very little slippage and availability of trading liquidity for most coins.
BingX Trading & Ease of Use
BingX offers both simple and advanced trading platforms for users. Here’s how trading works with BingX.
User Interface
The BingX Dashboard offers a simple view of a user’s assets, with the total amounts listed in BTC and USDT equivalents. Users can quickly view their holdings, trading history, and can deposit or withdraw funds directly from the dashboard.
Users can also choose to “Buy Crypto” for BTC, ETH, or USDT through the fiat payment gateway. Finally, users can search for their favorite crypto and hit the “Trade” button to quickly access the trading platform. To learn how to buy crypto using an exchange, read this article for more information.
Screenshot of BingX dashboard.
Trading on BingX
There are several ways to place trades on the BingX platform. For spot trading, users can browse crypto trading pairs and place trades. Using the “Convert” feature allows users to quickly swap between two cryptocurrencies without needing to look at complicated charts. Users can also set up a grid trading bot if desired.
BinX convert and swap tool.
Converting crypto is a simple process that allows users to swap one crypto for another. The user interface is designed for beginners, with an order form that allows users to select which cryptocurrencies to convert. The selection is very limited, only allowing conversions between USDT and 16 other digital currencies.
For standard spot trades, the trading interface is ideal for advanced users. With a TradingView integrated chart, market and limit orders, a live order book, and dozens of chart overlays, users can create custom views ideal for their strategy.
Advanced trading terminal on BingX.
To place an order, users can select the crypto trading pair they wish to trade, select a Market or Limit order, input the pricing and amount details, and place the trade. Orders are fulfilled immediately or are placed in the order book to execute at a later time. In comparison to the likes of Binance, FTX and Bybit, the selection of order types is quite limited for risk management and not ideal for intra-day trading.
Related: Best crypto platforms for day-traders.
BingX Fees
BingX charges very competitive fees for crypto trading, with crypto conversions and crypto exchange fees ranging from 0.05% to 0.2%. The trading fees are very competitive in the market compared to reputable platforms such as Binance, Coinbase and KuCoin. As shown in the table below, BingX is a highly economical crypto platform when compared to other popular exchanges.
EXCHANGETRADING FEETOKEN DISCOUNTSBingX0.2%NoBinance0.1%YesHuobi0.2%YesGemini0.5%NoCoinbase0.5%No
BingX’s spot trading fees for USDT trading pairs follow a maker and taker structure. Each trading pair carries a unique trading fee, however, maker and taker fees were generally below 0.15% and 0.15%, respectively. The full list of spot trading fees can be found here.
For contract trading, fees are as low as 0.04%, depending on the daily spreads. There are additional fees for making crypto purchases with fiat currency through third-party partners. Those transactions may cost up to 10% which is excessive, and users would be better served purchasing crypto from a top-rated fiat-to-crypto exchange.
Here’s a summary of BingX futures trading fees:
MarketAverage Daily Spread Crypto – Bitcoin/Ethereum0.04%Crypto – All other0.1%Copy Trading0.075%Global Indices0.1%Commodities0.1%Forex0.1%
Perpetual Swap trading also offers an independent fee schedule, with discounts available for high-volume traders and market makers. Here’s a breakdown of the trading fees for Perpetual Swap trading on BingX.
30 Day Trading Volume (USDT)Funding Rate of Perpetual SwapMaker Fee＜ 20 million USDTa = -0.3%, b = 0.3%0.020%≥ 20 million USDTa = -0.3%, b = 0.3%0.018%≥ 150 million USDT0.035%0.016%≥ 400 million USDT0.032%0.014%≥ 1 billion USDT0.030%0.012%≥ 3 billion USDT0.027%0.000%≥ 5 billion USDT0.025%-0.010%≥ 10 billion USDT0.023%-0.015%
BingX Customer Support
As the first point of call, customers can use the Help Centre which provides extensive support documentation that helps users learn how to use the platform and troubleshoot common problems. Users who are experiencing technical issues or have queries on BingX’s suite of products and services can get in touch via email tickets and the 24/7 live chat. This is better than most other crypto exchanges and allows users to quickly chat with a member of the customer support team.
In short, the BingX live chat support team responded to our request within 10 minutes, and we were provided with concise and accurate answers to our questions. This is far better than most exchanges we’ve reviewed.
BingX Mobile App
BingX offers apps for Android and iOS mobile devices, though most of the downloads and reviews are for the Android app. Users can crypto, place trades, sign up for Copy Trade, and withdraw funds all within the mobile app. Based on over 3,500 reviews, the BingX Android app has an overall 4.4/5 star rating, which is outstanding and is a reflection of the app’s high performance.
While there are complaints about technical issues with the app itself, or around trades not executing properly, the support team seems to respond to almost every complaint.
BingX mobile app screenshots.
Security of Assets
There is little information on the BingX website describing its security measures. However, we know that BingX implements end-to-end SSL encryption, and stores a portion of its digital assets in cold storage wallets that require multiple signatures to enable withdrawals. There is also an insurance fund in place in case of theft. Unfortunately, BingX does not specify what percentage of funds are held offline, and how much is held in the insurance fund.
In terms of account security, BingX offers Two-Factor Authentication (2FA) and allows users to create a fund code, and a separate password for use when depositing, withdrawing or trading with account funds.
BingX has partnered with SlowMist, a blockchain security firm, to audit their wallet services. A bug bounty program is available, offering rewards to any users who provide information on system vulnerabilities.
Frequently Asked Questions
BingX appears to be a legitimate crypto exchange that is licensed with FinCEN (U.S.), FINTRAC (Canada), Majandustegeveuse Register (EU), and AUSTRAC (Australia). There are local offices in North America, Canada, the EU, Hong Kong, and Taiwan. There is a wide range of security measures in place, and the exchange offers decent liquidity for traders.
Yes, in 2020 BingBon rebranded itself to BingX. Although the name has changed, the exchange is the same one that originally launched as BingBon in 2018. There are many new features that have been added, including additional regulatory licensing to stay current and available in most jurisdictions around the globe.
Yes, BingX supports U.S. investors and traders in all 50 states. As a FinCEN-registered exchange, BingX is licensed to support United States residents for crypto-to-crypto trading. U.S. users can register for an account, deposit crypto, and trade both spot and derivatives products.
BingX is a cryptocurrency trading platform that is headquartered in Singapore. The company has supporting offices located in North America, Canada, the EU, Hong Kong, and Taiwan.
Final Verdict
BingX is a solid crypto exchange with its unique copy-trading option taking center stage among its suite of products and services. Users can copy the trades of popular crypto traders, with extremely low fees. Beginners can quickly swap between USDT and their favorite crypto, and advanced traders can access a wide range of tools to customize their trading experience.
BingX also offers derivatives trading of more than just crypto, including indices, commodities, and even Forex trading. Users can even create their own grid trading bot directly on the exchange. While BingX doesn’t provide a detailed breakdown of its secure storage for assets and insurance funds, there have been no reported hacks, and BingX appears to be a secure platform.
Jacob Wade
Jacob Wade has been a nationally-recognized personal finance expert for the past decade. As a cryptocurrency enthusiast and investor since 2020, Jacob enjoys researching and writing about the latest in crypto and blockchain technology. Jacob’s work has been featured in several publications like CBS News, MSN Money , Forbes , NASDAQ , Yahoo! Finance , Go Banking Rates, The Balance, Investopedia, New York Times and AOL Finance.
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