Today we review BingX, a social crypto derivatives exchange based in Singapore that is currently regulated in four different jurisdictions including the USA, Canada, Estonia, and Australia. This impressive list of government oversight is exactly what I like to see when I test a new crypto trading platform since it tells me that we are looking at a serious company. Now, BingX is not only famous for its social trading platform, but it is also a hub for derivatives contracts for Forex, Indices, and Commodities markets which makes it very unique. This makes the exchange very versatile since both crypto traders and regular investors have access to the same low fees and top oversight from the big watchdogs. Today, we put it up to the test to find out, in detail, what BingX has to offer.
• Regulated in 4 jurisdictions
• Industry-low trading fees
• Fantastic copy trading interface for beginners
• Lacks numerous fiat payment providers
• Few order types
• No rebate on maker fees
In this section of our BingX review we highlight 6 special features that deserves extra attention.
BingX is a new social cryptocurrency exchange that was founded in 2018 that has been designed to provide users with a safe and easy way to buy and sell digital currencies with fiat money or through margin contracts and copy trading. The exchange is based in Singapore and offers a variety of features to its users. The company is headquartered in Hong Kong and has offices in Singapore, the United Kingdom, and the United States.
BingX offers a wide range of features and services, making it a great choice for both beginner and experienced traders. The combination of a trading bot that handles grid trading very well and a social trading marketplace where traders can copy profitable professionals makes it well worth a try. The exchange supports a variety of digital currencies, including Bitcoin, Ethereum, Litecoin, Ripple, and a long list of cheaper altcoins.
It is a secure crypto exchange with a strong focus on safety. The exchange uses 2-factor authentication and stores all digital assets in cold storage and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business. BingX is compliant with Anti-Money Laundering (AML) laws and it has a strict KYC (know your customer) policy in place to prevent fraud.
Why we like BingX
One of the standout features is its user-friendly interface which has a clean and simple design that makes it easy to navigate. Even inexperienced users will be able to find their way around the platform with ease. When you step on the platform for the first time can almost feel how active it is. The first thing you see on the home page is the carousel of copy traders that are available on the platform. I like this a lot because it saves you a lot of time when browsing the exchange.
The fees are very reasonable when compared to other competitors in the same niche and I could almost state that they are currently offering the lowest fees among other similar derivatives platforms. There are no hidden fees or charges which makes active day trading in crypto a blessing. The customer service is excellent. The team was very quick to respond through the live chat. And yes, the chat was managed by a real human, not a robot.
BingX also offers a mobile app for both iOS and Android devices, something that is on the top of the list of requirements among the top operators today. The app is just as user-friendly as the desktop platform and allows users to trade on the go, something that is perfect for crypto copy trading. As a copy trader, you don’t need to sit in front of the screen all day. All the pressure is put on the trader you copy. However, it is your responsibility to check the overall performance. This is all possible through the mobile app.
Copy trading on BingX
As a crypto copy trading platform, BingX allows users to automatically copy other traders that have already proven to be profitable. This is a great way for new or inexperienced traders to get started with little risk, as they can simply copy the trades of more experienced traders and profit when they win.
There is a lot of activity among the trending traders which is a huge plus for those who are looking to find a skilled trader to copy. Through the interface you can see the 30-day ROI which stands for Return On Investment, this is basically how much money they have earned in the last month.
Since BingX lets you choose between trending traders and conservative traders in the marketplace, I would recommend choosing one of the veteran traders with a stable yield curve. The difference between these two options seems to be the stability and the overall profitability. Trending traders seem to have a higher return while conservative traders seem to win more frequently.
From the copy trading dashboard, you can control pretty much everything from watching the feed of traders to managing your trades, and also apply to become a copy trader if you think that you have what it takes.
How to use BingX
BingX is made for beginners and is extremely easy to operate. All the important features can be located from the main menu and your account profile is found in the top right corner.
Here are some quick steps to get started:
- Sign up with your email
- Verify your identity
- Fund your account with crypto or fiat
- Choose a trader to copy
- Set up your account to mirror their trades
From here, you can adjust your settings at any time to change how much of your portfolio is copied, and you can even stop copying trades altogether if you want to go at it alone.
To trade margin contracts on Bingx, simply choose the contract, Simple or Advanced, these options are both located in the main menu. Then find the currency pair you want to trade and place an order. You can buy or short-sell coins at market price or set your own price through limit orders. When your order is filled, follow the performance in the open positions tab.
To swap between cryptos, choose the convert tool from the main menu. This tool will let you exchange directly crypto-to-crypto. If you wish to enter the advanced trading interface you can choose between the spot market or the perpetual contracts. The charting platform is more or less the same with one difference being that the perpetual contracts offer up to 125x leverage.
Finally, to get started with grid trading (bot trading) you first need to go through the signup process and fund your account. Then, choose between the spot grid or futures grid if you want to add leverage to the mix. The grid bot will effectively scalp the market which is a common “buy low and sell high” strategy for short-term traders.
BingX at a glance
Things to improve on
The only downside to BingX that I can think of is better fiat on-ramps. The fiat gateways on BingX are limited to credit/debit cards, PayPal, and bank transfers. While these offers cover many geographical areas I know there are many countries that use other e-wallets and prepaid cards to fund their account. To me, this is not a make-it-or-break-it deal since I personally fund my accounts through credit cards and bank transfers.
I highly recommend that you give BingX a try. Most of what I’ve read online has been positive comments and it seems to be a legitimate and trustworthy exchange.
Bingx Trading Fees
Special features on BingX
Set aside the fiat gateway, copy trading, grid trading, and user-friendly interface, there are other features on BingX that deserves some extra attention. The security of the platform is very high. Being regulated in four different jurisdictions truly puts a good label on the company running the operation.
Also, the fees of the derivatives contracts are one of the lowest I have seen so far while reviewing platforms here on Trading Browser. To enter a leveraged contract costs 0.040% and later to exit the same contract costs 0.020%. The reason why the fees are so low is because of the leverage. The owners of BingX understand that larger position sizes cost a lot when you are trading the markets actively. Instead of charging their customers the same fees, they have chosen the route of being more competitive by offering industry-low commissions.
Instant coin exchange
This tool is a lifesaver on many occasions because it lets you swap between crypto-to-crypto in an instant without having to leave the platform to make an exchange. The fee for swapping coins on BingX is 0.20%
Indices, commodities, and forex
One of the things that set Bingx apart from other exchanges is its focus on the index, forex, and commodity trading. This makes it a good choice for investors who want to trade these asset classes in combination with cryptocurrencies. The exchange offers a variety of indices to trade, including the Dow Jones Industrial Average (DJIA), S&P 500, and Nasdaq Composite. Most popular stocks and forex currency pairs are readily available as well.
The promotions tab on BingX is pretty generous with gifts and deposit bonuses of up to 100 USDT. There are certain volume targets to get an instant reward and many of these bonuses can be done with leverage. The first welcome bonus of 2 USDT is handed out after your first deposit of 200 USDT.
The demo account on BingX works exactly the same way as the live account with the only difference being that you trade completely risk-free. Enter any coin, commodity, or forex pair without risking your own money while testing the platform and practicing your strategies.
Our own experience with Bingx
Bingx Funding Methods
|Max Withdrawal Limits||$1000000 yearly|
|Min Withdrawal Limits||$10|
|Min Deposit Limits||$31|
Bingx Withdrawal Fee
Is BingX a legitimate exchange?
So far, there have been no reports of any problems with BingX. It seems to be a legitimate exchange that’s off to a good start. The exchange is registered with the Financial Crimes and Enforcement Network in the United States and follows all AML/KYC guidelines.
Of course, only time will tell if BingX is truly legitimate. For now, it seems like a promising option for those looking for a social crypto exchange.
Is BingX regulated?
Yes, BingX is regulated in four different jurisdictions including the USA, Canada, Estonia, and Australia. Officials have confirmed the exchange as a trusted player among many of the top social crypto trading platforms.
What are the security protocols?
The security protocols used by Bingx are industry standard. They use RSA 2048-bit encryption for all data in transit and have implemented 2FA for all account holders. They have also implemented a cold storage policy for the majority of their digital assets.
Frequently asked questions
Read the most frequently asked questions about BingX. Find answers without searching the web.
BingX uses multiple layers of security to protect your funds. First, they have implemented 2FA (Two-Factor Authentication) for all account login attempts. This means that even if someone knows your password, they will not be able to log into your account unless they also have access to your second factor of authentication, which is usually a mobile device. In addition, all of the cryptocurrency stored on BingX is kept in cold storage. This means that the coins are not kept on any computers that are connected to the internet. This greatly reduces the risk of them being hacked or stolen. Being regulated by four different governments also cements the security overall.
Yes! BingX is a global crypto exchange, with users in over 190 countries. You can trade on BingX anywhere in the world, including the United States.
BingX works in a similar way to other crypto exchanges, in that it allows users to buy and sell cryptocurrencies. The main difference is that it offers copy trading, grid trading, futures trading, as well as some unique features. Here's a step-by-step guide to using BingX: 1. Create an account and verify your identity. This usually involves uploading some form of ID and proof of address. 2. Deposit funds into your account. You can do this via bank transfer, credit/debit card, or cryptocurrency deposit. 3. Choose the currency you want to buy/sell and the amount. You can also choose to put in a limit order, which means you'll only trade at a certain price or better. 4. Once your order is filled, the currency will be deposited into your exchange wallet. You can then withdraw it to your own personal wallet, or use it to trade for another currency on the exchange. 5. If you choose to use the copy trading platform, all you need to do is to search for a profitable trader, click copy and select how much capital you want to allocate to this trader.
Yes, BingX offers forex trading. You can find it on the home page by clicking on 'Markets' in the top left corner.
If you want to move your USTD from Binance to BingX, follow these steps: 1. Log into your Binance account and go to the USTD withdrawal page. 2. Enter the amount of USTD you want to withdraw and the address of your BingX wallet. 3. Confirm the withdrawal and it should be processed within a few minutes.
Depositing money into BingX is a simple process. First, you need to create an account. Once you've done that, you can deposit money into your account by clicking on the "Deposit" link in the upper right-hand corner of the screen. You can deposit money into your account via bank transfer or credit/debit card. If you're using a bank transfer, you need to provide your bank account details. For credit/debit card deposits, you'll need to enter your card number, expiration date, and CVV code. Once you've entered your deposit information, you'll just need to confirm the transaction and the money will be deposited into your account. In an instant, you will be able to see the funds in your account.
1. Log in to your BingX account and navigate to the "Withdrawal" page. 2. Select the cryptocurrency you want to withdraw and enter the amount you wish to sell. 3. Enter your PayPal account information and click "Submit." 4. Once your withdrawal is processed, the funds will be transferred to your PayPal account within 1-2 business days.
While it is possible to use copy trading as an additional income stream, it can be difficult to get it right the fires few times. The best way to earn money from copy trading is to find a trader who consistently outperforms the markets and then mirror their trades. However, this isn't always easy to do and it takes a lot of research to find someone who consistently makes profitable trades.
Unfortunately, there's no easy way to answer that question since the exchange isn't very transparent when it comes to its trading volume. However, based on the number of active users on the platform, we estimate that BingX is currently processing around $50 million worth of trades per day, give or take.
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