BingX Exchange Review
BingX is a centralized exchange that occupies #29 on Guru InvestingExchange Tracker. BingX has trading volume US$1,215,981,793 in the last 24 hours and US$296,748,106,791 in the last 7 days.
BingX currently has 625 cryptocurrencies, 7 paper currencies and 845 markets (cryptocurrency trading pairs). The most popular trading pair on BingX is BTC/USDT.
Compare BingX next to other exchanges here: Exchange comparison tool.
BingX is centralized cryptocurrency exchange which was founded in 2018 in Singapore. BingX provides users with spot trading, copy trades, derivatives trading, etc. It also provides users with numerous trading indicators and a bonus system.
The BingX crypto exchange is available on mobile devices and desktop computers. In order to use the exchange, users must go through KYC process.
BingX is a highly regulated exchange. as it has received various regulatory licenses. This includes a European MTR license and a US money services business (MSB) license. Additionally, it has been licensed by the Economic Activities Register (MTR) in Estonia, the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury, and the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a digital currency exchange. . Finally, the Australian Transactions and Reports Analysis Center (AUSTRAC) has also licensed BingX as a provider.
Markets
Yes BingX spot market, derivatives and futures markets. There are over 300 different BingX trading pairs on the markets. The most popular trading pairs are BTC/USDT, ETH/USDT and ETH/USDC.
The BingX cryptocurrency exchange is easily accessible even if you don’t have any cryptocurrency yet. This is so because it supports Apple pay, SEPA, Mastercard and VISA credit cards.. Additionally, the platform allows users to purchase assets through bank transfers in over 30 different local currencies. Additionally, BingX support crypto-fiat trading of such currencies like EUR, CAD, SEK, CHF, GBP, USD, DKK and NOK.
bonus system offered by BingX rewards users for trading on the platform. There are three types of rewards that depend on the BingX volume achieved:
- $10 for traders who reach $20,000 BingX trading volume;
- $30 for traders who reach $80,000 BingX trading volume;
- $80 for traders who reach $200,000 BingX trading volume.
Traders participating in the bonus system also have the opportunity to trade with 10x leverage. In addition, trading bonuses are available per trade and are valid for 14 days from the date of registration.
Regarding BingX Exchange Fee, the fee for spot trading is 0.15%, while the fee for traditional trading is 0.045%. Additionally, copy trading incurs various BingX cryptocurrency fees. There is a 0.045% commission for trading cryptocurrencies, 0.03% for trading other assets, and 8% of daily net profits to reward tracked traders.
other services
In addition to traditional cryptocurrency trading, BingX also provides users with the opportunity copy trade. Essentially, it allows traders to copy the trading patterns of other traders. However, becoming a trader whose strategies can be copied is not so easy. To be included in the list of traders, they must meet the following criteria:
- Complete KYC;
- Complete 15 transactions totaling $1,000,000 USDT within the last three weeks;
- Have a win percentage of 55%;
- Have an account profitability of more than 30%.
Although there is a limit on the number of people who can follow one trader. Limit 2000.. In addition, listed traders are rewarded with a share of their subscribers’ net profits (up to 8%).
Another feature of the BingX cryptocurrency exchange is contract trade. The exchange allows you to trade contracts on various markets, including cryptocurrencies, indices, Forex, NFTAnd goods. Contracts related to cryptocurrencies can be sold short at any time and without any commissions. In addition, the platform allows you to find employment advanced trade execution options. These parameters include long or short positions, margin, stop loss ordersand so on.
Feed This is another BingX service. Traders can more easily communicate with each other, allowing them to discuss market movements in real time, sharing knowledge and trading plans. Thus, Feed allows for social trading.
Moreover, there is BingX Ambassador Program. This encourages people to interact directly with the team and have a real impact on the project. In addition, members of this program can participate in competitions with prizes and receive the latest news and updates.
About company
BingX cryptocurrency exchange was founded in 2018 as Bingbon. However, in 2021, it was renamed BingX. BingX is headquartered in Singapore, but the company has offices around the world, including Hong Kong, Taiwan, Europe, North America and Canada.
The founders of the BingX crypto exchange are anonymous. Although it is known that the founding team of BingX consists of innovative professionals from leading venture capital firms, financial institutions such as JP Morgan, and leading Internet companies such as Google, Tencent and Alibaba.
It is also important to note that Huawei core team Responsible for operational maintenance of the BingX server.
Some of the major successful partnerships that BingX has acquired over time include partnerships with companies such as Grandshores, AZDag, SlowMist and Coinify.
BingX crypto assets are stored in cold storage, which means they are not susceptible to fraudulent activities. In addition, the exchange uses 11-level security system created by the Huawei team. The system includes SSL encryption, 2FA, KYC, withdrawal verification, hot and cold wallet security measures, and server security measures. In addition, BingX performs regular security checks. Thus, at the time of writing this article, the platform has never faced any security breach.
BingX related pages
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
