BINGX EXCHANGE GUIDE – READ OUR COMPREHENSIVE 2022 BINGX REVIEW
With the increasing availability of digital trading platforms, selecting the best cryptocurrency exchange may be a difficult endeavor. There are several exchangers accessible on the market. Beginners can become acquainted with the charting interface, platform features, trading pairs, security, customer service, and fees that influence exchange quality through a variety of aspects.
BingX is a popular trading exchange in Asia that offers a safe, secure, and rapid trading derivatives platform. In this BingX review, we will provide you the most up-to-date and reliable information on BingX. Please keep in mind that this is merely a preview and does not represent investment advice; thus, before investing in cryptocurrency exchanges, please make an educated choice.
BingX Overview
| Official Website | https://bingx.com/ |
| Headquarters | Singapore |
| Year Established | 2018 |
| Native Token | None |
| Pairs | 336+ |
| Coins | 327 |
| Margin Trading | Yes |
| Supported Countries | More than 100 countries |
| Minimum Deposit | 1 USDT/ 0.01ETH/ 0.0002BTC |
| Deposit Fees | No fees to Deposit Cryptocurrency |
| Customer Support | Live Chat, FAQ Support, Email, & Social Channel Support (24/7) |
| Application | Google Play, App Store |
What Exactly Is BingX?
BingX Exchange, founded in Singapore in 2018, is a pioneer and market leader in the crypto derivatives market. It has over 1 million users and is spread across Asia, including Taiwan, Japan, Korea, Russia, and Vietnam, to offer a dependable, robust, and cost-effective trading environment.
The BingX platform’s principal role is to allow users to purchase and sell digital items from a single platform. The exchange also offers a wide range of services to consumers, including quick spot exchanges, derivatives pairs, and a fiat financial system for online currency trading with high leverage.
Is BingX governed?
BingX Exchange is a trading platform that is registered in the Republic of Estonia. The bitcoin exchange has obtained AUSTRAC permits as well as a FinCen MSB or Money Services Business license. However, BingX should be aware that simply getting a certificate from the government does not constitute endorsement or validity of the business. Professional traders on BingX Exchange should use caution when utilizing any exchange.
BingX Exchange Advantages
One of the primary reasons BingX Exchange is getting all the attention is the slew of extra-important features it offers. It essentially offers perpetual contract trading as well as a variety of isolated and cross margin options. Derivative options on the platform include digital assets as well as other financial products such as FOREX, global indices, and commodities. Speculators and traders can access all of these instruments. The exchange also provides the following features:
Instant Trading
BingX traders may rapidly swap cryptocurrencies with a few clicks. You can convert one coin to another without having to send cash to a spot exchange. This one platform lets traders to purchase and sell BTC, ETH, USDC, and USDT.
Advanced Platform
Another important aspect for all cryptocurrency investors is having access to a more sophisticated trading platform. BingX Exchange strives to exceed expectations by providing a contemporary, well-designed, and simple user experience on mobile devices and computers. TradingView provides charts, which contain a variety of charting tools, overlays, and indicators.
Demo Mode for Practicing Trading
VSD tokens worth $100,000 are credited to the new account. BingX Exchange is the creator of these virtual currency. Users may trade digital currencies on BingX using VSD, therefore no actual deposits are required. This feature allows novice traders to become acquainted with the exchange, and the usage of VSD tokens may be utilized to learn about the leverage limitations of cryptocurrency trading.
Copy Successful Traders
BingX Exchange is one of the few derivatives platforms that provides a copy trading method. Successful traders’ trading tactics can be followed and copied by traders. If the follower adopts the trader’s technique, he or she will receive 8% of the earnings created by the copy-trades.
Market Traditions
Users on BingX Exchange have more exposure to traditional markets than on any other derivatives platform. Retail traders can speculate on the price swings of crypto markets like as commodities, currency, and indices. For example, they can use USDT currency as the standard collateral asset and 100x leverage to take long or short positions in markets like as the NASDAQ and S&P 500.
Services provided by BingX Exchange
Products for Trading
BingX offers a number of everlasting bitcoin trading options. BingX traders have the option of using cross or isolated margins. BingX’s digital currency selection includes the top seven crypto assets that are suitable for the majority of users.
Users of Ethereum and Bitcoin can employ inverse contracts. This implies that customers can trade the BTC-based contract with Bitcoin and the ETH-based contracts using Ethereum as a margin. Furthermore, BingX Exchange offers USDT-based contracts for both BTC and ETH.
BingX’s crypto derivatives contracts are linked to eight different indices for users to speculate on, including the S&P 500, Nikkei 225, NASDAQ-100, and DJIA. Unlike other platforms, BingX Exchange has a Forex market with seven contracts related to popular crypto trading pairs. Users may also speculate on commodities and watch the prices of crude oil, silver, and gold. It should be noted that any non-crypto contracts on BingX Exchange must be paid in USDT.
Limits on Leverage
The leverage limitations on BingX Exchange vary depending on the product you wish to trade. The BTC and USDT contracts have a leverage of 150x, which is often greater than the industry norm. Ethereum leverage may reach 100x, but other crypto-based contracts on BingX have a maximum leverage of 35x or 50x. The leverage limit for commodities and indices is increased to 100x, while the maximum limit for currency pairs is increased to 300x.
Interface
The trading interface on BingX Exchange is extremely conservative. There are no notable gains as compared to other exchanges. In the middle, there is a completely customisable TradingView chart where you can make comments, draw resistance and support levels, and do a variety of other things.
Just below the price chart, you can see information about orders and open positions. Simultaneously, the trading pair picker is on the left, and the order interface is on the right.
The platform offers two options to enter a position: a trigger or limit order or a market order. To enter a position, traders must first choose the take profit and stop-loss levels. If the SL or TP is implemented, the interface provides estimations for the actual loss or profit rate used to generate these SL and TP levels.
Copy Trading
BingX Exchange has a copy trading tool that allows users to watch prominent traders and automatically imitate their moves. Traders are organized by trading style, number of followers, and profit rates.
The site displays general data as well as recent deals for each trader. Users can choose the maximum amount and daily limit that they are willing to commit to a certain copy deal. Users can utilize the capability to limit their prospective losses to a certain extent. Furthermore, the duplicate trade function on BingX allows users to copy deals with the demo trading currency, VST. It should be noted that Copy Trading should be approached with caution.
Trading demo
As previously indicated, BingX has a demo trade currency called as VST. This feature is one of the most effective ways to support demo trading. After making an account, the user receives 100,000 VST, which is equivalent to one dollar. Every contract on BingX Exchange is demo traded using VST money. To participate in demo trading, the user must input the VST amount from the menu while entering the trade.
The Registration Procedure
To begin trading with the top crypto trading platform, BingX Exchange, you must first register and create a BingX account. The following is a step-by-step guide on the registration and login process:
Step 1: Create an account, go to the BingX official website, and click the Login/Signup button in the upper right corner.
Step 2 – Enter your personal information, such as your name, phone number, email address, and password, into the form.
Step 3: If you have a referral code, enter it here.
Step 4: Enter and submit your information. To validate your email address, you will get an activation email.
Step 5 – After you confirm your email address, your account will be activated and a 6-digit OTP will be given to your cell phone. After logging into your new BingX account, enter the OTP.
It should be noted that BingX Exchange does not have a KYC process for putting funds onto the site. Once your account has been created, you may log in and begin trading and discovering the fantastic BingX features.
Trading on BingX Exchange
BingX exchange offers a contemporary exchange suite for both novice and expert traders, and the user interface is simple to use. BingX’s TradingView feature allows users to do technical analysis using hundreds of chart patterns, drawing tools, and technical indicators.
When trading on this platform, users may choose between isolated and cross margin. This useful tool is typically used by expert traders who want to limit margin risk based on their trading account balance. Isolated margin reduces the trading risks of a single trade whereas cross-shared margin spreads the trade risk over numerous open positions.
Traders place their take profit and stop-loss orders using the margin slider. When the price reaches one of the order values, the other one is immediately canceled. This technique is known as OCO, or One-Cancels-the-Other, and you will not find it on any other trading platform.
Because there is no assurance on BingX stop-loss orders, the SL price might change by up to 30%, especially when markets are turbulent. There is also a Profit & Loss calculator, which is a useful tool for traders to estimate position size based on margin amount and entry/exit price.
Fees for BingX
Trading Fees
The BingX Exchange derivatives exchange charges the same 0.075 percent trading fee for both initiating and cancelling a transaction. The transaction cost is easy to calculate. The trading charge is derived by calculating the 0.075 percent trading fee by the trade volume. In comparison to other cryptocurrency exchanges, the trading charge is relatively low.
| 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% |
The exchange charges a spread fee in addition to trading costs. This cost varies according on the type of contract traded. The spread cost on BTC, for example, runs from 0.02 percent to 0.1 percent, and this may grow to 0.2 percent for other crypto trading pairs. However, see the table below for a list of approved cryptocurrencies and their minimum deposit amounts:
| NO. | CRYPTOCURRENCIES | MINIMUM DEPOSIT | SUPPORTED NETWORK |
| 1 | USDT | 1 USDT | ERC20, TRC20, OMNI |
| 2 | USDC | 1 USDC | ERC20 |
| 3 | BTC | 0.0002 BTC | BTC |
| 4 | ETH | 0.01 ETH | ERC20 |
Fees for Withdrawals
BingX Exchange charges a minor withdrawal fee of around 0.007ETH and 0.0005BTC for withdrawing ETH and BTC. The withdrawal fee imposed for Stable coins is $28 per transaction. This is rather higher than the worldwide industry average. Check out the table below to learn about BingX’s withdrawal fees:
| 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 Charges
The nicest part about BingX Exchange is that there are no fees for depositing cryptocurrency into trading accounts. However, depending on the deposit type and the user’s area, a charge may be levied when transferring fiat to crypto. It is strongly advised to review the facts on its official website to learn the entire pricing structure.
Payment Methods Accepted by BingX Exchange
BingX accepts a variety of payment options, including:
Credit or debit card (Mastercard, Visa)
Banxa, MoonPay
Pay with Apple
Cryptocurrencies
BingX Exchange provides customer service
There was a story not long ago about consumer unhappiness with BingX’s customer assistance since Zendesk was down for maintenance. They were back in the game soon after their service was restarted.
For any questions, please visit the Help Center section or email BingX at help@BingX.com, and the support team will respond through email within 12 hours. Seek separate financial counsel from bitcoin trading specialists before making any decisions.
Conclusion to the BingX Review
To sum up our BingX review, this exchange is a promising and attractive cryptocurrency exchange for those looking for the premier crypto-powered leverage platform. It was created for both novice and expert traders and is one of the top-rated cryptocurrency exchanges. It has some of the greatest features, such as a large range of crypto derivatives products, copy trading, and demo trading.
The well-rounded exchange provides over 30 crypto currencies with a leverage maximum of 1:500 against BTC or USDT. It also offers classic markets such as indices, commodities, currency, and digital currencies. Nonetheless, after doing extensive investigation, we discovered that BingX should boost the language documentation and assist the sector in catching up with the majority of its rivals.
FAQs
Is BingX secure?
According to the BingX study, there is no indication of a security compromise in the instance of BingX. BingX provides a seamless and steady functioning, even under extreme market situations, thanks to its outstanding market depth from numerous liquidity sources. It has been in operation since 2019, and its long track record of safety and security is currently being built.
Is BingX available in Australia?
AUSTRAC, an Australian regulatory organization, granted the BingX trading platform a license. Australian cryptocurrency traders can open an account, deposit or withdraw digital assets, purchase or sell them with leverage, and do a variety of other things.
How to Make a Crypto Deposit on BingX?
Depositing cryptocurrency on BingX is simple. Open a BingX account and click Deposit. Select the cryptocurrency coin you want to deposit and press enter to send it to your wallet address. It should be noted that in the case of a BTC deposit, the BTC value is immediately converted to USDT when it is placed.