BingX is a cryptocurrency trading platform that provides derivatives, spot, and copy trading to cryptocurrency investors worldwide. It was founded in 2018 to lead the social trading platform sector by creating a safe, dependable, user-centric, and open environment to improve the whole cryptocurrency business. BingX was one of the first trading platforms to provide coined-margined and USDT-margined contracts. BingX can meet consumers’ demands regardless of market conditions since it has added USDC-margined perpetual swap to its contract list.
Furthermore, BingX is an easy-to-use, straightforward, transparent, and entertaining exchange platform where crypto traders may replicate and learn from successful trading tactics. Consequently, the social trading network connects novice and experienced traders, making trading easier for both expert and novice traders.
What is BingX?
BingX, founded in Singapore in 2018, is a pioneer and industry 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 offers consumers various services, including quick spot exchanges, derivatives pairings, and a fiat financial system for highly leveraged digital-trading currencies. BingX is a trading platform from the Republic of Estonia. The bitcoin exchange has obtained AUSTRAC permits and a FinCen MSB. Retail traders on BingX should use caution when utilizing any exchange.
Important Features of BingX
One of the primary reasons BingX is getting all the attention is its slew of extra-important features. It essentially offers perpetual contract trading and a variety of isolated and cross-margin options. Derivative options on the platform include digital assets and other financial products such as FOREX, global indexes, and commodities. Speculators and traders can access all of these instruments.
The exchange also provides the following features:
1. Instant Trading
BingX traders may rapidly swap cryptocurrencies with a few clicks. You can convert one coin to another without sending cash to a spot exchange. This one platform lets traders purchase and sell BTC, ETH, USDC, and USDT.
2. Platform Advanced
Another critical aspect for all cryptocurrency investors is having access to a more sophisticated trading platform. BingX 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.
3. Demo Mode for Practicing Trading
You get VSD tokens worth $100,000 to the new account. BingX issues these virtual currencies. 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 you may use VSD tokens to learn about the leverage limitations of cryptocurrency trading.
4. Imitate Successful Traders
BingX is one of the few derivatives marketplaces that provides an automated trading mechanism. Successful traders’ trading tactics can be followed and copied by traders. If the follower adopts the trader’s technique, they will receive 8% of the earnings created by the copy-trades.
5. Market Traditions
Users on BingX have more exposure to traditional markets than on any other derivatives platform. Retail traders can speculate on the price swings of crypto markets like commodities, currency, and indices. For example, they can use USDT currency as the standard collateral asset and 100x leverage to take long or short bets in markets like the NASDAQ and S&P 500.
Also read: What is Deepcoin and How to Use it?
Trade Products By BingX
BingX offers several endless bitcoin trading options. BingX traders have the option of using a cross or isolated margins. BingX’s digital currency selection includes the top seven crypto assets suitable for most consumers. Users of Ethereum and Bitcoin can employ inverse contracts.
This implies that customers can trade the BTC-based agreement with Bitcoin and the ETH-based contracts using Ethereum as a margin. Furthermore, BingX offers USDT-based contracts for both BTC and ETH. BingX’s crypto derivatives contracts are linked to eight different indexes for users to speculate on, including the S&P 500, Nikkei 225, NASDAQ-100, and DJIA.
Unlike other platforms, BingX has a Forex market with seven contracts related to popular crypto trading pairings. Users may also speculate on commodities and watch the prices of crude oil, silver, and gold. We should note that we must pay any non-crypto contracts on BingX in USDT.
How to Begin Using BingX
- Go to BingX’s official website and click “Register” on the top navigation bar to register with your email address or phone number.
- Then, to secure your valuables, you must finish your security settings.
- Log in to BingX as a Web user, mouse over the avatar in the top menu bar, choose ‘Account and Security,’ and scroll down to Security Center.
- After entering your BingX account, click on the avatar in the upper left corner and select Security Center.
You can now begin depositing or exchanging your assets on the site.
Trading on BingX
BingX exchange offers a contemporary exchange suite for novice and expert traders, and the user interface is simple. BingX’s TradingView feature allows users to do technical analysis using hundreds of chart patterns, drawing tools, and technical indicators. Users may choose between isolated and cross margin when trading on this platform.
Expert traders use this tool to limit margin risk based on their trading account balance. An isolated margin reduces the trading risks of a single trade, whereas a cross-shared margin spreads the trade risk over numerous open positions. Traders place their take profit and stop-loss orders using the margin slider. The other one cancels it immediately when the price reaches one of the order values.
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, a useful tool for traders to estimate position size based on margin amount and entry/exit price.
BingX Fees and Other Charges
Trading Commissions
The BingX derivatives exchange charges the same 0.075% trading fee for both beginning and closing positions. The trading charge depends on multiplying the 0.075% trading cost by the trade volume. In comparison to other cryptocurrency exchanges, the trading charge is relatively low.
The exchange charges a spread fee in addition to trading costs. This cost varies according to the type of contract traded. For example, the spread charge on BTC runs from 0.02% to 0.1%, which may climb to 0.2% for other crypto trading pairings. BingXg charges a minor withdrawal fee of around 0.007ETH and 0.0005BTC for withdrawing ETH and BTC. The withdrawal fee imposed for Stablecoins is $28 per transaction. This is rather higher than the worldwide industry average.
Deposit Fees
The nicest part of BingX 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 if you convert fiat to crypto. We strongly advise you to review the facts on its official website to learn about the whole pricing structure.
Payment Methods Accepted by BingX
BingX accepts a variety of payment options, including:
- Credit or debit card (Mastercard, Visa)
- Banca, MoonPay
- Apple Pay
- Cryptocurrencies
BingX Exchange: Customer Service
It was about consumer unhappiness with BingX’s customer assistance since Zendesk was down for maintenance. They were back in the game after they restarted their service. If you have questions, email BingX at help@BingX.com and the support team will respond within 12 hours. Seek separate financial counsel from bitcoin trading specialists before deciding.
Conclusion
To summarize 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 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 cryptocurrencies with a leverage maximum of 1:500 against BTC or USDT. It also offers a variety of traditional markets such as indices, FX, and digital currencies. Nonetheless, after an extensive investigation, we discovered that BingX should boost the language documentation and assist the sector in catching up with most of its rivals.
