BingX Exchange Review 2023: Is BingX a Secure Trading Platform?

The world of cryptocurrency exchanges can be quite overwhelming due to the abundance of options available. There are hundreds of different cryptocurrency exchanges available out there and choosing the right platform yourself can be a bit challenging. There are numerous factors to consider, like the interface, platform features, available trading pairs, security measures, customer support quality, and fees. All of these aspects play a crucial role in determining the overall quality of an exchange and how well it can serve you.

One exchange that has gained recognition on a global scale is BingX. BingX is a reputable platform known for its commitment to safety, security, and speedy trading derivatives. In this review of BingX, we’ll take a closer look at its features and what makes it stand out in the crowded world of cryptocurrency exchanges.

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What is BingX?

Established in 2018 in Singapore, BingX is a global player in the world of cryptocurrency exchanges. It has established offices in various regions, including North America, Canada, the EU, Hong Kong, and Taiwan, and hosts users from across the globe.

The exchange has rapidly gained popularity, attracting more than 5 million users from 100 countries, despite being a newcomer in the market. One of its standout features is the vast array of over 350 cryptocurrencies available for trading.

BingX is a versatile platform, offering different types of trading services like spot, derivatives, copy, and grid trading. This versatility caters to both novice and experienced traders, making it an appealing choice for all kinds of traders. Furthermore, they offer a mobile app that’s been downloaded over 1 million times, providing traders with the flexibility to trade on the go.

The mobile app comes with a user-friendly interface and advanced trading tools, including charts, order books, and market data. However, it’s essential to note that BingX is not accessible in certain countries, such as the United States, China, and the UK.

In short, BingX has become a favored platform for traders worldwide due to its wide range of trading services, user-friendly interface, and extensive selection of cryptocurrencies.

Does BingX Require KYC?

BingX does not require users to go through a mandatory KYC verification process. This means you can start trading without the need to complete a lengthy KYC procedure. However, there are some restrictions on the amounts of USDT you can withdraw within a 24-hour period and over the lifetime of your account.

For unverified accounts, the withdrawal limits are up to $50,000 USDT within a 24-hour period and a cumulative limit of $100,000 USDT. Once your account is verified, the withdrawal limits increase significantly.

However, most users won’t need to complete the KYC process as the withdrawal limits with no-KYC is still excellent.

BingX Features

Bing X boasts a diverse array of features that cater to both new and seasoned traders. For those new to the world of cryptocurrencies, there’s a straightforward convert feature that allows quick swapping of one cryptocurrency for another. On the other hand, advanced users can tap into the trading platform’s advanced charting tools, live order books, multiple order types, and even a grid trading bot for a more intricate trading experience.

One of the standout features of BingX is its provision of both standard and perpetual futures trading, with the potential for up to 150x margin. This flexibility allows traders to tailor their strategies to their preferences. Additionally, BingX offers a demo trading environment, complete with demo currencies, providing a risk-free space for practicing and honing trading skills.

A few more notable features on BingX include a copy-trading feature, which empowers beginners to follow successful traders and learn from their strategies. Moreover, the platform maintains competitive fees, charging less than 0.2% per trade. With access to a staggering 350+ cryptocurrencies, BingX ensures a wide range of options for trading enthusiasts. New users can also benefit from rewards for their trading activities.

Spot Trading

In 2023, it’s crucial for a crypto exchange to offer spot trading if it wants to be considered a top player. Spot trading is the primary marketplace where users can buy and sell cryptocurrencies. For those new to the crypto world, spot trading simply means trading one cryptocurrency for another. BingX, as a centralized exchange, stands out by providing a broad spectrum of options for spot trading, with a healthy level of liquidity with an average trading volume of $300,000 million.

BingX offers access to over 550 different cryptocurrencies and more than 1,000 trading pairs. This extensive selection makes it an ideal platform for users who seek a diverse range of trading options. Even if you prefer to buy and sell cryptocurrencies without using leverage, BingX remains an excellent choice for your trading needs.

Copy Trading 

BingX offers a fantastic feature known as “Copy Trading,” allowing users to mimic the trading actions of seasoned traders on the platform. This means that when you choose a trader to follow, their trades are automatically replicated in your own account. With over 20,000 traders to pick from, you can easily find someone whose trading style aligns with your preferences.

In our assessment, BingX one of the best platforms for social trading with copy-trading features. Users have the convenience of browsing through numerous active traders, complete with crucial information such as the number of followers, 30-day returns (ROI), cumulative PnL, and a risk rating from 1 to 9. This helps you make informed choices.

When you select a trader, you can delve into their performance, seeing a breakdown of their profit and risk, as well as real-time updates on their interactions with followers. You can also access their trade history, providing insight into their trading activity and strategies.

It’s worth noting that approved traders who share their trades on the platform can earn a profit share ranging from 8% to 10%, further incentivizing their commitment to successful trading.

Derivatives Trading

BingX provides an extensive platform for crypto margin trading, offering derivatives and futures with leverage of up to 150x. This platform extends its reach to include futures trading in indices, commodities, and even Forex. Users can opt for standard derivatives or perpetual futures, a specialized crypto trading product.

In the standard derivatives section, users can engage in crypto trading with leverage of up to 150x. This isn’t limited to just cryptocurrencies; you can also trade various assets with different leverage levels. Whether you want to go long or short, you have the flexibility to do so. Market and trigger orders, similar to limit orders, are available, and users can practice their trading skills using a demo trading feature.

Switching to the perpetual futures platform, users can still place limit and market orders, take long or short positions, and even choose between isolated and cross-margin options.

While BingX may not be at the top when it comes to derivatives trading, it offers substantial leverage, a range of tradable assets beyond crypto, and provides detailed charts for analysis. The platform’s layout is relatively user-friendly, allowing users to quickly access information about open positions and real-time profit and loss data.

Demo Trading (VST – Virtual USDT)

BingX offers a handy feature for users interested in honing their skills in Futures trading without the risk of using their own money. This feature is called Virtual USDT (VST), and it serves as a crypto demo trading tool. 

When you create an account, you’re given 100,000 VST, which you can use to practice trading in the standard futures trading platform. It’s important to note that VST doesn’t have any real-world value; you can’t exchange it for other currencies or withdraw it from the platform. It’s solely meant for practice and learning.

Virtual USDT is a valuable tool for newcomers to the world of cryptocurrency who want to gain experience before venturing into actual trading. It’s equally beneficial for experienced traders who wish to test out new strategies without risking their real assets.

If you are looking for an exchange where you can practice your trades and strategies without risking anything, then BingX can be a great fit for you.

Grid Bots

Grid bots have become popular in the past few years, and BingX has built in the ability to create your own. Grid trading allows users to set a “high” price and a “low” price for specific crypto, and choose how many “grids” to create and activate the bot. Smart grid bots enable intelligent planning and place orders using Grid bot to prevent interference from market sentiment. This 24/7 automated trading ensures that important trading opportunities are not missed.

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.

BingX Offers 3 types of Grid Trading: Futures Grid, Spot Grid, and Spot Infinity Grid for different trading needs. They all are designed to fulfill different needs. For instance, let’s take a look at the Spot Infinity Grid, which is ideal for extremely volatile markets. It allows users to purchase in batches after the crypto price has plummeted, enabling them to profit in a bear market.

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.

Also Read: MEXC Exchange Review: Is MEXC Global Crypto Safe? Fees & More

How to Buy Crypto on BingX?

Purchasing cryptocurrencies on BingX is a straightforward process with various options to choose from.

BingX provides access to over 350 cryptocurrencies for spot trading, making it easy for users to buy and sell their preferred digital assets. 

For those interested in buying cryptocurrencies with a card, BingX offers several third-party providers, including MoonPay, Banxa, Advcash, and Mercuryo. However, it’s important to note that using third-party providers is not the most cost-effective choice, as the fees can be quite high, ranging from 2% to 10%.

While bank deposits are not currently supported on BingX, there is an alternative option for P2P trading in three fiat currencies: VND, RUB, and KRW.

To sum it up, BingX provides a convenient and user-friendly way for individuals to purchase cryptocurrencies, whether through spot trading or by using third-party providers for card payments.

You can start buying crypto on BingX today and claim a bonus on signup by using our special link.Begin your trading journey now!

Is BingX Safe?

BingX has earned a trustworthy reputation when it comes to security. There is no history of wallet theft or loss associated with this platform, making it a good choice for individuals interested in secure cryptocurrency transactions.

Proof-of-Reserves and Security Audits

One of BingX’s notable security features is its Proof-of-Reserves report. This report is independently verified by a trusted third-party auditor, Mazars, ensuring transparency and trustworthiness in asset management.

BingX doesn’t just rely on its track record. It has undergone comprehensive security audits conducted by renowned firms such as CertiK and SlowMist. Additionally, the platform regularly reviews its operation and maintenance databases to proactively address any potential security vulnerabilities.

Bank-Grade Custody Solution

To enhance security, BingX employs a bank-grade custody solution. This solution tightly regulates permissions across servers, middleware, and databases in all functional departments. Most of the assets deposited by users are stored in offline “cold” wallets, minimizing exposure to external threats.

Asset Protection and Risk Management

BingX takes measures to protect its users’ assets. The platform maintains a portion of its principal balance sheet to cover any potential loss of customer assets. Additionally, BingX has implemented a robust security system, which includes a 24/7 suspicious activity monitoring system with real-time updates.

Regulatory Compliance

In terms of regulatory compliance, BingX is a financial services company that is registered, accredited, and regulated by the Financial Services Authority of Estonia. Moreover, the platform is registered as a Money Services Business (MSB) under FinCEN in the US, under FINTRAC in Canada, and as a Digital Currency Exchange (DCE) provider under AUSTRAC. These regulatory certifications underscore BingX’s commitment to compliance and security.

BingX Trading Fees

BingX’s trading fees are straightforward and vary depending on the cryptocurrency you’re dealing with. For widely known cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), the spot trading fees stand at 0.1%. If you’re trading less well-known altcoins, the fees are slightly higher at 0.2%.

In the realm of spot trading, the maker fees are tiered, ranging from 0.1% to 0.2%. When it comes to futures trading on BingX, you’ll encounter a maker fee of 0.045% and a taker fee of 0.075%. These fees are competitive when compared to other exchanges like Binance and Coinbase.

If you’re on the lookout for an exchange that offers cost-effective trading with minimum fees, BingX is an excellent choice.

BingX Deposits and Withdrawals

If you’re hoping to make a fiat deposit on BingX using traditional currencies like USD or EUR, you’ll need to explore other options. Unfortunately, BingX does not support fiat deposits, so it’s geared toward cryptocurrency users.

For those interested in depositing funds, your choices are limited to crypto deposits or buying cryptocurrencies via credit card. BingX facilitates the latter through third-party providers like Banxa and MoonPay, among others. However, direct fiat deposits are not an available option.

Similarly, when it comes to withdrawing funds, fiat withdrawals are not supported on BingX. Users can, however, withdraw their cryptocurrencies, with the specific fees varying depending on the blockchain. For instance, if you need to withdraw Bitcoin, you can expect a fee of 0.0002 BTC.

It’s essential to consider these fees when planning your withdrawals to make the most of your investments and ensure you have a clear understanding of the costs involved.

BingX Supported Currencies 

BingX Supports over 350 cryptocurrencies including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• DogeCoin (DOGE)
• Ripple (XRP)
• Polkadot (DOT)
• Binance Coin (BNB)
• Shiba Inu (SHIB)

Bing X Support Payment Methods

BingX provides a range of payment methods to cater to its users, including:

• Debit or Credit Card (Mastercard, Visa)
• MoonPay
• Banxa
• Apple Pay
• Cryptocurrencies

Also Read: Bybit Review 2023: Is It A Safe Exchange? Futures & More

Pros and Cons of BingX

Pros	Cons
Offers opportunities for earnings through conversion and grid trading.	Low trading fees but withdrawal fees can get higher.
Provides passive income avenues via its social trading platform.	No direct FIAT withdrawls
Competitive fees.
Demo trading and Copy Trading features.
Offers Up to 150x leverage for futures.
User-friendly mobile app.
Officially registered in United States, Canada, Australia, and the European Union (Estonia)..
Excellent customer support that’s available 24×7.

Conclusion

In summary, BingX is a top cryptocurrency exchange that distinguishes itself through its unique copy-trading feature, grid bots, and no-KYC trading. The platform caters to both beginners and advanced traders, offering seamless USDT-to-crypto swaps and a rich toolkit for customization.

BingX expands its horizons beyond crypto by providing derivatives trading for indices, commodities, and Forex, offering traders more than just crypto for their investments. The platform’s grid trading bot feature allows users to create their own automated trading strategies.

Also, BingX prioritizes security, evident in its proof-of-reserves and unblemished track record with no reported hacks. Overall, BingX offers a secure and comprehensive trading environment for cryptocurrency enthusiasts and could be a good fit for most traders.

Frequently Asked Questions – FAQs