BingX Exchange is a thriving cryptocurrency platform that is rapidly turning into a fan favorite. Known in England for being the main sponsor of Chelsea F.C. football club – the exchange has quickly gained notoriety and users over the past few years.
However, with up-and-coming crypto platforms, it is normal for investors to question whether “is BingX Exchange Safe”, or not. Particularly after the FTX debacle in 2022, investors and government authorities have been requesting more and more assurance from these companies, ensuring a safe playing field for traders.
Fortunately for you, this BingX Exchange review will cover everything you need to know about the exchange, its security features, its advantages over the competition, and so on. So sit tight and relax, it’ll be over in a second.
What is BingX Exchange?
Launched in 2018, BingX is a Singapore-based crypto exchange that is rapidly entering the conversation for the most worthwhile platform to trade crypto.
The company received in October 2024 the award for “Crypto Exchange of the Year” during this year’s Blockchain Life event, in Dubai. On top of that, BingX also won two additional awards: Launchpad of The Year”, and “Customer Service of The Year”.
The exchange provides one of the largest collections of tradeable cryptocurrency pairs with over 700 currencies, a stark contrast to market-leading companies like Binance which only has 350 cryptocurrencies.
With over 700 currencies on the platform, BingX is today one of the best options for investors looking to capitalize on the altcoin market. While also offering mainstream currencies like Bitcoin and Ethereum, the platform’s wide array of altcoins provides investors the opportunity to capitalize on a more volatile market that could offer them more yields if things go right.
Since we’re comparing it to Binance – BingX gives investors a wider range for leveraged investments with 150x, while Binance caps at 125x. With over 10 million users worldwide, BingX continues to solidify its position as a top contender in the crypto exchange market.
BingX Exchange KYC (Know Your Customer)
Know your customer, or KYC for short, is a method of verification financial institutions have to verify the identity of customers. Generally, the procedure is another security step in platforms like cryptocurrency exchanges, allowing these companies to better avoid fraud, or other illegal funds from entering the platform.
BingX has two KYC processes. The first one requires a basic verification process that takes up to a minute to complete. This mode has its downsides though. Clients under “Basic KYC” status have a daily cap for deposits up to 5,000 USDT, a monthly deposit cap of 50,000 USDT – and a 24-hour withdrawal limit of 20,000 USDT.
In contrast, the “Advanced KYC” allows for an unlimited range of deposits and withdrawals. To do so, investors have to verify their ID on the platform, which usually takes 2 to 10 minutes.
Security Measures at BingX Exchange
BingX places a strong emphasis on user security, employing advanced protective features to keep the platform secure. Recently, it launched ShieldX, an enhanced security tool that combines a cutting-edge wallet firewall with continuous threat monitoring, developed alongside leading security partners.
The introduction of ShieldX comes after a notorious hacking incident on the platform – the costs of which were covered by BingX. Following that, the company invested in this advanced wallet firewall, capable of protecting investments while monitoring the platform 24/7, and providing regular security updates to the exchange.
In line with global regulatory standards, BingX maintains strict KYC protocols and blocks access from regions under international sanctions. Additionally, the platform undergoes regular, rigorous security assessments by renowned auditing firms like CertiK and SlowMist, ensuring that BingX’s security framework remains strong and transparent.
CoinMarketCap lists BingX as one of the safest cryptocurrency exchanges in the world. Given its wide variety of altcoins to trade, stable security, and user-friendly interface, it’s no surprise that BingX is a top choice for traders.
Customer Support
As previously mentioned, BingX is the current winner of this year’s award for best customer support among crypto exchanges, by Blockchain Life.
The platform provides full coverage for clients who need help managing their accounts. BingX offers 24/7 support via email, live chat on the website, as well as social media presence on Telegram and Twitter.
Why Should You Choose BingX?
The exchange is particularly attractive for investors who like to bet on higher-risk markets like altcoins and memecoins. Also, its higher-than-average leverage allows for risk-takers to embark on even higher potential profits when compared to the competition.
Its fees are comparable to the industry standard, starting at 0.1% for both makers and takers. VIP members can enjoy even lower fees if they meet the required trading volume or hold a significant amount of assets on the platform.
One of the coolest features of the exchange is its copy trading option. Copy trading allows you to literally copy other investors’ trades and potentially profit alongside them. This feature is extremely interesting for beginner investors who’d like to see how seasoned traders handle their positions, as well as a good option for those who just want to follow someone else’s footsteps.
In BingX copy trading, you don’t have to pay additional fees, but rather “profit share fees” that you pay to the person being copied. These fees usually range from 85 to 13% of the total investment.
Conclusion
BingX is quickly earning its spot as a go-to platform for both crypto newcomers and seasoned investors. With an impressive selection of altcoins, advanced security measures, and a unique range of features like copy trading, it’s easy to see why so many are gravitating toward this platform. ShieldX’s wallet firewall and ongoing threat monitoring offer peace of mind for users, while their top-notch KYC processes keep things transparent and secure.
Add to this their award-winning customer support and competitive fees, and BingX becomes a solid choice for anyone looking to trade with confidence and flexibility. For those seeking a blend of safety, accessibility, and innovation in the fast-moving world of crypto, BingX offers a strong and refreshing alternative to the usual names in the industry.
