When choosing between one exchange or another, fees are very important to take into consideration. The fees you pay for trading can have a huge impact on the return you make on your investment. Ideally, you want your fees as low as possible, as most of your money can go to the actual investment in that way.
Today, we are taking a look at the fees of the BingX exchange which is a crypto social trading exchange that was founded in 2018. The exchange offers a wide variety of features, including social copy trading. Today, we are taking a look at the fees specifically. Let’s get started!
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What are the fees on Bingx Exchange?
When figuring out what part of your trade you have to pay to the BingX Exchange, you first have to figure out what type of trading product you are trying to use. BingX offers a wide variety of different trading products, that all come with their own fee structures. Today, we’ll take a look at each of these different fee structures that come with the different trading products. Let’s get started!
What are fees on spot markets?
The spot trading fees on BingX vary from cryptocurrency to cryptocurrency. The fees on spot markets at highest are 0.15% and at lowest are 0.05%. Some of the spot fees on famous cryptocurrencies are listed below.
What are the fees on futures?
When trading futures on BingX , the fees are very simple. There is a taker fee and a maker fee. The taker fee is the fee that is paid by the trader taking an existing order from the orderbook and fulfilling it. The maker fee is the fee that is paid by the trader adding an order to the orderbook to be completed by another trader.
The taker fee on BingX futures is 0.05% and the maker fee on BingX futures is 0.02%.
What are the fees on copy trading?
When copy trading on BingX , the fees you pay depend on whether you are copying a futures trader, or copying a spot trader. When copying a futures trader, you pay the same fees as when you are regularly trading futures. Funding fees will be based on real-time market conditions. When copying a spot trader, you pay the same fees as when you are regularly trading the spot markets. Since all trading activities and asset changes take place in the sub-account of the external platform, the trading and funding fees will be collected by that external platform.
What are the cryptocurrency deposit fees on BingX?
Other than the regular network fees, you do not pay a fee when depositing cryptocurrency onto BingX. There are minimum deposits per cryptocurrency, though. For example, you need to deposit a minimum of 1 USDT or 1 USDC when depositing USDT or USDC. If else, your cryptocurrency gets refunded to the wallet you sent it from.
What are the fiat deposit fees on Bingx?
You cannot deposit fiat money onto the BingX exchange. You can only deposit crypto. If you want to get money onto BingX, you have to buy crypto via a different exchange and then deposit that crypto onto BingX. Examples of exchanges that you can use to do this are Bitvavo, KuCoin and BTC Direct.
What are the withdrawal fees on Bingx?
The withdrawal fees on the BingX exchange depend on the cryptocurrency being withdrawn. The withdrawal fees are absolute and not relative. This means that no matter if you’re withdrawing $100 or $1000, the withdrawal fee is the same. The withdrawal fees on BingX are the following:
What is the withdrawal time on Bingx?
As stated on the BingX website, all withdrawals have to be confirmed by the network to which you are withdrawing your crypto. This means it can take between 10 and 120 minutes before the withdrawal is completed.
What is Bingx VIP Program?
BingX does offer a VIP program. This VIP program offers different tiers that allow you to get a discount on your trading fees. You can enter this VIP program when you exceed a certain threshold of monthly trading volume.
You enter the first tier of the VIP program of BingX when your monthly trading volume exceeds 20 million USDT. The highest tier of the VIP program, tier 7, starts from a trading volume of 10 billion USDT per month.