BingX is a cryptocurrency trading platform that aims to provide a safe and user-centric environment for investors to trade derivatives, spot, and copy trade. In this review, we will examine the features and capabilities of BingX to determine if it is an exchange suited for you.
Table of Contents
What is the history of BingX?
BingX is a cryptocurrency exchange that was founded in Singapore in 2018. It has a strong presence in Asia and serves more than 1 million users in countries such as Taiwan, Japan, Korea, Russia, and Vietnam. BingX offers a range of services to its users, including quick spot exchanges, derivatives pairings, and a fiat financial system for leveraged digital-trading currencies. In 2020, the exchange underwent a rebrand and changed its name from BingBon to BingX.
Is BingX Regulated?
Yes, BingX is a regulated exchange. It is registered in the Republic of Estonia and has obtained both AUSTRAC permits and a FinCEN MSB (MoneyServices Business) license. This means that BingX is regulated by financial authorities in its region and is required to follow certain rules and regulations to ensure the safety and security of its users. The exchange is committed to complying with relevant regulations.
BingX Proof of Reserves
BingX, a leading cryptocurrency exchange, has released a Proof-of-Reserves (PoR) report, which has been verified by independent auditor Mazars. The report provides transparency and assurance to BingX customers that their cryptocurrency holdings are collateralized and exist on the blockchain, under the control of BingX. The PoR report shows collateralization ratios of 132%, 122%, 186%, and 112% for BTC, ETH, USDC, and USDT respectively. The release of the PoR report is intended to promote transparency in the cryptocurrency industry and restore investor confidence, following concerns about the collapse of FTX and losses of customer assets.
What trading products does BingX offer?
BingX offers a variety of trading products to its users, including spot trading and derivatives trading.
Spot Trading
For spot trading, BingX supports nearly 300 crypto assets that are exclusively paired with USDT. This means that users can buy and sell these assets using USDT as the base currency. BingX also offers a spot exchange that allows users to quickly swap cryptocurrencies with a few clicks, without the need to send funds to a separate exchange.
Derivatives
For derivatives trading, BingX offers both standard and perpetual contracts with up to 125x leverage. Standard contracts are available for 46 cryptos, 8 indices, 3 commodities, and 7 Forex trading pairs. Perpetual contracts can be purchased for 45 different cryptos. Both types of derivatives contracts have interfaces that are similar to spot trading, allowing users to easily switch between the different types of trading.
Traditional Market
BingX offers a range of traditional market trading options, including commodities, currencies, and indices, which can be accessed using crypto assets as collateral. With the ability to leverage up to 100x, users can speculate on the price movements of markets such as the NASDAQ and S&P 500 using USDT as the standard collateral asset. This feature allows BingX users to diversify their portfolio and gain exposure to traditional markets through the platform.
BingX Social/Copy Trading
On top of all the trading products, BingX also offers social/copy trading to its users. This feature allows traders to follow and imitate the trading strategies of successful traders on the platform. When a follower adopts a trader’s technique, they will receive a percentage of the earnings generated by the copy trades. BingX has a social network of traders that users can follow and engage with to find new trading ideas and strategies.
Demo Trading with Virtual USDT – VST
Yes, BingX offers a demo trading feature for its users. Demo trading, also known as virtual trading or paper trading, allows users to practice trading without risking real funds. This can be especially useful for novice traders who are new to the exchange and want to become familiar with the platform and its features.
On BingX, demo trading is called VST trading, which stands for Virtual USDT trading. When a new account is created on BingX, the user is provided with 100,000 VST tokens, which are virtual currencies issued by BingX. These tokens have no value and cannot be exchanged for any other currency or withdrawn from the platform. They are strictly used for demo purposes. Users can use VST to practice trading in the standard futures trading platform and get a feel for the leverage limitations of cryptocurrency trading without risking their own funds.
Grid/Bot Trading
BingX offers grid/bot trading as a spot trading feature on its platform.BingX’s grid trading feature offers both automatic and manual modes, allowing users to create a bot with a single click or customize their own settings. It is available at no additional cost to users of the exchange. While the grid bot has a few simple settings and is a useful feature, it would be nice to see the grids visually represented on the chart and a greater selection of bots to compete with other crypto trading bot platforms.
Which cryptocurrencies does BingX support?
BingX is a cryptocurrency exchange that offers a wide variety of trading pairs, including both digital currencies and traditional markets. With over 365 supported cryptocurrencies and 155 crypto trading pairs available for leverage trading, BingX offers a diverse selection of assets for users to trade. The exchange also supports various smaller-cap coins, including DeFi, NFT, Metaverse, and Web3 projects.
What are the payment methods on BingX?
BingX accepts a variety of payment options, including:
- Credit or debit card (Mastercard, Visa)
- Banca, MoonPay
- Apple Pay
- Cryptocurrencies
What are the verification – KYC limits on BingX?
BingX is a cryptocurrency exchange that has verification or KYC (Know Your Customer) limits in place for the withdrawal of funds. While verification is not required to use the platform, there are restrictions on the amount of USDT that can be withdrawn within a 24-hour period and cumulatively over the life of the account. For unverified accounts, the 24-hour withdrawal limit is $50,000 USDT, and the cumulative withdrawal limit is $100,000 USDT.
For verified accounts, the 24-hour withdrawal limit is $1,000,000 USDT, and there is no cumulative withdrawal limit. In addition to USDT, BingX also has withdrawal limits for ETH and BTC. For unverified accounts, the daily withdrawal limit for ETH is 50, with a single transaction limit of 50 and a cumulative maximum of 200. The daily withdrawal limit for BTC is 1, with a single transaction limit of 1 and a cumulative maximum of 4.
What are the Pros and Cons of BingX?
Pros
- A demo trading platform that allows beginners to copy trades of more experienced users.
- Leveraged margin markets with up to 125x leverage.
- 24/7 live chat support for users.
Cons
- No support for fiat trading
- Limited options for crypto-to-crypto trading
- Restricted in US