BingX – Review for 2022

BingX, formerly known as Bingbon is a social trading cryptocurrency exchange that provides users with the opportunity to copy the trades of other successful traders. With a great selection of cryptocurrencies and low trading fees, it provides an ideal crypto platform for beginners and experienced traders. In this review, we’ll take a closer look at important aspects of BingX, including security, available crypto, fees, trading experience, and customer service.

BingX- Overview

Founded in 2018, BingX is a reputed cryptocurrency exchange and social trading platform meant for beginners and advanced traders. The built-in social trading feature allows users to easily follow their favorite active trader and copy that trader’s trades for a nominal fee. The exchange provides spot and derivative markets where more than 250 cryptocurrencies can be traded.

Markets available at BingX

BingX provides more than 250 cryptocurrencies for users to trade, including Bitcoin, Binance Coin, Ripple, Solana, and Ethereum. There is also a detailed selection of small cap coins available at BingX including several Web3, Metaverse, NFT, and DeFi projects. All of the assets available at BingX are paired with USDT, with other stable coins available on the platform as well.

BingX also provides derivatives and futures available at up to 125x leverage. Users can also access futures of indices, commodities, and even Forex. They can choose between standard derivatives and perpetual futures.

BingX – Copy Trading Feature

BingX provides users with the unique ability to copy the trades of elite traders on its platform. With this feature, the platform automatically executes trades on the user’s account that follows the elite traders.  Users have an option to choose any one from over 1000 active traders. They can choose the elite traders based on their number of followers, 30-day returns (ROI), and risk level (rated from 1 to 5). The expert traders execute trades either on the BingX Futures platform or with Binance.

BingX- Trading Methods Available

BingX provides many ways in which traders can place their trades. In the case of spot trading, users can browse cryptocurrency trading pairs and place trades. They can also use the convert feature to swap between two cryptocurrencies directly. This becomes easier with the help of the user-friendly user interface that provides an order form allowing users to easily select which cryptos to convert. They can convert between USDT and 16 other digital currencies.

BingX – Grid Trading Feature

At BingX, users can create their own grid bots, which is available as a spot trading feature. With grid trading, users can set a “high” price and a “low” price for specific crypto, select how many grids to create, and then activate the bot. The grid bot then automatically places orders by buying the price near the lower end and selling as the price rises. Grid trading offers both an automatic mode and a manual mode.

BingX – Demo Trading

BingX makes it possible for users to practice futures trading without risking their funds. The crypto demo trading feature available in the platform uses Virtual USDT or VST as a currency. Once an account is created, a user gets 100,000 VST which they can use to practice trading in the standard futures platform.

BingX – Funding Options

BingX only supports deposits in crypto which can be done free of charge. Users can choose any of the supported cryptocurrencies to deposit and there are no maximum deposit amounts on crypto. BingX limits the daily withdrawals for users and applies cumulative (lifetime) withdrawal limits for unverified accounts. The minimum withdrawal amount and fees can vary depending on the currency. For instance, the minimum withdrawal amount for USDT is 10 USDT. In addition, each blockchain also charges its own network fees.

BingX – Fees

Compared to other platforms, BingX charges competitive fees for crypto-trading. The platform has crypto conversions and crypto exchange fees ranging from 0.05% to 0.2%. The spot trading fees for USDT trading pairs have a maker and taker structure. While each trading pair has a unique trading fee, they generally range from 0.15% to below 0.15%. When it comes to contract trading, BingX charges 0.04% as fees depending on the daily spreads. There are additional fees of up to 10% for making crypto purchases with fiat currencies using a third-party partner.

BingX – Security

BingX implements end-to-end SSL encryption. It also stores a portion of digital assets in cold storage wallets that require multiple signatures to access. BingX also maintains an insurance fund in case of theft.

Additionally, BingX offers Two-Factor Authentication (2FA) where users can create a fund code and a separate password to be used when depositing, trading, or withdrawing from account funds.  It has also partnered with blockchain security firm SlowMist, which also audits its wallet services. BingX also offers a bug bounty program, where users providing information on system vulnerabilities are rewarded.

BingX – Customer Support

BingX provides a Help Centre which serves as a hub for educational resources.  It has extensive support documentation that can easily provide novices with basic and advanced level trading knowledge. Manuals are also present on how to use the platform and troubleshoot problems.

Users facing technical issues or having queries can get in touch with the support team via email tickets and the 24/7 chat feature. The team is known to reply within 10 minutes and provide concise and accurate solutions to users.

BingX – Official Mobile App

BingX offers apps for both Android and iOS mobile devices where users can place trades, withdraw funds and sign up for copy trading.  It is the perfect solution for users who prefer trading “on the go”. While there have been complaints about technical issues with the app, the overall app has received overwhelmingly positive reviews.

Final Verdict

BingX provides all the features required to be one of the best platforms of its type. Its unique copy trading feature as well as its instant swapping features are standouts. It also offers derivatives trading of indices, commodities, and forex pairs. Security-wise, BingX has put all the contemporary security protocols in place to make it a safe space for client funds.