Fees, Security, Pros & Cons

Thinking about buying Bitcoin or other cryptocurrencies? You’ll need a safe and easy platform to trade them, and that’s where crypto exchanges come in. In this guide, we’ll give you a BingX review, a popular crypto exchange that’s been around since 2018. We’ll break down what BingX offers, how it works, and if it’s a good fit for you, especially if you’re new to the crypto world.

Key Takeaways:

1. BingX is a popular crypto copy trading platform that offers a variety of trading features, such as spot trading, futures contracts, and grid trading bots, plus other financial markets like stocks and forex.
2. With operations in 100+ regions and compliance with regulatory standards in places like the European Union and Australia, BingX ensures a secure and legally compliant trading experience.
3. It is designed to be accessible and easy to use, with features like demo trading and a clean interface, plus support for over 750 coins and tokens.

BingX Review At a Glance

Features	BingX
Founded	2018
Headquarters	Singapore
Founders	Josh Lu
Best For	Crypto Copy Trading
Trading Features	Spot, futures, copy, grid trading bots, staking, and P2P market
Supported Coins	750+ tokens and 830 trading pairs
Trading Fees	0.1% maker/taker for spot 0.02% maker and 0.05% taker for futures
Maximum Leverage	125x
Licenses	Europe and Australia
Security	2FA, anti-phishing code, PoR data, insurance fund, SSL
Customer service	Email, help center, and live chat
Mobile App	Android and iOS

What is BingX Exchange?

BingX is a cryptocurrency exchange that began in 2018. This platform is known for offering various trading services to over 10 million traders around the world. Here, you can engage in spot trading, derivatives trading, copy trading, and grid trading, making it suitable for both new and experienced traders.

The exchange operates globally, with branches in Asia, Oceania, Europe, and South America. It is registered and regulated in several countries, including the European Union and Australia, ensuring compliance with local financial regulations. This global reach and regulatory compliance make BingX a reliable platform for trading cryptocurrencies.

The platform emphasizes security and transparency. They have a 100% Proof of Reserves, verified by global auditing firms like Mazars, ensuring that all user assets are fully backed and secure. Additionally, BingX has passed security audits by CertiK, a leading security-focused ranking platform.

BingX supports trading for over 750 cryptocurrencies, enabling you to buy and sell these assets quickly and efficiently. If you’re interested in derivatives, BingX offers both perpetual futures and standard futures trading with up to 125x leverage. 

BingX has received recognition in the industry, winning awards such as the “TradingView Best Crypto Exchange” in 2021 and 2022, and being named the “Fastest Growing Social Trading Platform by Global Brands Magazine in 2022”. The platform is also highly ranked by CoinGecko and CoinMarketCap for its trustworthiness and user-friendly interface.

Pros of BingX

• A clean and intuitive interface, making it easy for beginners to trade crypto
• The diverse selection of 750+ cryptocurrencies allows for portfolio diversification
• Competitive fees for new users and low trading fees for large-volume traders
• Advanced trading features like derivative market, copy trading, and automated trading bots
• Easy to use BingX app for Android and iOS devices

Cons of BingX

• Margin trading is not available compared to other exchanges like OKX
• Limited payment methods for fiat currency deposits and withdrawals
• Not available in the United States

Key Features of BingX Exchange Explained

Spot and Futures Trading

BingX’s spot market supports over 750 cryptocurrencies, allowing you to directly buy and sell digital assets at the current market price. This is perfect if you want to acquire crypto for immediate holding.

Spot trading on BingX offers two conveniences:

• Quick Buy and Sell: Execute trades swiftly at the prevailing market price. You can also perform this part with fiat currencies.
• Zero-fee Crypto Conversion: Instantly convert between 100+ cryptocurrencies without incurring any fees. This is a great way to diversify your crypto portfolio without worrying about additional charges.

BingX provides two types of futures trading: Traditional Futures and Perpetual Futures

1. Traditional Futures: These contracts have a set expiry date. You agree to buy or sell a specific crypto asset at a predetermined price on that date.
2. Perpetual Futures (USDT-M and Coin-M): Unlike traditional futures, perpetual contracts have no expiry. You can hold them indefinitely and leverage them for potentially amplified returns. BingX offers perpetual futures with two margin modes: USDT-margined (USDT-M) and Coin-margined (Coin-M). USDT-M uses Tether (USDT) as the collateral, while Coin-M uses the specific cryptocurrency of the contract (e.g., BTC-M for Bitcoin futures).

BingX also offers high leverage, reaching a maximum of 125x. Leverage allows you to control a larger position with a smaller amount of capital.

BingX offers two margin modes for managing your trades:

1. Cross Margin: This mode utilizes your entire account balance as collateral for all open positions. While it allows for potentially bigger profits, a loss in one position can lead to a margin call and liquidation of your entire portfolio across all open positions.
2. Isolated Margin: Here, you allocate a specific amount of margin for each individual position. This limits the risk associated with a single trade and prevents a domino effect of liquidations across your holdings.

BingX Order Types

While BingX offers standard market orders (buying/selling at the best available price) and limit orders (buying/selling at a predetermined price), they also provide advanced order types for more strategic trading:

• Take Profit (TP)/Stop Loss (SL): These automated orders help you lock in profits or minimize losses. A TP order automatically sells your position when it reaches a specific profit target, while an SL order automatically sells your position to limit potential losses if the price falls below a set point.
• Trailing Stop: It automatically adjusts your stop-loss price as the market moves favorably. For example, with a trailing stop set at 5% below the current market price, if the price increases by 2%, your stop-loss price will also rise by 2% to lock in profits.
• Post-Only Orders: These orders only get fulfilled if they add liquidity to the order book. This can be useful for ensuring your order doesn’t accidentally take away liquidity from the market and result in extreme price slippage.
• Trigger Orders: These orders execute when the market price reaches a specified trigger price (set by you). This is useful for entering trades at specific market conditions.

BingX Copy Trading

BingX offers a copy trading platform that lets you replicate the trades of experienced traders automatically. This service is available for both futures and spot markets. The platform supports over 17,000 professional elite traders and has executed 600 million copy trading orders so far.

Copy trading on BingX is simple. You select an elite trader whose trades you want to copy. Once selected, any trades the elite trader makes are automatically replicated in your account. BingX includes several features to enhance your copy trading experience. One feature is “copy by position”, which ensures you cannot allocate more than a trader’s percentage of their portfolio to a trade, effectively managing risk. It also provides detailed statistics about traders, including their earnings, number of open positions, and risk ratings, helping you make proper decisions about whom to follow.

Copy trading on BingX isn’t just about following trades. The platform fosters a community where you can learn and collaborate. It offers incentives such as zero subscription fees and referral bonuses, rewarding you for recommending high-quality traders. It also has an “Elite Copy Traders Program” that offers higher commissions and monthly salaries to top-performing traders.

BingX Wealth

BingX Wealth is a feature offered by the BingX crypto exchange that allows you to earn passive income on your crypto holdings. It’s designed to be user-friendly and caters to different investment styles, whether you prioritize safety or aim for growth.

BingX Wealth includes two main components: Simple Earn and Shark Fin. Simple Earn is a sub-feature that provides two options for earning on your crypto: Fixed Earn and Flexible Earn.

1. With Fixed-Term savings, you can choose between 7-day and 90-day durations, offering predictable returns with competitive Annual Percentage Yields (APYs). Typically, the longer the maturity period, the higher the interest rate you can earn. For example, you can earn up to 2% APR on BTC with a 90-day lockup period.
2. Flexible Earn offers more flexibility for your investments. You can subscribe and redeem your crypto holdings at any time. While the interest rates on Flexible Earn might be slightly lower compared to Fixed Earn, it gives you the freedom to access your crypto whenever you need it. For example, BingX offers up to 10% APY on USDT with flexible terms.

Shark Fin is another structured product designed to offer higher returns based on accurate market predictions. It allows you to earn yields based on your predictions of the price movements of BTC (Bitcoin) or ETH (Ethereum). 

If you anticipate a market rise, you can choose a Bullish Shark Fin, which optimizes yields when the market increases. Conversely, if you predict a market decline, you can opt for a Bearish Shark Fin, which provides higher returns if the market remains within preset limits.

Automated Grid trading

BingX Grid Trading automates your cryptocurrency trading strategy, letting you buy low and sell high without constantly watching the market. They offer three main Grid Trading options: Spot Grid, Futures Grid, and Spot Infinity Grid.

1. Spot Grid: This is a great option for beginners. Imagine you set a price range of $10k to $20k for Bitcoin (BTC) with a total investment of $100. BingX will automatically divide your $100 into smaller buy orders throughout that price range. So, if the price of Bitcoin drops to $15k, BingX will automatically buy some BTC. Then, if the price rebounds to $18k, BingX will sell some of that BTC for a profit. This captures small price movements and aims to profit from market volatility.
2. Futures Grid: The Futures Grid is similar to the Spot Grid but is used for futures trading with leverage.
3. Spot Infinity Grid: This advanced option is designed for extended periods of sideways market movement. Let’s say, you set up a Spot Infinity Grid for a cryptocurrency like LTC. The grid continues to buy more Litecoin if the price drops and sells portions if the price rises, without any upper or lower limit. This helps accumulate more Litecoin over time while also profiting from price swings.

BingX Supported Cryptocurrencies and Trading Pairs

BingX offers a huge selection of different cryptocurrencies, over 750, to trade, along with 830+ different trading pairs. This means you can trade popular coins like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), as well as many other low-cap altcoins and newly listed projects. 

To make things even more convenient, BingX uses stablecoins like USDT, USDC, and DAI in a lot of their trading pairs. It also supports a comprehensive range of cryptocurrencies in different crypto sectors, including those associated with:

• Metaverse
• Non-Fungible Tokens (NFTs)
• DeFi
• Play-to-Earn (GameFi)
• Smart Contracts
• Layer 1 and Layer 2 blockchain solutions
• RWAs

And more.

BingX Security Measures: Is It Safe & Legit?

BingX understands that the security of your cryptocurrency is a top priority. That’s why they’ve implemented a robust set of features to keep your assets and data safe. Here’s a breakdown of these features:

• Two-Factor Authentication (2FA): Think of 2FA as an extra lock on your account door. Even if someone guesses your password, they’ll also need a special code from your phone to get in. You can either use Google Authenticator or an SMS code. This code changes all the time, making it super tough for hackers to crack. 2FA is a must-have for keeping your account secure.
• Proof of Reserves (PoR): This transparency ensures that the exchange holds sufficient reserves and is financially stable. Your asset holdings have been verified by authoritative auditors like Mazars. You can check the Merkle Tree, which the exchange publishes on the 1st and 15th of each month.
• Fund Password: It’s different from your login password and is required whenever you want to withdraw or move your crypto. Even if someone hacks your account, they won’t be able to touch your funds without this special password.
• Whitelist Your Withdrawal Addresses: You can only withdraw funds to addresses on this list, preventing unauthorized withdrawals and keeping your crypto secure.
• Anti-Phishing Code: BingX gives you a personal anti-phishing code that appears in all their real emails. This code helps you tell the difference between real emails from BingX and fake ones from phishers.
• Encrypted Connections: It uses SSL encryption, a technical way of saying they scramble the information you send between your browser and their servers.

BingX Regulatory Compliance (Licenses)

BingX holds several licenses and regulatory approvals to ensure compliance with financial and legal standards. Here are the key licenses:

1. Registered with AUSTRAC, the Australian government agency responsible for preventing money laundering and terrorism financing
2. It is registered as a Money Services Business (MSB) with FinCEN, a bureau of the U.S. Department of the Treasury.
3. BingX is registered with FINTRAC, Canada’s financial intelligence unit responsible for monitoring financial transactions
4. A license from the FCIS, the regulatory body in Lithuania that oversees financial transactions to combat money laundering and financial crimes.

BingX Fees and Charges Review

BingX Spot Trading Fees

BingX uses a maker-taker fee model for spot trading. Makers are users who add liquidity to the order book by placing limit orders. Takers are users who remove liquidity from the order book by fulfilling existing orders. BingX rewards makers with a slight discount compared to takers.

For most major cryptocurrency pairs, like BTC/USDT and ETH/USDT, BingX charges a 0.1% fee for both makers and takers. This means for every $100 trade, you’d pay a $0.10 fee. However, The fees might vary slightly for specific pairs due to different liquidity levels and trading volumes.

BingX Futures Trading Fees

As discussed above, BingX offers two types of futures trading: Perpetual Futures and Standard Futures. The fee structure differs for each type:

Perpetual Futures Trading Fees

• Maker Fee: 0.02%
• Taker Fee: 0.05%

Standard Futures Fees is 0.045%

These fees apply when closing a position in standard futures trades. Perpetual futures fees are charged for both opening and closing positions.

BingX Deposit & Withdrawal Fees

The good news is that BingX doesn’t charge any deposit fees. You can transfer your crypto to your BingX account without any deductions. However, there might be a minimum deposit requirement depending on the cryptocurrency. Make sure to check before transferring to avoid delays.

BingX charges a flat fee for each withdrawal, which varies depending on the specific cryptocurrency. This fee covers the cost of processing the transaction on the blockchain network. Since network conditions can change, withdrawal fees can fluctuate.

Here are the current BingX withdrawal fees (at the time of writing):

• Bitcoin (BTC network): 0.000296 BTC
• Ethereum (ERC20): 0.0029 ETH
• USDT (TRC20): 1 USDT
• BNB (BEP20): 0.005 BNB

You can check the full BingX fee structure here.

BingX VIP Trading Fees Discount

The BingX platform offers a VIP program that provides discounted fees based on the user’s trading volume and other criteria. The discounts apply to both spot and futures fees.

VIP Level	30-Day Spot Trading Volume (USDT)	Maker Fee (Spot)	Taker Fee (Spot)	30-Day Futurest Volume (USDT)	Maker Fee (Perpetual Futures)	Taker Fee (Perpetual Futures)
VIP 1	≥ 1,000,000	0.035%	0.06%	≥ 10,000,000	0.014%	0.04%
VIP 2	≥ 2,000,000	0.02%	0.05%	≥ 20,000,000	0.012%	0.0375%
VIP 3	≥ 4,000,000	0.015%	0.045%	≥ 50,000,000	0.01%	0.035%
VIP 4	≥ 6,000,000	0.0125%	0.0375%	≥ 100,000,000	0.008%	0.0315%
VIP 5	≥ 8,000,000	0.01%	0.0325%	≥ 200,000,000	0.006%	0.03%

BingX also offers a Supreme VIP level designed for traders with extremely high trading volumes. For futures contract traders, you must have over 600 million in volume, which results in a 0% maker fee and 0.028% taker fee.

BingX Account Setup and Verification: How to Get Started?

Step 1: Creating a BingX Account

Navigate to the BingX website and head over to the top-right corner of the homepage. You’ll find a button labeled “Sign Up” – click on it to begin the registration process. 

BingX offers multiple sign-up options: email, phone number, or even your Google account. For this walkthrough, we’ll proceed with email registration. Enter your email address and create a strong password that’s at least 8 characters long, combining both letters and numbers for better security. You can also enter a referral code to get some extra sign up bonuses.

Once you’ve filled in your details, click “Sign Up”. As a security measure, you’ll be presented with a simple puzzle to solve. After completing the puzzle, a six-digit verification code will be sent to your email address. Enter this code on the website to finalize your registration.

Step 2: Verifying Identity on BingX

After creating your BingX account, it’s important to solidify your identity for both security reasons and to adhere to financial regulations. 

On your BingX dashboard, locate the “Identity Verification” section, typically found within your account settings. Here, you’ll need to provide some personal details like your full name, date of birth, and current address. 

Additionally, BingX will require a scan of a government-issued ID, such as a passport or driver’s license, for verification purposes. You’ll also need to take a selfie to complete the process. Be sure to follow the on-screen instructions diligently. While the verification process might take a brief period to finalize, BingX will notify you as soon as it’s complete.

Step 3: Depositing Funds on BingX

After successfully verifying your identity, you’re now empowered to deposit funds into your BingX account. Head over to the “Deposits” button in the “Assets” section on your dashboard, where you’ll be presented with a variety of deposit options encompassing both cryptocurrencies and fiat currencies. 

If your preference leans towards depositing cryptocurrency, simply choose the specific coin you want to transfer. BingX will then provide a unique deposit address specifically for your account. This address acts as the destination for your crypto funds; carefully transfer them from your external wallet to this BingX address to complete the deposit process.

For those looking to deposit fiat currencies, BingX offers two primary methods: P2P trading and bank transfers.

• On the main dashboard, locate the “Buy Crypto” option nestled within the top menu. Click on it and from the dropdown menu, select “P2P Trading”.
• The P2P trading page will present you with a list of available crypto and fiat currencies. Select the specific fiat currency you intend to deposit, followed by your preferred payment method. This could include bank transfer, PayPal, or even local payment methods supported in your region.
• Browse through the list of available sellers. Each seller will have their own set of terms, including minimum and maximum trade limits along with their accepted payment methods. Choose a seller that aligns with your needs and click on “Buy”.
• Once you’ve chosen a seller, enter the amount of fiat currency you want to spend or the amount of cryptocurrency you desire to purchase. Double-check all the details before confirming with a click of “Buy Now”.
• Following the seller’s instructions, finalize the payment using your chosen method. Ensure the transfer is completed within the allotted timeframe to avoid cancellation. Once the payment is complete on your end, click on “Transferred, Notify Seller” to inform them.

For depositing through fiat currencies, select “Bank Transfer” as your preferred deposit method. BingX or its partner (Legend Trading) will then provide you with their bank details for the transfer. 

Specify the amount of fiat currency you want to deposit, ensuring it falls within the minimum and maximum deposit limits set by the exchange. With the details confirmed, utilize the provided bank details to initiate the transfer of funds from your bank account to BingX.

Step 4: Start Trading Crypto

Head over to the “Markets” section on the main menu. This is where you’ll find a comprehensive list of cryptocurrencies available for trading, with popular choices like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) typically gracing the top of the list for easy access.

To initiate a trade, simply click on the specific cryptocurrency that piques your interest. This will whisk you away to a dedicated trading page featuring a live chart that visually depicts the price fluctuations of your chosen coin. 

Now, look towards the right side of your screen where you’ll be presented with clear options to buy or sell. For beginners, a market order is the recommended approach, as it executes your trade at the current market price. Alternatively, you can opt for a limit order. Simply enter the amount you wish to trade and click the corresponding “Buy” button to set your trade in motion.

Once your order is placed, you can monitor your holdings with ease. Navigate to the “My Assets” section, where you’ll find a consolidated view of all your cryptocurrency holdings along with their current value.

BingX Customer Support and User Reviews

BingX offers a few different ways to get help with your account or trading questions:

• Help Center: This is a great first stop for many users. BingX has a website with a help center that includes FAQs, guides, and articles on a variety of topics. You can search through their library to see if your question has already been answered.
• Email: If you can’t find what you’re looking for in the Help Center, you can always send BingX an email at [email protected]. Their email support team is available 24/7.
• Live Chat: BingX also has live chat support if you need help right away. You can chat with a customer service representative through a window on their website.

BingX customer reviews seem a bit of a mixed bag with positive and negative ratings. Some users online say they’ve had great experiences and found BingX user-friendly and efficient. Others have reported facing trouble reaching support or getting their issues resolved.

Looking at user ratings of 2.3/5 on TrustPilot, BingX gets generally positive marks for its easy-to-use interface and educational resources, but some users mention limited features compared to other crypto trading platforms and a desire for more payment methods.

BingX Competitor Comparison

Features	BingX	Bitget	KuCoin
Best For	Copy Trading	Copy Trading and DeFi Services	Derivatives Trading
Tradable Assets	750+	800+	700+
Trading Fees	0.1% maker/taker	0.1% maker/ taker	0.1% maker/taker
Derivatives Trading	Yes	Yes	Yes
Maximum Leverage	125x	125x on BTC and 100x on altcoins	125x
Copy Trading	Yes	Yes	–
P2P Trading	Yes	Yes	Yes
Earn Services	Simple Earn and shark fin	Fixed/flexible savings, BGB staking, structured products like dual investment, shark fin, and range sniper	KCS staking, fixed and flexible savings, snowball, crypto lending
DeFi Wallet	–	Yes	–
Launchpad	–	Yes	Yes (Spotlight)
Security	Very High	Very High	High

For detailed information, you can also read our full Bitget exchange review and KuCoin review.

Final Thoughts

Our BingX review highlights that it is a good fit for both new and experienced crypto traders because it’s safe and easy to use. They have many different ways to trade crypto, like buying and selling coins (spot trading), making bets on future prices (futures), copying what other traders do (copy trading), and setting up automatic trades (grid trading). 

Plus, BingX keeps your funds safe with things like 2FA and proof of reserves. They also follow the rules set by governments in many areas. But BingX might not be perfect for everyone. There could be fewer ways to deposit fiat currencies in your country or it might not be available where you live like the United States. It also does not offer margin trading and lending services.

BingX Exchange Review: FAQs

Can I trade in BingX without KYC verification?

Yes, you can trade on BingX without completing the full KYC (Know Your Customer) verification process. However, it’s important to note that your account will have some limitations without completing KYC like $50,000 daily withdrawal limits and no fiat deposits through P2P trading. You can increase your withdrawal limits to 5,000,000 USDT by completing identity verification.

Is BingX a good exchange?

BingX is considered a reliable and user-friendly cryptocurrency exchange, making it a good choice for many traders. It offers a wide range of trading options, including spot trading, futures trading, copy trading, and grid trading, catering to both beginners and experienced traders. 

The platform is known for its competitive fees, a vast selection of over 750 cryptocurrencies, and robust security measures. However, it’s important to weigh the pros and cons based on your specific needs, as some users might find limitations in payment methods or availability in certain regions.

Which country made the BingX Exchange?

BingX was founded in Singapore in 2018. Since then, it has expanded its operations globally, with branches in various regions including Asia, Oceania, Europe, and South America.

Is BingX trusted?

Yes, BingX is trusted by over 10 million traders around the world. The exchange prioritizes security and transparency, implementing measures such as 100% Proof of Reserves and undergoing regular audits by reputable firms like Mazars and CertiK. 

It also employs two-factor authentication (2FA), encrypted connections, and withdrawal whitelist features to enhance user security. Its regulatory compliance in multiple jurisdictions including the EU and Australia further supports its credibility as a trustworthy platform for cryptocurrency trading.

Does BingX support demo trading?

Yes, BingX offers a demo trading feature for the crypto derivatives market only. This allows users to practice trading without risking real money, making it an excellent tool for beginners to learn trading or for experienced traders to test new strategies.