BingX Futures Trading Tutorial: Comprehensive Guide

BingX is a global cryptocurrency exchange known for its strong reputation and over 5 million users. It excels in futures trading with high liquidity, low fees, and features like copy trading and grid bots.

Designed for both beginners and experienced traders, BingX offers an intuitive interface. You can easily select trading pairs like BTC/USDT and choose margin modes such as “Isolated” or “Cross Margin.”

The platform provides comprehensive tutorials to help you understand futures trading, and its leverage options allow you to hedge risks or amplify gains. BingX continuously updates its tools, making it a top choice for traders.

Dive into BingX futures trading and explore this exciting platform’s numerous opportunities.

How to Trade on BingX: BingX Futures Trading Strategy & Basics

Having a well-defined futures trading strategy is essential for success and risk management. A plan provides a roadmap for your trades and helps you stay disciplined.

Here are some common futures trading strategies:

• Trend Following: This involves trading in the direction of the price trend.
• Scalping: Aim for small profits on many trades, holding positions for a short duration.
• Hedging: Protects against potential losses in other investments.
• Index Price and Fair Price: Uses the index and fair prices to make informed trading decisions.
• Funding Rate: Utilizes the funding rate to determine the cost of holding a position.

To apply a futures trading strategy on BingX, follow these steps:

1. Select a Trading Pair: Choose a trading pair such as BTC/USDT.
2. Choose the Margin Mode: Opt for “Isolated Margin” or “Cross Margin” based on your risk preference.
3. Set Leverage: Adjust leverage according to your strategy and risk appetite.
4. Enter Trade Details: Specify entry and exit points based on your strategy.
5. Use the BingX Order Calculator: Calculate potential profits and losses before placing trades.

 

How to Create BingX Account ?

To create a free account on BingX, follow these straightforward steps:

Via Website

1. Visit the BingX website.
2. Click on “Sign Up” at the top right corner.
3. Enter your email address or mobile number.
4. Create a strong password.
5. Agree to the terms and conditions.
6. Click “Sign Up” to complete the process.

Via App

1. Download the BingX app from the App Store or Google Play.
2. Open the app and tap on “Sign Up”.
3. Provide your email or phone number.
4. Set a secure password.
5. Accept the terms and conditions.
6. Tap “Sign Up” to finish.

Verification Process

• Check your email or SMS for a verification code.
• Enter the code in the provided field to verify your account.
• Complete KYC (Know Your Customer) if required by uploading documents like your ID.

Security Measures

• Enable Two-Factor Authentication (2FA) via Google Authenticator or SMS to enhance security.
• Set up withdrawal allowlists to restrict withdrawals.

Referral Program

• Invite friends using your referral link. You can find this in your account settings.
• Earn bonuses for each new user who registers and meets the trading requirements through your referral.

Creating an account on BingX is quick and secure, paving the way for a smooth trading experience. Also, you can use the BingX referral code to get a sign-up bonus. 

 

How to Deposit and Withdraw Funds on BingX

Depositing and withdrawing funds on BingX is straightforward and user-friendly. Here’s a step-by-step guide to get you started:

Depositing Funds

1. Log In: Access your BingX account.
2. Navigate to “Deposit”: Tap on the “Deposit” button.
3. Select Currency: Choose the cryptocurrency or fiat currency you want to deposit.
4. Payment Method: Choose from supported payment methods like bank transfers, credit/debit cards, or crypto wallets.
5. Amount: Enter the amount you wish to deposit.
6. Confirm: Follow the on-screen instructions to complete the transaction.

Processing time for deposits varies by payment method. Crypto transactions are usually quick, while fiat deposits might take a few days. There might be minimal fees, particularly for fiat deposits.

Withdrawing Funds

1. Log In: Access your BingX account.
2. Navigate to “Withdraw”: Tap on the “Withdraw” button.
3. Select Currency: Choose the cryptocurrency or fiat currency you wish to withdraw.
4. Payment Method: Specify the details of your receiving wallet or bank account.
5. Amount: Enter the amount you want to withdraw.
6. Confirm: Follow the on-screen instructions to initiate the withdrawal.

Withdrawal processing times can vary. Crypto withdrawals are generally swift, while fiat withdrawals can take up to a few days. Fees depend on the type of currency and method used.

Limits and Fees

• Minimum Limits: Minimum limits vary by currency and payment method.
• Maximum Limits: Set by your account tier and verification level.
• Fees: Expect cryptocurrency network fees and possible fiat handling fees.

Ensure you’re aware of these details to ensure smooth transactions on BingX.

 

How to Transfer Funds to the Futures Wallet

On BingX, you manage two leading wallets: the Spot and Futures Wallets.

Your spot wallet holds funds for regular trading activities, such as buying and selling cryptocurrencies directly.

On the other hand, the futures wallet is designated for trading futures contracts, which involve agreements to buy or sell assets at a future date.

To transfer funds from your spot wallet to your futures wallet, follow these steps:

1. Log in to your BingX account.
2. Navigate to the “Wallet” section.
3. Locate and click on the “Transfer” option.

A transfer pop-up will appear, allowing you to choose the account to transfer from (Spot Wallet) and send to (Futures Wallet).

Supported Currencies and Amounts

BingX supports various cryptocurrencies for transfers. You can select from currencies like BTC, ETH, USDT, etc.

The minimum and maximum amounts for transfers can vary based on the currency. Always check the specific requirements on the transfer page for accurate information.

Quick Transfer Option

For a faster experience, you can use the “All” button in the transfer pop-up to move your balance from the spot wallet to the futures wallet in a single click.

This process ensures that you have the necessary funds in your futures wallet to engage in futures trading quickly and efficiently.

 

How to Choose Between Standard and Perpetual Futures

Standard futures contracts have set expiration dates.

You agree to buy or sell an asset at a specific price on a future date. This can be useful for traders with a straightforward time horizon and want to hedge against price movements.

Advantages of Standard Futures:

• Defined time frame
• Useful for hedging
• Predictable contract duration

Disadvantages of Standard Futures:

• Limited flexibility
• Potential for missed opportunities if the market moves unfavorably before expiration

Perpetual futures contracts do not have an expiration date. These contracts are settled daily and resemble crypto spot trading. They require funding rates to balance long and short positions, making them flexible for continuous trading.

Advantages of Perpetual Futures:

• No expiration date
• Continuous trading opportunities
• Flexible position management

Disadvantages of Perpetual Futures:

• Daily funding rates
• Potentially higher fees over time
• Risk of positions being liquidated if funding rates are unfavorable

Some common examples of standard futures contracts on BingX include:

• BTC/USDT expiring in 3 months
• ETH/USDT expiring at the end of the quarter

Examples of perpetual futures contracts on BingX are:

• BTC/USDT (Perpetual)
• ETH/USDT (Perpetual)

Choosing between standard and perpetual futures depends on your trading strategy.

Standard futures may suit your needs if you prefer clear timelines and specific goals. If you seek flexibility and continuous trading options, perpetual futures could be the better choice.

 

Understanding the Futures Trading Interface

The BingX futures trading interface provides a comprehensive setup to manage your trades effectively.

• Chart

The chart displays real-time price movements of cryptocurrencies. You can analyze price trends, patterns, and indicators. Customization options allow you to choose various time frames, overlay multiple indicators, and switch between different types of charts, such as candlestick or line charts.

• Order Book

The order book lists buy and sell orders in real-time. On one side, you see the buy orders (also known as bids); on the other, the sell orders (asks). This helps you understand the market depth and liquidity for a particular cryptocurrency.

• Order Panel

The order panel is where you place trades. You can choose between various order types such as market, limit, and stop orders. This panel also displays essential information like your available balance and margin requirements.

• Position Panel

The position panel shows all your active trades. Information provided includes entry price, unrealized profit/loss, and margin used. This helps you monitor your open positions and decide whether to hold or exit.

• Customization Options

BingX allows customization options to personalize your trading experience. You can rearrange panels, set alerts for specific price levels, and choose which data to display.

• Trading Tools

BingX offers a variety of tools to assist in trading. These include leverage settings, risk management tools such as stop-loss and take-profit, and analysis tools for better decision-making.

This intuitive interface and user-friendly customization options make BingX a compelling platform for novice and experienced traders.

 

How to Place and Manage Orders on BingX Futures

Order Types

• Market Orders: A market order involves buying or selling immediately at the current market price. It’s quick and ensures your order is filled and suitable for urgent trades.
• Limit Orders: A limit order sets a specified price you want to buy or sell. Your order will only execute if the market reaches this price, giving you control over transaction pricing.
• Trigger Orders: A trigger order activates a market or limit order when the market hits a specific trigger price. This is useful for setting stop-loss or taking-profit strategies.
• Placing Orders

Follow these steps to place an order:

1. Login to Your BingX Account
2. Navigate to the Futures Section
3. Select Your Trading Pair
4. Choose Your Order Type (Market, Limit, Trigger)
5. Enter Quantity and Price (for Limit and Trigger Orders)
6. Confirm Your Order

Leverage and Margin

BingX offers leverage options, allowing you to control a more prominent position with a smaller initial margin. For example, with 10x leverage, a $100 deposit lets you trade $1,000 worth of assets. Ensure you understand the increased risk as leverage amplifies potential gains and losses.

Managing and Closing Positions

To manage and close positions:

1. Go to the ‘Positions’ Tab
2. View Your Open Positions
3. Select the Position You Wish to Close
4. Click on ‘Close’ and Confirm

You can also set Take Profit and Stop Loss levels to automate your exit strategy.

Read More: What Is Crypto Options Trading?

Funding Rate and Settlement Mechanism

The funding rate balances the futures market. If the rate is positive, long positions pay short, and vice versa. This mechanism aligns the futures price with the spot price. Positions are settled periodically to ensure this equilibrium is maintained.

 

How to Use the BingX Order Calculator

The BingX order calculator is a valuable tool for futures trading. This tool helps you calculate potential profits, losses, and required margins before placing an order.

First, navigate to the BingX trading interface. The order calculator can be found under the “Tools” or “Calculator” section.

Using the Order Calculator

1. Select a Trading Pair: Choose the futures contract you plan to trade (e.g., BTC/USDT).
2. Input Details:
   • Entry Price: The price at which you plan to enter the position.
   • Exit Price: The anticipated price at which you will exit the position.
   • Quantity: The number of contracts you intend to trade.
   • Leverage: Set the leverage you wish to use.
3. Select Position Type: Choose either a long (buy) or short (sell) position.

Parameters and Results

The calculator will display several essential metrics:

• Estimated Profit/Loss: This shows potential gains or losses based on your input.
• Required Margin: The amount of collateral needed to open the position.
• Liquidation Price: The price at which your position would be automatically closed to prevent further loss.

Examples

• Scenario 1: You plan to open a long position on BTC/USDT with an entry price of $30,000, an exit price of $35,000, and a leverage of 10x for 2 BTC. The calculator shows the potential profit and the required margin.
• Scenario 2: You intend to open a short position on ETH/USDT with an entry price of $2,000, an exit price of $1,500, and a leverage of 5x for 10 ETH. The results from the calculator will give you the expected profit/loss and margin requirements.

 

How to Use the BingX Copy Trading Feature Tutorial?

The BingX copy trading feature allows you to follow and replicate the trades of experienced traders. This tool simplifies trading by enabling you to mirror the strategies of seasoned professionals.

To access this feature, start by logging into your BingX account. Whether you use the app or the web version, navigate to the homepage and select the “Copy Trading” tab. This will direct you to the copy trading dashboard.

In the dashboard, you will find a list of top-ranking traders. You can filter these by their profits, number of copiers, and cumulative profit and loss (PnL) from their past trades.

Steps to Use BingX Copy Trading:

1. Select a Trader: Browse through the list and choose a trader whose strategies align with your goals.
2. Review Performance: Check the trader’s ROI, the number of current copiers, and their risk level.
3. Set Trade Parameters: Decide the amount you wish to allocate for copy trading. Adjust other settings like stop loss and take profit limits.

Example Strategies:

• Low-Risk Strategy: Opt for a trader with a low-risk level and steady, consistent gains.
• High-Risk Strategy: Select a trader with higher risk but higher potential returns, suitable for aggressive growth goals.

The copy trading settings are customizable to your preferences. You can set specific parameters, such as the amount to allocate per trade.

This ensures you maintain control over your investment while leveraging the expertise of professional traders.

By using BingX copy trading, you harness the knowledge and strategies of experienced traders, potentially increasing your chances for profitable trades.

 

How to Use the BingX Futures Grid Bot

The BingX Futures Grid Bot is an intelligent feature designed to help automate your futures trading. It allows for systematic buying and selling within preset price intervals to maximize potential profits.

To start, log in to your BingX account. Navigate to the Trading Bot section and select Futures Grid Bot.

Setting Up Your Futures Grid Bot:

1. Choose Your Trading Pair: Select the cryptocurrency pair you wish to trade.
2. Set Price Range: Define your grid’s lower and upper price limits.
3. Grid Number: Choose the number of grids, which determines how many orders will be placed within your chosen range.
4. Investment Amount: Decide how much capital you want to allocate for this strategy.

Example Strategies:

• Volatile Markets: In a highly volatile market, setting a wide price range with more grids can capture frequent price movements.
• Stable Markets: A narrower range with fewer grids may be more effective for more stable markets.

Performance Metrics:

• Profit/Loss: Monitor your bot’s real-time profit or loss.
• Orders: Keep track of your bot’s executed buy and sell orders.

The BingX Futures Grid Bot can streamline your trading experience and allow consistent strategies without manual intervention. This can be particularly useful for traders looking to leverage market fluctuations effectively.

 

Frequently Asked Questions

This section covers essential information on beginning trading futures on BingX, the steps involved, and the associated fees.

How can beginners start trading with BingX futures?

Beginners should first create an account on the BingX platform. Verification of identity is required for full access to trading features. Once verified, users should familiarize themselves with the platform’s tools and resources using the demo account provided for practice.

What are the steps to trade futures on BingX?

To trade futures on BingX, log into your account and navigate to the futures trading section. Select the cryptocurrency pair you wish to trade. Decide on the amount of leverage, set your entry price, and place your desired order (limit, market, etc.). Constantly monitor your trades and use stop-loss orders to manage risk.

What fees does BingX charge for futures trading?

BingX charges fees based on the type of order and leverage used. There are maker and taker fees, which vary depending on the volume of trades. Additionally, overnight funding fees apply to positions held overnight. Detailed fee schedules are available on the BingX website to ensure you understand the costs.

Conclusion

Embarking on your journey with BingX futures trading can be both exciting and rewarding. Its user-friendly interface and comprehensive tutorials can make the process smooth for beginners.

Explore BingX Learn for detailed articles and guides to enhance your trading skills further.

For any issues or support, the BingX Help Center is available to assist you.

Start trading on BingX today and use its robust features and tools.

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