BingX Review 2024 : Pros & Coins, Fees & More

BingX is a reliable and diverse cryptocurrency trading platform supporting over 700 digital assets, including Bitcoin, Ethereum, and Solana.

Founded in 2018, it connects users with expert traders, making it suitable for beginners and experienced traders.

The platform offers a variety of trading options, such as spot trading, copy trading, futures trading, and staking services.

BingX stands out for its proof-of-reserves data, verified by Mazars, ensuring transparency and security. It’s also licensed by multiple regulatory authorities, adding to its trustworthiness.

BingX’s robust mobile app, available on Android and iOS, provides comprehensive functionalities for seamless trading and investment management. With over 3,500 reviews, the Android app holds a 4.4/5 star rating, indicating intense user satisfaction. Plus, you can get welcome bonus using BingX referral code while signing up.

Product Offerings: What Is BingX Exchange All About?

• Spot Trading:

Users can buy and sell crypto in real time to make a profit. Spot trading is accessible via the BingX website or app.

• Copy Trading:

Users can follow and copy the trades of expert traders on the platform. This feature is available for spot and futures markets, allowing you to share and learn strategies within the community.

• Grid Trading Bots:

Users can automate their trading strategies using grid trading bots. These bots place buy and sell orders within a predefined price range, helping you capture market fluctuations and reduce risks.

• Futures Trading:

Users can trade contracts that speculate on the future price of an asset. You can leverage up to 100x on BingX and trade crypto and traditional investments such as stocks and forex.

• Staking Services:

Users can earn passive income by locking up their crypto assets and receiving rewards. Staking services are available for coins, including BTC, ETH, and USDT.

 

BingX Supported Coin List

BingX supports the trading of more than 700 cryptocurrencies. This extensive selection includes popular options such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dogecoin (DOGE).

You will also find emerging and innovative coins on BingX. Some of these include Solana (SOL), Polkadot (DOT), and Cardano (ADA).

These coins are gaining traction in the market due to their unique features and growing user bases.

The platform updates its coin list regularly.

This means new and promising coins are frequently added based on market demand and user feedback. This ensures you have access to the latest and most promising cryptocurrencies.

BingX offers a convenient Convert feature.

With this, you can easily convert between different cryptocurrencies. This adds flexibility to your trading experience, allowing you to manage your portfolio efficiently.

 

BingX Order Types

BingX offers various order types to cater to different trading strategies and needs.

• Market Order- You can execute your trades at the current market price. This order type provides the advantage of speed and certainty.
• Limit Order- You can set a specific price you want to buy or sell. This gives you control and precision over your trades.
• Stop-Limit Order- You can set a trigger price and a limit price. When the trigger price is reached, a limit order is activated. This order type helps with risk management and protection.
• Conditional Order- You can set a condition based on price, volume, or time. Once the condition is met, a market or limit order is activated. This type of order offers flexibility and automation.

 

BingX’s Liquidation Mechanism

BingX uses a liquidation mechanism to maintain the platform’s solvency and stability, particularly in futures trading.

Liquidation is triggered when your margin balance drops below the maintenance margin level, making it impossible to cover potential losses.

BingX will close your positions at the best market price available when liquidation occurs.

The remaining margin balance is deducted from your account. This process ensures you do not face adverse market impacts due to large, abrupt liquidations.

Partial Liquidation System

• Reduce your position size gradually.
• It aims to prevent unnecessary losses.
• Minimizes market impact by not closing the entire position at once.

Auto-Deleveraging System

• Deleverages positions based on user rankings.
• Ranks users by their profit and leverage.
• Only activates during extreme market volatility.
• They are used when the insurance fund is insufficient.

These mechanisms work together to protect your investment while ensuring the stability of the BingX platform.

 

BingX Trading Fees

When engaging in spot trading on BingX, you encounter a flat fee of 0.1% for both makers and takers. This uniform rate ensures a straightforward approach to trading costs.

For futures trading, the platform offers competitive rates.

Makers are charged 0.02%, while takers face a slightly higher fee of 0.05%. These fees are designed to balance liquidity provision and market participation.

BingX provides a tiered fee structure for its users.

This structure rewards higher trading volumes and the holding of BIX tokens, the native token of BingX. As your trading volume increases and you hold more BIX tokens, your fees will be reduced further.

Additionally, fee rebates are available for makers who add liquidity to the market. If you are a maker, you can benefit from these rebates, enhancing your profitability.

BingX also allows users to enjoy discounts on trading fees when payments are made using BIX tokens.

This incentive encourages using and holding the platform’s native token, potentially reducing your trading costs significantly.

These features make BingX an attractive option for traders looking to minimize their expenses while maximizing their benefits.

 

BingX Funding Rates/Fees

BingX employs a funding rate mechanism to balance the supply and demand in the futures market and to align futures prices with spot prices.

Funding rates are periodic payments made between traders holding long and short positions based on the market conditions.

The funding rate is calculated by looking at the premium or discount of the futures price over the spot price and the interest rate difference between the two currencies involved.

This rate is applied every 8 hours at 00:00, 08:00, and 16:00 UTC.

When the futures price is higher than the spot price, the funding rate is positive, meaning long traders pay the short traders. Conversely, if the futures price is lower, short traders pay the long traders.

Funding Rate Checkpoints	UTC Time
Interval	Every 8 hours
Times	00:00, 08:00, 16:00

Important Points:

• Funding rate: Capped 0.75% per 8 hours to avoid excessive charges or rewards.
• The maker fee is 0.0200% for perpetual futures, while the taker fee is 0.0500%.
• Spot trading fees are more straightforward, with a 0.1% maker/taker fee.
• For VIP users, reduced fees go as low as 0.0000% maker and 0.0280% taker.

Additionally, BingX imposes a 0.2% conversion fee when you deposit funds in a currency different from your account’s currency, applicable for currency conversions like Euros to U.S. dollars.

BingX has competitive withdrawal fees, with a Bitcoin withdrawal fee of 0.00025 BTC, below the industry average.

 

BingX Deposit & Withdrawal Fees

BingX provides a straightforward and transparent fee structure for its users.

You won’t incur any fees when depositing cryptocurrencies.

The only charges you face for withdrawals are the network fees, which depend on blockchain network conditions and congestion levels.

BingX also supports fiat transactions through third-party providers like MoonPay and Mercuryo.

These providers may charge fees based on several factors, such as currency, amount, and method. BingX itself doesn’t impose any additional fees for fiat deposits and withdrawals.

Key Points:

• Crypto Deposit Fees: None
• Crypto Withdrawal Fees: Network fees only
• Fiat Deposit & Withdrawal Fees: No BingX fees, but third-party providers may charge

This fee structure ensures transparency and helps you manage your trading costs effectively.

 

BingX Account Types & BingX KYC Tiers & Limits

BingX offers two main account types: Basic and Advanced.

Basic accounts allow you to trade cryptocurrencies without requiring any KYC verification. A Basic account has a daily withdrawal limit of 2 BTC. You can access all trading products except for fiat deposits and withdrawals.

Advanced accounts are for users who want to trade cryptocurrencies and fiat currencies. These accounts require KYC verification. Once verified, you can enjoy a daily withdrawal limit of 100 BTC and access to all trading products, including fiat deposits and withdrawals.

BingX KYC Tiers

BingX employs a three-step KYC verification process to ensure security and compliance:

1. Identity Verification: You’ll need to submit an official ID document.
2. Address Verification: You must provide proof of address, such as a utility bill.
3. Face Verification: A quick facial recognition step completes the process.

The verification process is designed to be fast and can usually be completed within minutes. This ensures you can start trading quickly while maintaining high-security standards.

 

BingX Trading Platform & Tools

BingX offers a user-friendly and powerful trading platform that you can access via the web or the app.

The platform has a customizable interface featuring various widgets and indicators to suit different trading styles and preferences.

You can leverage TradingView Charts for advanced charting tools and technical analysis features. TradingView is the leading provider of financial charts, enhancing your ability to analyze market trends.

BingX Academy provides a range of educational resources to improve your trading knowledge. Topics include crypto basics, trading strategies, and risk management.

Engaging with other traders through the BingX Forum is easy. This social platform allows you to share insights and opinions and learn from experts.

For developers, the BingX API offers robust capabilities. It supports REST and WebSocket protocols, providing endpoints for market data, account management, and order placement.

The API also includes comprehensive documentation and examples, with a dedicated support team ready to assist with any issues or questions.

Here’s a quick overview:

Features:

• Customizable Interface
• TradingView Charts
• BingX Academy: Educational resources and tutorials
• BingX Forum: Social interaction with other traders
• BingX API: Integration of applications and automation of trading strategies

The intuitive design and robust tools make BingX a versatile platform for novice and experienced traders. To learn more, check this BingX tutorial.

 

BingX Insurance Fund

BingX Insurance Fund is designed to protect you from losing more than your margin balance in case of liquidation.

Funded by the liquidation fees and the funding rate fees collected from the futures market, it acts as a safeguard for your investments.

The primary function of the Insurance Fund is to cover the losses of liquidated positions that cannot be closed at the bankruptcy price.

This is the price at which your margin balance becomes zero. This mechanism ensures that your liabilities are limited in turbulent market conditions.

To prevent the reduction of profitable users’ positions during extreme market volatility, the Insurance Fund provides coverage.

This helps avoid the auto-deleveraging process when the insurance fund is insufficient.

Transparency is a strong point for BingX.

The balance and transactions of the Insurance Fund are publicly available on the blockchain. You can audit the fund’s activities and ensure they align with expectations.

This straightforward approach gives you confidence in the security measures BingX employs to safeguard your trading activity. The Insurance Fund is a robust safety net designed to protect your interests and maintain market stability.

 

BingX Deposit Methods

BingX supports various deposit methods for both cryptocurrencies and fiat currencies.

For crypto deposits, you can choose from over 700 supported coins. Please send them to your BingX wallet address or scan the QR code for convenience.

Fiat deposits are available with over 50 supported currencies. You can use third-party payment providers such as MoonPay and Mercuryo to buy crypto with your credit card, debit card, or bank transfer.

Payment Method	Description
Bank Transfer	Deposit fiat currency via bank transfer.
Credit/Debit Card	Use Visa, Mastercard, or Maestro for quick purchases.
MoonPay	Third-party provider to facilitate crypto purchases.
Mercuryo	Another third-party option for seamless crypto purchases.

BingX does not charge any deposit fees, but you should be aware that network or payment provider fees might apply.

The platform also supports instant deposits, allowing you to trade without waiting for blockchain confirmation, provided you have a sufficient balance in your BingX account.

 

BingX Security Features

BingX is committed to providing the highest level of security for its users and their assets.

• Cold Wallet Storage

BingX stores over 95% of its users’ funds in offline cold wallets. These wallets are protected by multiple signatures and layers of encryption, ensuring your assets are safeguarded from online threats.

• Proof-of-Reserves

BingX offers publicly verifiable proof-of-reserve data. You can confirm that BingX has enough assets to cover all its liabilities, providing transparency and trust in the exchange’s financial health.

• Multi-Factor Authentication

To enhance the security of your account, BingX requires two-factor authentication (2FA). This feature adds an extra layer of protection for logging in and withdrawing funds, making it harder for unauthorized users to access your assets.

• Anti-Phishing Code

You can set up a custom anti-phishing code for your emails. This helps you identify legitimate emails from BingX and avoid falling for phishing scams, adding another layer of protection for your account.

• IP Allowlisting

BingX allows you to bind your API keys to specific IP addresses. This prevents unauthorized access to your account via the API, ensuring that only trusted sources can interact with your account.

By implementing these features, BingX ensures your trading environment is as secure as possible.

 

BingX Customer Support

BingX provides 24/7 customer support, ensuring assistance is available whenever needed.

You can reach BingX customer support through various channels:

• Live Chat: Chat directly on the BingX website or app for instant responses.
• Email: Contact support at support@bingx.com, and expect a reply within 24 hours.
• Phone: Call the support hotline at +65 3158 8389 to speak with an agent.
• Social Media: Follow BingX on Twitter, Facebook, and Telegram for updates and announcements.

The support team is professional and approachable, ready to help with any questions or issues.

 

Is BingX a Legal & Safe Platform?

BingX adheres to the relevant laws and regulations in its operating jurisdictions.

Several regulatory bodies license the platform, including FinCEN, AUSTRAC, FINTRAC, and FSIC. These licenses ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) policies.

You can feel secure using BingX, knowing it implements strict KYC verification and risk management procedures. These measures prevent fraud and protect your identity and privacy.

Regarding security, BingX employs state-of-the-art measures to safeguard your funds and data. Some of these measures include:

• Cold wallet storage
• Proof-of-reserves
• Multi-factor authentication
• Anti-phishing code
• IP allow listing

These features ensure that your assets remain secure and protected against potential threats.

 

Conclusion

BingX offers a compelling platform for cryptocurrency trading, providing features that cater to both beginners and experienced traders.

Key Highlights:

• A wide range of trading pairs
• Low fees for spot trading (0.1% maker/taker) and perpetual futures (0.0200% maker, 0.0500% taker)
• Integration with TradingView for enhanced trading experience

The platform supports a variety of trading products, including spot trading and perpetual contracts.

Demo trading and copy trading features make it easier for users to start or learn new strategies.

Security measures, adequate customer support, and a user-friendly interface are crucial aspects of BingX.

Despite minor issues with the interface, the overall offerings make it a strong choice.

You will appreciate the extensive options and competitive pricing available on BingX.

The ability to copy trade and practice with demo trading features adds substantial value. If you are looking for a versatile and robust crypto trading platform, BingX is worth considering.

Check how BingX stands up against its competition:

• BingX vs Bybit
• BingX vs Bitget
• BingX vs Binance
• BingX vs OKX
• BingX vs Phemex