With the rapid rise in cryptocurrency adoption over the past decade, a growing number of investors and traders are eager to enter the world of crypto investing. Just like in traditional financial markets, the first step is selecting the right platform for buying and selling digital assets. Crypto exchanges are at the heart of the industry’s growth, serving as the gateway for millions of users worldwide. A quick Google search for the “best crypto exchanges” reveals countless options, making it essential to choose a reliable, user-friendly platform that aligns with your trading needs. Whether you’re a beginner or an advanced trader, finding the right exchange is key to your success.
BingX Complete Review
In this BingX crypto exchange review, we’ll take an in-depth look at one of the leading platforms in the market.
We’ll explore the pros and cons of BingX, highlight its main product features, discuss its credibility, and provide a detailed step-by-step guide on how to deposit, trade, and withdraw cryptocurrencies on BingX. Whether you’re just starting out or looking for a new platform, this review will help you determine if BingX is the right fit for your trading journey.
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Pros.
- Trusted in the industry since 2018
- Recognized by TradingView (Best Crypto Broker Award: 2021, 2022, 2023)
- Strong security measures
- Low fees
- Wide range of products (crypto, forex, indices, commodities)
- Attractive referral program and no deposit bonus
. Cons
- Geared towards advanced traders, less suited for beginners
- Support limited fiat currencies
Table of Contents
BingX Review: What Is BingX?
BingX is a leading cryptocurrency exchange that launched its service in 2018. In 2021, the Singapore-based exchange rebranded from its original name Bingbon, a social trading platform, to BingX, opening a new phase dedicated to enhancing the users’ experience. In 2024, BingX announced their partnership with Chelsea Football Club (Chelsea FC).
The exchange offers users the opportunity to buy and sell more than 700 cryptocurrencies, and trade cryptocurrency perpetual futures with up to 100x leverage.
BingX Overview
Headquarter | Singapore |
Year Established | 2018 |
Regulation | Digital Currency Exchange (DCE) under the Australian Transactions and Reports Analysis Centre (AUSTRAC); Registered financial service company in Lithuania, regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange |
Listed Cryptocurrencies | 700+ pairs |
Native Token | BingX does not have a native token |
Main Product Features | Spot trading; Standard futures trading: crypto, forex, indices, commodities; Perpetual futures trading; Copy trading; Asset Management |
Security | 2FA; Insurance fund; Bank-grade custody solution; Security audit approved by CertiK; Auto-detection of cybercrime-related risks; 100% Proof-of-Reserves |
KYC Verification/AML | Required |
Fees | Spot trading: 0.01%; Perpetual futures trading: limit order 0.02%, market order 0.05%; Standard futures trading: 0.045% open and close one charge VIP users unlock fee discounts |
Deposit/Withdraw | Buy Crypto with Credit/Debit Card/Bank Transfer Crypto Transfer Third-party fiat on-ramp and off-ramp |
Is BingX Safe?
When it comes to crypto exchange security and the safety of user funds, taking extensive measures is crucial. The collapse of FTX, once among the most reputable crypto exchanges, serves as a stark reminder that no platform is entirely risk-free. As a long-term investor, I understand that even in traditional finance, no platform is completely safe—recent events like the fall of Silicon Valley Bank prove that point.
With today’s market uncertainties, it’s vital to stay vigilant and take steps to safeguard your investments. By taking proactive measures, such as using multiple crypto wallets, securing funds in cold storage wallets, and keeping only a small portion of your crypto portfolio on centralized cryptocurrency exchanges, you can minimize risks and protect your investments from potential catastrophes.
What is BingX Exchange Security?
BingX adopts two-factor authentication (2FA) verification and a KYC solution that leverages AI technologies to detect potential cybercrime risks.
They also integrate a bank-grade custody solution to regulate the permissions to servers, middleware, and databases across all functional departments. More importantly, they have passed the security audit of renowned security firms – CertiK and SlowMist.
BingX follows a robust security protocol designed to close zero-day security holes and conducts regular reviews of its operation and maintenance databases. In addition, BingX supports the secure custody of both cold and hot wallets, ensuring a comprehensive approach to safeguarding user funds.
Does BingX Have an Insurance Fund?
BingX has introduced an insurance fund mechanism as a financial guarantee to maintain normal transactions and cover the losses caused by positions closed at worse than bankruptcy prices.
What Are BingX Fees?
Like most crypto exchanges, deposit of cryptocurrencies to BingX is free of charge. They also support bank transfers and buying crypto with credit cards.
For bank transfer, you can deposit different fiat currencies, such as Swiss Franc (CHF), Euro (EUR), Japanese Yen (JPY), and Australian Dollar (AUD) through their partner licensed money service business (MSB), Legend Trading. It is free, however, the exchange rate might not be the best as it essentially adds up the transaction fees. Also, your bank might charge you a fee for transferring funds.
After you complete the transfer, wait for your funds to arrive in your fiat account on BingX. Then, you can easily convert your fiat currencies to USDT and begin your trading journey.
BingX Fees Overview
Deposit | Fiat deposit: free Crypto deposit: free |
Withdraw | Fiat withdrawals: 30 USD charged by the third party Crypto withdrawals: small fees, vary by network and cryptocurrencies |
Spot Trading | 0.1% |
Standard Futures Trading (incl. forex, indices, commodities) | 0.045% one charge for open and close |
Perpetual Futures Trading | 0.02 limit orders 0.05 market orders |
Copy Trading | same as standard futures and perpetual futures fees |
What Products Does BingX Offer?
- Spot Trading: buy and sell hot cryptos
- Launchpools/Launchpads: stake for free tokens
- Pre-market Trading
- Standard Futures Trading for beginner traders: crypto, forex, indices, commodities
- Perpetual Futures Trading for advanced traders: crypto only
- Copy Trading
- Wealth: flexible and fixed saving products
- Grid Trading Bot
- Crypto Loan
How to Deposit, Trade, and Withdraw on BingX?
BingX Registration
If you are ready to start your crypto journey, the first thing you need is to register an account to get started. You can hit the “Log In/Sign Up” button on this exclusive event page to register and claim a 20% trading fee discount and great no-deposit bonuses, limited time!
Deposit on BingX
1. Log in to your BingX account, click “Assets” in the top right corner of the homepage, and select “Deposit” from the dropdown menu.
2. Select the coin and network to get your deposit address for your deposit.
3. Open the app of your withdrawal platform, scan your BingX deposit address QR code, or you can click the copy button to copy your deposit address, paste it on the withdrawal platform, and complete your transfer to BingX.
Trade on BingX
BingX offers mainly crypto spot trading and futures trading with leverages. For spot trading, simply put in the ideal price you would like to buy and the amount of the tokens, in this case, BTC.
For futures trading, it involves a deeper knowledge of leverage trading and risk management, thus we won’t discuss too much in this review.
Withdraw on BingX
1. Log in to your BingX account, click “Assets” in the top right corner of the homepage, and select “Withdraw” from the dropdown menu.
2. Select a coin, then choose a withdrawal method – On-Chain Withdrawal
3. Enter the withdrawal address, select the withdrawal network, and enter the withdrawal amount. Then, confirm the actual arrival amount and withdrawal fee. Click the “Withdraw” button to complete the withdrawal.
Who should use BingX?
BingX’s core offering is crypto futures trading, making it an excellent choice for advanced and professional traders. The platform stands out with its user-friendly interface, a wide variety of trading pairs beyond just crypto, low fees, and an attractive welcome bonus for new users. These features position BingX as a top platform for serious trading.
However, BingX is not available to users from the US, UK, and other restricted countries.
For beginners, BingX offers spot trading with over 700 trading pairs, including the latest and most popular meme coins. New traders can also take advantage of BingX’s copy trading feature, allowing them to follow and copy the strategies of more than 8,000 top traders on the platform.
Conclusions
We found BingX to be one of the top-ranked and most user-friendly crypto exchanges, offering low fees, strong security measures, and a reliable trading mechanism. Despite intense competition among crypto exchanges in recent years, BingX has successfully grown its market share and brand awareness through strategic partnerships with industry leaders like Chelsea FC and UFC fighters.
So, should you use BingX?
BingX provides an enjoyable and efficient trading experience, making it a solid choice for many traders. However, it’s wise to have an additional exchange as a backup option. Most importantly, prioritize the safety of your funds by trading only a small portion of your crypto on exchanges. Remember, “not your keys, not your crypto.”
Warning: Trading futures products with leverages is incredibly risky. Make sure that you apply adequate risk management.
Disclaimer: These are the writer’s opinions and are not investment advice. Readers should do their own research.