The world of cryptocurrency exchanges can be overwhelming due to the vast number of options available. With hundreds of different crypto exchanges currently in existence, choosing the right platform for yourself can be challenging. Several factors need to be considered, such as the interface, platform features, available trading pairs, security measures, customer support quality, and fees. All these aspects play a crucial role in determining the overall quality of an exchange and how well it can serve you.

One globally recognized exchange is BingX. BingX is a reputable platform known for its commitment to safety, security, and swift derivative transactions. In this BingX review, we will take a closer look at its features and what makes it stand out in the crowded world of cryptocurrency exchanges.

1. What is BingX?

BingX is one of the rapidly developing cryptocurrency exchanges in the world. Founded in 2018, it provides a variety of services to traders, including spot and derivatives trading, grid trading, and copy trading. BingX serves over 5 million users worldwide. The company is well regulated, holding licenses and certificates from Australia Trading Reports and the Monetary Authority license of Lithuania. BingX has offices in Asia, Oceania, Europe, and South America. Therefore, it is able to cater to traders from all around the globe.

While being a cryptocurrency exchange that supports over 500 crypto assets and trading pairs, BingX is widely known for its copy trading platform. The company has created a social trading platform aiming to connect skilled crypto traders to investors. Many crypto newbies or investors seeking diversification turn to BingX to find professional traders to trade their capital for them. As a result, we mainly focus on offering a comprehensive BingX copy trading review in the upcoming sections of this article.

2. Does BingX Require KYC?

BingX does not require users to go through a mandatory KYC verification process. This means you can start trading without the need to complete a lengthy KYC procedure. However, there are some restrictions on the amounts of USDT you can withdraw within a 24-hour period and over the lifetime of your account.

For unverified accounts, the withdrawal limits are up to $50,000 USDT within a 24-hour period and a cumulative limit of $100,000 USDT. Once your account is verified, the withdrawal limits increase significantly.

However, most users won’t need to complete the KYC process as the withdrawal limits with no-KYC is still excellent.

3. BingX Features

BingX offers a wide range of features that appeal to both beginners and experienced traders. For those new to cryptocurrencies, BingX has a simple conversion feature that allows for quick swapping between different cryptocurrencies. For more advanced users, the platform provides sophisticated charting tools, live order books, multiple order types, and even a grid trading bot for a more complex trading experience.

One of BingX’s standout features is its offering of both standard and perpetual futures trading, with the possibility of up to 150x margin. This flexibility enables traders to customize their strategies according to their preferences. BingX also provides a demo trading environment, complete with demo currencies, offering a risk-free space for users to practice and refine their trading skills.

Additional notable features of BingX include a copy-trading feature, which allows beginners to follow the strategies of successful traders. The platform also maintains competitive fees, charging less than 0.2% per trade. With access to an impressive 350+ cryptocurrencies, BingX provides a broad range of options for trading enthusiasts. Plus, new users can earn rewards for their trading activities.

Spot Trading

In 2023, it’s essential for a crypto exchange to provide spot trading to be considered a leading platform. Spot trading is the main marketplace where users can buy and sell cryptocurrencies directly. For those new to the crypto world, spot trading simply involves exchanging one cryptocurrency for another. BingX, a centralized exchange, stands out by offering a wide range of options for spot trading, with a healthy liquidity level and an average trading volume of $300,000 million.

BingX provides access to over 550 different cryptocurrencies and more than 1,000 trading pairs. This vast selection makes it an ideal platform for users looking for a variety of trading options. Whether you prefer to buy and sell cryptocurrencies without using leverage, BingX is a great choice for your trading needs.

Copy Trading

BingX offers a unique feature called “Copy Trading,” which lets users follow and replicate the trading actions of experienced traders on the platform. This means when you choose a trader to follow, their trades are automatically copied to your account. With a pool of over 20,000 traders, you can easily find someone whose trading style matches your preferences.

BingX stands out as one of the top platforms for social trading with its copy-trading features. Users can browse through a multitude of active traders, equipped with essential information like the number of followers, 30-day returns (ROI), cumulative PnL, and a risk rating from 1 to 9. This helps you make informed decisions.

When you choose a trader, you can delve into their performance, viewing a breakdown of their profit and risk, as well as real-time updates on their interactions with followers. You can also see their trade history, giving you insight into their trading activity and strategies.

It’s worth mentioning that approved traders who share their trades on the platform can earn a profit share ranging from 8% to 10%, further motivating their commitment to successful trading.

Derivatives Trading

BingX offers a comprehensive platform for crypto margin trading, featuring derivatives and futures with up to 150x leverage. This platform also includes futures trading for indices, commodities, and even Forex. Users have the option to choose between standard derivatives or perpetual futures, a specific type of crypto trading product.

In the standard derivatives section, users can trade crypto with up to 150x leverage. This isn’t limited to just cryptocurrencies; you can also trade various other assets with different levels of leverage. Whether you want to go long or short, you have the flexibility to do so. Market and trigger orders, which are similar to limit orders, are available, and users can hone their trading skills using a demo trading feature.

On the perpetual futures platform, users can place limit and market orders, take long or short positions, and choose between isolated and cross-margin options.

While BingX might not be the leading platform for derivatives trading, it offers significant leverage, a variety of tradable assets beyond crypto, and detailed charts for analysis. The platform’s layout is user-friendly, allowing users to quickly access information about open positions and real-time profit and loss data.

Demo Trading (VST – Virtual USDT)

BingX offers a handy feature for users interested in honing their skills in Futures trading without the risk of using their own money. This feature is called Virtual USDT (VST), and it serves as a crypto demo trading tool. When you create an account, you’re given 100,000 VST, which you can use to practice trading in the standard futures trading platform. It’s important to note that VST doesn’t have any real-world value; you can’t exchange it for other currencies or withdraw it from the platform.

It’s solely meant for practice and learning. Virtual USDT is a valuable tool for newcomers to the world of cryptocurrency who want to gain experience before venturing into actual trading. It’s equally beneficial for experienced traders who wish to test out new strategies without risking their real assets. If you are looking for an exchange where you can practice your trades and strategies without risking anything, then BingX can be a great fit for you.

Grid Bots

Grid bots have become popular in the past few years, and BingX has built in the ability to create your own. Grid trading allows users to set a “high” price and a “low” price for specific crypto, and choose how many “grids” to create and activate the bot. Smart grid bots enable intelligent planning and place orders using Grid bot to prevent interference from market sentiment.

This 24/7 automated trading ensures that important trading opportunities are not missed. The bot will then place trades automatically, buying the price near the lower end, and selling as the price rises to capture profit along the way. Each grid line represents a buy or sell point, and the bot places those limit trades in advance, so they automatically execute. BingX Offers 3 types of Grid Trading: Futures Grid, Spot Grid, and Spot Infinity Grid for different trading needs.

They all are designed to fulfill different needs. For instance, let’s take a look at the Spot Infinity Grid, which is ideal for extremely volatile markets. It allows users to purchase in batches after the crypto price has plummeted, enabling them to profit in a bear market. Grid trading offers both automatic mode and manual mode, allowing users to create a bot with a single click, or adjust their own settings to customize the bot. There are no additional costs to use the Grid Trading feature.

4. How to Buy Crypto on BingX?

Purchasing cryptocurrencies on BingX is a straightforward process with various options to choose from. BingX provides access to over 350 cryptocurrencies for spot trading, making it easy for users to buy and sell their preferred digital assets. For those interested in buying cryptocurrencies with a card, BingX offers several third-party providers, including MoonPay, Banxa, Advcash, and Mercuryo.

However, it’s important to note that using third-party providers is not the most cost-effective choice, as the fees can be quite high, ranging from 2% to 10%. While bank deposits are not currently supported on BingX, there is an alternative option for P2P trading in three fiat currencies: VND, RUB, and KRW. To sum it up, BingX provides a convenient and user-friendly way for individuals to purchase cryptocurrencies, whether through spot trading or by using third-party providers for card payments.

5. Is BingX Safe?

BingX has earned a trustworthy reputation when it comes to security. There is no history of wallet theft or loss associated with this platform, making it a good choice for individuals interested in secure cryptocurrency transactions.

Proof-of-Reserves and Security Audits

One of BingX’s notable security features is its Proof-of-Reserves report. This report is independently verified by a trusted third-party auditor, Mazars, ensuring transparency and trustworthiness in asset management.

BingX doesn’t just rely on its track record. It has undergone comprehensive security audits conducted by renowned firms such as CertiK and SlowMist. Additionally, the platform regularly reviews its operation and maintenance databases to proactively address any potential security vulnerabilities.

Bank-Grade Custody Solution

To enhance security, BingX employs a bank-grade custody solution. This solution tightly regulates permissions across servers, middleware, and databases in all functional departments. Most of the assets deposited by users are stored in offline “cold” wallets, minimizing exposure to external threats.

Asset Protection and Risk Management

BingX takes measures to protect its users’ assets. The platform maintains a portion of its principal balance sheet to cover any potential loss of customer assets. Additionally, BingX has implemented a robust security system, which includes a 24/7 suspicious activity monitoring system with real-time updates.

Regulatory Compliance

In terms of regulatory compliance, BingX is a financial services company that is registered, accredited, and regulated by the Financial Services Authority of Estonia. Moreover, the platform is registered as a Money Services Business (MSB) under FinCEN in the US, under FINTRAC in Canada, and as a Digital Currency Exchange (DCE) provider under AUSTRAC. These regulatory certifications underscore BingX’s commitment to compliance and security.

6. BingX Trading Fees

BingX’s trading fees are straightforward and vary depending on the cryptocurrency you’re dealing with. For widely known cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), the spot trading fees stand at 0.1%. If you’re trading less well-known altcoins, the fees are slightly higher at 0.2%.

In the realm of spot trading, the maker fees are tiered, ranging from 0.1% to 0.2%. When it comes to futures trading on BingX, you’ll encounter a maker fee of 0.045% and a taker fee of 0.075%. These fees are competitive when compared to other exchanges like Binance and Coinbase.

If you’re on the lookout for an exchange that offers cost-effective trading with minimum fees, BingX is an excellent choice.

7. BingX Deposits and Withdrawals

If you’re hoping to make a fiat deposit on BingX using traditional currencies like USD or EUR, you’ll need to explore other options. Unfortunately, BingX does not support fiat deposits, so it’s geared toward cryptocurrency users.

For those interested in depositing funds, your choices are limited to crypto deposits or buying cryptocurrencies via credit card. BingX facilitates the latter through third-party providers like Banxa and MoonPay, among others. However, direct fiat deposits are not an available option.

Similarly, when it comes to withdrawing funds, fiat withdrawals are not supported on BingX. Users can, however, withdraw their cryptocurrencies, with the specific fees varying depending on the blockchain. For instance, if you need to withdraw Bitcoin, you can expect a fee of 0.0002 BTC.

It’s essential to consider these fees when planning your withdrawals to make the most of your investments and ensure you have a clear understanding of the costs involved.

8. BingX Supported Currencies

BingX Supports over 350 cryptocurrencies including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• DogeCoin (DOGE)
• Ripple (XRP)
• Polkadot (DOT)
• Binance Coin (BNB)
• Shiba Inu (SHIB)

9. Bing X Support Payment Methods

BingX provides a range of payment methods to cater to its users, including:

• Debit or Credit Card (Mastercard, Visa)
• MoonPay
• Banxa
• Apple Pay
• Cryptocurrencies

Conclusion

In summary, BingX is a top cryptocurrency exchange that distinguishes itself through its unique copy-trading feature, grid bots, and no-KYC trading. The platform caters to both beginners and advanced traders, offering seamless USDT-to-crypto swaps and a rich toolkit for customization.

BingX expands its horizons beyond crypto by providing derivatives trading for indices, commodities, and Forex, offering traders more than just crypto for their investments. The platform’s grid trading bot feature allows users to create their own automated trading strategies.

Also, BingX prioritizes security, evident in its proof-of-reserves and unblemished track record with no reported hacks. Overall, BingX offers a secure and comprehensive trading environment for cryptocurrency enthusiasts and could be a good fit for most traders.