Are you looking for a BingX review? If so, you have come to the right place. In this guide, we will give you an honest and comprehensive evaluation of BingX, a crypto exchange that offers fast, secure, and low-fee trading services for various digital assets. We will cover BingX’s features, pros, cons, fees, and security measures. Let’s get started!
Key Takeaways
- BingX, founded in 2018 by Lee, is a global crypto trading platform that supports a vast array (700+) of coins, including Bitcoin, Ethereum, Solana, and more, with headquarters situated in Singapore.
- It is the safest crypto exchange with publicly available PoR data and is licensed by various regulatory bodies including FinCEN, AUSTRAC, FINTRAC, and FSIC.
- BingX offers diverse trading options such as spot trading, copy trading, grid trading bots, futures trading, and staking services.
BingX Review: Overview
| Type | Crypto trading platform |
| Headquarters | Singapore |
| Establishment | 2018 |
| Supported cryptos | 700+ |
| Features | Spot, Futures, copy trading, bots, staking, etc. |
| Fees | 0.1% maker-taker for spot0.02% maker and 0.05% taker for futures |
| Deposit Methods | Credit and Debit cards, MoonPay, Mercuryo, and 300+ on P2P market |
| Platform Supported | BingX app for Android and iOS |
| KYC | Not Mandatory |
| Supported Countries | 100+ including USA and Australia |
| Restricted Countries | Afghanistan, North Korea, China, and more. |
| Customer support | Email and live chat |
| Website | https://bingx.com/en-us/ |
What is BingX?
BingX is a top crypto exchange that serves more than 10 million users worldwide. Founded in 2018, BingX aims to be the go-to platform for crypto newcomers. With offices and approvals in regions like Asia, Oceania, Europe, and South America, it is a global digital services institution.
BingX supports trading of more than 700 cryptocurrencies, including popular ones like Bitcoin, Ethereum, Litecoin, and Dogecoin. It provides diverse trading options such as spot, futures, and crypto copy trading.
With competitive fees of 0.1% for both makers and takers, and even lower fees of 0.05% for VIP users, it ensures cost-effective trading. Additionally, The platform runs a loyalty program rewarding new users with sign-up bonuses. You can get up to 5,000 USDT rewards by doing various tasks. The BingX affiliate program is also available to earn some extra rewards for referring friends.
Is BingX safe & legit?
BingX is a safe and legitimate crypto exchange with various digital asset trading licenses and platform security measures. It has partnerships with top cybersecurity firms and has passed a security audit by CertiK. It provides 100% proof-of-reserves verified by Mazars, a globally trusted organization.
Claiming transparency and trustworthiness, BingX follows regulatory standards in the countries it operates. It holds licenses including:
- Digital Currency Exchange (DCE) from the Australian Transactions and Reports Analysis Centre (AUSTRAC), allowing legal operation in Australia with oversight on money laundering and terrorism financing.
- Money Services Business (MSB) from the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), enabling FX activities and virtual currency dealings in the US.
- Money Services Business (MSB) from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), permitting FX dealings and virtual currency dealings in Canada.
- Digital Currency Exchange from Lithuania’s Financial Crime Investigation Service (FSIC), recognizing BingX as a financial service company and digital currency exchange in the EU.
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Do you need KYC for BingX?
KYC stands for Know Your Customer and is about confirming a customer’s identity to prevent illegal activities like money laundering and terrorist financing.
BingX doesn’t mandate KYC for all users. You can deposit, trade, and withdraw crypto without verifying your identity. However, there are different benefits and limits for verified and unverified users:
- Verified users can withdraw up to 5,000,000 USDT per day, while unverified ones can only withdraw up to 50,000 USDT per day.
- Verified users get access to more services like fiat deposits through bank accounts or P2P trading.
To complete KYC on BingX, you must upload a photo of your identity document (like an ID card or passport) and a selfie holding the document. The KYC process usually takes a day if your submission is complete and accurate.
Pros & Cons
| Pros | Cons |
| Over 700 coins and many fiat currencies to trade | No margin trading or lending |
| Contracts for crypto, indices, commodities, and forex market | KYC needed for some features like fiat deposit and withdrawals |
| Copy trading to follow and copy elite traders | |
| Demo trading account to practice and test without real money | |
| Globally regulated by FinCEN, MSB, and AUSTRAC |
BingX Features Review
1. Spot Trading
BingX spot trading is a type of crypto trading where you can buy and sell cryptocurrencies at the current market price. It supports all 700 coins for the spot market. The platform also supports different order types, such as limit, market, or stop-limit.
BingX also has an instant “Convert” feature for spot traders. It’s like swapping one cryptocurrency for another. The Convert feature currently supports only 15 major cryptocurrencies, such as BTC, ETH, USDT, USDC, and more. It also charges zero fees for conversions.
2. BingX Leverage Trading
BingX offers futures trading, allowing you to use leverage up to 125x to boost your cryptocurrency trades. There are two types of futures contracts: perpetual and standard futures. Perpetual contracts have no expiration date and follow the asset’s spot price, while standard contracts have fixed expiration dates and settlement prices.
To start derivatives trading on BingX, you must deposit USDT as collateral and choose a leverage ratio. This ratio determines how much you can borrow. Higher leverage means less required margin but increases the risk of liquidation, where your position is automatically closed if the price moves against you and your margin falls below a certain level.
It also prioritizes risk management, employing mechanisms like mark prices, funding rates, and liquidation prices for fair trading. You can check the rules of leverage and margin on BingX here.
3. BingX Copy Trading Review
Copy trading lets you automatically mimic the trades of skilled traders on the BingX platform. You can select traders based on their performance, risk level, and style, and then copy their strategies with ease. By following elite traders, you can learn from their expertise, diversify your portfolio, and earn profits with less time and effort.
This feature supports both spot and futures markets, covering over 700 cryptocurrencies and derivatives. You have control over settings like fund allocation, maximum orders, slippage tolerance, and stop-loss ratios. Monitoring your performance, viewing order details, and adjusting or stopping your copy trading are all possible.
BingX copy trading feature is not free, as you need to share 10% of your profits with the master trader. Additionally, you’ll incur regular trading and network fees (if applicable). Currently, there are over 15,000 elite traders on the BingX copy trading platform, who have completed over 400 million orders.
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4. Demo Trading with VST
One best thing about BingX is that it lets you try out trading without risking any real money. They have something called demo trading with VST, which is like playing money for practicing. Here, VST stands for virtual USDT.
With VST, you can pretend to trade without using real assets. It’s a handy way to learn how everything works on BingX without any stress. You get to test out the trading rules and see how risky it can be, all for free.
You can use VST only for the standard and perpetual futures contacts. When you’re new, you automatically get 100,000 VST in your demo trading account. You’ll have a limit of 150 VST orders per day. You can move VST from your Standard Futures account to your Perpetual Futures one to try out all the features.
If you need more VST, you can only ask for more once every 7 days. You can read more here about how to use VST for demo trading.
5. Grid Trading Bots
BingX grid trading bots are automated tools that use grid trading strategies to find profitable trading chances in the cryptocurrency market.
Grid trading involves placing buy and sell orders at specific intervals, creating a grid-like pattern on the price chart. The goal is to buy at low prices and sell at high ones, making the most of price changes within a certain range.
BingX provides three types of grid trading bots: Futures Grid, Spot Grid, and Spot Infinity Grid. Each bot has its own features and benefits, depending on what users prefer and how much risk they’re willing to take.
- Futures Grid: This bot lets users trade futures contracts with leverage, increasing their margins and potential profits. Users can select from various leverage levels, ranging from 1x to 125x. The bot adjusts the grid parameters based on market conditions, ensuring optimal performance and risk management.
- Spot Grid: This bot is for spot trading, where users buy and sell cryptocurrencies directly. It automatically buys at low prices and sells at high ones, taking advantage of market volatility. Users can set their own price limits, number of grids, and investment amount.
- Spot Infinity Grid: This bot is an advanced version of the Spot Grid bot. It has no upper price limit, allowing it to keep selling at higher prices without missing any profit opportunities. Users can also set a trailing stop loss, which automatically closes the position if the price drops below a certain percentage.
You can easily choose the bot type, trading pair, and grid settings. Once confirmed, the bot will start running and execute trades automatically. You can monitor the bot’s performance, history, and earnings on the same interface. You can also stop, modify, or delete the bot anytime.
6. P2P Trading
BingX P2P trading lets you trade cryptocurrencies with regular money directly from other traders or sellers. It’s like a middleman, making trading safe and easy for you.
Here’s why BingX P2P trading is great:
- Available Everywhere: You can trade using more than 40 types of fiat currencies (such as USD, TWD, PHP, VND and more) and different cryptocurrencies. It works in most countries and regions, so finding someone to trade with is easy.
- Escrow security: BingX P2P trading holds onto the crypto until both sides are happy, so you don’t have to worry about scams.
- No Extra Fees: You won’t be charged for making trades. This means you’ll get the best deals without extra costs.
To prevent abnormal deposits and withdrawals, money laundering, fraud, and other illegal activities, BingX P2P has a T+1 withdrawal policy. This policy mandates users to wait for a minimum of one day after purchasing cryptocurrencies via P2P Trading before they can proceed with withdrawal or selling.
7. BingX Wealth (Earn)
BingX Wealth offers a complete solution for managing your assets, allowing you to earn interest on your idle funds and get steady returns. It supports various popular cryptocurrencies like USDT, BTC, and ETH, among others. There are two main products offered: Shark Fin and Simple Earn.
Shark Fin is a product where users can predict market directions and earn interest accordingly. Users select either bullish or bearish directions and set a price range for the crypto asset. If the asset price falls within the chosen range upon maturity, users earn higher interest; otherwise, they earn the base interest rate.
Shark Fin has four products: Bullish_BTC, Bearish_BTC, Bullish_ETH, and Bearish_ETH, with lock periods of 1-day, 3-day, or 7-day. The actual APR is determined at maturity, and early redemption isn’t supported.
Simple Earn is a flexible product that allows users to earn interest without locking up their assets. They can deposit and withdraw anytime, enjoying daily interest accrual. However, BingX Wealth also offers fixed-term products that have fixed start and maturity times and provide predictable returns. You can choose from 30-day and 90-day durations for fixed-term products. It gives competitive interest rates up to 7.5% APR on various cryptocurrencies.
BingX Fees
The fees on BingX differ based on the type of transaction, the trading pair, and the user’s VIP status. Here, we’ll break down the trading fee structure of BingX:
1. Spot Trading Fees
Spot trading incurs different charges for makers and takers on BingX. Makers place limit orders to provide liquidity, while takers execute market orders to take liquidity.
For most pairs like BTC/USDT, ETH/USDT, and SOL/USDT, BingX charges a 0.1% maker fee and a 0.1% taker fee. It also offers a VIP fee system for spot trading, granting lower fees and additional privileges based on 30-day trading volume. This system comprises 6 levels, from VIP 0 to VIP 5, where higher levels entail lower fees.
For instance, a VIP 5 user pays only a 0.01% maker fee and a 0.0325% taker fee for most pairs. Moreover, BingX also has a “VIP supreme” tier for trading volume over 15M, which incurs a fee of 0.005% maker and 0.02% taker.
Below is the VIP fee system for spot trading:
| VIP Level | 30-day Trading Volume (USDT) | Maker Fee | Taker Fee |
| VIP 0 | – | 0.10% | 0.10% |
| VIP 1 | ≥ 1,000,000 | 0.035% | 0.06% |
| VIP 2 | ≥ 2,000,000 | 0.02% | 0.05% |
| VIP 3 | ≥ 4,000,000 | 0.015% | 0.045% |
| VIP 4 | ≥ 6,000,000 | 0.0125% | 0.0375% |
| VIP 5 | ≥ 8,000,000 | 0.01% | 0.0325% |
| VIP Supreme | ≥ 15,000,000 | 0.005% | 0.02% |
2. Fees for Futures Trading
For futures trading, BingX charges 0.05% per order for takers and 0.02% for makers. Similar to spot trading fees, it provides a VIP fee system for futures trading, where higher VIP levels lead to lower fees. For instance, VIP 5 users pay only 0.006% maker fee and 0.03% taker fee for perpetual futures.
To qualify for a VIP level, users must meet either the 30-day trading volume requirement or yesterday’s asset value requirement, whichever is higher.
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3. Deposit and Withdrawal Fees
At BingX, you won’t charge any fees for depositing funds, but when it comes to withdrawals, there are charges involved. These withdrawal fees are influenced by factors such as the cryptocurrency type, amount, and network conditions.
BingX supports various withdrawal networks including ERC-20, BEP-2, BEP-20, TRC-20, and OMNI, giving users flexibility in their choice. However, it’s essential to note that each network has its own fee structure and minimum withdrawal limits.
For instance, withdrawing USDT via ERC-20 incurs a $5 fee with a minimum withdrawal of $5, while using TRC-20 imposes a $1 fee with a minimum withdrawal of $8.
The crypto exchange regularly updates withdrawal fees and minimum withdrawal amounts in response to network conditions and cryptocurrency market prices.
You can check the latest withdrawal fees and limits here.
BingX Deposit & Withdrawal Methods
BingX presents three ways to purchase cryptocurrencies with fiat currencies:
- Quick Buy: This feature facilitates swift transactions using bank cards like Visa and Maestro, ensuring instant processing. With over 30 fiat currencies available, users can opt for Quick Buy or utilize third-party payment providers like MoonPay or Mercury.
- P2P (Peer to Peer): Engage in direct cryptocurrency trading with other BingX users via the Peer-to-Peer market. This avenue expands the scope with additional fiat currencies and over 300 payment methods like Wise, Payeer, Advcash, Zelle, and more.
- Credit/Debit cards: BingX presently supports payments through Visa and Mastercard. You are also required to confirm your card’s compatibility with “3D Secure” and its eligibility for international and online transactions. The platform supports various fiat currencies including EUR, USD, GBP, TWD, AUD, BRL, CHF, MXN, PLN, SEK, JPY, CZK, AED, INR, and TRY. Additionally, it supports only USDT for deposits.
Here are the fees for credit/debit card transactions:
| Issuing region | Transaction fee |
| EEA countries | 1.5% |
| Non-EEA countries | 3.3% |
Here are the transaction limits for credit cards:
| Min. Amount per Transaction | Max. Amount per Transaction | Max. Daily Transaction Limit | Max. Monthly Transaction Limit |
| 10 USD/EUR/GBP | 4,000 USD/EUR/GBP | 10,000 USD/EUR/GBP | 25,000 USD/EUR/GBP |
BingX Supported Currencies
BingX supports over 700 crypto coins and tokens including many altcoins and low market cap shitcoins. Here are some of the popular coins:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Solana (SOL)
- XRP (Ripple)
- Litecoin (LTC)
- Cardano (ADA)
- Stellar (XLM)
- Dogecoin (DOGE)
- Polkadot (DOT)
BingX Supported Countries
With a user base exceeding 10 million spanning across more than 100 countries and regions globally, BingX provides accessibility to a broad demographic. It caters to a wide range of nations, including those in Asia, Oceania, Europe, Australia, and South America. It also holds registration as a Money Service Business (MSB) with FinCEN, permitting unrestricted access for US residents.
What countries are restricted by BingX?
Certain countries face limitations in accessing BingX services due to factors such as regulatory aversion to crypto assets or ongoing uncertainties. Some examples of restricted countries include:
- Afghanistan
- Burundi
- Central African Republic
- Congo
- China
- Hong Kong
- Macau
Bing X Security Review
BingX employs state-of-the-art encryption technology to secure user data and transactions. This technology encrypts sensitive information, such as personal details and financial data, making it unreadable to unauthorized parties. The platform also uses Secure Sockets Layer (SSL) or Transport Layer Security (TLS) encryption protocols to ensure secure communication between users’ devices and the exchange servers. This prevents data interception and manipulation during transmission.
Talking about user security measures, it prioritizes implementing two-factor authentication (2FA) measures. It also supports withdrawal address whitelisting and 100% PoR data.
As discussed above, the exchange also holds various regulatory licenses including MSB, AUSTRAC, DCE in Lithuania, and more.
How to Buy Crypto on BingX?
Step 1: Create an account on BingX’s official website and complete the KYC verification process. You can also proceed without KYC or without ID verification, which would be a less secure option.
Step 2: Now, go to “Assets” and select “Deposit”. Add money to your BingX account by transferring crypto from another wallet or exchange, or by using fiat deposit options if they’re available in your area.
OR, You can also use the “Quick Buy” option for a speedy way to purchase crypto with fiat money. For this, go to the “Buy Crypto” section in the menu bar and select “Quick Buy”. Enter either the amount of fiat money you want to spend or the quantity of crypto you wish to buy, then hit “Buy”. Select your payment method and follow the on-screen directions.
If you go for P2P trading, find a seller and finish the deal within the time frame. For another payment method “Bank Deposit”, provide your details such as crypto and amount, and complete the payment. This is basically powered by ‘Legend Trading’.
Step 3: Once done, you’ll see the crypto in your BingX account. You can check by clicking “Assets” on the website.
BingX Exchange Review: Conclusion
To sum up BingX review, it emerges as a promising player in the cryptocurrency exchange arena, offering a user-friendly platform and robust security measures for both beginners and experienced traders. While it may not yet boast the same level of recognition as some of its competitors (like Binance or Bybit), its commitment to regulatory licenses and customer satisfaction sets it apart.
It is a crypto exchange that offers different trading options like spot, perpetual futures trading, copy trading, and grid bots. It provides a wide range of over 700 cryptocurrencies and charges low fees for spot trading. Plus, you can trade without needing to verify your identity. But, there are downsides to BingX. It doesn’t support margin trading or lending services.
Unlock exclusive rewards for new users with the value of up to 5,125 USDT on BingX by using referral code “B95EDWJ5” when signing up and enjoy a 5% trading fee rebate now.
FAQs
Is BingX available in the USA?
Yes, BingX is available in the USA for crypto trading and investing. The exchange is also registered as a Money Service Business (MSB) with FinCEN, allowing unrestricted access for residents of the United States.
Is BingX a good trading platform?
Yes, BingX is a globally recognized spot and futures crypto exchange with over 10 million users. The platform is also user-friendly for beginners. With a suite of offerings spanning spot, derivatives trading, social trading, and asset management, BingX caters to diverse user needs, from novices to experts.
Is BingX legal in the USA?
Yes, BingX is legal in the USA with an MSB license from FinCEN.
Who owns BingX?
BingX operates under the BingX Group, with branch offices in Asia, Oceania, Europe, and South America. The founder and CEO of BingX is Lee, a veteran in the crypto industry.
What is the maximum withdrawal limit for BingX?
Withdrawal limits on BingX hinge on user verification levels and the currency involved. Verified users can withdraw up to 5,000,000 USDT daily or equivalent amounts in other currencies. Unverified users are limited to withdrawing 50,000 USDT daily or equivalent sums.
What is the minimum deposit on BingX?
The minimum deposit criteria on BingX differ based on the cryptocurrency and payment method employed. For example, the minimum deposit for USDT (TRC20) is 1 USDT and BTC (Bitcoin) is 0.0002 BTC. This may change depending on the blockchain network conditions. For fiat currencies, the minimum deposit depends on the funding method.
Does BingX have fees?
Yes, BingX charges different platform trading fees. At the exchange for spot trading, there is a 0.1% maker-taker fee. For contract trading, maker orders incur fees of up to 0.02%, while taker orders may have fees of up to 0.05%. However, no fees are applied to deposits made on the trading platform.
