BingX is a centralized cryptocurrency exchange that was founded in 2018 in Singapore. BingX provides users with spot trading, copy trading, derivatives trading, and so on. Also, it provides users with numerous trading indicators and a bonus system.
The BingX crypto exchange is available on mobile devices and desktops. In order to use the exchange, users must undergo a KYC process.
BingX is a highly regulated exchange as it has received various regulatory licenses. This includes the European MTR license, and the United-States-based Money Service Business (MSB) license. Additionally, it was licensed by the Register of Economic Activities (MTR) in Estonia, the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury, and the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a digital currency exchange. Lastly, the Australian Transactions and Reports Analysis Center (AUSTRAC) licensed BingX as a provider as well.
There is a BingX spot market, as well as derivatives and futures markets. The markets have over 300 different BingX trading pairs. The most popular trading pairs are BTC/USDT, ETH/USDT, and ETH/USDC.
The BingX cryptocurrency exchange is easily accessible even if you don't own crypto yet. This is the case because it supports Apple pay, SEPA, Mastercard, and VISA credit cards. Also, the platform allows users to buy assets through wire transfers in more than 30 different local currencies. Additionally, BingX support crypto-fiat trading with such currencies as EUR, CAD, SEK, CHF, GBP, USD, DKK, and NOK.
The bonus system offered by BingX rewards users for trading on the platform. There are three types of rewards, which depend on the amount of BingX volume reached:
- 10 USDT for traders who reach $20,000 BingX trade volume;
- 30 USDT for traders who reach $80,000 BingX trade volume;
- 80 USDT for traders who reach $200,000 BingX trade volume.
Traders who participate in the bonus system also have the option of trading with a 10x leverage. Besides, trading bonuses are available for one trade and are good for 14 days after the date of registration.
Concerning the BingX exchange fees, its spot trading fees are equal to 0.15%, while the traditional trading fees are 0.045%. Also, there are different BingX crypto fees for copy trading. A 0.045% fee is charged for trading cryptocurrencies, 0.03% for trading other assets, and 8% of the daily net profit is taken to reward followed traders.
Apart from traditional crypto trading, BingX also provides users with the option of copy trading. In essence, it allows traders to copy the trading patterns of other traders. However, it's not that easy to become a trader whose strategies can be copied. They must fulfill the following criteria in order to be listed as a trader:
- Pass KYC;
- Execute 15 transactions with a total volume of $1,000,000 USDT over the course of the last three weeks;
- Have a win rate of 55%;
- Have an account profitability of over 30%.
Though there's a limit on how many people can follow one trader. The limit is 2,000. Besides, listed traders are rewarded with a portion of the net profit of their followers (up to 8%).
Another feature of the BingX cryptocurrency exchange is contract trading. The exchange enables contract trading across a variety of marketplaces, including cryptocurrencies, indices, Forex, NFTs, and commodities. Contracts involving cryptocurrencies can be sold short whenever and without incurring any fees. Besides, the platform allows to employ advanced trade execution parameters. These parameters include long or short positions, margins, stop-loss orders, and so on.
Feed is another service of BingX. It makes it easier for traders to communicate with one another, allowing them to debate market movements in real-time while exchanging knowledge and trading plans. Thus, Feed enables social trading.
Moreover, there's the BingX ambassador program. It encourages people to interact with the team directly and have a genuine impact on the project. Additionally, members of this program can take part in contests with prizes and receive the most recent news and updates.
About The Company
BingX crypto exchange was founded in 2018 as Bingbon. However, in 2021 it was rebranded to BingX. The headquarters of BingX are in Singapore but the company has offices all over the world, including Hong Kong, Taiwan, Europe, North America, and Canada.
The founders of the BingX crypto exchange are anonymous. Although it is known that the BingX founding team is made up of innovative professionals from top VC firms, financial institutions like J. P. Morgan, and leading internet companies like Google, Tencent, and Alibaba.
It's also important to note that the Huawei core team is responsible for the operational maintenance of the BingX server.
Among the main successful partnerships acquired by BingX over time are those with such companies as Grandshores, AZDag, SlowMist, and Coinify.
BingX company's crypto assets are stored in cold storage, which means that they are not prone to being affected by fraudulent activity. Besides, the exchange uses an 11-layer security system created by the Huawei team. The system includes SSL encryption, 2FA, KYC, withdrawal verification, hot and cold wallet security measures, and server security measures. Additionally, BingX performs routine security inspections. Therefore, as of writing this, the platform has never faced any security breaches.