BingX Review

BingX Review

Robert McDougall 

November 25, 2022

Cryptocurrency

What is BingX

BingX is a fully fledged crypto trading platform where users can purchase cryptocurrencies and trade a variety of digital assets with advanced tools. BingX was established in 2018, and they have been working on making their platform more customer-centric, with equal opportunities for everyone to prosper in their careers in the crypto industry. BingX allows their users to trade within the spot market, and they also support standard futures and perpetual contracts. The platform offers the option to exchange assets quickly and instantly without executing complicated trades.

BingX has offices in different regions of the world, including Hong Kong, North America, Europe, and Taiwan. BingX provides their services in more than 100 countries, and they might expand the list even more in the future. The platform is also a registered and licensed exchange that’s legally allowed to offer their services to users living worldwide. It has a beginner-friendly interface and quite a few welcome rewards to make the experience worthwhile to new users. Customers can register on the platform just by providing their email addresses or phone numbers and setting up a password. BingX also offers learning material along with premium customer support to provide assistance.

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  • Web Address: www.bingx.com
  • Main Location: Singapore
  • Cryptocurrencies: BTC, ETH, BNB, XRP, ADA, and 150+ more
  • Fiat Currencies: USD, AUD, BRL, CAD, and more
  • Mobile App: Available for Android and iOS devices
  • Payment Methods: Cryptocurrency, bank transfers, SEPA, Apple Pay, credit/debit cards
  • Deposit Fees: Crypto: free; Fiat purchases: variable fee
  • Trading Fees: Spot trading: Makers: 0.05-0.10%, Takers: 0.1%.
  • Withdrawal Fees: Varies for each asset

My Overall Thoughts on BingX

The crypto industry has transformed itself in the past few years, and crypto exchanges have had to adapt to keep up. BingX has worked hard to offer in-demand features to satisfy the needs of this generation’s traders and investors. The platform provides an easy path for their users to purchase a variety of crypto assets with several convenient payment methods.

When it comes to trading, BingX is definitely competing with some of the top exchanges available on the internet. They have over 150 crypto assets listed on their spot market, and users can also trade perpetual and standard futures. Innovative features like copy trading are also available that allow beginners to explore the blockchain industry even better. Overall, the following are the things that I like the most about the platform:

1) Instant crypto purchases with a variety of options: One of BingX’s most attractive features is the ability to purchase crypto assets instantly. Due to their collaboration with third-party merchants, the platform allows for a variety of payment methods. However, only BTC, ETH, and USDT are available to buy directly with fiat currencies—you will have to use the exchange feature to get your hands on other assets.

2) Asset diversity: When it comes to diversity, BingX offers more than 150 crypto assets that their users can trade on the platform. BingX also has a massive range of derivatives that include standard futures and perpetual futures.

3) Ultimate copy trading: Users can also copy trade on the platform and start following professional and elite traders who have a history of positive trades that have made them money. With one click, you can invest your money and let others trade for you on a profit-sharing basis.

BingX isn’t perfect, however; it needs to work on implementing proprietary payment methods so that they can lower the transaction fee. Besides that, they should also introduce staking or pool options where users could invest their assets and start getting yearly returns.

Key Features and Advantages of BingX

BingX is considered an all-in-one crypto exchange because they do not limit their services to or target a specific type of community. The platform provides a safe, secured, and fast path to users who simply want to purchase cryptocurrencies. As for the users who want to trade, BingX offers an advanced trading interface with countless features. Not only that, but the diversity within the assets and markets is quite impressive too. You can trade more than 150 assets on the platform along with standard futures and perpetual contracts. Keeping up with the latest demands of the industry, BingX has also added the option to copy elite traders and make a profit while doing practically nothing. You can check out the list below to see the complete features and advantages of BingX:

Negatives and Disadvantages of BingX

Just like any other crypto exchange, BingX has problems that you should keep in mind before signing up on the platform or investing your money with them:

What Services Does BingX Offer?

BingX is quite popular, with more than 1 million concurrent users from all over the world. As they provide their services in more than 100 regions, users from different parts of the world can access their trading and investing services for an easy entry point into the crypto industry. With bonuses like copy trading perpetual contracts, BingX has enhanced the overall trading experience, allowing amateurs and beginners to follow elite traders and copy their trades. At the same time, manual traders are provided with countless trading tools and advanced interfaces to let them trade freely.

BingX also offers a variety of payment options to users who just want to buy crypto assets and hold them in their accounts. The premium new-user rewards and affiliate program attract even more users to join the ecosystem that BingX has established over the years. Check out BingX’s full services below:

Instantly buy crypto with a variety of payment methods: BingX allows their users to purchase crypto assets almost instantly. As of now, the platform only supports the direct purchases of USDT, ETH, and BTC. For other assets, you will have to use the quick exchange option or trade the assets.

BingX has partnered with several third-party merchants who provide a variety of different payment methods so that users can easily pick the one that best suits their preferences. The fiat transactions usually take a minute, and the crypto assets are deposited in your BingX account right away.

The payment methods include credit/debit cards, bank transfers, SEPA, Apple Pay, and a few others, depending on where you live.

150+ crypto assets available: BingX has more than 150 crypto assets available for trade on their platform, which include almost all the most popular assets, along with some new and potentially good projects.

Having a wide variety of assets available allows traders to explore as many markets as they want and diversify their portfolio without any restrictions or limitations. Diversifying your portfolio reduces the overall risk and enhances your chances of making a profit compared to investing in a single asset.

The assets that are available at BingX for trade are BTC, ETH, BNB, XRP, ADA, DOGE, DOT, and many known names that come with high market cap and volume.

Trade spot, futures, and perpetual contracts: Users can trade not only in the spot market, but they can trade standard futures and perpetual futures, too, right on a single platform. Each market comes with a variety of pairs for traders to choose from.

The benefit of having different types of markets is that both amateur and experienced traders get the chance to trade the way they want. Beginners can opt for spot trading, whereas advanced traders can trade perpetual futures or standard futures according to their skill level.

You can trade forex, commodities, indices, spot, and perpetual futures in one place and kick-start your trading journey with the variety BingX has provided.

Trade and invest anywhere with mobile apps: For BingX users who want to trade wherever and whenever they want, BingX mobile applications come with all the necessary features like trading, direct purchasing, copy trading, and an advanced interface integrated with all the latest tools you need to trade efficiently. Traders can evaluate full charts, check out the possibilities, and execute their trades as they would do on the web or a PC.

Users can download the BingX mobile apps from the app stores for their Android and iOS phones.

Advanced trading interface: BingX provides one of the fastest, most advanced, and most professional trading interfaces available to traders who don’t want to miss out on any great features. Their trading interface is integrated with customizable options, too, so that traders can fit it to their preferences.

The trade execution at the BingX trading interface is relatively fast, and the asset charts provide real-time data too. Traders can install a variety of indicators for better insights, and they can add or replace pretty much everything available on the charts. BingX also provides crucial details like 24h volume and 24h highest and lowest. Traders can also change time intervals, change the chart style, draw, take snapshots, or enter a full-screen mode for uninterrupted focus.

If you’re already a professional trader, you won’t be disappointed with their features, and if you’re new to the industry, BingX’s trade interface can be a great place to learn.

Copy trade and follow elite traders: Copy trading is another popular feature in the crypto industry that makes it easier for amateur traders to trade. BingX has added a copy trading option on their platform where users can pick any elite trader and start copying their trades.

There are a lot of elite traders available for copy trading on BingX. You can check out their trading history and profit and then select the one you think is the best. BingX also provides a copy trading feed where traders post about their trades, successes, and casual thoughts about the market.

Copy trading allows users to sit back, relax, and watch their portfolio grow, assuming the trader they’re copying succeeds.

Beginner-friendly platform with easy UI: BingX is a beginner-friendly platform with few complicated features or procedures that would confuse new users in the field. BingX comes with a really simple layout where users can quickly and instantly sign up for the platform with their email addresses or phone numbers.

It’s easy to purchase crypto assets directly, and users who don’t want to deal with complicated charts can opt for copy trading instead. 

If you’re a beginner and don’t know much about Web 3.0, there’s no need to worry, as BingX  has catered their services to people just like you.

Attractive new-user rewards: To attract more users and traders to the platform, BingX offers quite a few new-user rewards. Customers can also start their trading and investing journey with BingX with the funds they are awarded. 

For starters, BingX provides 10 USDT and 10,000 VST vouchers to their newly registered users, making it possible to get started in the crypto industry even if you’re short on funds. Users are also provided with a first-deposit bonus and trading bonus as they hit those milestones on the platform. 

Learn with BingX Academy: BingX comes with its own academy aimed at beginners and amateurs to provide them with detailed and thorough learning content about pretty much everything they could want to know about the industry. It offers video tutorials and written guides that range from basic to advanced that explain everything about the blockchain industry, metaverse, and other crucial concepts.

If you’re new to cryptocurrency or trading, you can head to BingX Academy and start learning right away.

Earn up to a 60% rebate with the affiliate program: BingX offers the industry-highest rebate percentage to their partners who work as an affiliate. You can earn up to a 60% rebate from your referrals and start earning a considerable amount with the platform.

BingX also offers daily rebates and instant withdrawals on the earned profit. There is no cap on the number of people you can bring to the platform or the amount of money you can earn.

The BingX affiliate program can be a great way to start earning side income if you have a good following and can convince people to join BingX for their trading and investing needs.

Premium customer support with live chat: The customer support at BingX is quite efficient, fast, and professional in sorting out users’ problems. Even if you’re not a registered user, you can get in touch and ask your questions.

BingX has a live-chat icon on the lower-right corner of the platform to start a chat with one of their agents. If there’s no queue, you can chat with their agent almost instantly and solve your problem.

Good customer support and fast replies save time for the users and reduce their frustration, making them more likely to stick with the platform in the long term.

Things I Don't Like About BingX

There are a lot of things to appreciate about BingX, but there are a few aspects that aren’t really great about the platform. You can take a quick look below to find out the things I don’t like about BingX and why you should keep them in mind.

High transaction fees due to third-party merchants: One of the best things about BingX is that they provide their users with a variety of payment options to use to buy crypto instantly. But the catch here is that they have partnered up with third-party payment merchants to do so. That is where the high transaction fees come in, and they can make the process of buying crypto quite expensive for users.

You might have to pay anywhere between 3% and 8% when using the available payment methods. If you want to avoid these types of fees, you’ll have to deposit your own crypto on the platform to start using their services.

No staking or investing options as of now: BingX can be considered a complete crypto platform due to the diversity they offer in their trading and buying options, but they have little to offer investors. There is no option to stake or invest on the platform - you can simply buy or trade cryptocurrencies, whereas many other crypto exchanges include pools, savings accounts, and staking options where users can put their crypto to work and start earning yearly yields.

BingX Fees

BingX Deposit Fees

All types of crypto deposits are free on the platform. But BingX has defined a minimum deposit amount, which is something to keep in mind.

As for direct crypto purchases, users have to pay a fee set by third-party payment merchants, and it can vary depending on different circumstances.

BingX Trading Fees

The spot trading fee for makers varies at BingX depending on the asset chosen. As of now, BingX charges anywhere between 0.05% and 0.1% from the makers. As for the takers, they have to pay a fixed fee of 0.1% for all the available assets for spot trading.

Besides that, BingX has a separate fee for perpetual swap trading, currency exchange, and standard contract trading. You can get an idea of the fees for these types of trades from their official fee page.

BingX Fiat Withdrawal Fee

Fiat withdrawals are not supported on BingX.

BingX Crypto Withdrawal Fee

BingX charges their users in accordance with the gas fee at the time of withdrawals. Each crypto asset comes with its own particular fee that users have to pay when withdrawing their funds.

Pros and Cons of BingX

Pros
  • Instant crypto purchases
  • 150+ cryptocurrencies available
  • Trade spot and derivatives
  • Advanced trading interface
  • Copy elite trades and earn profit
Cons
  • High third-party payment merchant fees
  • No staking or investing options

Summary

BingX is certainly a sound option in the crypto community. Not every crypto platform offers as much diversity. With more than 150 cryptocurrencies, spot and derivatives markets, and a futuristic trading interface, BingX has a lot to offer to customers looking to get started or level up in their trading.

BingX Academy also helps newcomers and amateurs learn about the crypto industry and start their journey without fear of failure. New users can also claim $50 BONUS when registering with this link. The bonus is called 'Standard Futures Bonus' and can be used to try out futures trading in the real market with zero risk at all. Any profit can be withdrawn while the loss of the bonus is absorbed by BingX, not the user.

If you're still undecided and you're looking for other options in the US, you can read our article on the best cryptocurrency exchanges in the USA. There is also a quick comparison table below to help you make a decision.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

 Does BingX provide its services in the US?

Yes, BingX provides its services to the residents of the US, as the platform has obtained regulatory licenses from the jurisdiction to provide financial services without interruption.

Can you trust BingX?

BingX is a safe and trusted crypto exchange that was established in 2018. They have over a million users globally, and they have been featured by several media outlets.

 Has BingX ever been hacked?

 No, BingX has never been hacked. BingX ensures full protection for their users and their funds with advanced security features and authentications.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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