BingX Cryptocurrency Exchange Review : Pros & Cons

About BingX

BingX founded in 2018, BingX is a crypto social trading exchange that offers spot, derivatives and copy trading services to more than 100 countries worldwide. BingX prides itself as the people’s exchange by unlocking the fast-growing cryptocurrency market for everyone, connecting users with experts traders and a platform to invest in a simple, engaging and transparent way.

Information Table

How To Register At BingX Exchange ?

To register on BingX , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your BingX Cryptocurrency Account ?

There is no mandatory verification at BingX, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of FREE. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the BingX, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At BingX Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From BingX Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your BingX Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Standard Futures Funding Rates

Funding fees are exchanged and settled between the long and short positions every 8 hours. If the funding rate is positive, long position holders shall pay funding fees to short position holders, and vice versa. If the funding rate is positive, your position will be charged for funding fee; When the funding rate is negative, you can get a fee reward.

Funding Timetable

Funding will occur daily at 0:00, 8:00 and 16:00. History funding fees can be viewed on the position page. For orders in Isolated Margin mode, Funding Rate/Fee will be settled when closing a position;
For orders in Cross Margin mode, Funding Rate/Fee will be settled at the funding occurring time.
(When it comes to settlement time, there may be a 1-3 minute delay. If the position is closed during this period, orders in Isolated Margin mode will no longer be settled while settlement of orders in Cross Margin mode will still be executed.)

Funding Calculation Method

Funding Amount = Total Contract Trading Volume Funding Rate (If the funding rate is negative, you will receive a funding reward.) The funding rate is calculated by the platform at the time of deduction. The direction is defined as 1 for long positions and -1 for short positions.

Conversion Fees

Currency exchange fee 0.2%

Withdrawal Fees

In order to ensure the timeliness of withdrawals, a reasonable fee will be calculated by the system automatically based on the fluctuation of the gas fee of each token in real time. Thus, the fees above are for reference only, and the actual situation shall prevail. In addition, to ensure that users’ withdrawals are not affected by changes of fees, the minimum withdrawal amounts will be dynamically adjusted according to the changes in fees.

Features Of BingX Crypto Exchange

Available At Android & IOS Store

BingX Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Achievements

BingX accomplished major milestones in asset security and product function, which assisted in gaining global recognition and a spotlight from the TradingView community. Its robust features are what separates it from the rest. BingX’s Feed is an innovative social trading unit that establishes a connection between professional traders and users to voice their opinion and carry out trades. BingX became the go-to shop for traders.

As an added advantage, BingX successfully grew its presence in newer markets from different regions like Europe and Asia, all grateful to its partnership with numerous fiat gateway functions, including, Paxful, Coinify, and AdvCash. BingX allows users to purchase or trade cryptocurrency from major exchanges while providing a single system to serve all users’ needs.

Spot Trading

With this feature, you can trade popular digital assets in just a few minutes. Spot trading is accessible via the BingX website, so you can begin working the market right from your browser. When you spot trade, you buy/sell crypto in real time with the aim of making a profit.

Convert

BingX describes this as the “easiest way to trade.” This feature is available for BTC, ETH, and USDC.

Standard & Perpetual Futures

As mentioned, BingX offers derivatives trading, a service you can access. You can trade both standard and perpetual futures, and, according to BingX, perpetual futures are best-suited to more experienced traders, while standard futures are easier to manage (comparatively).

Grid Trading

Grid Trading is a new feature from BingX. This 24/7 automatic trading bot captures any profits that take place. The platform has approximately 90,000 users, and you can create a spot or futures grid with this social trading network. Grid Trading is an example of how BingX is an excellent social platform.

Copy Trading

With BingX copy trading, you can copy the trades of successful, proven traders. There are different types of traders to copy, from those that are “trending” to more conservative traders. You can choose from futures and spot grid traders, and, if you have a good track record, you can even apply to become a copied trader.

New User Rewards

There are a few bonuses exclusive to new traders with this exchange. First, you can get a “New User Reward” where you claim 125USDT at no cost. There is also a 60% APY and Free Risk Earn Reward, as well as other deposits, trading gifts, and bonuses.

Copy Feed

This copy trading feature is a news feed that allows you to access the latest trends from influencers and top traders. It is part of the BingX social trading network, and it is akin to a 24/7 streaming feed you might see at a more traditional broker.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

BingX Conclusion

BingX credits its achievements and recognition by the Trading view as one of the best Crypto Trading/Exchange platforms to its loyal fans and customers. They aim to set better milestones by developing endless possibilities and enhancing already existing features. BingX continues to make efforts to improve the cryptocurrency exchange industry by improving brand influence and user experience.