Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
BingX specializes in the crypto derivatives market, established in Singapore in 2018 and located in different parts of Asia, including Taiwan, Japan, Korea, Russia, and Vietnam. The primary function of the BingX platform is to enable users to buy and sell digital products from a single platform.
BingX provides a range of market instruments for trading. These include crypto-based perpetual contracts, inverse contracts, USDT-based contracts, spot trading for various cryptocurrencies, and futures trading options. Traders can engage in speculative trading on the price movements of cryptocurrencies, using different trading options and collateral assets. BingX also highlights the top gaining cryptocurrencies, providing an overview of price changes and market trends.
The platform offers the MT5 trading platform, which provides traders with a variety of features and tools for analysis and strategy development. BingX also integrates with external platforms such as TradingView, allowing users to receive trading signals and access enhanced charting tools. The platform offers educational resources through the BingX Academy, which provides articles, videos, and tutorials to enhance users' knowledge in cryptocurrency and trading.
Overall, it is crucial to consider the potential risks associated with BingX due to its lack of valid regulatory information. Traders should exercise caution and conduct thorough research before engaging with the platform.
Here is the home page of this brokers official site:
As for regulation, it has been verified that BingX currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.41/10. Please be aware of the risk.
Note: The screenshot date is February 7, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Pros and Cons
BingX offers several advantages and disadvantages for traders to consider. On the positive side, BingX provides a demo account for users to practice trading without risking real funds. The platform also supports spot trading and futures trading, allowing users to engage in different trading strategies. Additionally, BingX has a low minimum deposit requirement of 1 USDT. The platform supports the MT5 trading platform, which offers advanced features and tools for traders. BingX also provides educational resources through the BingX Academy, articles, videos, and a blog to enhance users' knowledge. However, there are several drawbacks to consider. BingX currently lacks recognized regulatory oversight, raising concerns about the platform's operations. There have been allegations of involvement in pyramid schemes and misappropriation of funds, which further erode trust. The platform only accepts cryptocurrency payments, limiting payment options for users. There is also limited transparency and negative user reviews, indicating potential issues and dissatisfaction among users.
Market Instruments
Retail traders can speculate on the crypto markets price movements, such as commodities, forex, and indices. For example, they can opt for long or short positions for markets like the NASDAQ and S&P 500 using USDT currency as the standard collateral asset with 100x leverage. BingX lists several cryptocurrency trading products that are perpetual contracts. BingX traders can choose between cross and isolated margins. The selection of digital currencies on BingX covers the top 7 crypto assets that suffice for most users.
For Ethereum and Bitcoin, users can opt for inverse contracts. This means users can use Bitcoin to trade the BTC-based contract and Ethereum as a margin for trading the ETH-based contracts. In addition, BingX also provides USDT-based contracts for both BTC and ETH.
Crypto-based Perpetual Contracts: BingX offers several cryptocurrency trading products in the form of perpetual contracts. These contracts allow retail traders to speculate on the price movements of various cryptocurrencies. Traders can choose between cross and isolated margins, providing different trading options.
Inverse Contracts: BingX provides inverse contracts for cryptocurrencies like Ethereum and Bitcoin. This means that users can utilize Bitcoin to trade the BTC-based contract and Ethereum as margin for trading ETH-based contracts. These inverse contracts offer alternative trading opportunities for users.
USDT-based Contracts: BingX also lists USDT-based contracts for both Bitcoin and Ethereum. These contracts enable traders to use USDT (Tether) as the collateral asset for trading Bitcoin and Ethereum. USDT is a stablecoin that is pegged to the value of the US dollar.
Spot Trading: BingX offers spot trading for various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and others. Traders can engage in buying and selling these cryptocurrencies at the current market price.
Futures Trading: BingX provides futures trading options for cryptocurrencies, allowing traders to speculate on the future price movements of these assets. The futures contracts available on BingX include BTC/USDT, ETH/USDT, and other trading pairs.
Top Gainers: BingX highlights the top gaining cryptocurrencies, providing a quick overview of the price changes and trends in the market. These top gainers include popular cryptocurrencies like BTC/USDT, TRX/USDT, MATIC/USDT, and more.
Account Types
DEMO ACCOUNT: BingX offers a Demo Account feature to its users. This account is credited with VSD tokens worth 100,000, which are virtual-based coins issued by BingX. The Demo Account allows traders to engage in digital currency trading using VSD tokens without the need to make actual deposits. It serves as a tool for new traders to become familiar with the exchange and provides an opportunity to practice and study leverage limits in cryptocurrency trading.
VIP FEE RATE TIERS: BingX categorizes its users into different VIP fee rate tiers based on their trading volume and account balance in Perpetual Futures. The fee rates vary depending on the VIP level. The VIP tiers range from VIP 0 to VIP 5, with each tier having specific criteria such as trading volume and account balance requirements. The fee rates for takers and makers also differ across the VIP levels. This tiered system allows users to access varying fee rates based on their trading activities and account status within the BingX platform.
How to Open an Account？
To open an account with BingX, follow these steps:
Visit the BingX website.
Locate and click on the “Register” button. This button is usually displayed prominently on the homepage.
3. You will be prompted to provide your email and phone number. Enter the required information in the respective fields.
4. After entering your email and phone number, click on the “Register” button.
5. A message may appear asking you to check your email for verification. Follow the instructions in the email to complete the verification process.
6. Once verified, you will need to choose a password for your BingX account. Enter a secure password in the designated field.
7. Optionally, you may enter a referral code if you have one. This code is typically used to receive specific benefits or bonuses associated with referrals.
8. Finally, click on the “Register” button to complete the account creation process.
Alternatively, BingX may provide the option to register or log in using your Google account. If you prefer this method, you can select the “Continue with Google” option.
Spreads
The daily average spread ranges for popular trading pairs on BingX are as follows: BTC/USDT and ETH/USDT have a daily average spread of 0.04%. For trading pairs like BCH/USDT, LTC/USDT, EOS/USDT, XRP/USDT, BSV/USDT, LINK/USDT, and DOT/USDT, the daily average spread is 0.1%. Other trading pairs such as ADA/USDT, UNI/USDT, FIL/USDT, AAVE/USDT, DOGE/USDT, and many more also have a daily average spread of 0.1%. It's important to note that spread ranges may change based on market depth and liquidity conditions, with larger spreads possible during periods of low liquidity.
Commissions & Fees
Perpetual futures trading on BingX incurs taker and maker fees. The taker fee, applicable to executed trades, is 0.050%, while the maker fee, applicable to pending orders, is 0.020%. VIP users may have different fee rates, which can be found on the BingX website.
In terms of funding rates, BingX applies funding fees to perpetual futures contracts. These fees are exchanged between long and short positions every 8 hours. The funding rate determines whether long or short position holders pay the fee or receive a fee reward. Funding occurs three times daily, and the funding rate is calculated based on the difference between the contract price and spot price. The funding rate rules are updated periodically to reflect market conditions.
For spot trading and currency conversion, BingX provides detailed fee information on their website, including the list of spot trading fees and a 0.2% currency exchange fee.
Minimum Deposit
The minimum deposit required by BingX is 1 USDT (Tether). It means that any deposit amount below 1 USDT will not be credited to the account and cannot be returned.
Deposit & Withdrawal
BingX offers a diverse range of deposit and withdrawal options for cryptocurrencies. Deposits can be made without any fees for most coins, including popular ones like Ethereum (ERC20) and BNB Smart Chain (BEP20). However, specific withdrawal fees apply when users want to withdraw their funds. The withdrawal fees vary depending on the cryptocurrency and network involved. For example, withdrawing Ethereum (ERC20) incurs a fee of 0.002 ETH, while BNB Smart Chain (BEP20) withdrawals have a fee of 0.0005 BNB. Other tokens on these networks also have their respective withdrawal fees. Additionally, stablecoin withdrawals, such as USDT and USDC, have a fixed withdrawal fee of $28 per transaction. These fee structures ensure that users have clear visibility into the costs associated with depositing and withdrawing their cryptocurrencies on BingX.
Demo Account
The new a/c is credited with VSD tokens worth 100,000. BingX issues these virtual-based coins. Users can trade digital currencies using VSD at BingX, and hence, there is no need to make actual deposits. This feature enables new traders to be familiar with the exchange, and the practice of VSD tokens can be used to study the leverage limits of cryptocurrency trading.
Leverage
BingX leverage limits vary based on the product you want to trade. The BTC and USDT contracts come with a 150x leverage, typically higher than the industry average. Ethereum leverage goes up to 100x, whereas other crypto-based contracts on Bingbon are capped at 35x or 50x leverage. Coming to commodities and indices, the leverage limit goes up to 100x, and for forex pairs, the maximum limit goes to 300x.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Trading Platform
The platform available for trading at BingX is one of the most notable and preferred MetaTrader5 for Apple, Android, Windows, macOS, and the Web. This trading terminal is highly praised by traders and brokers alike due to its ease of use and great functionality. The MT5 offers top-notch charting and flexible customization options. It is especially popular for its automated trading bots, a.k.a. Expert Advisors.
Copy Trading
BingX boasts a copy trading feature that allows users to observe famous traders and copy their trades automatically. Traders are listed based on their trading style, number of followers, and profit rates.
Deposit & Withdrawal
BingX charges a small withdrawal fee for withdrawing ETH and BTC, about 0.007ETH and 0.0005BTC, respectively. To withdraw Stablecoins, the withdrawal fee charged is $28 per transaction. This is relatively high compared to the global industry average. It does not charge any fee to deposit crypto in trading accounts. However, a fee may be applied if you transfer fiat to crypto based on the deposit method and the selected 3rd-party provider of the users region.
Customer Support
BingXs customer support can be reached 24/7 by email: support@bingx.com or live chat. You can also follow this broker on social networks such as Telegram, Twitter, Facebook, Instagram, YouTube and LinkedIn.
Trading Platform
BingX offers the MT5 trading platform for users to embark on their cryptocurrency trading journey. With this platform, traders can access a range of features and tools to facilitate their trading activities. The platform provides a diverse set of quantitative strategies, trading indicators, and drawing tools, allowing users to analyze the market and develop trading strategies. Additionally, the platform supports EA (Expert Advisor) smart trading, enabling automated trading based on predefined algorithms. Traders can benefit from advanced charts that allow for the combination of various trading indicators, enhancing their technical analysis capabilities. BingX · MT5 also offers multiple trading tools for analysis and strategy testing, leveraging historical data to assist traders in making informed decisions. To get started, users can activate their MT5 account, transfer funds from their Fund Account, receive MT5 account information, download the MT5 terminal on their preferred device (such as PC, mobile, or web), and log in to trade. BingX · MT5 provides access to a wide range of symbols for trading, with the potential for more symbols to be added in the future. Traders can stay updated and download the MT5 terminal on various platforms such as Apple, Android, Windows, and macOS.
Trading Tools
SIGNAL TRADING: BingX offers the functionality of signal trading, allowing users to receive signals from external platforms such as TradingView and automate Perpetual Futures trading. Traders can create trading instructions and configure them to external platforms, enabling them to customize their trading strategy flexibly. By integrating with external signal sources, users can leverage the insights and recommendations provided by these platforms to inform their trading decisions and potentially automate the execution of trades on BingX's Perpetual Futures.
TRADINGVIEW PARTNERSHIP: BingX has partnered with TradingView, providing users access to supercharged charting tools for an enhanced trading experience. TradingView offers functional and intuitive charting tools that can bring consistency to trading and improve market forecasts. Users can utilize the Crypto Screener to filter cryptocurrencies based on various metrics, timeframes, and technical indicators, set alerts, save templates, and engage with an active community of traders, accessing thousands of ideas and scripts for informed decision-making. TradingView features exceptional charts with drawing tools, multiple chart types, and multi-timeframe analysis, along with 100+ pre-built and customizable technical indicators for comprehensive technical analysis. Traders can also execute live orders on charts using drag-and-drop bracket orders or a responsive order dialog, implement risk management strategies, set unmissable alerts, and utilize the strategy tester to simulate and test trading strategies using historical data.
Educational Resources
BINGX ACADEMY: BingX offers the BingX Academy, a platform designed to enhance users' knowledge and expertise in cryptocurrency and trading. The academy helps guide individuals from beginner to professional traders. Users can access a variety of educational resources such as articles, videos, and tutorials on topics including BTC, ETH, Metaverse, Web3, DeFi, and more. The Academy also provides beginner's guides, tutorials on joining the BingX referral program, understanding trading versus investing, and insights into spot trading versus derivatives trading.
ARTICLES: BingX features a range of informative articles covering various aspects of trading and cryptocurrency. Users can explore topics such as spot trading versus derivatives trading, buying crypto with fiat money, investing in cryptocurrencies for beginners, and trading made easy. The articles aim to provide valuable information and insights to assist users in their trading journey.
VIDEOS: BingX offers a collection of videos to complement its educational resources. These videos cover a wide range of subjects, including an introduction to BingX as the world's leading crypto social trading network, tutorials on downloading and registering with BingX, completing KYC or identity verification, and understanding the process of buying crypto. The videos serve as visual aids to help users navigate the platform and gain a better understanding of various features and functionalities.
LOG: BingX's blog section offers a variety of informative content for users. It includes articles on services, announcements, trends, research, and beginner's guides. Users can find detailed tutorials on topics such as completing 2FA, KYC or identity verification, depositing and withdrawing funds, and downloading and registering with BingX. The blog also features videos that cover subjects like buying crypto, rewards, copy trading, strategy trading, spot trading, derivatives trading, and the overall concept of BingX as a leading crypto social trading network. Furthermore, the blog provides insights into new launches, analysis, daily updates from BingX, events, and charity initiatives.
Customer Support
CONTACT US: BingX provides a Contact Us section where users can reach out to the platform for various purposes. For Business Cooperation, individuals interested in partnership opportunities can contact BingX via partnership@bingx.com. Media Inquiries can be directed to media@bingx.com for any press-related matters. Additionally, for inquiries related to the Affiliate Program, users can reach out to bd@bingx.com to explore partnership opportunities.
COMMUNITY ON SOCIAL NETWORKS: BingX maintains an active presence on various social networks to engage with its community. Users can connect with BingX through platforms such as Telegram, Twitter, Facebook, Instagram, YouTube, and LinkedIn. These social media channels serve as avenues for users to stay updated on platform announcements, interact with other community members, and seek assistance or clarification from BingX.
Reviews
According to reviews on WikiFX, there have been two cases of exposure related to BingX. One complaint accuses BingX of being involved in a pyramid scheme, while the other case involves the exchange allegedly occupying customer funds. The Taiwan police have accepted the theft and embezzlement allegations against BingX, raising concerns about the potential loss of large amounts of money. It is advised to be cautious and protect one's capital to avoid being deceived. Another review claims that BingX stole the reviewer's profit funds, amounting to $48,994.87, and did not provide the owed amount of $53,451.43. The reviewer urges others to be careful and shares their intention to seek legal and regulatory assistance, as well as to spread awareness through social media. The reviewer also provides transaction data as evidence. These reviews indicate potential issues and cautionary tales regarding BingX.
Conclusion
In conclusion, BingX is a broker that offers a range of trading options and tools. However, it is important to note several disadvantages associated with BingX. The broker lacks valid regulatory information, which raises concerns about its operations and the potential risks involved. Additionally, there have been complaints and allegations of fraudulent activities, including involvement in a pyramid scheme and occupying customer funds. These reviews highlight the need for caution and careful consideration of the potential risks before engaging with BingX. It is advisable to protect one's capital and seek legal and regulatory assistance if necessary.
FAQs
Q: Is BingX a regulated broker？
A: BingX currently lacks valid regulatory information, which raises concerns about its legitimacy and operations.
Q: What market instruments are offered by BingX？
A: BingX offers crypto-based perpetual contracts, inverse contracts, USDT-based contracts, spot trading, and futures trading for various cryptocurrencies.
Q: What are the account types on BingX？
A: BingX offers a Demo Account for practicing and studying leverage limits, as well as VIP fee rate tiers based on trading volume and account balance.
Q: How can I open an account with BingX？
A: To open an account with BingX, visit their website, click on “Register,” provide email and phone number, complete the verification process, choose a password, and register.
Q: What are the leverage limits on BingX？
A: BingX provides leverage limits of up to 150x for BTC and USDT contracts, up to 100x for Ethereum, and varying limits for other crypto-based contracts, commodities, indices, and forex pairs.
Q: What are the spreads on BingX？
A: The daily average spreads range from 0.04% to 0.1% for popular trading pairs, but they may vary based on market conditions.
Q: What are the commissions and fees on BingX？
A: BingX charges taker and maker fees for perpetual futures trading and applies funding fees. Spot trading and currency conversion fees are also applicable.
Q: What is the minimum deposit on BingX？
A: The minimum deposit required by BingX is 1 USDT.
Q: What are the deposit and withdrawal options on BingX？
A: BingX offers various deposit options without fees for most coins and applies specific withdrawal fees based on the cryptocurrency and network.
Q: What trading platform does BingX offer？
A: BingX offers the MT5 trading platform, which provides advanced features and tools for cryptocurrency trading.
Q: What trading tools are available on BingX？
A: BingX offers signal trading and has partnered with TradingView, providing access to enhanced charting tools.
Q: What educational resources does BingX provide？
A: BingX offers the BingX Academy, articles, videos, and a blog section to enhance users' knowledge in cryptocurrency and trading.
Q: How can I contact BingX for support？
A: Users can contact BingX through the “Contact Us” section on their website or engage with them on various social media platforms.
Q: What do reviews say about BingX？
A: According to reviews, there have been concerns about BingX's involvement in a pyramid scheme and allegations of customer fund occupation. Caution is advised when dealing with BingX.
2024-09-10 13:08
