BingX

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 & Regulation

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. The exchange also provides a wide variety of services such as instant spot exchanges, derivatives pairs, and a fiat financial system to the users for digital trading currencies with high leverage.

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.

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.

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.

Trading Fees

BingX derivatives exchange charges the same trading fee of 0.075% for both opening and closing a position. The calculation of the transaction fee is simple. The trading fee is calculated by multiplying the trading fee of 0.075% by the trade volume. The trade fee is relatively competitive compared to other cryptocurrency exchanges.

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.

Pros & Cons

Frequently Asked Questions (FAQs)