BingX Review: Can It Compete With The Best Exchanges?
8 min read
Introduction: Are you looking for a reliable crypto exchange platform that offers seamless trading experiences? If so, you might have come across BingX and are wondering if it's a good exchange to use. In this review, we have answered that question by exploring all the relevant facts about BingX including its features, fees, proof of reserves and more. By the end of this review, you'll have a clear idea of the pros and cons of BingX and whether it's the right choice for you!
BingX is a relatively new player in the cryptocurrency exchange industry, having been founded in 2018 by Josh Lu.
BingX has offices in North America, Canada, the EU, Hong Kong, and Taiwan and a combined work force of over 150 employees.
Despite being a fresh face, the exchange has made significant strides in the market quickly gaining over 5 million users across 100 countries worldwide.
One of the key reasons why BingX has been able to attract such a large user base is its wide selection of over 350 cryptocurrencies available for trading.
The exchange offers different types of trading services, including spot, derivatives, copy, and grid trading, catering to the needs of both novice and experienced traders. BingX also has a mobile app that has been downloaded over 1 million times, giving users the flexibility to trade on-the-go.
The app provides a user-friendly interface and advanced trading tools such as charting, order books, and market data. It's worth noting that BingX is restricted in some countries, including the United States, China, and the UK.
With its wide range of trading services, user-friendly interface, and impressive selection of cryptocurrencies, it's clear why BingX has become a go-to platform for many traders worldwide.
Deos BingX require KYC?
The signup process on BingX is fast and simple. All it takes is an email and a password and to verify the email verification code.
KYC is not mandatory for users who just want to immediately deposit cryptocurrencies and start trading.
For those who would like to trade cryptocurrencies without having to go through KYC, BingX provides that option.
However, if you want access to bigger withdrawal amounts, then going through KYC is necessary.
The exchange also offers rewards for completing different tasks like making your first deposit, completing KYC and so forth.
BingX Crypto Products
"BingX offers a plethora of services that cater to the needs of any trader out there. Their offerings range from spot trading to derivatives products such as perpetual and standard futures, copy trading, and demo trading.
The exchange even has automatic buying and selling via grid trading and users can enjoy futures leverage of up to 150X, making it an ideal platform for those looking to maximize their returns.
When it comes to usability, BingX doesn't disappoint. The user experience is similar to other popular exchanges like Kucoin and Binance, with a clear and easy-to-navigate interface. And let's not forget about the impressive $1.5 billion daily spot trading volume that BingX delivers.
BingX offers spot trading fees that vary depending on the cryptocurrency being purchased. For large cap coins like BTC and ETH, spot trading fees are 0.1%, while fees for less known altcoins are 0.2%.
Spot maker fees are also tiered and range from 0.1% to 0.2%. Meanwhile, all futures trades on the platform come with a maker fee of 0.045% and a taker fee of 0.075%, making BingX's fees competitive compared to other exchanges.
BingX Deposit Methods
Unfortunately, if you're looking to make a fiat deposit on BingX, you're out of luck.
The only options available are crypto deposits or buying crypto via credit card through third-party providers like Banxa, MoonPay, and others.
So if you want to make a deposit using a traditional currency like USD or EUR, you'll have to look elsewhere.
How to withdraw from BingX?
Similar to fiat deposits, fiat withdrawals are not available on BingX. However, users are able to withdraw their cryptocurrencies with varying fees depending on the blockchain.
If you need to withdraw Bitcoin, you can expect a fee of 0.0002 BTC and a fee of 0.00076 ETH for Ethereum.
For those who want to withdraw Solana, that fee is 0.0008 SOL and a basic ERC-20 USDT withdrawal has a fee of 6 USDT.
It's always important to keep these fees in mind when planning your withdrawals to ensure you're getting the most out of your investments.
Is BingX Safe?
With a spotless track record in terms of wallet theft or loss, this platform is a great option for anyone looking for a secure way to buy, sell, or trade crypto.
One of BingX's standout security features is its Proof-of-Reserves report which is verified by a trusted third-party auditor, Mazars.
In addition, BingX has passed security audits by renowned security firms like CertiK and SlowMist, and regularly reviews operation and maintenance databases to close off zero-day security holes.
BingX employs a bank-grade custody solution to regulate permissions to servers, middleware, and databases across all functional departments.
This ensures that the majority of all deposited assets are held in offline "cold" wallets to minimize risks from external threats.
BingX maintains a portion of its principal balance sheet to cover any potential loss of customer assets, and adheres to a rigorous security system that includes suspicious activity monitoring 24/7, updating in real-time.
In terms of regulation, BingX is a financial services company registered, accredited and regulated by the Financial Services Authority of Estonia.
BingX is also registered as a Money Services Business (MSB) under FinCEN in the US, under FINTRAC in Canada and as a Digital Currency Exchange (DCE) provider under AUSTRAC.
In conclusion, BingX is a legit cryptocurrency exchange that offers a wide range of services, catering to the needs of both beginner and experienced traders.
With over 5 million users in more than 100 countries, BingX has established itself as an up and coming contender.
The platform's user-friendly interface and its wide selection of over 350 cryptocurrencies ensures that traders have plenty of options to choose from.
The exchange offers a wide range of trading services including spot, futures, grid and copy trading. The spot trading fees are tier-based and competitive while futures fees are fixed but still in line with the industries leading exchanges.
For users who don't mind going through KYC and value convenience more than saving on fees, they can purchase cryptocurrencies using third-party providers like MoonPay and Banxa.
BingX's offers a rigorous security system that includes bank-grade custody solutions, offline cold wallets, and third-party auditor reports.
The exchange is registered and regulated by various financial authorities, ensuring that it complies with all relevant regulations.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.