BingX Review 2023
BingX exchange provides the following features: spot trading, USDT futures trading with leverage up to 150x, P2P marketplace, copy trading, trading using the GRID strategy. There are 600+ coins available on the site.
New users can receive an exclusive mystery box worth up to $200 and other bonuses when replenishing their account with any amount of coins.
In this review, I will share my experience of trading on the BingX exchange, is BingX legit, consider the features of its use and trading conditions.
What is BingX and how does it work?
To work on the exchange you need to register. Step-by-step instructions for a new user:
- Go to the site of BingX and click Register in the menu or Register Now in the middle of the page;
- Click register by e-mail or phone, create a complex password and click Register;
- A verification code will be sent to the email or phone number specified in the previous step. Enter it in the Security Verification field;
- After completing all the steps above, you will receive a welcome message and then you can start trading on the exchange.
Sign up and verification
BingX exchange users can deposit funds on the exchange and trade without going through the identity verification procedure. However, KYC verification allows you to increase the withdrawal amount from 50 thousand USDT to 50 million USDT per day.
To pass KYC:
- Click on the user icon in the personal account menu → Identity Verification;
- Specify the country where your ID was issued, its type, and upload a photo of your passport (as shown in the picture). The photo must be clear and uncropped, click Next. Take a selfie with the document.
Below there are the options that users can enable to protect their account:
- Password: When registering, each user must set a strong password. To improve safety, it is recommended to change it regularly;
- 2FA: Two-factor authentication requires entering a dynamic verification code generated on your mobile phone. It uses for confirming activities such as logging into your account and making transactions. Before using 2FA, you need to link an authenticator to your exchange account. To do this, in your personal account, select Account Security → Security Center → Google Verification, then click Link;
- Phishing: BingX.com is the only official website of the exchange. To protect against phishing, it is not recommended to register using unknown links received in emails or SMS. Double-check the email address you receive notifications from and use 2FA when logging into your account.
The account is created. What’s next?
After registering an account, you need to top up it to start trading.
Deposit and withdrawal methods
Once your account is active, you can make a deposit to your Bingx account. There are several ways to deposit money on BingX:
- Using a P2P service;
- Buy cryptocurrency for fiat using a bank card or bank transfer;
- Transfer funds from a crypto wallet or exchange.
Let’s condider how to top up your account with cryptocurrency from an external wallet:
- Login to your BingX account and hover mouse pointer over the wallet icon, click Deposit;
- Click the drop-down menu at the top of the deposit page and select the currency you want to deposit (for example, USDT);
- Specify the blockchain (for example, TRC20). The size of the commission you will pay when replenishing will depend on the chosen blockchain;
- Copy the address from the Address field and paste it into the crypto wallet from which you are funding your account. Double check the deposit and network address before sending to avoid losing funds;
- Once you have sent funds to your Bingx account, you must wait for the transaction to be confirmed. This process can take from a few minutes to several hours, depending on the currency deposited and network congestion. Once the transaction is approved, the funds will be credited to your Bingx account.
The steps you have to follow to withdraw cryptocurrency from exchange account:
- In your BingX account, click on the wallet icon → Withdraw;
- Specify the coin for withdrawal (for example, USDT) → network (for example, TRC20) → the address received in the wallet → specify amount of coins for withdraw and click Withdraw. Make sure the selected currency, network and withdrawal address are correct, otherwise you will lose your funds.
Withdrawal time depends on the network load. For security purposes, each withdrawal is checked by the exchange’s security service, the verification takes about an hour, in rare cases it can takes a little longer.
BingX trading conditions and tools
BingX offers: spot market, perpetual and standard futures, P2P trading, copy trading, automated trading using GRID strategy, buying cryptocurrency with fiat.
- Login to your personal account on Bingx official website, open the Buy Crypto → Buy Crypto tab;
- Select the fiat currency to pay (for example, USD) and the coin you will buy (for example, USDT). Specify the amount you want to spend on the purchase and click Buy;
- Select a payment system (for example, Mercuryo) and click Buy. In the form on the right you will see the amount of USDT that you will receive taking into account the service’s fee;
- Agree with Mercuryo terms of service;
- Confirm your purchase by clicking Continue;
- Next, enter the code to confirm payment and wait until the purchase is completed.
BingX supports spot market trading of crypto assets paired with USDT and USDC. The terminal includes charts based on TradingView information, an order book and a list of executed trades. The interface also has an information button – a brief description – for each asset in terminal.
The service Swap BingX allows you to quickly exchange one cryptocurrency for another. The function is available in the Spot → Convert tab.
In addition to spot trading, BingX offers futures trading in the form of both standard USDT-M and Coin-M, and perpetual contracts with leverage up to 150x.
The terminal interface for trading futures contracts is almost identical to the terminal for spot trading.
The P2P platform of the BingX exchange helps conduct direct transactions for purchase and sale of cryptocurrency for fiat between exchange users and merchants. All transactions on the P2P platform are free of charge.
The P2P platform supports 50+ fiat currencies, including USD, EUR, GBP. To trade on P2P, you must go through the identity verification procedure (KYC).
BingX P2P also includes the Self-Service Appeal feature, which increases the efficiency of processing applications. This button is used to file a complaint with the support service if the problem cannot be resolved through negotiations with the counterparty.
Trading automation bot Grid Trading BingX helps in crypto trading and works 24 hours a day. BingX grid trading involves automatic buying and selling of crypto assets at intervals based on a specified price range. Trading BingX offers 3 types of grids. Each of these grids has its own set of features and benefits to suit different investor preferences and market conditions.
The main characteristics of the grids are presented in the table.
|Characteristics||Spot Grid||Futures Grid||Spot Infinity Grid|
|Trading range||Upper and lower price limits;||Upper and lower price limits;||Lower price limit only;|
|Trading strategy||Set the price range and grid step for buying at a low price or selling at a high price;||Set the price range, leverage and grid step to buy low or sell high when trading futures;||Set the starting point and grid step, for buying at a low price or selling at a high price;|
|Use of leverage||Automatically opens a position without leverage;||Automatically opens a position with leverage;||Automatically opens a position without leverage;|
|Ideal scenario||The market fluctuates in a range of prices;||Volatile market;||Volatile, but rising or falling market;|
|Allow copy trading.||Yes.||No.||No.|
The trading pairs available for the Spot Grid and Spot Infinity Grid strategies are similar to the trading pairs for spot trading on BingX. The fees charged for the Spot Grid strategy are the same as for spot trading.
The Futures Grid strategy can use all BingX perpetual futures. Trading fees for Futures Grid are the same as for perpetual futures: from 0.02% for maker and from 0.05% for taker. VIP users can enjoy discounts.
Fees and limits
Trading fees BingX for spot trading have a fairly simple structure without additional discounts. Their size will vary between trading pairs. For example:
- BTC/USDT: Maker – 0.1%, Taker – 0.1%;
- ADA/USDT: Maker – 0.05%, Taker – 0.1%;
- GARI/USDT: Maker – 0.3%, Taker – 0.3%.
For perpetual futures the trading commission for the maker is 0.02%, for the taker – 0.05%, for standard futures – 0.045% for the maker and taker.
BingX does not charge a deposit fee. But if you deposit cryptocurrency by purchasing coins using a bank card, it will be charged a commission from affiliate services. For example, when replenishing a deposit from Visa/Mastercard cards, the commission will be 1.99%.
When withdrawing funds the commission will depend on the coin and the selected blockchain. For example: USDT (ERC-20) – 6, USDT (Solana) – 1.5, USDT (TRC-20) – 1, USDT (Polygon) – 0.8, BTC (Bitcoin) – 0.00035, BTC (BSC) – 0.00001.
A P2P platform is available on BingX. Through it you can top up your deposit without commission.
How to trade on the BingX cryptocurrency exchange
For beginners, it is better to start with trading on the spot market. Let’s consider buying cryptocurrency on this market:
- Select Spot → Spot on the main page;
- Specify the pair to trade (I used BTC/USDT);
- Click Buy;
- Set the type of order to buy cryptocurrency (for example, Market). This type of order will allow you to make an instant purchase at the current market price;
- Enter the purchase amount;
- Click Buy BTC.
To sell coins, perform the same steps, only in the Sell section, and then click Sell BTC.
Other BingX services
Additional exchange services available include: copy trading, referral and affiliate programs.
The copy function allows you to follow more experienced traders and copy their deals. In such situation users are freed from the need to constantly monitor the market, open and close positions.
Each trader available to copy has a personal statistics page. Users can see investment amount, number of subscribers, total profit, winning ratio (number of profitable orders), risk ratio (the higher the ratio, the higher the risk for the user).
Types of copy trading on BingX:
- Copying by position: when copying a transaction, the user opens a position for the same percentage of free funds as the trader. The risks for the trader and the user are the same;
- Copying by fixed margin: the user can fix the amount of funds that he is willing to use when copying trades. At the same time, it copies only the trader’s deals in isolated margin mode;
- Copy on spot grid: repeats the parameters of the trader’s grid trading strategy.
As part of the referral program exchange users can invite new participants to trade on BingX and receive a portion of their fees from spot and futures trading. Interest payments will increase as the number of user referrals increases during a certain period (the specific time is not specified in the program description). Lv1 users receive fees only from direct referrals (10% of trading fees). Lv2 or higher users get (20% of trading fees) receive both direct and indirect payments (indirect payments are the fees from users invited by your referrals).
BingX Affiliate Program allows you to earn additional income, attracting new users. Main benefits for users participating in the affiliate program:
- Commission discounts: lower fee rate for perpetual futures (maker – 0.02%, taker – 0.03%). Up to 100+ bonus USDT upon registration;
- Withdrawal: instant deposit and withdrawal of funds;
- Additional bonuses: various events for partners with rewards up to 100 thousand USDT;
- Services for marketing and promotion in the media;
- Individual multilingual support 24/7.
BingX has a mobile application that is no different from the online version of the exchange. You can trade spot and derivatives directly from the app, watch the market, make a deposit and much more. The application can be downloaded from the official website of the exchange or from the Google Play store.
Like any exchange, BingX has positive and negative reviews on its work. I had analyzed the review on Trustpilot and make a list with the most often ones occur.
- Ease of use;
- Low commissions;
- Availability of copy trading;
- Fast support service.
- No clear information about the company;
- Prices for some coins differ from prices on other exchanges;
- Problems with withdrawal.
Pros and cons of BingX
- Go to the official website bingx.com and click Register;
- Select a registration method (this can be an email address or phone number) and enter a strong password;
- Enter the code that will be sent by e-mail into the appropriate form on the exchange;
- Once you receive the welcome message, your account will be activated.
- Click on the wallet icon in your BingX account and open the Deposit tab;
- Specify the coin you plan to use to top up your account (for example, USDT);
- Select a blockchain (for example, TRC20). Check that selected network in the wallet and on the exchange website are matched;
- Copy the address and paste it into the wallet from which you are funding your account.
- It will take some time for the transaction to be confirmed, after which you can check the receipt of money in your exchange account.
- In your BingX account, click on the wallet icon, and then on Withdraw;
- Select the coin you plan to withdraw (for example, USDT);
- Specify the blockchain (for example, TRC20). Check that the selected network in the wallet and on the exchange website match;
- Insert the address into the wallet where you will withdraw funds, specify the withdrawal amount, then click Withdraw.
The trading commission for perpetual futures is 0.02% - for maker, 0.05% - for taker, for standard futures - 0.045% for maker and taker.
There are no fees for replenishing a deposit with cryptocurrency, but there are for withdrawals depends on the coin and the blockchain. For example, when withdrawing USDT on the Ethereum network, you need to pay 6 USDT, on the Tron network - 1 TRX. When withdrawing BTC on the Bitcoin network, you will have to pay 0.00035 BTC, on the BSC network - 0.00001 BTC.