What is BingX?

Founded in 2018, BingX is a trading platform previously known as Bingbon. In 2021, the exchange was rebranded to Bing X. The platform is well-known for its crypto social trading exchange that offers users a range of trading options including spot, derivatives and copy trading services. The services are available to more than 100 countries across the globe. 

BingX is registered in Singapore and operates across numerous jurisdictions with licences in some prominent regions including EU, USA, Canada, Hong Kong and Taiwan.

Advantages of using BingX 

• According to Bing X, their team has experience working at companies such as J. P. Morgan, Standard Chartered Bank, Google, Tencent and Alibaba.

• BingX provides an online digital asset trading platform for crypto to crypto trades. This means that users must register and open an account with BingX then deposit digital assets before they can conduct trades on the platform. The fiat-to-crypto purchase function is in Beta testing and BingX has a few payment gateway integrations.

• Simple, user-friendly UI/UX.

• Platform offers a range of digital currencies for trading including Bitcoin, Bitcoin Cash, Ethereum, Tether, Solana, Terra, Polkadot, Avalanche, Polygon, Fantom, Chainlink, etc. 

• BingX is known for its copy trading features. This function is meant to enable users to copy smart trade the portfolio performance of other traders in an automated fashion.

• Platform offers 24/7 customer service.

• Offers multi-language support.

• Offers demo trading.

• Has best practice security mechanisms in place including 2FA.

• Decent affiliate program and bonuses which can be used as margin in contract trading. 

• Offers indices, commodities, and forex.

Challenges of using BingX

• BingX does not focus on the provision of fiat trading capabilities.

• BingX is not a market maker so this could mean that liquidity may not be as high as some other competitors such as FTX, Coinbase, Gemini, Binance, OKX,etc. Other platforms offer liquidity provision services. 

• Some of the services are not available in places such as Mainland China, Macau, Taiwan, and Hong Kong regions.

BingX Fee Schedule

Withdrawal Fees

Standard Contract Trading Fees

Conclusion 

BingX is a crypto exchange with a focus on copy trading and derivatives trading but also offers spot trading.

The platform has many crypto pairs for users to choose from and the exchange does billions of dollars in daily volumes. BingX also has decent reviews on TradingView and TrustPilot even though on the latter the review numbers are quite insignificant. 

Originally posted on Decentralised News

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