BingX Review

Are you looking for an easy-to-use exchange with advanced trading tools? I think this BingX review may help you find one.

BingX is a centralized exchange platform that features many different trading options, from basic spot trading to derivates. With its user-friendly interface, it’s not only suitable for seasoned traders but also beginners. But how well does it compare to bigger names like Binance and Kraken in terms of security, features, and usability?

Don’t worry; I’ll help you assess whether BingX is safe to use and if it meets your needs by covering every aspect of this social trading platform.

Verdict at a glance: BingX is a versatile cryptocurrency exchange with a strong emphasis on social and automated trading. It’s designed to cater to beginners with its user-friendly interface while also offering advanced tools for experienced users. Though not as globally accessible as Binance or Kraken, it still boasts competitive fees, robust safety measures, and an extensive VIP program.

What is BingX?

So, what is BingX? Founded in 2018, it's a centralized cryptocurrency exchange designed for all experience levels, offering a user-friendly interface and a suite of advanced tools.

Remember when I mentioned that BingX is a social exchange? Well, that's because this platform has a copy trading feature and lets its users share insights and also discuss strategies. These tools are invaluable for beginners, as they help them gain exposure to market trends and stay up-to-date in the crypto world. But that's not even the best part.

BingX allows you to explore all these features risk-free through the demo accounts. You can experiment with strategies with simulated funds. Thus, no need to worry about your financial situation until you feel ready to dive!

If you want to start trading right away, you can deposit via different payment methods, including Apple Pay, SEPA, Mastercard, and Visa. While cryptocurrency deposit is available, the platform also supports over 100 local fiat currencies, including major ones like EUR and USD.

That said, BingX operates in more than 150 countries; unfortunately, it is not available in the USA, UK, Canada and a few other regions due to restrictions and international compliance standards. However, it holds several regulatory licenses, including the European MTR license, U.S. MSB, and Australia’s AUSTRAC compliance.

BingX Review: PROS

As I already mentioned some of the good aspects of the platform in this BingX review, it’s worth discussing some of them further. Let’s see what it can offer you!

Proven Security Measures

Finding a reliable and secure exchange is the first thing you should do before starting to trade.

As of late 2022, BingX holds a Proof of Reserves (PoR) certification. Also, on the 1st and 15th of each month, it publishes its Merkle Tree, giving users a chance to track and verify reserves independently.

Additionally, like many centralized exchanges, BingX enforces KYC requirements. This step helps prevent unverified identities from engaging in malicious activities on the platform, thereby protecting all users’ reserves. Moreover, BingX offers two levels of KYC verification—basic and advanced—each with distinct benefits.

The former has pretty low daily and monthly deposit limits, and they cannot transact with fiat currencies. On the other hand, advanced verification lifts the limits entirely and offers a  250 times higher withdrawal, than for basic users. Additionally, advanced verified users can benefit from earnings of up to 500 USDT as a reward.

BingX also requires users to enable two-factor authentication (2FA), which adds an extra layer of protection when logging into the account. You must likely know the way it works from other platforms. Upon accessing your account, you'll usually receive a code either to your email or phone number.

The verification method chosen during registration must be used for the next logins. However, you can later go to the settings section to add Google Authenticator or a phone number to update 2FA security.

Extensive Trading Options

One standout aspect of BingX is its extensive selection of features, which sets it apart from many smaller platforms with fewer listings and user bases. While it doesn’t match Binance's massive 200-million-strong user base, BingX still offers competitive functionality for its target audience.

Table: Trading options available on BingX

As you can see, BingX offers spot, margin, grind, and derivates trading options. For low-risk approaches, grid trading helps capture profits from market fluctuations. Meanwhile, margin trading is suited for higher-risk strategies, but you also get bigger returns. With derivatives, you can explore leveraged positions via future contracts.

On top of that, BingX’s strength as a social exchange truly stands out, with many positive user BingX copy trading reviews. You can get involved as either a trader or a copier in this option. It’s definitely one of BingX’s standout features and a major draw for beginners, as it lets you automatically mirror the trades of more experienced users.

You can choose traders to copy their strategies based on their performance metrics and trade history. It’s even possible to reach out to them directly to discuss ideas. This feature gives newbies a chance to tap into potentially profitable strategies with less experience or time commitment. Yet, it’s also good to keep in mind that following skilled traders doesn’t mean you’re risk-free.

VIP Club

On BingX, it's possible to achieve VIP membership through either trading volume or yesterday's asset value, which brings benefits like lower trading fees. That said, I'll cover the fee discounts for each VIP level later in this review. First, let's clarify what trading volume and yesterday's asset value mean.

For VIP level qualification, BingX evaluates:

• Total trading volume over the last 30 days: This is the sum of all trades you have made on the platform over the past month.
• Yesterday’s asset value: This refers to the total value of all assets held in the user’s BingX account at the close of the previous day. In other words, even if you haven’t actively traded recently, holding a significant asset balance could qualify you for a higher VIP level.

As your trading volume or total asset value increases, so does your VIP level. The higher it is, the more benefits you enjoy. Let’s take a look at the required amounts for each VIP level:

Table: Calculation of VIP level according to trading volume and yesterday's asset value

For example, with VIP Level 1, the spot trading rates drop from 0.10% to 0.09%, and Supreme VIP members benefit from no fees on either spot or futures, making this a major advantage for high-volume traders. That said, at the moment of writing, the average trading volume on this platform is $610,545.

Ease of Use & Mobile App Integration

One of BingX’s standout qualities is its intuitive interface. With a streamlined layout and user-friendly design, the platform is easy to navigate, making it an ideal choice for everyone, especially beginners. On both desktop and mobile, the interface is clean and modern, which allows you to easily locate any feature or manage your portfolio.

I find using it on the app easier. For starters, you can log in using Face ID or fingerprint instead of 2FA, so there's no need to enter a password or copy a code from your email.

All the features that are available on the web version are also provided in the mobile app. Plus, sending to any address is made super simple with direct QR code scanning.

Many platforms don’t offer the same range of language support on their mobile apps as they do on their websites, but the BingX exchange provides support for over 10 languages, including English, Spanish, and German.

Did you know?

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BingX Review: CONS

I already highlighted all the pros of this platform in this BingX review, but for you to make a well-informed decision, let’s also take a look at the areas it falls short.

Restrictions by Regions

One of the most notable limitations of BingX exchange is its regional restrictions. Despite holding licenses such as the European MTR, U.S. MSB, and Australia’s AUSTRAC compliance, many people ask, "Is BingX available in USA?". Unfortunately, as I have already noted, the answer is no. Due to compliance and regulatory requirements^[1], BingX USA operations are prohibited, as well as in the United Kingdom and Canada.

BingX also faces restrictions in other key regions, further limiting its user base. Below is the list of countries where it is unavailable:

• United States
• United Kingdom
• Canada
• Netherlands
• Singapore
• China
• South Korea
• Denmark
• Japan
• Norway

If you are in one of these regions, consider using alternative platforms like Binance or Kraken. In addition, these exchanges are of high quality and often provide better liquidity, support, and a more extensive range of features.

Previous Hacking Incidents

In September 2024, BingX faced a significant breach, and some people managed to get access to its hot wallet. During this incident, around $43 million in assets, primarily Ethereum and BNB tokens, were taken by unauthorized parties. Naturally, this raised concerns for many wondering, is BingX safe?

Well, the platform acted pretty fast to solve the situation and paused withdrawals to prevent further losses. Since BingX assured users that the majority of funds were stored in cold wallets and were completely untouched by the breach, within just 24 hours, the exchange started to function normally.

The good news is that no user funds were permanently lost. In response, BingX has strengthened its security measures, turning this incident into an opportunity to identify vulnerabilities and improve its systems to better protect its users.

This event underscores not only the importance of security when choosing a cryptocurrency exchange but also highlights the critical role of liquidity.

During high-stress scenarios like this, a deeper pool of liquidity or safeguards for user funds can make it easier to meet withdrawal demands without delays, mitigating potential losses in this volatile market. For example, Binance offers the Secure Asset Fund for Users (SAFU) to protect users' funds during unforeseen events.

While BingX took commendable steps to manage the crisis, a stronger liquidity position could have further minimized disruptions from the users’ perspective.

Poor Customer Support

Customer support is a critical aspect of any trading platform, and BingX still has some improvements to make in this area. While it does provide support, several users in customer reviews have complained about late responses. This leads to a recurring question: is BingX safe when timely support is needed?

Now imagine the platform is getting hacked again, and you're one of the users who's unable to access your funds or complete transactions. Naturally, you'd go to customer support. If responses are slow or unhelpful, I think it's fair to say that you would feel anxious and fearful about the potential loss of your assets.

While BingX is growing in popularity, its current customer support infrastructure doesn’t yet match the seamless experience offered by some of its larger competitors like Bybit, which boasts faster resolution times. That said, both platforms offer 24/7 customer support. Therefore, you can rest assured that you will always receive help.

This gap in service quality impacts its overall reputation and position in the BingX exchange ranking. Unfortunately, the Trustpilot score of this platform is pretty low, mainly because of this situation, which is 2.1 out of 5 as of writing. Users either feel overwhelmed because of late replies or cannot even get proper and decent answers to their questions.

BingX Fees

BingX offers competitive fee structures across various transaction types, catering to both regular and VIP users.

BingX offers a 0.10% rate for both maker and taker orders in spot trading for standard users. For futures trading, BingX charges a standard fee of 0.045%. This rate applies to all futures contracts, covering both crypto and other asset trades.

BingX does not charge any fees for deposits, making it convenient for users to fund their accounts regardless of the payment method used. However, the withdrawal can have some additional charges, depending on the specific cryptocurrency and network. That said, below are examples of the withdrawal fees for popular tokens:

• Bitcoin (BTC): 0.0005 BTC per withdrawal;
• Ethereum (ETH): 0.007 ETH per withdrawal;
• Tether (USDT - ERC20): 10 USDT per withdrawal;
• Tether (USDT - TRC20): 1 USDT per withdrawal;
• Binance Coin (BNB): 0.01 BNB per withdrawal.

These rates may vary based on network demand and other market conditions. To check the latest fees, it’s recommended to visit BingX’s official website.

Now, the platform also offers discounted fees for VIP users. Rates decrease as users progress through the levels based on their trading volume over the last 30 days.

Each VIP level provides progressively lower fees, making it advantageous for high-volume traders. Here’s the whole structure for spot and futures trading across different VIP levels:

Table: BingX fees according to VIP level and trading option

Fees and discounts may change over time. It’s always best to check BingX’s official announcements and support pages regularly for the most up-to-date information.

BingX Card

Just like larger platforms such as Binance and Bybit, BingX exchange also offers a Mastercard option, making it possible to pay with crypto in stores.

To put it more simply, it's a prepaid card that enables you to checkout using your coins and tokens. It even works in places where crypto payments aren't directly supported. Such cards enhance efficiency^[2] by leveraging blockchain's real-time transaction processing capability and facilitating seamless cross-border payments.

Since it's a Mastercard, you can use it at millions of locations, even if the merchant doesn't accept crypto directly. This is because your crypto is automatically converted to fiat at the time of payment. However, it is worth noting that this conversion may be subject to regional restrictions, so checking availability is still essential.

Of course, just like any other credit card, BingX also has limits and fee rates:

Table: Limits and fees according to VIP levels on BingX

Even with fees and everything, I think it's still really innovative to use such cards, as the market and crypto ecosystems are growing more each day.

How to Use BingX?

Even though signing up on BingX is very intuitive, using copy trading can be a little bit complicated. So, I'll walk you through both processes step by step.

How to Sign Up on BingX?

First, let's create your account.

Step 1: After opening the BingX website, click on the "Sign Up" button in the top-right corner of the page.

Step 2: Register using your email address or phone number. I personally prefer email for ease of use. If you have a referral code, don’t forget to enter it during this step.

Step 3: Go to your email inbox, find the verification code sent by BingX exchange and copy it.

Step 4: Return to the BingX website and paste the copied code into the designated field.

That’s it—you’re now registered!

How to Use Copy Trading on BingX Exchange?

Using copy trading is quite straightforward. Here is how you do it on BingX:

Step 1: From the homepage, locate the Copy Trading tab in the top navigation bar and click on it.

Step 2: Once you click, you’ll see two main options: Futures Traders and Spot Traders. Choose the trading option that interests you most, and you’ll be presented with a list of experienced traders specializing in that category.

In addition to trading options, BingX also offers several trader categories to help you narrow down your choices. Here’s a quick summary of the categories:

• Trending Traders: These are the most popular traders on the platform, with high activity and visibility. They often have strong recent performance.
• Conservative Traders: These traders focus on minimizing risk, offering steadier and more predictable returns. Ideal for risk-averse users.
• Rising Stars: Promising traders who are newer to the platform but show significant potential and growth.
• Trader Pro: Experienced traders with a long track record and advanced strategies. Great for those looking for seasoned expertise.
• All Traders: An extensive list of all traders, allowing you to explore and compare based on performance metrics.

Take your time to review the trader’s current positions, past trades, and performance statistics before making a choice. Doing this helps minimize potential losses and improves your chances of success.

Step 3: Once you find a trader that matches your preferences—let’s say you pick someone from the leaderboard—click on their profile. From the profile page, locate the Copy button on the right side and click on it.

Step 4: You’ll be presented with two options: Position Ratio and Per Order.

Choose Position Ratio if you prefer to allocate an upfront investment and let the system mirror the trader’s position ratio automatically. In contrast, if you want to use funds from your Futures Account and customize the margin for each trade, choose Per Order.

Step 5: Set your investment amount and risk parameters based on your preferences.

Once ready, click Copy to start replicating the trader’s actions. That’s it!

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

After everything is said and done in this BingX review, it’s clear that the platform brings a mix of strengths and limitations to the table.

It’s a social trading platform with a super user-friendly interface, which makes it more than suitable for beginners. That being said, it also offers various trading options to cater to seasoned traders like derivatives, grid, and margin. This way, all users may find something that fits their risk tolerance.

Yet, just like any platform, it’s not without its drawbacks. Despite holding regulatory licenses and offering strong security features, BingX is not available in the US market. These country restrictions, combined with liquidity and customer service challenges, definitely impacted how BingX exchange is ranking among its competitors globally.

So, would I use this platform? Yes. But would I also recommend checking other options? Also yes. Larger exchanges like Kraken and Binance tend to have more users. Thus, they bring more liquidity and fewer restrictions.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. S. D. Hughes: ‘Cryptocurrency Regulations and Enforcement in the US’;

2. J. Choi: ‘Modeling the Integrated Customer Loyalty Program on Blockchain Technology by Using Credit Card’.