Are your funds safe and secure using BingX?

Will the partnership with Chelsea FC make BingX a trusted cryptocurrency trading platform?

Well, partnerships are not a big deal in the cryptocurrency world and we have Mt. We have often seen many top cryptocurrency exchanges in the past, such as Gox and FTX, go bankrupt, leaving many cryptocurrency traders and investors with losses. money.

However, we have our own methodology “CoinSutra Cryptocurrency Exchange Review Methodology” and we review and rate exchanges based on this.

Today we are taking a deep dive into one of the popular and largest international platforms for cryptocurrency trading called BingX. This exchange was founded in 2018 and has gained significant popularity in recent years.

We will examine all the key features and KYC standards of BingX and try to evaluate whether you can trust BingX or whether you should be cautious about the growing cryptocurrency trading platform.

What is BingX?

Founded in 2018, BingX is a cryptocurrency trading platform that allows you to buy, sell, and trade popular cryptocurrencies such as Bitcoin, Ethereum, and USDT.

BingX offers automated bot trading technologies such as peer-to-peer trading, derivatives trading, grid bot trading, and many other features. The same point is highlighted in the BingX review below.

According to its official website, BingX is a financial services company registered in several jurisdictions and according to its website, you can find the following information:

• BINGX EU UAB – Lithuania (digital currency exchange regulated by the Financial Crimes Commission (FSIC))
• BINGX GLOBAL PTY LTD – Australia (regulated as a digital currency exchange by the Financial Crimes Commission (FSIC))

Interesting part: BingX, previously renamed Bingbon, reorganized its corporate structure and rebranded as BingX in November 2021.

Advantages of BingX: Advantages

• It has the lowest USDT withdrawal fees. On certain blockchains, it is as low as 0.3 USDT.
• One of the best non-KYC cryptocurrency exchanges in 2024

Cons of BingX: Cons

• Spot trading does not offer leverage, which some traders may not like.

tandem:

Official cryptocurrency exchange partner of Chelsea FC (February 2024, according to official website)

Compliance:

According to their website, they have offices in Canada, the EU, and Australia.

BingX Security Practices:

Security audit by CertiK

Bug Bounty Program:

BingX offers a large bounty program where security researchers can find bugs on the platform, report them to BingX, and receive bug bounties in return. This way, the platform continues to discover bugs and fix them before they become problems. Perhaps this is why BingX has never been hacked before. The BingX bug bounty program can be found here.

2FA authentication

Strong Identity Verification: BingX is a non-KYC exchange, but for large withdrawals you will be required to complete KYC. BingX uses Sumsub as its KYC verification service. You can read about BingX KYC requirements here.

We use AI technology to combat cybercrime-related risks.

transparency:

100% proof of possession

Notable BingX features:

Spot trading market:

Spot trading markets are the backbone of thriving cryptocurrency exchanges. This is what beginners and even professional traders use to trade cryptocurrencies without leverage.

Convert your cryptocurrencies in one click:

If you are not a trader but are looking for a way to occasionally invest in cryptocurrency assets, you can use this feature to convert non-cryptocurrencies to other cryptocurrencies. For example, you can do USDT to BTC and vice versa.

Buy/sell cryptocurrency with P2P trading:

Since the beginning of cryptocurrency trading, P2P has been one of the most popular ways to buy and sell cryptocurrencies. BingX offers a robust P2P marketplace and, to ensure regulatory compliance, only allows KYC-verified users to use BingX P2P trading services.

Derivatives Trading Market:

• eternal future
• standard gift

You can adjust the leverage of each contract and switch margin modes between cross margin and isolated margin.

Bot trading:

Grid Bot Trading:

Copy Trading:

One of BingX’s popular features is copy trading. This feature allows you to grow your portfolio by automatically copying trades from professional traders. And if you are a professional trader, you can start a copy trading service while making money from people copying your winning strategies.

BingX transaction fees:

Trading fees are one of the biggest factors when choosing a cryptocurrency exchange for professional trading. Personally, I’ve seen a big difference in portfolio returns when using high-quality, low-fee exchanges.

BingX standard fees are the same as other top exchanges such as Binance and Bybit. However, trading fees may vary depending on your trading volume, which will also determine your VIP level.

BingX Spot market fees based on VIP level:

BingX Futures Market Fees Based on VIP Level:

Unlike many other cryptocurrency exchanges, BingX does not currently offer native exchange tokens, which is another way for users to reduce trading fees.

Other BingX products:

property –

This allows you to lend your cryptocurrency for a fixed or flexible period using the BingX Asset Program. This will give you additional income from your cryptocurrency holdings, which is something you should take advantage of. In my experience, I prefer flexible holdings over fixed periods because it is always better to have the option to access my cryptocurrencies immediately.

Shark Fin:

shark fin Wealth products with guaranteed principal and interest Released by BingX. Regardless of whether the market is strong or bearish, you can invest in this product and earn interest without risking your principal.

Shark Fin categorizes cryptocurrency assets as bullish or bearish. BingX currently offers four Shark Fin products: Bullish_BTC, Bearish_BTC, Bullish_ETH, and Bearish_ETH.

Other features:

• iOS and Android apps
• API for developers

BingX review summary:

BingX is a high-risk cryptocurrency exchange with a CoinSutra score of 4.11 out of 10. This exchange offers low fees and has a decent community of beginners and experienced investors and traders. From a features perspective, it has everything you could ask for from a popular no-KYC derivative cryptocurrency exchange.

The regulation part is not clear, which may not be ideal for many people looking for regulated cryptocurrency exchanges like Coinbase, Kraken, etc. It will be interesting to see how BingX moves from an unregulated to a regulated exchange in the future.

If you have a tip or news about BingX, please share it by writing to hello(at)CoinSutra.com.

BingX also offers a welcome sign-up bonus of up to $5000 to new users.

BingX Alternatives:

We will write a dedicated article about the best BingX alternatives. However, based on the features offered by BingX and its popularity, here are the best alternatives to BingX:

Pemex:

Phemex is a popular cryptocurrency exchange with lax no-knock requirements for cryptocurrency trading. It offers all the features that BingX offers and is gaining popularity among cryptocurrency traders due to the rise in automated bot-like trading features. Check out our detailed review of the Phemex exchange.

Phemex also offers a platform token called PT that is tied to other major exchanges such as OkX and Binance.

FAQs about BingX Exchange: