BingX Review: The Best Social Trading Exchange
BingX is a crypto social trading platform that allows users to copy the trades of elite traders. Here's our BingX review.
What is BingX?
BingX is a crypto social trading exchange based in Singapore and founded in 2018. In 2020, BingX was known as BingBon. It underwent a comprehensive rebranding after its parent company closed its crypto exchange. It won the 2021 award for "Best Exchange Broker" from TradingView for its services to traders in spot, derivatives, and copy trading. Over 100 countries now use this exchange. Featuring an engaging, well-integrated platform, the company hopes to make itself the people's exchange.
BingX offers a large selection of cryptocurrencies and unique trading features. It was founded by a team of financial and development professionals from the banking and technology industries.
It is designed for both novice and experienced investors and traders, and is one of the top crypto exchanges available today. Users of the exchange may subscribe to their favorite elite traders, and for a nominal fee, the exchange will automatically copy their trades. The exchange offers over 300 digital coins available for trading and investment, making it a full-featured exchange.
BingX's Benefits and Drawbacks
There are a number of features that make BingX a great crypto exchange, including social trading, low fees, and a mobile application with a lot of features. Leveraged trading is also available on the platform in addition to crypto. However, trading on BingX isn't possible with fiat currency. Staking, lending, and borrowing features aren't offered either.
BingX reviews on Trustpilot
BingX has a very high user satisfaction rating on Trustpilot compared to other exchanges. At the time of writing, there are 223 total reviews for BingX on Trustpilot, and only 7 of those are negative reviews. As a result, BingX's trust rating is 4.6 out of 5!
Is BingX safe?
As part of its anti-money laundering and Know-Your-Customer (KYC) policies, BingX is highly regulated in the jurisdictions where it provides crypto services and products. In our research, we have not found any instances of security breaches or hacks that have resulted in money or assets being stolen.
The Top Features of BingX
1. Copy Trading
Users can automatically execute trades on their accounts that follow "elite" traders on BingX by copying their trades. Users can quickly find an active trader who mirrors their own trading style with over 3,000 elite traders. Among other features that distinguish BingX from most other cryptocurrency exchanges is its copy-trading feature, which has high usage and is well developed. Based on our research, it is one of the best crypto social platforms with copy trading features, which allows investors to learn from top performers and follow them.
Besides being able to search through hundreds of active traders, users will also be able to view their following, their 30-day returns (ROI), and their risk level (based on a scale of 1–5). A live feed of the trader's latest communication with followers is displayed when a user selects a trader. Also available is a trade history that shows all the trades placed by each trader.
BingX's Copy Trade is one of its most interesting features. Other social trading applications do not provide as much functionality as this one. In terms of the user interface, BingX has a very clean and user-friendly interface.
2. A Diverse Selection of Cryptocurrencies
Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP (Ripple), along with over 300 other cryptocurrencies, are all supported for trading on BingX. In addition to large-cap coins, there are a number of small-cap coins that are available, such as DeFi, NFT, Metaverse, and Web3 coins.
3. Derivatives Trading
There are over 120 derivatives and futures offered at 125x leverage on the BingX crypto margin platform. Additionally, you can trade futures on indices, commodities, and even Forex. It is possible to trade perpetual futures, a type of derivative product that is specialized in crypto trading, or standard derivatives.
As well as crypto, users can trade other assets with varying amounts of leverage on the standard derivatives platform. Market and trigger orders can be placed (similar to limit orders), and users are able to take long and short positions. VST demo trading is also available to users so that they can practice trading.
The perpetual futures platform allows users to place limit and market orders, as well as enter long or short positions, but they also have the option to select between isolated margin and cross margin when trading on the platform.
4. Grid Trading
It has become increasingly popular to create your own grid bots in recent years, and BingX is now offering this capability. Grid trading provides users with the option to determine an "up" and "down" price for specific cryptos, create a grid of up to 200 grids, and set a bot to trade them.
By performing a series of trades in an automated manner, the bot is able to capture profit along the way by buying at a lower price and selling at a higher price. It executes limit trades based on each grid line as it represents a buy or sell point.
Using grid trading, a user may create a bot for their account with a single click or, if they wish, can adjust the settings to personalize their account to their likings. Grid trading offers both automatic and manual modes and doesn't require any additional fees.
There are a few simple settings available when it comes to the grid bot, which means that users don't have to spend any extra money. We are pleased to see this function built into the exchange. Normally, this would require a third-party tool.
5. VST Demo Trading
BingX offers users a way to practice futures trading with no risk of losing their own money using a demo trading feature and a virtual currency called Virtual USDT (VST), which was developed by the company itself. The user can practice futures trading using the VST deposited upon account creation. Neither VST nor any other currency carries value, nor can it be withdrawn.
Those beginning to learn futures trading will find the demo mode useful. This gave us the ability to place trades quickly and watch the unrealized profit and loss at the end of the day in real-time while using the VST funds in our account.
New users who join the BingX exchange will get a 100,000 VST welcome gift voucher upon signup.
New traders can use BingX's simple order form, which offers a lot of features. Aside from offering some of the lowest fees in the industry, the exchange offers other unique features as well. Please review the comparison table below to see how BingX fared against some of the most reputable crypto exchanges.
Identity Verification on BingX
While BingX does not require verification in order to use the platform, USDT withdrawals within one 24-hour period and over the entire life of the account are subject to limits. It is possible to withdraw up to $50,000 USDT and $100,000 USDT cumulatively for unverified accounts. Withdrawal limits go up significantly after your account is verified.
A variety of trading platforms are available at BingX, where users can trade in several ways.
A simple dashboard view of a user's assets is provided by BingX, with BTC and USDT equivalents listed. Through the dashboard, users have access to their trading history, holdings, deposits, and withdrawals.
The fiat payment gateway also allows users to "Buy Crypto" for BTC, ETH, or USDT. The final step in the process is for users to click on the "Trade" button to quickly access the trading platform, searching for the crypto they want to trade.
On the BingX platform, there are several different ways in which a trade can be placed. Crypto traders can place orders for spot trading. Users can make quick transactions between cryptocurrencies by using the "Convert" feature. Grid trading bots may also be set up by users upon request.
The process of converting crypto is simple. Users can choose which cryptocurrencies to convert using an order form designed for beginners. Only 16 digital currencies are available for conversion, which limits the selection to USDT.
Advanced users can use the trading interface for standard spot trades. In addition to a TradingView integrated chart, market and limit orders, a live order book, and a variety of chart overlays, users can create customized views according to their own individual strategies.
BingX Live Support
BingX offers 24/7 live chat support and email tickets for users with technical issues. Users can quickly chat with a customer support representative through this feature, which is superior to most other crypto exchanges. Moreover, in order to assist users with learning how to use the platform, the Help Centre provides extensive support documentation as a starting point to resolve common issues.
BingX's live chat support team will answer your questions concisely and accurately shortly after you contact them. This is one of the best live support features on crypto exchanges.
BingX Mobile Application
Android and iOS apps are available from BingX. All functions are available within the mobile app, including spot trading, copy trading, and withdrawing funds. The BingX Android app is considered to be an excellent app based on its 4.5/5 star rating, which is reflected in the positive feedback from over 5,500 people. This is an outstanding indicator of the app's high performance and competitiveness.
With one of the most unique copy-trading options among the range of products and services available on BingX, it is a solid crypto exchange. There are extremely low fees with which users of this application can copy the trades of popular crypto traders. Trading with USDT is quick and easy for beginner traders, and advanced traders can customize their trading experience with a wide range of tools.
The BingX platform also allows the purchase and sale of derivatives across a broad spectrum of assets, ranging from indices to commodities to FX. Grid trading bots can even be created on the exchange directly by users. It is true that BingX does not provide a detailed breakdown of how its secure storage service for insurance funds and assets works, but there have been no reports of hacking, and it appears that BingX is a secure platform.
With the rock-bottom fees offered by BingX, active traders can really save on their trading costs in the long run, which is more than enough to make BingX the best option for beginners and advanced traders alike.