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BingX Review 2024 – Trading Fees, Features, Pros & Cons

Established in 2018, BingX has swiftly ascended the ranks to become a prominent entity in the cryptocurrency exchange arena. Recognized globally, it has positioned itself as one of the foremost cryptocurrency margin exchanges. In this article, Coinminutes will provide an

Established in 2018, BingX has swiftly ascended the ranks to become a prominent entity in the cryptocurrency exchange arena. Recognized globally, it has positioned itself as one of the foremost cryptocurrency margin exchanges.

In this article, Coinminutes will provide an impartial analysis of BingX, encompassing its diverse features, fee structures, and array of services. This examination aims to furnish readers with a nuanced understanding, assisting them in determining the suitability of BingX for their specific cryptocurrency trading requirements.

Pros
  • Over 700 coins and many fiat currencies to trade
  • Contracts for crypto, indices, commodities, and forex market
  • Copy trading to follow and copy elite traders
  • Demo trading account to practice and test without real money
  • Globally regulated by FinCEN, MSB, and AUSTRAC
Cons
  • No margin trading or lending
  • KYC needed for some features like fiat deposit and withdrawals

 

WARNING:

Unlike traditional brokerage firms, cryptocurrency exchanges aren’t part of the Securities Investor Protection Corp (SIPC). This means that unless the terms say otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

 

Official Website – Global https://bingx.com/en-us/
Year Founded 2018
Total Visits  11.8M
Transaction fees The fees on spot markets at highest are 0.15% and at lowest are 0.05%.
Withdrawal fee Ethereum 0.0029ETH, Bitcoin 0.0003BTC, Dogecoin 2.62DOGE and more. Rates may vary due to factors like network congestion, so check withdrawal page for the latest data.
Deposit fee There is no fees for depositing funds on BingX
Number of cryptocurrencies supported Over 700+ coins available. Buy and sell quickly with automatic calculation of average cost and PnL.
Fiat currency BingX provides rates for over 3,000 global currencies against ten major fiat currencies such as USD, EUR, JPY, GBP, RUB, etc.
Accepted payment methods Credit and Debit cards, MoonPay, Mercuryo, and 300+ on the P2P market.

Is Trading on BingX Safe?

In conducting an impartial evaluation of BingX, it is evident that the platform prioritizes safety and reliability through a comprehensive set of certifications.

BingX distinguishes itself by holding various licenses for digital asset trading, which notably include the Digital Currency Exchange (DCE) license from the Australian Transactions and Reports Analysis Centre (AUSTRAC). This license not only signifies legal operation in Australia but also underscores BingX’s commitment to upholding stringent standards for combating money laundering and terrorism financing.

The acquisition of a Money Services Business (MSB) license from both the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) further solidifies BingX’s commitment to regulatory compliance. These licenses enable the platform to engage in foreign exchange activities and virtual currency transactions in the United States and Canada, respectively.

The Digital Currency Exchange license from Lithuania’s Financial Crime Investigation Service (FSIC) is another notable aspect of BingX’s global regulatory approach. Recognizing BingX as a financial service company and digital currency exchange in the EU, this license aligns with the platform’s international standing.

BingX’s dedication to security is further underscored by its partnerships with top-tier cybersecurity firms and the successful completion of a security audit by CertiK. The 100% proof-of-reserves, independently verified by Mazars, adds an additional layer of assurance to users, highlighting BingX’s commitment to transparency and accountability.

Pros Explained

BingX boasts an extensive range of trading options, with over 700 cryptocurrencies and numerous fiat currencies available for trading. This diversity provides users with a broad spectrum of investment opportunities, catering to various preferences and market strategies.

In addition to cryptocurrency trading, BingX offers contracts for other financial instruments, including indices, commodities, and the forex market. This comprehensive approach allows users to diversify their portfolios and engage in various trading activities within a single platform.

One notable feature is the provision of copy trading, enabling users to follow and replicate the strategies of elite traders. This functionality not only allows for a more passive investment approach but also provides an educational opportunity for less experienced traders to learn from the expertise of seasoned professionals.

For users looking to hone their trading skills or test strategies without financial risk, BingX provides a demo trading account. This feature allows individuals to simulate real-market conditions and gain practical experience before engaging in live trading with real money, contributing to a more informed and confident user base.

BingX takes pride in its global regulatory compliance, holding licenses from reputable regulatory bodies such as the Financial Crimes Enforcement Network (FinCEN), the Money Services Business (MSB), and the Australian Transactions and Reports Analysis Centre (AUSTRAC). This multi-jurisdictional regulatory oversight enhances the platform’s credibility, reassuring users of its commitment to security and legal compliance.

Cons Explained

While BingX offers a comprehensive suite of trading features, it is worth noting that the platform does not currently support margin trading or lending. It limits users seeking leveraged trading opportunities or interested in lending their digital assets.

Additionally, some features on BingX require the completion of Know Your Customer (KYC) procedures, particularly for fiat deposits and withdrawals. While KYC is a standard practice in the financial industry for compliance and security reasons, individuals valuing a more anonymous or privacy-centric approach may find this requirement to be a potential drawback.

BingX’s User Interface

BingX’s User Interface (UI) has made substantial strides in prioritizing a seamless and user-friendly experience, both novice and experienced cryptocurrency enthusiasts.

Key UI Features:

  • Spot Grid Copy Trading: BingX’s implementation of Spot Grid Copy Trading is noteworthy, leveraging industry-leading technology to enable users to effortlessly replicate strategies employed by elite traders. The intuitive design facilitates a straightforward user experience for those looking to benefit from spot market dynamics.
  • Copy Trading Pro: The inclusion of Copy Trading Pro is a commendable feature that seamlessly integrates with popular exchanges like Binance. This functionality allows traders to execute transactions on external platforms, while their followers replicate these trades within the BingX platform. This streamlined approach adds value to both leaders and followers, enhancing the overall trading experience.
  • Traders Community (BingX Feed): The Traders Community, represented by BingX Feed, contributes to a social trading network where users can share insights, experiences, and posts. This feature not only promotes engagement within the community but also fosters a collaborative environment conducive to learning and information sharing.
  • P2P Trading: The P2P fiat currency trading platform on BingX, currently supporting USD and TWD, demonstrates versatility. The platform’s commitment to expanding its offerings to include additional fiat currencies broadens user choices, contributing to a more inclusive trading environment.
  • Top Blue-Chips (NFT Shards) and StableCoin Investment (BingX Earn): BingX’s integration of opportunities to invest in top NFT shards and earn through stablecoin investments showcases a commitment to offering diverse investment avenues. These features not only cater to users with different preferences but also underscore the platform’s adaptability to emerging trends in the cryptocurrency market.

Impartial Assessment:

BingX’s User Interface stands out for its user-centric design, providing an array of features that cater to the varying needs of its user base. The platform’s commitment to continuous improvement and innovation is evident, making it a noteworthy player in the cryptocurrency exchange landscape.

While the UI is generally intuitive and accessible, user feedback and preferences may vary. Some users may appreciate the comprehensiveness of features, while others might prefer a more streamlined interface. Additionally, ongoing updates and responsiveness to user feedback will be crucial in ensuring that BingX remains competitive in an ever-evolving market.

Overview

BingX, as a cryptocurrency exchange, was founded in 2018 with a clear mission: to establish itself as the go-to platform for both experienced crypto enthusiasts and newcomers alike. Now BingX boasts a user base exceeding 10 million individuals worldwide.

The platform’s commitment to accessibility and inclusivity is evident in its expansive global presence, with offices and regulatory approvals spanning diverse regions, including Asia, Oceania, Europe, and South America. This international reach positions BingX as a robust digital services institution that caters to a broad and diverse audience.

Key to BingX’s appeal is its support for the trading of over 700 cryptocurrencies, ranging from widely recognized assets like Bitcoin and Ethereum to a diverse array of digital assets. The platform provides users with versatile trading options, encompassing spot trading, futures trading, and the innovative crypto copy trading feature. This comprehensive suite of offerings caters to various trading preferences and levels of expertise.

One of BingX’s notable strengths lies in its competitive fee structure. Charging a modest 0.1% fee for both makers and takers, with even lower fees of 0.05% for VIP users, the platform aims to ensure cost-effective trading for its user base. This commitment to financial prudence is complemented by a loyalty program designed to reward new users with sign-up bonuses and opportunities to earn up to 5,000 USDT through various tasks. Additionally, BingX’s affiliate program provides users with the chance to earn extra rewards by referring friends to the platform.

In an industry marked by rapid evolution and increasing user demands, BingX positions itself as a dynamic and customer-centric platform. Its multifaceted approach, which combines a wide range of supported cryptocurrencies, diverse trading options, competitive fees, and loyalty incentives, underscores its commitment to providing a well-rounded and user-friendly cryptocurrency exchange experience. As an impartial reviewer, the focus on user accessibility, cost-effectiveness, and global regulatory compliance positions BingX as a notable contender in the ever-expanding cryptocurrency exchange landscape.

The leadership of BingX includes:

  • CEO – Jack Lee
  • Business Development Manager – Jorge Kinney

Basic information about BingX:

  • Headquarters: Singapore
  • Products: spot, derivatives, copy trading, and asset management
  • Annual revenue: > $1.72 billion

 

FAQ: Buying Bitcoin Anonymously

What is the most anonymous way to buy Bitcoin?

The most anonymous way to buy Bitcoin is by using cash or a prepaid debit card at a Bitcoin ATM. Because there’s no third party involved—only the machine manufacturer and the user. Moreover, Bitcoin ATM verification processes are not overly strict; users only need to authenticate with any phone number to carry out transactions. However, Bitcoin ATMs are limited in number and availability across countries, with transaction fees ranging from 7% to 20%. 

The most anonymous way to buy Bitcoin is by using cash or a prepaid debit card at a Bitcoin ATM. Because there’s no third party involved—only the machine manufacturer and the user. Moreover, Bitcoin ATM verification processes are not overly strict; users only need to authenticate with any phone number to carry out transactions. However, Bitcoin ATMs are limited in number and availability across countries, with transaction fees ranging from 7% to 20%. 

The most anonymous way to buy Bitcoin is by using cash or a prepaid debit card at a Bitcoin ATM. Because there’s no third party involved—only the machine manufacturer and the user. Moreover, Bitcoin ATM verification processes are not overly strict; users only need to authenticate with any phone number to carry out transactions. However, Bitcoin ATMs are limited in number and availability across countries, with transaction fees ranging from 7% to 20%. 

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