Searching for reliable platforms for crypto trading is often the wild west, which is why we spend a lot of time testing platforms for our own use, but also to help you in your search. So there is our Bingx Review !
If you’re looking for an alternative to Bitunix or Blofin, Bingx Exchange could be just what you’re looking for if you ! In this guide, we look at this trading platform to give you our opinion.
Note that Bingx offers a considerable and unique advantage ( to my knowledge ) over most platforms for those who want to place their orders from TradingView!!!! In fact, the platform does not require you to create a third-party server to transfer your signals. After multiple tests on our side for our automated strategies, we noticed that this was something that the best-known platforms sorely lacked. Anyway, our Bingx review will be organised following this summary :
- General Presentation of BingX
- Bonuses and Promotions
- Fees and Discounts.bo
- Spot Trading
- Derivatives : Futures et Perpetuals
- Open a new account
- Bingx App
- Déposits and withdrawals
- Customer Support
- Our BingX Review
BingX : General introduction
BingX is a comprehensive cryptocurrency exchange platform with over 1,000 Spot trading pairs and more than 200 future trading pairs. Founded in 2018, first as Bingon and then in 2021, it eventually renamed itself BingX.
In Hong Kong, UK and United States, let’s say, it is a bit complicated but if you re not located in one of these countries, you should be able to use all the features of BingX until the copy trading features.
The platform is based in Road Town, Virgin Islands (British) and the BingX exchange ranking is the 17th for trading volume in derivatives.
Coingecko gives it a trustscore of 9/10, ranking it 14th among the most reliable crypto platforms.
Josh Lu is the founder and the Bingx CEO is currently Brian Knark
Important reminder about trading platforms
Starting as a trader isn’t easy, so don’t forget to play it safe, as the risk of loss is omnipresent on risky markets such as the crypto market!
In addition to rigorous risk management, I urge you to pay particular attention to your cryptos! When you store funds, it doesn’t matter what type of exchange platform you use – centralized (cex) or decentralized (dex) – because there are always risks of loss to consider.
Stay alert, because even if decentralized platforms are less likely to be hacked, they’re not immune to fishing and other malicious methods either.
BingX Discounts & Rewards
BingX regularly runs promotional campaigns to attract and reward its users. When you open a Bingx account, you can get up to $9900 in welcome bonuses!
Trading contests with attractive prizes are also regularly held on the platform.
Also, by using our referral link, you will enjoy a 10% discount on perpetual futures trading fees
No joke… If you re used to scalp you know this can make a huge difference !
BingX Review of the Fees
BingX offers competitive transaction fees, with transparent costs and no hidden fees. Spot and futures trading fees are calculated as a percentage of the transaction volume, with discounts available for active users and those participating in promotional programmes.
Fees for a standard registration on perps start at 0.02% for maker orders and 0.05% for taker orders.
However, with the link below, you get a 10% discount, resulting in the following fees: Maker fee rate: 0.020% → 0.018%; Taker fee rate: 0.050% → 0.045%
As with most platforms, your volume and deposits are rewarded with a progressive VIP status.
Depending on your capital and trading volume, the fees change. Here are the thresholds you need to reach to take advantage of this:
Bingx Review of the Spot Trading Fees
Spot Trading on BingX
On the crypto exchange BingX, users can spot buy and sell over 1,000 crypto-currencies! This figure is far from negligible, as this is a platform that offers a very broad market!
Spot trading is for those who really want to own cryptos and speculate on their more or less long-term upward potential!
The interface and user experience are pleasant and similar to what you’ll find on all the market-leading platforms.
Tradingview is integrated on the BingX Website as on most crypto platforms, so you can analyze and interpret the Price Action of your watchlist without having to leave the platform. This saves a considerable amount of time when it comes to trading an asset.
Advantages of Spot Trading on BingX
- Fast trade execution
- Competitive transaction fees 0.10% Taker or Maker
- Wide selection of crypto currencies
Derivatives and Perpetual Contracts
Derivatives trading on BingX allows users to speculate on price movements through short or long trading. Futures contracts enable users to profit from both rising and falling markets, with leverage of up to x125 !
BIG ADVANTAGE event though it became common : they offer Coin M futures contracts for speculating on the value of a coin while gaining or losing the crypto concerned.
Reverse contracts
Traditionally, on USDT M perpetual futures contracts, which are the most common contracts, PNL is received in USDT.
On Bingx, you have 29 Reverse contracts, which isn’t too bad. Here is part of the list, but you can of course find the complete list in the Coin-M Perp Futures section. By the way, 29 is a lot. It’s also a clear sign of significant progress, because just a few months ago, they only offered 8!
Hedge VS One Way Mode
Hedge Mode allows you to simultaneously long and short the same trading pair, so you can hedge your position. This is also a great advantage that is far from available on all platforms.
The classic One Way Mode, also known as buy/sell mode, allows you to hold positions only in the same direction for a contract.
You can trade with leverage of up to X125 on BTC, ETH and a long list of Alt coins, which probably already include the ones you’re interested in. If not, let us know in the comments, and we’ll be sure to suggest a listing directly to their team!
If it doesn’t go up to 125, then it’s between 20X and 70X. This also protects you as a trader on illiquid, risky and therefore ultra-volatile corners!
I’d like to take this opportunity to remind you of the risks of trading with leverage: it’s a double-edged sword, and can go either way very quickly!
In the tutorial below, I give you some of my favorite tips and practices when it comes to trading with leverage!
Open a Bingx demo account !?
One of the advantages of BINGX is that you have access to a well-designed demo futures account with liquidity similar to a real account. This isn’t always the case on other platforms, where it’s more of a Testnet whose prices aren’t often linked to the real thing!
You don’t even need to open a specific account, just select Demo mode.
The App
If you’re an on-the-go trader, the BINGX mobile app is just what you need…
It has all the features of the web version, enabling traders to manage their portfolios, execute trades and follow the markets in real time from their smartphones.
Efficient mobile applications are very popular with traders who want to trade wherever they are. At Captain Trading, we only recommend mobile apps for managing your positions. To place a trade, they’re really not the best!
Always be very careful when downloading a trading app. Sometimes a copy is there to scam you. The trick is to pay close attention to the number of downloads and Reviews. It’s not very complicated, but it can save you!
If you’re an on-the-go trader, the BINGX mobile app is just what you need…
It has all the features of the web version, enabling traders to manage their portfolios, execute trades and follow the markets in real time from their smartphones.
Efficient mobile applications are very popular with traders who want to trade wherever they are. At Captain Trading, we only recommend mobile apps for managing your positions. To place a trade, they’re really not the best!
Always be very careful when downloading a trading app. Sometimes a copy is there to scam you. The trick is to pay close attention to the number of downloads and Reviews. It’s not very complicated, but it can save you!
Deposits and withdrawals on BingX
BingX supports a variety of deposit and withdrawal methods, including cryptocurrencies and fiat currencies via credit card and bank transfer. To date, 5 FIAT currencies are accepted: Euro, Swiss Franc, Australian Dollar, Brazilian Real
Unfortunately, to date, only SEPA transfers are possible. Having said that, as a general rule, if you want to make Fiat deposits rather than crypto deposits, I’d advise you to always opt for transfers rather than credit cards, as credit card charges are much higher!
Transactions are generally processed quickly, with withdrawal fees similar to the majority of exchanges.
Customer support
Having tested customer support for my Bingx Review, I can confirm that it is responsive. Their customer support is available 24/7 to help you with all your questions and queries. Support channels include live chat, email and a detailed FAQ section.
Customer service is renowned for its responsiveness and efficiency. Unfortunately I couldn’t find a phone number to contact them directly, but that didn’t stop me from finding answers to all my questions.
You should also know that if you’re a Captain affiliate, they offer you +++ after-sales service and will give you priority if you have the slightest problem!
My BingX Review
BingX stands out as a comprehensive and reliable crypto-currency trading platform. Liquidity and order execution speed are top-notch.
Fees are competitive and the platform offers everything a trader needs to trade effectively.
I liked the futures demo account, which lets you practice without risking capital. The interface could do with a little more eye candy.
I very much appreciate the ability to place orders via TradingView without going through a third-party server, and I also love the ability to trade 29 inverse contracts, including DOGE and TRX, which are not available on Bybit.
Bingx is suitable for all trading levels : a beginner will be able to navigate intuitively, and a pro will have all the functions he needs to trade professionally.
With a wide range of trading products, enhanced security and top-notch customer support, BingX is a solid option for traders of all levels.
So if you liked this BingX review and you are interested in BingX for your crypto trading, don’t forget to click on the button below to take advantage of all the benefits, including the 10% discount on futures contracts!
