crypto exchange - bingx
Main Features
- Allows you to trade Cryptocurrencies, Index, Commodities and FOREX at the same platform
- Maximum Leverage: 1:150
- Allows trading from very low amounts (6 usd minimum order)
- Trading in Spot, Standard Futures and Perpetual Futures
- Unlimited Demo account without expiration to practice without assuming any risk with real money (link to create free demo account)
- Tradingview embedded in the platform, which allows to do technical analysis in a simple way
- Top 3 in the CoinMarketcap ranking for Derivatives Exchanges according to traded volume
- 326 assets available
- Launch in May 2018
- Maker Fees: 0.02%
- Taker Commissions: 0.04%
Trading on BingX
- Stop Loss and Take Profit, tools that allow you to manage risk
- Isolated Margin and Cross Margin, different ways of managing free margin, Isolated Margin being the lower risk option of the two.
- Possibility of graphing and performing Technical Analysis of the different assets using the Tradingview platform embedded in BingX; being able to add indicators, oscillators, mark trend lines, Fibonacci, etc.
- At the bottom, it shows open positions, trading history and orders pending execution.
- At BingX you can speculate up or down using Long or Short orders from the Standard Futures section.
- 2 Types of Orders: Market Order (which buys you at the price quoted by the asset at that moment) and Limit Order (which allows you to leave an active order at a defined price, which will be executed only if the price of the asset reaches at the price defined in the order)
- At all times you can monitor the order book, the liquidation price and the accumulated profit/loss, very important variables when trading.
Copy Trading
BingX enabled the Copy Trade function, which allows users to copy the operations of other traders on the platform, benefiting or losing automatically depending on the returns that the trader obtains.
You have to be very clear that there are NO guaranteed returns and you can lose all your capital if the trader does poorly in his operations.
The platform allows you to limit the maximum loss with a Stop Loss and you can build a diversified portfolio of several traders to distribute the risk and not leave your capital adrift from a single trader.
You can filter traders according to the following characteristics:
- Comprehensive Classification
- Account Assets
- Copiers
- 30D ROI (Return of the last 30 days)
- Accumulated Gain and Loss
- Accumulated Earnings
- Risk
- Gain Ratio
In turn, you can choose traders who trade in a particular cryptocurrency such as Bitcoin or Ethereum, also in what type of market it operates:
- BingX Standard Futures
- BingX Perpetual Futures
- Binance Contract (you can choose traders that operate on Binance)
Always trade with money that you are willing to lose when you copy another trader!
Some basic criteria that can help you filter the best traders are:
- High P&L Ratio (Profit vs Losses), an indicator that measures how much you win on good trades vs how much you lose on bad trades
- High Profit Ratio (greater than 70%), measures the number of positive vs. negative trades
- Low Average Losses
- Low Risk
- High number of copiers
- Cumulative PnL increasing consistently over time
- Copiers with accumulated profits
- The trader has a high capital invested in the platform
Grid Trading
Bing X enabled various Grid Trading Robots that allow you to auto-trade both in the Futures and Spot markets of Cryptocurrencies.
They also recently added a new bot called Spot Infinity Grid which is dedicated to continuous arbitrage with no maximum limits.
- Spot Grid: The bot automatically buys low (close to support) and sells high (close to resistance), taking advantage of every move in a volatile market. It is the lowest risk bot since it does not use leverage.
- Futures Grid: Apply leverage to amplify spreads and profits (or losses)
It is very important to clarify that the bots are of a very high risk and that the profits are not guaranteed, being able to generate a loss of all your capital!
Bots work best in trading ranges but not in trending markets (bullish or bearish). One can define the parameters of the grid (values that you want the bot to work on) or you can use the default bot with the parameters that someone previously defined.
Always trade with money you are willing to lose when using a bot!
More than 100,000 BingX users already use trading bots within the platform.
Deposit and Withdraw Money
There are mainly 3 ways to deposit money on BingX:
- Credit or Debit Cards: Visa, Mastercard, Maestro with various providers that process payments (AdvCash, Banxa, MoonPay). Review the commission, which is usually high at 4 or 5%. It is the most expensive but most practical method.
- Deposit from another Exchange (Binance, OKX, Bitget, Bybit, FTX, etc). It is important not to make mistakes when copying the hash (wallet address), as you will lose all the cryptocurrencies. It is also key to understand which networks accept both platforms, because if you make a mistake in this step, you will lose all the Crypto! Example, both Exchanges must support the Ethereum network in order to use the ERC-20 network.
- Use a P2P trading platform like Paxful, Airtm, Localbitcoins or Binance to buy your crypto and then transfer it to BingX.
Perpetual Futures Trading
For more advanced/professional traders, there is the possibility of trading the USDT Perpetual Futures.
This platform has more advanced options such as averaging purchase prices of various operations, various types of orders (limits, market), defining risk management tools such as Stop Loss or Take Profit.
You can use leverage and trade in both directions (short or long), define isolated or cross margin, follow open trades, liquidation price, do technical analysis with the tools that Tradingview offers you such as indicators, oscillators, trend lines, Fibonacci etc
Platform Comparison (BingX vs Binance)
- Commissions / Fees: Both Exchanges charge you the same commissions (0.02% for Maker - Limit orders and 0.04% for Taker - Market orders)
- BingX is ranked 3rd in CoinMarketcap's ranking for Derivatives Exchanges based on traded volume while Binance is ranked 1st.
- Creation Date: May 2018 (BingX) vs July 2017 (Binance)
- Identity Verification KYC Required? : BingX does not have mandatory KYC while Binance requires KYC in order to use the platform.
- Number of Cryptocurrencies Available: 326 on BingX vs 389 on Binance
- Copy Trade: BingX has the Copy Trading function vs. Binance is not available.
- Usability of the platform: the Bingx platform has fewer features, which is why, for many users, it is simpler to understand and use than Binance, which offers a very complete ecosystem but is difficult to understand if you are a beginner.
- NFTs and Crypto Card: Clear winner Binance in this area since Bing x does not offer these products at the moment.
Step by Step: How to Create an Account in BingX
Frequent Questions (FAQs)
What is BingX?
BingX is a Cryptocurrency Exchange that allows you to buy Crypto on the Spot market or trade standard or perpetual futures. It is within the top 10 in volume traded for derivatives, it was founded in May 2018, it has 326 markets available and the lowest commissions in the market (0.02% Taker and 0.04% Maker). It has free Grid Trading Bots and the ability to copy other traders. (link)
How Secure is BingX? / Is BingX Reliable?
BingX allows you to add tools to improve account security through 2FA (using Google Authenticator). It has been in the market for several years, receives more than 8 million views per month on its website and is among the top 10 world exchanges. This does not mean that cryptocurrency exchanges are not regulated by any entity, there is no insurance for deposited funds (as if there is in banks in developed countries such as the US, Great Britain or Switzerland), so if the Exchange is hacked , goes bankrupt or has a problem, you can lose all your money. It is always best to store your long-term cryptocurrencies in a personal Wallet (for example Trezor or Ledger)
How to buy on BingX?
You can buy USDT, Bitcoin or Ethereum using your Mastercard, Visa or Maestro credit or debit card using a payment processor such as (AdvCash, Banxa, MoonPay) that is inside the BingX website in the "Buy Crypto" tab. (link)
How to buy USDT on BingX?
You can buy USDT using your Mastercard, Visa or Maestro credit or debit card using a payment processor such as (AdvCash, Banxa, MoonPay) that is inside the BingX website in the "Buy Crypto" tab (link)
What is the currency of BingX?
BingX does not have its own token as it happens with other cases such as Binance that has BNB, FTX that has FTT or Bitget that has BGB.
What is traded on BingX?
In BingX you can operate / trade Cryptocurrencies, Indices, Commodities and FOREX from the same platform (something not common in other crypto Exchanges that only let you trade Cryptocurrencies. It has 78 markets available to trade futures and 326 Cryptocurrencies that you can buy in the spot market (where you actually buy the crypto and do not speculate on a future contract) (link)
How to withdraw money on BingX?
To withdraw money from BingX you have to
- Go to your wallet
- Click on "My Funds"
- Select the cryptocurrency you want to withdraw ("Withdraw" button)
- Paste the address (hash) of the Exchange / Wallet where you want to withdraw your funds. (verify that it is perfect, since an error in one character will cause you to lose your cryptos!)
- Choose the network (network) through which you want to send your cryptocurrencies (very careful at this point, both platforms must have that network available so that you do not lose the cryptocurrencies on the way). Each network has a different hash!
How much does BingX charge for commission / fee?
BingX commissions are:
- 0.02% on Taker Orders (Limit Price Orders)
- 0.04% on Maker Orders (Orders at Market Price)
In case you want to create a BingX account and have various welcome bonuses, you can use the following link: https://invite.bingbon.com/VRPMPA
How to fund BingX from Binance?
In order to withdraw, you have to follow the following steps:
- Go to your Binance Spot Wallet
- Choose the Cryptocurrency you want to withdraw
- Choose the network through which you want to send your cryptocurrencies to BingX
- Go to your wallet in Bingx (My Funds -> Deposit), copy the hash (address) for the cryptocurrency and network you have chosen
- Paste the hash and choose the network in the withdrawal part of Binance
- Done! Cryptos are going to be transferred from Binance to BingX in a few minutes
In case you want to create a BingX account and have various welcome bonuses, you can use the following link: https://invite.bingbon.com/VRPMPA
How to open an account on BingX?
- Click on the Link: https://invite.bingbon.com/VRPMPA
- Complete the fields with your email and password
- Done! Your BingX account is open
How does BingX Grid trading work?
BingX Grid Trading is a Grid Bot that works automatically based on predefined parameters (or that you can modify if you want). The fundamentals of grid bots are that they buy at support (when the price falls) and sell at resistance (when the price rises) taking advantage of market movements.
Bots work best in sideways zones but not in trend zones (bullish/bearish). Profits are not guaranteed and you can lose all the capital!
There are 3 types of Bots:
- Spot Grid: The bot automatically buys low (close to support) and sells high (close to resistance), taking advantage of every move in a volatile market. It is the lowest risk bot since it does not use leverage.
- Futures Grid: Apply leverage to amplify spreads and profits (or losses)
- Spot Infinity Grid dedicated to continuous arbitrage with no maximum limits
In case you want to create a BingX account and have various welcome bonuses, you can use the following link: https://invite.bingbon.com/VRPMPA
How to move USDT from BingX to Binance?
In order to transfer / withdraw from BingX to Binance, you have to follow the following steps:
- Go to your Binance Spot Wallet
- Choose USDT as currency to deposit
- Choose the network through which you want to send your cryptocurrencies from BingX to Binance
- Copy the hash (address) of Binance for the network you have chosen (careful at this point, both platforms must have that network available so that you do not lose the cryptocurrencies along the way). Each network has a different hash!
- Go to your wallet in BingX, part of "My Funds", choose USDT, "Deposit"
- Paste the hash (copied from Binance) and choose the network (the same one you chose in Binance) (verify that it is perfect, since an error in one character will cause you to lose your cryptos!)
- Done! USDT is going to be transferred from BingX to Binance in a few minutes
In case you want to create a BingX account and have various welcome bonuses, you can use the following link: https://invite.bingbon.com/VRPMPA
How to transfer / deposit money on BingX?
There are mainly 3 ways to deposit money on BingX:
- Credit or Debit Cards: Visa, Mastercard, Maestro with various providers that process payments (AdvCash, Banxa, MoonPay). Review the commission, which is usually high at 4 or 5%. It is the most expensive but most practical method.
- Deposit from another Exchange (Binance, OKX, Bitget, Bybit, FTX, etc). It is important not to make mistakes when copying the hash (wallet address), as you will lose all the cryptocurrencies. It is also key to understand which networks accept both platforms, because if you make a mistake in this step, you will lose all the Crypto! Example, both Exchanges must support the Ethereum network in order to use the ERC-20 network.
- Use a P2P trading platform like Paxful, Airtm, Localbitcoins or Binance to buy your crypto and then transfer it to BingX.