BingX Review 2024: Features, Security and Pros + Cons

Even as countless crypto exchanges vie for users' attention, discerning traders know: not all platforms are created equal!

While some of these exchanges have robust security measures and transparent operations, others lurk in the shadows, fraught with risks of fraud and mismanagement of user funds. As a result, conducting thorough research becomes paramount for investors seeking a reliable and reputable crypto exchange.

BingX is one such reliable exchange.

In this BingX review, we'll delve into various aspects of the exchange, including its fee structure, trading features, and the array of cryptocurrencies it supports.

Before we begin, check out our top picks for the best crypto exchanges.

What is BingX?

BingX is a cryptocurrency exchange established in 2018, catering to a user base of over 10 million individuals worldwide. It offers a range of services  — whether it's spot trading, derivatives, copy trading, or managing your assets, they've got you covered. 

BingX boasts tools and features aimed at enhancing users' trading proficiency. The platform has an international presence, with branch offices across Asia, Oceania, Europe and South America. BingX EU UAB is a registered financial service company in Lithuania, a member of the European Union, and is recognized and regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange. BingX Global is registered as a digital currency exchange provider under the Australian Transactions and Reports Analysis Centre.

Security and transparency are paramount at BingX, evidenced by their 100% margin reserves verified by reputable organizations like Mazars. Collaborations with leading cybersecurity firms further fortify the platform's defences against potential threats.

BingX has garnered several accolades, including being named the best crypto exchange by TradingView and the fastest-growing social trading platform by Global Brands Magazine.

The exchange's 24-hour trading volume was $632.9 million, according to CoinGecko.

BingX KYC

BingX is a centralized exchange, which means it must adhere to Know Your Customers regulations put in place to fight money laundering and terrorist financing. BingX has two verification types — one for individuals and the other for corporate clients.

Individuals

Verified users have higher withdrawal limits compared to unverified users. 

Completing KYC verification on BingX involves a few steps.

• On the web, users log in, go to their profile, select identity verification, and upload the required documents.
• On the app, they click on their avatar, choose verification, and follow similar steps, including taking a selfie with their document.

Once submitted, the KYC application typically takes one working day to process. If denied, users can resubmit with corrected information or contact customer support for assistance.

Entity Verification

Unlike individual verification, which focuses on verifying individual users, entity verification is tailored for corporate entities.

To complete entity verification on BingX, users must visit the "Account" page on the website, navigate to "Identity Verification," and select "Entity Verification." They then need to fill out the form with the required information and submit relevant documents. The review process typically takes 3 to 5 working days.

BingX Review: Trading Features

BingX offers several ways to trade. Let's explore!

Futures

Futures trading involves using derivatives to hedge risks and potentially amplify returns through leverage. You can either go long (buy) or short (sell) a trading pair to capitalize on price volatility.

If you're looking to trade futures contracts on BingX, follow these steps:

For Standard Futures:

• Select a trading pair
• Choose a margin mode (Isolated or Cross Margin)
• Decide on the direction (Long or Short)
• Select an order type (Market Order or Trigger Order)
• Set up leverage carefully
• Transfer USDT or the underlying asset as margin to the Standard Futures account
• Optionally, set up Take Profit (TP) and Stop Loss (SL)
• Place the order by clicking "Long" or “Short”
• Review order details in the "Orders" section

For Perpetual Futures:

• Choose a trading pair
• Select a margin mode
• Decide on the direction (Long or Short)
• Choose an order type (Market Order, Trigger Order, or Limit Order)
• Set up leverage and carefully read the risk disclosure
• Set up Rival Price and TP/SL if desired
• Transfer USDT from your fund account to the Standard Futures account
• Place the order by clicking "Buy/Long" or “Sell/Short”
• Review order details in the "Orders" section

Copy Trading

Copy trading is a feature where users can automatically replicate the trades of elite traders, potentially generating profits or losses without the need for manual intervention. 

There are several types of copy trading at BingX:

Copy by Position Ratio

• Users' funds adjust proportionally with the copied trader's position
• Allows copiers to achieve a return on investment (ROI) similar to the copied account
• Supports autonomous trading

Copy by Fixed Margin

• Limited to copying trades from the trader's BingX Standard Futures account
• Copies trades opened in isolated margin mode
• Copiers set a fixed margin for each trade, regardless of the trader's margin/position ratio
• Enables autonomous trading

Copy by Spot Grid

• Limited to copying orders from the trader's BingX Spot Grid Trading account
• Copies grid parameters of the trader's strategy to create spot grid orders for copiers
• Allows copiers to cancel the strategy at their discretion

Spot Trading

Spot trading involves buying and selling cryptocurrencies for immediate delivery, allowing traders to profit directly from changes in cryptocurrency value. On BingX, spot trading supports two types of orders: market orders and limit orders.

To trade spot on the BingX website:

• Log in and navigate to the spot trading page
• Choose a trading pair or search for one
• Ensure there are sufficient funds in your funding account
• Select the trading direction (Buy/Sell) and order type (Market/Limit/Trigger/TP/SL)
• Specify the price and amount for the order
• Place the order, confirming the details

On the BingX app, you can follow these steps:

• Log in and navigate to the spot trading page
• Choose your desired trading pair or search for specific pairs
• Tap the candlestick icon to access the candlestick chart interface for the selected pair, providing insights into candlestick patterns, order book, latest trades, and coin information
• Ensure sufficient funds are available by selecting "Deposit" or "Transfer" to add funds if necessary
• Select the trading direction (Buy/Sell) and order type (Market/Limit/Trigger/TP/SL), then specify the desired price and amount
• Place orders accordingly, such as a market buy or a limit sell, by inputting the necessary details and confirming the order
• Monitor open orders and order history in the "Open Orders" section, where you can also cancel pending orders if needed
• Access the "All Orders" page to review order history and trade history

BingX Supported Cryptocurrencies

BingX allows users to buy and sell over 750 coins, including household names like Bitcoin, Ethereum, Solana and Cardano. Here are a few other cryptos you can buy and sell via BingX:

• Ripple
• Near Protocol
• Avalanche
• Polygon
• Tron
• Litecoin
• Chainlink

Good news for memecoin aficionados: BingX allows users to trade a wide variety of memecoins, including DOGE, WIF, PEPE, SHIB and BONK, among others.

BingX Security

BingX places a special emphasis on platform security, investing significant resources to safeguard users' assets. Through robust security measures and strategic partnerships, the exchange has maintained an impeccable security record, with zero instances of crypto or wallet theft since its inception.

• Security and Risk Management: BingX employs a comprehensive risk management protocol, employing Sumsub's 2FA verification and advanced AI technologies to detect potential cyber threats.
• Bank-Grade Custody Solution: The exchange utilizes a bank-grade custody solution, undergoes security audits by renowned firms like CertiK and SlowMist, and employs security experts to counter millions of daily attack traffic.
• Stringent Security System: The platform maintains a stringent security system, addressing zero-day security holes, regularly reviewing operation and maintenance databases, and implementing dynamic monitoring of price abnormalities to protect users from volatile cryptocurrencies. 
• Insurance Fund: This fund mechanism provides financial guarantees for normal transactions and compensates for losses due to unforeseen risks.
• Strategic Partnership: The exchange's collaboration with SlowMist focuses on enhancing security across various aspects of the cryptocurrency industry, including research, threat intelligence synchronization, and anti-laundering efforts. BingX also incentivizes user participation in security enhancement through bounty programs and continuous optimization of security measures.

However, BingX has a middling CCC rating from CER, which assesses crypto exchange security.

BingX Wealth

BingX Wealth provides an all-in-one asset management service, allowing users to earn interest and achieve stable returns on their idle funds. This service supports various cryptocurrencies like USDT, BTC, and ETH, offering two main modes: flexible term and fixed term.

Here are some of BingX Wealth's key features and advantages:

• Capital Preservation: Offers conservative earning options with stable interest returns over different product durations.
• Zero Fees: No charges for subscription and redemption.
• Steady and Reliable: Ensures 100% asset collateralization through Merkle Tree Proof of Reserves (POR) verification, stringent risk control systems, and robust security measures.
• VIP Exclusive Wealth: VIP users enjoy higher returns and a wider range of product choices.

If you're looking to dip your toes, you should be aware of the following rules:

• Flexible-term wealth products can be subscribed and redeemed at any time, with interest automatically reinvested and compounded
• Fixed-term wealth products, as the same suggests, have fixed start and maturity times, with automatic redemption of principal and interest upon maturity
• Wealth valuation provides information on total asset value, total profit, and yesterday's profit, which are estimated and subject to change based on interest rate fluctuations

BingX Wealth Shark Fin

Shark Fin is a principal-guaranteed wealth product from BingX, allowing users to earn interest without risking their principal, regardless of market conditions.

It categorizes crypto assets as bullish or bearish and offers four products: Bullish_BTC, Bearish_BTC, Bullish_ETH, and Bearish_ETH. Users can choose a direction and set a price range for subscription. Upon maturity, if the asset's price falls within the preset range, higher interest is earned; otherwise, the base interest rate applies.

Advantages of Shark Fin:

• No principal risk, as the subscription asset is the USDT stablecoin
• Principal-guaranteed earning, providing base interests regardless of market trends
• Zero trading fees for investing in Shark Fin
• Quick redemption of principal and interest, typically within one day
• Potential for higher returns, especially during volatile periods, if market predictions are accurate

BingX Fees

The fee structure for trading varies across different products on the BingX platform. For spot trading, BingX keeps it simple with a 0.1% maker/taker fee.

For perpetual futures, the maker fee is set at 0.0200%, while the taker fee is slightly higher at 0.0500%. This fee model is consistent across Binance futures copy trading and futures grid, where users encounter the same maker and taker fee rates as perpetual futures.

In contrast, standard futures operate with a different fee rate, where traders are charged at a rate of 0.0450% for each trade executed.

However, if you meet the eligibility criteria for a VIP trader, you can enjoy even lower fees across both spot and futures.

BingX VIP Fees

Trading fees on the BingX platform vary based on users' VIP levels, determined by their total trading volume or asset value.

BingX VIP - Spot Trading Fees

For spot trading, makers and takers incur fees according to their VIP level. As traders progress to higher VIP levels, their fees decrease.

For instance, VIP 1 traders, with a trading volume or asset value of at least 1 million USDT or 50,000 USDT respectively, are subject to reduced fees of 0.0350% for makers and 0.0600% for takers. This pattern continues with further reductions in fees for higher VIP levels, culminating in Supreme VIP status, where makers pay 0.0050% and takers pay 0.0200%.

BingX VIP - Futures Trading Fees

Futures trading on BingX follows a fee structure similar to spot trading, albeit with higher requirements.

VIP 1 traders, with a trading volume or asset value of at least 10 million USDT or 50,000 USDT respectively, enjoy reduced fees of 0.0140% for makers and 0.0400% for takers. This trend continues with further reductions in fees for higher VIP levels, reaching 0.0000% maker fee and 0.0280% taker fee for Supreme VIPs with a trading volume or asset value of at least 600 million USDT.

BingX Review: Final Thoughts

BingX is a reputable cryptocurrency exchange offering a wide range of services, advanced trading features, robust security measures, and competitive fee structures, making it a preferred choice for cryptocurrency traders.

The exchange also offers wealth management services through BingX Wealth, allowing users to earn interest on idle funds with options like flexible-term and fixed-term products. Additionally, Shark Fin products offer principal-guaranteed earning opportunities, catering to users' risk preferences.

BingX implements a tiered fee structure for trading, with fees varying based on users' VIP levels and the type of trading. VIP traders enjoy reduced fees, with further discounts for higher VIP levels. The platform prioritizes compliance with Know Your Customer (KYC) regulations, ensuring a secure and compliant trading environment.