Choosing a crypto trading platform can be a challenging task. BingX is a safe trading platform that covers all vital features to be selected by you. Furthermore, BingX might be one of the best social trading platforms and this BingX review aims to weigh all the features that can justify this.
What is BingX?
BingX – a social trading network is a crypto exchange that offers cryptocurrency spot and derivatives trading services. The platform made its way into the cryptocurrency market in the year 2018. Moreover, as a crypto social trading network, BingX exchange is committed to giving users access to cryptocurrency trading strategies and ensuring users invest in a simple, engaging, and transparent way. Furthermore, the platform also provides commodities, global indices, forex, automatic copy trading function, and other contract trading products.
Is BingX Safe?
BingX is highly regulated in the jurisdictions where it provides crypto products and services, complying with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies. Based on our research, BingX has not suffered any security hacks or breaches that have resulted in the loss of user funds or assets.
BingX Top Features
BingX offers users the ability to copy the trades of “elite” traders on the platform, automatically executing trades on users’ accounts that follow the trader they select. With over 1,000 active traders to choose from, users can quickly find someone that has a trading style they want to emulate. BingX copy-trading feature has high usage and is very well developed which makes BingX stand out from most other crypto exchanges. In fact, based on our reviews, it one is of the best crypto social platforms with copy-trading features to learn and follow the top performers.
Users can quickly browse through hundreds of active traders and see their number of followers, 30-day returns (ROI), and risk level (rated from 1 to 5). Upon selecting a trader, users can view a breakdown of profit and risk for the traders, as well as a live feed of their most recent communication with followers. There is also a trade history available to see all the activity of each trader and what types of trades they are placing.
Expert traders execute trades either on the BingX Futures platform or with partner Binance, utilizing API keys for Binance integration. There are also traders that utilize the spot grid trading bot and allow users to copy their grid trades as well. For users that want to apply to be copy-trader themselves, there is an application form available. Approved traders receive 8% – 10% profit share from sharing trades on the platform.
Overall, the Copy Trade is one of the coolest features of the BingX exchange. It is very popular and more well-rounded compared to other social trading apps. BingX offers a well-organized user interface and reasonable trading fees.
A Large Crypto Selection (Bitcoin and others)
BingX supports over 250 cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and XRP (Ripple). Everyone’s favorite meme coins are supported as well, including Dogecoin (DOGE) and Shiba Inu (SHIB). There are also many small-cap coins available, including many DeFi, NFT, Metaverse, and Web3 projects.
All trading assets available are paired with USDT, though there are several other stablecoins available on the platform. This makes it a bit more difficult to trade between different crypto, as users will need to convert to USDT to trade.
While the selection of trading pairs is fairly large, the lack of altcoin pairs against Bitcoin and Ethereum (or other stablecoins) makes it a bit more cumbersome to swap between cryptocurrencies.
BingX offers a comprehensive crypto margin platform with derivatives and futures available at up to 125x leverage. There is also access to futures trading of indices, commodities, and even Forex. Users can choose between standard derivatives, and perpetual futures, which is a crypto-specific trading product.
On the standard derivatives platform, users can trade crypto with up to 125x leverage, as well as other assets with varying leverage amounts. Both long and short positions are available, and users can place market or trigger orders (similar to limit orders). Users can also practice trading with VST demo trading.
On the perpetual futures platform, users can still place limit and market orders, as well as enter long or short positions, but there is also the choice between isolated and cross margin available.
While not the best crypto margin platform for derivatives trading, users can access huge leverage, trade more than just crypto, and view detailed TradingView charts. The platform layout is fairly intuitive, and users can quickly see open positions and up-to-the-second profit and loss details.
Grid bots have become popular in the past few years, and BingX has built in the ability to create your own. Available as a spot trading feature, grid trading allows users to set a “high” price and a “low” price for specific crypto, choose how many “grids” to create (between 2 and 200), and activate the bot.
The bot will then place trades automatically, buying the price near the lower end, and selling as the price rises to capture profit along the way. Each grid line represents a buy or sell point, and the bot places those limit trades in advance so they automatically execute.
Grid trading offers both automatic mode and manual mode, allowing users to create a bot with a single click, or adjust their own settings to customize the bot. There are no additional costs to use the Grid Trading feature.
In short, the grid bot offers a few simple settings and is available at no extra cost to exchange users. This is a great feature that usually requires a 3rd party tool, so it’s nice to see it built into the exchange. It would be nice to see the grids visually represented on the chart and a greater selection of bots to compete against the best crypto trading bot platforms.
VST Trading (Demo Trading)
For users that want to practice Futures trading without risking their own funds, BingX offers a crypto demo trading feature using their own virtual currency, Virtual USDT (VST). 100,000 VST are deposited upon account creation, and users can use the VST to practice trading in the standard futures trading platform. VST carries no value, and cannot be exchanged for any other currency, or withdrawn from the platform. It is strictly used for demo purposes.
The demo mode is handy for users that are just learning futures trading, which is a more advanced trading feature. We were able to quickly place trades using the VST funds within the account, and watch the unrealized profit and loss in real-time.
Whilst BingX does not require verification to use the platform, there are restrictions on the amounts of USDT that can be withdrawn within each 24-hours and cumulatively over the life of the account. For unverified accounts, up to $50,000 USDT and $100,000 USDT can be withdrawn for 24-hours and cumulatively, respectively. As shown in the table below, withdrawal limits increase substantially once the account is verified.
|ACCOUNT TYPE||WITHDRAWAL LIMITS|
|Unverified Account||24-hour withdrawal limit: 50,000 USDT. Cumulative withdrawal limit: 100,000 USDT.|
|Verified Account||24-hour withdrawal limit: 1,000,000 USDT. Cumulative withdrawal limit: unlimited.|
To verify an account to increase withdrawal limits, BingX customers will need to submit personal information. This involves submitting a picture of a photo ID, such as a driver’s license. In addition to a selfie picture of the user’s face. Once the documents are submitted, BingX will review and complete verification.
Volume and Liquidity
BingX offers good liquidity overall, transacting quite a lot of volume with its BTC/USDT and ETH/USDT pairs. CoinMarketCap rates the exchange with a liquidity ranking of 573 (out of 1,000 possible), suggesting that it offers better-than-average liquidity. While the volume and liquidity are high for large-cap cryptocurrencies, some of the smaller coins offer very little liquidity (which is common among larger exchanges).
BingX processes over $800 million in daily trading volume, which is a decent volume, but there are many crypto exchanges processing over $1 billion in daily volume (or more), so it does not offer the deepest liquidity on the market. Overall, users can expect very little slippage and availability of trading liquidity for most coins.
For users who are searching for a leading crypto-powered leverage platform, BingX is an ideal and promising exchange for them. It comes under the list of top cryptocurrency exchanges and is for both beginners and experienced traders. Moreover, the platform allows you to copy professional traders with just a single click and entirely automate your crypto trading. You can use the button below to sign-up on BingX, and earn UPTO $100 as a welcome bonus.