BingX is a cryptocurrency exchange founded in 2018 that offers cryptocurrency derivatives trading, social trading, and staking services. The maximum leverage offered on BingX is 100x. BingX doesn’t accept fiat deposits. BingX users only have to undergo KYC verification when they want to withdraw over 100,000 USDT lifetime.
BingX is based in Singapore and was previously known as Bingbon. Their team consists of professionals that have worked at J.P Morgan, Standard Chartered Bank, Google, Tencent, and Alibaba.
BingX offers leveraged cryptocurrency trading, cryptocurrency social trading, and staking services. Users can trade cryptocurrencies like Bitcoin, Aave, Chainlink, Dogecoin, and others with leverage up to 100x. It is also possible to copy other cryptocurrency traders via BingX’s Crypto Social Trading Network. Users can use the AI-Arbitragebot to yield farm and earn up to 90% APR.
BingX Mobile App
BingX has a mobile trading app available for both iOS and Android devices. This app contains the same features as the desktop trading platform and can be downloaded in the Google Play Store and Apple’s App Store.
BingX Trading Platform
Users can see current cryptocurrency prices, order book history, and trade sentiments on BingX’s trading platform. From here traders can trade cryptocurrencies and place market and limit orders. BingX will show you all details about your position whenever you open a trade. BingX’s trading platform is customizable and the standard one looks like Binance.
BingX charges its users maker and taker fees whenever they open a trade and withdrawal fees. BingX’s maker/taker fees are 0,05% and 0,02% respectively, which is lower than the industry average. The withdrawal fee at BingX is 0,0005 BTC per withdrawal, regardless of the amount withdrawn.
BingX Deposits and Withdrawals
BingX only accepts cryptocurrency deposits and it’s not possible to buy crypto on BingX. Users can deposit Bitcoin, Ethereum, XRP, and a handful of other cryptocurrencies on BingX. There are no minimum deposits and deposits are instantly credited to your BingX account.
BingX accepts traders and investors from the United Arab Emirates. They will not have to undergo KYC unless they want to withdraw over 100,000 USDT lifetime.
BingX Review 2022 – Our Verdict
BingX is a decent crypto CFD broker and social trading platform. Their high maximum leverage of up to 100x makes it a good broker for crypto day traders. BingX is suitable for both beginners and expert traders because they offer social trading and leveraged trading. They don’t have a demo account available nor KYC requirements for traders who want to trade less than 100,000 USDT. If you are looking for the best crypto social trading platform we recommend signing up with eToro instead.
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All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.