BingX is an international digital asset trading platform headquartered in Singapore, SG. It has branch offices in North America, Canada, the EU, Hong Kong, and Taiwan. Founded in 2018 as Bingbon, it was rebranded to BingX on November 18, 2021.
BingX aims to provide its customers with access to the fast-growing cryptocurrency market connecting them with expert traders through an investment platform. It was established to enrich the entire cryptocurrency industry and provide investors with a safe, fair, transparent, efficient, and cost-effective trading experience.
The platform offers 24/7 online customer service, 60+ spot trading pairs, a mobile application for iOs and Android users, one-click conversion of one cryptocurrency to another, 100+ trading indicators, and a new user bonus system.
The bonus system comes with 3 types of trading rewards. Clients who reach 20,000 USDT in trading volume get a 10 USDT trading bonus. For reaching 80,000 USDT users get 30 USDT. If their trading volume is 200,000 USDT or higher they receive an 80 USDT bonus. In addition, users get a possibility to trade with the maximum leverage of 10x. Trading bonuses are valid for 14 days from the date of registration and can be used for one trade.
The company holds most of its cryptocurrency assets in cold storage. Cold wallets imply storing the funds offline which helps to protect money from fraud, hacking, or theft.
Data protection and security
BingX is a registered trademark of Bing Group as it has obtained multiple regulatory licenses in several regions. It has received the Money Service Business (MSB) license in the United States and the MTR license in the EU to be able to provide cryptocurrency trading and wallet services. Besides, it is licensed as a digital currency exchange by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury, and the Register of Economic Activities (MTR) in Estonia. In addition, it is registered as a provider under the Australian Transactions and Reports Analysis Center (AUSTRAC).
BingX has always placed its customers’ safety at the forefront and since its launch, the platform has never fallen the victim to any security breaches. To prevent hackers from breaking into users’ accounts and protect their funds BingX has implemented an 11 layer security system developed by the team from Huawei, SSL encryption, 2FA, KYC, verification for withdrawals, hot and cold wallets, and server security measures. A google authenticator is also required when sending transactions. Security checks of operations, security audits, and database maintenance are carried out on a regular basis as well.
The BingX platform provides spot trading, derivatives trading, futures trading, standard contracts, and social trading opportunities for users in over 100 countries around the world.
The exchange offers contract trading across various markets including cryptocurrencies, indices, Forex, NFTs, and commodities with lower fees, higher leverage, and fast transactions. Cryptocurrency contracts can be shorted at any time without borrowing costs. Users can set advanced parameters for trades execution such as the long or short price, margin, stop loss, and take profit.
BingX has launched Feed, a service that facilitates interaction between traders around the world enabling them to share ideas and views, to exchange information and trading strategies, and to discuss market trends live.
The BingX ambassador program incentivizes its users to communicate directly with the team and have a real impact on the project. In addition, they receive the latest news, updates, token rewards, and can participate in contests with prizes.
Copy trading on BingX
The copy trading service is intended for users who do not have the time or enough expertise to trade contracts and supports instant tracking of experienced market participants with open positions.
In order to start sharing their trades, users need to make a few steps. To become a listed trader, they have to meet the following requirements: pass KYC, complete 15 trades with the total trading volume of 1,000,000 USDT in the past three weeks, have a win rate of 55%, and the account profitability of more than 30%. The maximum number of followers per trader is limited to 2,000. Traders can earn 8% of the daily net profit of their followers.
Followers can choose one of the two margin types. Fixed margin is the amount of margin set per trade. The maximum margin is 40x. Proportional margin allows followers to set the margin per unit for strategic copy trading like Martingale Strategy. In addition, Bingbon Community allows users to see traders’ history, profit rate, best and worst trades, etc.
BingX basic trading fees make up 0.045% while the spot trading fee rate is 0.15%. Also, there are 2 types of fees associated with copy trading: the trading fee, which is 0.045% for cryptocurrencies and 0.03% for other assets, and profit share that is 8% of the daily net profit.
The minimum deposit is 50 USDT. Traders can deposit funds via Mastercard or VISA credit card, Apple pay, SEPA, or on the BingX platform. In addition, they can buy digital assets through wire transfers in 30+ local currencies including major ones. They can also sell crypto for 8 fiat currencies: EUR, CAD, SEK. CHF, GBP, USD, DKK, and NOK.
BingX’s team and partners
The BingX team is made of professionals with a diverse background from leading financial institutions, technology, and internet companies in the US, Hong Kong, and China.
The core development members of the team previously worked at Tencent and Alibaba while the advisors and risk control team members come from Google. Operational maintenance of the server is carried out by the Huawei core team on a regular basis. Aziz Kenjaev works as an ambassador and business director at BingX, Elvisco Carrington is a communications manager, and Daly is a product manager.
The BingX exchange has successfully established multiple partnerships. The platform has attracted investments from Grandshores. AZDag, one of Vietnam's top blockchain development teams, assisted BingX in building the security barriers. SlowMist provides security auditing and bug bounty services. Coinify, a global virtual currency platform helps BingX to reach a wider demographic across Europe and beyond.