BingX is one of the largest cryptocurrency exchanges today, with roots in Lithuania, which quickly rose to the top 20. This exchange is rapidly gaining momentum on all fronts, and its innovative tools are attracting more and more users from around the world. Reviews of BingX and its functionality are mostly positive. The exchange has branches in various countries, including Canada, the EU, Hong Kong, and Taiwan, and has obtained the appropriate permits from regulatory authorities in these countries.
A recent audit by Mazars confirmed that the company has 100% reserves. The platform has won awards in the categories “Best Cryptocurrency Exchange” from TradingView and “Fastest Growing Social Trading Platform” from Global Brands Magazine.
Currently, the exchange ranks 14th on CoinGecko and 19th on Coinmarketcap. Its trading volume reaches $5 billion per day. The most popular trading pairs are BTC/USDT and ETH/USDT.
The history of BingX began in Lithuania in 2018, when the exchange was established and became a prominent player in the global digital currency market. Initially, the platform was known as Bingbon, but in November 2021, it was renamed BingX as a result of expanding its functionality and rebranding.
Initially, BingX specialized in derivatives trading, but over time its functionality was expanded to include spot trading. Users from Russia had the option of exchanging cryptocurrencies via a P2P platform. BingX is an attractive alternative for users who want to circumvent the sanctions imposed on other popular exchanges.
BingX holds several regulatory licenses in various countries. In Australia, BingX Global Pty Ltd is a registered digital currency exchange (DCE) service provider under the supervision of the Australian Transaction Reports and Analysis Centre (AUSTRAC). This body regulates activities related to the prevention of money laundering and terrorist financing.
In the European Union, BingX EU UAB is registered as a financial service in Lithuania and regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange.
BingX has also received official approval in the United States and Canada, making it one of the few exchanges that provide money services (MSB) and are under regulatory control in these countries. BingX US Limited is registered as a Money Service Business (MSB) with the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), and BingX CA Limited is registered with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) for currency and virtual currency transactions.
BingX uses a bunch of tools to keep things safe for its customers and their assets. First, BingX has two-factor authentication and a customer recognition program that uses AI tech.
Secondly, the exchange uses specialized software for storing crypto assets, which guarantees effective management of permissions for servers and databases.
Thirdly, the BingX administration has an insurance fund that guarantees the stability of contract transactions and compensates for losses that may arise due to unforeseen risks.
In addition, BingX collaborates with CertiK and SlowMist, two companies that are among the leaders in cybersecurity. BingX has also implemented a reward system for users who can identify security breaches in the system.
The renowned international auditing firm Mazars conducted a thorough audit of the BingX trading platform and confirmed that 100% of client cryptocurrency assets are secured. The coverage ratios were 132% for BTC, 122% for ETH, 186% for USDC, and 112% for USDT. We would very much like to believe that these figures will not change for the worse over time.
Go to the official BingX website using my referral link
https://bingx.com/ru-ru/partner/fb/.
Enter your email address and password, check that “fb” is entered in the referral code field, and click the “Get Reward” button.
Next, we go through a rather original captcha, which may not work the first time, unfortunately.
Then go to your email, find the verification code, paste it into the appropriate field, and click “Get Reward.” On the next page, click “Get Reward” again.
Yay… Bingo! You’ll receive your bonus right away! Click the blue “Get” button.
You will then be automatically redirected to your personal BingX account. The administration emphasizes all kinds of bonuses and perks for newcomers for completing various activities. This is immediately apparent when you first log into your account.
We always strongly recommend enabling two-factor authentication on all platforms that are important to you, especially those where you keep your money. BingX is no exception.
In addition, we recommend that you complete KYC verification on the platform, as it will not only increase your daily withdrawal limit from 50,000 USDT to a whopping 5,000,000 USDT, but also help you claim your money in case you lose access to your account for any reason.
Completing BingX KYC is quite simple and does not require much effort if you have the necessary documents. To do this, click on the person icon in the upper right corner of your account and press the “Verify” button.
Next, follow the system prompts… As part of this procedure, specify the country, document type, upload photos of your passport, and take a selfie with the document. After a brief review, the data processing department should confirm that you have successfully passed KYC.
If you don’t like sitting at a computer, a mobile app has been developed especially for you, which works perfectly on both iOS and Android. For the most part, the mobile app performs all of its main functions 100%. Spot, futures, and copy trading will work without any problems. However, the full functionality of the exchange is, of course, only available on a PC.
Before you start trading, you need to top up your balance on BingX. The platform offers a number of ways to do this.
Next, select the cryptocurrency you need from the drop-down list. Enter the network below. Then click on the “Get Address” button. Be careful when choosing a network, because if you have USDT in the ERC-20 network and you transfer them via the TRC-20 network, they will disappear forever!!!
Next, copy the wallet address provided by the system and transfer your coins or stablecoins to it. After a certain number of network confirmations, the coins will appear in your balance (usually within 5 minutes).
Now select the fiat currency you will be paying with and the cryptocurrency you want to buy (USDT, BTC, ETH) from the drop-down list. Enter the desired amount and click the “Buy” button.
Then select the bank you want and click the “Buy” button.
Next, send funds from your bank card and wait for the cryptocurrency to be credited to your exchange wallet. By the way, replenishment via a bank is only available to users who have passed BingX verification.
As for withdrawing assets from the platform, this should also be straightforward. In the upper right corner of your BingX personal account, hover your cursor over “Assets” and click the ‘Withdraw’ button. Select the cryptocurrency you want to withdraw, enter your wallet address, the amount, select the network, and click “Withdraw.”
We would like to remind you that if you intend to store a particular coin for a long time, it is better to withdraw it from the exchange and store it in a cold wallet, because, as time shows, exchanges and banks are not eternal!
The easiest way to trade on the spot market is conversion! You can’t go wrong here. It’s very simple! Click on “Spot” at the top of your account, then click on “Conversion.” Select what you want to give and what you want to receive, then click “Convert.” That’s it! However, in this format, you can only exchange a fairly limited number of cryptocurrencies, literally a couple of dozen of the top ones on the list.
The most common trading method is spot trading, which in turn has three subtypes on this platform: Market, Limit, and Trigger. Market trading involves the instant purchase of currency at the current market price. Click “Spot,” select a trading pair from the drop-down list. In the left column, select “Market,” enter the amount you want, and click ‘Buy’ or “Sell.”
Limit trading means that you set the price at which you want to buy or sell cryptocurrency. The order will automatically execute when the market price reaches your desired level. This is very convenient; you can set your desired purchase price and go on a trip, and when you return, the cryptocurrency will be bought (sold) at a “tasty price.” Here’s how it works… Click “Spot,” but instead of “Market,” select “Limit.” Specify the desired price and amount, then click ‘Buy’ or “Sell.”
Trigger trading assumes that the system itself will create an order for a specific trading pair after a certain condition (trigger) is met. I recommend testing this tool to those who are already familiar with trading.
This area can be highly profitable due to leverage, but it also significantly increases the risk of losing your assets. This area is recommended for professionals who have already studied the subject matter and have extensive experience in trading.
The BingX exchange futures market is divided into two components: “Standard Futures” and “Perpetual Futures.” Both variations offer the possibility of trading with leverage in cross or isolated margin mode, with leverage available up to 150x. The standard futures section offers a fairly limited set of margin pairs. Isolated margin is available for crypto assets such as BTC, USDT, VST, and USDT bonus coupons, while cross margin is available for BTC, USDT, and VST.
The standard futures section offers around 50 cryptocurrency contracts, as well as trading in currency pairs such as AUDUSD, CADJPY, EURGBP, and others. It also offers index futures (S&P 500, DOW, NASDAQ, Russel 2000, FTSE 100) and some commodities such as oil, gas, metals, and others. Index futures quotes are presented in the currency of the index region (USD, AUD), and commodity contracts are traded in USD.
The standard futures section is suitable even for novice traders, as positions are calculated using separate orders. Calculations here are simpler and more straightforward, with only market and trigger orders (Take-Profit/Stop-Loss) available.
The BingX perpetual futures market offers approximately 100 cryptocurrency contracts, as well as indices such as BTCDOM and BLUEBIRD. All perpetual trading pairs are settled in Tether. Limit, market, and trigger order types are available, as well as a trailing stop function. In the perpetual futures section, you can separately configure the maximum leverage for isolated and cross margin.
The BingX perpetual futures market offers approximately 100 cryptocurrency contracts, as well as indices such as BTCDOM and BLUEBIRD. All perpetual trading pairs are settled in Tether. Limit, market, and trigger order types are available, as well as a trailing stop function. In the perpetual futures section, you can separately configure the maximum leverage for isolated and cross margin.
Copy trading is an innovative and quite attractive tool on this platform. Just imagine that you don’t have to rack your brains over market analytics; you simply need to choose a successful trader, and the system will repeat all their actions. You might say that this is science fiction, but no — BingX has successfully implemented this tool on its platform.
You just need to go to the “Copy Trading” section and select a section (spot or margin). Next, you will see a rating of traders, which includes their profitability for the period, risk level, and number of subscribers.
By clicking on a specific trader, you can see their detailed statistics. This includes trading data, current open orders, and closed trade history. There are also profitability charts for the period and risk assessment graphs.
After subscribing, some of the client’s assets are transferred to the trader for management. BingX guarantees the integrity of user funds: the trader cannot transfer or withdraw your assets. However, no one can guarantee that the trader you choose will not lose your deposit along with their own. Trades are copied 24/7.
The copy trading section also has a “copy by position” feature. In this case, the funds allocated by the subscriber for copy trading are automatically matched to the trader’s profit indicators.
You can also apply to the administration to become a public trader. Once the team has assessed your profitability, reliability, and other aspects, you will appear on the list of traders and receive 20% of your subscribers’ profits.
The Wealth section is a tool that allows you not only to keep your crypto assets on the exchange, but also to earn interest on them. On most other exchanges, this section is called Earn. It is similar to a bank deposit: low annual return, the ability to choose the deposit term, and the possibility of early withdrawal. Naturally, the longer the term, the higher the annual interest rate. Currently, such contracts are offered for 38 cryptocurrencies.
Using the tool is quite simple. Click on “Wealth,” then “Simple Earn.” Next, select the cryptocurrency you are interested in, choose the investment term, and click the “Subscribe” button.
Enter the investment amount, agree to the terms of the contract, and click the “Subscribe” button.
In addition, Wealth recently added a new subsection called “Shark Fin,” which makes investing in crypto for interest much more fun… Contracts in the Shark Fin product are divided into bullish and bearish. There are currently four Shark Fin options on the BingX platform: bullish BTC, bearish BTC, bullish ETH, and bearish ETH. Users can choose the direction and price range of their subscription based on their market analysis. At the end of the product’s deposit term, if the price of the crypto asset falls or rises to the range specified by the customer, they will be credited with an increased interest rate. Otherwise, the standard rate will be applied.
Another interesting option in the Wealth BingX section is the ability to use grid bots for trading. In this bot, the client sets a price range for trading. Within the specified range, the bot automatically generates a grid of purchases and sales. The bot then distributes the allocated assets into parts, the number of which is determined by the user.
For example, if the price of an instrument begins to decline, the bot buys the asset for one part of the allocated funds and immediately places an order to sell the coin at a price that exceeds the purchase price. When the price reaches the sale level, the order is triggered. The bot sets up the grid so that each sale price is slightly higher than the purchase price. If the price level continues to fall, the bot will continue to buy assets, and if the price rises, it will sell.
The BingX exchange offers three types of grids: spot grid, futures grid, and Infinity spot grid. The spot bot functions similarly to a standard spot trade. The futures bot has the ability to use leverage, trade both on price increases (long) and decreases (short), and set stop-losses. The bot in infinite mode operates on the spot market and resembles arbitrage trading. It operates with small price deviations for specified assets. In principle, a grid bot is a rather interesting tool for earning on small fluctuations, but there is a risk of missing out on more significant price movements.
Пришло время поговорить и о комиссиях биржи, ведь для активных трейдеров это довольно важный аспект торговой площадки. Комиссии BingX, на самом деле, можно считать очень и очень демократичными. Для обычных пользователей без Вип-уровней комиссия на спотовом рынке составляет: 0,1% для мейкера и 0,1% для тейкера.
For reference… A taker is someone who immediately executes a trade using existing orders. A maker is a user who places trade orders that are entered into the order book. It is important to understand that makers create liquidity, while takers remove it, which is why takers’ commissions are usually higher.
On the BingX futures market, the commissions are as follows: 0.2% for makers and 0.5% for takers. As your trading volume increases over the last 30 days and the value of your assets on the platform rises, your VIP level also increases. Accordingly, commissions are reduced across the board, as shown in the images below.
In addition, advancing through VIP levels unlocks privileges such as private communication with a product manager, additional rewards for completing tasks, free use of the “Guaranteed Price” feature, the opportunity to win Apple gadgets and other valuable prizes, industry insight reports, and priority support service.
The marketplace’s marketers have developed a very generous affiliate program to attract new users to the exchange more aggressively. The referral program becomes available to everyone immediately after registration. Simply hover your cursor over the icon in the right corner of your BingX personal account and click on the “Invite and Earn” button. The system will then generate your affiliate code and referral link.
The affiliate program has a multi-level structure. At the first level, you receive only 10% of the trading commissions paid by your referrals. After inviting 10 active clients, the reward increases to 20%, and the maximum referral level can reach 45%. In addition, as you move up the ranks, you begin to receive rewards from referrals at deeper levels. But if you are a cool blogger with a large reach or an influencer, the platform administration asks you to contact them directly to discuss special terms of the affiliate program for you personally.
Криптовалютная биржа BingX является отличным инструментом, как для начинающих трейдеров, так и для профессионалов своего дела. Платформа открывает возможности для спотовой торговли и фьючерсной торговли. Дает возможность пользоваться сеточным ботом. Отличительной особенностью можно считать функцию копи-трейдинга, которая будет особенно интересна новичкам. А сравнительно низкие торговые комиссии делают биржу привлекательной для скальпинга и дейтрейдинга. В дополнение ко всему, биржа достаточно лояльна к неверифицированным пользователям. В очередной раз напомним, что криптовалютные валюты очень волатильны, а торговля такими активами несет в себе не только большой потенциал, но и большие риски, помните об этом! С копи-трейдингом тоже следует быть внимательным, там есть достаточно много настроек копирования, незнание которых может сыграть с вами злую шутку. Желаем вам успеха и космического профита!
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