BingX Review 2022: The Social Cryptocurrency Trading Platform
BingX is a cryptocurrency trading platform that offers derivatives, spot, and copy trading to crypto investors across the world.
Launched in 2018, the purpose of BingX is to lead the social trading platform sector by providing a safe, reliable, user-centric, and open ecosystem to enrich the entire cryptocurrency industry.
BingX is among the earliest trading platforms to incorporate coined-margined and USDT-margined contracts.
As the platform has also adopted USDC-margined perpetual swap onto its contract list, BingX can satisfy users’ needs no matter what the market conditions are.
In addition, BingX is also an intuitive, simple, transparent, engaging exchange platform where crypto traders emulate and learn from successful trading strategies.
As a result, the social trading network connects beginner traders with expert traders and makes trading easier for both expert traders and beginner traders.
A Dynamic Market
The cryptocurrency is continuously growing today, and BingX’s innovative solutions have been chosen by millions of crypto natives worldwide.
It has attracted over 1 million users from more than 100 regions. BingX is available on iOS, Android, Windows, and Mac.
Contracts For Difference (CFD)
A Contract For Difference allows traders to speculate on the value of a digital asset. It is a cost efficient way to trade a variety of assets.
Spot and Derivatives Market
BingX enables its users to trade digital assets in minutes. In addition, the platform also offers its token, VST, for users to learn about trading or plan their strategies before they start their real trading.
The spot grid copy trading feature is a big step forward for the BingX platform which marks a major milestone in achieving a worldwide spot trading business.
BingX combines the advantages of Copy trading and those of Grid trading by using strategies from expert traders to make money from crypto-assets.
Grid trading creates a gradual purchase and sales order in a precise price range, it can be compared to offering liquidity on a AMM DEX.
Meanwhile, Copy Trading attracts people because it creates a place where the copy traders and the copy makers can both be profitable.
Seasoned traders are strictly screened to ensure the strategies they provide are well thought out. On the other hand, ordinary traders are offered the option to choose whether to follow the strategy.
Information like the professional trader’s investment amount, rate of return, cumulative return, and arbitrage record, among other indicators, is also offered to help ordinary traders make decisions on who to follow.
BingX has revolutionized the spot trading arena by giving rewards to encourage high-frequency traders who excel in spot trading to demonstrate their strategy.
When a skilled trader’s strategy is completed, the system will take 8% of the follower’s return and award it to the provider.
The platform also has a detailed ranking based on the money invested, rate of interest, and trading period of the investor’s grid strategy to help users make a more informed decision.
The red packet is a special feature on BingX allowing users the ability to give or receive USDT.
When a user sends a red packet via the Web or the App, the system will deduct the respective amount accordingly. The process is also able to take place through social media apps.
Once a red packet is claimed and opened, the funds are issued directly into the recipient’s account for trading or withdrawal purposes.
In addition, there are two modes: Lucky and Normal. In Lucky mode, users will need to fill in the total amount, quantity, and a message. Then, the total amount is split and assigned to users randomly based on the quantity of the red packets.
Meanwhile, users also will need to fill in the single amount and quantity in Normal mode but the total amount will be calculated based on “single amount” and “quantity”. In simple words, total amount = single amount * quantity.
In the referral program, users can invite their friends to BingX and get a portion of their trading fees as a commission. Traders can use this program to earn rewards, and share a great platform.
VST is a token issued on the BingX platform. The token is used to practice undertaking Copy trading or Standard Contract. The profits gained from transacting using VST cannot be used for real trading, transferred, withdrawn, and don’t have real value.
However, it can be used as a margin for copy trading or standard Contract for demo trade. Users have a daily limit of 150 VTS, which is calculated by multiplying leverage and Margin.
After completing the registration of a BingX account, you will earn 100,000 VST in his VST Account. Then, you can apply at the portal trading page and switch to your VST account.
The complete VST asset volume will be lesser 20,000 and each user can only apply once a week.
To use VST, you will need to select the desired pair from the Standard Contract webpage on the App to access the ordering page. Then, ensure the VST account has been selected.
How To Deposit and Withdrawal on BingX
Currently, the platform does not support fiat deposits.
However, if you have digital assets like BTC, ETH, USDT, or USDC in other exchanges, you can deposit them to BingX.
- The process is simple, logging in to your BingX account, clicking “Asset” – “Deposit”, tapping your selected currency to enter the deposit page, and entering your BingX deposit address to the withdrawal platform by pasting or scanning the QR code. The minimum deposit is 1 USDT.
- To date, the list of supported cryptocurrencies for the deposit on BingX includes ETH, TRX, BSC, OMINI, FIL, HECO, SOL, XRP, CELO, TERRA, POLYGON, NEAR, and ARBITRUM.
- All deposits will take around 10-60 minutes to be confirmed by network nodes before the asset is credited into your account.
- Similarly, in order to withdraw, you will also need to log in to your BingX account, click “Asset” – “Withdraw”, enter the recipient address from the withdrawal platform by pasting or scanning the QR code, then fill in the withdrawal amount and click “Withdraw”.
- The minimum withdrawal is 15 USDT.
- All withdrawals will take around 10-120 minutes before the asset is credited into your account. Unverified users have a 50,000 USDT per 24-hour withdrawal limit while verified ones will have a limit of 1,000,000.
How to Get Started with BingX
- To register a BingX Account, go to BingX’s official website and click “Register” on the top navigation bar to register with either your email address or phone number.
- Then, you will need to complete your security settings to protect your assets.
- For Web users, log in to BingX, hover over the avatar on the top navigation bar, click on ‘Account and Security and scroll down to ‘Security Center’.
- For App mobile users, after logging in to your BingX account, you click on the avatar on the top left corner, and click ‘Security Center’.
Now, you can start depositing or trading your assets on the platform.