BingX Review: My Two-Month Experience with BingX in 2024

Daniel Meyer, 5 min read
Last Updated: 1 April, 2024

BingX review daniel meyer

I’m always on the lookout for reliable exchanges that offer a safe and efficient trading environment. After countless reviews, I decided to give BingX a try for two main reasons. Why?

Two main factors: trust and professionalism.

I noticed that Chelsea FC, one of the most prestigious football clubs in the world had BingX as their sleeve sponsor.

This shows that Chelsea believes BingX is trustworthy. When a globally popular sports club like Chelsea partners with BingX, it’s a strong sign that BingX is a legitimate and dependable platform. A top soccer team wouldn’t connect its respected brand name with just any cryptocurrency site. So Chelsea putting BingX on their uniforms speaks highly of BingX’s credibility.

I found out BingX is headquartered in Singapore. Singapore has strict rules and high standards for finance companies. In my view, businesses in Singapore often act very professionally and follow industry best ways of working.

Over two months on BingX, I did trades easily and fast without big delays or issues. Their trading system is strong. It makes sure your orders happen right away and correctly. BingX also has competitive fees for trading. That’s good for traders like me who use it a lot.

Let me go into more detail in the following lines.

Top Exchange

bingx logo
Exchange

ecoinomy rating:

9.1/10


Max Leverage Up to 125:1
Headquarters Singapore
Deposit Fees Crypto, SEPA 0%
Trading Fees 0,02% - 0,1%
Cryptocurrencies 530+ BTC kryptowaluta logoETH logo della criptovalutaBCH logo della criptovalutaRipple криптовалута логоADA криптовалута логоLTC криптовалута логоTezos криптовалута лого
Payment Methods Crypto, SEPA
Number of Users 10+ million

Security

Fees

Ease of Use

Customer Service


Start now

What is BingX?

bingx exchange

BingX is a cryptocurrency exchange that allows users to buy, sell, and trade various digital assets, such as Bitcoin, Ethereum and more than 530 other coins.

Notable Features

  1. Wide range of supported coins:
  2. Leverage trading
  3. Staking
  4. Copy Trading

Pros and Cons

Like any cryptocurrency exchange, BingX has its strengths and weaknesses. Let’s take a closer look at the pros and cons of using this platform:

Pros

  •  Leverage Trading
  •  Copy Trading
  • Wide range of cryptocurrencies
  •  Competitive trading fees

Cons

  •  No debit or credit card deposits
  •  Relatively new exchange

Deposit Bonus

Deposit Amount Bonus Amount Trading Volume Required
500 USDT 50 USDT 25,000
1,000 USDT 100 USDT 75,000
2,000 USDT 150 USDT 150,000
5,000 USDT 200 USDT 250,000
8,000 USDT 500 USDT 500,000
15,000 USDT 1000 USDT 1,000,000
30,000 USDT 2000 USDT 3,000,000

Crypto Selection

One big plus of using BingX is the remarkable number of cryptos you can trade. The exchange lets you trade a striking 530 different cryptos. You can make 548 different trading pairs with them. This wide set of choices helps traders benefit from various market chances and plans for investing. You’ll find popular coins like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). You’ll also discover less common ones like Chia Network (XCH) and Honey (HNY). BingX works for a broad range of trading tastes. Having so many coins makes it easier for traders to spread out their portfolios. It also lets them dig into new investment possibilities.

Leverage Trading

The platform follows a tiered margin model approach for risk management, where the maximum leverage is determined based on your position’s notional value. This approach helps mitigate potential risks associated with high leverage.

Maximum leverage is 125x.

The BingX system figures out the highest trade amount you can have based on the leverage you pick. It’s key to grasp that more leverage means a smaller top position, while less leverage lets you have a larger maximum position. BingX’s leverage trading option gives flexibility for traders with different risk comfort levels and plans.

If you are new to leverage trading – its a risky business. I’d suggest you first get yourself familiar with how leverage trading in crypto works.

Copy Trading

As an experienced trader, I typically don’t use copy trading. I prefer to trust my own trading skills. But I was really impressed with BingX’s copy trading ability. So I chose to put 3-5% of my trading money into copy trading.

The results were quite good. The platform lets you follow and automatically copy successful traders. This is an excellent way to expand your investments and possibly benefit from their know-how. The copy trading interface is easy to use.

You can easily control your risk by setting stop-loss and take-profit points. One thing I liked about copy trading on BingX is how transparent the system is.

You can view:

  • performance history
  • risk level
  • trading style

Of the traders you might follow. The platform gives a detailed breakdown of your copy trading performance. So you can track your progress and make changes as needed.

Staking

In addition to copy trading, I also got the chance to explore BingX’s staking features. During certain promotions, BingX lets users stake USDT for 7 days with a very high 60-80% annualized yield.

As someone who sees passive income potential, I found this feature to be a great addition to the platform. The staking process on BingX is straightforward.

The platform gives clear details about the staking terms, including the lock-in time and expected rewards. I found the staking returns competitive compared to other exchanges.

The short 7-day period allows flexibility in managing your money. BingX’s staking feature, combined with strong security and global compliance, gives users confidence to explore this passive income opportunity.

BingX Fees

One of the most important factors to consider when choosing a cryptocurrency exchange is the fee structure. Here’s a breakdown of the fees associated with using BingX:

Fee Type Fee %
Trading Fees 0.02% – 0.1%
Withdrawal Fees Varies by cryptocurrency
Deposit Fees Free

It’s worth noting that BingX’s trading fees are competitive compared to many other exchanges in the market. It’s always a good idea to compare fees across different platforms to ensure you’re getting the best deal.

BingX Security

Another thing I like about BingX is their focus on safety. BingX uses common industry tools like two-step verification and cold storage to protect user money. I feel good knowing my assets are well-guarded when I trade on BingX.

  • Two-step verification: Users can turn on two-step verification to add extra security to their accounts.
  • Cold storage: Most user funds are held in cold wallets which are offline and harder to hack.

While these safety measures are reassuring, it’s important to remember no exchange has 100% perfect security. As a user, it’s key to take steps like using strong passwords, turning on two-step verification, and not having too much money stored on the exchange.

BingX User Experience

Interface and Ease of Use

BingX has a clean, intuitive interface that makes it easy for users to navigate the platform and make trades. The exchange offers a website and mobile apps for iOS and Android, allowing users to access their accounts and trade on the go.

The main dashboard gives an overview of the user’s account balance, open orders, and trading history. The trading interface is well-designed, with clear buy and sell buttons, order types, and charting tools.

Customer Support

Customer support is key when picking a crypto exchange, and BingX measures up well here. Their support team responds quickly and knows their stuff, always ready to help with any questions or issues you might have. They provide multiple ways to get support, including live chat, email, and social media.

BingX offers several customer support channels, including:

  • Email support
  • Live chat
  • Social media (Twitter, Telegram)
  • FAQ section

Mobile App

The BingX mobile app is available for both iOS and Android devices, allowing users to trade on the go. The app features a user-friendly interface and offers most of the same functionality as the web-based platform, including:

  • Account management
  • Trading
  • Deposit and withdrawal
  • Price alerts
  • Market news and analysis

The mobile app is well-designed and easy to use, making it a convenient option for users who prefer to trade using their smartphones or tablets.

BingX vs. Other Exchanges

When considering a cryptocurrency exchange, it’s essential to compare it with other platforms in the market. Here’s a brief comparison of BingX with two other popular exchanges:

BingX vs Binance

Binance is among the biggest and most famous crypto exchanges globally. Unlike BingX, Binance has slightly more crypto coins to choose from and advanced trading choices like futures and options. However, BingX’s platform may be easier for beginners to use. And its fees to trade are a little less than Binance’s.

BingX vs Coinbase

Coinbase is a popular crypto exchange too. It’s known for having an easy user interface and following all US regulation laws closely. Unlike BingX, Coinbase has fewer crypto choices to buy and sell. Coinbase’s fees also tend to run higher than BingX’s fees, especially for small trades.

Conclusion

Overall, after two months I’ve had a good experience with BingX. Them teaming up with Chelsea FC and being headquartered in Singapore makes BingX seem very trustworthy and professional. Their platform is easy to understand. They have advanced tools for trading. And their customer support answers questions quickly. This makes BingX a strong option for new traders and experienced ones too. If you’re looking for a dependable, efficient cryptocurrency exchange, then check out BingX. It’s worth a look.

Daniel Meyer

Daniel was specifically recruited by Ecoinomy for his high-level expertise in crypto trading platform analysis. With a solid background in blockchain technology and a track record of successful trading, he offers precise, insightful reviews. His approach combines technical knowledge with practical experience, providing valuable, clear guidance for serious investors. Daniel's work is an essential resource for understanding the nuances of various trading platforms, making him a key figure in Ecoinomy's commitment to top-tier cryptocurrency education.