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2024-01-05 14:37:15

BingX Exchange Review 2024: Are your funds safe and secure with BingX?

Does the partnership with Chelsea FC make BingX a trustworthy crypto trading platform?

Well, partnerships are not a big deal in the world of cryptocurrencies, and we have seen this now and then with many top crypto exchanges in the past like Mt. Gox, FTX which went belly up, and a lot of crypto traders and investor lost money.

However, we have our own methodology “CoinSutra crypto exchange review methodology” and based on which we review and rate exchanges. 

Today, we are doing a deep-dive into a popular and one of the largest international platforms for trading cryptocurrencies called BingX. This exchange was established in 2018, and becoming decently popular in the recent years.

We will look into all the top features of BingX, their KYC norms, and will try to evaluate if BingX can be trusted or you should be careful with this growing crypto trading platform. 

What is BingX ?

BingX, established in 2018, is a crypto trading platform that allows you to buy/sell and trade popular cryptocurrencies such as Bitcoin, Ethereum, and USDT.

BingX offers features such as P2P trading, Derivatives trading, Automated bot trading techniques such as grid bot trading, and many more features. I have highlighted the same in this BingX review below. 

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As per official website, BingX is registered financial service company in many jurisdictions and as per their website, I could find these information: 

  • BINGX EU UAB – Lithuania (regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange.)
  • BINGX GLOBAL PTY LTD – Australia (regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange.)

Interesting bit: BingX was previously named as Bingbon and in November 2021, they revamped their corporate structure and rebranded to BingX. 

Pros of BingX: Advantages

  • One of the lowest fees for USDT withdrawals. As low as 0.3 USDT on certain blockchains. 
  • One of the best non-KYC crypto exchanges in 2024

Cons of BingX: Disadvantages

  • No leverage offered for spot trading, which some traders may not like.

Partnership: 

Official crypto exchange partner of Chelsea FC (Feb 2024, as per the official website)

Compliance: 

Has branch offices in Canada, the EU, and Australia, as per their website.

BingX Security practices:

Security audit by CertiK

Bug bounty program:

BingX offers a big bounty program which enables security researcher to find bugs on their platform and report it to BingX in exchange to be awarded a bug bounty. This way, the platform continue to discover any bug, and fix them before it causes havoc. Perhaps, this is why BingX has never been hacked so far. You can find the BingX Bug Bounty Program here.

2FA authentication

Robust Identity verification: Even though BingX is a Non-KYC exchange, but for high value withdrawals, you need to complete the KYC. BingX uses the Sumsub as their KYC verification service. You can read bout BingX KYC requirement here. 

Uses AI technology to combat cybercrime related risks. 

Transparency:

100% proof of reserves 

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Notable BingX Features:

Spot trading market:

Spot trading market is the backbone of a thriving crypto exchanges. This is what a beginner or even a professional trader use for crypto trading without leverage.

Convert Crypto with single click:

If you are not a trader, but looking for a way to occasionally invest in crypto-assets, you can use this feature to convert not crypto into another. For example, USDT to BTC or vice-versa.

Buy/Sell Crypto with P2P trading:

Since the inception of crypto trading, P2P has been one of the most popular way for buying and selling cryptocurrencies. BingX offers a robust P2P market, and to be compliant, they only allow KYC verified users to use BingX P2P trading service. 

Derivatives trading market:

  • Perpetual futures
  • Standard futures

You can adjust each contract’s leverage and switch margin mode between cross margin and isolated margin.

Bot Trading:

Grid bot trading:

Copy trading:

One of the popular feature of BingX is copy-trading. Using this feature, you could grow your portfolio by automatically copying trades of professional traders. And, if you are a pro-trader, you can start a copy-trading service, while earning money from people who copy your winning strategy.

BingX Trading Fees:

Trading Fees is one big factor among professional trading when they are picking a crypto exchange. Personally, I have seen a big difference in my portfolio return when using a high quality and low fee exchange.

BingX standard fee is same as other top-tier exchanges like Binance, Bybit and others. However, your trading fees can become based on your trading volume, which also determines your VIP level.

BingX Spot market fees as per VIP level:

BingX Futures market fees as per VIP level:

Unlike many other crypto exchanges, at this time BingX does not offer a native exchange token, which is another way for users to lower down their trading fees.

Other BingX products:

Wealth –

Using this, you will be able to lend your crypto for either flexible term of fixed term using BingX wealth program. This way you can earn extras yield from your crypto holding, which is something you should take advantage of. I prefer Flexible holding over Fixed term as from my experience it is always better to have option to immediately access your cryptocurrencies. 

Shark Fin:

Shark Fin is a principal-guaranteed Wealth product launched by BingX. Regardless of whether the market is bullish or bearish, you can invest in this product and earn interests without risking your principal.

Shark Fin categorizes crypto assets as bullish or bearish. BingX currently offers four Shark Fin products: Bullish_BTC, Bearish_BTC, Bullish_ETH and Bearish_ETH.

Other features: 

  • iOS and Android apps
  • API for developers

BingX Review Summary:

BingX is a high-risk cryptocurrency exchange with a CoinSutra score of 4.11 out of 10.  The exchange offers low fees, and have a decent community of novice and experienced investors and traders.  From the features perspective, they have everything you could ask from a popular no-kyc derivative crypto exchange.

The regulation part is not clear, and this may not be ideal for many who are looking for a regulated crypto exchanges such as Coinbase, Kraken and others. It will be interesting to see how BingX navigates from being an unregulated exchange to a regulated exchange in the future.

If you have any tip or news about BingX, share with us via writing to us on hello(at)CoinSutra.com

BingX also offers welcome joining bonus of up to $5000 for new users.

Claim BingX Joining Bonus of 5000 USDT

BingX Alternatives:

We will do a dedicated article on top BingX alternatives. However, as per features offered by BingX and based on popularity, here is a top alternative to BingX:

Phemex: 

Phemex is a popular crypto exchange that has lax to no-kyc requirement for trading cryptocurrency. They offer all the features offered by BingX, and becoming popular among crypto traders due to growing trading features such as automated bots. Check out detailed review of Phemex exchange.

Check out Phemex

Phemex also offers a platform token called PT which is in line with other top exchanges like OkX and Binance. 

FAQ’s related to BingX Exchange:

Does BingX need KYC?

BingX is one of the top Non-KYC exchange, where you can withdraw funds up to $50000/daily without KYC. Read BingX KYC requirement guide to learn more about it. 

What is the minimum deposit requirement for BingX?

BingX allows minimum deposit of 1 USDT. Transfers less than this amount will not be credited and returned. 

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BingX Exchange Review 2024: Are your funds safe and secure with BingX? was published on CoinSutra - Bitcoin Community

News appeared first on: Coinsutra.com

 
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