BingX Exchange: a Deep Dive
As history has it, BingX Exchange is a relatively new platform that was created in 2018. Since then, it has quickly gained massive amounts of popularity, and we think that did not happen without a reason. Just a quick glance at the web page gives you an understanding of its popularity: clear landing with vibrant colors, on-point user interface with easy access to the assets, and numerous accessible products.
A brand-new approach to crypto trading allows it to retain the attention of users while making it accessible even to amateurs. Nevertheless, the platform will not disappoint experienced traders either, as it provides tools for better control and surveillance over their assets.
Exploring BingX’s Main Features
As we have said, the popularity of BingX was a logical result of its steady and confident growth over the years, when the gradual release of new features allowed it to accumulate a user base. For a new user, though, it may be difficult to navigate in the abundance of links, buttons, and tables, so let us dive into the BingX review of the most important features.
Differentiating Trading: Spots and Futures
It’s definitely not rocket science, but for a neophyte, spot trading and futures may sound like white noise; however, these concepts are essential to the understanding of how BingX works.
Note down the following ideas:
- Spot Trading
This is the easiest way to buy crypto as the trader simply purchases cryptocurrency directly from the seller and for the market price. Just like you would do in the good old days, when you got a certain amount of currency, you were required to spend some money in another currency. Hence, trades are immediate, and you become the only owner of the coin you have bought.
- Futures Trading
In comparison to the previous option, futures trading is a much more complex option that involves buying currency in the future for a fixed price. You basically impose obligations on yourself by planning to spend some money for the promise of the future currency. However, this approach amplifies gains and losses as you bet on price increases or decreases at a certain date.
Orders Variety on BingX
As stated on the BingX website, the company provides a wide variety of orders that include options such as limit, market, trigger, trailing stop, and post-only orders, as well as TP/SL. All these orders certainly have their advantages and disadvantages, so you can get acquainted with them on the official BingX crypto exchange site.
To give you an idea, let’s discuss the key features of these orders here:
- Limit orders provide users with an opportunity to buy assets on the site for a certain price or lower in case such an opportunity is presented. Normally, a client or a buyer is aligned with the seller, allowing them to buy assets directly from their hands, simplifying the overall process.
- Market orders don’t require a specific price to be set. Instead, the order is filled with the best available price.
- Trigger orders become active when, after setting up an exact price for the asset, the price itself reaches the limit or the trigger place. After that, the system automatically places the order, and you buy the needed currency.
- Trailing stop orders gives traders an opportunity to find limits to the price that they feel comfortable about, and the system will buy the asset in more favorable market conditions.
- Post-only orders exist in the form of orders only, without affecting the purchase of the crypto.
Another way of trading exists in the form of TP/SL, when traders just place the order, allowing the system to either buy assets for a certain price or sell them when it is more profitable.
Copying Success of BingX Traders
While not a unique feature of BingX, there you can find the decisions of the main platform traders and notice the ways they buy and sell crypto, allowing them to increase their wealth. Any user can also take advantage of their decision by simply copying the same steps. Decide on the level of risk you want, check the log and their assets, and join them in this difficult path of earning money from crypto.
Entrusting Money to BingX Wealth
Another feature of BingX should make you wealthy, at least; that’s what it’s called. If you don’t trust your decision or the success of traders, BingX Wealth can manage your assets, creating a stable growth and source of income that is just a click away. However, before taking this step, make sure to know the rules of the platform and check the regulatory side of the platform to avoid possible stresses.
BingX Trading Done Automatically
To begin trading, one doesn’t even need special skills, as BingX provides an opportunity for grid trading. In other words, you entrust your money and assets to a specially trained bot, and it performs all the operations for you. However, just like with all the automatic stuff, some risks may also persist, so paying attention to the grid trading is also highly important.
BingX Crypto Exchange: Available Cryptocurrency Pairs
Successful trading depends on a reliable platform a lot, but there is no chance when the variety of cryptocurrencies and their pairs is narrow. As of now, BingX can rightfully boast 800+ coins available to trade with even more pairs. Therefore, if you have been seeking a platform with a variety of investment opportunities, you have found the right one. Don’t miss your chance!
Streamlining the Workflow with BingX
Even though much of it repeats from platform to platform, amateurs may find it tricky to start using it, albeit BingX provides quite a clear site navigation. Nevertheless, in order to allay any concerns, let us take a look at how one can start interacting with this amazing platform.
To start your successful trading career, you need to follow these simple rules:
How to start working with the exchange
Even a child can easily handle the creation of a BingX account, as the process is easier than anything. You simply go to the BingX official webpage and find the “Register” button before clicking on it. After that, type in your email and decide on a good password. Be careful and try not to use passwords that you have used for any other accounts. Your email should receive the verification letter and include a link that you should click on to complete the registration.
BingX Identity Verification
The verification of your identity is a quick and easy process that requires your ID card or passport. Simply take a photo of it and upload it to your profile. After a quick review, you will have a notification that since that moment, you can now finally enter the highly competitive trading market.
Creating the Wallet on BingX
After the verification is completed, you can freely trade crypto, but to do so, you should deposit funds into your account. Depending on your money, you can choose a method, such as bank transfer, credit card payment, or cryptocurrencies. The exact instructions on the site should guide you through this process, so don’t hesitate to read it from front to back.
Begin Enlarging Your Crypto Wallet
If your account is set, the data is verified, and you have the required funds, nothing can and will stop you from trading. We advise you to choose a trading pair only after a quick educational course on trading cryptocurrency. There you will hear the most important pieces of advice as well as some of the things to avoid during trading sessions because risks in this field are higher than anywhere else.
BingX Exchange Fees
The company should make a profit at least on something, and one of the main income articles is the fees they take from different transactions. However, with a flexible rate depending on the currency, BingX US remains a convenient and quite cost-effective platform. Still, the fee system is quite intricate, so to learn more, let us provide a clear representation of what this structure is like.
The BingX exchange fees include:
- A maker fee is applied when a trader injects liquidity into the market, giving other traders an opportunity to buy crypto. This fee is usually lower than the taker's, and in certain circumstances, the makers can receive a rebate.
- Taker fee, on the contrary, is applied when liquidity is removed from the market. In other words, placing an order that is quickly fulfilled makes you a taker and subject to the fee.
- Apart from the aforementioned fees, the VIP program is a crucial element of BingX's fee system, allowing users to reduce their fees significantly and become more profitable traders.
For sure, there is a lot to say about the fee system of BingX, but visiting their site should be your top priority as only there you can find the correct and up-to-date fee rates.
Security: BingX Exchange Review
Entrusting your money to a platform may seem weird and quite stressful, but working with BingX should not provoke such worries. The company uses cutting-edge technology in the field of cyber security, where users can find the best elements of modern cryptography: SSL, insurance fund, 2FA, anti-phishing code, and PoR data. With BingX, you can be sure that your money is in a safe space.
Customer Service on BingX
Despite the security measures and overall trustworthiness of the platform, some unusual situations during trading occur all the time, so it is important to know whom to text or call to get help. First, you can take advantage of the live chat that is available 24/7. Next, the Help Center is a valuable page with the most needed information. What is more, you can always email BingX to settle the dispute or get an answer to your question.
BingX Advantages and Disadvantages
BingX is a highly reputable crypto exchange platform that strives to maintain a high level of service and support for its customers. With a wide range of trading features, all-day customer support, a user-friendly interface, and an abundance of educational resources, the platform is a great example of a modern and stable crypto exchange service.
However, some of the downsides, including possible market volatility, technical issues, and regulatory restrictions, are also present. So, to take advantage of the BingX crypto exchange platform, you should carefully assess the pros and cons.
BingX vs. Popular Exchange Platforms
To put the information into perspective, let us take a look at the main differences between the platforms in terms of their functionality.
| Feature | Supported currencies | Trading pairs | Fees | Leverage |
| BingX | >500 | Over 1000 | 0.05-0.2% | Up to 100x |
| Binance | >600 | Over 1000 | 0.02-0.25% | Up to 125x |
| Coinbase | >200 | Over 1000 | 0.1-0.5% | Up to 100x |
| Kraken | >200 | Over 1000 | 0.16-0.26% | Up to 50x |
The Essence of BingX
All in all, BingX USA is an amazing platform that allows users from all over the world to take part in trading activities. Both amateurs and professionals can take advantage of the website that provides grid trading and strategies from trading experts for the former, as well as the abundance of currencies and lower fees for the latter. Being an extremely popular platform, BingX remains a trustworthy site where any user can find something to their taste.