BingX Review: Does It Live Up to the Hype?

BingX is a global cryptocurrency exchange platform founded in 2018 and located in Singapore. It supports over 700 cryptocurrencies and 600 crypto pairs, providing its 10+ million users with great trading flexibility.

The platform offers diverse crypto trading options, such as spot trading, crypto derivatives trading, and copy trading. And that’s on top of its competitive fees, loyalty programs, and support for fiat currencies.

In this review, I will analyze BingX’s strengths and weaknesses. I spent three weeks trying out its products and services, and looking at other reviews from around the web. I guarantee you’re getting an unbiased overview of one of the hottest crypto platforms in 2024.

If you’ve heard about BingX and are wondering whether to use the platform for your crypto trading and investing needs, you’re in the right place. This review will help you make that decision. So, let’s dive right in.

Evaluating High Impact Factors

Trade with BingX If:

• You want exposure to a wide range of crypto trading and investing tools
• You want flexible deposit and withdrawal options (BingX supports both fiat and crypto)
• You enjoy trading with the lowest fees available on the market

Don’t Trade with BingX If:

• You don’t want to use a platform that requires KYC verification to access certain features
• You want a platform with more options for customer support

Verified Office Address

On LinkedIn and other online directories, BingX simply lists its address as Singapore.

Some sources say the crypto platform has offices across the globe, including in Sydney, Australia. However, I haven’t managed to uncover an actual address.

Expert Opinion on BingX Review

BingX has received mixed reviews online.

Many users on Trustpilot complained about unfair bans, account restrictions, and high trading fees. However, under each of the complaints I found, BingX was there to provide a response and urge users to reach out to its customer support team for a resolution. This indicates that they at least care about their users.

After reading everything I could find on Trustpilot, I moved on to Reddit, where the reviews were also mixed. Here are two positive comments that caught my eye:

Other users, however, weren’t pleased that BingX was engaging in partnerships with certain influencers. Some straight out called it a scam.

The story was pretty much the same on Quora. For example, Sheila Renee, a trading expert at Bitcoin Mining, noted that many of BingX’s features aren’t terribly innovative and that its trading assets are limited.

Finally, I went to see what people were saying on YouTube. I found a couple of reviews of BingX, including this in-depth, information-packed video by KIFS Crypto, which concludes by saying:

“I’ve been using this (BingX) for about two weeks. I really like the site. I’ve just been testing it out. I’ve had no issues. Trades have gone out really quickly – instantly, actually. They are a top twenty exchange as I’ve already said, massive volume.”

Expert Review of BingX

BingX is a cryptocurrency exchange that I genuinely enjoy using. I liked the various options the platform provides for trading. Not only are all the popular cryptocurrency and cryptocurrency pairs listed, but the platform also supports some of my favorite trading features, like spot trading, copy trading, and crypto derivatives trading.

I personally like trading crypto derivatives, particularly with leverage. This is something all the top crypto exchanges support, and BingX actually offers two types of futures contracts (perpetual and standard futures) you can trade with up to 125x leverage.

Due to the nature of derivatives trading, this feature will be mainly appealing to seasoned traders. I would advise beginners to do some research before trying it out.

For newer traders, BingX offers a demo trading account that lets you place trades without using real money. This is a great way to familiarize yourself with crypto trading without any risk exposure.

There are also several useful trading tools on the platform, including grid trading bots to help users automatically find profitable trading opportunities. There are three of these bots:

• Futures Grid (for futures trading)
• Spot Grid (for spot trading)
• Spot Infinity Grid (an advanced version of Spot Grid)

And if you’re interested in earning passive income, you can do so with the platform’s referral and affiliate programs.

It’s not all upsides, however. I did have some issues with the BingX platform. For instance, the wait time for fiat deposits was quite long (1 to 3 days) compared to crypto deposits, which are reflected on my account almost instantly.

The platform withdrawal fees are also high, with charges ranging from $5 to $8 depending on the cryptocurrency involved.

Signing Up with BingX

Signing up on BingX was a smooth and fast process:

• I clicked the Sign Up button at the top of the screen
• I filled in the form that appeared
• I provided my email and phone number
• I clicked the Sign Up button to finish up

Alternatively, you can bypass this process by clicking the Continue with Google button at the bottom of the screen to log in with an existing Google account.

After clicking on Sign Up, a verification code was sent to my email. Once I entered that code, I completed the process and was taken to my dashboard.

This took less than two minutes, and it would’ve been even quicker if I signed up through Google. It was a quick and easy experience, with no KYC process slowing it down.

BingX Dashboard

BingX’s dashboard design is reasonably simple and easy on the eyes.

This may seem like a small thing, but I was really pleased with the button placement. All the relevant ones are at the top of the screen, making it easy to navigate to all the different screens. I didn’t need to waste time trying to locate anything – everything I needed was right there in front of me.

This made my experience so much smoother than it was on many of the other platforms I’ve tested.

Deposits and Withdrawals on BingX

There are several ways to deposit and withdraw money from your BingX account. Here’s a quick overview.

Deposits

BingX facilitates crypto and fiat deposits. I tested both options, and found the crypto deposits much faster than the fiat ones. Crypto deposits typically reflect instantly, while fiat takes about 1-3 working days.

The process is painless, too:

• Click the Assets button on your dashboard
• Then click the Deposit button
• To make a crypto deposit, follow these three quick steps:
  • Select a coin
  • Choose a network
  • Generate a deposit address (the address to which you’ll send the crypto)

• For fiat deposits, click the Fiat Deposit button on the page, then:
  • Choose the fiat you want to deposit
  • Specify the amount
  • Select the payment method
  • Agree to the Terms and Agreement and hit Continue to initiate your transaction

Withdrawals

To withdraw funds in crypto from your BingX account:

• Click the Withdraw button under Assets on your dashboard
• Choose the currency and network
• Enter the withdrawal address and the amount you want to withdraw
• Choose the account you’ll be withdrawing from
• Confirm the fee and click the Withdraw button to initiate the transaction

For fiat withdrawals:

• Click the Fiat Withdrawal button on the page
• Enter the amount you wish to withdraw
• Select the currency
• Select the withdrawal method
• Agree to the Terms and Agreement and click Continue to initiate the withdrawal

Trading Conditions on BingX

The trading conditions on BingX are sensible, and the fees are fair. While they don’t charge fees for depositing funds, there is a charge for withdrawals and trading.

I must admit that the withdrawal fee is a bit on the higher side (usually $5 to $8). But considering that the platform doesn’t charge anything for deposits, it works out to about the same as most other exchanges. Still, if you strongly prefer lower-than-average deposit and withdrawal fees, you might need to consider other options.

As for trading fees, maker and taker fees usually depend on the size of the cryptocurrency. Bigger cryptocurrencies command fees around 0.1%, while smaller cryptocurrencies command anything between 0.16% and 0.17%.

This also applies to the spreads on the platform, which range anywhere from 0.04% to 0.1%, depending on the cryptocurrency pair.

How to Start Trading with BingX

Once you’ve deposited funds to your BingX account, you’ll be able to start trading. Click on any of the first four buttons on your dashboard (Buy Crypto, Market, Spot, and Derivatives) to begin.

BingX also allows users to engage in demo trading using 100,000 virtual USDT (VST). To try out this feature:

• Head over to My Assets, Futures, Standard Futures
• Click VST (this will show your balance and other instructions)
• Click Go to Trade
• Choose VST Account and start demo trading with your VST funds

BingX demo trading works the same as actual trading, and you can engage in copy trading, futures, and spot trading using your artificial VST funds.

BingX has a web version you can use to trade, along with a mobile version for added convenience.

Useful Tools for Traders on BingX

There are many useful tools that can improve your trading experience on BingX, such as copy trading and grid trading.

With copy trading, you can replicate the trades of more experienced traders on the platform. This lets you copy their strategies with ease, diversify your portfolio, and earn quickly and with less effort.

Copy trading is available for both spot and futures markets, but it isn’t free. You’ll have to share 10% of your profits with the master trader and pay regular trading and network fees.

Grid trading, on the other hand, utilizes uses bots to automatically scour the market for profitable trading opportunities. There are three main types of bots to choose from, and you can easily change them to adjust your trading strategy.

Investing Opportunities with BingX

BingX Wealth is an asset management feature that allows you to manage your assets while earning interest and accumulating other rewards. Instead of leaving funds idle in your account, BingX Wealth lets you earn passive income from them.

BingX Wealth comprises two products:

• Shark Fin allows you to predict the direction of the market and earn interest if your predictions are correct. You can set a price range and earn higher interest if the asset’s price falls within it. If it doesn’t, you earn the base interest rate.
• Simple Earn allows you to earn interest without locking your assets. With this product, you can deposit and withdraw anytime and enjoy daily interest accrual.

BingX Affiliate Program

The BingX affiliate program is an excellent opportunity to earn rewards while contributing to the growth of BingX across the globe. This is ideal for content creators, community moderators, social media influencers, and thought leaders who want to monetize their traffic or audience.

The program is open to everyone and boasts high commissions, bonuses, and monthly compensation.