BingX Exchange Details Introduction
Founded in 2018, BingX is a leading crypto exchange that offers spot, derivatives, copy trading, and grid trading services to more than 100 countries and regions worldwide with over 5 million users.
With user trust and platform transparency as the top priority, BingX continues to connect users with expert traders and the platform in a safe, leading, and innovative way.
BingX is an international digital services financial institution, with branch offices in Canada, the EU, Hong Kong and Taiwan. BingX Group has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.
BingX is the registered trademark of BingX Group, whose global subsidiaries and/or related entities have obtained the following regulatory approval (where necessary):
- BINGX US LIMITED is registered as a Money Service Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury with approval to engage in FX activities.
- BINGX CA LIMITED is registered as a Money Service Business (MSB) under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in both FX Dealings as well as Dealing in Virtual Currencies.
- BINGX EU UAB is a registered financial service company in Lithuania, a member of the European Union, and is recognized and regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange.
- BINGX GLOBAL PTY LTD is registered as a Digital Currency Exchange (DCE) provider under the Australian Transactions and Reports Analysis Centre (AUSTRAC).
BingX – Security and Transparency:
100% Margin Reserves
AWARDS AND ACHIEVEMENTS THAT BINGX HAS ACHIEVE:
- Rated by users on tradingview as the best crypto exchange in 2021-2022
- Recognized by Global Brands Magazine as the fastest growing social trading platform in 2022
- Rated high based on trust on CoinGecko and CoinMarketCap.
ADVANTAGES OF BINGX:
- The exchange is constantly innovating spot, derivatives, copy trading and grid trading products and services.
- Top-level risk control and comprehensive user protection. Having experienced multiple market swings without incurring security breaches or market manipulation.
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This trading platform is a leading safe haven that makes it easy for investors to manage assets and diversify their portfolios.
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Build a social network connecting elite traders and crypto novices to exchange and learn.
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Friendly customer support service, 24/7
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Support on multiple devices: Although officially launched not long ago, BingX has completed and supports trading on both computers and phones.
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High Leverage: BingX allows users to use very high leverage with BTC pairs up to 150x. In addition, BingX has upgraded the leverage adjustment feature similar to Binance. The user can directly select the desired leverage level on the toolbar.
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Copy Trading: This is considered a remarkable feature of BingX. With the Copy Trade function, BingX will attract more users than other trading platforms because of its ability to help users make money on BingX for the simple reason that BingX creates a place where both the copyist – and the user. Turn on copy is profitable.
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Diversity of trading pairs: Not only allows trading of crypto pairs, BingX also allows trading in other fields such as: Forex, Commodity, Stock Indices, …
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Buy crypto: Allows trading – converting coins directly via visa card, OTC through the extremely new “Buy crypto” feature that no CFD floor offers.
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Buy Spot: In 2021, BingX launches Spot buying feature, similar to CEX exchanges. This gives users more choices.
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Diversified assets: From around mid-2021, BingX has made a positive move that is a list of many altcoins, including some very trending coins such as C98, AXS, etc.
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Language diversity: BingX supports many languages
CONS OF BINGX:
- High Spread: This is one of the extremely annoying disadvantages because no one wants to just open an order and suffer a loss. If there is no volatility, the deviation can be 1-2%, but in times of strong volatility, the deviation can sometimes be up to 5%.
TYPES OF FEES ON BINGX FEEDBACK:
Transaction fee:
- Trading fees on BingX are as follows: Trading Fee Rate: 0.075% (currently being reduced to 0.045%.)
- Copy Trading Fee Rate: 0.075% (currently being reduced to 0.0375%).
Calculation formula: Trading Fee = Trade Volume * Trading Fee Rate (one-time payment)
Deposit fee:
Like other exchanges, BingX only charges withdrawal fees, details are as follows:
Other fees:
Spread of BingX will be calculated as follows:
- Long case: Current price * (1 + spread ratio).
- Short case: Current price * (1 – spread ratio).
Spread ratio will vary depending on the time, as shown in the table below:
Spot Trading Fee is 0.1% * total trading volume.
Funding rate is calculated by the formula: Total order volume * Funding Rate (If Funding rate is negative, you will receive money). Funding rate will be collected/paid every 8 hours, starting from 0:00, 8:00, 16:00 (GMT+8).
Perpetual Swap Trading Fee – a new trading type of BingX, will also have the same Funding rate as regular trading.