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What is BingX?
BingX is a cryptocurrency exchange registered in Singapore. It has been active since 18 November 2021, when it was born from a rebranding of Bingbon. Bingbon in turn had been active since 2018.
According to information on BingX's website, when we last visited it on 18 January 2023, the platform currently has more than 5 million global users and support trading in 350+ different cryptocurrencies. This is very impressive:
On 18 January 2023, the 24 hour trading volume reported on Coinmarketcap.com for BingX's derivatives trading was USD 11.5 billion. This made BingX the second biggest exchange in the world, surpassed only by the almighty Binance (at USD 39.5 billion). This is incredibly impressive indeed!
This exchange is a so called derivatives exchange, meaning that they focus on derivatives trading. The platform does however support spot trading as well, so if that's your preference, this platform can still be for you. A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives accordingly derive its values from the prices of specific cryptocurrencies.
Here's a 90 second video on how to trade at BingX that might be helpful:
Supported Crypto Contracts
You can engage in derivatives trading connected to a number of different cryptos here, including Aave, Binance Coin, Bitcoin, ChainLink, Chiliz, Decentraland, Dogecoin, Enjin Coin, Ethereum, Pancakeswap, Ripple, The Sandbox and Uniswap.
BingX Affiliate Program
BingX also has an outstanding affiliate program. Simply share your link with your referrals, have them sign up using your link, and then sit back and enjoy while you get up to 60% of all trading fees generated by your referrals, forever.
Many exchanges only allow affiliate commission for the first 12 months (or sometimes an even shorter period of time) of a referral's activity on the platform. But not BingX!
You can sign up to the BingX affiliate program by creating an account here.
Crypto Social Trading
BingX offers what they call a Crypto Social Trading Network. This is essentially a form of social network, where you can connect with other traders, follow their trades and even copy trade their activities. Copy trading is a quite popular form of trading that has been growing a lot in popularity over the past 2 years.
BingX also offers leveraged trading to its users. They only offer perpetuals (i.e., futures without expiry dates), and no futures with expiry dates. The maximum leverage level for their perpetuals is 100x. A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that BingX’s trading platform is also available as an app for iPhone and Android users.
BingX does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
BingX Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described.
This is the standard trading view at BingX, obtained on 18 January 2023:
There's also a substantially simpler swap interface, called BingX convert. In the convert interface, there are no advanced charting tools and order book information, just what you want to pay with and what you want to get. Sometimes it doesn't have to be harder than that!
BingX Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
At BingX, takers are charged 0.05% per order (for so called perpetual futures). When it comes to the makers, their corresponding fee is 0.02%. According to the most extensive industry report ever prepared on contract trading average fees, the global average contracts trading taker fee and maker fee was 0.0618% for takers and 0.02597% for makers. Accordingly, BingX's fee rate is below the industry average for both makers and takers.
All in all, the fees here are attractive.
BingX Withdrawal fees
To our understanding, BingX does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure. In general though, only paying the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to BingX is cryptocurrency. However, if you really like BingX but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.