What is BingX?
BingX is a centralized crypto Exchange with multi-language support, 24/7 support, and a variety of trading services, including spot, future, and copy trading. Exchange was founded by Josh Lu in 2018. According to the latest statistics provided by the platform, it has more than 5 million users in more than 100 countries across the world, including Taiwan, Japan, and Singapore.
The main function of its platform is to allow users to sell or purchase a variety of digital assets, including Cryptocurrencies, and NFTs, on a single platform.
Apart from that Exchange does support deposits of fiat currencies via P2P trading or through credit cards using third-party payment gateways.
Coin-Labs signed a business partner agreement with Bingbon in 2021. Therefore, when you sign up for Bingx, Bingbon through the Coin-Labs, you can immediately receive the highest commission level benefits and a bonus of up to $120.
Where is BingX Located?
The BingX exchange is based in Singapore. However, as mentioned previously, it has branches in other parts of the world as well, including the United States.
Who Created and Owns BingX?
The leadership and founding team behind the creation of BingX is comprised of pioneering professionals that have worked in leading financial institutions and VC firms, such as Standard Chartered Bank and J.P. Morgan, and even in top internet firms like Google, Alibaba, and Tencent. Additionally, the experience of these individuals in their corresponding fields spans more than 10 years. So they have what it takes to manage a successful enterprise.
What Coins does BingX Support?
The BingX Exchange supports a decent selection of cryptocurrencies, more than 510 as of 2023, according to official website statics, which is more than enough for most traders out there.
Is BingX Exchange Available in the US?
Yes, as highlighted previously, it is accessible to US-based customers in the form of BingX US Limited. In fact, it was early last year that the firm acquired an MSB (Money Services Business) license from FinCEN (the Financial Crimes Enforcement Network) of the United States Department of the Treasury. And, because it is a designated money service provider under the legality of FinCEN, certain regulations like AML and KYC are obviously applicable.
Is BingX Legit?
Yes, the BingX exchange is a legitimate platform. In fact, it was even given the award of “Best Exchange Broker” in 2021 by TradingView while expanding its operations to more than 100 countries.
Is BingX Safe?
Yes, as has already been hinted at above, it is quite safe. What’s more, it has never experienced a hack of any kind, as it guarantees complete protection for its users through advanced security measures.
BingX Customer Service
As their first point of contact, users can utilize the Help Center, which offers considerable support documentation, giving them the means to understand how the platform works and fix the common issues they could encounter.
Furthermore, users experiencing technical difficulties or simply desiring to understand more about the various services or products provided by BingX can contact its support team via live chat, which is available 24/7, or through email tickets. This is one of the best options that cryptocurrency exchanges these days can deploy when it comes to customer service, as users have the means to quickly get in touch with someone from customer support.
As far as its live chat is concerned, from what we can gather, response times are reasonably quick, with reliable and concise answers to queries, which is better than most exchanges out there.
The how-tos of BingX
This section of the BingX review will cover some of the basic know-how of how to properly use the BingX exchange, such as how to deposit, buy, and withdraw on BingX.
How to Buy Crypto on BingX
Prior to buying cryptocurrencies on BingX, you will obviously have to sign up first, which the following guide will cover.
1. Signing Up
Head on over to the official website of BingX, and on its homepage, select the “Register” option that you will see on the navigation bar. After that, choose the method of registration you wish to follow, so either add your phone number or email address to get a verification code. Then, you’ll have to finish the puzzle that pops up, and you will then be sent a verification code to the phone number or email address that you submitted earlier.
2. Completing KYC
To gain access to all the services BingX offers, you will have to complete the KYC process, and if you are living in the US or Canada, then it is a must anyways. Just go to the verification page by clicking your profile icon once you have logged in, choose passport or ID card, add your ID number and name, and then upload photos of your passport or ID card alongside a selfie.
3. Buying with Credit Card
Now that you have registered and completed the KYC process on the exchange, you can easily buy cryptocurrencies with either your credit card or by simply trading on the exchange. Here, we will look at how you can buy cryptocurrencies using fiat methods, like your credit card.
Log in to your account and choose the “Buy Crypto with Credit Card” option. Following that, pick a cryptocurrency, like ETH, BTC, or USDT, and how much of it you wish to purchase. Click “Buy Now” once you have chosen a payment currency.
Then, choose a service provider, like Banxa or Advcash, for example, and go through the disclaimer that will appear. You will then be redirected to the service provider’s official website or the payment page. Here, to complete the payment, all you have to do now is enter the relevant credit card information, and then check out the cryptocurrency you just purchased for yourself in your own fund account.
How to Deposit on BingX
Log in to your account and find the “Deposit” option by clicking the wallet icon on the homepage. Select the cryptocurrency you wish to deposit and also the blockchain network for deposits, i.e., the deposit chain. Make sure the network you choose is identical to the one from which you are actually withdrawing your funds.
Then, choose the recipient account and double-check to see whether you have added everything correctly. Now all that is left is for you to open the wallet you use for withdrawals and copy the address to it. Your deposit will arrive following “network confirmations,” and you will be notified via SMS.
How to Withdraw on BingX
- To withdraw funds from the BingX exchange, just select the wallet icon on its website after you have logged in and head over to “Withdraw.”
- Select the token you want to withdraw, and then you can choose either the “internal transfer” or “withdraw” option. For the “withdraw” option, confirm the name of the “chain” and its relative “service fee.” Then, add the “withdrawal quantity” and “address” and click “Withdraw” once you have checked the “actual arrival” amount. For the “internal transfer” option, choose “phone,” “user UID,” or “email” as the transfer option.
- Add the “withdrawal quantity,” then click “withdraw” after you have double-checked the “actual arrival” amount.
Pros and Cons of BingX
Pros
The BingX exchange has many positive reviews under its belt, with all of them highlighting the various things it has going for it.
For instance, its Trustpilot rating is currently 4.3/5, which goes to show the level of trust it has acquired for itself.
- As for some of its other positives, its trading interface is professional, and it has a decent selection of cryptocurrencies, which is sufficient for the vast majority of traders.
- Another thing worth mentioning is the fact that it adheres to the regulations of the EU, the United States, and Canada, i.e., it is a properly regulated cryptocurrency exchange. This is particularly important because increased cryptocurrency regulation, while not being favorably looked at by some, can still play a major role in cryptocurrency adoption. And investors are better protected as a result too, which brings to mind another positive of BingX.
- Its security. As stated previously, BingX has never experienced a hack of any kind, which is indicative of the measures it has implemented to improve its security.
- Moreover, its security is bolstered a bit by its excellent customer support, which is responsive and expertly deals with any issues that can arise.
Cons
However, despite all the things it has going for it, understandably, there are a few things that could be improved.
- For one, due to it adopting certain third-party services, transaction fees are typically high.
- Another drawback is its limited staking options, as the only cryptocurrency you can stake on the platform is USDT, and that too during certain events and for only 7 days, which is definitely subpar when compared to the options offered by other prominent exchanges.
For comprehensive details on trading on BingX, please refer to the following link for further information.
BingX Review
Review and basic information of BingX are as follows.
| Crypto Exchange Basics | BingX |
|---|---|
| Official Name | BingX |
| Exchange Representative (Founder) | Unknown |
| Headquarters Location | Singapore |
| BingX Launch Date | 2018-05 |
| Number of Tradable Crypto Pairs | 709 Pairs |
| Weekly Visits | 1,691,343 Users |
| Overall Rating | β 4.5 / 5.0 |
The rating result at the top is the result of Coin-Labs.com's overall evaluation of BingX.
BingX was rated in seven categories: fees, diversity and quality of the services provided, security capabilities, etc.
BingX Fee 2023
The fees charged to you for transactions at BingX are as follows.
| Maker/Taker Fees | BingX Transaction Fees |
|---|---|
| Spot Maker Fee | 0.020% |
| Spot Taker Fee | 0.040% |
| Derivatives Maker Fee | 0.020% |
| Derivatives Taker Fee | No Service Provided |
The fees shown in the table above are BingX transaction fees charged to a regular user.
BingX Trading Volume
Trading Volumes of BingX are as follows. (Based on CoinMarketCap 2023-09-28 14:41:11 data)
| Trading Volume Items | BingX Trading Volume |
|---|---|
| Daily Trading Volume (24h) | 6,579,429,906,896 KRW |
| Weekly Trading Volume (7d) | 25,240,145,531,002 KRW |
| Monthly Trading Volume (30d) | 194,008,865,009,195 KRW |
| Daily Volume Change (24h) | 75.14% |
| Weekly Volume Change (7d) | 10.81% |
| Monthly Volume Change (30d) | 28.19% |
Communicate with BingX
You can check exchange's messenger and SNS information in the table below.
| Types | URL |
|---|---|
| π¦ Twitter | https://twitter.com/BingXOfficial |
| πΊ Messenger | https://t.me/BingXOfficial |
FAQs
Who founded BingX exchange?
BingX was founded in 2018 by Unknown.
Where is BingX located?
Currently, BingX's headquarters is known to be located in the Singapore.
How many cryptocurrencies are tradable on BingX?
If you join BingX, you can trade a total of 709 crypto pairs.
How much is BingX trading fee?
BingX has a spot maker fee of 0.020% and a taker fee of 0.040%. On the other hand, the maker fee for futures trading is 0.020% and the taker fee is N/A. Please note that these fees are for regular users, and the higher your membership level within BingX, the lower the fees.
How much is BingX trading volume 24h?
BingX's trading volume 24h is 6,579,429,906,896 KRW. Furthermore, the daily trading volume is showing a 75.14% change from the previous day.
How much is BingX weekly trading volume?
BingX's weekly trading volume is 25,240,145,531,002 KRW, with a total of 1,691,343 users. Furthermore, BingX's weekly trading volume is showing a change of 10.81% from the previous week.
How much is BingX monthly trading volume?
The monthly trading volume of BingX is 194,008,865,009,195 KRW. Furthermore, this month's trading volume is showing a change of 28.19% compared to the previous month.
