What is BingX?
BingX is a cryptocurrency social trading exchange dedicated to offering its users easy-to-use, professional, but simple trading services and products that encompass various digital assets, like BTC, ETH, AXS, USDT, etc., and their derivatives.
BingX also includes a copy trading function, where traders have the opportunity to gain some profits by just copying the strategies that professionals have successfully employed. Other than that, you will also find it facilitating global index trading or other contract trading products while also aiming to offer a secure, fair platform that provides a decent trading experience for its users.
How to Deposit in BingX
However, before you make a deposit of any token on this exchange, you will need to register BingX for an account and go through its KYC process, which isn’t compulsory if you don’t want to extend your withdrawal limits. Still, if you have already gotten that over, you can continue to the next step, i.e., funding your account with some funds, which we will cover below.
Step 1. Log in
To start your deposit process at the BingX cryptocurrency exchange, simply go to its official website and log into your account with the password and email address that you registered with.
Step 2. Go to the Deposit Page
On the BingX homepage, select the Wallet button at the top, and then from that drop-down menu, choose the Deposit option. Following that, you will be directed to the deposit page, where you can select the token you want to deposit. However, here, we will use USDT as a way to demonstrate how you can deposit some funds into your account.
Step 3. Select Network
Once you have selected USDT, you will find a list of every network available for it on the deposit page. Here, you will have to ensure that you choose an accurate network, such as ERC-20 or TRC-20, for example. If you do not select the right network, an irreversible loss of funds will be incurred.
If you happen to be confused regarding blockchain networks, you can always consult BingX’s customer support team to clear your doubts or simply search and read the plethora of material about them online. (If you wish to learn about how to trade on BingX, click here.)
Step 4. Copy Deposit Address
You will then have to copy the deposit address that pops up, which will be specific to the token and network you chose earlier, i.e., it will correspond to the USDT-TRC-20 address for your BingX account. Moreover, this address will serve as a kind of destination for the tokens you wish to deposit. So, click the copy button, and if you do not wish to utilize this address, you can just scan that QR code, which will be provided if you are depositing from a wallet on your phone.
Step 5. Initiate Transfer
Now, you will have to log into another exchange besides this one and initiate the transfer using it. Again, on that exchange, make sure you select exactly the same token and network you did earlier, i.e., TRC-20 and USDT.
Add the amount you want to withdraw, and just paste the address that you copied earlier within the exchange’s withdrawal field. That said, if you happen to be using a wallet rather than an exchange, the process will be similar, and you will need to paste this exact address there as well once you have chosen the same network and token.
A few things to note here are that, for certain tokens or networks, a deposit address, as well as a memo tag, have to be used simultaneously. So, if you see that field for a memo tag, much like how you copied the deposit address from the network you are depositing to, which is BingX in this case, copy the memo tag from BingX and paste that within the platform you want to initiate the transfer from.
Step 6. Review & Confirm
All that needs to be done now is to review the details regarding your withdrawal and confirm your transfer to BingX. After that, your transaction will go through some block confirmations, in that it will need to be verified by the blockchain.
You will receive a notification through SMS once your deposit has been successfully made. However, the deposit speed does not depend on BingX. So, it might take a bit longer than usual if there is some network congestion taking place.
You might also retrieve a TxID from your withdrawal platform, which you can use to view the status of your transfer.
Other than block confirmations, you may always have to be on the lookout for the minimum deposit requirement on BingX or any other platform, for that matter. Should you deposit amounts lower than the minimum requirement, which, in this case, is 1 USDT, you will risk your deposit not getting captured, which will make your funds unrecoverable.
FAQs
Does BingX charge deposit fees?
You will not incur any deposit fees whenever you fund your account at BingX. However, you might incur some transactional fees when you are withdrawing your funds from an external service to your BingX account since they are required for the processing that takes place on the blockchain. (Please refer to the following link for a comprehensive guide on how to withdraw from BingX.)
How long does confirmation take on BingX?
Deposit times might vary depending on the type of token you want to deposit and the blockchains involved. In general, most deposits on BingX can take anywhere between 10 and 60 minutes. However, there might still be a few instances where it could take longer due to network congestion or any other factor.
Does BingX support fiat deposits?
BingX focuses primarily on cryptocurrency trading. So, while you can purchase various cryptocurrencies with fiat, you cannot make any fiat deposits on the exchange.
