BingX is one of the top cryptocurrency exchanges providing derivatives, spot, grid, and copy trading services to over 100 countries or regions globally, with over five million users. It was released in 2018, and with increasing platform transparency and user trust as its top priorities, BingX has continued to link its users with professional traders and a leading, safe, and innovative platform.
While cryptocurrency trading can generally seem a bit overwhelming at first, as with many things, you will eventually get the hang of it. Consequently, this guide will focus more on the onboarding process for BingX than anything else.
Step 1. Register
To begin trading on this platform, you will obviously have to sign up first, and to do that, just head over to its official website, i.e., https://bingx.com. Once you are on its homepage, select the Register option from the navigation bar at the top to begin your registration process.
Or, simply click the Register button with a rocket emoji below. The button will direct you to the BingX signup page (the fee discount code with the signup bonus is automatically applied.)
Then, you will have to select your registration method, which includes using either your phone number or email address. Adding either of them will entail receiving a verification code. However, to receive a code, you will need to complete the puzzle by sliding, and it will then be sent to the phone number or email address you have just registered.
Once all that is done, all you have to do is, within the time stipulated, enter your verification code to get done with the registration process. One thing to note here, however, is that if you happen to be referred by someone, you must first acquire the referral code prior to your registration. Once you have registered, that referral relationship that you have just established will not be altered.
Step 2. Complete KYC
To trade on the platform without experiencing any hassles, such as withdrawal limits, for instance, you will need to complete the KYC process that BingX provides.
KYC, aka Know Your Customer, refers to the verification of a user’s identity. The intention behind the KYC procedure is to support anti-money laundering (AML) measures that secure platforms and users against impersonations, financial scams, and other malicious activities. Users’ identities can therefore be validated through their passports, ID cards, or any other documents that can be submitted.
If you are unverified, the daily withdrawal limit for you would be 50,000 USDT, whereas if you have completed the verification process, that limit would then be extended to 5,000,000 USDT. So, if that bothers you, just log in to your account and head over to the BingX verification page by clicking your profile icon.
Once you have clicked Verification, choose either a passport or an ID card, add your ID number and name, and upload the relevant passport or ID card photos. After that, you can upload a selfie of yourself with your passport or ID card, and you’ll finally be done with the KYC process entirely.
One reminder here: if what you have submitted is accurate and complete, then your KYC application may take around one workday to finish processing. However, should your application be denied, assess the error and then resubmit the KYC verification. If you’re still facing issues, you can always contact the platform’s online support to gather some details.
Step 3. Add fund
Now that you’re done with the registration and KYC processes, you can begin trading without any hassles. However, you will need to deposit some funds into your account first. So, just log in and select the wallet icon from the navigation bar at the top of BingX’s homepage, and then head over to Deposit.
Select the token you want to deposit and the correct deposit network or deposit chain, like ERC20, TRC20, etc.
Try to ensure that the network you select here is identical to the network you select on the platform or wallet you will be withdrawing your funds.
Choose the relevant recipient account, and once you have double-checked everything, i.e., the token, recipient account, and deposit chain, copy the address to the exchange or wallet you are withdrawing the funds from.
Your deposit will be completed after network confirmations, and you will be notified through SMS once your deposit has arrived.
Step 4. Buy crypto
If you have gone through the steps outlined so far, you can finally start trading on the platform. While BingX currently offers spot, futures, copy, and grid trading, here we will be looking at spot trading as an example of buying cryptocurrencies.
So, on its homepage, point your cursor towards the Spot option and select Spot. On the spot trading page, choose your preferred trading pair or simply enter it within the search bar. Select the transactional direction you want to take, i.e., sell or buy, and the type of order, either Market or Limit.
If you select Market Order, for instance, all you have to do is enter an Amount and press the Buy button, which you will find below, to place your order. Once your order has been placed, you can check out its details by going to either Order History or Open Orders.
If you are having second thoughts about the order, you can cancel it by clicking Cancel prior to it being filled.
Fiat currency
Users on BingX can also purchase the cryptocurrencies it offers using fiat currencies. As of this moment, around 100 fiat currencies like EUR, USD, TWD, VND, etc., are supported, with the inclusion of multiple payment methods like SEPA, Line Pay, Mastercard, Visa, and more. And to provide such options to its users, BingX has partnered up with leading global payment channels, including Alchemy Pay, Moon Pay, Mercuryo, etc. Consequently, to purchase tokens through fiat currencies, just utilize its P2P Trading, Bank Deposit, and Buy Crypto options, which we will briefly look at below.
Debit/credit card
To buy using either your debit or credit card, head over to its website, and after logging in, hover over Buy Crypto, and from the drop-down menu, choose Bank Deposit. Make sure you read the instructions outlined, tick the box below to highlight your understanding of the statement of responsibility, and select Buy Now.
Select the cryptocurrency you want to purchase and the payment currency, then add the amount and choose the payment method, which, in this case, is Credit/Debit card, and click Continue. Following that, follow the instructions outlined on the page and fill in your billing address, bank account number, and email address. Once everything has been verified, you can complete your purchase on the Legend Trading page, which you will be directed to.
P2P
To engage in P2P trading on BingX, log in to your account on its website and choose P2P Trading from the Buy Crypto drop-down menu. Choose the currency you want to pay in, and click Search after entering a value. Choose your preferred seller below from those search results and select Buy USDT. Following that, enter the value that you want to pay after selecting a payment method. Then, based on the existing exchange rate, the platform will automatically generate the cryptocurrency amount that you will receive. Simply click Buy after that, and you may contact your seller for the relevant payment information and get done with your payment through the third-party platform.
Once your payment has been completed, select Transferred, notify seller on the order page. Afterward, once the seller has verified your payment receipt and released the cryptocurrency, the purchase will be completed. So, make the payment to receive your tokens, and you can then check them by going to My Assets, which you will find on the homepage.
Step 5. Start trading
If you have completed all of the steps outlined previously, then you can easily begin trading on Bingx and experience the various services it offers, like copy trading, spot trading, futures trading, grid trading, etc. Simply go to its homepage, and you will find all of its services outlined in the navigation bar at the top.
FAQs
How to sign up for BingX
To sign up on BingX, just head over to its official website and click the Register option. Following that, just go through the steps asked of you there, like entering your phone number or email address, and more, to complete your registration. Like most exchanges, this procedure is pretty straightforward and should only take a few minutes to complete.
What are BingX fees?
BingX, like any other cryptocurrency exchange, charges fees whenever you trade on its platform. A spot trade, for example, will incur a maker and taker fee of 0.1%, depending on the trading pair. On the other hand, for VIP users, the fee structure looks a bit different and is calculated based on their 30-day trading volume. For more information concerning its fee structure, you can visit Fee Schedule – BingX.
How to deposit in BitMEX
To deposit funds on BingX, select Deposit after you have clicked the wallet icon and follow the steps asked of you there. Or, simply check out the third step outlined in this article, which discusses it.
