A safe, legitimate, and accessible exchange.
Yes, that’s all that a Pakistani crypto-trader requires in an exchange and BingX does tick all of these requirements. BingX is a leading cryptocurrency exchange founded in Singapore in 2018 and it has expanded globally.
Without any further ado, let’s learn more about Bingx and why it’s popular among Pakistani traders.
What is BingX?
The BingX exchange has established itself as a pioneer within the cryptocurrency derivatives landscape. Since its inception in 2018, it has registered over 1 million users and has branches throughout the world, spanning Vietnam, Russia, Korea, Taiwan, and Japan, while ensuring a strong and affordable trading environment.
The main function of its platform is to allow its users, especially Pakistanis, to sell or purchase a variety of virtual products from a single platform. Its services are decently varied as well, including an entire fiat financial system, instantaneous spot exchanges, derivatives pairs, and high leverage, all of which can be ideal for Pakistani cryptocurrency traders.
BingX is a leading cryptocurrency exchange offering services similar to those offered by other prominent exchanges, such as spot and derivatives trading, for instance.
Where is BingX located?
The BingX exchange is located in Singapore. However, as mentioned previously, it has branches in other parts of the world as well, including the United States.
BingX is a Singapore-based exchange. However, it has expanded to numerous other countries as well.
Who created and owns BingX?
The leadership and founding team behind the creation of BingX is composed 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.
Is BingX exchange available in Pakistan?
Yes, BingX is available for Pakistani investors. The best part is that the exchange supports PKR currency for the P2P marketplace and spot trading market.
Furthermore, 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.
Because BingX exchange 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 for Pakistani traders?
Yes, as has already been hinted at above, it is quite safe for traders operating from anywhere in the world. What’s more, it has never experienced a hack of any kind, as it guarantees complete protection for its users through advanced security measures.
Pros and Cons of BingX
Pros👍
The BingX exchange has many positive reviews under its belt, with all of them highlighting the various benefits/features 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.
● 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.
The how-tos of BingX
This section of BingX review will cover some of the basic know-how of how to properly use the BingX exchange, for instance how to deposit, buy, and withdraw.
How can Pakistanis buy crypto on BingX?
Prior to buying cryptocurrencies on BingX, you will obviously have to sign up first, which the following guide will cover.
- 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.
- Completing KYC
- To gain access to all the services BingX offers, you will have to complete the KYC process.
- Just go to the verification page by clicking your profile icon once you have logged in, choose passport or ID card (CNIC for Pakistanis), add your ID number and name, and then upload photos of your passport or ID card alongside a selfie.
- 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 can Pakistanis 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 can Pakistanis 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.
What coins does BingX support?
The BingX exchange supports a decent selection of cryptocurrencies—more than 350, according to its official website, which is more than enough for most traders out there.
BingX Customer Service for Pakistanis
As their first point of contact, Pakistanis can utilize the Help Center, which offers considerable support documentation, providing them with 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.
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 | -1 Pairs |
| Weekly Visits | 1,917,356 Users |
| Overall Rating | ⭐ 4.5 / 5.0 |
The rating result at the top is the result of Coin-Labs' 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 | 0.2% |
| Spot Taker Fee | 0.2% |
| Derivatives Maker Fee | 0.02% |
| Derivatives Taker Fee | 0.05% |
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 2023-03-29 14:41:11 data)
| Trading Volume Items | BingX Trading Volume |
|---|---|
| Daily Trading Volume (24h) | -1 KRW |
| Weekly Trading Volume (7d) | -1 KRW |
| Monthly Trading Volume (30d) | -1 KRW |
| Daily Volume Change (24h) | -1.00% |
| Weekly Volume Change (7d) | -1.00% |
| Monthly Volume Change (30d) | -1.00% |
Communicate with BingX
You can check exchange's messenger and SNS information in the table below.
| Types | URL |
|---|---|
| https://twitter.com/BingXOfficial | |
| 🎺 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 -1 crypto pairs.
How much is BingX trading fee?
BingX has a spot maker fee of 0.2% and a taker fee of 0.2%. On the other hand, the maker fee for futures trading is 0.02%%, and the taker fee is 0.05%%. 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 -1 KRW. Furthermore, the daily trading volume is showing a -1.00% change from the previous day.
How much is BingX weekly trading volume?
BingX's weekly trading volume is -1 KRW, with a total of 1,917,356 users. Furthermore, BingX's weekly trading volume is showing a change of -1.00% from the previous week.
How much is BingX monthly trading volume?
The monthly trading volume of BingX is -1 KRW. Furthermore, this month's trading volume is showing a change of -1.00% compared to the previous month.
