Bingx (formerly known as Bingbon) is a newly emerged cryptocurrency exchange that is being used and trusted by many people. At present, BingX offers investors worldwide an extensive selection of exceptional features and products. So, what exactly is Bingx? Is it trustworthy? Join Betomon to get more information about the Bingbon exchange!
What is the BingX exchange?
Launched in 2018, BingX, initially as Bingbon, is one of the top cryptocurrency exchanges in Taiwan. BingX specializes in providing consumers around the world with spot trading, margin trading, copy trading, and other cryptocurrency-related services.
In June 2018, a $10 million investment was given to BingX by Grand Shores, a Hong Kong-based listed company with stock code 1647HK. During 5 years of operation, BingX has established a strong reputation for itself in the cryptocurrency industry with many significant achievements. With more than 350 different cryptocurrency trading options, this exchange has drawn 5 million users from more than 100 countries at this time. Furthermore, BingX has a vast global branch network extending across North America, Europe, and Asia, employing over 150 people in entirety.
Contract for Difference, or CFDs, is the primary offering of BingX. As the name implies, a contract for difference is an agreement on the price movement of an asset between two parties (typically referred to as “buyers” and “sellers”).
The main characteristics of contracts for difference make it a special and intriguing product that BingX has:
- CFD is a commodity derivative.
- Leverage can be used when trading CFDs.
- Even when prices rise or fall, you can still profit or lose money.
Thus, it is evident that BingX, with its features as a CFD trading platform, can provide you with opportunities to profit safely and effectively.
Some BingX highlights:
- Simple account creation; need only an email address and password; no KYC required.
- Allowing Copy Trading, Grid Trading.
- Supporting derivatives trading with leverage up to 150x.
- Impressive daily spot trading volume, up to 1.5 billion USD.
- Languages diversity, supporting more than 16 languages including English, French, Vietnamese,…
Flexible customization of currency. - Giving users access to a range of advanced trading tools letting them conduct in-depth analysis before trading.
- Enabling users to search and learn about many different cryptocurrency-related topics, including Metaverse, Web3, DeFi,… thanks to BingX Academy.
- Offering advantages to users who sign up for the BingX affiliate program, such as faster withdrawals, lower fees, 24/7 exclusive customer support, and exclusive backend access.
- Helping users easily monitor and analyze market trends before making investment decisions with transparent statistics
- In addition to providing informative data, our specially selected team of experienced trading experts also assists users in comprehending the market and making effective choices when trading.
Some services of BingX:
- Spot Trading: In addition to stocks, forex, commodities, and indexes, BingX offers over 350 distinct cryptocurrencies. BingX’s Spot trading interface is intuitive and easy to use for beginners.
- Derivatives and Margin Trading: BingX provides derivatives trading, leveraged up to 150x for the majority of tokens.
- Copy Trading: Using BingX, users can copy transactions from trading experts all over the world.
- Grid Trading: A tool that automatically buys low and sells high to earn profits for traders. On BingX, you can create a futures grid, spot grid, and spot infinity grid.
- P2P Trading: This is the P2P trading market on BingX, where users can quickly and easily purchase and sell tokens from trading partners who have been granted an OKX license.
Evaluation of the BingX platform:
Benefits
Even though BingX has only been around for three years, it has many notable advantages over other CFD exchanges that help it keep going and attract users:
- Easy to use: Compared to other exchanges available, BingX’s interface is considered to be simpler to use. As for placing buy/sell orders and setting stop loss/take profit, BingX is almost the leader in simplicity. Anyone, even those new to the market, can use it fluently, which orderbook platforms have not been able to achieve. With orderbook platforms, setting profit/stop loss points is typically after a trading order is opened. However, the BingX interface can perform all operations before placing an order, all parameters are clear so newcomers can easily use it.
- High security: In its three years of development, BingX has proven to be an outstanding rival to other exchanges in every way, and it has never experienced any security issues.
- Multiple devices support: BingX has completed and supported transactions on both PCs and phones, despite its recent official launch.
- High leverage: Users may leverage up to 150x in BTC pairs with BingX. Furthermore, BingX has improved its leverage adjustment feature similar to Binance. On the toolbar, users can choose the desired leverage level directly.
- Copy Trading: It is regarded as one of BingX’s standout features. BingX will attract more users than other trading platforms thanks to its ability to help users make money on BingX due to it creates a place for both those who copy and enable copying to be profitable.
- Diverse trading pairs: Not only allows trading of crypto pairs, BingX also allows trading of other fields such as: Forex, Commodity, Stock Index,…
Buy crypto: Users can purchase, sell, and convert coins directly with a Visa card and OTC with the newly created “Buy crypto” feature, which no other CFD offers. - Buy Spot: In 2021, BingX launched the Spot buying function, similar to CEX exchanges to help users have additional options.
Diverse assets: Since the middle of 2021, BingX has improved its listing of altcoins, including some very trending coins such as C98, AXS,… - Language diversity: BingX supports many languages, including Vietnamese.
Drawback
High spread: This is one of the most annoying disadvantages because no one wants to just start placing an order but has to suffer a loss. In periods of no fluctuation, the price difference can range from 1% to 2%, and in periods of intense fluctuation, the price difference can occasionally reach 5%.
Some types of fees on the BingX platform:
Trading fees:
Transaction fees on BingX are as follows:
- Trading Fee Rate: 0.075% (currently being reduced to 0.045%.)
- Copy Trading Fee Rate: 0.075% (currently lowered to 0.0375% ).
Calculation formula: Trading Fee = Trade Volume * Trading Fee Rate (one-time payment)
Deposit and withdrawal fees
BingX only charges withdrawal fees, the same as other exchanges. Based on the following information:
Other fees
BingX spread will be calculated as follows:
- Long case: Current price * (1 + spread ratio).
- Short case: Current price * (1 – spread ratio).
The spread ratio will change over time, as the table below illustrates:
Spot Trading Fee is 0.1% * total trading volume.
The funding rate can be calculated using the following formula: Total order volume* Funding Rate (you will receive money if the Funding rate is negative). Funding rate will be collected/paid every 8 hours, starting from 0:00, 8:00, 16:00 (GMT+8).
A new kind of transaction from BingX called the Perpetual Swap Trading Fee will also carry the same Funding rate as regular transactions. You can refer to the calculation formula here.
In conclusion
For both beginners and experienced members, trading on BingX is a fairly simple process. The benefits it offers to users play a significant role in helping them to achieve their current success. As a result, I believe BingX can be considered the best CFD exchange at this time.
Thus, Betomon provided guidelines for using BingX along with every specific feature. If you have any questions or run into any issues please leave a comment below to discuss with Betomon.
>>> Guidelines for setting up an account on BingX
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