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BingXReview
Our Verdict
Founded in 2018 in Singapore, BingX is a cryptocurrency exchange operating in over 185 countries. With a daily spot trading volume exceeding $450 million, it offers a vast selection of over 860 spot tokens and 270+ futures markets. It features leverage up to 125x for crypto and up to 200x for forex, indices, and commodities futures.
BingX supports spot, derivatives, copy, and bot trading, all with some of the industry’s lowest fees. It also provides staking and lending options, making it a versatile choice for active traders and long-term holders seeking passive income.
BingX Pros and Cons
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Is BingX Right for You?
Not all traders are the same. Some seek easy apps for trading on the go, while others look for advanced features like leverage or social trading. When reviewing exchanges, we cater to all types of traders, from occasional to frequent. We divided all traders into seven main target groups.
Our thorough yet straightforward method ensures a clear understanding of trading strategies and their requirements. By assessing, ranking, and recording key factors, we determine how well the exchange meets the needs of each target group. We use three types of rankings: perfect match, good choice, and not recommended. Here’s our verdict:
Casual Traders: Perfect Match
BingX is a perfect match for Casual Traders, offering one of the largest selections of tradable cryptocurrencies at some of the lowest trading fees in the industry. The exchange maintains full 1:1 reserves on customer assets, regularly auditing and publishing this data for added transparency. However, BingX was hacked within the past year, resulting in a notable loss of funds.
I found BingX to be a solid exchange for beginners, although a dedicated Lite Mode would further enhance accessibility for newcomers. Helpful features like P2P trading, bot trading, and copy trading add to its appeal, giving beginners the chance to learn through copying expert traders or leveraging bot-driven strategies.
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Day Traders: Perfect Match
BingX is a perfect match for Day Traders. It offers an advanced desktop platform tailored to the needs of experienced users while maintaining a mobile app that’s user-friendly enough for beginners. With over 850 tradable cryptocurrencies and more than 270 derivatives markets, BingX provides a diverse array of trading options, from large-cap to niche tokens. Additionally, the platform’s trading fees are among the lowest in the industry for both spot and derivatives markets.
I found the desktop platform ideal for experienced trading, as it offers all the tools necessary for in-depth technical analysis. BingX stands out by offering forex, indices, and commodities trading.
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Hodlers & Position Traders: Acceptable choice
BingX is an acceptable choice for Hodlers & Position Traders, with the exchange maintaining full 1:1 reserves on customer assets. A notable drawback, however, is the recent security breach within the last year, though BingX promptly reimbursed customers for any losses from its own assets. The exchange also boasts a variety of tradable assets, with over 850 cryptocurrencies available.
I found BingX’s staking options user-friendly. The mobile app is intuitive and easy for beginners to navigate, while the desktop platform may feel overwhelming due to its extensive advanced features. Unlike competitors such as Binance and Bitget, BingX doesn’t offer fee discounts for holding a native token.
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Leverage & Derivative Traders: Perfect Match
BingX is a perfect match for Leverage & Derivative traders, with some of the industry’s lowest trading fees and leverage levels up to 125x. Notably, it allows traders to use crypto to trade forex, indices, and commodities. BingX also supports a range of conditional order types to accommodate various strategies, including specialized orders like TWAP, which are rarely available on other platforms.
In my experience, the BingX desktop trading platform holds up well to other leading exchanges like Binance and Bybit. The lack of spot margin trading is disappointing, forcing traders to jump straight into futures in order to trade with leverage.
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Bot, Social & Copy Traders: Perfect Match
BingX is a perfect match for Bot and Copy traders, even though it lacks a dedicated social platform. Its robust copy trading platform features over 2,000 expert traders to follow, categorized as trending, conservative, rising star, and pro traders. Key performance metrics such as 30-day ROI, cumulative PnL, win ratio, and the number of winning/losing trades are transparently displayed, making it easy for users to evaluate and select a trader that matches their risk appetite and trading style.
I found the copy trading platform to be well-designed and user-friendly, allowing for a seamless experience when searching for a suitable trader to copy. However, the limited range of bot trading options was a letdown. BingX offers just three grid bots (spot, futures, and spot infinity), whereas competitors like Binance and Bitget provide a broader selection of bots with functionalities beyond grid trading.
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Algorithmic Traders: Acceptable Choice
BingX is an acceptable choice for algo traders, offering API access and support for high-frequency trading. However, the platform falls short by not providing a backtesting feature or sandbox environment. Additionally, API access is limited to spot markets, excluding standard futures, stock, or forex trading. On the positive side, BingX is more flexible with rate limits compared to competitors like Kraken.
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DCA Investors: Not Recommended
BingX is not recommended for DCA (Dollar Cost Averaging) investors due to its lack of automated DCA tools. It doesn’t offer options to automate fiat-to-crypto conversions, unlike exchanges like Binance and Kraken, which provide comprehensive DCA tools.
Supported Countries and Regions
BingX is accessible in over 185 countries, which is more inclusive than other top-tier platforms like Binance and Bybit. However, the complete list of restricted regions includes:
- United States (including all US territories)
- United Kingdom
- Canada
- China
- Hong Kong
- Macau
- Netherlands
- Singapore
BingX Bonuses and Special Offers
Welcome Offers & Sign-Up Bonus: Currently, BingX offers new users limited-time sign-up rewards totaling over 6,000 USDT. However, unlocking the full 6,000 USDT bonus requires a deposit of at least 100,000 USDT and reaching a futures trading volume of 15,000,000 USDT.
Bonuses & Promotions: BingX regularly hosts promotions with substantial prizes for participants. For instance, leading up to the U.S. Election, users can share in a 100,000 USDT prize pool by correctly predicting the election outcome. Other promotions offer prizes ranging from cash rewards to new iPhones.
Referral Program: BingX’s referral program provides up to a 20% commission on trading fees paid by referred users. Additionally, BingX offers indirect commissions, allowing users to earn a percentage of trading fees from users who were referred by their direct referrals.
Affiliate Program: Join BingX using our affiliate link and get up to 50% commission on trading fees.
BingX Background
Establishment: BingX was founded in 2018, though the specific founders’ names have not been disclosed. According to its LinkedIn profile, BingX lists Singapore as its headquarters but also has offices in the U.S., Canada, Australia, Hong Kong, Taiwan, and Lithuania.
Leadership: BingX has not publicly disclosed key leadership figures such as its CEO or COO. The only leadership profiles available are those of the Chief Product Officer, Head of Crypto Partnerships, and several Business Development managers on LinkedIn.
This lack of transparency may concern users seeking confidence in who oversees the platform, as leadership visibility is essential when trusting an exchange with their hard-earned money. This is particularly disappointing, as other top exchanges like Binance, Kraken, and Bybit are open about their founders and leadership teams.
Security & Transparency
BingX employs industry-standard security measures such as two-factor authentication, biometric authentication, and anti-phishing codes. The exchange is also transparent about its Reserve Ratio, maintaining full Proof of Reserves for customer deposits with audits conducted every two weeks. Additionally, BingX was audited by the leading accounting and consultancy firm Mazars, with the full findings available on the BingX website.
However, despite these safety protocols, in September 2024, the exchange was compromised when hackers gained access to one of its hot wallets, resulting in over $45 million in stolen tokens. BingX quickly responded by briefly freezing withdrawals, and all customer losses were promptly reimbursed using the exchange’s own reserves, allowing it to continue operations smoothly.
BingX Security Overview | Details |
Proof of Reserves (PoR) | ≥100% reserve ratio on BTC, ETH, USDT, USDC |
Insurance | Insurance Fund to protect user assets |
KYC Verification | KYC is mandatory |
Security Audits | Conducted bi-weekly |
Account Security | Support for 2FA (Google Authenticator, SMS, Email), Biometric Authentication (Fingerprint & FaceID), Anti-Phishing Codes |
Proof of Reserves
BingX maintains 100% Proof of Reserves to ensure customer fund safety, publishing bi-weekly audited data on BTC, ETH, USDT, and USDC. Additionally, users can access specific information regarding reserves of their individual assets, though currently, only BTC, ETH, USDT, and USDC are supported. While this transparency is reassuring, competitors like Binance offer reserve data for a broader range of tokens, covering not just BTC and ETH.
Account Security
BingX has implemented security measures such as two-factor authentication, biometric authentication, fund passwords, and anti-phishing codes to help minimize unauthorized access risks. Withdrawal whitelisting adds further protection, allowing withdrawals only to pre-approved addresses, so even if an account is compromised, funds cannot be transferred to unauthorized wallets.
Personally, I quickly set up Google Authenticator for 2FA and enabled FaceID in the mobile app. However, I was disappointed that biometric authentication is unavailable on the desktop platform, a feature supported by exchanges like Binance and Kraken. Additionally, I added my Ledger wallet to the address book and enabled whitelist-only withdrawals.
General Reliability
Deposit Insurance: BingX has introduced a self-insurance fund to provide financial protection for user assets in case of unexpected events, which is reassuring and a feature not offered by many exchanges. However, unlike Binance and Bitget, BingX does not disclose the size of this fund.
Bug Bounty Program: BingX operates a bug bounty program on Hackenproof, with rewards up to $4,000 for reported vulnerabilities, though this reward is slightly lower than the industry average of $5,000.
Corporate Communication Structure and Transparency: BingX could improve transparency regarding its leadership structure and personnel, as this information is not readily accessible. However, the exchange maintains an active presence on Twitter, Telegram, Facebook, LinkedIn, Discord, and YouTube.
Verified Trust Scores
BingX has garnered mixed reviews from top independent ranking websites, with some platforms yet to evaluate the exchange. It ranks highly for liquidity, trading volume, scale of operations, and Proof of Reserves, reflecting its strengths in these areas.
However, the mixed ratings can likely be attributed to its recent security breach and loss of funds. Notably, CoinGecko’s current 9/10 rating may be subject to revision once the hack and its implications are fully considered.
Ranking | Score |
Cer.live Security Rating | BBB |
CoinGecko Trust Score | 9 |
Know Your Customer (KYC)
BingX requires mandatory KYC, offering two levels of verification to ensure compliance with global anti-money laundering (AML) regulations.
Basic Verification requires only your full name, date of birth, and an ID number from a government-issued ID, without needing an ID photo. This level grants access to all BingX trading products but with limited deposit and withdrawal capabilities and restricted access to fiat services.
Advanced Verification requires a photo of your passport, driver’s license, or government-issued ID, along with a selfie. This level removes deposit limits, increases daily withdrawal limits, and provides access to BingX’s fiat services. Basic verification was completed instantly, while advanced verification took under 10 minutes.
Is BingX Safe to Trade With?
In summary, BingX offers a moderate level of trust and security, making it an acceptable (though not top-tier) choice. While the exchange provides transparent Proof of Reserves, it covers a narrower range of assets than competitors. Additionally, although BingX claims to have an insurance fund to safeguard user assets, it has yet to disclose the fund’s actual size.
The biggest concern, however, stems from a recent security breach in which hackers stole over $40 million. Although BingX fully reimbursed customers for any losses, this incident raises serious security issues, as a breach of this scale should not occur with an exchange of BingX’s size. With competitors like Binance, Bybit, and Coinbase having avoided such breaches, it is challenging to strongly recommend BingX, given this significant security lapse.
Trading Experience
BingX provides a well-rounded trading experience designed to suit both beginners and expert traders. For advanced users, its traditional trading platform offers an array of sophisticated tools and features to support complex trading strategies across numerous markets. Meanwhile, beginners can benefit from its bot and copy trading options, which simplify the trading process by automating trades or copying strategies from experienced traders.
Trading Options & Additional Features | Availability |
Conditional orders |
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Derivatives Trading | Yes |
Lending & Borrowing | Yes |
Leverage Trading | Yes |
Options Trading | No |
Staking | Yes |
Copy Trading | Yes |
Social Trading | No |
tradingview.com Integration | Yes |
Auto Trading (Bots) | Yes |
API Access | Yes |
P2P Trading | Yes |
OTC Trading | No |
Demo Account | Yes |
Pro & Lite Versions | No |
Token Launchpad | Yes |
NFT Marketplace | No |
Trading Test
For our trading test, we thoroughly evaluated the BingX platform. Our process included signing up, completing the KYC verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:
Step 1: Setting Up and Funding Your Account
Signing up for BingX is simple and straightforward. You can register using your email address or a third-party sign-in using Google. However, this is a smaller selection of sign-up options compared to exchanges like Bitget that support Apple, Telegram, and even wallet-based sign-ins like MetaMask.
KYC verification is mandatory, and there are two levels of verification. Basic verification is instant, requiring only your full name, date of birth, and ID number. Advanced verification takes about 10 minutes and involves submitting a selfie with a photo of your ID, which is pretty fast.
Depositing cryptocurrency is equally simple. For this test, I transferred LTC to BingX, which didn’t charge deposit or wallet creation fees, and the minimum deposit is a low 0.01 LTC. However, BingX currently lacks support for deposits over the Litecoin network, an option available on every other exchange I’ve reviewed. LTC deposits on BingX are only supported via the BNB Smart Chain (BEP20) and require 15 confirmations, which took about 5 minutes.
I also tested fiat deposits via SEPA transfer and quick buys using a bank card. Debit card purchases were processed instantly, though an additional $1 fee was charged for card verification. Unfortunately, SEPA transfers failed due to an “internal server error” during testing. Additionally, BingX does not support SEPA Instant for instant deposits; users must wait 1-2 days for standard SEPA deposits, with a relatively high minimum of €40.
Step 2: Trading
My trading experience on BingX was pleasant and similar to exchanges like Kraken and Binance. Placing orders and opening new positions was simple and straightforward, a process that both experienced traders and beginners could manage without any difficulty. My limit order was executed instantly, and trading fees cost just 0.058 USDT.
Opening new positions was just as easy. I placed a market order to buy LTC with a tight stop-loss, which executed instantly and filled in full without delay. As the market dropped, my stop-loss triggered right at the specified price, selling all my LTC and effectively minimizing losses.
Step 3: Withdrawal and Review
The final step of the trading test was to evaluate the withdrawal process, withdrawing LTC back to my wallet. Since BingX doesn’t support the Litecoin Network, I had to use the BNB Smart Chain. BingX charged a withdrawal fee of 0.0082 LTC ($0.62), matching the network fee charged by Binance. The withdrawal was processed quickly and arrived in my wallet in under 5 minutes.
However, BingX does not support direct fiat withdrawals, which is disappointing compared to other major exchanges like Binance, Bybit, and Bitget, which offer this option. To withdraw fiat on BingX, you’ll need to use P2P trading, though, in my experience, most EUR merchants offering SEPA, Revolut, or Wise had either poor exchange rates or high minimum transaction amounts.
Desktop Version
BingX’s desktop platform is user-friendly and accessible for beginners, even without a dedicated Lite mode. It provides all essential trading tools for experienced traders, featuring a range of conditional orders and TradingView integration that adds a suite of technical indicators and drawing tools. In testing, the platform performed seamlessly across both Safari and Google Chrome with no issues.
Tools for Active Traders | Availability |
Order Book Depth | Yes |
Advanced Charting | Yes |
Technical Indicators | Yes |
Drawing Tools | Yes |
Watchlist | Yes |
MetaTrader 4/5 Support | Yes (MT5) |
Trading Interface
BingX’s trading interface follows the standard design of most crypto exchanges, maintaining a consistent layout for both spot and derivatives trading. This consistency ensures an easy transition between different markets and trading instruments. TradingView integration offers advanced technical indicators and drawing tools, supporting in-depth analysis for experienced traders while also helping new traders.
The interface centers around a TradingView price chart, with order book data, live trades, and order forms positioned on the side. The platform is highly customizable, as users can resize and rearrange each module as needed.
Desktop Market Search
Switching between tokens and markets is simple: click on the trading pair in the top left to access a dropdown menu, allowing you to select trading pairs and filter by categories like GameFi, Fan Tokens, TON ecosystem, and more.
Trade Navigation
Using BingX’s order forms is straightforward for beginners while allowing customization that meets the needs of advanced traders. The order forms are similar to those on the mobile app, making transitions between devices easy. BingX also offers advanced conditional order types like TWAP, a feature not widely available on other exchanges.
Derivatives Trading
BingX has one of the most popular derivative trading platforms in the industry, handling over $10 billion in daily trading volume. The platform offers all the major crypto markets, from the latest trending memecoins to large caps like BTC, ETH, and SOL. The platform offers USDT-M, COIN-M, and five USDC-M perpetual markets, though delivery markets are not currently available.
BingX sets itself apart from the competition by offering futures trading across Forex, Indices, and Commodities. It supports major pairs like EUR/USD, USD/JPY, Silver, and Gold, though the S&P 500 and Dow Jones are notably absent. Trading volume on these pairs tends to be lower than in crypto markets, which may result in partial fills or slight price increases on market orders.
As a derivatives trader, I appreciated the flexibility to switch between crypto, indices, and forex, allowing me to explore other markets when crypto lacked immediate opportunities. The platform performed flawlessly and delivered a frustration-free trading experience. However, with 272 markets, BingX does have slightly fewer markets compared to industry leaders Binance (392) and Bybit (417).
Copy & Bot Trading
BingX offers a comprehensive copy trading platform that has created over 10 million copy trading relationships between users and expert traders. The platform showcases comprehensive metrics for each trader, helping you find the perfect trader that matches your risk tolerance. I found the copy trading feature to be on par with leading exchanges, offering one of the most extensive selections of expert traders. I quickly found a trader that suited my preferences, and the profit splits were very reasonable at 13%.
In contrast, BingX’s bot trading options are more limited. The platform currently supports only basic grid trading bots, which are straightforward to set up and ideal for beginners exploring automated trading. Users can select the grid direction (neutral, long, or short) along with leverage and investment amounts. However, competitors like Binance offer more advanced bots with greater functionality, including portfolio management and rebalancing features, which provide enhanced versatility for automated trading strategies.
Conditional Orders
BingX provides a variety of conditional order types, including advanced options like TWAP and BBO, which are rarely available on competing exchanges. These specialized order types cater primarily to expert traders, who will value their inclusion on the platform.
However, the absence of major order types, such as Iceberg and Day Orders could restrict certain trading strategies. Despite this, most traders will likely find BingX’s selection of conditional orders adequate to meet their needs.
My Key Takeaways After Testing BingX Desktop
My overall experience trading on BingX’s desktop platform was overwhelmingly positive, delivering a smooth and reliable trading experience on par with industry leaders like Binance, Bybit, and Kraken. Key benefits include:
- Forex, Indices & Commodities Trading: BingX uniquely offers these options, giving traders the flexibility to switch between markets.
- Advanced Charting & Tools: A customizable interface and TradingView integration support advanced technical analysis, ideal for experienced traders.
- Range of Conditional Order Types: Catering to a range of traders and enabling trading strategies that may not be possible on other exchanges.
- Extensive Copy Trading Platform: Offering in-depth analytics and a range of expert traders, organized into easy-to-understand categories, making it easy to find a trader that suits your style.
However, there are a few areas where BingX could enhance the user experience. While the platform is user-friendly, introducing Lite Mode on a desktop would make it even more accessible to new crypto users. Additionally, adding a wider range of trading bots with features beyond simple grid trading would help beginners automate trades and portfolio management.
Mobile App
BingX’s mobile app, available on iOS and Android, performed smoothly during testing, showing no issues on either platform. Its intuitive, user-friendly design makes it accessible to beginners, even though it lacks a dedicated Lite Mode. However, the app retains advanced functionality for advanced traders, ensuring a versatile experience.
Coin Search: The coin search page lets users browse the hundreds of markets on BingX, with an overview of popular assets in both spot and futures markets. Although it doesn’t display data on trending tokens or popular searches like Binance or Bitget, it provides a helpful snapshot of current market trends.
Trading Features: The mobile app supports the same trading instruments as the desktop platform. Order customization options match those on desktop, with conditional orders and similar order forms. The main feature missing is the TradingView integration, along with its range of technical indicators and drawing tools.
Market Discover: The markets page is divided into two sections: spot and futures. The spot section offers a market trend overview, highlighting BTC, ETH, and SOL, along with recently listed tokens, trending tokens, and charts for top gainers, losers, and new listings.
The futures section is more straightforward, displayed in a table format that shows prices and 24-hour changes for all futures markets. Users can filter markets by futures type (USD-M perp, COIN-M perp, USDT-M std, COIN-M std) and by market segments, such as memecoins, SOL ecosystem, TON ecosystem, and more.
Watchlist Management: Adding tokens to your favorites is simple: just click the star at the top right of any token’s page. This places the selected token on the homepage and in the favorites tab on the markets page, making it easy to track updates for your favorite assets.
Quick Trade Execution: Opening and managing positions is as quick as on exchanges like Binance or Kraken. The order form slider allows you to set order quantity quickly, and placing an order is just a click away, with a confirmation screen that can be disabled for even faster trading. However, this means you could accidentally place the wrong trade if you aren’t careful.
Price Alerts: BingX allows custom price alerts for tokens when they reach a specified price or change by a set percentage. However, exchanges like Binance and Bitget offer alerts based on a wider range of criteria. Additionally, the app sends push notifications when BTC or ETH cross major price thresholds.
Portfolio Clarity: BingX’s portfolio overview clearly displays your total account balance and organizes balances across funds, futures, copy trading, grid, and wealth accounts. Scrolling down reveals a detailed breakdown of held assets and their dollar values. A further click takes you to a page with detailed PnL information across all accounts, which is excellent for traders evaluating their performance.
My Key Takeaways After Testing BingX on Mobile
BingX’s mobile app stacks up well to competitors, serving as a capable companion to the desktop platform. While it lacks a Lite Mode, the app is intuitive and user-friendly, making it accessible for beginners whilst still catering to experienced traders with advanced trading features.
The app could benefit from TradingView integration or more customizable settings for its current indicators. Enhanced push notifications (such as alerts for spikes in trading volume or price breakouts from set channels) would also improve functionality for active traders.
Fees
Trading fees on BingX are among the lowest in the industry across both spot and futures markets. However, I found the funding fees for futures trading noticeably higher than those on Binance, which may be a consideration for active futures traders. Additionally, the platform does not offer fee discounts and lacks direct fiat withdrawals, making the platform unsuitable for users who make frequent fiat withdrawals.
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Spot: 0.1% maker & 0.1% taker
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Futures: 0.02% maker & 0.05% taker
BingX Spot Maker/Taker Fees
In our review of spot fees, we examine spot fees across three distinct tiers. Our focus is on the fees for different trading volumes. We spotlight the basics and the possible savings through native tokens and other discount schemes. We developed this method to ensure a clear look at the fee structures and savings avenues for traders of all experiences. Additionally, we compare these fees to industry standards to show how each exchange ranks in terms of affordability.
Pricing Tier | Maker/Taker Fee | Industry Average |
Up to $10k | 0.1% / 0.1% | 0.41% / 0.51% |
Up to $100k | 0.1% / 0.1% | 0.33% / 0.37% |
Up to $500k | 0.1% / 0.1% | 0.25% / 0.29% |
BingX uses the industry-standard Maker-Taker fee model, offering reduced trading fees as users increase their monthly trading volume or account balance. For spot trading, fees start at 0.1% for both maker and taker orders, while futures trading fees start at 0.02% for maker orders and 0.05% for taker orders. Overall, BingX’s trading fees are highly competitive and rank among the lowest in the industry, on par with top exchanges like Binance and Bybit.
Deposit Fees
Payment Method | Deposit Fee |
SEPA Transfer | Free |
SWIFT Transfer | Free |
Credit/Debit Card | Fees vary by transaction amount & payment method |
Third-Party Payment Provider | Fees vary by transaction amount & payment method |
P2P Trading | Fees and rates vary by merchant |
Crypto | Free |
BingX offers free deposits in multiple fiat currencies via SEPA or SWIFT transfer — an option that’s not commonly found on many exchanges. Users can also buy crypto using a credit/debit card or through a third-party payment provider, though fees vary significantly based on the payment method and transaction amount.
Withdrawal Fees
Payment Method | Fee for Withdrawing $10k |
SEPA Transfer | N/A |
Third-Party Payment Providers | N/A |
P2P Express | Fees vary by transaction amount & payment method |
Crypto | Free |
BingX does not support direct fiat withdrawals but provides fee-free P2P and crypto withdrawal options. While P2P trading is cost-effective, as it incurs no fees, the exchange rates vary based on the selected merchant. During my testing, I observed that no merchants were available to process withdrawals exceeding $5,000.
However, for EUR withdrawals, several merchants offered support for transactions over €10,000 with competitive exchange rates, rivaling the rates seen on exchanges offering direct USDT-to-EUR conversions. The best exchange rates I could find were €0.946 for a €10,000 withdrawal and $1.11 for a $5,000 withdrawal.
Leverage and Futures Trading Fees
Futures Fees
BingX also offers low fees for futures trading, using the same Maker-Taker model as spot trading but with even lower percentages to accommodate larger position sizes in futures markets.
In my experience, BingX’s futures trading fees are among the lowest in the industry, closely comparable to industry leaders Binance and Bybit. Funding fees are also competitive, on par with Binance, and only slightly higher in some cases.
BingX Futures Trading Fee Structure
30-Day Volume | Maker Fee | Taker Fee |
$0 – $100,000 | 0.020% | 0.050% |
$100,001 – $1,000,000 | 0.020% | 0.050% |
$1,000,001 – $5,000,000 | 0.020% | 0.050% |
$5,000,001 – $10,000,000 | 0.020% | 0.050% |
$10,000,001 – $20,000,000 | 0.014% | 0.040% |
$20,000,001 – $50,000,000 | 0.012% | 0.0375% |
$50,000,001 – $100,000,000 | 0.010% | 0.035% |
> $100,000,001 | 0.008% | 0.0315% |
Are BingX Fees Competitive?
BingX offers some of the industry’s lowest trading fees across both spot and futures markets. However, futures funding fees stand out as noticeably higher compared to competitors like Binance. While fiat deposits are free for four supported currencies, using the Quick Buy feature with a bank card incurs significantly higher fees, making it a less ideal choice for large crypto purchases.
To minimize costs, I’d recommend steering clear of Quick Buy for large transactions due to less favorable exchange rates. For trading, I found Maker/Limit orders to be the best way to leverage BingX’s lower trading fees. Additionally, trading larger volumes can help users access lower fee tiers while limiting how long you hold futures positions can mitigate the impact of higher funding fees over time.
Cryptocurrencies Available on BingX
BingX provides one of the broadest selections of tradable assets among major exchanges, with over 860 spot tokens and more than 270 futures markets. Users can trade everything from large-cap tokens like BTC and ETH to trending and niche altcoins from the Solana and Toncoin ecosystems.
BingX offers more spot tokens than industry leaders Binance (426), Bybit (665), and Coinbase (259). However, it has fewer futures markets than both Binance (390) and Bybit (420). Additionally, BingX has been given an average liquidity score of 506, which is far lower than Binance (923), Coinbase (805), and Bybit (675).
Available Cryptocurrencies | 861 |
Spot Trading Pairs | 1127 |
Futures Markets | 271 |
Liquidity Score | 506 |
Launchpad | Yes |
BingX also features a launchpool, allowing users to stake USDT or BTC for allocations in upcoming projects. Making the exchange ideal for traders looking to profit from early investments in upcoming tokens.
A fairly unique feature BingX offers is a pre-market trading platform, enabling users to trade upcoming tokens before they’re officially listed. This is ideal for traders looking to speculate on tokens for upcoming airdrops. If you are looking to trade Pre-Markets you should keep in mind that these markets have much less liquidity and wider spreads than traditional spot markets.
Deposits & Withdrawals
BingX directly supports deposits in four fiat currencies (EUR, CHF, AUD, and JPY) but offers access to over 70 additional currencies via debit/credit card and P2P trading. Direct fiat withdrawals are unavailable, P2P trading is the only option for fiat withdrawals.
BingX Deposit Options
Payment Method | Accepted Fiats | Fee | Processing Time |
SEPA Transfer | EUR, CHF | Free | 1-2 working days |
SWIFT Transfer | AUD, JPY | Free | 1-3 working days |
Debit/Credit Card | 75 currencies | Variable* | Instant |
Apple/Google Pay | 75 currencies | Variable* | Instant |
P2P | 63 currencies | Variable* | Instant – 30 minutes |
E-Wallets | N/A | N/A | N/A |
* fees vary by transaction amount, payment method, and merchant
Based in the EU, I used SEPA transfer to deposit EUR into my BingX account, though it took longer than anticipated as BingX does not support SEPA Instant.
Peer-to-Peer Trading
P2P trading opens up a wider range of currencies and payment methods, enabling users outside the four directly supported currencies to deposit funds on the exchange. Through P2P, users can buy and sell crypto using various payment methods such as Revolut, Wise, Zelle, and CashApp.
The P2P platform displays essential details for each merchant, including the number of trades in the past 30 days and the average release time for funds. BingX also requires all P2P merchants to lock funds as a security deposit, providing added peace of mind.
Fiat Quick Buy
BingX lets users instantly buy crypto using a credit/debit card or Apple/Google Pay. It supports 75 currencies. Users can select rates provided directly by BingX or its third-party payment providers, MoonPay and Mercuryo.
During testing, my purchase using a debit card was processed instantly, which is similar to Quick Buy services from exchanges like Bybit. However, unlike competing exchanges I was charged an additional $1 card verification fee.
BingX Withdrawal Methods
Payment Method | Accepted Fiats | Fee | Processing Time |
SEPA Transfer | N/A | N/A | N/A |
SWIFT Transfer | N/A | N/A | N/A |
Debit/Credit Card | N/A | N/A | N/A |
Apple/Google Pay | N/A | N/A | N/A |
P2P | 63 currencies | Variable* | Instant – 30 minutes |
E-Wallets | N/A | N/A | N/A |
* fees vary by transaction amount, payment method, and merchant
The limited options for fiat withdrawals on BingX are disappointing, especially given that competitors like Binance, Kraken, and Bybit offer direct fiat withdrawals. It’s puzzling, considering the platform supports SEPA and SWIFT deposits yet does not facilitate SEPA and SWIFT withdrawals. As a result, the only way to withdraw fiat currency is through P2P trading, which often comes with less favorable exchange rates, high minimum transaction amounts, and the added risk of dealing with individual merchants.
BingX Daily Withdrawal Limits
Method | Availability | Daily Withdrawal Limit (Crypto) | Daily Withdrawal Limit (Fiat) |
Crypto (USDT) | Yes |
20,000 USDT with basic verification 5,000,000 USDT with advanced verification |
$20,000 with basic verification $5,000,000 with advanced verification |
Cash/Fiat (USD, EUR, etc.) | Yes | One P2P trade per day for both basic & advanced verification | One P2P trade per day for both basic & advanced verification |
ACH Cash | No | N/A | N/A |
Users with only Basic Verification have strict limits on crypto withdrawals, while those who have completed Advanced Verification enjoy higher withdrawal limits. Unlike exchanges such as Bitget, which increase withdrawal limits based on VIP level, BingX’s limits are unaffected by VIP status.
Fiat withdrawals are available only through P2P trading, meaning daily limits depend solely on how much a merchant can provide in a single trade. All users are limited to one P2P transaction every 24 hours, so the fiat withdrawal cap is essentially what you can withdraw in one P2P transaction.
Customer Service
BingX provides 24/7 customer support in 17 languages via live chat and email. While the live chat initially connects you to a chatbot, users can request to speak with a human agent. Email support is also available at support@bingx.com.
Live Chat | Phone | Languages | |
24/7 | N/A |
24/7 support@bingx.com |
17 – English, Spanish, German, French, Italian, Dutch, Portuguese, Traditional Chinese, Vietnamese, Russian, Japanese, Ukrainian, Arabic, Bahasa, Turkish, Farsi, Thai |
BingX Customer Service Test
To evaluate the quality of customer services for diverse user needs, we created a unique trading test. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors.
During my testing, BingX’s chatbot required multiple requests before successfully connecting me to a human agent. However, after a couple of minutes, I was connected and found the agents to be responsive and very helpful. I asked a set of standard questions covering security, reliability, and general exchange information. After a brief wait, the support agent provided thorough answers covering all aspects.
I also tested BingX’s email support, posing the same questions. In this case, I received a detailed response in under four and a half hours – a notably fast turnaround, considering many exchanges typically respond within 24 hours or longer, as I found with Bybit and Bitget.
Overall, my experience with BingX’s customer support was positive. Although the chatbot could be frustrating at times, it was useful for addressing general, straightforward questions. The support agents themselves were exceptionally helpful and delivered detailed answers. In summary, I’d place BingX’s support on par with competitors like Binance and Kraken, which I consider benchmarks for quality customer service.
FAQ
Is BingX trustworthy?
Based on our research, BingX can be considered only moderately trustworthy and secure. The platform suffered a significant security breach in September 2024, resulting in the theft of over $40 million in cryptocurrency. While the exchange promptly reimbursed affected customers using its own assets, such incidents highlight the inherent risks of using cryptocurrency exchanges, particularly in the largely unregulated crypto industry.
Can US Citizens use BingX?
No, BingX does not accept residents of the United States.
Has BingX ever been hacked?
Yes, BingX was hacked in September 2024, with hackers stealing over $40 million worth of cryptocurrency. The exchange responded quickly, and customer losses were fully compensated using the platform’s own funds.
Does BingX require KYC?
Yes, KYC verification is mandatory on BingX.
Can I use leverage or margin trading on BingX?
Yes, BingX provides up to 125x leverage on crypto futures and 200x leverage on forex futures. However, spot margin trading is not available on the platform.
Is my money safe on a cryptocurrency exchange?
BingX maintains full 1:1 reserves on customer assets, with transparent Proof of Reserves and regular audits. The platform also has a self-insurance fund to protect user assets in case of unforeseen events. However, no exchange is entirely risk-free.
Is the exchange regulated?
BingX is regulated in Australia and Lithuania. The website also claims the platform is licensed in all jurisdictions where it operates, though it does not specify which other authorities regulate it.
Does BingX offer any bonuses, welcome offers, or referral rewards to its users?
Yes, BingX provides over 6,000 USDT in bonuses for new users who register, deposit funds, and start trading. These bonuses are subject to strict eligibility requirements. The platform also runs regular promotions and offers for existing users. You can join BingX using our affiliate link.
BingXFeatures
- Ethereum
- Monero
- Lisk
- DigitalNote
- Dogecoin
- Next
- NEM
- Ardor
- Kucoin Shares
- Altcoin
- Bitcoin
- Litecoin
- Ripple
Payment Method
Exchange Details | Info |
---|---|
Headquarters Country | Singapore |
Foundation Year | 2018 |
Type | exchange |
Trading Allowed | Yes |
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