bingx exchange review 2024 | is bingx legit or scam - Crypto Coin Friends

Hi, fellow crypto traders! BingX Crypto Exchange is here to shake things up, so prepare for a treat!

Think of crypto exchange Bingx as a place to play with crypto. It’s easy to buy, sell, and trade. Nothing complicated about this; it’s just pure fun and ease.

Bingx is an easy-to-use crypto app with the tools to dominate the cryptocurrency market. It offers something for everyone, from experienced traders to people who have never traded.

How long are you going to wait? Join the best international crypto platform for trading, Bingx exchange, right now, and let’s go on this exciting crypto journey together!

What is bingX exchange?

BingX, founded in 2018, is a crypto trading platform that allows you to buy/sell and trade popular cryptocurrencies such as Bitcoin, Ethereum, and USDT.

It became a top crypto exchange with 10 million users. It has a 24-hour trading volume of around ₿ 34,826.66 from 704 coins and 714 trading pairs. The most active trading pair on the BingX exchange is BTC/USDT (₿ 7.25k BTC).

BingX is a leading crypto exchange offering P2P trading, spot trading, derivatives, copy trading, Automated bot trading techniques such as grid bot trading, and more. I have provided details in this BingX review below.

Advantages of BingX

Disadvantages of BingX

bingX partnership's

Chelsea FC’s official crypto exchange partner (according to the official website, March 2024)

Compliance:

According to their website, BingX has branches in Canada, the EU, and Australia.

bingx exchange charity

The BingX Charity Fund will give 1 million Turkish Lira to AHBAP and other supplies to help with earthquake relief.

Does bingX require KYC ?

Well, with BingX, you’re in for a treat! One of the coolest things about BingX is that it doesn’t force you to jump through rounds with a KYC process just to get started. Yep, you heard that right—no mandatory KYC hassle here!

So, what does this mean for you? You can hit the ground running, depositing, trading, and withdrawing crypto without having to verify your identity. Pretty sweet, huh? But hold your horses—there’s more to the story.

While you can enjoy the freedom of trading without KYC, there are some perks for those who choose to verify their accounts.

Verified users can withdraw up to a whopping 5,000,000 USD daily, a serious upgrade from the 50,000 USD limit for unverified accounts.
Verified users also get access to additional services, like fiat deposits through bank accounts or P2P trading.

How to Signup bingX exchange and KYC process

To sign up for BingX, you only need an email address and a password. You could also use your phone number. There is no wait time during the signup process.

Now, let’s discuss how you can complete KYC if you decide to go that route. It’s actually pretty simple—just snap a photo of your ID card or passport and then a selfie holding the document. Upload the photos, and there! You’re on your way to becoming a verified BingX user.

Oh, and don’t worry about the KYC process dragging on forever. BingX is pretty efficient – usually taking just a day to complete if your submission is all in order.

So, whether you’re ready to dive into the deep end with verified perks or prefer to keep things simple with no KYC, BingX has got you covered. It’s all about giving you the flexibility and freedom to trade crypto your way. Happy trading!

BingX exchange features

1. BingX spot trading

BingX spot trade is a form of crypto trading that allows you to buy and sell cryptocurrency at its current market value. The platform supports over 700 coins on the spot market and various order types, such as market, stop-limit, and limit.

How to Convert crypto to any currency

BingX offers a “Convert” option for spot traders. This feature allows you to swap one cryptocurrency for another, such as USDT, to BTC or vice versa.

2. BingX Leverage Trading/ Derivatives

BingX allows users to trade futures for cryptocurrency with a leverage of up to 100x. Futures contracts come in two different types:

Standard Futures – Easy to use for ordinary investors.
Perpetual Futures – Suitable for experienced traders.

Users must choose their leverage ratio and deposit USDT to start trading derivatives. A higher leverage ratio means less margin is required, but the risk of liquidation increases.

BingX prioritizes risk management by using mechanisms such as mark prices, funding rates, and liquidation prices for fair trading. The platform also provides information about margin and leverage rules.

3. bingX copy trading | social trading

Copy-trading on BingX lets users trade like experienced traders without all the stress and work. With this feature, users can grow their portfolio as skilled traders as they copy the trades of professional traders on the site.

Users can choose which traders to work with based on their past performance, risk level, and trading style. They can also choose between high-risk and high-reward strategies.

By watching the best traders in the business, users can learn from them and make a lot of money.

If a pro trader wants to earn extra money from people who copy their winning strategy, they can start a copy-trading service.

4. Grid Trading

BingX grids are trading bots that automate trading. They can earn you profits even while you sleep. BingX offers a massive collection of grid bot users for futures and spot trading.

Futures grid: The bot allows users to trade futures contracts with leverage levels ranging from 1x to 100x. The futures grid has more than 76,000 users, with a total investment of (USDT) of 183,204,510.17.

Spot grid: This bot allows users to spot trade cryptocurrencies, profiting from market volatility. It offers customizable price limits, grids, and investment amounts. The spot grid has over 228,108 users and a total Investment (USDT) of 114,553,894.19.

Spot Infinity Grid: The advanced Spot Grid bot offers no upper price limit, allowing users to sell at higher prices without missing profit opportunities. It also allows setting a trailing stop loss.BingX reports that it has already invested (USDT) of 113 472,663.03 with 76 503 users.

5. Buy/Sell Crypto with P2P trading

With over 100 supported payment methods and 40 fiat currencies, the BingX P2P market offers a great opportunity to on- and offramp funds through various payment methods.

bingx exchange fees

When professionals trade, trading fees are a big part of their crypto trading journey. I’ve seen a significant change in the return on my crypto when I use a high-quality exchange with low fees.

BingX charges different fees for transactions, trade pairs, and VIP users. Here, we’ll discuss BingX’s fees list.

1. spot trading fees

BingX charges different fees for spot trading, with makers placing limit orders for liquidity and takers executing market orders. For most pairs, BingX charges a 0.1% maker fee and a 0.1% taker fee. It also offers a VIP fee system with six levels, with higher levels resulting in lower costs.

2. futures trading fee

It has a VIP fee system where higher levels result in lower fees, such as a 0.000% maker fee and a 0.0280% taker fee.

3. bingx deposit and withdrawal fees

BingX charges no deposit fees, but withdrawal fees are based on cryptocurrency type, amount, and network conditions.

Here is the table with the Bingx deposit and withdrawal fees list.

BingX Deposit & Withdrawal Methods

There are three ways to use regular currencies to buy cryptocurrencies on BingX:

Quick Buy: you can make quick purchases using bank cards like Visa and Maestro, and your order will be processed immediately. Users can choose Quick Buy or use a third-party payment service like MoonPay or Mercury. There are more than 30 foreign currencies to choose from.

P2P (peer-to-peer): Use the Peer-to-Peer market to trade coins directly with other BingX users. This route adds more foreign currencies and more than 300 payment options, such as Wise, Payeer, Advcash, Zelle, and more.

Credit and debit cards(Bank Deposit): Visa and Mastercard can now be used to pay on BingX. You must also ensure that your card works with “3D Secure” and can be used for online purchases in other countries. Fiat currencies like EUR, USD, GBP, TWD, AUD, BRL, CHF, MXN, PLN, SEK, JPY, CZK, AED, INR, and TRY can be used on the site.

BingX Supported Countries

BingX, a popular crypto exchange, has a user base of over 10 million across over 100 countries and regions and is registered as a Money Service Business with FinCEN, allowing US residents unlimited access.

BingX restricted countries list

Countries that don’t like crypto assets or need clarification can’t use BingX services. These include

Afghanistan
Burundi
Central African Republic
Congo
China
Hong Kong
Macau

Other bingx products

Wealth

This will let you use the BingX wealth program to lend your cryptocurrency for either a flexible or fixed time. You can get an extra yield from holding crypto in this way, which you should use.

I like Flexible holding better than Fixed term because, in my experience, it’s always better to access your crypto right away.

Shark Fin

Whether the market is bullish or bearish, you can invest in this product and earn interest without risking your principal.

BingX offers four Shark Fin products: Bullish_BTC, Bearish_BTC, Bullish_ETH and Bearish_ETH.

is bingx safe?

People know they can trust BingX when it comes to security. This exchange has never had a wallet stolen or lost, which makes it a good choice for people who want to make safe cryptocurrency transactions.

bingX Security Audits and Proof-of-Reserves

The Proof-of-Reserves report is a security tool that makes BingX stand out. Mazars, a reputable third-party auditor, has checked this report independently, ensuring that asset management is open and honest.

BingX needs to have a good track record. It has been thoroughly security checked by well-known companies like CertiK and SlowMist. The platform also checks its operation and maintenance databases daily to find and fix any possible security holes.

Conclusion: bingx exchange review

In conclusion, BingX Crypto Exchange offers a user-friendly platform for crypto trading with diverse features catering to all levels of traders. Its No-KYC process provides flexibility, while verified users enjoy higher limits and added services.

With spot, leverage, copy, grid, and peer-to-peer trading, BingX offers various trading strategies. Low fees and extensive cryptocurrency support enhance its appeal.

Security is prioritized with regular audits and proof-of-reserves reports. While some limitations exist, such as KYC requirements and regional restrictions, BingX remains a legitimate and reliable exchange.

bingX crypto exchange FAQ'S

is BingX available in the USA

Yes, BingX is available in the USA for crypto trading and investing. The exchange is also registered as a Money Service Business (MSB) with FinCEN, allowing unrestricted access for US residents.

Is BingX a good trading platform?

Yes, BingX is a globally recognized spot and futures crypto exchange with more than 10 million users. The platform is also user-friendly for beginners. With a suite of offerings spot, derivatives trading, social trading,grid trading and wealth management,

bingx exchange review 2024 | is bingx legit or scam

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