KEYTAKEAWAYS
- Comprehensive Services: BingX provides buying, spot, contract, and copy trading, catering to various user needs.
- User-Friendly Features: Copy trading and VST simulated trading are perfect for beginners to learn and practice.
- Strong Security: BingX holds multiple regulatory licenses and offers a 100% Margin Guarantee Plan for user protection.
CONTENT
BingX: Award-winning copy trading crypto platform with unique features. Explore AI-powered grid trading, Chelsea FC partnership, and 100% margin guarantee.
“BEST EXCHANGE FOR TRADING CRYPTO”- TRADINGVIEW
What is BingX?
BingX, established in 2018 and headquartered in Singapore, also has offices in Taiwan, Australia, the EU and Hong Kong. Originally known as Bingbon, it rebranded to BingX in November 2021. The exchange now serves over 60 countries and regions across Asia, Europe, North America, and Oceania, with additional offices in Taiwan, Australia, the EU, and Hong Kong.
Renowned for its professional contract trading features and copy trading services, BingX has garnered significant recognition in the industry. It has been awarded ‘Best Crypto Broker/Exchange’ for three consecutive years at the TradingView Broker Awards, scoring an impressive 4.9 out of 5. The platform’s growth is further evidenced by its strategic partnership with Chelsea Football Club and a doubling of its user base from 5 million to 10 million.
BingX stands out as an excellent platform for trading crypto, particularly for beginners. It offers Virtual USDT (VST) simulated funds, allowing users to practice trading in a risk-free environment. Additionally, the platform continues to evolve, introducing features like BingX Wealth for asset management and zero-slippage in futures trading, further enhancing its appeal to both novice and experienced traders alike.
(Source: BingX)
▶ BingX Official Website: Check Here
>>> More to read : Choosing the Right Cryptocurrency Exchange: CEX vs DEX
6 KEY SERVICES OF TRADING CRYPTO ON BINGX
1. Buying Crypto on BingX
BingX offers three primary methods for purchasing or direct trading crypto: Quick Buy, P2P Trading, and Fiat Deposit.
- Quick Buy: Users can choose their payment currency and desired cryptocurrency, then enter either the amount they wish to pay or the amount of crypto they want to buy. The platform automatically calculates the exchange based on current rates. Quick Buy offers various payment methods, including P2P merchants and third-party payment providers.
- P2P Trading: This peer-to-peer option allows users to buy crypto from other users or merchants. After selecting your preferred fiat currency and entering the amount you want to spend, you can choose a seller from the search results. The platform shows various offers, allowing you to select the best rate. You then complete the transaction by paying the seller through the agreed payment method. This option is suitable for users who prefer direct transactions and potentially competitive rates.
- Fiat Deposit: This option allows users to deposit fiat currency into their BingX account before purchasing cryptocurrencies. It requires KYC verification and is facilitated through Legend Trading, a third-party service provider. This method of trading crypto might be preferred by users who want to fund their account first and then make purchases at their convenience.
2. Spot Trading
BingX offers spot trading services for BTC, ETH, USDC, USDT and many more. The platform integrates prices, depth, and volatility from multiple mainstream exchanges, and charges a 0.2% fee for currency exchanges.
A standout feature of BingX’s spot trading is its advanced grid trading options:
Two Types of Grid Trading
This automated trading crypto strategy, executed by AI robots, aims to minimize human error and investment risk by conducting transactions around the clock.
- Spot Grid: This classic grid trading method allows users to set upper and lower price limits. The system then automatically buys low and sells high within this range, potentially generating profits from market volatility.
- Spot Infinity Grid: An innovative approach with no upper price limit, this arithmetic grid maintains digital asset value through buying and selling at a fixed ratio. For example, with a 1% profit per grid setting, the system will sell off any price increases of 1%, enabling continuous arbitrage in rising markets.
3. Copy Trading
BingX’s flagship feature is copy trading, allowing users to automatically mirror the trades of successful traders, syncing profits and losses. This feature enables users to follow traders without constantly monitoring the market, providing a reliable way for beginners to earn profits from trading crypto easily.
BingX categorizes traders into “Trending Traders,” “Conservative Traders,” “Rising Stars,” and “All Traders.” Users can filter traders based on various criteria such as overall ranking, number of followers, fan count, and risk rating to find the right trader to follow.
Once you start copy trading, your funds will automatically follow the chosen trader’s actions. You can also customize settings to adjust how your funds are managed.
There are two modes: “Spot Copy Trading” and “Futures Copy Trading.” The system automatically tracks the trader’s order amount and places orders on your behalf based on either amount or proportion.
For example, if the trader’s total capital is 10,000 USDT and your total assets are 1,000 USDT:
– If you follow by amount, when the trader places a 500 USDT order, you will also place a 500 USDT order.
– If you follow by proportion, when the trader places a 500 USDT order, you will place a 50 USDT order.
(Note: Past performance does not guarantee future results. Be cautious of traders with exceptionally high returns and win rates, as they might use high leverage to achieve short-term gains, which can lead to significant losses when the market turns unfavorable. Some traders may also create multiple accounts and only maintain those with the highest win rates, discarding the others. Therefore, carefully select the traders you follow.)
4. Derivatives
BingX offers two types of futures contracts to cater to different trading crypto needs and experience levels: Standard Futures and Perpetual Futures.
Standard Futures: Designed specifically for beginners, Standard Futures feature a simplified interface and streamlined functionality. Key characteristics include:
- Isolated margin management, where each position’s margin is calculated separately
- Fast execution and straightforward trading process
- Suitable for small fund trading
- Available for forex, global indices, and commodities
- Includes Coin-M Standard Futures
This option is ideal for those new to futures trading or those preferring a more straightforward approach.
Perpetual Futures: Aligned with industry standards, Perpetual Futures cater to both regular and advanced traders. Notable features include:
- Cross margin mode, where margin is pooled across positions
- Exclusive Guaranteed Price feature to prevent slippage
- Dual-Price Mechanism for secure large fund management
- Deeper market depth for enhanced liquidity
- Option for automated futures trading
Perpetual Futures are recommended for experienced traders, those dealing with larger funds, or users seeking more advanced trading crypto features.
5. Feed Social Feature
BingX has introduced the “Feed” social feature, creating a global, transparent platform where users can interact, share experiences in trading crypto, and discuss market trends. Users can follow updates from prominent figures and traders, gaining insights into their strategies and trading styles.
This community-driven approach facilitates information and resource sharing, with experienced investors’ strategies serving as valuable references for beginners. By lowering the barrier to entry, the Feed feature makes cryptocurrency investments more accessible to a wider audience.
6. VST Simulated Trading
To cater to beginners, BingX provides a VST (Virtual USDT) mechanism for simulated trading. This allows users to practice trading with virtual funds instead of real money, enabling them to confidently and boldly develop their trading skills without financial risk.
SAFETY AND RELIABILITY OF TRADING CRYPTO ON BINGX
1. Regulatory Licenses
BingX holds regulatory licenses from multiple countries, including the EU, USA, Canada, and Australia, ensuring its compliance with international financial standards. The licenses are as follows:
- European Union: Registered with the Estonian Financial Intelligence Unit (FIU), BingX holds dual licenses (MRT) to provide digital currency exchange and digital wallet services.
- United States: Registered with the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury as a Money Services Business (MSB), allowing it to engage in foreign exchange activities.
- Canada: Registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as an MSB, authorized to conduct virtual currency transactions.
- Australia: Authorized by the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a Digital Currency Exchange Service Provider.
2. 100% Margin Guarantee Plan
BingX has implemented a 100% Margin Guarantee Plan, ensuring that user funds are never misappropriated. The exchange regularly publishes Merkle Tree Proofs to verify this commitment . BingX’s ranking among exchanges has been steadily rising, further indicating its reliability and security.
BingX uses Merkle Tree Proofs to provide 100% margin proof, ensuring users have access to transparent and secure exchange data. This information, including details of the 100% Margin Guarantee Plan, is available on the BingX website. When the margin rate is >= 100%, it indicates that the platform has sufficient funds. BingX publishes Merkle Tree Proofs on the 1st and 15th of every month, allowing users to confidently use the platform.
Overall, with the features and security measures provided by BingX, it stands out as an excellent exchange in the crypto space. Its reputation is strong among crypto enthusiasts. If you are considering investing in virtual currencies, BingX is definitely worth considering.
>>> More to read : 4 Trusted Crypto Market Live Trackers for Staying on Trend
FAQS
- What is BingX ?
BingX is a global cryptocurrency exchange offering spot trading, derivatives, copy trading, and social features.
- Is BingX safe to use?
Yes, BingX holds regulatory licenses from multiple countries and implements a 100% Margin Guarantee Plan.
- What unique features does BingX offer?
BingX offers copy trading, a social Feed feature, and VST simulated trading for beginners.
- What types of futures trading does BingX provide?
BingX offers both Standard Futures for beginners and Perpetual Futures for experienced traders.
- Is BingX available in the US?
Yes, BingX is registered with FinCEN, but some services like leveraged perpetual contracts are restricted for US residents due to regulations.
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Crypto Futures Trading: A Way to Multiply Your Crypto Returns
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Understanding Automated Crypto Trading at a Glance and How to Optimize Your Investment by It
