BingX

BingX in Summary

Similar to other cutting-edge crypto exchanges, which apply some of the best Cryptocurrency trading strategies, BingX offers a variety of start-up benefits, including no-deposit bonuses.

The exchange has a unique edge in the form of a social trading platform with a transparent rating. It is a simple and successful way for new investors to earn passive income.

What is BingX?

BingX, founded in Singapore in 2018, is a pioneer and market leader in the crypto derivatives market. It has over 1 million users and is spread across Asia, including Taiwan, Japan, Korea, Russia, and Vietnam, to offer a dependable, robust, and cost-effective trading environment.

The primary objective of the BingX platform is to allow consumers to buy and sell digital products from a single platform. The exchange also offers a wide range of services to users, including instant spot exchanges, derivatives pairs, and a fiat financial system for digital trading currencies with high leverage.

Where is BingX or Bingbon Exchange From?

BingX, also known as Bingbon in Singapore, is an ambitious crypto exchange that has been at the forefront of new blockchain technologies. Following a full makeover, the exchange was renamed BingX and immediately earned a reputation for its copy-trading features.

BingX is a global financial services corporation with operations in North America, Canada, the European Union, Hong Kong, and Taiwan.

BingX has also obtained four regulatory licences in Canada, the United States, Australia, and the European Union, allowing it to conduct business in other countries and regions where it provides services.

Who Owns BingX?

BingX’s founding and leadership team is comprised of pioneering individuals with over 10 years of experience in their respective fields of expertise from top VC firms, financial institutions like as J. P. Morgan and Standard Chartered Bank, and leading internet businesses such as Google, Tencent, and Alibaba.

The United States Patent and Trademark Office received a trademark application for X BINGX on Friday, March 25, 2022. The X BINGX trademark has been assigned the serial number 97331914 by the USPTO.

There is no detailed information available about the founders of BingX on the website of this exchange. In the About Us section of this exchange, it is said that the goal of the BingX exchange is to provide investment opportunities for all people in the simplest possible way in the financial markets. It is also written in this section that the BingX exchange offers its services in more than 100 countries in the world and its founding team consists of pioneering professionals from venture capital companies (VC), financial institutions such as J.P. Morgan, Standard Chartered Bank, and leading companies. Like Google, Tencent, and Alibaba, they have more than 10 years of experience in their respective specialized fields.

However, referring to the LinkedIn page of BingX exchange, we find that more than 127 people work in this exchange.

BingX Review

With the increasing availability of digital trading platforms, selecting the best cryptocurrency exchange can be a difficult endeavor. There are numerous exchangers accessible on the market. Beginners can learn about the charting interface, platform features, trading pairs, security, customer support, and fees, all of which influence exchange quality in various ways.

BingX is a well-known Asian trading exchange that offers a safe, secure, and quick trading platform for derivatives. In this BingX review, we will give you the most up-to-date and accurate information on BingX. Please keep in mind that this is merely a preview and does not constitute investment advice; therefore, before investing in cryptocurrency exchanges, please make an informed decision.

Pros of BingX

As a reliable exchange, BingX has advantages and positive points as follows:

All-Inclusive Platform

BingX provides an all-inclusive user-centric platform to over 100 countries worldwide.

Security

BingX has implemented up-to-date security technology to ensure that the platform is safe for users to trade on.

Technical Features

BingX offers a range of technical features such as an account manager, trade copier, and signal analytics.

Customer Support

BingX provides reliable customer support for users to inquire about their concerns.

Cons of BingX

No crypto exchange could be perfect and BingX as well, needs to improve in different areas as follows: 

1- Limited Cryptocurrency Options

BingX has a limited number of cryptocurrencies available for trading.

2- Rather high trading fees

BingX charges fees for trading, withdrawals, and other services. The trading fees on BingX depend on the user’s trading volume and can range from 0.1% to 0.02%.

3- Withdrawal Fees

 The withdrawal fees on BingX vary depending on the cryptocurrency being withdrawn.

“When I pressed them on the question the representative says maybe you should consider what is best for your own needs with a happy face at the end.”

4- Inadequate information on the exchange’s security.

5- BingX has a limited number of cryptocurrencies available for trading.

6- Below-par customer service quality.

“Worst trading page even worse support!!!”

7- BingX has a limited number of cryptocurrencies available for trading.

8- US traders are not allowed.

9- Bad Copy Trading System

“I have lost half of my money only by copying “conservative” traders especially”.

Before adding money to their account or making trades, investors can test out a trading platform using a demo account. MarViz is a sophisticated trading bot provided by Coinlocally, along with an easy-to-understand video instruction which is a really helpful service for all users.  

Security of Assets

The BingX website has minimal information about its security procedures. We do know, however, that BingX uses end-to-end SSL encryption and keeps a portion of its digital assets in cold storage wallets that require several signatures to facilitate withdrawals. 

In the event of theft, there is also an insurance fund in place. Unfortunately, BingX does not state what percentage of monies are retained offline or in the insurance fund.

BingX provides Two-Factor Authentication (2FA) and lets users generate a fund code as well as a secondary password for use while depositing, withdrawing, or trading with account funds.

SlowMist, a blockchain security organization, has worked with BingX to audit their wallet services. There is a bug bounty program that rewards users who give information about system vulnerabilities.

Features of BingX

BingX provides a number of choices for exchanging eternal digital currencies. BingX traders can use either a cross or isolated margin. The top seven crypto assets suited for the majority of users are included in BingX’s digital currency selection.

Inverse contracts are available to Ethereum and Bitcoin users. Customers can thus trade the BTC-based contract with Bitcoin and the ETH-based contract with Ethereum as a margin. BingX is a well-known Asian trading exchange that offers a safe, secure, and quick trading platform for derivatives.

For users to speculate on, BingX’s crypto derivatives contracts are connected to eight different indexes, including the S&P 500, Nikkei 225, NASDAQ-100, and DJIA.

Unlike other platforms, BingX has a Forex market with seven contracts related to significant crypto trading pairings. Users can also speculate on commodities, such as crude oil, silver, and gold. It should be emphasized that on BingX, all non-crypto contracts must be settled in USDT.

Buy and Sell Cryptocurrencies

Although it is well known for its copy-trade features, BingX is also capable of conventional crypto buying and selling. Users can buy and sell with the same ease as any other exchange using a well-designed, professional trading interface.

Copy-trading features

While some exchanges only offer copy-trading as a feature, BingX goes above and above to provide an unparalleled copy-trading experience. With clear, easy-to-read data and statistics on the greatest copy-traders on the site, you can tailor your strategy to your specific needs. This is how BingX established itself. If you are only interested in copy-trading as a feature, BingX has no competitors.

Fiat Support

BingX offers wide fiat support by utilizing systems such as Banxa and Moonpay for different currencies such as USD, AUD, EUR, KRW, THB, TWD, BGN, BRL, CAD, CHF, COF, and others. To complete these fiat purchases, the platform employs third-party methods.

Perpetual Swap feature

You can keep your limit orders and margin transactions running around the clock with the Perpetual Swap option. Investors must first close their positions and then reopen them when a contract delivery date arrives. For experienced traders, the Perpetual Swap eliminates the problem of missing market swings due to time-consuming operation processes on other exchanges.

Intuitive and Beginner-Friendly Platform

BingX’s layout is user-friendly for both novices and professionals, from getting started with just your email verification to navigating all of the platform’s features.

Is BingX legit?

BingX looks to be a  legitimate cryptocurrency exchange with licenses from FinCEN (the United States), FINTRAC (Canada), Majandustegeveuse Register (the European Union), and AUSTRAC (Australia). Local offices are located in North America, Canada, the European Union, Hong Kong, and Taiwan. There are numerous security precautions in place, and the exchange provides adequate liquidity for traders.

BingX is a user-centric social trading network that provides cryptocurrency traders across the world with spot trading and derivative services. BingX aspires to elevate the whole cryptocurrency sector by making it easier for traders to replicate and learn from successful trade tactics using cutting-edge security technology and dependable customer service.

BingX Review Reddit

In the following, there is a sample review regarding the legitimacy of BingX on Reddit. 

“There is not any trustable reviews about the site”.

How to withdraw from BingX

In order to withdraw from BingX, you can take the following procedure: 

Step 1: Log in to your BingX account and look for the withdrawal option. For the BingX app, go to the homepage and then to “My Assets” and then to “Withdraw”; for the BingX website, go to the home page and then to “Withdraw.”

Step 2: Choose the coin to withdraw.

Step 3: Select “Withdraw” or “Internal Transfer”.

Withdraw: Confirm the name of the “chain” as well as the “service fee” that goes with it. Fill out the “address” and “withdrawal quantity” fields. Check the “Actual Arrival” amount and press the “Withdraw” button.

Internal Transfer: As the transfer method, select “user UID”, “email”, or “phone”. Then specify the “withdrawal quantity” Check the “Actual Arrival” amount again and then click “Withdraw.”

About withdrawal limits

Withdrawal limits vary depending on whether the user has passed KYC verification.

Difference	Unverified Users	Verified Users
24h Max. Withdrawal	50,000 USDT	5,000,000 USDT
Max. Cumulative Withdrawal	Unlimited	Unlimited

Note:

• The withdrawal limit is affected by your KYC status.

• The minimum withdrawal is 10 USDT.

• Please do not transfer your USDT assets to non-USDT addresses; else, your holdings will be lost.

• Please double-check that you have entered the proper withdrawal address. Once submitted, withdrawal requests cannot be canceled.

• Never give out your passwords, messages, or GA codes to anybody.

• Withdrawals must be approved by the entire blockchain, which can take anywhere from 10 to 120 minutes before the asset is deposited to your account.

• All cryptocurrencies will be calculated in comparable USDT value at the moment of withdrawal (recorded as “value at time of withdrawal in the system”).

• If your account is determined safe by the system, which will evaluate the user’s account security based on the risk assessment score, the withdrawal may proceed without manual verification. If an irregularity is identified, the withdrawal will be halted until the manual review procedure is completed.

Coinlocally; The Best Alternative for BingX

Coinlocally is a cryptocurrency exchange of the future generation that focuses on empowering the crypto community if you’re seeking for the best cryptocurrency exchange on the market that takes compliance seriously. To realize its vision of “financial freedom for people,” it aims to provide high-level social trading platforms complete with tools and features. It also educates through its Academy in order to broaden knowledge.

Coinlocally is able to involve users more fully in the process, relying on their values to design a comprehensive marketing campaign, and ultimately extend its platform by building a significant community in order to attract more users and accelerate adoption by developing its own cryptocurrency token.

It seeks to prepare all of the tools required to assist people in achieving financial independence and freedom; its goal is to develop an ecosystem rather than a traditional transaction.

They formally launched in late 2021, but they already have platforms such as demo trading, spot trading, Futures trading platform, and so on. In the first half of 2023, Coinlocally will also begin offering Copy Trading and Social Trading.

If you’re looking for a cryptocurrency exchange that welcomes novices, Coinlocally is a popular option. It’s straightforward to use and intuitive. One platform caters to inexperienced investors, while the other caters to more experienced traders. The prices for the basic platform are low, and the site is simple to use. 

Preferences

As one of the top crypto exchanges, Coinlocally has lots of advantages compared with other exchanges, some of the advantages are as follows:

• Exchange fee

Coinlocally charges the lowest fee per trade, including Maker and . 

• Listing fee

We will list new coins, tokens, and other assets on Coinlocally platforms, which may have an associated listing fee.

• Withdraw fee

There is only a small fee for withdrawals that might be different depending on each network and crypto.

• Staking

By staking and saving this currency and the cooperation they have with Coinlocally, users would be able to gain short-term and long-term profits.

• Voting

Token voting is one of the most popular methods used by voters to represent their votes. Your ability to vote increases with the number of tokens you own.

How to delete BingX Account

Users can deactivate their accounts by contacting online customer service.

Application Process:

• Entrance

Users must contact online customer support to apply for “account cancellation”; click the “bell” icon in the upper right corner of the Homepage on APP or select [Help] – [Live Chat] in the lower right corner on BingX Web. to contact customer support (24/7).

• Required Information

When applying for “account cancellation,” please prepare the following information ahead of time and submit it via online customer service.

[A selfie with the user’s ID card, face, and a letter] with the following information printed on it: ” The date is YYYY/MM/DD. I am voluntarily terminating my account ***. I have validated that the funds in the account have been withdrawn by me or that I voluntarily give up the remaining assets in the account upon cancelling.” 

Please keep in mind that the selfie should be taken with the note and ID card; also, ensure that the content of the note can be read precisely and that the complete face is clearly visible.

• Processing Time

If the user’s “account cancellation” request is explicit and correct, the associated account will be terminated in 13 working days; once canceled, the user will no longer be able to use the account for registration, login, trading, and so on.

Conclusion

BingX provides digital currency traders all over the world with a variety of trading services. While it has some limits, such as a limited amount of cryptocurrencies for trading and trading fees, its user-friendly platform, cutting-edge security technology, and dependable customer service make it a popular choice among traders.