Bingx Cryptocurrency Exchange Review: It Is Safe Or Legit Exchange?

About Bingx Cryptocurrency

Founded in 2018, Bingx Cryptocurrency is a crypto social trading exchange that offers spot, derivatives and copy trading services to more than 100 countries worldwide. BingX prides itself as the people’s exchange by unlocking the fast-growing cryptocurrency market for everyone, connecting users with experts traders and a platform to invest in a simple, engaging and transparent way.

This exchange is a so called derivatives exchange, meaning that they focus on derivatives trading. The platform does however support spot trading as well, so if that’s your preference, this platform can still be for you. A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives accordingly derive its values from the prices of specific cryptocurrencies.

Operating Company 

How To  Start With Bingx Cryptocurrency Exchange

To Start Trading With Bingx Cryptocurrency Exchange Indian Residents First Have To Sign Up For An Account By Following The Steps Below.

Step 1. Click On The “Login/Signup” Link On The Top Right Hand Corner Of The Bingx Exchange Website.

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Step 2. In The Form, Fill In Your First Name, Last Name, Mobile Number, Email ID And Password.

Step 3. If You Have A Referral Code, Enter The Code While Creating Your Account.

Step 4. Submit The Form And Wait For An Activation Email To Be Sent To You.

Step 5. Click On The “Confirm Email” Link In The Activation Email.

Step 6. After Your Account Is Activated, You’ll Be Sent A 6 Digit One Time Password (OTP), Which You Have To Enter After Logging Into Your Bingx Cryptocurrency Exchange .

BingX Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At BingX, takers are charged 0.05% per order. When it comes to the makers, their fee is 0.02%. According to the most extensive industry report ever prepared on contract trading average fees, the global average contracts trading taker fee and maker fee was 0.0591% for takers and 0.0215% for makers. Accordingly, BingX’s fee rate is considerably below the industry average for makers and above the industry average for takers.

BingX Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, they found that the average BTC-withdrawal fee was 0.0006 BTC per BTC-withdrawal.

Bingx Cryptocurrency charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00053 BTC per BTC-withdrawal according to this report) and a quite competitive fee.

Withdrawal Fees

Deposit Methods

In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to BingX is cryptocurrency. However, if you really like BingX but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange

Supported Crypto Contracts

You can engage in derivatives trading connected to Aave, Binance Coin, Bitcoin, ChainLink, Chiliz, Decentraland, Dogecoin, Enjin Coin, Ethereum, Pancakeswap, Ripple, The Sandbox and Uniswap here.

Mobile Support

Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that BingX’s trading platform is also available as an app for iPhone and Android users.

Customer Support

The 24/7 customer service representatives are always ready and willing to answer any questions or resolve any issues you might encounter. If you have any questions, please feel free to contact customer support at support@bingx.com. For prompt assistance, you can contact our customer support directly via live chat.