Are Your Funds Safe And Secure With BingX?

Does the partnership with Chelsea FC make BingX a reliable crypto buying and selling platform?

Effectively, partnerships should not an enormous deal on this planet of cryptocurrencies, and we’ve seen this every now and then with many high crypto exchanges up to now like Mt. Gox, FTX which went stomach up, and lots of crypto merchants and investor misplaced cash.

Nonetheless, we’ve our personal methodology “CoinSutra crypto trade overview methodology” and based mostly on which we overview and price exchanges. 

As we speak, we’re doing a deep-dive into a well-liked and one of many largest worldwide platforms for buying and selling cryptocurrencies known as BingX. This trade was established in 2018, and turning into decently fashionable within the latest years.

We’ll look into all the highest options of BingX, their KYC norms, and can attempt to consider if BingX could be trusted or try to be cautious with this rising crypto buying and selling platform. 

What’s BingX ?

BingX, established in 2018, is a crypto buying and selling platform that lets you purchase/promote and commerce fashionable cryptocurrencies resembling Bitcoin, Ethereum, and USDT.

BingX affords options resembling P2P buying and selling, Derivatives buying and selling, Automated bot buying and selling methods resembling grid bot buying and selling, and lots of extra options. I’ve highlighted the identical on this BingX overview beneath. 

As per official web site, BingX is registered monetary service firm in lots of jurisdictions and as per their web site, I might discover these info: 

BINGX EU UAB – Lithuania (regulated by the Monetary Crime Investigation Service (FSIC) as a digital forex trade.)
BINGX GLOBAL PTY LTD – Australia (regulated by the Monetary Crime Investigation Service (FSIC) as a digital forex trade.)

Fascinating bit: BingX was beforehand named as Bingbon and in November 2021, they revamped their company construction and rebranded to BingX. 

Professionals of BingX: Benefits

One of many lowest charges for USDT withdrawals. As little as 0.3 USDT on sure blockchains. 
Top-of-the-line non-KYC crypto exchanges in 2024

Cons of BingX: Disadvantages

No leverage supplied for spot buying and selling, which some merchants might not like.

Partnership: 

Official crypto trade accomplice of Chelsea FC (Feb 2024, as per the official web site)

Compliance: 

Has department places of work in Canada, the EU, and Australia, as per their web site.

BingX Safety practices:

Safety audit by CertiK

Bug bounty program:

BingX affords an enormous bounty program which permits safety researcher to seek out bugs on their platform and report it to BingX in trade to be awarded a bug bounty. This manner, the platform proceed to find any bug, and repair them earlier than it causes havoc. Maybe, that is why BingX has by no means been hacked thus far. Yow will discover the BingX Bug Bounty Program right here.

2FA authentication

Strong Id verification: Although BingX is a Non-KYC trade, however for prime worth withdrawals, you should full the KYC. BingX makes use of the Sumsub as their KYC verification service. You’ll be able to learn bout BingX KYC requirement right here. 

Makes use of AI know-how to fight cybercrime associated dangers. 

Transparency:

100% proof of reserves 

Notable BingX Options:

Spot buying and selling market:

Spot buying and selling market is the spine of a thriving crypto exchanges. That is what a newbie or perhaps a skilled dealer use for crypto buying and selling with out leverage.

Convert Crypto with single click on:

In case you are not a dealer, however on the lookout for a method to often put money into crypto-assets, you need to use this characteristic to transform not crypto into one other. For instance, USDT to BTC or vice-versa.

Purchase/Promote Crypto with P2P buying and selling:

For the reason that inception of crypto buying and selling, P2P has been one of the crucial fashionable method for getting and promoting cryptocurrencies. BingX affords a sturdy P2P market, and to be compliant, they solely permit KYC verified customers to make use of BingX P2P buying and selling service. 

Derivatives buying and selling market:

Perpetual futures
Customary futures

You’ll be able to modify every contract’s leverage and change margin mode between cross margin and remoted margin.

Bot Buying and selling:

Grid bot buying and selling:

Copy buying and selling:

One of many fashionable characteristic of BingX is copy-trading. Utilizing this characteristic, you may develop your portfolio by robotically copying trades {of professional} merchants. And, in case you are a pro-trader, you can begin a copy-trading service, whereas incomes cash from individuals who copy your profitable technique.

BingX Buying and selling Charges:

Buying and selling Charges is one large issue amongst skilled buying and selling when they’re choosing a crypto trade. Personally, I’ve seen an enormous distinction in my portfolio return when utilizing a top quality and low payment trade.

BingX commonplace payment is identical as different top-tier exchanges like Binance, Bybit and others. Nonetheless, your buying and selling charges can change into based mostly in your buying and selling quantity, which additionally determines your VIP degree.

BingX Spot market charges as per VIP degree:

BingX Futures market charges as per VIP degree:

Not like many different crypto exchanges, right now BingX doesn’t supply a local trade token, which is one other method for customers to decrease down their buying and selling charges.

Different BingX merchandise:

Wealth –

Utilizing this, it is possible for you to to lend your crypto for both versatile time period of mounted time period utilizing BingX wealth program. This manner you’ll be able to earn extras yield out of your crypto holding, which is one thing you need to make the most of. I desire Versatile holding over Mounted time period as from my expertise it’s all the time higher to have possibility to instantly entry your cryptocurrencies. 

Shark Fin:

Shark Fin is a principal-guaranteed Wealth product launched by BingX. No matter whether or not the market is bullish or bearish, you’ll be able to make investments on this product and earn pursuits with out risking your principal.

Shark Fin categorizes crypto property as bullish or bearish. BingX at present affords 4 Shark Fin merchandise: Bullish_BTC, Bearish_BTC, Bullish_ETH and Bearish_ETH.

Different options: 

iOS and Android apps
API for builders

BingX Assessment Abstract:

BingX is a high-risk cryptocurrency trade with a CoinSutra rating of 4.11 out of 10.  The trade affords low charges, and have a good group of novice and skilled traders and merchants.  From the options perspective, they’ve every thing you may ask from a well-liked no-kyc by-product crypto trade.

The regulation half shouldn’t be clear, and this will not be perfect for a lot of who’re on the lookout for a regulated crypto exchanges resembling Coinbase, Kraken and others. It will likely be fascinating to see how BingX navigates from being an unregulated trade to a regulated trade sooner or later.

In case you have any tip or information about BingX, share with us through writing to us on hi there(at)CoinSutra.com

BingX additionally affords welcome becoming a member of bonus of as much as $5000 for brand spanking new customers.

BingX Options:

We’ll do a devoted article on high BingX alternate options. Nonetheless, as per options supplied by BingX and based mostly on reputation, here’s a high various to BingX:

Phemex: 

Phemex is a well-liked crypto trade that has lax to no-kyc requirement for buying and selling cryptocurrency. They provide all of the options supplied by BingX, and turning into fashionable amongst crypto merchants as a result of rising buying and selling options resembling automated bots. Try detailed overview of Phemex trade.

Phemex additionally affords a platform token known as PT which is according to different high exchanges like OkX and Binance. 

FAQ’s associated to BingX Trade: