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BingX is a global cryptocurrency exchange established in 2018, offering a comprehensive suite of trading services including spot trading, derivatives, copy trading, and asset management. With a user base exceeding 10 million across more than 185 countries, BingX caters to both novice and experienced traders.

Overview

BingX provides access to over 860 cryptocurrencies and supports various trading options such as spot, perpetual futures, and standard futures. The platform offers leverage up to 125x for crypto futures and up to 200x for forex, indices, and commodities futures. It also features advanced trading tools, including TradingView integration with over 100 technical indicators.

Trading Fees

Spot Trading

• Maker Fee: 0.1%
• Taker Fee: 0.1%

Perpetual Futures

• Maker Fee: 0.02%
• Taker Fee: 0.05%

Standard Futures

• Fee: 0.045% (charged upon closing a position)

BingX employs a tiered VIP fee structure, offering reduced fees for users based on their trading volume or asset holdings. For instance, VIP 1 spot traders with a 30-day trading volume of at least 1 million USDT or a daily asset value of 50,000 USDT enjoy maker fees of 0.035% and taker fees of 0.06%. Higher VIP levels correspond to further fee reductions.

Features

• Copy Trading: BingX's copy trading platform allows users to replicate the strategies of expert traders, categorized by performance metrics such as ROI and win ratio.
• Trading Bots: The platform offers grid trading bots for spot and futures markets, enabling automated trading strategies.
• Wealth Management: Users can earn interest on idle funds through flexible and fixed-term staking options.
• Shark Fin Products: These principal-guaranteed investment products offer variable returns based on market movements.
• Demo Trading: BingX provides a virtual trading environment with 100,000 VST tokens for users to practice trading without financial risk.
• Mobile App: Available on Android and iOS, the app supports real-time trading, portfolio management, and integrated tutorials.

Security

BingX emphasizes security through multiple measures:

• Cold wallet storage for the majority of user funds.
• Two-factor authentication (2FA) via Google Authenticator.
• Anti-phishing codes to protect against fraudulent activities.
• Regular security audits in partnership with security firms.
• Proof of Reserves to ensure transparency of user assets.

In 2024, BingX experienced a security breach resulting in a $43 million loss. The platform promptly reimbursed affected users and implemented enhanced security protocols to prevent future incidents.

Regulation and Compliance

BingX operates under regulatory frameworks in various jurisdictions, including registration with AUSTRAC in Australia. The platform enforces Know Your Customer (KYC) procedures to comply with international anti-money laundering (AML) standards.

Accessibility

While BingX serves users in over 185 countries, its services are restricted in certain regions due to regulatory constraints. Restricted countries include the United States, United Kingdom, Canada, China, Hong Kong, Macau, Netherlands, and Singapore.

Conclusion

BingX stands out as a versatile cryptocurrency exchange offering a wide range of trading options, competitive fees, and robust security measures. Its user-friendly interface and innovative features like copy trading and wealth management products make it an attractive choice for traders seeking both active and passive investment opportunities in the crypto market.