About bingx exchange
BingX is an example of a trading exchange in Asia that offers an efficient platform for trading derivatives. In this review of BingX we aim to provide you with up to date and accurate information, about its features. Please note that this is a preview and not investment advice. Make sure to make a decision before investing in any cryptocurrency exchanges.
What Is BingX?
BingX, established in Singapore in 2018 is a known and leading player, in the crypto derivatives market. It has gained popularity across regions of Asia, including Taiwan, Japan, Korea, Russia and Vietnam. This widespread presence ensures that users can rely on BingX for an cost effective trading experience.
The main purpose of the BingX platform is to provide users with a way to buy and sell products. In addition to that the exchange offers services such, as spot exchanges derivatives pairs and a fiat financial system. These services cater to the needs of currency traders who are looking for high leverage options.
Is BingX Regulated?
BingX operates as a registered trading platform, under the Republic of Estonia. They have obtained licenses from bodies such as AUSTRAC and FinCen an MSB (Money Services Business) license. However it is important to note that having these certifications alone does not guarantee the endorsement or legitimacy of BingXs business. Retail traders using BingX should exercise their diligence when utilizing any exchange.
Features of BingX
BingX garners attention for its range of features that it promises to offer. Notably it provides contract trading along with a selection of cross margin options. The platforms derivative options encompass assets well as other financial instruments such as FOREX, global indices and commodities. These instruments are accessible to both speculators and traders. Furthermore the exchange offers features which are outlined below;
Instant Trading
With BingX traders can swiftly convert cryptocurrencies with just a few clicks. It allows for exchanges between coins, without the need to transfer funds to a spot exchange platform. This unified platform enables traders to easily buy or sell BTC, ETH, USDC and USDT among each other.
Advanced Platform
A crucial aspect to consider for cryptocurrency investors is having access, to a trading platform. BingX strives to meet these expectations by providing a user interface on both mobile devices and desktops. The platform utilizes TradingView, which offers a variety of charting tools, overlays and indicators.
Demo Mode for Trading Practice
For those looking to practice trading BingX offers a demo mode where users are credited with 100,000 VSD tokens. These tokens are based coins provided by BingX allowing users to trade currencies without the need for actual deposits. This feature is beneficial for traders as it allows them to familiarize themselves with the exchange and study the leverage limits of cryptocurrency trading using VSD tokens.
Copy Successful Traders
What sets BingX apart is its copy trading system in conjunction, with their crypto trading bot. Traders have the option to follow traders and replicate their strategies. If a follower decides to copy a traders strategy and generates profits from it they will receive 8 percent of those profits well.
Traditional Market
BingX offers users a range of opportunities, in markets compared to other platforms that deal with derivatives. Retail traders have the ability to speculate on price fluctuations in markets, including commodities, forex and indices. For instance they can choose to take short positions in markets like NASDAQ and S&P 500 using USDT as the collateral asset with leverage of up, to 100x.
Trading Products
BingX offers a range of cryptocurrency trading options, including contracts. Traders, on BingX have the choice between cross and isolated margins. The platform covers the 7 assets, which is sufficient for most users.
For Ethereum and Bitcoin users can choose contracts. This means that they can use Bitcoin to trade BTC based contracts and Ethereum as margin for ETH based contracts. Additionally BingX also provides USDT based contracts for both BTC and ETH.
BingXs crypto derivatives contracts are linked to eight indices that users can speculate on such as S&P 500 Nikkei 225 NASDAQ 100, DJIA and more. Unlike platforms BingX also features a Forex market with seven contracts tied to foreign exchange crypto trading pairs. Users can also engage in speculation on commodities and track prices of oil, silver and gold. It's worth noting that settling all these crypto contracts, on BingX is done in USDT.
Leverage Limits
BingX has leverage limits depending on the product you want to trade. When it comes to BTC and USDT contracts they offer a 150x leverage, which's generally higher, than the industry average. For Ethereum the leverage can go up to 100x while other crypto based contracts on BingX are limited to either 35x or 50x leverage. In terms of commodities and indices the maximum leverage limit is 100x whereas for pairs it goes up to a maximum of 300x.
Interface
BingXs trading interface maintains an approach without any improvements compared to other exchanges. The centerpiece is a TradingView chart where you have the option to add comments draw resistance and support levels and more.
Information regarding orders and open positions can be found below the price chart. On the side of the interface you'll find the trading pair selector while the order interface is located on the right.
The platform offers two ways to enter a position; either through a trigger or limit order or by using a market order. To enter a position traders need to set their desired take profit and stop loss levels. The interface provides estimates, for loss or profit rates in order for traders to develop these stop loss (SL) and take profit (TP) levels in case they are executed.
Registration Process
To begin trading, on BingX, a leading trading platform you'll need to register and create a BingX account. Here's a step, by step guide to help you through the registration and login process;
Step 1; Visit the BingX website and click on the Login/Signup option located in the right corner.
Step 2; Fill out the form with your details, including your name, phone number, email address and password.
Step 3; If you have a code enter it at this stage.
Step 4; Click on Submit. An activation email will be sent to verify your email address.
Step 5; Once you've confirmed your email ID your account will be automatically activated. You'll receive a six digit OTP (One Time Password) on your number. Enter this OTP after signing into your created BingX account.
Please note that there is no KYC (Know Your Customer) process required for depositing funds into BingX. Once your account is set up you can log in and start exploring all of the features offered by BingX while also engaging in cryptocurrency exchanges.
Conclusion
In wrapping up this review of BingX it's important to note that this platform shows promise as a leading cryptocurrency exchange, for users seeking a leverage platform powered by crypto. It caters to both beginners and experienced traders and ranks among the crypto exchanges. One of its standout features is the range of crypto derivatives products along with copy trading and demo trading options.
This comprehensive exchange offers over 30 cryptocurrencies with leverage options against BTC or USDT. Additionally it covers markets such, as indices, commodities, forex and digital currencies. However during our research we discovered that BingX could enhance its language documentation and improve its help section to better compete with similar platforms.
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