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 usually are not an enormous deal on this planet of cryptocurrencies, and now we have seen this from time to time with many prime crypto exchanges previously like Mt. Gox, FTX which went stomach up, and plenty of crypto merchants and investor misplaced cash.

Nonetheless, now we have our personal methodology “CoinSutra crypto exchange review methodology” and primarily based on which we evaluate and charge exchanges. 

Right this moment, we’re doing a deep-dive into a well-liked and one of many largest worldwide platforms for buying and selling cryptocurrencies referred to as BingX. This change was established in 2018, and turning into decently common within the current years.

We are going to 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 common cryptocurrencies reminiscent of Bitcoin, Ethereum, and USDT.

BingX provides options reminiscent of P2P buying and selling, Derivatives buying and selling, Automated bot buying and selling methods reminiscent of grid bot trading, and lots of extra options. I’ve highlighted the identical on this BingX evaluate 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 change.)
• BINGX GLOBAL PTY LTD – Australia (regulated by the Monetary Crime Investigation Service (FSIC) as a digital forex change.)

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

Execs of BingX: Benefits

• One of many lowest charges for USDT withdrawals. As little as 0.3 USDT on sure blockchains. 
• The most effective non-KYC crypto exchanges in 2024

Cons of BingX: Disadvantages

• No leverage provided for spot buying and selling, which some merchants could not like.

Partnership: 

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

Compliance: 

Has department workplaces in Canada, the EU, and Australia, as per their web site.

BingX Safety practices:

Safety audit by CertiK

Bug bounty program:

BingX provides an enormous bounty program which allows safety researcher to seek out bugs on their platform and report it to BingX in change to be awarded a bug bounty. This fashion, the platform proceed to find any bug, and repair them earlier than it causes havoc. Maybe, this is the reason BingX has by no means been hacked to date. You will discover the BingX Bug Bounty Program here.

2FA authentication

Strong Identification verification: Though BingX is a Non-KYC exchange, however for top worth withdrawals, you could full the KYC. BingX makes use of the Sumsub as their KYC verification service. You may 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 in search of a strategy to sometimes 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 some of the common method for purchasing and promoting cryptocurrencies. BingX provides 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 trading market:

• Perpetual futures
• Customary futures

You may modify every contract’s leverage and swap margin mode between cross margin and remoted margin.

Bot Buying and selling:

Grid bot buying and selling:

Copy buying and selling:

One of many common characteristic of BingX is copy-trading. Utilizing this characteristic, you would develop your portfolio by routinely 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 huge issue amongst skilled buying and selling when they’re choosing a crypto change. Personally, I’ve seen an enormous distinction in my portfolio return when utilizing a top quality and low payment change.

BingX customary payment is similar as different top-tier exchanges like Binance, Bybit and others. Nonetheless, your buying and selling charges can turn out to be primarily based 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:

In contrast to many different crypto exchanges, at the moment BingX doesn’t provide a native exchange 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 fastened time period utilizing BingX wealth program. This fashion you may earn extras yield out of your crypto holding, which is one thing it is best to benefit from. I choose Versatile holding over Fastened time period as from my expertise it’s at all times higher to have possibility to right away 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 may make investments on this product and earn pursuits with out risking your principal.

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

Different options: 

• iOS and Android apps
• API for builders

BingX Evaluate Abstract:

BingX is a high-risk cryptocurrency change with a CoinSutra rating of 4.11 out of 10.  The change provides low charges, and have a good neighborhood of novice and skilled buyers and merchants.  From the options perspective, they’ve every thing you would ask from a well-liked no-kyc spinoff crypto change.

The regulation half will not be clear, and this is probably not splendid for a lot of who’re in search of a regulated crypto exchanges reminiscent of Coinbase, Kraken and others. It will likely be fascinating to see how BingX navigates from being an unregulated change to a regulated change sooner or later.

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

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

BingX Alternate options:

We are going to do a devoted article on prime BingX alternate options. Nonetheless, as per options provided by BingX and primarily based on reputation, here’s a prime various to BingX:

Phemex: 

Phemex is a well-liked crypto change that has lax to no-kyc requirement for trading cryptocurrency. They provide all of the options provided by BingX, and turning into common amongst crypto merchants attributable to rising buying and selling options reminiscent of automated bots. Try detailed review of Phemex exchange.

Phemex additionally provides a platform token referred to as PT which is in keeping with different prime exchanges like OkX and Binance. 

FAQ’s associated to BingX Trade: