BingX Review – A Look At This Crypto Social Trading Exchange

About BingX

Founded in 2018, BingX is a crypto social trading exchange that offers spot, derivatives, and copy trading services to more than 100 countries worldwide. While their focus is crypto, BingX also supports trading of major indices like the S&P and NASDAQ, commodities like gold and crude oil, and even Forex pairs.

BingX Spot & Exchange Trading

BingX supports spot trading for nearly 300 crypto assets exclusively paired with USDT and supports 17 crypto assets, including 5 stablecoins through their exchange trading.

The spot trading interface is fairly standard and reminiscent of Binance, although I would argue not quite as clean. The charts are powered by TradingView, and they include all the standard order books and panels you’d expect. A cool feature within the spot trading interface is a tiny info button next to whatever market you are in that gives you a brief description of what each asset is you might be trading.

Derivatives

In addition to spot trading, BingX offers derivatives trading in the form of both standard and perpetual contracts with up to 125x leverage. Standard contracts include 46 cryptos, 8 indices, 3 commodities, and 7 Forex trading pairs to choose from.

Perpetual contracts can be bought for 45 different cryptos. The interfaces for trading both standard and perpetual contracts are nearly identical to spot trading, so users should have no issues switching back and forth between all three.

BingX Social/Copy Trading

One of the more exciting aspects of the BingX platform is the ability to follow other traders. With a whole social network of traders you can follow and engage with, BingX makes it easy to copy anyone’s trades broadcasted to the platform automatically to share in their profits (or losses).

You can surf through the community feed like any other social media platform to find a variety of strategies or ideas to influence your own trading. Although the feed mostly consists of people sharing pictures of their success stories, which is not all that helpful. Another great resource to utilize is a trader’s profile in the ‘Trader List’ where you’ll have access to certain trading data like total assets, cumulative PnL, max drawdown, trade history, and plenty more to measure someone’s trading abilities and decide if you want to copy their trades.

Mobile App

BingX has a mobile app that mirrors their desktop counterpart quite well—it might even be easier to navigate.

The interface is very aesthetic and not too overwhelming, and the charts/order panels fit as comfortably as they can on a mobile device, although some might think they are a tad clunky. Nevertheless, you can trade spot and derivates straight from the app, easily look through the markets, make deposits, and pretty much everything else. They even let you enable Face ID, which is always a great feature to have.

BingX Fees

When trading standard contracts, the costs will depend on the long to short ratio. If one side of the trade is more heavily weighted than the other, you will pay a slight premium, but the spread range for Bitcoin is 0.02% – 0.1%, 0.02% – 0.2% for all other cryptos, 0.02% – 0.15% for global indices, 0.02% ~ 0.1% for commodities, and 0.02% ~ 0.1% for Forex. The actual trading and copy trading fees for standard contracts are 0.075%.

If you are trading perpetual swaps, taker fees are 0.075%, but the current fee rate is discounted as 0.040%, and maker fees are 0.045%, with the current fee rate discounted as 0.020%.

There is also a crypto exchange fee (spot trading fee) of 0.2% and various withdrawals fees such as 20 USDT-ERC20, 1 USDT-TRC20, 20 USDC, 0.0005 BTC, 0.007 ETH, and 0.25 XRP.

Overall, BingX’s fee structure is very competitive and certainly suitable for active traders.

BingX Blog

Like many crypto platforms, BingX has a blog where you can stay up-to-date on all things crypto. Within the blog are countless articles filled with quick summaries and pictures to make everything extremely digestible and aesthetic. Though the articles are short and clearly not exhaustive, it’s a great resource for getting quick and easy news.

Customer Support

If you need any assistance, BingX has a live chat pop-up window accessible at the bottom right of the page to ask any specific questions you may have.

If you are looking for general information you can check out their support center, which you can find if you scroll to the very bottom of the homepage under ‘User Support.’ The support center is well crafted and organized to include very helpful picture walkthroughs for their various services. It’s definitely one of the better support centers I’ve seen, so I would encourage anyone using their platform to check it out.

Conclusion: BingX Review

With BingX’s large number of spot trading pairs, wide range of standard and perpetual contracts, and low fees, it’s unquestionably a great option for traders. The fact that it’s one of the handful of brokers you can integrate with TradingView is just icing on the cake. I’m not the biggest fan of their interface, but it’s by no means bad, and the social trading component certainly gives it an edge over many other brokers. I also love that they included major indices, commodities, and currency pairs to make it a one-stop-shop for a lot of traders.

They may not have everything, especially with regard to equities, but they do a great job at coming close if you’re a crypto/macro trader. Given BingX offers more than just crypto, that could be enough to sway someone to choose it over another broker. If your sole focus is crypto, though, I might just stick to something like Binance given the fees are a little lower, and it has even more assets to choose from. That said, Binance doesn’t have social trading, so if that’s your thing, BingX remains a top contender, rivaling the likes of eToro and other social trading platforms.

Overall, I don’t really have anything bad to say about BingX short of some minor improvements to their UI. It’s a great platform suited for spot, derivatives, and social traders for a wide range of assets, and I’m confident any seasoned trader would find it to be more than satisfactory.