BingX is this a scam? Review and Customers Reviews

BingX is a crypto exchange founded in 2018 that provides access to the spot market, derivatives market, and copy-trading service in more than 100 countries around the world. BingX is proud to offer a platform that allows users to trade the fastest-growing cryptocurrencies for everyone, connecting newcomers with experienced traders and providing an easy and transparent way to invest in digital assets. In this review, we will look at what exactly this crypto exchange offers and find out if it is a scam.

 

Why BingX?

This crypto exchange covers not only digital assets but also other financial instruments. It presents contracts denominated in USDT, with other popular coins, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The inverse contracts are provided specifically for BTC and ETH which users can choose as the base coin in the transaction. Features of bingx.com:

• supports trading on popular cryptocurrencies;
• large selection of currencies from around the world for input – dollars, euros, pounds, rupees, hryvnias, etc;
• website has been translated into English, Spanish, Japanese, Turkish, Indonesian, and Vietnamese;
• 100,000 virtual VST coins are provided to traders for testing;
• copy-trading – you can copy trades of successful traders and earn money, giving only 8% of the profit received from copying;
• Verification of identity for deposit/withdrawal of funds is not required.

BingH offers a simple and intuitive terminal. The TradingView chart allows traders to manage their portfolios easily and efficiently. Moreover, users can create support and resistance charts or insert comments to make it easier to keep track of their investments.

This is the first crypto exchange with trade copying functionality. Thanks to automatic copy trading, you can search for successful traders, follow them, and copy their trading strategies. You can set a limit on the daily amount of copied trades in advance to reduce risks and better manage potential losses.

Another handy feature is the platform, which has a virtual coin called VST, 1 VST equals $1. After full registration, a participant will automatically receive 100,000 VST, which can be used to run demo trading on BingX. Users can use VSTs to make transactions in TradingView. It’s a quick and harmless way to get used to exchanging and trading digital coins.

 

How to exchange cryptocurrency at bingx.com?

The “Market” section has a “Buy Coins” tab. You can buy USDT, BTC, or ETH for dollars, euros, and other currencies. You need to specify the amount you want to deposit, and the system will automatically calculate the number of crypto coins. Coins will appear in your account after depositing. Application limit for USDT: 31 ~ 5076 USD. For ETH: 239 ~ 95278 USD. For BTC: 132 ~ 65545 USD.

Also in the “Market” section, there is an “Exchange” subsection, where you can quickly convert one currency to another. This is a free conversion of BTC, ETH, and USDT into another cryptocurrency.

 

Verification at the BingX Exchange

Verification of identity is not mandatory, but it may be necessary when withdrawing large amounts of money. In your personal account, there is a “Verification of Identity” tab where you need to provide information about your identity, country, and name. After that, you need to upload a copy of your passport and a photo of yourself with the text “BingX + Verification Date” written on it.

 

Deposit and Withdrawal

You can top up your account in dollars, euros, and other currencies using a Visa or Master Card or via Apple Pay. The minimum deposit amount after the exchange is 1.00 USDT, 0.0002 BTC, 0.01 ETH. You can replenish your account in the “Assets” section of the same name.

By trading in digital currencies, you can make a profit and withdraw it to a cryptocurrency wallet. The minimum withdrawal amount is 0.001 BTC, and the day withdrawal limit is 5 BTC. For USDT 10 USDT and 2000000 USDT, for ETH 0.02 ETH and 400 ETH. To withdraw go to “Assets”, subsection “Withdraw”.

BingX Crypto Exchange Commission

The commission rate for trading the standard contract is 0.075%. For open-ended swaps trading 0.075% for tokens and 0.045% for makers. Withdrawal fees are provided for each cryptocurrency:

• USDT-ERC-20 – $20;
• USDT-TRC-20 – $1;
• USDT-OMNI – $28;
• USDC – $20;
• BTC – 0.0005 BTC;
• ETH – 0.007 ETH;
• XRP – 0.25 XRP.

The commission for exchanging cryptocurrency for BingX is 0.2%.

 

BingX Bonuses

This crypto exchange offers clients interesting bonuses and an affiliate program. That’s what we’ll talk about next.

Rewards for Beginners

After registering at bingx.com, the user receives a gift of $120 to their account. This money can be used in digital asset trading. They cannot be withdrawn or used for copy trading. But you can use it to open positions, and the profit can be withdrawn. The bonus is credited in installments if several conditions are met:

• 5 dollars. You need to fund your account and switch to trading standard contracts. Total top-up USDT ≥ 50, BTC ≥ 0.002 or ETH ≥ 0.05.
• 35 USDT. It is necessary to make a total trading volume of ≥ 25000 USDT. With 5X leverage.
• 80 USD. You should make a total trading volume ≥ 200000 USDT. At a leverage of 20X.

Affiliate Program

BingH provides convenient and reliable digital asset trading services for its users. You can become an affiliate, use a referral link, and invite your friends. You will receive a commission of up to 60%. This is a very generous affiliate program.

 

Complaints about bingx.com

Users comment on the bingx.com platform in different ways. Some like the simple and user-friendly interface, the transaction copy function, the generous affiliate program, and bonuses. Some even believe that the BingX system could revolutionize financial, legal, and social relationships between people.

Others have accused the company of running a pyramid scheme or scam. However, most likely, these reviews are written by competitors. There have been complaints about the customer support and the website’s performance. At the time of writing this review, the website was functioning properly and was not frozen. They have also complained about the copy trading service, saying that there are many inexperienced traders on the platform.

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Regulation of the BingX Crypto Exchange

Among crypto exchanges, there are both honest companies and scammers. To understand the integrity of a crypto exchange, it is necessary to study its regulation and check whether it has a license. That’s what we’re going to do next.

Regulators

The project was launched in 2018 in Taiwan and Vietnam, but already in 2020, the crypto exchange entered the European market. The network writes that Bingx has licenses to operate in the European Union and the United States. BingX, a brand of BingX Group, has received regulatory approval for its global subsidiaries and associated entities, as required:

• BINGX EU UAB is a registered financial service company in Lithuania, regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange (check regulator).
• BINGX GLOBAL PTY LTD is registered as a Digital Currency Exchange (DCE) provider under the Australian Transactions and Reports Analysis Centre (AUSTRAC – check regulator).

 

• Read the “User Agreement” on the BingX website.
• Read the “Privacy Statement” on the BingX website.
• Read the “Legal Provisions” on the BingX website.

bingx.com User Agreement

The “agreement” stipulates that capable persons from 18 years of age can trade digital currencies on the cryptocurrency exchange. BingX functions as a trading platform provider, not as a buyer or seller in transactions between traders.

All users must register before using the services at bingx.com to obtain an account. Use of the services must not violate the public interest, public ethics, or the legitimate interests of others.

If the company suspects you of dishonest business practices, it may block your account. Users are also warned about the risks associated with trading in digital currencies. The cryptocurrency exchange is not responsible for the loss of your funds.

Customer Service

Support can be contacted in the following ways:

• email: [email protected];
• online chat and feedback form on the website;
• Twitter;
• Facebook;
• Telegram;
• Instagram;
• Reddit.

 

Is BingX a Scam?

BingX can’t be called a scam or scammers. It’s the first crypto exchange with the function of copying trades. A beginner can copy trades of experienced traders and earn money, giving only 8% of the profit from each contract. In addition, newcomers have the right to use the demo version to practice trading digital assets with virtual money.

It is known that the crypto exchange has licenses to operate in the EU and the United States. The documents are presented only in English.

Clients like a simple and convenient interface, a variety of digital coins, the function of transaction copying, an interesting affiliate program, and bonus rewards.

 

Conclusion

Thanks to variety of products, copy trading, and demo trading, BingX users can learn how to trade and improve their skills. Bingx crypto exchange is a relatively new player in the global derivatives market, and it is now demonstrating the potential to become a leader in cryptocurrency trading. This project is not a scam: there are currently over 300,000 registered accounts at bingx.com, generating a trading turnover of around $500,000 per day.