All Reviews of BingX Exchange
Founded in 2018 in Singapore, the BingX Exchange is a leading futures exchange that provides spot, derivatives, copy trading, and grid trading services to over 5 million users across more than 100 countries and regions worldwide.
The exchange prioritizes user trust and transparency in platform trading. It is known for its continuous development based on professional platforms like Binance Copy Trading and advanced, leading security technologies.
We have prepared various information that you may be curious about. Let’s see why it ranks among the most popular exchanges below.
BingX Exchange Ranking
BingX Exchange ranks 8th in derivatives and 20th in spot trading. This indicates that it may not be the best choice for spot trading.
In futures trading, the ranking may vary slightly depending on market conditions, but it consistently maintains between 6th and 9th place overall.
What is the Trading Volume of BingX Futures?
On average, up to 100 billion dollars is traded daily in futures contracts. The spot trading volume reaches a maximum of half a billion dollars.
- However, the volume is not very significant because, apart from BingX’s standard futures and BingX Copy Trading, it is linked to external major exchanges.
- People use Binance API-based copy trading and USDT futures contracts, making it difficult to accurately tally trading volumes.
How Many Visitors Use It Daily?
According to external sites that aggregate visitors like Alexa Rank, it appears that a total of 500,000 visitors worldwide visit the site daily.
Who Holds the Highest Position at BingX?
The CEO is Steven Cohen. He is known to have an immense wealth, ranking 35th among the richest in the United States. Those interested in foreign wealth figures are well aware of his fame and he is one of the influential figures worldwide. Here are some career highlights and characteristics of him:
- Successful Investor : Steven Cohen gained fame through managing a hedge fund called SAC Capital Advisors. SAC consistently demonstrated high profit margins, proving Cohen’s investment skills.
- Legal Issues : In 2013, SAC Capital reached a settlement with the U.S. federal authorities on insider trading charges, paying over $1.6 billion. Cohen then dissolved SAC and established Point72 Asset Management, focusing on personal asset management.
- Major Sports Team Investment : Steve Cohen is also a major shareholder of the Major League Baseball team, the New York Mets.
- Philanthropy : Cohen and his family participate in various charitable activities, particularly donating large amounts to charities and medical research.
Is BingX Safe Regarding Scam?
It is absolutely safe because the CEO is a wealthy individual. The exchange business should be run by the wealthy, as they can provide compensation in case of issues.
It’s considered better to use an exchange with solid capital rather than mid-sized or small exchanges with insufficient capital, to avoid scam.
Rebranding of BingX Exchange
Previously operated as Bingbon, the exchange rebranded to BingX in 2020, and announced another rebranding in November this year.
- First: Bingbon
- Second: BingX
- Third (Current): Only logo change
Not just the BingX logo, but the tagline and introductory content will change. Other improvements for a better user experience include:
- Plans to revamp for broader and easier accessibility
- Creating an ecosystem where cryptocurrency investors can be more actively involved
- Aiming to provide a more user-centric trading environment
🚀 A Fresh Look, A Bold New Trading Experience 🚀— BingX (@BingXOfficial) November 23, 2023
🔥 Watch our new rebranding video and stand a chance to win a slice of the 10,000 USDT prize pool!🔥
Take part in 3 easy steps:
1️⃣ Follow BingX on Twitter and Instagram
2️⃣ Comment below on our latest tagline with the hashtag… pic.twitter.com/BMMcVHvnMX
Additionally, as can be confirmed on BingX’s website or Twitter, there are various benefits prepared related to the rebranding.
As of November 2023, BingX has entered into a partnership with UniSat Wallet. UniSat Wallet is a company that provides cryptocurrency wallet services, specializing in BRC-20 token-based information queries.
BingX adopted UniSat Wallet services to enhance security through advanced protocols and to offer users a safer trading environment.
Moreover, it has the advantage of promoting faster transaction speeds, reducing confirmation times, and improving overall user experience for increased efficiency.
For BingX users, this means enjoying reduced fee costs through the optimized BRC-20 network and easier access to various Bitcoin derivatives and spot trading.
Advantages and Disadvantages of BingX (BingX) Exchange
- It offers a novel trading experience with high rarity. No other exchange provides copy trading like BingX.
- It presents a unique way of handling futures contracts. This is not the typical futures trading method. It’s a no maker-taker distinction system, and you only pay a fee once.
- Supports various platforms for practice. This includes BingX simulated futures trading, copy trading, and the coin used here is the VST token.
- It provides a platform where anyone can easily use derivative products. Especially, setting up copy trading is the easiest among all futures exchanges.
- BingX Exchange offers the most stable Binance Copy Trading among all global exchanges and is highly recommended for those who wish to profit from the Binance market.
Additionally, BingX Exchange is a good choice for those looking for the lowest copy trading fees.
- One disadvantage is the inability to average down in copy trading. Only single position trades are possible, and you can’t set various strategies like lowering the average price.
- Standard perpetual contract trading has many inconveniences in order execution. Although the fees are low, there can be significant difficulties in trading.
Except for copy trading, which is the most innovative and specialized in the world, most aspects can be considered as disadvantages.
Support for Various Platforms
BingX provides services for various derivatives and cryptocurrency services, such as:
- OTC Trading : A platform where you can directly exchange for other coins without fee burdens.
- Standard Contracts : Operates in a unique way among derivatives, and may be inconvenient to use as it does not provide a detailed order book.
- USDT Futures Trading : Offers futures contracts with up to 150x leverage, and 347 futures coins are listed.
- Spot Market : Provides over 537 spot pair trades.
- Copy Trading : Offers both a pro version and a standard version, differing in whether they use BingX’s own liquidity or Binance’s liquidity. Skilled traders can earn high-level badges, and such a system gains deep trust from followers. Copy trading also includes spot, futures, and grid trading.
- Grid Trading : Only the grid robot algorithm is provided for trading.
Additionally, it’s worth mentioning that BingX also offers Infinity AutoInvest and DeFi-related staking services.
Services for Practicing Trading on BingX
VST trial funds allow for simulated investing on BingX, available for both futures trading and copy trading. Being the only exchange that offers simulated copy trading, this can be considered a major advantage.
Three Types of Automated Trading
Provides three platforms for spot and infinity spot, and futures grid. Currently, only the grid robot algorithm is offered, but various trading robot algorithms are expected to be provided in the future.
- Futures Grid: Supports automated trading on the BingX futures market, allowing buying at the lowest and selling at the highest prices.
- Spot Grid: Similar to the futures grid, it offers automated spot trading, shared with the BingX spot market.
- Spot Infinity Grid: Provides a more advanced and unrestricted grid trading than the standard spot grid.
Various BingX Rewards
Immediately upon joining BingX, there are sensational events offering various reward benefits, with very easy mission conditions to clear.