BingX Review: Scam & Fake or not?

BingX is a well-known crypto exchange, also offering several other products such as copy trading and grid trading.

But is BingX a scam?

No, it is not: According to our experience and review, BingX is a safe crypto exchange.

Read our in-depth review of BingX to learn all the background.

If you have already had an experience with BingX, you can share it here.

Key Takeaways

• BingX is a safe cryptocurrency exchange regulated by different international entities, making it a safe cryptocurrency trading platform. Likewise, BingX uses features like 2FA, KYC, Cold Storage, and Proof of Reserves to guarantee the protection of digital assets
• The interface is intuitive and easy to use, allowing new users to enjoy a hassle-free service. Manage your assets and earn profit by using multiple types of trading and other products, all of which have low trading fees
• In this review, we will address the pros and cons of BingX. Stick around and learn how this relatively new crypto exchange has become a go-to platform for many people worldwide

About the Company

BingX started its online exchange services in 2018 as a company established in Singapore. The founder is Josh Lu, who has years of experience working with the blockchain industry.

Currently, the reach of BingX extends to countries in Asia, Oceania, Europe and South America.

By October 2023, BingX reported a modest amount of five million users in more than 100 countries worldwide.

While this user base is considerably lower than other cryptocurrency exchanges, the daily spot trading volume in BingX reached an impressive $1,427,695,270.59 in January 2024.

The milestones achieved by BingX don’t stop there.

In 2022, Global Brands Magazine rewarded BingX with the Fastest-Growing Social Trading Platform award.

Additionally, renowned review sites like CoinMarketCap and CoinGecko highlight the trustworthiness of BingX and its services.

Through the years, BingX has become a reliable and innovative crypto exchange with diversified products and an intuitive interface.

Safety and Regulation

BingX is an exchange company regulated by international entities, such as the following —

• BINGX EU AB became a financial service company in Lithuania.
• The Financial Crime Investigation Service (FSIC) regulates BingX as a digital currency exchange.
• Registered as a Digital Currency Exchange platform in the Australian Transactions and Reports Analysis Centre (AUSTRAC).

These licenses guarantee a secure service you can use to deposit funds, earn profit and withdraw assets.

Your assets also have protection when you start trading with BingX.

This is possible because BingX employs Cold Storage technology, allowing you to hold your funds offline and prevent hacks.

Even better, BingX works with global authoritative organizations such as Mazars and has valid Proof of Reserves (PoR) certification.

Lastly, BingX has all the average trading security features necessary to ensure the exchange is safe. After creating an account, you can enable Two-Factor Authentication (2FA) and complete a KYC process for a safer trading experience.

Accepted Countries

Services offered by BingX are unavailable in some countries, that’s why we had a look into the following countries and checked if you can sign up with BingX –

• Australia – Sign-up is available
• Canada – Sign-up is not available
• Ghana – Sign-up is available
• Hong Kong – Sign-up is not available
• India – Sign-up is available
• Ireland – Sign-up is available
• Kenya – Sign-up is available
• New Zealand – Sign-up is available
• Nigeria – Sign-up is available
• Pakistan – Sign-up is available
• Philippines – Sign-up is available
• Singapore – Sign-up is not available
• South Africa – Sign-up is available
• United Kingdom – Sign-up is not available
• United States – Sign-up is not available

Attempting to access and use BingX services from these countries which are not accepted can lead to several penalties, such as IP blockage, loss of funds deposited, or problems with the law.

Trading Offer

BingX offers over 365 cryptocurrencies and more than 200 crypto trading pairs available for trading.

The list includes popular coins like Bitcoin, Ethereum, Litecoin, DASH, Dogecoin, Ripple, Shiba Inu, Tether and hundreds of altcoins.

Some of the most popular trading pairs are also available for active trading, such as the following –

• BTC/USDT
• BTC/USDC
• ETH/USDT
• ETH/USDC
• BNB/USDT
• USCD/USDT
• DOGE/USDT
• XRP/USDT

Likewise, BingX provides VST (Virtual USDT) when you create an account. This token doesn’t have any value and its only purpose is for you to use it for trading crypto practices.

Trading Types

The BingX platform caters to new and seasoned traders.

Therefore, this crypto exchange allows you to convert your funds into digital assets quickly and participate in a range of trading services. Let’s talk about that briefly —

• Spot Trading
• Derivatives Trading
• Perpetual Futures Trading
• Copy Trading Service
• BingX Social Trading
• Grid Trading Feature

Spot Trading

With hundreds of cryptocurrencies supported, BingX allows you to trade them easily using Spot Trading. Under this modality, you pay a price fixed by the market to complete instantaneous operations.

It’s easy, fast and convenient when you need to sell or buy fast to get the most profit.

Derivatives Trading

This type of trading allows you to perform operations with up to 150x crypto margin trading in leverage, which favors cryptocurrencies and other assets.

Through this service, you can follow long or short strategies while having the possibility to set automated trading by assigning orders such as limit and market orders.

The different types of trading offered by BingX provide flexibility to accommodate multiple trading strategies.

If you’re new in the world of cryptocurrency, you can take advantage of the Copy Trading feature to follow and employ strategies used by successful traders.

Trading Software

The BingX trading software is one of the most intuitive we have ever used.

From the moment you access this software, the interface welcomes you with a guided tour explaining essential features such as the trading pair, your current trading assets, how to start trading on BingX and the orders.

Tutorials are also available for thorough descriptions of the software and its functions.

BingX provides intuitive trading software for each type of trading, including Spot, Perpetual Futures and Standard Futures.

Through this software, you can perfectly view and study market data, such as the price of the selected trading pair, daily trading volume and trades completed in real-time.

We also liked the many tools you can use, such as setting up Long Position, Short Position, Price Range and Projection.

You can also add text and emojis over the chart, making it easier to identify under what circumstances it’s better to buy or sell your assets.

Other Products

There are other products, trading and investment tools you can use on BingX to exploit your assets to the fullest. For example —

• Quick Buy
• P2P Trading
• VIP Benefits
• MT5
• Convert
• Affiliate Program
• Invite to Earn
• Trading Bot

Quick Buy

Use Quick Buy to buy or sell cryptocurrency in seconds. The benefit of this product is that it doesn’t need intermediaries, improving transaction time significantly.

P2P Trading

The P2P trading feature allows you to connect with other people to buy or sell assets.

This product provides multiple benefits, such as the possibility to evaluate cryptocurrency prices and decide which one is more convenient for your trading needs.

VIP Benefits

By becoming a VIP trader, you receive a diverse range of trading benefits like lower trading fees, exclusive BingX customer support, event invitations and even more products.

The VIP system works by tiers, requiring you to apply or achieve certain milestones to climb.

Fees

The BingX fees are complex, requiring you to study them for each type of trading because of their variations.

For instance, makers and takers must pay 0.1% for most trading pairs while operating in Spot trading. These fees can be higher if the cryptocurrency isn’t as popular as Bitcoin or Ethereum.

Futures trading includes its own fee structure, consisting of a 0.045% fee for the maker and a 0.075% fee for the taker. Likewise, the futures trading fees vary from 0.1% to 0.2%.

There’s also a 0.2% conversion fee if you deposit a different currency to the one set in your BingX account.

Withdrawals have a flat fee based on the blockchain network, whereas deposits don’t carry any fees at all.

BingX trading fees are competitive, often comparable to some of the most popular cryptocurrency exchanges.

Payment Methods for Deposits and Withdrawals

BingX allows you to deposit money using credit cards, debit cards, or bank transfers.

If you use a credit or debit card, the crypto purchase is instantaneous, whereas bank deposits carry the lowest fees.

With that said, bank deposits are time-consuming, as you need to provide plenty of details about the bank.

By accepting these payment methods, BingX offers support to buy cryptocurrency using FIAT currencies like the USD and Euro. However, you cannot request withdrawals in FIAT currencies, only crypto.

Alternatively, you can buy cryptocurrencies on BinX by using platforms like Moonpay, Advcash, Coinify and Banxa.

The minimum deposit is 1 USDT and the estimated deposit time varies depending on the payment method.

On the other hand, crypto withdrawals can take up to 20 minutes and the minimum amount varies depending on the cryptocurrency.

Mobile app

If you fancy using your mobile phone to track crypto markets, you will find that the BingX app facilitates this activity quite pleasantly.

The BingX app is available for iOS and Android devices, allowing you to download it from each store or directly through the website.

Like the website version, the trading system of the BingX mobile app gives you access to all features with an easy-to-use interface.

Check out market charts, withdraw money, or purchase cryptocurrency fast and easily using this app.

Registration and Verification

Creating an account on BingX is fast and easy. On the other hand, the verification process is likely to take a couple of days. Let’s review these procedures now, starting with the account creation.

• Go to the website and click Sign Up at the top right corner to start
• Provide your email or mobile phone, create a password and click Register
• Submit the verification code sent to your email or mobile phone

By following these few steps, you can create an unverified account and use basic features. Still, KYC verification is necessary to access the BingX P2P Trading service and increase your withdrawal limit from 50 thousand USDT to 50 million USDT daily.

Fortunately, verifying your account and complying with KYC is equally easy.

• Go to Identity Verification
• Select your country
• Choose which type of ID document you will use for verification
• Submit a photo of the selected ID document
• Take a selfie showing the ID document

In our experience, BingX took approximately two days to confirm the authenticity of the documents and verify the account.

Afterward, we had the opportunity to try out the Demo Trading tool, which is handy for new traders on BingX.

The BingX exchange deposited 100,000 Virtual USDT coins in the account, allowing us to practice any trading style without risking our money. This feature gave us a detailed look at real-time profit and loss, which we believe can be incredibly beneficial for newbies.

Bonus for New Customers

BingX offers bonuses and rewards for new users by completing multiple tasks, with hundreds of USDT in prizes.

For example, the New User Mystery Box includes a 30 USDT bonus for new BingX clients who create an account and complete a Spot or Futures trade.

Similarly, up to 500 USDT in bonus is available for the first deposit and up to 500 USDT for the first trade.

Additionally, the exchange periodically offers events in which users can make deposits, trade, or do certain activities within the BingX trading environment to win rewards.

Based on our experience, these rewards are not friendly to most new users unless you’re willing to trade high volumes.

Still, the option to participate in these events presents a nice opportunity to double your trading assets.

Customer Support and Languages

If you encounter a problem, you can contact BingX via email or live chat on the website. There are no call centers or numbers available, which slows down the process of getting assistance.

For this reason, receiving a response to your inquiry can take hours or days if you send an email.

We found that the Live Chat is probably the easiest way to clear doubts you may have.

Through the chat, you can use keywords to identify the problem and receive an appropriate response.

For example, the live chat or help center addresses problems like account security, deposits or withdrawals and trading concerns, among many other things.

Conclusion

If you wonder whether BingX is a scam and fake or not, be glad to know that the exchange is not a scam. The services offered by BingX are legit, though there are some restrictions in several countries.

Nonetheless, you get to enjoy a secure trading exchange if you live in a supported nation.

Drawing from our experience, using BingX is worth it due to the many services and products offered. However, what we most liked about this exchange is the easy-to-use interface.

It’s definitely something to consider if you’re a new trader.

Let us know what you think about our review of BingX in the comment section down below. We would love to hear your opinions!

Frequently Asked Questions

Find the answers to the most common questions and concerns about BingX here.

Is BingX safe and secure?

Yes, BingX is safe and secure. Different international entities regulate the BingX trading platform, meaning the service is legit and reliable. Additionally, features like 2FA and KYC increase security. Learn more about the safety of BingX by reading the “Safety and Regulation” section.

How long does the verification take with BingX?

Verification on BingX can take up to two days. The verification time can be faster sometimes, taking only a few hours. Learn more about the verification and the steps needed by checking out the “Registration and Verification” section.

How can I deposit money at BingX?

You can deposit money at BingX by using a credit card, debit card, or bank transfer. The deposit time can vary depending on the method you choose. We address this issue more in-depth in the “Payment Methods for Deposits and Withdrawals” section.

How long does it take to withdraw money at BingX?

Withdrawing money at BingX can take from 10 to 20 minutes. In some cases, withdrawals may take up to two hours for processing. Find out more about withdrawal time and what currencies you can withdraw by reading the “Payment Methods for Deposits and Withdrawals” section.

How does BingX work?

BingX is a centralized cryptocurrency exchange that offers trading options like Spot trading, derivatives trading, copy trading system on BingX and more. Several products like P2P are also available. Learn how this exchange works by reading the “Trading Types” and “Other Products” sections.

Allan Garland

I'm part of the crypto space since 2013 and I strongly believe in it. But I also know how it feels to get scammed and to realize financial losses. With my website Cryptoscam.info I want to support you to stay safe and to give you a platform to share your experiences.