Is BingX a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether BingX is a good crypto exchange to start trading with. In this article you will learn whether BingX is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker BingX
BingX exchange was established in 2018 and is one of the largest international platforms for trading cryptocurrencies. The exchange provides you with an opportunity to trade in the spot market; there is conversion and grid trading and also standard and perpetual futures. BingX provides services in 100 countries; users can trade Bitcoin and all major altcoins; there is no exchange with fiat money (but there is USDT, which is tied to the US dollar). The exchange awards several starting bonuses, including no deposit bonuses. A social trading platform with transparent rating is a special advantage of the exchange. It is a simple and effective method for earning passive income for novice investors.
| 💰 Account currency: | BTC, ETH, USDT, USDC |
| 🚀 Minimum deposit: | 1 USDT |
| ⚖️ Leverage: | 1:1 |
| 🔧 Instruments: | Market |
| 💹 Margin Call / Stop Out: | No |
BingX Pros and Cons
👍 Advantages of trading with BingX:
•BTC, and also ETH, USDT, XRP, DOGE, BNB and other popular altcoins are available for trading.
•Clients can trade in the spot market, and earn on conversion and grid trading.
•The exchange offers passive income options through the social trading platform.
•Some of the lowest fees in the market (the average daily spread is 0.04%).
•Simple, user-friendly mobile app with a trading platform based on TradingView.
•The company is officially registered in the US, Canada, Australia and EU (Estonia).
•Customer support works promptly in the 24/7 mode.
👎 Disadvantages of BingX:
•No leverage is offered for spot trading, traders have to rely on their own funds.
•With low trading fees, some withdrawal fees are rather high (for example the fee is 20 USDT for USDT-ERC20).
•Customer support is available via email and live chat, but the broker does not have a call center.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for BingX Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. BingX offers traders the following conditions.
| 💻 Trading platform: | Proprietary, based on TradingView |
| 📊 Accounts: | Standard |
| 💰 Account currency: | BTC, ETH, USDT, USDC |
| 💵 Replenishment / Withdrawal: | Cryptocurrency wallet, other cryptocurrency exchange |
| 🚀 Minimum deposit: | 1 USDT |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0,01 |
| 🔧 Instruments: | Market |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Cryptocurrencies |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market |
| ⭐ Trading features: | Yes |
| 🎁 Contests and bonuses: | Yes |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of BingX commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The trading fees in the spot market are 0.050% for maker, and 0.100% for taker. The trading rate is 0.075% (with discount – 0.045%); the rate for copy trading is the same (but even lower with the discount – 0.0375%). The calculation of the trading fee is based on the following formula: trading volume x trading fee rate (one time). The average spread is 0.04% or 0.1% depending on the pair. Where there is a spread in long/short position, the fee for standard contract is calculated this way: Current price x (1 + Spread Ratio). Deposit fee is not charged; withdrawal fee depends on the withdrawal option.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From 4$ | Yes |
Investment programs of BingX
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. BingX offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
BingX offers copy trading as an investment option. It is a separate page on the website and in the app featuring top traders of the platform. They allow users to copy their decisions to their own accounts.
For example, an experienced trader decided to buy BTC for USDT, and then sell USDT for BTC at a profit, once the rate changes. Another trader can connect to his account through copy trading and repeat the same step. This way the other trader will also earn a profit and pay a small fee in return.
Copy trading – the specifics of the investment mechanism
Copying trades is beneficial for traders and investors of all levels. For some, it is an additional income and for others – the main income source. If a trader is successful, he can offer other traders to use his strategy and repeat his decisions.
There are no traders who always win. However, if the 30-day profit of a player is positive, it speaks about his experience and professionalism. The decisions of such market players can be trusted. There are traders on BingX with return on investment at 1000%+, 2000%+ and higher. They are also not successful all the time, but they do close the majority of trades at a good profit. It is important for an investor to know everything about a trader he decided to copy. The platform provides the following information about signal providers:
Account assets;
Cumulative profit and loss;
30-day profit rate;
Maximum drawdown;
Number of followers.
Detailed profit rate is shown on the 30-day chart. You can view the trades a trader made, which pairs, amounts and the result. It allows you to get a full picture not only about the level of the player, but also about his favorite strategies and their effectiveness.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
BingX Affiliate Program
The company offers an affiliate program to legal entities providing brokerage services in the cryptocurrency market. The main advantage of the program is beneficial fees.
Up to 60% rebate. Trading fees for standard contracts – 0.045%, for perpetual swap – 0.02% (maker) and 0.03% (taker). Also, the broker’s clients get a 100 USDT welcome bonus after registration. The partners are provided with full support of the platform, a personal manager, exclusive backend and other benefits.
Conclusion. Is BingX good for beginners?
The BingX cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, BingX could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.