Bingx

BingX Exchange Review

Advantage

To be able to survive and retain users, BingX has many outstanding advantages compared to other CFD exchanges today:
Ease of use : BingX's interface is considered easier to operate than other exchanges on the market. Particularly when it comes to placing buy/sell orders and setting stop loss/take profit, BingX is almost the leader in simplicity.
High security : Up to now, BingX has always shown itself to be a strong competitor in all aspects with other exchanges and so far BingX has never encountered any security errors.
Support on multiple devices : BingX supports trading on both computers and phones.
High Leverage : BingX allows users to use very high leverage with BTC pairs up to 150x. In addition, BingX has upgraded the leverage adjustment feature similar to Binance.
Copy Trading : This is considered a notable feature of BingX. With the Copy Trade function, BingX will attract more users than other trading platforms thanks to its ability to help users make money on BingX because: BingX creates a place where both the copyer and the copy enabler can profit.
Diverse trading pairs : Not only allowing trading crypto pairs, BingX also allows trading in other fields such as: Commodity, Stock index...
Buy crypto : Allows buying and selling - converting coins directly via visa card, OTC via the extremely new "Buy crypto" feature that no other CFD exchange offers.
Spot Buying : In 2021, BingX launched Spot buying feature, similar to CEX exchanges. This gives users more choices.
Diverse assets : Since mid-2021, BingX has made a positive move by listing many altcoins, including some very trendy coins such as C98, AXS...
Multilingual : BingX supports many languages, including Vietnamese.

Disadvantages

High spread : This is one of the annoying disadvantages because no one wants to open an order and then suffer a loss. If there is no fluctuation, the price deviation can be 1-2%, but when there is strong fluctuation, the price deviation can sometimes be up to 5%.

Instructions for registering a BingX account

Preparation before registering BingX

To make registration less time-consuming, please prepare some things in advance according to the following list:
Frequently used email address.
ID card photos include: 1 front photo, 1 back photo and 1 selfie photo with the front (I will guide you in detail in the next section). You can use your ID card or driver's license.
The phone comes pre-installed with Google Authenticator or Authy app depending on your needs.

Step 1: Register a trading account on BingX exchange

To create an BingX account, first, go to the BingX website. Then enter Email (or phone number) & Password ⇒ click Next .

The system will send the code to the above Email, enter the code in the box, then click Register .

Step 2: Identity Verification - KYC

The purpose of the KYC process is to weed out unqualified people from using a service. These standards may vary from one entity to another.

To KYC your account on BingX, do the following:

From the BingX homepage interface, point your mouse to the personal icon as shown below.

Then select Identity Verification .

You select the documents you want to authenticate, then click Next .

After selecting, upload the front and back of the document into the corresponding boxes, then click Next .

Then take a Selfie by clicking I'm Ready .

Check the information again, then click Next .

Below is the completed interface, you just need to wait for the results.

Step 3: Enable 2FA 2-step security

This is a step to help you increase the security of your account on the exchange. I always recommend that you activate 2FA.

Return to the homepage, point your mouse to your personal icon like when doing KYC, but this time select Account and Security.

Then scroll down and click on the Link in the Google Verification section .

If you don't have Google Authentification , download it depending on your device, then click Next . Besides Google Authentification, you can still use Authy instead!

Copy this key into Google Authentification, or scan the QR code .

Click Send to receive the code on your phone, then enter it in the box next to it, and enter the Google Verification Code in the box below. Finally, click Submit to complete.

Instructions for depositing, withdrawing, and trading on BingX

Deposit

From the home screen, point your mouse to Asset , click Deposit .

Tick ​​the box to agree to the terms, then click Confirm .

You choose the asset you want to deposit, account, network (depending on the asset, there will be different network support), and copy the address to send the asset to.

Withdraw money

This withdrawal step is almost similar to depositing. But instead of “ Deposit ”, you choose “ Withdraw ”.

You choose the asset to withdraw, network, enter withdrawal address, quantity, note (not required) in the boxes as shown below, then click Submit .

Note : The Submit button clearly shows the transaction fee and the actual amount received, please pay attention to transfer correctly.

Buy and sell coins

To participate in Spot trading, point your mouse to Market on the homepage, then click Spot Market .

Below is the Spot Market interface.

[1] Where to choose assets.
[2] Place to buy or sell.
[3] Where to choose Market or Limit order.
[4] Where to enter the purchase/sale amount.
[5] You can drag here to replace manually entering the above amount.

Other trading instructions on BingX exchange

Standard Contract

This is where you get into derivatives trading with regular leverage.
To trade, click Standard Contract on the homepage.

Here are the details on the order screen:

[1] Where to choose assets.
[2] Where to select account.
[3] Where to choose long/short.
[4] Where to choose Trigger (limit) or Market order.
[5] Where to enter the order amount.
[6] You can drag here to replace manually entering the above amount.
[7] Where to choose the lever.
[8] Where to set the take profit point (turn the button to the right to set).
[9] Where to set stop loss (turn the button to the right to set).

Quick asset exchange

To quickly convert assets to USDT without going to the exchange, you can use BingX's Exchange feature .
From the main screen, point the mouse to Market as above, select Convert.

You choose the asset, enter the amount you want to convert to USDT, then click Exchange.

Buy Crypto via Credit Card

You can buy Crypto via Credit Card by clicking Buy Crypto on the home screen, or point your mouse to Market , select Buy Crypto .

You choose the asset you want to buy, choose the purchase method (buy by cash amount, or Crypto amount), enter the purchase amount, and click Buy Now .

Please check the purchase quantity details above again, if not correct, you can re-enter. Then choose the appropriate payment method below and click Buy .

Tick ​​the box to agree, then click Confirm .

Finally, enter the information according to the payment method and you are done.

Copy Trade

From the home screen, click Copy Trade .

You can select the person you want to copy the order below, or you can search for a specific name in the box above. The Copy Trading button next to it displays detailed information about your Copy Trade.

After choosing the right person, click on it and select Copy Trade . Next, select the asset you want to copy (VST is a virtual currency that BingX will give you to experience, it has no real value), the amount of money to copy each order, if you want to add more money to your account, click Deposit below.

In addition, if you want to set up more details, you can click on Advanced Setting . In there, you can adjust:

Daily Copy Trading Amount: The daily trading limit. When the total value of copied orders reaches this threshold, copying will no longer be possible.
Max. Open Position Principal : Once the copier's principal position reaches this value, trades will no longer be executed.
Stop Loss Ratio : Copied orders will have Stoploss set here.

After setting up the parameters, scroll down and click Copy Now .

Arbitrage Bot

Along with the rebranding to BingX, the project also launched Arbitrage Bot. This is a bot that helps users earn income by automatically buying low and selling high. Here's how to use it:

From the home screen, click Spot .

Select Arbitrage bot .

Choose to create a strategy automatically ( Auto ) or manually ( Manual ), then click Create .

After creating, click Arbitrage Bot below to follow.

Conclude

Trading on BingX is quite easy for both newbies and those who are familiar with the market. To get the position today is of course partly due to the benefits that the exchange brings to users. Of course, for that reason, I rate BingX as the best CFD trading platform today.