Deniz 
BingX exchange (formerly known as Bingbon) is a leveraged exchange based in Taiwan (a platform that offers margin trading). BingX was established in December 2017 and has been operating since then. It is particularly known as a major leveraged trading platform in Taiwan.
To provide some historical background on BingX, in June 2018, it received a $10 million investment from Grand Shores, a technology company listed in Hong Kong (stock code 1647HK). This investment contributed to the growth and development of the platform.
BingX’s Main Product: CFDs
To summarize information about BingX’s main product, CFDs (Contracts for Difference): ➮ CFD Derivative Commodities: CFDs are derivative commodities that represent an agreement on the price movement of an asset. This agreement is made between the buyer and the seller.
➮ Use of Leverage: Leverage can be used when trading CFDs. Leverage allows taking a position beyond the deposited margin, increasing potential profits and losses.
➮ Profit and Loss Based on Price Direction: When trading CFDs, you can make a profit or loss whether the asset’s price rises or falls. This offers the potential to gain from both upward and downward market movements.
CFD stands for “Contract for Difference,” and it is an agreement on the difference between the value of an asset at the time the contract is opened and the value at the time it is closed. Even if you do not physically own the asset, you can profit from the price difference through trading.
The name change from Bingbon to BingX occurred on November 18, 2021. This change signifies that the word “Bing” represents the past, while “X” symbolizes the intersection of new users and traders. This change aims to provide a platform for those who want to experience future cryptocurrency trends.
Advantages and Disadvantages of BingX
Advantages:
➤ Ease of Use: BingX’s interface is considered more user-friendly compared to other exchanges. The ease of placing buy/sell orders and setting stop-loss/take-profit levels is seen as an attractive feature, especially for beginners.
➤ High Security: BingX is a platform that competes with other exchanges in terms of security. The fact that it has not encountered security issues for three years is important for providing a reliable environment for users.
➤ Multiple Device Support: BingX supports trading on various devices such as computers and phones, allowing users to continue their trading across different platforms.
➤ High Leverage: BingX offers users the opportunity to use leverage up to 150x with BTC pairs. It also provides flexibility for users who want to customize their leverage settings.
➤ Copy Trading: One of BingX’s standout features is the “Copy Trading” function, which allows users to copy successful trades of other traders to earn profits.
➤ Variety of Trading Pairs: BingX is not limited to cryptocurrencies; it also offers trading opportunities in different areas such as Forex, commodities, and stock indices.
➤ Crypto Purchase: The “Buy Crypto” feature allows users to convert their money directly through Visa cards. This is a rare feature on CFD-based platforms.
➤ Spot Purchase: BingX offers more trading options by providing a spot purchase feature.
➤ Various Assets: BingX lists various altcoins, offering users more investment options.
➤ Language Diversity: BingX supports many different languages, which is advantageous for attracting international users.
Disadvantages:
➤ High Spread: High spreads can be a disadvantage for users. Especially during periods of high volatility, spreads can rise to high levels such as 5%, increasing trading costs.
BingX Trading Fees
The trading fee on BingX is 0.075%. However, it is stated that this fee rate has been reduced to 0.045%.
Calculation Formula: Trading Fee = Trading Volume * Trading Fee Rate (one-time payment)
Copy Trading Fee:
The copy trading fee rate is also 0.075%. However, it is stated that this fee rate has been reduced to 0.0375%.
Deposit Fee:
BingX does not charge any fees for deposit transactions. So, you do not pay any additional fees when depositing money.
Withdrawal Fee:
Like other exchanges, BingX charges fees for withdrawal transactions. Withdrawal fees can vary depending on the payment method and transaction amount used. These fees are subject to the rules set by the platform according to the amount withdrawn and the payment method.
The spread rate on BingX can change over time and has a structure shown in the table below: Long Position Spread Rate: Current price * (1 + spread rate) Short Position Spread Rate: Current price * (1 – spread rate)
The spread rate can change over time and can be adjusted according to the rules set by the platform and market conditions. Spread is an important factor affecting the cost of trading transactions. Therefore, it is important to carefully review the current spread rates before trading.
By registering on the BingX exchange with the Coin Mühendisi referral link, you can earn discounts on your trading and futures transactions.
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