BingX Review 2023: An Expert's Comprehensive Analysis









Customer service

Requirements & Accessibility



Key Takeaways

  • Fiat Support and great fee structure

  • Perpetual Swap Feature

  • Largest and most advanced copy-trading features in the market

  • Intuitive and Beginner-Friendly Platform

  • Massive selection of cryptocurrencies listed



With the growing DeFi space and the increasing availability of digital trading exchanges, selecting the best platform can be a daunting task. But have no fear, CoinScan is here to help potential users find the gems and avoid the duds.

Next up on our list is BingX, an asian-based exchange that has been steadily climbing the ranks since its inception.

But does it deserve its growing popularity or should traders avoid it like the plague? Join us as we dig deep to find out!


BingX began life as BingBon, before rebranding into its newest iteration on 8th November 2021 (for undisclosed reasons).

Founded in mid 2018, the company attempted to differentiate itself by focusing on social trading, which quickly found it an audience and support in the form of investment, when it secured an (again undisclosed) amount of series A capital injection.

The copy trading feature was added in 2019 and was a huge success for the exchange, vastly growing its user numbers. BingX continued to expand in early 2020, reaching high trading volumes and moving into English-speaking regions. Capitalizing on the mass adoption of cryptocurrency that the sweeping global pandemic saw, the platform saw an opportunity to increase its foothold in the global DeFi market.

It was during this time that the exchange secured multiple important trade licenses, including MBS from the US, DCE AUSTRAC from Australia, MTR from Estonia, and FINTRAC from Canada, increasing user confidence worldwide and attracting more users to its platform.

Subsequently (according to BingX themselves) the site has grown large enough to now be the world’s largest copy-trading platform. In addition, the site has consistently ranked in the top ten on Coinmarketcap's list of 'Derivatives Exchanges'.

User Experience

Usage and Popularity

Through almost every metric available, BingX is undeniably impressive.

On Coingecko it ranks 23rd for 24-hour volume and 11th for overall trust score and useability. The site can apparently handle over 200,000 trades per second.

With the addition of dual licenses, BingX has grown to a reported 10,000 daily trading users, and five million+ users, as well as a 24-hour trading volume that even during the crypto winter fluctuates between 500 million and 700 million ($557,635,263 at the time of writing).

Currently, there are 356 coins and 366 trading pairs available on the exchange, which is a nice selection featuring all the main staples like Bitcoin and Ethereum, as well as some lesser-known tokens with lower marketcaps, such as Vesper and Sidus.

For traders, niche tokens are a great way to make potentially substantial gains, but the associated risk is naturally much higher as volatility tends to be larger and there is of course always the ever-present possibility of rug-pulls or other scams, (although it is important to note that most tokens that reach centralized exchanges have been well-vetted).

The most active trading pair is BTC/USDT with a 24h volume of $196,652,793.34 at the time of writing.

Derivatives trading is also fairly popular on the site, with 156 pairs generating around $6 million USD equivalent per 24 hours and almost $4 million in open interest (the total value for outstanding derivative contracts, such as options or futures that have not yet been settled).

BingX provides a diverse set of features and services, making it popular among novice and experienced traders alike. The combination of a trading bot that excels at grid trading and a social trading marketplace where traders can copy profitable professionals is a big draw for many of its users.

In addition, BingX is now not only well-known for its social trading platform, but also as a clearing house for derivatives contracts for the Forex, Indices, and Commodities markets, making it quite unique compared to many of its contemporaries.

Because both crypto traders and regular investors have access to the same low fees and top oversight from the major watchdogs, the exchange is extremely versatile.

Ease of Use and Design

One of BingX’s most distinguishing features is its user-friendly interface, which has a clean and simple design that makes it simple to navigate. Even inexperienced users will be able to navigate the platform with ease.

The roster of copy traders available on the platform is the first thing you see on the home page. This is very useful because it saves a lot of time when browsing the exchange.

BingX regularly adds new projects and price charts, such as the Poocoin Chart, Veracity Price, AFEN Price Chart, Saitama & KaikenInu, meaning that it always has its finger on the pulse and is able to move rapidly with the industry.

One aspect of note is that the site has a number of active promotions at any one time, and is not shy about letting users know about them, bombarding them with pop-ups as soon as they click on the desktop site.

The current promotion at the time of writing is to earn up to $5125 when joining and depositing. It’s a nice bonus, but the site makes it look as if users can just claim $5125 as a ‘welcome gift,’ which is a little misleading as in reality to get the full $5125 as part of a ‘trial fund’ (whatever that means), the site requires traders to deposit $500,000 worth of assets.

And if you have 500,000 sitting in your back pocket, you probably aren’t going to use a site you’re completely unfamiliar with for the sake of $5,000.

BingX also provides a mobile app for both iOS and Android devices, which is high on the list of requirements for today's top operators. The app is just as easy to use as the desktop platform and allows users to trade on the go, which is ideal for crypto copy trading – meaning users don't have to sit in front of a computer all day as a copy trader.

Customer support

BingX has a Help Centre that serves as a repository for educational resources. It comes with a wealth of support documentation that can easily provide beginners with basic and advanced trading knowledge.

Manuals on how to use the platform and troubleshoot issues are also available.

Users who are experiencing technical difficulties or have questions can contact the support team via email tickets or the 24/7 chat feature. The team is known for responding within 10 minutes and providing users with concise and accurate solutions, and its real humans – not bots.

All in all the customer service seems to be top-notch and effective, but it would be nice to see a phone number added to hit those top marks.

Fees and Promotions


The exchange charges its users a trading fee every time they place an order.

The trading fee is typically a percentage of the trade order value and many transactions distinguish between takers and makers.

For the uninitiated, takers are the individuals who "take" an existing order from the order book and makers are the individuals who add orders to the order book, resulting in liquidity on the platform.

BingX charges both makers and takers 0.1% for trading fees. There are also no hidden fees or charges, making active day trading in cryptocurrency very attractive for veteran traders.

In terms of withdrawal fees, they are typically fixed and vary by cryptocurrency. When users withdraw Bitcoin, pay a small fee in Bitcoin and when they withdraw ETH, they pay ETH and so on.

The current average BTC-withdrawal fee in the crypto exchange market was 0.0006 BTC per BTC withdrawal.BingX charges 0.0005 BTC per BTC withdrawal, which is slightly lower than the global industry average and one again makes the site very competitive on fees.

However, one major downside for the platform is that it currently doesn’t support Fiat deposits or withdrawals, meaning that it is impossible to recommend as a primary exchange, as so many others in the space do the same but have this feature.

That said it would be a good contender for a secondary exchange.


LAToken and BingX share a similar approach to how they run their exchanges;

  • Both exchanges offer competitive trading fees.

  • Both exchanges support a wide range of cryptocurrencies.

  • Both exchanges offer a variety of security features.

  • Both exchanges offer a mobile app.

However, both exchanges do have some differences when it comes to what assets and features they offer;

  • BingX was founded in 2018, while LATOKEN was founded in 2017.

  • BingX is headquartered in Singapore, while LATOKEN is headquartered in Estonia.

  • BingX offers copy trading, while LATOKEN offers IEOs.

  • BingX supports more fiat currencies than LATOKEN.

  • BingX has a higher daily trading volume than LATOKEN.

If you are looking for an exchange with a wide range of trading features, fiat currency support, and a high daily trading volume, then BingX is a good option.

If you are interested in investing in early-stage cryptocurrency projects, then LATOKEN is a a better alternative.

Safety Essentials


Due to the unfortunate prevalence of hacks and security breaches in the cryptosphere, it is necessary for traders and investors in the space to be extra vigilant, and for exchanges to also do all that they can to protect those who use their platforms.

Fortunately, BingX protects user funds with multiple layers of security.

First, all account login attempts now require 2FA (Two-Factor Authentication). This means that even if someone knows a user’s password, they won't be able to log in unless they also have access to their second factor of authentication – which is usually a mobile device. Furthermore, all cryptocurrency stored on BingX is kept in cold storage. This means that the coins are not stored on any internet-connected computers. This significantly reduces the possibility of them being hacked or stolen.

In addition, BingX keeps an insurance fund in case of theft. BingX uses end-to-end SSL encryption and also allows users to create a fund code and a separate password to be used when depositing, trading, or withdrawing funds from their account funds.

The site has also partnered with SlowMist, a blockchain security firm that audits its wallet services. BingX also has a bug bounty program in which users who report system vulnerabilities are rewarded. Lastly, BingX complies with anti-money laundering (AML) regulations and maintains a strict KYC (know your customer) policy to prevent fraud, meaning that before users are able to access all of the features on the site they have to comply with these practices, which typically involve providing ID such as a passport or driving license, as well as a utility or bank statement from their current residence.


This is nice and easy. Simply put, since its inception there has never been a security breach in BingX and it hasn’t been involved in any public scandal that CoinScan was able to find. Reviews online are healthy and positive.

However, there is one point of note.

When searching reviews of Bingbon - the site’s previous iteration, the reviews are largely scathing, and a far cry from those of BingX. So it seems that the reason for the rebrand might have been discovered after all.

Proof of Reserves

Due to the travesty that was FTX, exchanges are now doing more to show their customers that they can be trusted. Proof of Reserves is one such method – where either through audits or wallet information, anyone can see where funds are stored and how they are used.

Fortunately BingX has been guaranteeing the security of its customers' funds for some time, which are fully backed by reserve funds. Its financial data has been verified by independent auditors and every week, it publishes its Merkle Tree for all to see.

BingX also received a positive audit from CertiK, a pioneer in blockchain security, and it has audited and worked with many other well-known crypto networks.

Overall, top marks for the exchange here.   


To sum up, BingX is a promising cryptocurrency exchange, which is particularly useful for those who like to trade derivatives, or are interested in copy trading - meaning it is a great site for those first starting their crypto journey, as they can see what big industry veterans do and learn the ropes while minimizing risk.

The platform has a healthy selection of assets, ranging from renowned juggernauts down to small market cap niche products, and appears to add regularly to its selection. The site also seems to have good customer service and a useful help section for when people do get a bit stuck, and reviews since it shed its old skin have been largely positive.

That said, the aforementioned issue with the site not being able to support fiat deposits or withdrawals make it hard to recommend BingX as a primary exchange, although it is definitely suitable as a testing ground for new users or as a secondary platform for more seasoned users.