BingX, a dynamic search engine, has garnered attention worldwide. Many are curious if it’s available in the USA. In this brief introduction, we’ll explore is bingx available in usa and its potential impact on American internet users.
Founded in 2018 within Singapore, BingX has become a prominent presence in the international cryptocurrency exchange arena. The company has expanded its footprint by setting up offices in multiple locations, such as North America, Canada, the European Union, Hong Kong, and Taiwan, and it serves a diverse user base from around the world.
What Is Bingx?
Despite its relatively recent entry into the market, BingX has quickly gained popularity, amassing more than 5 million users from 100 different countries. One of its standout characteristics is the extensive selection of over 350 cryptocurrencies available for trading.
BingX is a versatile platform that offers various types of trading services, including spot, derivatives, copy, and grid trading. This versatility caters to traders of all experience levels, making it an attractive option for a wide range of individuals. Additionally, they provide a mobile app that has been downloaded over 1 million times, granting traders the flexibility to trade while on the move.
The mobile app boasts a user-friendly interface and advanced trading tools, including charts, order books, and market data. It’s important to note, however, that BingX is not accessible in specific countries such as the United States, China, and the United Kingdom.
In summary, BingX has emerged as a preferred platform for traders worldwide, thanks to its diverse trading services, user-friendly interface, and extensive cryptocurrency offerings.
Does BingX Require KYC?
BingX does not impose a mandatory KYC verification process on its users. This means you can commence trading without the necessity of undergoing an extensive KYC procedure. Nonetheless, there are certain constraints on the amounts of USDT you can withdraw within a 24-hour timeframe and throughout the lifespan of your account.
For accounts that have not undergone verification, the withdrawal limits stand at a maximum of $50,000 USDT within a 24-hour period and a cumulative cap of $100,000 USDT. Upon completion of the account verification process, these withdrawal limits experience a significant increase.
Nevertheless, the majority of users may find it unnecessary to go through the KYC process since the withdrawal limits for non-KYC accounts remain quite generous.
BingX Features
Bing X offers a wide range of features that cater to both novice and experienced traders. For newcomers to the cryptocurrency world, there’s a straightforward conversion feature that allows for quick exchanges between different cryptocurrencies. In contrast, more seasoned users can take advantage of the trading platform’s advanced charting tools, real-time order books, multiple order types, and even a grid trading bot for a more intricate trading experience.
One of BingX’s standout attributes is its provision of both standard and perpetual futures trading, with the potential for leverage of up to 150x. This flexibility enables traders to tailor their strategies according to their preferences. Additionally, BingX provides a demo trading environment with demo currencies, offering a risk-free space for practicing and refining trading skills.
Another noteworthy feature on BingX is its copy-trading functionality, which empowers beginners to follow successful traders and learn from their strategies. Furthermore, the platform maintains competitive fees, charging less than 0.2% per trade. With access to an extensive selection of over 350 cryptocurrencies, BingX ensures a wide array of options for trading enthusiasts. New users can also enjoy rewards for their trading activities.
Spot Trading
In 2023, for a cryptocurrency exchange to be considered a top contender, it is essential to offer spot trading. Spot trading serves as the primary marketplace where users can engage in the buying and selling of cryptocurrencies. To put it simply, spot trading on BingX, a centralized exchange, distinguishes itself by presenting a wide array of opportunities for trading one cryptocurrency for another, boasting a healthy level of liquidity with an average trading volume reaching $300 billion.
BingX grants access to a portfolio of more than 550 distinct cryptocurrencies and offers over 1,000 trading pairs. This extensive variety positions it as an ideal platform for users who seek a diverse range of trading options. Whether you prefer to trade cryptocurrencies without leveraging or not, BingX remains an outstanding choice to fulfill your trading requirements.
Copy Trading
BingX introduces an impressive feature called “Copy Trading,” enabling users to replicate the trading activities of experienced traders on the platform. Essentially, when you opt to follow a specific trader, their trades are automatically mirrored in your own trading account. With a pool of over 20,000 traders to choose from, finding someone whose trading style aligns with your preferences is a straightforward task.
In our evaluation, BingX ranks among the top platforms for social trading, thanks to its robust copy-trading capabilities. Users benefit from the convenience of perusing numerous active traders, complete with essential information such as the number of followers, 30-day returns (ROI), cumulative PnL (Profit and Loss), and a risk rating ranging from 1 to 9. These details empower you to make well-informed decisions.
When you opt for a specific trader to follow, you gain access to their performance metrics, including a breakdown of their profits and risks, along with real-time updates on their interactions with their followers. Additionally, you can review their trade history, providing valuable insights into their trading activities and strategies.
It’s worth highlighting that approved traders who share their trades on the platform can earn a profit share ranging from 8% to 10%, serving as an additional incentive for their commitment to successful trading.
Derivatives Trading
This platform encompasses futures trading not only in cryptocurrencies but also in indices, commodities, and even Forex, providing users with a wide array of options. Users can choose between standard derivatives and perpetual futures, a specialized product designed for cryptocurrency trading.
In the standard derivatives section, users can engage in cryptocurrency trading with leverage of up to 150x, and this applies not only to cryptocurrencies but also to various other assets with varying leverage levels. Whether you wish to take long or short positions, you have the flexibility to do so. The platform offers market and trigger orders, akin to limit orders, and users can hone their trading skills through a demo trading feature.
Transitioning to the perpetual futures platform, users can still place limit and market orders, take long or short positions, and select between isolated and cross-margin options.
While BingX may not hold the top position in the realm of derivatives trading, it does provide substantial leverage, a diverse range of tradable assets that extend beyond cryptocurrencies, and offers comprehensive charts for in-depth analysis. The platform’s user interface is relatively user-friendly, enabling users to swiftly access information about their open positions and real-time profit and loss data.
Demo Trading (Vst – Virtual Usdt)
BingX offers a useful feature for users interested in refining their skills in Futures trading without the risk of using their own capital. This feature is known as Virtual USDT (VST), serving as a cryptocurrency demo trading tool.
Upon creating an account, users are provided with 100,000 VST, which they can utilize to practice trading on the standard futures trading platform. It’s essential to understand that VST holds no real-world value; it cannot be exchanged for other currencies or withdrawn from the platform. Its sole purpose is for practice and educational purposes.
Virtual USDT proves to be a valuable resource for individuals new to the cryptocurrency realm who desire to gain experience before engaging in actual trading. It is equally beneficial for experienced traders seeking to experiment with new strategies without risking their actual assets.
If you’re in search of an exchange where you can refine your trading techniques and strategies without any financial risk, then BingX may be an excellent choice for you.
Are Cryptocurrencies Legal In US?
Before commencing cryptocurrency trading, it is imperative to ascertain the legal status of cryptocurrencies in your region. Failure to do so could potentially lead to complications. Numerous countries have already enacted legislation to govern digital assets, though some jurisdictions continue to lack legal frameworks for them.
In the United States, cryptocurrencies are legally recognized. The country has established regulations that govern the handling of digital assets. These regulations outline standards for using cryptocurrencies as a form of payment, an investment instrument, and address their taxation. Consequently, traders in the United States should not encounter any obstacles when dealing with cryptocurrencies.
Is Bingx Legal In The US? Does It Have A License?
Prior to engaging with an exchange, it’s crucial to verify the presence of a financial license. Exchanges can be subject to oversight by different financial regulatory entities, which may encompass central banks, securities and exchange commissions, or even regional governing bodies. While a cryptocurrency exchange may lack regulation in the United States, it could still possess a license granted by another reputable regulatory authority. Below, you can explore the regulatory status of the BingX cryptocurrency exchange.
| SEC | No |
| FINRA | No |
| SIPC Protection | No |
| Other regulators | No |
How To Buy Crypto On Bingx?
Buying cryptocurrencies on BingX is a simple process with a variety of options available.
BingX offers access to more than 350 cryptocurrencies for spot trading, allowing users to easily acquire and sell their preferred digital assets.
For those interested in purchasing cryptocurrencies with a credit card, BingX collaborates with several third-party providers, including MoonPay, Banxa, Advcash, and Mercuryo. Nevertheless, it’s worth noting that utilizing these third-party providers may not be the most cost-effective choice, as they often entail relatively high fees, ranging from 2% to 10%.
While bank deposits are not currently supported on BingX, there is an alternative option for peer-to-peer (P2P) trading involving three fiat currencies: VND, RUB, and KRW.
In summary, BingX offers a convenient and user-friendly method for individuals to acquire cryptocurrencies, whether through spot trading or by utilizing third-party providers for credit card payments.
Is BingX Safe?
Proof-Of-Reserves And Security Audits
BingX boasts a prominent security aspect in the form of its Proof-of-Reserves document. This report undergoes an independent verification process conducted by a trusted third-party auditor, Mazars, which guarantees transparency and the credibility of asset management.
BingX doesn’t solely rely on its historical performance. It has undergone thorough security assessments carried out by well-known firms like CertiK and SlowMist. Furthermore, the platform consistently monitors and evaluates its operational and maintenance databases to proactively identify and rectify any potential security weaknesses.
Bank-Grade Custody Solution
To bolster security, BingX utilizes a custody solution on par with banking industry standards. This solution meticulously manages permissions across servers, middleware, and databases across all operational departments. The majority of user-deposited assets are kept in offline “cold” wallets, reducing the risk of exposure to external threats.
Asset Protection And Risk Management
BingX implements safeguards to safeguard its users’ assets. The platform allocates a segment of its core balance sheet to serve as a safeguard against potential losses of customer assets. Furthermore, BingX has established a robust security framework, encompassing a 24/7 monitoring system for suspicious activities that provides real-time updates.
BingX Trading Fees
BingX’s trading fees are transparent and depend on the specific cryptocurrency you are dealing with. For well-known cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), the spot trading fees are set at 0.1%. For trading less popular altcoins, the fees are slightly higher, standing at 0.2%.
In the domain of spot trading, the maker fees follow a tiered structure, ranging from 0.1% to 0.2%. As for futures trading on BingX, you will encounter a maker fee of 0.045% and a taker fee of 0.075%. These fees demonstrate competitiveness when compared to other exchanges like Binance and Coinbase.
If you are in search of an exchange that offers cost-effective trading with minimal fees, BingX proves to be an excellent selection.
Conclusion
BingX cryptocurrency exchange may not be the ideal option for traders based in the United States. The primary reason for this is that the country’s financial regulatory authority typically does not issue licenses to cryptocurrency exchanges. Furthermore, the platform has experienced security-related incidents, and the level of account protection is not at its highest standard. Additionally, users have raised occasional concerns regarding the exchange’s operational quality.