As the number of traders in the crypto industry grows, different people look for different products to suit their needs. One of the most popular names in the cryptocurrency industry is BingX. It’s a popular crypto exchange that offers spot, contract, copy, and grid trading to millions of customers in over 100 countries.
Today’s review will examine BingX and its features, focusing on copy trading and other essential platform aspects.
What Is BingX?
BingX is a leading crypto exchange that provides its users with a safe and secure trading experience. Its comprehensive suite of services has so far reached millions of users in more than 100 countries and regions.
BingX’s mission is to make crypto accessible and friendly to all while providing trustworthy and transparent service for its users. The team aims to build a gateway to open up crypto usage among the next billion potential users.
So far, BingX has achieved 5 million global users, $12.1 billion in 24-hour volume, and over 350 listed cryptocurrencies. With over 8,000 elite traders and 4 million copy relationships, the platform successfully processed over 130 million orders.
Trading Crypto with BingX
Considering the differentiated demand for crypto assets, BingX has set up multiple ways to trade in this sector. The subsections below will clarify the different trading types available on BingX to suit your needs.
Buy Crypto in Different Ways
When clicking on the “Buy Crypto” button, you’ll access a page allowing you to choose several ways of buying cryptocurrencies.
The first option is to buy crypto with cards. This is possible through payment intermediaries such as Banxa, MoonPay, AdvCash, or Mercuryo. You’ll need to enter the amount of cryptocurrency you wish to purchase and select your preferred payment method. You may also need to provide additional information to complete your purchase.
The second option is P2P mode, which stands for peer-to-peer trading. This means the system will match you with a preferred trader and escrow the crypto assets involved in the transaction.
You must transfer the funds to the seller according to their payment information. After paying, you can click “Transferred, notify the seller.” At this point, BingX will release the cryptocurrencies to your Fund Account once the seller confirms receipt of payment.
The Market Section
The “Markets” section of the website allows users to monitor and compare the prices of different cryptocurrencies in real-time. It shows market capitalization, volume, highs and lows, and the latest traded price for each token pair.
It also includes a “Trade” button, letting users quickly and easily exchange the specified crypto pair. This information lets you track your preferred pairs and make informed trading decisions.
Spot trading is another essential feature of BingX. With spot trading, you can quickly and easily buy or sell crypto assets in seconds with no fees or commissions.
You can access detailed charts for each asset, providing the information you need to make informed decisions. You’ll also be able to view real-time market data, giving you insight into the market’s volatility.
Derivatives in the crypto market have become a popular asset class for both experienced traders and ordinary investors.
Perpetual Futures are suitable for more experienced traders, as they require knowledge of derivatives strategies such as leverage trading. Standard Futures, meanwhile, focus on helping ordinary investors move into the crypto market without complex strategies.
BingX offers both categories of derivatives, and both sections have access to a graph with several drawing tools. This helps traders understand market trends and make informed decisions when trading crypto derivatives.
Understanding How Copy Trading Works on BingX
Copy trading is one of the core features offered by BingX. It’s a form of automated trading that allows users to copy the strategies and trades of experienced traders in real-time.
In the subsections below, let us look at the main aspects of copy trading on BingX and how it works.
Different Copy Trading Styles
Copy trading is a great way to diversify your portfolio and take advantage of the expertise of experienced traders. With BingX, you can choose from three different copy trading styles, each with different advantages.
Copying by position lets users adjust their funds according to the position of the share trading account they are copying. This trick offers copiers an approximate ROI similar to that of the share trading account. However, this type of copy trading does not permit autonomous trading.
On the other hand, copying by a fixed margin works on the trader’s BingX Standard Futures account. The strategy only copies trades opened in isolated margin mode. This style of copy trading allows users to perform autonomous trading.
Finally, copying by spot grid is limited to copying orders of the trader’s BingX Spot Grid Trading account. We will share more details on grid trading in the dedicated section of our review.
Through these styles, BingX promises to help you diversify your investments and take advantage of the market’s opportunities.
Setting Up Your Copy Trading Strategy
There are five steps to follow when setting up your copy trading strategy. First, access the Copy Trading page on the app or web homepage.
Next, select a trader from options the system recommends based on their past data. Check out their Share Trading Data and Feed for more information about each option.
On the trader’s homepage, click “Copy Now” and enter your Copy Settings. You can choose the copy trading type depending on the share trading account that the trader uses.
Finally, set up your Copy Trading Funds according to each platform. Once you have finished setting up your Copy Trading strategy, click “My Trades” to check the data. It displays Today’s Earnings, Total Revenue, the Current trades you are copying, and your closed orders.
You can edit or cancel your strategy anytime by accessing “My Trades” and tapping the trader you are copying. Click “Stop Copying” to stop manually, or click “Edit” to modify your Copy Settings.
By following these five simple steps, you can start with Copy Trading today and use this investment strategy on BingX.
Discovering Grid Trading
We mentioned grid trading above, and it is time to investigate it further. Grid trading is automated trading that allows you to capitalize on volatile markets by buying low and selling high.
You will need to set up the parameters for your grid, such as the upper and lower price limit. At this point, the system will divide your funds into equal shares and operate according to those set parameters.
When the market falls, it will buy; when it rises, it will sell. This process generates a price difference which accumulates to create continuous profits through market volatility.
Additionally, this method has relatively low risk as GridX divides your investment into many smaller positions.
BingX offers three different grid trading approaches. Namely, we are talking about the Spot Grid, the Spot Infinity Grid, and the Futures Grid. The Spot Grid operates within set price limits, and the Infinity Grid maintains a fixed asset ratio on the market. Finally, the Futures Grid utilizes leverage to amplify margins and profits.
By taking advantage of grid trading, you can use volatility while reducing your risk exposure. With BingX’s three distinct approaches, you can find one that meets your needs.
Rewards for New Users
BingX often launches reward rounds to welcome new users. The team has just opened a campaign giving up to 5,155 USDT as welcome gifts (up to 1,000 per day). To claim this generous reward, all you need to do is follow these simple steps:
- Register on the BingX platform and receive a 30 USDT Rebate Voucher.
- Complete the tasks in the “New User Rewards” section.
- Claim your rewards in the “My Rewards” section, which shows how much you earned from our gift mechanism.
This team’s strategy is to appeal to more people and increase user engagement. The number of traders using the BingX platform has grown significantly over time, and BingX intends to feed this trend.
Bottom Line – A Crypto Exchange Leveraging a Wide Set of Features
BingX is a crypto exchange with multiple features that appeal to all levels of traders, from novices to veterans. Copy Trading allows you to use the expertise of experienced traders. Grid Trading, instead, lets you capitalize on volatile markets by automatically buying low and selling high.
Finally, BingX regularly launches reward rounds for new users so you can benefit from generous welcome gifts. For more information about BingX or to start trading today, you can visit its official website.
The project’s social media pages below will also help you follow the latest news and updates from the BingX team.