Bingx Forex Broker Review 2023: A Comprehensive Look at the Broker’s Services
Overview
DCE (Australia) and Money Services Business (United States & Canada)
- Copy Trading Platform Available
- Demo Account Available
- High Leverage For Certain Assets
- Well-Integrated Platforms
- No U.S. Investors Permitted
Overview
Bingx is a relatively new forex broker that was launched in 2019. It is based in St. Vincent and the Grenadines and is regulated by the International Financial Services Commission (IFSC). In this review, we'll take a closer look at Bingx's offerings and see how they compare to other forex brokers.
Trading Platform
Bingx offers traders access to the popular MetaTrader 4 (MT4) platform, which is widely used by forex traders around the world. MT4 is known for its robust set of features, including advanced charting capabilities, customizable indicators, and automated trading tools.
The platform is available as a desktop version that can be downloaded and installed on Windows or Mac computers. Additionally, Bingx offers a mobile trading app for both iOS and Android devices. The app is well-designed and easy to use, with all the same features as the desktop platform. This means that traders can access their accounts and trade the markets from anywhere, at any time.
Who Is BingX Recommended For?
BingX is great for cryptocurrency traders of all experience levels, but we think that new traders (or any trader who wants to copy trade) will get the most out of signing up with this exchange. There are extensive copy-trading features, which allow you to mirror the trades of experts (we will discuss this more a few sections below). Additionally, there are user support features such as:
- Beginner’s Guide. This guide is similar to other “how-to” resources seen at similar brokers and exchanges. The BingX Beginner’s Guide goes through a basic tutorial about the fundamentals of using the platform and trading crypto. New traders will appreciate this in-depth resource.
- Help Center. At https://bingx.com/en-us/help/?ch=investing, there is a “Help Center” where you can input your question and be directed to the appropriate answer. Questions cover everything from password changes to verification, and this is a useful stop before calling BingX customer support.
- BingX Verify. This feature is definitely a highlight of this exchange, and we’re sure it has save quite a few BingX clients from getting scammed. BingX Verify lets you enter a domain name, Telegram ID, or email address to determine whether that address belongs to a verified, legitimate BingX representative. If it does not, the exchange will let you know. That way, you won’t give out any information to someone pretending to work for the company in an attempt to steal your data.
BingX’s copy trading access, combined with its support features, indicate that this exchange is very welcoming towards new traders.
Regulated By
- DCE (Australia)
- Money Services Business (United States & Canada)
Account Types
Bingx offers three different account types: Standard, VIP, and Professional. The Standard account requires a minimum deposit of $100, while the VIP and Professional accounts require minimum deposits of $5,000 and $20,000, respectively.
The main differences between the account types are the spreads and commissions. Standard account holders pay higher spreads, while VIP and Professional account holders enjoy tighter spreads and lower commissions. This means that higher-volume traders can benefit from lower costs and better trading conditions by choosing one of the higher-tier accounts.
Trading Instruments
Bingx offers traders access to a wide range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies. The broker has more than 70 currency pairs to choose from, including major, minor, and exotic pairs. In addition, Bingx offers CFDs on gold, silver, oil, and other commodities.
The broker also offers trading on major indices, such as the S&P 500, NASDAQ, and the FTSE 100. This allows traders to access a wide range of markets and diversify their portfolios.
For traders interested in trading cryptocurrencies, Bingx offers CFDs on popular digital assets such as Bitcoin, Ethereum, and Litecoin. This allows traders to take advantage of the volatility and potential profits of the cryptocurrency markets, without needing to hold the actual assets.
Customer Support
Bingx's customer support is available 24/5 and can be access via live chat, phone, or email. The broker's support team is knowledgeable and responsive, and they're able to assist traders with any questions or issues they may have.
In addition, Bingx offers a comprehensive FAQ section on their website. Which covers a range of topics related to account management, trading, and technical issues. This makes it easy for traders to find the information they need without having to contact customer support.
Education and Research
Bingx provides a range of educational and research materials to help traders improve their skills and stay up-to-date on market developments. The broker offers daily market analysis and news updates, as well as a comprehensive education center with video tutorials, webinars, and trading guides.
The education center covers a range of topics, including technical analysis, fundamental analysis, trading strategies, and risk management. The video tutorials are well-product and easy to follow, and they're suitable for traders of all levels.
Bingx also offers a free demo account, which allows traders to practice their trading skills in a risk-free environment. This is a useful tool for new traders who want to get a feel for the markets before risking their own money.
Conclusion
Overall, Bingx is a solid forex broker with a range of offerings and competitive pricing. The broker's use of the popular MT4 platform and mobile trading app makes it easy for traders to access the markets from anywhere, while the range of account types and trading instruments means that there's something for traders of all levels.
However, as a relatively new entrant in the forex space, Bingx has yet to establish a strong reputation, and traders may want to approach the broker with caution until more information is available about its reliability and performance. As with any broker, it's important to do your own research and due diligence before opening an account.
BingX FAQs
Q: How do I register for an account with BingX?
A: You can get start at https://bingx.com/en-us/register/?ch=investing. There are two types of registration: email and mobile phone. For both signups, you can input your referral code, if you have one.
Q: Where can I find market information with this broker?
A: At https://bingx.com/en-us/market/futures/?ch=investing, you can find market information and details with BingX. This includes information on favorites, spot, futures, new currency, and more.
Q: Does BingX offer an affiliate program?
A: Yes. If you want to become an affiliate with this broker, go to https://bingx.com/en-us/global-partner/?origin_type=homebuttom?ch=investing.
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