BingX review
BingX is a centralized cryptocurrency exchange that launched in 2018 as Bingbon and rebranded to BingX in 2021, built around social and copy trading. Its founding team is not publicly disclosed, and sources disagree on its headquarters, variously citing the British Virgin Islands, Panama or Singapore, though it maintains registered entities in Australia (AUSTRAC) and Lithuania (FCIS). It is not on ESMA's register of authorized crypto-asset service providers, so it holds no EU-wide MiCA license despite the Lithuanian registration, and it is blocked in the US, UK, Canada and roughly twenty other jurisdictions. In 2024 the exchange suffered a reported hot-wallet exploit of around $52 million, after which it introduced additional security measures it calls ShieldX.
BingX key facts
- Website: bingx.com
- Category: Centralized cryptocurrency exchange (CEX)
- Founded: 2018, as Bingbon; rebranded to BingX in 2021
- Headquarters: Unconfirmed; sources cite British Virgin Islands, Panama or Singapore
- Leadership: Founding team not publicly disclosed; no confirmed CEO name
- Regulatory footprint: AUSTRAC (Australia) and FCIS (Lithuania) registrations; not on ESMA's authorized crypto-asset provider register
- Trading fees: Spot 0.1% maker/taker; perpetual futures 0.02% maker / 0.05% taker at standard tier
- Supported assets: 753 coins / 766 pairs per CoinGecko; BingX markets 1,100+ pairs
- Notable incident: Reported ~$52 million hot-wallet exploit in 2024, followed by new ShieldX security measures
- FYI Score: 81/100 (ranked #147 of the crypto exchanges we track)
Trading fees
- Spot trading: 0.1% maker and 0.1% taker at the standard tier
- Perpetual futures: 0.02% maker / 0.05% taker at the standard tier, falling with 30-day volume toward 0% maker at the highest tiers
- Copy trading takes a 10% profit share from followers on top of standard trading fees
- Referral codes apply an additional 20% discount on top of a trader's VIP rate
Supported assets and products
- CoinGecko lists 753 coins and 766 trading pairs; BingX's own marketing claims over 1,100 pairs, a gap worth flagging when citing counts
- USDS-margined, coin-margined and USDC-margined perpetual futures, plus standard futures with leverage advertised up to 1000x
- Copy trading for both spot and futures, positioned as a pioneer of the format, alongside grid and martingale trading bots
- Dual Investment yield products, crypto-backed loans, and a TradFi offering for stocks, indices, metals, commodities and forex
Security and regulation
- Suffered a reported hot-wallet exploit of roughly $52 million in 2024, after which BingX introduced additional security measures it calls ShieldX
- Publishes monthly Proof of Reserves claiming 100%+ reserve ratios across major assets
- Holds AUSTRAC registration in Australia and FCIS registration in Lithuania, but does not appear on ESMA's register of MiCA-authorized crypto-asset service providers
- Blocked in the US, UK, Canada, mainland China, Singapore, Hong Kong and roughly twenty other jurisdictions
Fiat and payments
- Fiat access via a P2P merchant marketplace and a card/fiat gateway, though accepted currencies are not clearly published
- Certain card routes and issuer regions face restrictions, which can affect deposit reliability by country
Markets
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Who BingX is for
Suits traders specifically drawn to low-minimum copy trading who are outside its roughly twenty restricted jurisdictions. The reported 2024 hot-wallet exploit, unclear corporate base, and extreme available leverage (up to 1000x) are material risks to weigh before depositing funds.
Pros
- Extremely low minimum to start copy trading (as little as $5), with a large leaderboard of traders to follow
- Competitive standard fees (0.1% spot, 0.02%/0.05% futures) with steep discounts at high VIP volume tiers
- Registered with AUSTRAC in Australia and FCIS in Lithuania, plus monthly Proof of Reserves reporting
- High-profile sponsorships (Chelsea FC, Scuderia Ferrari HP) reflect significant marketing scale
Cons
- Suffered a reported ~$52 million hot-wallet exploit in 2024, a material security incident for a platform holding custodial funds
- No single confirmed headquarters; credible sources conflict between the British Virgin Islands, Panama and Singapore
- Not on ESMA's register of MiCA-authorized providers, so its Lithuanian registration does not amount to an EU-wide license
- Blocked in the US, UK, Canada and roughly twenty other jurisdictions
- Founding team and current CEO are not publicly disclosed, and futures leverage advertised up to 1000x is an extreme risk factor
BingX FAQ
Is BingX regulated?
Only partially. BingX Global Pty Ltd is registered with AUSTRAC in Australia and BingX EU UAB is registered under Lithuania's FCIS, but BingX does not appear on ESMA's register of MiCA-authorized crypto-asset service providers, so it holds no EU-wide license. It is blocked entirely in the US, UK and Canada.
What happened with the BingX hack?
In 2024, BingX suffered a reported hot-wallet exploit of roughly $52 million. In response, the exchange introduced additional security measures it markets as ShieldX and continues to publish monthly Proof of Reserves.
What are BingX's trading fees?
Standard spot fees are 0.1% maker and 0.1% taker. Perpetual futures start at 0.02% maker and 0.05% taker, falling with 30-day trading volume at higher VIP tiers. Copy trading additionally takes a 10% profit share from followers.
Where is BingX headquartered?
This is not clearly confirmed. CoinGecko lists the British Virgin Islands as BingX's registered jurisdiction, while other sources cite Panama or Singapore. It operates registered entities in Australia and Lithuania, but no single global headquarters is publicly documented.
Compare BingX with other crypto exchanges
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