BingX Review

Overview

BingX is a crypto exchange founded in 2018 that grew its following largely through social and copy trading, letting users mirror the positions of other traders on its derivatives and spot markets. Third-party profiles name Josh Lu as founder and Singapore as the company's base, and BingX says it now has more than 40 million users worldwide. The brand is also visible through sports sponsorship: it has been a principal partner of Chelsea FC since 2024 and became an official team partner of Scuderia Ferrari HP in 2026. Its product line covers spot trading, perpetual and standard futures, trading bots and an earn section, with a strong focus on derivatives.

Regulation and safety

For most of its history BingX operated without a licence from a major financial regulator, relying on anti-money-laundering registrations in a few jurisdictions. That is starting to change. In October 2026 its European subsidiary, MEGE zweite GmbH (trading as BingX EU), was authorised by Austria's Financial Market Authority as a crypto-asset service provider under MiCA. The authorisation covers custody, exchanging crypto for fiat or other crypto, and transfers on behalf of clients, and BingX intends to passport it across 29 EEA countries. No launch date for the regulated EU service had been announced when this review was written, and derivatives are not part of the MiCA permission. In Australia, BingX-linked companies appear on the AUSTRAC register of digital currency exchange providers, which is an AML registration rather than a full licence. The main global platform is contracted through a Panama-registered company, according to one detailed availability review.

On transparency, BingX runs a proof-of-reserves page with monthly Merkle-tree publications for BTC, ETH and USDT, and links to reports by Mazars and Hacken. The exchange also says it maintains a shield fund of around $150 million and holds ISO 27001 certification. These are company claims; users should treat them as helpful signals rather than guarantees.

The key negative event is the September 2024 hot wallet breach. On 20 September 2024 BingX detected unusual network access, and blockchain security firm PeckShield estimated losses at roughly $43 million. BingX paused withdrawals, said most assets were in cold storage, and promised to compensate affected users.

Fees and costs

BingX's fee schedule is straightforward. Non-VIP spot trading costs 0.10% for both makers and takers. Perpetual futures cost 0.02% for makers and 0.05% for takers, and standard futures carry a 0.045% fee charged only when a position is closed. Spot grid bots pay the same fees as manual spot trades. Crypto deposits carry no BingX fee, while withdrawal fees depend on the coin and network. Discounts are available through VIP tiers and loyalty programmes rather than a native exchange token.

Spot costs are higher than at the lowest-fee venues, but futures pricing is in line with large derivatives exchanges.

Products and copy trading

Copy trading is the feature most associated with BingX. Users can browse lead traders, review their track records and allocate funds to follow them automatically, with AI tools added to the experience in recent years. BingX itself warns that copy trading carries a high level of risk: past performance of a lead trader does not predict future results, and losses are copied just as faithfully as gains. The platform lists more than 1,000 cryptocurrencies and offers perpetual futures with up to 125x on major crypto pairs (smaller markets have lower caps). Its menus also promote much higher leverage on TradFi-linked perpetuals such as forex, which are speculative products unsuitable for most retail traders.

Platforms and tools

BingX is available on the web and through mobile apps, with an API for automated strategies. Built-in tools include spot grid and infinity grid bots, a simplified futures mode for the app and a rewards hub. The interface is aimed at active traders, and the social layer makes it easy to follow others but also easy to over-trade.

Deposits and withdrawals

Funding is mainly by crypto transfer. For card purchases, BingX works with payment partners such as Mercuryo, which enables buying crypto with Visa and Mastercard cards as well as Apple Pay and Google Pay. Card purchases through third parties generally cost more than a bank transfer at a regulated fiat exchange, so check the quote before confirming.

Availability

BingX does not accept users from the United States, Canada, the United Kingdom, the Netherlands, mainland China, Hong Kong, Singapore and a number of sanctioned or high-risk countries, according to a recent restricted-country review. EU users should watch for the launch of the MiCA-authorised BingX EU service, which may change how European customers are onboarded.

Who it suits and verdict

• Traders who want an established copy trading marketplace.
• Futures traders who value low maker/taker fees and simple fee tiers.
• Users in regions where the global platform is permitted.

BingX has moved from a lightly regulated derivatives venue towards a more structured operation, highlighted by its 2026 MiCA authorisation in Austria and monthly proof-of-reserves publications. The 2024 hack shows that operational risks remain, and its spot fees are not the cheapest. For copy traders it is one of the most developed platforms available; for long-term storage, a self-custody wallet remains the safer choice. More details are on the official BingX website.