Setting Up Your First Bing X Account

BingX (formerly Bancor Network) is a cryptocurrency exchange that offers various trading services, including spot trading, perpetual futures, and copy trading. This guide provides a beginner-friendly overview of setting up and using the platform.

To begin, you can Register here.

Core Features of BingX

BingX aims to cater to both novice and experienced traders through several key offerings:

Spot Trading: Direct buying and selling of cryptocurrencies.
Futures Trading: Trading derivatives based on the future price of an asset, often involving leverage. BingX is well-known for its Futures contract offerings.
Copy Trading: A feature allowing users to automatically mimic the trades executed by successful, experienced traders on the platform.
Asset Variety: Support for a wide range of popular and emerging digital assets.

Fee Structure Overview

Trading fees on BingX generally follow a tiered structure based on trading volume and the user's VIP level. Fees are typically charged as a percentage of the trade value. Makers (who add liquidity to the Order book) often pay lower fees than Takers (who remove liquidity).

Trade Type	Maker Fee (Example)	Taker Fee (Example)
Spot Trading	0.10%	0.10%
Perpetual Futures (Standard)	0.02%	0.05%

Note that funding rates apply separately to perpetual futures contracts, which are not transaction fees but rather payments exchanged between long and short positions to keep the contract price close to the spot price.

Supported Assets and Markets

BingX supports trading for numerous cryptocurrencies. The available assets are generally categorized into the Spot market and the derivatives markets. Users should check the platform directly for the most current list of tradable pairs.

Spot Trading vs. Futures Trading

Understanding the difference between these two primary trading methods is crucial:

Spot Market: Involves the immediate exchange of one asset for another (e.g., buying Bitcoin with USDT). You own the underlying asset.
Futures Contract: Involves agreeing to buy or sell an asset at a predetermined price at a specified time in the future, or, more commonly on platforms like BingX, perpetual futures which have no expiry date. Futures trading often involves leverage, meaning you can control a larger position size with less capital. For more on this, see Demystifying Cryptocurrency Futures Trading for First-Time Traders.

Order Types Available

BingX supports standard order types necessary for executing trades efficiently:

Limit order: Allows a user to set a specific price at which they wish to buy or sell. The order only executes if the market reaches that price or better.
Market order: Executes immediately at the best available current market price.
Stop-Limit/Stop-Market Orders: Used primarily in futures trading to manage risk by triggering an order once a specific stop price is reached.

For advanced strategies involving technical analysis, traders may wish to consult resources such as Building Your Foundation: Technical Analysis Tools Every Futures Trader Should Know.

Liquidity and Market Depth

High liquidity is essential for efficient trading, as it ensures orders can be filled quickly without significantly impacting the price. BingX generally maintains good liquidity across its major trading pairs due to its global user base. Liquidity is visible through the depth charts displayed alongside the Order book.

Security Practices

Exchanges employ various security measures to protect user funds and data. Common security practices include:

Two-Factor Authentication (2FA): Essential for securing logins and withdrawals.
Cold Storage: Keeping the majority of user assets offline.
Encryption: Protecting transmitted data.

Users are strongly encouraged to implement strong personal security measures. Refer to Security Tips for Protecting Your Funds on Crypto Exchanges for further guidance.

KYC and Account Limits

To comply with regulatory requirements and enhance security, most exchanges require identity verification (KYC - Know Your Customer).

Unverified Accounts: Usually have lower withdrawal limits.
Verified Accounts (KYC Level 1/2): Unlock higher daily and monthly withdrawal limits.

The specific requirements and limits are subject to change based on BingX's policies and regional regulations.

Funding and Withdrawals

Funding an account typically involves depositing supported cryptocurrencies directly to your assigned wallet address, or depositing fiat currency (if supported in your region) via bank transfer or third-party processors. Withdrawals require verification and are subject to network fees and processing times. Always double-check withdrawal addresses.

User Experience (UX) on Web and Mobile

BingX offers both a web-based platform and dedicated mobile applications (iOS and Android). The interface is generally designed to be intuitive, balancing detailed charting tools for advanced users with simplified views for beginners, especially within the spot and copy trading sections.

Risks and Responsible Trading

Cryptocurrency trading, especially when using leverage in futures markets, carries a significant risk of loss. It is vital to understand the risks involved before committing capital. Never trade with funds you cannot afford to lose. Employ risk management techniques, such as setting stop-loss orders, and ensure you understand the mechanics of leverage before trading futures.

First Steps Checklist

Use this checklist to get started on BingX:

[ ] Complete registration via Register here.
[ ] Enable Two-Factor Authentication (2FA).
[ ] Complete necessary KYC verification steps.
[ ] Make an initial deposit (crypto or fiat).
[ ] Explore the Spot market interface.
[ ] Practice placing a small Limit order or Market order to understand the process.

Recommended Futures Trading Platforms

Platform	Futures perks & welcome offers	Register / Offer
Binance Futures	Up to 125× leverage, USDⓈ-M contracts; new users can receive up to 100 USD in welcome vouchers, plus lifetime 20% fee discount on spot and 10% off futures fees for the first 30 days	Sign up on Binance
Bybit Futures	Inverse & USDT perpetuals; welcome bundle up to 5,100 USD in rewards, including instant coupons and tiered bonuses up to 30,000 USD after completing tasks	Start on Bybit
BingX Futures	Copy trading & social features; new users can get up to 7,700 USD in rewards plus 50% trading fee discount	Join BingX
WEEX Futures	Welcome package up to 30,000 USDT; deposit bonus from 50–500 USD; futures bonus usable for trading and paying fees	Register at WEEX
MEXC Futures	Futures bonus usable as margin or to pay fees; campaigns include deposit bonuses (e.g., deposit 100 USDT → get 10 USD)	Join MEXC

Join Our Community

Follow @startfuturestrading for signals and analysis.

Setting Up Your First Bing X Account

Contents