Facts about BingX

[hack3rcon]

Hello,
Does BingX require KYC? I found the following articles about it:

1- https://www.investing.com/brokers/bingx/
2- https://tradersunion.com/brokers/crypto/view/bingx/
3- https://www.hedgewithcrypto.com/bingx-review/

But what are the advantages and disadvantages of this exchange really? Is BingX better or CoinEx? The CoinEx supports more coins, but need KYC!

Thank you.

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[1714990158]

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[bullrun2024bro]

Does BingX require KYC? I found the following articles about it:

Never heard of this exchange and wouldn't recommend using it.

But using Google for two seconds brings up the official support page of BingX. You also find everything about exchange fees or other information concerning the exchange. That's why I don't understand why you use (and trust) third party websites when you can find all the information on the official channels/website of the exchange within a few seconds.

Anyway, if you want to trade plenty of (shit)-coins, it is best to use a decentralized exchange of the respective network. Here you don't need a KYC and are on the safe side. For all FIAT transactions then it is best to use a reputable exchange like Kraken or Coinbase.

[YOSHIE]

I've read and seen about the BingX exchange, they are more focused on Margin Trading, if I'm not mistaken, BingX is mostly used in Taiwan, their company is established in Hong Kong or what is more famous about them is often called Bingbon.

After I browsed through a lot of information about BingX and I found something that set me back.
For example: from the experience of someone trading on the BingX exchange, about KYC named: @Hojer.

worst trading page even worse…
worst trading page even worse support!!!
support just answering in chinese / taiwan even when im from germany / speaking english in the chat
did the KYC process, even then so many errors and 3/3 guys from the support team tell me do KYC even i did it before and it got approved

Another complaint I've seen from user @Matt.

Scammers - putting minumums to steal your money
BingX app puts minimums for transferring and withdrawing money. I had 0.00089 ETH which is equivalent of 15$. There’s no way to get my money back from this platform as they put minimums ie 0.00089 is not convertible. I am not counting the high fees and recurring cuts for all transfers. (I’m a user from USA)
Stay away from these burglars!

What is certain is that wherever you trade with the Margin method, Spot is definitely a risk, not only on the BingX exchange, Now the decision is yours, if you want to use BingX exchange or not, more information is better for you to make your trading choice.

[albon]

Hello,
Does BingX require KYC?

Yes, BingX or CoinEx require KYC from customers, but if KYC information is not provided, there will be limits on withdrawal amount within 24 hours.

Is BingX better or CoinEx? The CoinEx supports more coins, but need KYC!

I see that Bingx on review sites such as Trustpilot has more positive reviews than CoinEx with 4.2 ratings, but these may be shill reviews. I have not used these platforms before, so I cannot recommend something I have not tried, but why are these platforms without others? There are many of the most highly rated and trusted exchange platforms in the crypto arena; therefore, I advise you to do your research again and not deposit your money in a platform you do not know unless you confirm its credibility or test them for a small amount.

[rat03gopoh]

Here is a list of the user information they collect ^[1],

Individual customers:

• Email address
• Mobile phone number
• Full legal name (including former name, and names in local language)
• Nationality
• Passport number, or any government issued ID number
• Date of birth (“DOB”)
• Proof of identity (e.g., passport, driver’s license, or government-issued ID)
• Residential address
• Proof of legal existence
• Additional Personal Data or documentation at the discretion of our Compliance Team

Obviously they need user verification, no specific conditions for this request are stated (I think that's when you identified it as violating conditions). On a review they won't ask for KYC at registration^[2]. But you have to be prepared for the worst case scenario, deposit the smallest amount possible or don't use it.


1. https://support.bingx.com/hc/en-001/articles/360034388413
2. https://www.cryptonewsz.com/cryptocurrency-exchange/bingbon-review

[tabas]

I have seen this from a certain group that do offer trading lessons and this is where they're trading. On this article[1], it shows the difference of being verified and non-verified. Non verified users got $50k max withdrawal per 24 hours whilst $1M for verified users.
[1] BingX Tutorial | How to Complete KYC or Identity Verification
It may seem that they say that it's okay to be non verified but it won't be surprising if they ask you to comply eventually.

[yhiaali3]

But what are the advantages and disadvantages of this exchange really? Is BingX better or CoinEx? The CoinEx supports more coins, but need KYC!

I haven't tried BingX but I've tried CoinEx for a long time, I've been registered with the exchange for almost five years since its inception, since that time I've been trading on CoinEx and making deposits and withdrawals very normally even though I didn't activate KYC verification.

CoinEx has a lot of really great features with good trading volume and a very large list of coins listed in addition to the trading fees and deposit and withdrawal fees are low compared to the rest of the exchanges.

You can work without KYC verification but the daily withdrawal will be limited to around 10,000 USD per day.

[Pmalek]

Is there a specific reason you want to use this exchange or CoinEx instead of one of the more popular centralized exchanges since that is what you are interested in?
If you are trading alts and shitcoins, just find your coin on CoinGeck or CoinMarketCap, hit the exchanges/market tab and check where the assets are listed and what the trading volume looks like. I am sure you can find better alternatives than both CoinEx and BingX. If not, it would be a good idea to consider whether that is a cryptocurrency worth purchasing.

[Adbitco]

There's one thing I want you to understand about CEX is that they never operates without collecting your personal documents, this could be passport, driving licence, national id anything that qualifies you to be a citizen of your country.
Their names might sound pleasing but the trust might be worst and bad, if not for any reason I would have advised you to used a well known exchange that you are much comfortable with than going using them. Lastly their name seems to be new and I have never noticed about them.

[Rikafip]

There's one thing I want you to understand about CEX is that they never operates without collecting your personal documents, this could be passport, driving licence, national id anything that qualifies you to be a citizen of your country.

Even though situation is much worse compared to few years ago, there are still some CEX that don't ask for KYC initially (for example Kucoin).  The only problem is that they could ask for KYC at any point so unless you are ready to do KYC if they ask, best is to send only amount that you are willing to lose.

You can find the full list of CEX here.

[coin-investor]

This exchange is listed in Coingecko
https://www.coingecko.com/en/exchanges/bingx  with $485,539,353 24h Trading Volume

BingX is a centralized cryptocurrency exchange established in 2018 and is registered in United States. Currently, there are 471 coins and 510 trading pairs available on the exchange. BingX 24h volume is reported to be at $485,534,364.89, a change of -0.86% in the last 24 hours. The most active trading pair is BTC/USDT with a 24h volume of $190,006,190.30. Exchange Reserves data is currently unavailable for BingX.

This is not a new exchange since they are already running for five years but the lack of marketing and advertising is the reason why so many of us are not aware of it, I have a lot of tokens but none of it are traded here and they don't have an announcement thread here.

They are giving a generous bonus of

Register to Claim Bonuses of up to 5125 USDT

if you join I don't know the catch but I prefer not to right now, since this is a CEX expect this exchange to request a KYC.

[lixer]

This is not a new exchange since they are already running for five years but the lack of marketing and advertising is the reason why so many of us are not aware of it, I have a lot of tokens but none of it are traded here and they don't have an announcement thread here.

They probably haven't been actively advertising their services or maybe they weren't setting their targets pretty well, I myself have never heard of this exchange before this post, and I wonder how they got about half a billion dollars in trading volume for 24 hours when they are not really so widely known, maybe they got some whales trading on their exchange.

As far as KYC is concerned, they are a centralized exchange, so it is pretty obvious that they will require their users to complete KYC to access full functionalities of their products and services.

[dansus021]

I trade on BingX back year ago the name was Bingbon and they changed their name to BingX

back then they only offered future trade and they get chart data from Binance but now I didn't trade again after I checked now they offered spot trade to.

If i were i would prefer other exchange rather than KYC to new exchange like this