Bingbon Review: Is It Legit? We Found Out

Bingbon Review: Is It Legit? We Found Out

VISIT BINGBON

Ease of use

User interface

Fees

Security

Choosing a cryptocurrency trading exchange can be a challenging task. There are several considerations such as the platform features, charting interface, trading pairs, fees, security and customer support.

A widely used derivatives exchange in Asia that offers a fast and safe trading platform is Bingbon that we will examine in this

While we aim to provide you with accurate and the latest information in this Bingbon review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.

What Is Bingbon?

Bingbon is a digital asset derivatives trading platform based in Singapore that was launched in 2018 with over 1 million users. The company is growing quickly and has teams located in Singapore, Taiwan, Vietnam, Japan, Korea and Russia to ensure a robust and reliable trading environment.

Bingbon’s primary function is to allow users to trade digital products in an all-in-one platform. The exchange also offers a wide variety of services that includes a fiat-to-crypto gateway, instant spot market and derivatives pairs to trade crypto with high leverage. Bingbon has a large user base in Taiwan and Vietnam and expanding its services to other Pacific-Asia regions.

bingbon website

Bingbon does not participate in the buying of selling of cryptocurrencies between traders on the platform, also referred to as a market maker. The crypto-to-crypto platform strives to provide a reliable, trustworthy and safe environment for traders of all experience levels.

Quick Overview

Exchange Name

Bingbon

Cryptocurrency

BTC, ETH, LTC, XRP, BCH, LINK & 10 others

Fiat Gateway

Yes

Leverage

Up to 100x

Trading Fee

0.075%

Withdrawal Fee

0.0005 BTC

TP/SL Orders

Yes

Mobile App

Yes

Bingbon Compared

Cutting-edge features, an intuitive user interface, the ability to swap crypto instantly and a mobile app are important features on Bingbon. Here are similar exchanges like Bingbon that offer an excellent trading platform for digital currencies.

Is Bingbon Safe?

There is limited security information on the website on how customer’s funds and personnel information are kept safe. Based on our research, Bingbon appears to be a safe cryptocurrency exchange that has never been hacked or compromised since its inception. There was been a recent DDOS attack on the exchange that prevented users from opening and closing positions, however, no user had their funds stolen from Bingbon. User accounts can be secured with 2 Factor Authentication to increase the difficulty for hackers to fraudulently access an account and withdraw funds.

bingbon security

Features & Services

Trade Crypto Instantly

With a few clicks, Bingbon users can instantly exchange one cryptocurrency to another using the ‘Exchange’. There is no need to transfer funds to a spot exchange to convert into another coin. Bitcoin, Ethereum USDT and USDC can be traded between each other using a single platform.

bingbon exchange

Advanced Trading Platform

An important consideration for cryptocurrency traders is access to an advanced trading platform. Bingbon does not fall short of expectations and provides a modern, well laid out and simple user interface on desktop and mobile devices for trading the crypto markets. The charts are also provided by TradingView which includes various charting tools, indicators and overlays.

Demo Mode To Practice Trading

All new accounts are credited with 100,000 VSD tokens which are a virtual-based coin issued by Bingbon. The token can be traded on the platform with margin without making an actual deposit. The feature allows new traders to become familiar with the charting platform and learn how to leverage trade crypto using practice money.

Copy Profitable Traders

Bingbon is one of the few cryptocurrency derivatives platforms to offer an automatic copy-trading system. Users can find successful traders to follow and copy their trading strategies. 8% of profits generated by follower’s copy-trades is given to the trader for sharing their strategy. For followers, there are several options for managing risk exposure based on available funds.

bingbon copy trade

Traditional Markets

Bingbon offers exposure to traditional markets in addition to cryptocurrencies that places it in a unique position compared to popular derivatives platforms such as Bybit, FTX, BitMEX and Deribit. Its customers can speculate on the price movement of markets such as indices, commodities and forex. Traders can go long or short markets such as the S&P500 and NASDAQ using USDT as the base collateral asset with leverage up to 100x.

Registration & Login

To create an account with Bingbon, users will need to go through a registration process to create a trading account. The platform will prompt for a valid email address and mobile number that will need to be verified. Once completed, traders can log in to the exchange and begin exploring the offered features. There is no KYC process for depositing crypto to Bingbon.

Deposit Methods

The primary method of funding an account is to transfer digital currencies to a Bingbon wallet. There are four (4) supported cryptos and stablecoins which can be deposited to the exchange, which include Bitcoin (BTC), Ethereum (ETH), USDC and USDT. The user will need to copy the unique address for the selected coin or scan the QR code when withdrawing from a personal hardware wallet or other exchange providers.

The minimum deposit amounts are as follows:

Asset

Minimum Amount

BTC

0.0002BTC

ETH

0.01ETH

USDT

1.00USDT

USDC

1.00USDC

For users that don’t own cryptocurrency, there is the option to purchase crypto with traditional currencies while on the exchange. Bingbon has integrated with international fiat-to-crypto payment gateways Banxa and MoonPay which offer a wide variety of deposit methods to buy crypto depending on the user’s location, such as credit or debit card, SEPA, ApplePay and POLi for Australian crypto traders.

The only downside with using this service is the conversion fees to buy crypto with fiat are quite high. For example, buying $1000 of USDT with a credit/debit card or Apply Pay equates to a total charge of almost 8%.

bingbon deposit fiat

Supported Pairs

A strength of Bingbon compared to other cryptocurrency exchanges is the wide variety of trading pairs offered. Similar to PrimeXBT, the exchange provides traditional markets and digital currencies that can be traded at high margin. Users can view and trade markets such as Indices, Commodities, Forex and crypto pairs using Bitcoin or USDT as collateral. There are over 30 crypto trading pairs that can be traded with leverage up to a maximum of 150:1.

bingbon assets

Trading With Bingbon

Bingbon Exchange provides a modern trading suite for traders of all experience levels. The user interface is well laid out and easy to use for beginner or experienced traders. Powered by one of the best websites for charting crypto, the exchange offers the TradingView package to perform technical analysis using a single platform. There are hundreds of technical indicators, chart patterns and drawing tools that can be applied to each trading pair.

bingbon user interface

Above the chart, Bingbon provides the option for traders to select cross or isolated margin when trading on the platform. This is a useful feature for advanced traders to control the margin risk based on the balance of their trading account. Isolated margin allows the trade risk to be limited to an individual trade, or shared between multiple open positions using cross.

Adjacent to the charts is the trading window which is elegant and simplistic for users to place buy or sell orders with leverage. New positions can be entered using either a limit or market order which will suit retail traders. There is no automatic price fill feature which is available on popular exchanges such as Binance which allows the limit prices to be filled by clicking on a recent trade or price in the order book. Users will need to carefully enter in a price manually when using a limit order to avoid making an error.

bingbon trade window

Below the margin slider, users can set a take profit and stop loss order. When price reaches one of the values, the other order will automatically cancel. This is often referring to as One-Cancels-the-Other (OCO) and is not available on all crypto trading platforms. Take profit and stop loss orders can be configured to trigger a buy or market trade based on  price or ratio.

Stop loss orders are not guaranteed on Bingbon, so the SL price can vary up to 30% from the actual executed price during periods of high volatility.

bingbon calculator

Within the order entry window, there is a profit and loss calculator. This is a useful tool for traders to calculate a position size using leverage based on the amount of margin selected (e.g. 5 to 1), the entry and exit price. The P&L calculator does not show the liquidation price which would be helpful.

Social Trading

Bingbon’s copy-trading platform allows its users to discover other traders to copy and follow their trades. The network is a great feature for beginners to copy positions in real-time and connect to follow each trade automatically. Beginners can use virtual funds in a Bingbon demo wallet to copy-trade individual traders before using real funds. Successful traders can join Bingbon and earn an 8% profit share of their followers’ trades.

There are currently over 1,200 traders to copy-trade which can be easily filtered using a search bar or choosing criteria. The options in the filter settings include “trading styles” or “profit rates.” For example, the list can be arranged by short-term, long-term or high-frequency traders.

bingbon copy trader

Similar to the popular social trading network eToro, the Bingbon platform also provides 100% visibility of the trader’s statistics such as the number of followers, profit rate, maximum drawdown, win rate and total traders over 3 weeks. This allows users to check the complete trading history of traders such as the trading pair, leverage used, take profit and stop loss entries.

Once a trader has been selected, the user can decide which asset within a Bingbon wallet to use as collateral (e.g. BTC or USDT). The size of the position can be controlled using a maximum trade amount, or based on a proportion of the trader’s volume. There is also the option to cap the daily copy-trade amount, maximum position size (in USDT) and stop loss ratio to manage the risk based on the user’s available balance and risk appetite.

bingbon follow trader

Trading Fees

Bingbon charges a 0.075% trading fee for opening and closing a position on the derivatives exchange. The total transaction fee is calculated by multiplying the trade volume by the fee of 0.075%. Compared to similar platforms, Bingbon’s fees are competitive, however, are not the lowest. For example, Bybit, FTX and BitMEX offer a fee rebate of -0.025% when using a limit order by providing liquidity to the order books.

There is also a spread fee that varies between the type of contract traded which should be taken into consideration. For example, the spread on Bitcoin ranges from 0.02% to 0.1%, and up to 0.2% for other altcoin trading pairs.

Market

Spread

Bitcoin

0.02% – 0.1%

Cryptocurrency

0.02% – 0.2%

Indices

0.02% – 0.15%

Commodities

0.02% – 0.1%

Forex

0.02% – 0.1%

Deposit Fees

There are no fees to deposit cryptocurrency to Bingbon to fund a trading account. A fee will be applied using the fiat-to-crypto service however will be determined by the selected third-party provider and deposit method available to the user’s region.

Withdrawal Fees

The withdrawal fee to transfer Bitcoin and Ethereum off the exchange is 0.0005BTC and 0.007ETH respectively. The fee for a stablecoin withdrawal on Bingbon is high as USD$28.00 per transaction. This is quite high compared to other exchanges and users should only withdraw BTC from Bingbon to keep costs low.

Frequently Asked Questions

Is Bingbon Regulated?

Bingbon is a social trading platform registered in the Republic of Estonia with offices located around the world. The crypto-to-crypto provider has obtained licences with the Ministry of Economic Affairs and Communication of Estonia, the Australian regulatory body AUSTRAC and has a Money Services Business license from FinCEN.

It must be noted that having a certificate from authorities is not a recommendation, certificate of legitimacy or endorsement of the business by any Government. Traders that are considering using Bingbon must still conduct their own due diligence when using an exchange, or stick to a well-known global cryptocurrency exchange.

Is Bingbon Available In Australia?

Bingbon Exchange has obtained a license from the regulatory body AUSTRAC in Australia. Cryptocurrency traders in Australia can create an account, deposit crypto, buy/sell using leveraged positions and withdraw funds from Bingbon.

Does Bingbon Have A Mobile App?

Bingbon offers an intuitive and responsive mobile application that can be downloaded for iOS and Android devices. The majority of the features on the desktop version of the site can be accessed using the trading app. The Bingbon app is clean, simple and easy to use for performing technical analysis and rapid withdrawals. The comments on App Store and Google Play are positive.

bingbon app

Conclusion

Overall, Bingbon is a well-rounded crypto trading platform to buy and sell over 30 digital assets with leverage against Bitcoin or USDT. The selection of trading pairs is fairly limited to other popular altcoin exchanges, however provides a diversified list of traditional markets such as digital currencies, indices, commodities and forex. Other notable features that are ideal for retail traders include TradingView charts, a copy-trading network, demo trading account and an intuitive mobile app.

To compete with the well-known platforms, we would like to see Bingbon introduce further crypto trading pairs, a platform token which offers a trading fee discount and incentives, large-scale trading competitions and obtain regulatory compliance in additional countries and regions such as the United States.

TRADE NOW ON BINGBON
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