With the crypto market growing so fast, many exchanges have popped up featuring various products and services.
This Bingbon review will take an in-depth look into one of the burgeoning crypto derivatives exchanges.
This exchange has positioned itself as a leading crypto derivatives trading platform offering perpetual contracts on crypto assets, including Bitcoin and Ether.
Bingbon is a Singapore-based crypto derivatives exchange that was founded back in 2018.
Most of the exchange’s users hail from Asia, with Taiwan and Vietnam being among the leading markets for this exchange.
Over the years, Bingbon’s presence in Asia has been growing significantly and currently boasts close to 1 million users.
Some of the products featured on Bingbon’s crypto derivatives platform include an instant spot crypto exchange, derivative pairs, social trading, and traditional market instruments such as Forex and commodities.
The exchange is registered in the Republic of Estonia but has gone further to acquire a Money Service Business (MSB) license under FinCen and Australia’s regulatory body, AUSTRAC.
Bingbon Review: Bingbon Exchange Products and Services
Having introduced the Bingbon crypto derivatives exchange, let’s delve deeper into some of the products and services featured on this trading platform.
Bingbon Review: Crypto Trading
The Bingbon crypto derivatives exchange features an instant market where users can exchange digital assets such as BTC, ETH, USDC and USDT within a few clicks.
Ideally, one does not have to move funds to the spot exchange to initiate buy/sell transactions – making it seamless to trade crypto assets in just a few clicks.
As for the crypto derivative products, the exchange features at least 10 of the most popularly traded crypto assets.
Some of the supported trading pairs include Bitcoin, Ether, Bitcoin Cash, and Litecoin.
Notably, Bingbon’s BTC and ETH contracts allow traders the flexibility of opting for an inverse contract. This means that they can use BTC or ETH as collateral for trading the perpetual contracts.
Bingbon Review: Traditional Market Instruments
Apart from crypto derivative instruments, the Bingbon trading platform gives traders exposure to the traditional market.
This exchange’s crypto derivative contracts are linked to traditional market indices, including the NASDAQ-100, Nikkei 225, and the S&P, to mention a few.
Furthermore, traders on Bingbon can leverage these perpetual contracts to speculate on commodities such as gold, silver, and oil while settlements are made through the USDT stablecoin.
Bingbon Review: Social Trading Feature
One of the outstanding features offered by the Bingbon crypto derivatives exchange is a social trading environment.
This form of trading has become popular recently as the world pivots to social platforms for information sharing.
Bingbon’s social trading feature allows expert traders to share their trading strategies with other users on the platform.
Essentially, one can follow a specific trader’s executions and choose to automatically copy them or modify their trades based on the information.
For successful trades, the traders who have shared their strategies receive 8% of the profit.
This approach acts as an incentive mechanism to motivate expert traders to share profitable strategies. As it stands, there are currently over 1,000 traders to copy-trade.
Bingbon Review: Simple User Interface (UI)
The Bingbon trading interface is pretty similar to that of most crypto exchanges.
Traders can leverage the platform’s tradingview charts to do technical analysis by drawing lines or patterns.
The exchange allows traders to place market or limit orders for buy and sell positions while including a take-profit and stop-loss level.
It is also noteworthy that traders can execute trades through multiple devices, including a desktop interface and mobile devices through Bingbon’s application.
Bingbon Review: Leverage
As is the case in most financial markets, Bingbon offers leverage on its crypto derivative instruments.
The amount of leverage varies with BTC contracts going up to 150x, while the leverage on ETH contracts is capped at 100x.
On the other hand, the platform features up to 300x leverage for forex pairs and 100x for commodities.
Bingbon Review: Demo Trading
For newbies, Bingbon offers a demo trading feature where registered users are credited with 100,000 VST tokens representing 1 USD.
These virtual tokens can be used to start demo trading on Bingbon as newbie traders get more experience making profitable trades.
Even better, a trader can begin following experts while in demo mode and get to filter out the best before starting to trade with real tokens.
Bingbon Review: Getting Started on Bingbon
To start trading on Bingbon, users have to create an account by registering through the platform’s website.
The registration process requires new users to fill in personal information such as name, email address, phone number and create a password.
Once a new user submits their application, an activation email is sent to their email address, after which the account is activated upon confirmation.
Notably, Bingbon does not feature a KYC process which means that users can start making deposits and trade multiple derivative instruments as soon as the account is up and running.
Bingbon Review: Fiat-to-Crypto On-ramping & Fees
Bingbon Review: Deposits & Withdrawals
Bingbon offers users multiple deposit options ranging from cryptocurrencies, Apple Pay, MoonPay and debit or credit cards (Visa & Mastercard).
The platform accepts BTC, ETH, USDT and USDC deposits.
Bingbon does not charge a fee for crypto deposits, although on-chain fees apply as per the blockchain networks.
However, fiat deposits are subjected to a third-party fee depending on the service provider.
Coming to withdrawals, Bingbon charges 0.0005BTC and 0.007 to withdraw Bitcoin or Ether, respectively.
Stablecoins are charged higher with the withdrawal fee set at $28 per transaction.
Bingbon Review: Trading Fees
Being a crypto exchange, Bingbon is designed to generate revenue from trading fees, amongst other sources.
This trading platform charges a 0.0075% fee for opening and closing positions. The transaction fee is calculated as a percentage of the total volume for a specific trade.
In addition to the trading fee, Bingbon also features a spread fee which changes depending on the type of derivative contract.
For instance, the spread fee on Bitcoin ranges between 0.02%-0.1%, while for global indices, it varies between 0.02%-0.15%.
Bingbon Review: Conclusion
As a conclusion of the Bingbon review, it is noteworthy that this crypto derivative exchange is one of the advanced trading platforms in today’s crypto market.
The social trading features position Bingbon as a futuristic exchange where users trade and share information and ideas about the market.
Going by its value proposition, both newbies and veterans have a fundamental starting point to kickstart a profitable crypto trading career.