How to Use the BingX Exchange
In this blog post, I will explain how to use the BingX exchange, the registration process, how to deposit funds, and how to trade futures. BingX is a next-generation cryptocurrency exchange that is gaining attention for its copy trading and social trading features. It has secured a diverse user base, from beginners to experts, thanks to its unique features that allow users to follow the trades of professional traders and its intuitive user interface. However, even with an innovative platform, it is difficult to fully utilize its advantages without knowing the basic usage. Especially in the case of overseas exchanges, systematic learning is essential because the procedures and precautions from registration to fund management and actual trading are different from those of domestic exchanges. This article is designed to help those who are using BingX for the first time to completely master the entire usage. It includes useful information that can be applied directly in practice, from member registration and security settings to a comparison of various deposit methods and the basics of futures trading using leverage.
1. How to Register for the BingX Exchange
To use the BingX exchange, you must first go through a simple registration process. Fortunately, you can quickly register with only an email address or phone number without complicated authentication procedures, making it easy for first-time users to get started.
If you register through this link, you can receive a fee discount. After accessing the website, click the ‘Sign Up’ button. Then, enter your email address or phone number and set a password.
After entering your basic information, enter the authentication code sent via email or text message to complete the registration process. After completing the registration, it is also recommended to proceed with the two-factor authentication (2FA) security settings, which will greatly enhance account security. Therefore, I highly recommend setting it up. Once the registration is complete, you can now directly experience various functions such as deposits, trading, and copy trading.
2. How to Deposit Funds on BingX
Now that you have completed the BingX registration, let's look at how to deposit virtual assets to start trading.
First, log in to the BingX app or website and click the ‘Assets’ button at the bottom menu or the top right. Select the ‘Deposit’ item on the next screen. Now you need to select the coin to deposit, and I recommend USDT (Tether). Because it is a stablecoin with almost no price fluctuations, it is stable during transmission and can be used in most trading pairs.
The next step is to select a network. Generally, using the TRC20 (Tron) network is preferred by many users because of its low transmission fees and speed. However, the sending exchange must also select the same network.
1. Coin to Deposit: USDT (Tether)
2. Transfer Network: TRC20 (Tron)
Once this selection is complete, your deposit-only wallet address and QR code will be generated.
After copying the generated address, you can send the tether you hold from a domestic exchange (e.g., Upbit, Bithumb, etc.) by matching the wallet address and network exactly.
Once the transfer is complete, the deposit will be completed to your BingX wallet within a few minutes on average, and you can check it immediately in the ‘Assets’ tab. If you enter the wallet address incorrectly or send it to a different network, you may lose your assets, so be sure to double-check before sending.
3. How to Trade Futures on BingX
Finally, I will explain how to trade futures on BingX. After logging in to the BingX app, you will enter the futures trading screen by selecting Futures in the bottom menu. On the left, a list of various tradable pairs will be displayed.
By clicking on the top left, you can select the cryptocurrency pair you want to trade, such as BTC, ETH, or XRP.
And at the bottom, you can select the margin mode. Cross uses all of your available assets as collateral, while Isolated sets collateral separately for each position.
Next, you can select the order type. A limit order is a method that is executed when the desired price is reached. A market order is a method that is immediately executed at the current market price.
Finally, adjust the leverage ratio. BingX allows you to adjust up to 125x, and the maximum leverage may vary by item.
