BingX exchange profile

Profile of BingX: exchange information, markets and recorded details on GradeMarket.

BingX (formerly Bingbon) is a Singapore-based cryptocurrency exchange best known for its advanced copy trading platform. It charges a standard 0.10% spot trading fee for both makers and takers, while futures trading fees start at 0.02% maker and 0.05% taker. According to BingX's official Terms of Service, Iran is listed among the exchange's restricted jurisdictions. However, as discussed below, the reality has been more complicated than the official policy suggests. BingX is particularly well suited for traders interested in copy trading and high-leverage futures markets.

The $43 Million Hack That Was Reimbursed Within 24 Hours

On September 20, 2024, BingX's security team detected unusual activity at approximately 4:00 a.m. Singapore time. One of the exchange's hot wallets had been compromised.

According to blockchain security firm PeckShield, the attackers stole more than 360 different altcoins, with the total value of the theft eventually exceeding $43 million.

What made the incident noteworthy was BingX's response.

Within hours, Vivien Lin, the exchange's Chief Product Officer, publicly confirmed that what had initially been described as "temporary maintenance" was in fact a security breach. She pledged that all customer losses would be fully covered using the exchange's own reserves.

Withdrawals resumed in less than 24 hours, and users did not suffer any financial losses.

Key Features

• Comprehensive copy trading platform with advanced trader selection tools
• Up to 125× leverage for cryptocurrency futures and 200× leverage for forex and commodities
• Futures Kickoff mode designed to simplify futures trading for beginners
• Proof of Reserves reports with a 1:1 reserve ratio
• Regulatory registrations including AUSTRAC (Australia), several European jurisdictions, and U.S. Money Services Business (MSB) registration

Fees and Costs

For spot trading:

• Maker: 0.10%
• Taker: 0.10%

At the highest VIP tiers, trading fees can approach 0%.

For futures trading:

• Maker: 0.02%
• Taker: 0.05%

Referral codes commonly provide an immediate 20% discount on these standard trading fees.

Security and Trust

The September 2024 hack remains the most significant security incident in BingX's history.

One positive aspect of the event was the exchange's transparency. Rather than denying or concealing the breach, BingX acknowledged it quickly and fully reimbursed affected users from its own funds.

Most customer assets were stored in cold wallets and remained completely unaffected.

Following the incident, BingX strengthened its security infrastructure by expanding its cooperation with firms such as SlowMist and Chainalysis, while also publishing Proof of Reserves reports more regularly.

Support for Iranian Users

BingX presents a well-documented contradiction regarding Iranian users.

According to its official Terms of Service, Iran is listed among the exchange's restricted jurisdictions.

However, in April 2024, Cointelegraph reported that BingX had simultaneously promoted an official Persian-language website known as "BingXPersian," offering services such as:

• Direct Iranian rial (IRR) to USDT conversion
• Identity verification using Iranian national ID cards

These services appeared to conflict with U.S. sanctions policies.

After the report was published, BingX stated that the individual promoting these services through Telegram was an unauthorized representative, emphasizing that the exchange remained committed to enforcing regional access restrictions, particularly for Iran.

This episode illustrates that there has been a gap between BingX's official policies and certain reported operational practices. As a result, Iranian users should recognize that any access could be restricted or terminated without prior notice.

Pros and Cons

Pros

• Excellent copy trading platform suitable for both beginners and experienced traders
• Rapid and transparent response to the 2024 security breach, with full customer reimbursement
• High futures leverage and beginner-friendly features such as Futures Kickoff

Cons

• Experienced a $43 million security breach in 2024
• Documented inconsistency between its official Iran policy and previously promoted Persian-language services
• Does not hold full authorization from top-tier Western financial regulators

Compared with Competitors

For copy trading, BingX ranks alongside Bitget as one of the strongest platforms in the industry.

Its futures trading fees (0.02% maker / 0.05% taker) are broadly comparable to those of Bybit.

Compared with exchanges such as Kraken or Coinbase, BingX has a shorter operating history, a less established regulatory profile, and a more recent security incident. Nevertheless, its swift handling of the 2024 hack significantly strengthened its reputation among many traders.

How to Sign Up in Three Steps

1. Register on the official BingX website or mobile app using a valid email address or phone number.
2. Upload valid identity documents to complete the KYC verification process.
3. Fund your account and choose between direct trading and copy trading.

Frequently Asked Questions

Does BingX work for Iranian users?

Officially, no. Iran is listed as a restricted jurisdiction under BingX's Terms of Service. However, credible reports have documented periods during which Persian-language services appeared to be available. Because the exchange has reaffirmed its official restrictions, Iranian users should assume that access may be suspended without prior notice.

Is BingX safe after the 2024 hack?

The exchange fully reimbursed affected users, strengthened its security measures, and resumed withdrawals within 24 hours. Nevertheless, the security breach remains an important factor to consider when evaluating the platform.

How does BingX Copy Trading work?

Users can browse rankings of experienced traders and automatically replicate their trading strategies. As with all forms of copy trading, past performance does not guarantee future results, and losses remain possible.

Final Verdict and Rating

• Security: 6/10
• Fees: 7/10
• Persian-language Support: 2/10

BingX is a compelling choice for traders seeking powerful copy trading features and high-leverage futures trading. However, its 2024 security breach and the documented inconsistency between its official policy and reported services for Iranian users mean that prospective users should approach the platform with caution, especially if reliable long-term access is a priority.

This review is based on information available as of 2026. Exchange policies, trading fees, supported jurisdictions, and regulatory requirements may change over time. Always verify the latest information on BingX's official website before opening an account.