BingX Review: Copy Trading, Fees and Security, Tested Hands-On

BingX is a centralized crypto exchange founded in 2018 (it launched as Bingbon and rebranded to BingX in November 2021). It now reports over 40 million users across 160+ countries, with 986 cryptocurrencies, 1,400+ markets, and futures leverage up to 150x. The main reason to come here is copy trading: one of the largest copy-trading user bases in crypto, plus an unusually relaxed KYC policy. In 2024 the exchange was hacked, and it covered the losses in full out of its own pocket. We ran registration, copy trading, fees, security, and withdrawals ourselves, end to end.

Our verdict: 7.0/10 — the most accessible copy-trading platform around, with thin altcoin liquidity and an EEA that stays closed until BingX EU opens its doors deciding the score.

Fees

On spot, BingX charges 0.10% / 0.10% (maker/taker), the market standard, the same as Binance, Bybit, KuCoin, and Bitget. The catch: BingX has no exchange token of its own, so there’s no discount route like Binance’s BNB (−25%). The referral code is the only real lever, and here BingX does something no other exchange in our comparison does: it lets you choose between 25% cashback for as long as you trade and a 20% discount for the first 180 days. Past six months, the cashback wins.

Futures look better: 0.02% / 0.05%, level with Binance and OKX and below Bybit (0.055%), KuCoin and Bitget (0.06%). With the cashback code the taker effectively drops to 0.0375%; what that adds up to at your volume is in the calculator on our BingX referral code page.

Withdrawal fees are reasonable, with one exception. Native BTC is 0.0002-0.0005 BTC, BTC on BEP-20 just 0.00001 BTC, ETH on ERC-20 around 0.007 ETH, USDT on TRC-20 is 1 USDT. But USDT on ERC-20 costs $6-10, noticeably above the market, so withdraw via TRC-20 or BEP-20.

And the main limitation: there's no broad direct fiat withdrawal here the way Binance or Bitget have it. To get money to a bank, you'll usually go through P2P or push crypto to another exchange with fiat rails.

Security

BingX was the first of three exchanges in our comparison to lose money the same way: through hot wallets, with North Korean groups as the suspects. Bybit followed in February 2025 with about $1.5 billion, Bitget in September 2026 with about $388 million. In all three cases users were made whole, so the real question isn’t whether an exchange gets hit but whether it can pay.

On September 20, 2024, attackers compromised BingX hot wallets and pulled $43-52M across several chains at once (Ethereum, BNB Chain, Base, Optimism, Polygon, Arbitrum, Avalanche). Some analysts pointed to possible Lazarus Group (North Korea) links. The exchange froze withdrawals within about an hour, restored deposits within 48 hours, and reimbursed every affected user from its own reserves; roughly $10M was later frozen together with SlowMist and Chainalysis. The exchange had the money to cover it, which is a plus, but the breach exposed weak hot-wallet key management.

What they've built since:

• a $150M Shield Fund (June 2025), a permanent self-funded reserve for future incidents, similar in spirit to Binance's SAFU;
• monthly Merkle-tree Proof of Reserves you can check against your own balance; the July 15, 2026 report showed 143% for BTC and 132% for USDT;
• most assets in cold storage with multi-signature, plus ShieldX hot-wallet monitoring;
• ISO/IEC 27001 and PCI DSS 4.0.1 certifications, though no outside auditor signs the reserve reports.

The Shield Fund is the part worth doing the math on. $150 million would cover the 2024 loss about three times over, but it’s roughly a third of the $464 million Bitget had on hand when it paid for its own hack.

One more thing changed in 2026, outside the hack story. BingX missed the July 1 MiCA deadline, and since then the EEA has been closed: no new signups, no new orders. On October 14 the Austrian FMA finally granted BingX EU (MEGE zweite GmbH, Vienna) its MiCA license. It covers custody, exchange and transfers of crypto-assets, and BingX says it’s preparing the launch of regulated services for 29 EEA countries, subject to passporting. Until that launch, nothing changes for a European reader: the door is still shut, but there’s now a date to watch for rather than a question mark. For comparison, OKX, Bybit and KuCoin already run their EU platforms, while Bitget is still waiting for the same FMA.

Verification and deposits

BingX takes a liberal line on KYC: with no verification you can trade spot, futures, and copy trades, with a withdrawal limit of 50,000 USDT per day (a 100,000 USDT lifetime cap). Binance, Bybit, OKX, and Bitget all require verification before you trade; here you can start with no documents. A note from practice: after a withdrawal or two above 10,000 USDT, they'll ask for your documents anyway.

• No verification: email/phone + 2FA, 50,000 USDT/day, 100,000 USDT lifetime.
• Basic KYC: name, date of birth, ID number, higher daily limits.
• Advanced KYC: government photo ID and selfie, up to 5,000,000 USDT/day.

Advanced KYC usually clears in under an hour. P2P fiat, BingX Wealth, and Launchpad require at least Basic KYC. Deposits: crypto on 30+ networks (free), card via Visa/Mastercard/Apple Pay (2-4% to a third-party provider), and P2P with local payment methods. There are no direct bank deposits via SEPA/SWIFT/ACH; fiat comes in by card or P2P.

Where BingX is stronger

• Copy trading is the main draw. BingX was built specifically as a social-trading platform from 2018 and scaled that infrastructure earlier than most. By its own figures, it has 11.4M+ copy traders across 100+ countries, 400,000+ lead traders, and 1.3 billion copied orders. That’s about 28 followers per lead trader, against roughly four on Bitget: BingX’s crowd is bigger and piles onto fewer names, so the top of the leaderboard matters even more here. The entry barrier is the lowest among the majors: 20 USDT versus Bitget's 50 USDT, with up to 200,000 USDT copied per lead trader. Copy Trading 2.0 split copied and manual positions into separate sub-accounts, added automatic leverage mirroring, and finer risk management. A note on the money: lead traders take up to 32% of profits in public mode (0-50% in private) versus 10-20% at Bitget, so strategy authors earn more while followers keep less. By copy-trading volume Bitget is still well ahead; BingX's edge is reach and a low barrier for beginners.
• Risk-free demo. 100,000 virtual USDT for futures, handy for testing a lead trader’s strategy before you put 20 USDT behind it.
• Free bots. Spot Grid, Futures Grid, Infinity Grid, DCA, and Martingale, with no subscription, just the usual commission.
• BingX TradFi. Perpetual contracts on currencies, commodities (gold, oil), indices, and individual stocks from the same account as crypto, with high leverage on some instruments. It caught on fast: daily volume passed $1 billion in January 2026, and by Q1 TradFi peaked at half of everything BingX traded. In August the lineup crossed 500 perpetual assets — by BingX's own count about 20% more than the next platform. This is where the exchange is growing, not in spot crypto.
• ProveX, challenges and funded accounts. ProveX, a separate BingX-linked platform, is built on a prop-trading model: a trader pays to enter a challenge, passes an evaluation on a demo account, and, once they meet the profit and risk rules, gets access to a funded account to trade the platform's capital rather than their own. The format is familiar from classic prop trading, and the appeal is clear: the platform puts up the capital, not you. But read the model soberly: entry is paid, and the funded account only opens if you clear the stages. It's interesting for those confident in their discipline and risk management; for everyone else it's essentially a fee for the attempt.

Where it falls short

• Thin regulation outside Europe. The October 2026 MiCA license is the first tier-1 entry; beyond it there are only AUSTRAC (Australia) and Lithuania (VASP). There are MSB registrations for the US (BingX US Limited) and Canada (BingX Pay Limited) entities, but both countries are blocked, and an MSB registration isn't a full operating license. In October 2025, India's FIU-IND issued non-compliance notices to 25 offshore VDA service providers under the PMLA and ordered their apps and sites taken down in India; BingX was named among the affected platforms.
• Thin liquidity on smaller altcoins. The main pairs are fine, but on low-cap coins the order book is thinner than on Binance and Bybit, in both spot and futures. This matters most when you copy-trade or use leverage on low-cap coins: spreads widen, slippage grows, and stop-losses can fill worse than expected.
• Trustpilot 1.8/5. 58% one-star reviews: account freezes, withdrawal delays, chatbot-only first-line support. Big exchanges rarely score well there (Binance has 1.6, Bitget 2.3), but Bybit’s 3.1 shows a large platform can do better.
• Country restrictions. Not available in the US, UK, Canada, mainland China, Hong Kong, Macau, Singapore, or Japan (partial), and the EEA stays closed until BingX EU launches — 20+ jurisdictions in all.

How BingX stacks up against the alternatives

Bottom line

BingX earns 7.0/10 from us. It’s a copy-trading platform first and a second account in your portfolio, not an all-round number one. For a beginner who wants to copy someone with 20 USDT and test the strategy on a demo first, there’s almost nothing better, and 500+ TradFi perps are now a real second reason to be here. What keeps it below the top tier: an EEA that’s still closed despite the new MiCA license, no direct bank withdrawals, and a 1.8/5 Trustpilot. For a primary account or storing large sums, OKX or Binance have firmer foundations.