The cryptocurrency derivatives space is evolving rapidly, and we are seeing a host of platforms that are trying to outdo each other with innovative trading products. While established players such as BitMEX, Binance Futures and OKEx continue to have a dominant presence in the sector, there’s plenty of trading platforms that offer an unique twist to the standard crypto derivatives trading experience.
In this review, we’ll be covering Bingbon, a crypto derivatives exchange that seeks to distinguish itself from the competition by not only offering derivatives tied to different crypto assets, but also offering contracts tied to indices, commodities and forex markets. In addition, Bingbon also features copy trading, a feature popularized by investment platforms such as eToro.
Before we explore the different aspects of the Bingbon platform in more detail, let’s quickly go through some of Bingbon’s key advantages and disadvantages:
The pros of trading cryptocurrency with leverage on Bingbon:
- Offers contracts tied to cryptocurrencies, indices, commodities and forex markets
- Supports deposits with 4 different cryptocurrencies
- Copy trading
- Excellent demo trading implementation
The cons of trading cryptocurrency with leverage on Bingbon:
- The selection of contracts tied to crypto assets is smaller than what’s offered by some competitors
- Some of the English language help and documentation articles are of poor quality
Bingbon features review
Now that we have a rough idea of what we can expect from Bingbon, let’s look at the platform’s features more closely.
The range of trading products is an aspect where Bingbon has done a great job to differentiate itself from the competition. The cryptocurrency trading products listed by Bingbon are perpetual contracts, which cryptocurrency derivatives traders will be very familiar with. Bingbon allows users to choose between isolated margin and cross margin.
The exchange offers a solid selection of contracts tied to crypto assets – there are USDT-denominated contracts for 12 different cryptocurrencies, including:
- Bitcoin BTC, 0.71%
- Ethereum ETH, -0.28%
- Chainink LINK, -0.55%
- Litecoin LTC, 0.38%
- Bitcoin Cash BCH, -1.25%
- EOS EOS, -3.94%
- Ethereum Classic ETC, -1.09%
- TRON TRX, -2.47%
- Bitcoin SV BSV, -0.68%
- Cardano ADA, 1.53%
- Tezos XTZ, 2.25%
This selection covers the most relevant crypto assets and will suffice for the vast majority of traders, but it’s worth noting that platforms such as Binance Futures do support a wider range of crypto assets.
For Bitcoin and Ethereum, users have the option to choose “inverse” contracts. In short, this allows users to use BTC as margin for trading the Bitcoin-based contract and ETH as margin for trading the Ethereum-based contracts. However, Bingbon also has USDT-denominated contracts for Bitcoin and Ethereum.
Bingbon’s offering does not stop at contracts that track the price movements of cryptocurrencies. Users can also speculate on major indices such as the NASDAQ-100, S&P 500, DJIA, Nikkei 225, and others. In total, Bingbon offers contracts tied to 8 different indices.
In addition, Bingbon allows users speculate on commodities, offering contracts that track the spot prices of gold, crude oil and silver. Forex markets are also featured, with 7 contracts tied to major foreign exchange pairs. All non-crypto contracts listed by Bingbon are settled in USDT.
All in all, Bingbon has delivered a nice range of trading instruments that won’t just satisfy cryptocurrency die-hards, but also has something to offer to traders that like to dabble outside cryptocurrency markets.
The leverage limits on Bingon vary depending on the product you’re looking to trade. The BTC/USDT contract tops out at 150x leverage, which is higher than what’s being offered by most competitors. For Ethereum, the leverage maxes out at 100x. Other cryptocurrency-based contracts offered by Bingbon are capped at 50x or 35x leverage.
For indices and commodities, the maximum leverage allowed is 100x. For the forex pairs, which tend to have smaller price movements, this limit is raised to 300x.
Bingbon’s approach to their trading interface is conservative – while there are no major improvements over competitors in this regard, the interface will feel familiar for anyone who’s ever used a cryptocurrency exchange before.
In the middle of the interface, we can find a TradingView-powered chart that’s fully customizable – you can draw support and resistance levels, add comments, and much more. Below the price chart, there’s a section with information about open positions and orders. The trading pair selector is located on the left side, while the order interface is located to the right.
Bingbon offers two different ways to enter a position – a market order and a trigger (limit) order. While entering a position, users can choose to set their take profit and stop loss levels. When setting the TP and SL, the interface also shows an estimate for the actual profit and loss of the trade in case the TP or SL is executed.
Overall, Bingbon offers an intuitive trading experience with all the key information being easily accessible.
Bingbon features copy trading, a feature that’s employed by some online investing platforms such as eToro but very hard to find on cryptocurrency exchanges. Copy trading allows users to follow successful traders and automatically copy their trades. Traders that can be followed are listed by their profit rates, trading style and amount of followers. For each trader, you can view their overall statistics as well as their most recent trades.
Bingbon allows users to set the maximum amount they’re willing to commit to any given copy trade, as well as a daily limit for how much can be committed to copy trades. This allows users to limit potential losses to some extent, but copy trading should still be approached with caution.
A great feature is that users can copy trade with VST, the demo trading currency on Bingbon. This allows users to test out copy trading without putting any actual funds at risk.
As mentioned above, Bingbon features a demo trading currency called VST. When a user creates an account with Bingbon, they receive 100,000 VST. 1 VST essentially simulates 1 dollar, and VST can be used to demo trade all of the contracts offered by Bingbon.
We’re always happy to see cryptocurrency exchanges support demo trading, and Bingbon’s implementation of VST is one of the best approaches to demo trading that we’ve seen so far.
To access demo trading, a user simply chooses their VST account from the dropdown menu when accessing a trade.
Derivatives trading can be daunting, and demo trading is a great way to get a feel for the interface and terminology, or testing out new trading strategies risk-free.
Supported coins and fees
Users can deposit five different crypto assets to Bingbon:
- Bitcoin BTC, 0.71%
- Ethereum ETH, -0.28%
- Tether USDT, -0.03%
- Tether USDT, -0.03%
- USD Coin USDC, 0.06%
Bingbon charges a 0.075% fee when opening a position. Just like with perpetual contracts on other cryptocurrency exchanges, you might also be charged with a funding fee for holding your position open. However, this will depend on market conditions and whether the majority of traders are going long or short.
The platform also charges a small withdrawal fee, which will depend on the specific cryptocurrency. For example, the fee for USDT withdrawals is 1 USDT.
While the fees on Bingbon are not exceptionally low, they are mostly in line with industry standards.
Bingbon has also taken care of mobile users, and has developed applications for both the iOS and Android platforms. The mobile apps offers a straightforward user experience, and boasts more than enough features for users who like to trade even when they’re on the go.
Is Bingbon a safe exchange to use?
We haven’t been able to find any evidence of security breaches suffered by Bingbon, but it’s worth mentioning that the platform has only been in operation since 2019, so it hasn’t yet had the opportunity to build a long track record on security.
Here, it’s worth noting that Bingbon has launched a bug bounty program in collaboration with cybersecurity firm SlowMist. The program offers a reward of up to 4,000 USDT to anyone who finds vulnerabilities in the Bingbon platform.
The Bingbon platform also offers certain options to help users secure their accounts. This includes a separate fund password, as well as 2-factor authentication through Google Authenticator.
Thanks in large part to its copy trading feature, Bingbon enjoys a pretty unique position in the cryptocurrency derivatives market. However, Bingbon still has to contend with other platforms where users can trade cryptocurrencies with high leverage. Some of the most notable platforms include:
- Binance Futures
Bingbon review verdict
Overall, Bingbon has delivered a compelling platform for users who are looking for a cryptocurrency-powered leverage trading platform. The best aspects of Bingbon are its diverse range of trading products, great implementation of demo trading, and its copy trading feature. The main changes we’d like to see Bingbon make is to list more cryptocurrency contracts to catch up to some of its major competitors, and improve the platform’s English language help and documentation section.