Bingbon Review: Cryptocurrency Derivatives Trading Platform
Founded in 2018, Bingbon has established itself as a leading crypto trading platform that empowers retail traders to use crypto derivative contracts. It was founded with the aim to become a pioneer and market leader – Bingbon covers not only digital assets but also other financial instruments, such as FOREX, indices, and commodities.
Simultaneously, with the integration of advanced features like copy trading and demo trading, Bingbon certainly simplifies the trading and investment experience for investors from all around the world.
Thanks to its efficient and cost-efficient trading mechanism, Bingbon has successfully raised a large user community along with a number of other achievements. So far, there are over 300,000 account members on Bingbon who create around $500,000 of trading volume per day.
Taiwan and Vietnam are among the latest emerged markets on Bingbon, and the platform is on the way to expand its service to other nations on the globe.
Now let’s go to descriptive details about Bingbon’s functionalities and how it supports traders to create returns – while limiting risk.
Bingbon sets itself apart from its competitors by adding more options and products in its list of offerings. Basically, Bingbon offers perpetual contracts with the selection of cross margin and isolated margin.
These should be familiar to most traders and will allow them to place orders confidently. Derivative options on Bingbon capture a wide range of instruments, from cryptocurrencies, FOREX, commodities, and indices, which all are available for traders and speculators to use in any way they want.
- Cryptocurrencies. Bingbon presents the USDT-denominated contracts in with 12 other popular coins, including Bitcoin, Ethereum, ChainLink, Litecoin, Bitcoin Cash. For Bitcoin and Ethererum, Bingbon specifically provides inverse contracts, which allow users to choose BTC and ETH as the base coin in the contract. The platform is going to add more cryptos into the list to meet the demand of traders.
- Non-cryptocurrencies. Aside from crypto derivatives trading as the main product, Bingbon offers contracts tied to several pairs of exchange currencies, as well as a variety of spot price speculation on a couple of major commodities, including gold, silver, and crude oil.
- Bingbon also allows its clients to trade the price movements on many major equity indices. Bingbon members can choose to speculate on eight popular indices – like the S&P500, NASDAQ-100, Nikkei 225 or DJIA. USDT is the default base currency in Bingbon’s non-crypto contracts.
Bingbon has loads of products and is working to add more all the time. Unlike many exchanges, Bingbon works to give its clients crypto and non-crypto products, so they can trade in the macro-environment – without having to move into and out of the fiat financial system.
Going short cryptos can be a good way to play downside macro risk, but a position against major equity indices could be better. Instead of moving money from one exchange to another, Bingbon has all the products a serious trader needs in one place.
Bingbon offers different levels of leverage depending on which contract is being traded.
Contracts on BTC/USDT can use 150x leverage, which ranks top among cryptocurrencies, followed by ETH/USDT contracts that can reach 100x. Leverage limits for other crypto trading pairs often range between 35x and 50x.
FOREX contracts can utilize leverages up to 300x, due to the nature of minor price fluctuation. Meanwhile, the highest leverages for commodities and market indices often hover around 100x. It is important to understand that using leverage must be taken seriously.
Leverage can make a good position pay out huge, but it can also be very damaging to your portfolios if you don’t know how to control risk. Bingbon offers great tools for risk management, and also has a good interface for both new and experienced traders.
Visual, Intuitive Interface
Instead of putting a lot of complexity into its User Interface (UI), Bingbon uses a simple graphic display. We think this will be more familiar to a majority of traders. The headline of the homepage specifies prominent features, including Trade, Copy Trade, Exchange, and Announcements.
For live and detailed market price charts, users can click on the Trade section.
Here they will find an Auto chart with real-time updated statistics and customization power. It is super easy to check on positions, trigger orders, or see the transaction history.
The left pane shows the list of crypto trading pairs available for USDT-based contracts, while the upper right lists a number of commands that allow users to pick their order settings prior to entering a position.
For both long and short positions, users can choose either a market order or a trigger limit order. At the same time, they can predetermine Take profit and Stop Loss levels. Relevant indicators, such as actual turnover or loss will be illustrated when the order is executed.
Bingbon’s Trading View chart is apparently much helpful as it allows traders to effortlessly and efficiently manage their portfolios. Moreover, users are free to create support and resistance graphs or insert comments so that it is easier to follow their investments.
When you use leverage, it is very important to use orders to keep your margin balance intact. Leverage of 10x means that if your position loses 10% of its value, the margin you are using to keep the trade open will be wiped out.
Traders can use limit orders to prevent this and choose to sell the position with smaller losses. It might seem painful to sell with losses, but selling with smaller losses is better than being wiped out.
Automated Copy Trading
Copy trading is pretty new, and not many crypto exchanges allow their clients to use this great feature. With copy trading, Bingbon allows users to look up successful traders, follow them, and copy their trading strategies.
All statistics related to the lead traders, such as profit rate, trading record, and the number of followers can be viewed on their profile so that users can find and rely on credible guides.
In addition, Bingbon provides extra tools for users to effectively control their copy trades. They can predefine a limit for the daily value amount of copy trade, so as to reduce risks and better manage potential losses.
This is another stunning feature offered by Bingbon. The platform stimulates a virtual coin called VST, with 1 VST equal to 1 USD. Upon a complete registration, a member will automatically get 100,000 VST, which is used to run demo trading on Bingbon.
With these VSTs, users can conduct stimulated transactions on Trading View. It is a fast and harmless way to get used to the exchange and trading derivatives. Leveraged trading in the crypto markets can be very profitable, but it is important to make sure and understand how it works before using real tokens.
Deposits: Coins & Fees
Bingbon supports deposits via 5 coins, which are BTC, ETH, USDT (ERC-20 and Omni), USD Coin. Regarding fee, a fixed rate of 0.075% is charged upon each position opening. Extra fees might be applied for keeping positions open, and a small withdrawal fee is charged, varied by each crypto.
Bingbon has already created mobile versions for iOS and Android. That means users can easily download and install an app on their mobile, then enjoy crypto derivative trading anytime and anywhere.
Credit and Competition
Bingbon has targeted a niche crypto derivative segment with great tools for traders who don’t want to switch back and forth between cryptos and fiat.
It strengthens its reputation by coordinating with SlowMist, a cybersecurity firm, and has initiated a bug bounty program on its platform. Bingbon is working to keep users’ accounts protected and avoid any hacks that could lead to losses.
However, Bingbon still faces the battle against some other exchanges with high capacity and leverage, such as Binance Futures, bitMEX, Huobi or Bybit.
It is worth looking at all the features an exchange offers so that you trade with the best provider for your needs.
With multiple products, automated trading, amazing demo trading, Bingbon users can learn to trade and boost their skills. Despite being a relatively new player in the global derivatives market, Bingbon shows the potential to become a leader in crypto derivatives trading.
If you are looking for an exchange that allows you to trade in most of the major tokens, as well as a number of other macro markets.