Bingbon

Bingbon Review

What is Bingbon?

Bingbon is a cryptocurrency exchange registered in Singapore. It has been active since 2018.

This exchange is a so called derivatives exchange, meaning that they focus on derivatives trading. The platform does however support spot trading as well, so if that's your preference, this platform can still be for you. A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives accordingly derive its values from the prices of specific cryptocurrencies.

Supported Crypto Contracts

You can engage in derivatives trading connected to Aave, Binance Coin, Bitcoin, ChainLink, Chiliz, Decentraland, Dogecoin, Enjin Coin, Ethereum, Pancakeswap, Ripple, The Sandbox and Uniswap here.

Leveraged Trading

Bingbon also offers leveraged trading to its users. They only offer perpetuals (i.e., futures without expiry dates), and no futures with expiry dates. The maximum leverage level for their perpetuals is 100x. A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.

For instance, let’s say that you have 100 USD in your trading account and you bet this amount on BTC going long (i.e., going up in value). If BTC then increases in value with 10%, you would have earned 10 USD. If you had used 100x leverage, your initial 100 USD position becomes a 10,000 USD position so you instead earn an extra 1,000 USD (990 USD more than if you had not leveraged your deal). However, the more leverage you use, the smaller the distance to your liquidation price becomes. This means that if the price of BTC moves in the opposite direction (goes down for this example), then it only needs to go down a very small percentage for you to lose the entire 100 USD you started with. Again, the more leverage you use, the smaller the opposite price movement needs to be for you to lose your investment. So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).

Mobile Support

Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Bingbon’s trading platform is also available as an app for iPhone and Android users.

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

Bingbon does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.

Bingbon Trading View

Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described.

This is the trading view at Bingbon (when not signed in):

It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.

Bingbon Fees

Bingbon Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At Bingbon, takers are charged 0.05% per order. When it comes to the makers, their fee is 0.02%. According to the most extensive industry report ever prepared on contract trading average fees, the global average contracts trading taker fee and maker fee was 0.0591% for takers and 0.0215% for makers. Accordingly, Bingbon's fee rate is considerably below the industry average for makers and above the industry average for takers.

All in all, the fees here are attractive.

Bingbon Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.0006 BTC per BTC-withdrawal.

Bingbon charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00053 BTC per BTC-withdrawal according to this report) and a quite competitive fee.

Deposit Methods

In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Bingbon is cryptocurrency. However, if you really like Bingbon but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.