BingX, a crypto exchange known for its simple and easy-to-navigate interface, offers a convenient way for both novice and expert traders to trade crypto futures. If you want to trade with leverage on this platform, we advise you to read this guide to learn how to get started.
Trading Futures on BingX: A Step-by-Step Guide
Follow these steps to begin trading futures on the BingX exchange.
1. Register a BingX Account
Creating an account with BingX is pretty simple. Once you download and install the exchange’s mobile app, which is available on Google Play Store and App Store, click “Sign Up” and write your phone number/email address. Next, enter a unique password and the verification code sent to you.
After doing that, you’ll have access to your BingX account. While you can start trading without completing the Know Your Customer (KYC) process, it is advisable to verify your identity to remove various limitations on your account. The acceptable KYC documents include an ID card, passport, or driver’s license.
Upon completing the identity verification procedure, click “Trade” and select “Standard Futures” or “Perp Futures.” Your choice depends on your trading performance and experience level.
There are several contracts available for trade under each futures category. Note that you can start trading them with virtual money to test your strategy. However, if you wish to begin trading immediately with real funds, you can deposit them into your BingX funding/spot account and make a transfer to your Futures account.
2. Agree to Terms and Conditions
Before starting your futures trading journey, you must agree to BingX’s terms and conditions in order to confirm that you understand the risks involved in crypto trading. Also, there will be a trading-related questionnaire, which you must complete before you are allowed to place your first trade.
After answering all the questions successfully, pick the contract you wish to trade and conduct market analysis using the provided tools. Once you identify an ideal entry point, choose an order type, specify your margin and the level of leverage, and then press the “Long/Short” button to send your order to the market. Note that BingX gives you access to leverage of up to 120x.
Regarding risk management, you can apply trailing stop loss or stop loss to protect your capital in case the trade goes against your expectations. Also, the “Take profit” feature allows you to book profits automatically when the price reaches your ideal exit point.
BingX’s Pre-Launch Futures Trading
Besides the common futures trading, BingX offers pre-launch trading, which lets traders bet on the future prices of yet-to-be-listed tokens. To trade pre-launch futures, press “Trade” and choose “Futures.” Next, click “USDT-M Perp” and go to “Pre-Launch” to view listed assets.
Once you find a trading pair you like, follow the steps explained earlier to place your trade. It is worth mentioning that pre-launch futures trading carries liquidation risks like any other type of futures trading. Therefore, apply proper risk management.
Why Trade Futures on BingX?
There are several reasons traders choose BingX as their perfect platform to trade futures. They include:
User-Friendly Interface
As mentioned, BingX’s user interface has a simple design that gives users access to sophisticated trading features without struggling to navigate.
Copy Trading Functionality
If you are not confident in your trading strategy, you can automatically copy the trades of experienced, successful traders on BingX. The best part is that you’re allowed to customize several options to help you manage your trading risks.
Grid Trading
BingX has Grid trading bots that enable users to profit from the crypto market volatility by automating their strategies.
Multilingual Support
BingX serves users from over 100 countries. To ensure the needs of its diverse user base are met, the exchange offers customer support in multiple languages, including French, English, Italian, and many more.
BingX Academy
Before trading futures, it’s wise to explore the educational content offered by BingX through its Academy. You will learn topics like technical analysis, how to create a strategy, and crypto basics.
