BingX Cryptocurrency Exchange Review & First Look

Today we are looking at the decentralized cryptocurrency trading platform BingX, a top 20 cryptocurrency exchange!

All links are below.

Links for BingX
Website: https://bingx.com/partner/KIFSCrypto
Twitter: https://twitter.com/BingXOfficial

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📱Social Media Links📱

🗣 Telegram Group: https://t.me/KIFSCryptoChat
🐦Twitter: https://twitter.com/GINsmellinB
✨Instagram: https://www.instagram.com/kifscrypto/
🌍 Website http://KifsCrypto.com/
🛸Facebook Group: https://www.facebook.com/KIFSCrypto

#Equation #decentralized #Bitcoin #cryptogems

Decentralized crypto trading with leverage involves trading digital assets on decentralized exchanges (DEXs) using leverage, which allows traders to borrow funds to increase their position size beyond what they could afford with their own capital. Let’s break down the key components:

Decentralized Crypto Trading:

Decentralized Exchanges (DEXs): Unlike centralized exchanges (CEXs), DEXs operate without a central authority. They allow users to trade directly from their cryptocurrency wallets, maintaining control over their private keys. Popular DEXs include Uniswap, SushiSwap, and PancakeSwap.
Leverage Trading:

Leverage: Leverage is the ability to control a larger position size with a smaller amount of capital. For example, if you have $100 and use 10x leverage, you can trade as if you had $1,000.
Margin Trading: Leverage involves borrowing funds to trade. In margin trading, you use borrowed money (margin) to increase your position size. This magnifies both potential profits and losses.
Decentralized Finance (DeFi):

Smart Contracts: In decentralized trading, transactions are facilitated by smart contracts, self-executing contracts with the terms of the agreement directly written into code. This eliminates the need for intermediaries.
Liquidity Pools: Decentralized trading often involves liquidity pools, where users can deposit their funds to provide liquidity for trading pairs. In return, they receive trading fees and, in some cases, governance tokens.
Risks and Rewards:

High Risk: Trading with leverage significantly increases risk. While potential profits are amplified, so are potential losses. Prices can be volatile, and the market can move against traders quickly.
Decentralized Nature: Decentralized trading platforms are susceptible to smart contract vulnerabilities and liquidity risks. Users need to be cautious and conduct thorough research before participating.
Tokenization and Derivatives:

Tokenized Assets: Some decentralized platforms offer tokenized versions of traditional assets (e.g., stablecoins pegged to fiat currencies) or other cryptocurrencies.
Derivatives: Decentralized exchanges may also facilitate the trading of cryptocurrency derivatives, such as futures and options, allowing users to speculate on price movements without owning the underlying assets.
It’s essential for traders to have a good understanding of both decentralized trading and leverage before participating, as the combination of these elements can result in complex and high-risk trading strategies. Additionally, users should be aware of the specific features and risks associated with the decentralized platform they choose for trading.

Good afternoon everybody and welcome back to the channel thank you so much for joining me today as you can see we’re looking at something called Bing X now you’re probably all going to be familiar with these guys already they have offices in Europe Asia Oceana and South America I

Think they have daily volume over $660 million and as you probably guess they at top 20 Exchange so without further Ado let’s get straight into Bing X so yeah as I was saying this is the coin market cap listing we want to go straight over to the website now here is

The front page of the website not the greatest I mean yes they sponsored Chelsea but um who does nowadays but in all fairness it does signify how large an exchange these guys are so yeah that’s that’s a very very um positive start in terms of you know if

You’re looking for a new exchange what you need to be looking out for well you’re sponsoring one of the biggest teams in the world so they also sponsor the UFC and UFC fighters and I wanted to go over here to the about section first off the

B they do be at all the big cryptocurrency and blockchain conferences they do have a mobile app um available on the App Store the Apple Store and the Google Play Store and this is the About Us section here found in 2018 bingx is a leading cryptocurrency exchange serving over 10 million

Users b x offers Diversified products and services including spot derivatives copy trading and asset management all designed for the evolving needs of users from beginners to professionals we do look at a lot of different exchanges on this channel and I’ve been looking at this for about two weeks and my first

Impressions were very positive the site’s very well put together as you can see there are major hitters in terms of volume they’re compliant with all the um different regulatory bodies I mean when you’re getting passed by the EU you must be doing something right Australia is also the ored as a digital

Exchange yeah they got taking lots of boxes straight off the bat here and you know the being registered in the EU is a huge plus security and transparency 100% marage And reserves verified by global authoritative organization Mars which PR certific ation and report this so approve reserves Mission we are committed to

Providing trusty and transparent platform making crypto accessible and friendly to everyone we aim to build Gateway for the next billion crypto users and you have other values here list of rewards 24-hour customer service which I did contact just to test it out very quick to respond and um

The inquiry I sent in was dealt with very quickly and before we take a look at the actual platform this is the page made up first obviously I’ve just been going through this all about the founder b x is a global digital financial services companies with offices in Asia

Oceana Europe and South America as I’ve been saying finan res reserves of over $345 million and the trading volume 664 for the the last 24-hour perod 664 million they have the blogs of chat they have a shitload of uh community and social media so when you sign up you do

Get a lot of bonuses and stuff I’ve been using my bonuses but let me just go to the front page here so yeah new users can get up to 5,000 usdt you also earn commission by referring friends and to be honest they’re always sending some bonus my way

Um I’ve got 184 bucks in here at the moment let me see do I have any so we have $200 in leverage up to 10x bonuses can be used in maraging and Futures Trading profits gener from Bonus can can be withdraw can be withdraw sorry and this is what the platform looks

Like do have beginner guide here you’re not familiar with these platforms you got your spot up here your markets you buy crypto over here they do have a copy trading feature which I haven’t really g into but we might take a look at that in the next video they got a wealth asset

Management section here as we can see from this chart BC BTC is at 48,000 today break it um earlier and I’ll show you how to put a little trade on here’s your Perpetual trading I got $1 in usdt I think most of the assets are in Litecoin but I will show you here

You can set your leverages up here all the way up to 125x and that applies for both long and short positions 10 is my maximum um damn it can I switch over actually going to do want to switch and oh do I have to move it into my account

As you can see we’re 10x still I’m isolated I always use isolated and we’re going to do a 10x long and it shows you your estimated liquidation price which is 43,000 182 there you go there is that’s how simple it is to get your um your shorts

And Longs on so yeah that’s Bing X just switch over to our outro so look at that’s sping X guys yeah um as I said I used this for about 2 weeks really like the size um I’ve just been testing it out I’ve had no issues trades have got on really quickly

Instantly actually um they are a top 20 Exchange as I’ve already said massive amount of volume we will take a look at this in more depth probably in maybe the end of the next week and we’ll open up a copy trading account and I’ll show you exactly how all that copy trading works

For some people that are not you know comfortable Trading this is a fantastic alternative which a lot of the exchanges offer now so yeah that about just it for today guys if you like the video hit the like button if you didn’t like the video Fu it to go

Ahead and hit the dislike button let me know in the comments box below what you think of being X have you been using them have you had any issues thank you very much for watching and I will see you again [Applause] Soon a