A big part of trading, essentially any form from futures to spot, involves some form of fees and these can significantly impact your profits and are an essential aspect to be aware of when planning your trading strategies. Most of them go straight to the platform that offers the services, which is not only how they make their money and run their business, but it ensures that it can develop and improve.
And since BingX is one of most established social cryptocurrency trading platforms in the world, it also ensures that everyone knows its trading fees. Transparency is a key in many ways in the cryptocurrency world, which is why this article brings a bit more light into the fees of this platform.
In this article, we will take a closer look at the different fees that BingX charges for spot trading, standard futures trading, perpetual futures trading, conversion and withdrawals. By the end of this article, you will have a total overview of the fees involved with trading on BingX.
Withdrawal fees
Let’s first start with the withdrawal fees; although unrelated to the trading fees, however, are still important as they are part of the whole trading and investing experience on BingX. A withdrawal fee is the fee you pay when taking your crypto off the exchange. Like any crypto exchange, BingX charges fees for withdrawals. These fees can vary depending on many things, including the type of cryptocurrency being withdrawn. It’s important for traders to keep withdrawal fees in mind when planning their trading strategies and managing their cryptocurrency holdings. As you can see, the withdrawal fees differ vastly. For transfer of USDT-ERC21 the withdrawal fee is about 20 USDT, while the USDT-TRC21 withdrawal is only 1 USDT.
The trading fees for other major cryptocurrencies are for instance 0.0005 BTC for Bitcoin, while Ethereum has a withdrawal fee of 0.007 ETH. Yet, it is very important to know that these are only estimates as the times as well as the gas fee for each token in the real time might differ.
To ensure timely withdrawals, BingX uses a dynamic fee calculation system that takes into account the fluctuation of gas fees for each token in real time. This means that the withdrawal fees listed on the platform are for reference only, and the actual fees charged may be different depending on the current market conditions. To prevent any disruptions to user withdrawals due to changes in fees, BingX also dynamically adjusts the minimum withdrawal amounts based on changes in fees.
It’s worth noting that withdrawal fees on BingX can vary significantly depending on the type of cryptocurrency being withdrawn. Cryptocurrencies may have different fees, so traders should check the fees for their specific cryptocurrency before making a withdrawal.
Spot Trading Fees
First and foremost, it is important to know the spot trading fees of BingX. When it comes to spot trading, the maker is the trader that creates the trade orders. He then waits for them to be filled, which is something the taker does. Maker fees are charged when an order is placed on the order book and adds liquidity to the market, meaning the order is not immediately filled but instead waits for another trader to take the other side of the trade. Taker fees are charged when an order is taken from the order book and filled, taking liquidity from the order book.
On BingX, most pairs have a 0.1% maker fee and 0.1% taker fee. Examples are BTC/USDT, ETH/USDT and BNB/USDT. However, fees for smaller cryptocurrencies may differ and turn out higher. An example is ABT/USDT, which has a maker fee of 0.16% and a taker fee of 0.17%.
For most of the fees and trading pairs, the size of the fee for the maker and the taker is the same. However, we will also point out some examples, where this rule does not apply.
It is also necessary to know that the fee will be charged on the asset the trader decides to receive. If the trader for instance trades BTC/USDT, the fee will be charged in BTC.
The trading fees for spot trading, as for most of the other types of assets or financial instruments that will be explored later, mostly depends on the volume and overall liquidity. That is one of the reasons why the smallest fees are connected to the most traded and famous cryptocurrencies and trading pairs.
The lowest fees for the takers are for trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT, DOGE/USDT or SHIB/USDT. However, here comes the first exception since the makers have even lower fees in most of these cases with the fee being about 0.05%.
Then there are trading pairs that have the fees between 0.1 % and 0.15 %. These are still well-known cryptocurrencies and trading pairs, but either do not have such a sizeable liquidity, or are still in development so their trading is not as attractive yet. Here we can find for example NYM/USDT with 0.125% or SYN/USDT, T/USDT and TOKE/USDT with 0.15%.
The next category is very interesting since it involves only football fan tokens. There are cryptocurrencies that have been developed in combination with football clubs from all around the world and include the likes of Juventus, Santos or PSG. When it comes to trading, the fees for the takers are 0.169999% for JUV/USDT, SANTOS/USDT, PORTO/USDT, PSG/USDT and other trading pairs of football fan tokens. The makers have the fee a bit lower with its size being 0.16%.
There are also cryptocurrency trading pairs, whose spot trading fee is a bit higher than that. In some cases, just like the case of GARI/USDT, it can get as high as 0.3%. However, in most cases the fee remains between 0.1% and 0.2%. The higher end of this spectrum involves cryptocurrency trading pairs such as SFUND/USDT, SHIT/USDT, PMON/USDT or HOP/USDT with 0.2% fees.
You can explore spot trading fees in-depth here.
Standard Futures Fee Rates
After explaining the simple fees connected to the spot trading, it might be good to dive deeper into more complicated stuff, so that everyone knows what other trading options are there and what fees are connected to them.
Let’s start with the spread, which will be very helpful in explaining the fees. For instance, the value of the spread depends on the current number of opened long and short positions. In case more long positions are opened than short, the spread for longing the given asset will be larger. The same applies vice versa, since when there are more short positions opened than long, the spread for shorting will be larger.
When all is put into a formula, here is what it actually looks like:
- Long price = Current Price * (1 + Spread Ratio)
- Short price = Current Price * (1 — Spread Ratio)
This clearly shows that the spread will be dynamic and will depend on the situation on the market. The volume or the sentiment in the market are some indicators that might influence the size of the spread. For instance, when there is bad liquidity, the spread can be much larger. But generally, or on average, here are some of the spreads you can expect when trading on BingX those given trading pairs.
The two lowest daily averages of the spread are for the BTC/USDT and ETH/USDT, since the daily average of spread is usually around 0.04%. Vast majority of all the other trading pairs, whether the bigger ones such as LTC/USDT, DOT/USDT or BCH/USDT, or less known ones such as Waves/USDT, ONT/USDT or KAVA/USDT, have the same daily average spread of 0.1%.
Yet again, it needs to be stated very clearly that these averages are only used as a reference and the actual spread might be a bit different. Moreover, there are some exceptions to these fees such as accounts or traders with huge positions, high-frequency trading or multiple trading accounts. The costs of their fees will likely be adjusted according to the activity that they are doing.
A specific case is copy trading, which is something that BingX has been offering to its traders for quite some time. In this case, the trader’s spread will be calculated on the total trading volume of the trader and copiers combined. This includes the pending volume and held positions of both, the traders and copiers. If the volume is too big, the spread will adjust accordingly to achieve instant trading.
Standard Futures Trading Fees
When it comes to standard futures trading fees the fees are divided into autonomous trading fees, with the approximate value of 0.045% or copy trading fees which are 0.045% for cryptocurrency trading pairs and 0.03% for non-cryptocurrency trading pairs.
In this case the “formula” for computing the fees is pretty straight forward:
- Trading fee = Trading Volume * Trading fee rate (only when opening a position)
It also means that when the position is opened, the trading fee is recorded, however it is deducted only once the trade is closed. Trading fees are charged every time you open or close a position on the platform. At BingX, the standard futures trading fee is 0.045%, for autonomous traders as well as copy traders.
Standard Futures Funding Rates
There’s a third part: funding rates. Funding rates are charged every eight hours of holding the position and are based on the difference between the market price and the futures price of an asset. If the futures price is higher than the market price, long positions will pay funding to short positions, and vice versa. The funding rate for each trading pair is different and can fluctuate depending on market conditions. A bit more complicated fee structure is connected to funding fees, which settle the long and short positions every 8 hours between the futures. Generally, when the funding rate is positive, long position holders need to pay funding fees to short position holders, and vice versa. It occurs every 8 hours, at 0:00, 8:00 and 16:00 and can sometimes have a delay of up to 3 minutes.
Perpetual Futures Fee Rates
In the case of these financial instruments, the traders need to be aware of the difference between the fees for takers and makers. Moreover, the size of the account and trading volume matters as well, since with the bigger volume (computed as 30 days of trading in USDT), the lower the trading fees.
Most of the common users and traders who will be using this trading instrument and will be takers will on average see the fees of around 0.04%, while the makers will see a fee of about 0.02%. This is significantly different to the VIP 8 traders, who would only see a fee of about 0.023% as takers, and -0.02% as a maker, however, they would need to trade over 15 billion USDT in 30 days.
Conversion fees
BingX also charges a conversion fee of 0.2%. This fee applies when traders deposit funds in a currency that is different from the currency of their BingX account, and the funds need to be converted to the account currency. For example, if a trader has a US dollar account and deposits euros, the euros will be converted to US dollars and a 0.2% fee will be charged on the converted amount
It’s important for traders to keep this fee in mind when depositing funds into their BingX account from a different currency.
Key takeaways
- Maker fees are charged when an order adds liquidity to the market, and taker fees are charged when an order takes liquidity from the market.
- For spot trading, most pairs have a maker fee of 0.1% and a taker fee of 0.1%, but fees for smaller cryptocurrencies may differ and turn out higher.
- When trading standard futures, you pay three different fees: spread fees, trading fees and funding rates.
- When trading perpetual futures, you pay two different fees: trading fees and funding rates.
- BingX charges a conversion fee of 0.2% when traders deposit funds in a currency that is different from the currency of their BingX account and the funds need to be converted.
- Withdrawal fees are charged when taking cryptocurrency off the exchange and can vary depending on the type of cryptocurrency being withdrawn.
Conclusion
BingX has always been transparent about everything it does and is widely considered to be one of the most affordable cryptocurrency exchanges in the market. Despite offering a range of advanced features and tools, BingX’s fee structure is still among the lowest in the industry. This is a major draw for traders who are looking to maximise their profits and minimise their expenses. BingX has a user-friendly interface and provides a range of tools and resources that make trading easy and accessible for traders of all levels of experience.
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