BingX KYC Explained

BingX requires users to complete a Know Your Customer (KYC) verification process to ensure a safe and secure trading environment.

The KYC process typically takes around 10-15 minutes to complete.

BingX uses a third-party service to verify user identities, which involves providing identification documents such as a passport or ID card.

Users must also provide a clear selfie to complete the verification process.

Once KYC is complete, users can access more features and higher trading limits on BingX.

Broaden your view: Kyc Steps

BingX KYC is a mandatory process that requires users to verify their identity before they can start trading on the platform.

To start the KYC process, users will need to provide a valid government-issued ID, such as a passport or driver's license.

This ID will be used to verify the user's name, date of birth, and address.

The KYC process typically takes a few minutes to complete, depending on the user's internet connection and the speed of their device.

Once the KYC process is complete, users will be able to access their account and start trading on BingX.

The BingX KYC process is designed to be fast and transparent. To verify your identity, you'll go through a two-step process: providing a photo of your ID and passing a biometric liveness check.

This process is a significant improvement from the previous system, which could be tiring and might deter new users from completing registration.

Here's a breakdown of the steps involved:

BingX users will now have a more streamlined and user-friendly experience, making it easier to complete the KYC process and access the platform's services.

BingX has partnered with Sumsub to enhance its compliance and KYC (Know Your Customer) processes.

This partnership will simplify the KYC process for users, making it faster, more transparent, and easier to complete.

BingX users will now go through a two-step verification process, providing a photo of their ID and passing a biometric liveness check.

For BingX, this partnership promises to build trust and accelerate global expansion, giving the company a competitive edge in the crypto market space.

BingX, a global digital asset trading platform, has partnered with Sumsub to enhance its compliance and Know-Your-Customer (KYC) processes.

This partnership aims to make BingX's services more accessible to users worldwide. The two-step verification process now includes providing a photo of their ID and passing a biometric liveness check.

BingX users can complete the KYC process quickly and easily, while the platform benefits from increased trust and accelerated global expansion. This strategic move gives BingX a competitive edge in the crypto market space.

Sumsub's all-in-one suite for identity verification, compliance, and automated fraud protection will help BingX meet local and international Anti-Money Laundering (AML) regulations.

Founded in 2015, Sumsub is a leading identity verification platform that provides an all-in-one technical and legal toolkit to cover KYC/AML needs. Its solution works globally, supporting 6,500 document types from over 220 countries and territories.

Explore further: Aml Kyc Compliance

BingX is a perfect match for Casual Traders, offering one of the largest selections of tradable cryptocurrencies at some of the lowest trading fees in the industry.

The exchange maintains full 1:1 reserves on customer assets, regularly auditing and publishing this data for added transparency. However, it's worth noting that BingX was hacked within the past year, resulting in a notable loss of funds.

BingX's features like P2P trading, bot trading, and copy trading add to its appeal, giving beginners the chance to learn through copying expert traders or leveraging bot-driven strategies.

The desktop platform is ideal for experienced trading, offering all the tools necessary for in-depth technical analysis.

BingX stands out by offering forex, indices, and commodities trading, which is a unique feature compared to its competitors.

The mobile app is intuitive and easy for beginners to navigate, while the desktop platform may feel overwhelming due to its extensive advanced features.

BingX’s staking options are user-friendly, making it easier for traders to participate in this type of investment.

Unlike competitors such as Binance and Bitget, BingX doesn’t offer fee discounts for holding a native token, which is something to consider for traders looking for ways to save on fees.

BingX has implemented robust security measures to protect your account, including two-factor authentication, biometric authentication, fund passwords, and anti-phishing codes.

Personally, I quickly set up Google Authenticator for 2FA, which adds an extra layer of security to my account.

Withdrawal whitelisting is also available, allowing withdrawals only to pre-approved addresses, so even if an account is compromised, funds cannot be transferred to unauthorized wallets.

A unique perspective: Kyc Account

BingX takes account security seriously, implementing measures like two-factor authentication, biometric authentication, fund passwords, and anti-phishing codes to minimize unauthorized access risks.

Personally, I appreciate the convenience of Google Authenticator for 2FA and FaceID in the mobile app, but I was surprised to find that biometric authentication is unavailable on the desktop platform.

Withdrawal whitelisting adds an extra layer of protection, allowing withdrawals only to pre-approved addresses, so even if an account is compromised, funds can't be transferred to unauthorized wallets.

I added my Ledger wallet to the address book and enabled whitelist-only withdrawals, which gives me peace of mind knowing my funds are safe.

If this caught your attention, see: Source of Funds Kyc

To withdraw funds from BingX, you'll need to bind Google Authentator, email, and phone verification. This is a one-time security measure that ensures your account is secure.

Daily withdrawal limits vary depending on your verification level. For unverified users, the daily limit is $50,000.

KYC (Know Your Customer) verified users have higher withdrawal limits. With Level 1 KYC, you can withdraw up to $5,000,000 per day.

Here's a breakdown of the daily withdrawal limits for different verification levels:

For crypto withdrawals, the limits differ depending on the verification level. Basic verification allows for a daily limit of 20,000 USDT, while advanced verification raises the limit to 5,000,000 USDT.

Fiat withdrawals are available only through P2P trading, and the daily limit is essentially one P2P transaction per day. This means the fiat withdrawal cap is what you can withdraw in one P2P transaction.

BingX operates in a regulatorily sensitive space where safety, compliance, and KYC are paramount.

BingX is proud to announce its partnership with Sumsub, an all-in-one suite for identity verification, compliance, and automated fraud protection.

The partnership will integrate Sumsub's KYC system, which uses advanced AI technology to detect and prevent potential cybercrime.

This two-step verification process involves providing a photo of their ID and passing a biometric liveness check.

For users, this process is fast, transparent, and easy.

By integrating Sumsub's KYC system, BingX aims to build trust and accelerate global expansion.

BingX's users will now have a more streamlined and secure experience.

The partnership between Sumsub and BingX will simplify the KYC process, attracting more users to the platform while giving BingX a competitive edge in the crypto market space.

BingX's KYC process is designed to be easy to complete, making it more accessible to new users.

With this partnership, BingX can focus on enhancing its products and services for its growing customer base.

By leveraging Sumsub's expertise, BingX can ensure compliance with local and international AML regulations.

This partnership is a strategic move that will help BingX rise to the challenge of operating in a regulatorily sensitive space.

BingX is a global digital asset, spot, and derivatives trading platform that provides a user-centric and open ecosystem with intuitive social trading features.

Founded in 2018, BingX is a safe, reliable, and user-friendly venue for users to trade their favourite assets.

Sumsub is a leading identity verification platform providing an all-in-one technical and legal toolkit to cover KYC/AML needs.

BingX has seen remarkable growth, with its conversion rate increasing from 54% in 2022 to 86.9% in 2023.

More than 90% of applicants are processed within one minute, showcasing the efficiency of their system.

BingX is a leading cryptocurrency exchange with over 5 million users.

They have a global presence with offices in Asia, Oceania, Europe, and South America.

Their team has grown to over 250 employees, and they've been working with Sumsub since 2022.

BingX has seen a significant increase in its conversion rate, jumping from 54% in 2022 to a remarkable 86.9% in 2023.

This impressive growth is a testament to the platform's ability to efficiently process user applications, with over 90% of applicants being processed within just one minute.

BingX is one of the world's leading cryptocurrency exchanges, offering a range of services including spot, derivative, copy, and grid trading, with offices spanning across Asia, Oceania, Europe, and South America.

The platform has gained a massive following, with over 5 million users relying on it for their trading needs.

BingX has also expanded its team, boasting over 250 employees who work tirelessly to ensure the platform's success.

The company was founded in 2018 and has been working with Sumsub since 2022.

To use BingX, you'll need to meet certain requirements.

You'll need to provide personal details, including a government-issued ID, Passport or Driver’s License, and a live selfie for facial recognition. This means your device must have a webcam.

The BingX KYC process is managed by a third-party verification program called sumsub.

You must reside in a country supported by BingX.