Is BingX safe to connect?
Exchange ยท Multi-asset centralized exchange (spot, perpetual futures incl. stock/forex/commodity perps, copy trading). Checked 2026-10-25; every line links its source.
Worst case: BingX holds your coins: a hot-wallet hack in 2024 paused withdrawals for days, and its rules allow asset freezes or bans with no stated review time.
Safe setup in 3 steps
- Leave withdrawal permission off on bot keys; if you ever enable it, BingX requires linking your server's IP
- Complete KYC before depositing and avoid logging in through VPNs or proxies, which BingX lists as a restriction trigger
- Withdraw profits to your own wallet regularly instead of storing them on the exchange
What it can do with your money
| Who holds the keys | The exchange holds your funds Custodial; in the 2024 hack BingX said most assets were in cold wallets and only part of a hot wallet was affected. source |
|---|---|
| Can funds be sent out to any address? | Yes. Withdrawals available; unverified accounts have limited features and accounts under security review are restricted until identity verification. source |
| Can it hold or freeze your funds? | BingX's Account Compliance Guide (2026-06-07): actions range from account restrictions and asset freezes to permanent bans for multiple accounts, wash trading/manipulation, false ID documents, using VPNs/proxies from restricted regions, account sharing, involvement with illegal funds and community violations. A login from a new location can trigger a security review during which account functions are restricted until identity verification is complete. KYC needs a government ID and a selfie with it. Appeals via bingx.com/security/limithelper. No review durations are stated. source |
| What a leaked API key can do | Third-party (Hummingbot docs): permissions are chosen when creating the key, and enabling the withdrawal permission requires linking IP addresses. Expiry rules not found; not confirmed from BingX's own docs. source |
| Monero and Zcash | ZEC: ZEC/USDT spot listed 2026-08-28; deposits/withdrawals supported on the BEP20 (BNB Smart Chain) network per the listing notice source |
Official links
- Website:
bingx.com - Telegram:
@BingXOfficial - X:
@BingXOfficial
Where we confirmed these
Incidents
| Date | What happened | Amount | Outcome | Source |
|---|---|---|---|---|
| 2024-09-20 | Hot-wallet hack, estimated ~$43M by PeckShield; withdrawals paused and restored in stages from 2024-09-21; BingX promised a compensation plan | ~$43M (PeckShield estimate) | BingX said it would compensate; full payout details not reported | source |