We opened a BingX futures position, followed a copy-trading leader for a week and read through the $52 million hot-wallet hack from September 2024. Here is what the standard fee schedule actually charges, and how the exchange responded when it mattered.
BingX's homepage the week we tested it was running a $5,000,000 prize pool promotion and a 5,500 USDT welcome gift for new sign-ups. That kind of banner is standard for a mid-sized derivatives exchange chasing volume, and it tells you nothing about whether the platform underneath is worth trusting with real futures positions. We opened an account, funded it, traded and followed a copy-trading leader to find out.
The fees are genuinely competitive
At VIP 0, the tier every new account starts on, BingX charges 0.02 percent maker and 0.05 percent taker on perpetual futures. That undercuts several larger exchanges at the same entry tier, and unlike some competitors, BingX doesn't require holding its own token to climb the VIP ladder: the discounts come from trading volume alone. Trade past $15 million in 30-day volume and maker fees drop to 0.014 percent, taker to 0.04 percent, numbers aimed squarely at high-frequency desks rather than casual traders. We placed a handful of test orders on BTCUSDT and confirmed the quoted fee matched what actually got deducted, no surprise spread markup on top. The order screen itself shows a live stop-loss liquidation price next to the order form, useful for sizing a leveraged position before submitting it.
What September 2024 actually looked like
Any review of BingX has to deal with the hack directly instead of burying it. On September 20, 2024, BingX's technical team detected unusual withdrawal activity from a hot wallet at roughly 4 a.m., triggered an emergency freeze on withdrawals, and moved remaining assets to cold storage. Independent security researchers at Halborn put the loss at approximately $52 million. BingX stated publicly that all user losses would be covered from its own capital, and the exchange says it froze $10 million of the stolen funds while working with Chainalysis and SlowMist to trace the rest. We found no credible reports of BingX users losing funds permanently as a result, which matters, but the fact remains that a hot wallet holding tens of millions was compromised in the first place.
