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Bingbon Review 2021: Social Trading Simplified for Beginners

With the crypto ecosystem snowballing, many exchanges have come up offering various products and services. One of the prominent players in this space is the Bingbon crypto derivatives exchange, a Singapore-based exchange founded in 2018. This exchange enjoys a massive presence in the Asian market, with most of its users coming from Taiwan, Vietnam, Korea, and Russia. 

Thanks to its social crypto trading feature, Bingbon crypto derivatives exchange has established itself as a pioneer and market leader. Social trading is a recent form of investing that leverages communication channels to share information and ideas. Essentially, the Bingbon social crypto trading platform has introduced a function that allows crypto traders to share their strategies, amongst other pieces of market information. 

Bingbon’s Social Trading Platform

Bingbon crypto derivatives exchange is one of the platforms where newbies and veteran crypto traders can share ideas and strategies. The exchange features an incentive mechanism that rewards expert traders with 8% of the net profit realized from copied traders. Meanwhile, newbies get exposure to more efficient trading strategies, which eventually shortens their learning span. 

This social crypto trading platform features a ‘copy trade’ function on its homepage, where traders can click to view some of the available shared strategies. Currently, hundreds of crypto trading experts are listed on the Bingbon social crypto trading platform, with the list being updated on an hourly basis. 

Bingbon’s Social Trading Interface 

By providing newbie crypto traders with a social trading ecosystem, Bingbon simplifies the learning journey and enables crypto traders to navigate the volatile murky waters. The exchange’s social crypto trading platform is a source of valuable market information, sentiment analysis, and an additional source of revenue for expert crypto traders. Notably, Bingbon also features an automatic copy function which allows traders to mirror strategies automatically. 

A Comprehensive Crypto Derivatives Exchange   

Bingbon’s social crypto trading platform capabilities have been enhanced with other advanced features within its ecosystem. At the core, Bingbon offers crypto users an opportunity to buy digital assets from the spot and derivative markets. The exchange supports the purchase of crypto assets such as Bitcoin, Ether, USDT & USDC in just a few clicks. 

In the crypto derivatives market, Bingbon’s offerings cover at least 10 of the well-known crypto assets. The exchange has also gone an extra mile to feature inverse contracts for BTC and ETH, allowing crypto traders to take collateralized positions through their digital assets instead of switching to stablecoins. 

Bingbon not only offers exposure to the crypto market but traditional markets as well. The platform’s crypto perpetual contracts can be used to track traditional market indices. Some of the indices that crypto traders can speculate on within Bingbon’s social trading platform include the S&P, Nikkei 225, and NASDAQ-100. In addition to these financial market instruments, Bingbon also features commodities like silver, oil, and gold. 

Last but not least is Bingbon’s demo trading and its intuitive user interface; this crypto exchange credits newbie traders with 100,000 worth of VST tokens (1 USD) to start practicing trading cryptocurrencies. New traders can use Bingbon’s demo trading account to copy experts before committing real money. As for the intuitive user interface, Bingbon leverages tradingview charts that support seamless technical analysis. 

Setting the Stage for Futuristic Market Analysis Tools 

For a long time, fundamental and technical analysis have dominated the financial market scene as the primary analysis tools. This is now changing with the invention of new forms of investing, such as social trading. 

Ideally, the concept is more familiar to most people globally, given that it closely relates to social influencing, which is now a popular form of marketing. However, in social trading, the participants share market information and ideas as opposed to pushing brands. 

According to MIT Computer Scientist and researcher Yaniv Altshuler, social trading networks are complex adaptive networks capable of enhancing trading performance. Yaniv notes in his 2014 eToro OpenBook research that, 

“Having the inherent ability to share ideas and information between each other, OpenBook’s users are given a new source of information they can use in order to enhance their trading performance. As the users are not playing against each other but rather – against the market.”

Conclusion

The journey to crypto trading has become easier with the rise of social trading platforms such as Bingbon. Going by the trends, this form of investing will become more prevalent as crypto traders scout on opportunities to scale their income. That said, social crypto trading also carries some degree of risk, given that sometimes even the experts can be wrong. Crypto traders are better off combining social trading with other sources of market information to validate or invalidate their investment thesis.  

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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