WIKIFX REPORT: Bingbon Reports Rapid Growth After Expanding to New Markets

Trading platform Bingbon has reported a surge in average trading volume and user numbers during the first quarter of the year. The popular Asia-based exchange was already well placed to capitalize on the rampant bull market, having integrated with fiat-to-crypto payment gateway Banxa late last year. Bingbon Unveils New Pairs, Eyes Further Expansion During the first three months of 2021, Bingbon saw growth of 51.2% from the previous quarter in Latin America, one of several new markets the platform has begun to target in its fourth year. The uptick in trading activity, meanwhile, is likely to be a result of 15 new crypto assets listed in recent weeks. Bingbon‘s addition of AAVE, DOGE, ENJ, MANA, SAND, CHZ, KSM, PHA, AKRO, VET, SUSHI, SOL, NEAR, LUNA, and ATOM – all of which are paired with USDT – takes its total supported cryptocurrencies to 29. Bingbon, which has been ramping up marketing efforts across the board, but especially in Latin America and Turkey, recently launched a bonus system to incentivize new users, dispensing trading bonuses of up to 80 USDT with a maximum of 10x leverage. Such bonuses must be spent in a single trade, with rewards remaining valid for 14 days post-registration. Known for its unique copy trading feature and multiple supported markets (indices, forex, commodities and crypto), Bingbon is on a mission to become the world’s go-to social trading platform. In December, the investment platform signaled its intent to enter the European market after integrating with Banxa, which enables users in the continent – as well as in Australia – to buy cryptocurrency using a variety of payment methods including credit card, faster payments, SEPA and PayID. Bingbon is already well established in the Asian region. Based in Singapore, it offers market exposure to users throughout Hong Kong, Philippines, Malaysia, Thailand, India, Singapore, and Indonesia, all of whom can onboard via fiat thanks to an integration with XanPool. Built for Novices and Pros Bingbon is one of several multi-asset trading platforms pitched at both experienced traders and complete beginners. Like competitors eToro and Robinhood, the portal allows users to make trades from a desktop or mobile application, both of which are notable for their clean interface and low fee structure. Unlike its competitors, however, Bingbon boasts a copy trading mechanism that enables overwhelmed users to mimic the plays of successful peers, who are financially incentivized to deliver a strong rate of return. Demo trading with dummy currency is also available. In addition to facilitating trading for retail investors, Bingbon regularly hosts competitions designed to foster friendly competition among its use base. The biggest to date featured a prize pool of 400,000 USDT and ran over 10 days last December.