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January 12, 2024 - Crypto-exchange BingX has introduced a comprehensive update to its futures trading platform aiming to enhance the trading experience by integrating strategic control, flexibility, and advanced risk management tools.
A key feature of this update is the Trigger Reverse feature, a novel tool designed to adapt to market fluctuations. This feature enables BingX users to automatically switch their trading positions when certain predetermined criteria are met. Users can choose from last price, mark price, or index price options to set a trigger price, allowing them to close their existing position at market price and simultaneously open a new position in the opposite direction. The system also accommodates scenarios with insufficient margin by using the maximum available margin. This functionality is tailored for quick responses to market changes, facilitating prompt profit realisation or loss minimisation.
BingX also introduces the One-Way Mode for its Perpetual Futures, providing an option for users to maintain positions solely in one direction—either long or short. This simplifies the crypto trading process, making it more akin to traditional financial trading methods. Additionally, BingX has unveiled the Position TP/SL (take-profit/stop-loss) feature. This feature executes a market order to close the entire position when the market price reaches the user's trigger price, thereby offering enhanced flexibility and risk management.
Vivien Lin, BingX's Chief Product Officer, commented, “To further encourage exploration, we also introduce Perpetual Futures Bonus, which allows users to delve into Perpetual Futures trading at zero cost, with the added value of withdrawing any profits earned. This new incentive aims to support our users in experiencing the dynamic world of perpetual trading without financial constraints.”
Established in 2018, BingX is a leading cryptocurrency exchange with a global user base of over 10 million. BingX offers a diverse range of products and services, including spot trading, derivatives, copy trading, and asset management. The platform caters to the varying needs of its users, from novices to experienced traders, and is committed to delivering a reliable platform equipped with innovative tools and features to enhance trading skills.
