One of Asia’s fastest growing exchanges is spreading its wings and preparing to enter new global markets. Bingbon, which supports crypto, forex, and commodities trading, has struck a deal with crypto-fiat gateway Banxa that will support its expansion efforts. Banxa specializes in providing the on- and offramps that are relied on by traders entering and exiting the cryptoconomy.
Banxa also supports exchanges looking to add secure wallets and to process a range of deposit and withdrawal methods. By integrating with Banxa, Bingbon is able to offer fast and secure KYC verification, giving the exchange the green light to onboard users in new territories. Its enhanced fiat-crypto service will allow the exchange to target users in Europe, the UK, and Australia.
Exchanges build bridges with payment gateways
The last two years have seen significant improvements in the infrastructure connecting the crypto world with the fiat. Exchanges have integrated with payment processors, shortening the time in getting funds into the cryptoconomy and lowering processing fees to boot. It’s a marked improvement over the crypto landscape in 2017, when lengthy delays when trying to wire funds to exchange accounts were commonplace.
Cognizant of the need to enhance its fiat-crypto pipeline in order to remain competitive, Bingbon has embarked on an integration blitz, adding new payment methods galore. The partnership with Banxa has enabled the exchange to support SEPA (EUR), POLi, PayID (AUD), and Faster Payments (GBP). After depositing funds into their Binbon account, users can purchase BTC, ETH, LINK, USDT, USDC, and XRP directly in their local currency.
Copy trading catches on
Bingbon has built much of its success off its copy trading feature, which has proven popular with beginners, while giving pros a chance to put their money where their mouth is – and be rewarded over and above the profit they make on the markets. A leaderboard of predominantly Chinese and South Korean traders displays each one’s profit ratio and allows users to follow them and mirror their trades.
This feature dovetails with Bingbon’s extension of its fiat capabilities in making it easier for novices to acquire their first digital assets and use them to execute profitable trades. While cryptocurrency trading is an art that few are likely to master in their first year, services such as Bingbon’s copy trading provide a chance to learn from the pros and gain an understanding of the market cycles that control the ebb and flow of asset prices.
Regulated in Australia and the Netherlands, and set to be listed on the Toronto Stock Exchange, Banxa is one of the most respected fintech payment companies in the space. Its integration with Bingbon legitimizes the up-and-coming exchange while cementing Banxa as a leading fiat-crypto gateway.