Last updated in July 2024 and will be updated periodically.
What Is BingX Pre-Market Trading?
BingX Pre-Market Trading is a new trading mechanism that offers you the chance to trade new tokens over-the-counter (OTC) before they are listed. This provides a space for you to buy or sell promising tokens and get ahead of the game.
Key Advantages of BingX Pre-Market Trading
Early Opportunities
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BingX Pre-Market Trading lets you trade promising tokens before they are officially listed, offering you early access to trading opportunities.
Real Trades
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Engage in trades directly with buyers or sellers in a genuine peer-to-peer environment where you can freely choose from available buy and sell orders.
Flexible Creation
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Whether you're a buyer or a seller, you can set your trade prices and amounts based on your preferences. You can even trade as both a buyer and a seller at the same time.
Secure Mode
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When buyers and sellers create an order, the relevant order values are frozen to ensure that every trade is 100% backed by funds to reduce the risk of failed trades.
Early Delivery
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As long as the seller has the tokens, they can settle their trades instantly without waiting for the delivery period to lock in their profits right away.
How to Use BingX Pre-Market Trading?
There are 3 main stages in BingX Pre-Market Trading: project selection, order creation and order delivery.
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Project Selection
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First, log in to your BingX account and ensure you've completed advanced KYC verification. Users in restricted regions won’t be able to join Pre-Market Trading.
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Visit the Pre-Market Trading homepage, select a project that's currently in the trading phase and click "Trade" to view detailed information about the project. You can also see the list of orders created by buyers and sellers.
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Order Creation
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On the Pre-Market Trading project details page, you can trade as a Maker or a Taker.
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As a Maker:
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Click "Create Order" and select "Buy" or "Sell".
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Enter the price and amount in the pop-up window. Review the order details and amounts, and then click the bottom button to confirm.
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As a Taker:
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Browse the list of orders under "Buy" or "Sell".
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Select an order that matches your criteria, then click "Buy" or "Sell" to execute the order.
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Please note that the order you select must be fully filled; partial fills are not allowed.
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Order Delivery
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If you are a buyer and your order is matched, token delivery will happen either at the designated delivery time or earlier if the seller opts to deliver in advance.
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If you are a seller, please ensure to deposit the token amount to be sold into your BingX Fund Account before the designated delivery time to complete your order successfully.
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You can complete the delivery in advance before the designated delivery time by clicking "My Orders" - "Deliver".
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Note: Make sure to verify the deposit network and address to prevent asset loss.
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FAQs
Q: Can I participate in all the various projects that are available in BingX Pre-Market Trading?
A: Yes, you can participate in all the projects as long as your Fund Account has sufficient funds to pay for the corresponding orders.
Q: Can I be both a buyer and a seller? Will there be any conflicts?
A: Yes, but you cannot match your own buy and sell orders.
Q: Will my funds be frozen after creating an order? Why is this necessary?
A: Funds for the order are frozen to ensure that every order can be delivered smoothly to reduce the risk of failed trades and prevent market disruptions. Buyers will have their order value and trading fees frozen, while sellers will have the collateral value and trading fees frozen.
Q: When the delivery time begins, how long does it approximately take for projects in Pre-Market Trading to deliver?
A: Once the delivery time begins, the system can typically complete deliveries within a few minutes. However, it may take longer if there is a large number of orders. The system will notify users once the delivery is complete.
Q: What does LTV mean in Pre-Market Trading?
A: LTV refers to the ratio of the collateral value paid by the seller to the order value. Sellers who fail to deliver before the delivery time will forfeit their entire collateral.
Q: How do I cancel a Pre-Market Trading order?
A: Only unfilled orders can be canceled, and you must cancel the entire order. You can do so by visiting "My Orders". Additionally, orders that have been matched by another buyer/seller cannot be canceled.
Q: How can I view my past Pre-Market Trading orders?
A: Visit "My Orders" and select the "Order History" tab. You can search by all coins or a specific one. Currently, you cannot search by "Buy" or "Sell", but this feature will be rolled out in the future.