1. What Is Trial Fund?
BingX Trial Fund consists of two forms: Trial Fund voucher and Trial Fund balance. The Trial Fund voucher can be viewed in My Vouchers, while Trial Fund balance can be viewed in Assets -> Futures Account.
Users need to redeem the Trial Fund voucher into Trial Funds in order to use them with their own assets as Futures margin or to offset trading losses. When used for offsetting fees, the Trial Fund and the user's own funds will be deducted proportionally. Trial Funds cannot be withdrawn, but the profits generated from them can be withdrawn.
2. How To Use Trial Fund?
2.1 Find the Trial Fund Voucher
Trial Fund vouchers obtained from participating events and other methods can be found in My Vouchers.
App: Homepage -> click your avatar in the upper left corner -> My Vouchers
Web: Homepage -> click the avatar icon in the upper right corner -> My Vouchers
2.2 Unlock the Trial Fund Voucher
Trial Fund vouchers in My Vouchers need to be unlocked first to be redeemed to Trial Funds. Trial Fund vouchers can be categorized into three types based on unlocking conditions: no threshold, cumulative trading volume threshold, and cumulative deposit threshold.
For vouchers with no unlocking threshold, they can be directly redeemed upon receipt in My Vouchers.
For vouchers with unlocking thresholds, they will remain in the "Invalid" state until the corresponding threshold is met, after which, the "Redeem" button shows up.
2.3 Redeem the Trial Fund Voucher to Funds
After unlocking the Trial Fund voucher, you'll need to click "Redeem" to redeem it to Trial Funds in Futures Account.
2.3.1 Recipient Account
When the voucher is designated for Perpetual Futures, the Perpetual Futures Account will receive the redeemed Trial Funds.
When the voucher is designated for Standard Futures, the Standard Futures Account will receive the redeemed Trial Funds.
When the voucher is designated for Futures, it is up to users to decide which account will receive the Trial Funds, either Perpetual Futures Account or Standard Futures Account.
2.3.2 Redemption Threshold
As Trial Funds are normally used alongside users' own assets, the system will verify users' own assets in the Futures Account when users initiate a redemption request. Redemption is only possible when the user's own asset balance equals to or is greater than the redemption threshold specified on the voucher.
* Users' own assets = account asset balance - Trial Fund balance
2.3.3 Redemption Rules
To ensure that the actual deduction of Trial Fund matches the Offset Ratio of the voucher, users need to meet the requirements on the Trial Fund balance in the recipient account and the deduction ratio when redeeming a voucher. For example:
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Scenarios
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Requirements
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Redeemable
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No old Trial Fund balances.
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User has old Trial Fund balances with same Offset Ratio as the new Trial Fund.
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Redeemable. Users are required to manually confirm the removal of the old Trial Fund balances.
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User has old Trial Fund balances with a different Offset Ratio as the new Trial Fund. However, there are no open positions or pending orders using the old Trial Fund.
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Not redeemable
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User has old Trial Fund balances with a different Offset Ratio as the new Trial Fund. However, there are open positions or pending orders using the old Trial Fund.
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Example: User A receives and redeems Trial Fund voucher 1 with a face value of 100 USDT and a deduction ratio of 20%. Later, User A receives Trial Fund voucher 2 with a face value of 5 USDT and a deduction ratio of 50%. At this point, User A needs to use up or remove the Trial Fund balance from voucher 1 before being able to redeem voucher 2.
2.4 Use Trial Funds
2.4.1 Check Trial Fund Balance
Once redeemed, the Trial Fund will be transferred to the corresponding Standard Futures or Perpetual Futures account for usage. Go to "Assets" and click on "Futures" to check the Trial Fund balance, Offset Ratio and expiration time.
2.4.2 Use Trial Funds
Trial Funds can be used as margin or to offset losses, funding fees and Guaranteed Price (GTD Price) fees. When used for offsetting fees, Trial Funds and the user's own funds will be deducted proportionally. If the Trial Fund balance is insufficient, the shortfall will be covered by the user's own funds, and vice versa. The deduction details can be checked in the historical records of Fund Account.
Example One: Assume that User A's Guaranteed SL order is filled with a trading fee of 10 USDT, GTD Price fee of 10 USDT and realized loss of 100 USDT. User A's own assets available in the Perpetual Futures Account is 100 USDT, in addition to a Trial Fund balance of 30 USDT with an Offset Ratio of 30%.
Deduction details:
1. Trading fee - 10 USDT: 10 USDT of User A's own assets is deducted.
2. GTD Price fee - 10 USDT: The system deducts 7 USDT of the user's own assets plus 3 USDT Trial Fund.
3. Realized loss - 100 USDT: The remaining Trial Fund is 27 USDT, which is less than 100 USDT * 30% = 30 USDT; in this case, the system deducts all the remaining Trial Funds and 73 USDT of the user's own assets.
Example Two: Assume that User A's order is liquidated with a trading fee of 5 USDT and a realized loss of 200 USDT. User A's own assets available in the Perpetual Futures Account is 177 USDT, in addition to a Trial Fund balance of 30 USDT with an Offset Ratio of 10%.
Deduction details:
1. Trading fee - 5 USDT: 5 USDT of User A's own assets is deducted.
2. Forced liquidation - 200 USDT: The remaining assets are less than 200 USDT * 90% = 180 USDT; in this case, the system deducts all the remaining assets and 28 USDT Trial Funds.
3. Scenarios Rendering the Trial Fund Invalid
3.1 The Trial Fund Voucher Expires
Failure to unlock and redeem the Trial Fund voucher before its expiration will result in the voucher becoming invalid.
3.2 Transfer-induced Removal of Trial Fund
Transferring out USDT funds will result in the removal of Trial Fund balance in the account. Transfers in other cryptocurrencies will not affect it. The system will alert users with a popup when they attempt to transfer.
Example One: User A has 20 USDT Trial Fund balance in his/her Perpetual Futures Account. If User A transfers 0.1 USDT to Standard Futures Account or Spot Account, the entire Trial Funds will be removed.
Example Two: User A has 20 USDT Trial Fund balance in his/her Standard Futures Account. If User A transfers 0.1 ETH to Fund Account, the Trial Fund balance will not be affected.
3.3 Withdrawal-induced Removal of Trial Fund
Withdrawal or internal transfer (to another BingX account) of any cryptocurrency will result in the removal of the Trial Fund in all accounts.
Example: User A has 10 USDT Trial Fund in his/her Perpetual Futures Account and 5 USDT Trial Fund in his/her Standard Futures Account. If User A makes an internal transfer of 0.5 ETH, the Trial Funds in both the Perpetual Futures Account and Standard Futures Account will be removed.
3.4 Trial Funds Expire
The Trial Funds become invalid if exceeding the usage validity period.
4. Additional Notes on Trial Fund
(1) Trial Funds cannot be transferred out of the account or withdrawn, and they cannot be used for currency conversion or grid trading.
(2) It's prohibited to use Trial Funds for matched orders, self-dealing, and reversing positions. If any of the above malicious behavior or attempts to reap the Trial Fund are found, the platform has the right to take corresponding actions against the accounts involved.
(3) If the removal of remaining Trial Funds will result in auto-deleveraging (forced liquidation) or insufficient maintenance margin for positions, you need to close your open positions before transfer or withdrawal.
(4) Trial Fund has redemption validity period and usage validity period. The redemption validity period can be seen on the Trial Fund issued to My Vouchers, while the usage validity period can be checked the Trial Fund details in Futures Account. The Trial Fund will expire if you don't redeem or use it within the validity period.
(5) If a trader transfers in Trial Fund when holding a position, the position ratio will decrease and the copiers' position ratio will also decrease.
Notes:
1. If malicious attempts to obtain Trial Funds are detected, BingX has the right to dispose of the relevant account to recover the losses. BingX reserves the right to the final interpretation of Trial Funds.
2. From 2023-08-01 onwards, BingX will no longer support the transfer of Trial Funds between different futures account.
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Risk Warning
Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material is for reference only and should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. BingX is not responsible for any losses you may incur.
BingX attaches great importance to compliance and has strictly abided by local regulations. Please obey local laws and regulations in your country or region. BingX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reason without prior notice.
