The BingX exchange launched in early 2018. Although its inception coincided with the crypto winter, to date the platform has made it into CoinMarketCap’s top 20 trading venues, with more than 5 million users.
In an exclusive ForkLog interview, BingX’s head of public relations Nadezhda Gusinskaya explained why the team launched the exchange during a bear market, how difficult it is to become a TradingView broker, and which blockchain products will be trending in 2023.
ForkLog: Good day! Tell us about yourself. How did you come into the crypto industry?
Nadezhda Gusinskaya: Hello! I am a PR specialist with more than 15 years in promoting technological and financial products.
At various times I have worked with corporations and venture funds, as well as with small startups. Since 2018 I have been developing projects in the Web3 space, including crypto exchanges and cloud platforms.
ForkLog: Were you on the BingX team at the time of the launch? Can you tell us why the platform’s founders chose that particular moment?
Nadezhda: Yes, I joined the project in early 2018, and by April the exchange had begun operations.
Traditionally, business views price declines as a grim omen. And BingX sees it as an opportunity to analyse the niche and understand what services users lack.
Since development began and to the present day we have focused on providing traders with the best trading experience. And this strategy has paid off: in 2023 we recorded a threefold increase in users — BingX now has more than 5 million traders.
In short, the team’s approach can be described as «On the bear market we work on products, on the bull market we reap the fruits of our labour».
ForkLog: Does the current market remind you of the previous crypto winter?
Nadezhda: Of course. And then, as now, the U.S. Federal Reserve raised interest rates. The past year was the worst for Bitcoin since 2018: the daily RSI dropped below 30, as in the previous crypto winter.
The industry is enduring tough times, including collapses of major players like Terra, FTX, Celsius and Three Arrow Capital. Regulators’ actions also weigh on the market, accusing exchanges and projects of trading unregistered securities.
It is impossible to predict when or why the next rally will occur, though past rallies began under similar conditions.
ForkLog: Which of these factors affect the community the most?
Nadezhda: The debates over regulation. News from the U.S. Securities and Exchange Commission (SEC) always affects investors’ sentiment and cryptocurrency prices.
ForkLog: Is there still a chance for mass adoption in such a situation?
Nadezhda: The crypto industry is not defined by prices: it is about the products and their users.
We would like to believe that the community’s main goal today is to grow the number of participants to a billion.
Then the key becomes solutions that attract users through new experiences or useful features: Web3 games, enterprise blockchain solutions and new ways to use NFTs.
ForkLog: What kinds of approaches are being referred to?
Nadezhda: Most likely, digital art will remain one of the main NFT use cases. However developers are continually expanding the applications of non-fungible tokens.
We can already transfer value of digital and physical assets to the blockchain via tokenisation. In the coming years this concept will develop into NFT tickets, keys and other things requiring verifiable uniqueness.
The digital art market will also evolve, offering users new products. A recent example is the launch of the Blur marketplace, which provided collectors and artists with convenient tools for trading and promoting tokens.
ForkLog: How will exchanges change?
Nadezhda: I can’t name a list of specific solutions, but trading venues continually work to boost trust and simplify trading.
Thus, the main trends of the past year were Proof of Reserves, copy trading and trading via TradingView.
We are proud to be among the first to provide traders with a Merkle-tree based proof of reserves, the transparency of which подтвердил independent auditor Mazars.
I think Proof of Reserves is the best solution in the financial industry: users can be confident that the custodian stores their funds honestly, without disclosing information about their account.
BingX has also launched the copy trading service with loss-protection vouchers and integrated with TradingView.
ForkLog: What benefits did the integration bring to users of this service?
Nadezhda: They can trade on TradingView: place orders, use alerts and indicators, create strategies and share ideas — all in one interface.
ForkLog: How hard was it to secure such a partnership?
Nadezhda: TradingView requires exchanges to provide high-quality trading and custody services, to hold a license from the local regulator and to comply with its directives.
We entered into a partnership with the service in 2020. Negotiations and integration took six months, which is why BingX obtained broker status in September 2021.
In 2021 and 2022 TradingView awarded us the “Best Crypto Exchange” prize. And we hope to win again this year.
ForkLog: How does TradingView select the winners?
Nadezhda: The service has several nominations for exchanges and brokers, such as “Most Popular”, “Best for Futures”, “Most Reliable”.
TradingView evaluates projects for each of them using user feedback and its own metrics: trader engagement, uptime, absence of technical issues and others.
I think BingX’s success is closely tied to our users’ ratings — the platform’s rating stands at 4.7 out of 5.
ForkLog: How many BingX clients trade via TradingView?
Nadezhda: According to the service itself — more than 60 thousand. Based on our surveys, TradingView is used more by professionals who need advanced tools to boost trading efficiency.
ForkLog: You already named last year’s trends. What will be the most promising direction this year?
Nadezhda: Decentralised products capable of replacing banks, insurers and hedge funds.
Blockchain provides fast, secure payments and the ability to automate actions using smart contracts and oracles. This combination could significantly challenge traditional finance.
The crypto winter will allow many projects to discover gaps and create solutions that will perform well in the forthcoming bull market.