BexPlus Review: Is It Legit & Safe To Use?

Choosing a cryptocurrency trading site can be a challenging task. There are several considerations such as the platform features, charting interface, trading pairs, fees, security and customer support. 

A relatively new leverage exchange that is currently offering a 100% deposit bonus is BexPlus.

While we aim to provide you with accurate and the latest information in this BexPlus review, we strongly suggest that you visit the website to conduct your own due dilligence and  keep updated with any changes that may occur afterward.

Key  Features:

  • BTC, ETH, EOS, XRP and LTC perpetual USDT pairs
  • Open and manage positions up to 100 times leverage
  • 0.195% to 0.075% trading fees
  • Simple and user-friendly interface with TradingView charts
  • Funds can be stored in a savings account to earn up to 21% annualized interest
  • Mobile trading app available

overall 

3.7/5

Ease of use

User interface

Fees

Security

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

Before diving into this review, it is recommended to use a hardware wallet such as the Ledger Nano X when investing or trading with cryptocurrencies. Read our guide on the best ways to store crypto for more information. 

What Is BexPlus?

BexPlus is a cryptocurrency trading platform that was established in 2017 that offers Bitcoin perpetual trading. Users can create an account without ID verification and trade futures contracts such as BTC, ETH, LTC, EOS and XRP with margin of up to 100:1 times. BexPlus offers several features and benefits to attract new customers such as a demo trading platform, 100% deposit bonus, mobile trading app and more.

bexplus website

Quick Summary

Exchange Name

BexPlus

Markets

Perpetual futures (derivatives)

Trading Pairs

BTC/USDT, ETH/USDT, LTC/USDT, EOS/USDT, XRP/USDT

Fiat Gateway

No

Leverage

Up to 100x

Trading Fee

0.195% to 0.075%

Withdrawal Fee

Standard network fee

TP/SL Orders

No

Mobile App

Yes

BexPlus Compared

Global cryptocurrency exchange with an intuitive user interface for trading crypto is important features on BexPlus. This comparison table lists alternate crypto trading exchanges like BexPlus with excellent features and suited for traders of all experience levels.

Exchange

Trading Fees

Rating

Review

Promotion

Website

binance

Binance

0.1%

4.8/5

10% off trading fees

coinbase

Coinbase

0.5% - 3.99%

4.7/5

$5 BTC bonus (USA only)

FTX Exchange

FTX

0.02% / 0.07%

4.6/5

5% off trading fees

For USA, visit FTX.US

Is BexPlus Legit?

The team behind BexPlus is based in Singapore, Japan, the US and Brazil. The company is registered in Saint Vincent and the Grenadines, which is a common country for businesses to avoid taxes, regulation and legal cases. However, BexPlus appears to be a legitimate exchange that offers a trading environment for traders to speculate on digital currencies with leverage.

There is limited information on cryptocurrency legality for specific countries where the exchange operates in, or the address of each office to verify its existence. Visitors should exercise their due diligence before trading or use a top leverage trading platform.

Features & Services

Leveraged Trading

Bexplus offers up to 100x leverage to take advantage of small price movements to maximize profit potential. Traders can use borrowed funds to increase a trading position beyond the available balance. For example, a trader with a $1,000 account balance can open a Bitcoin long or short position up to $100,000. 

Advanced Charting

Like most cryptocurrency trading exchanges, BexPlus uses the professional charting suite offered by TradingView to provide an advanced and feature-rich user interface. Traders can add technical indicators, drawing tools and chart patterns within BexPlus before placing orders. Any technical overlays will remain on the chart while switching between the trading pairs.

bexplus charting

Simulated Trading

BexPlus offers a simulated trading environment for its users to trade Bitcoin and cryptocurrency pairs with leverage without risking any capital. The demo mode account is credited with 10 free Bitcoins to allows beginners and experienced traders to become familiar with the platform or learn how to trade crypto without real funds.

Savings Accounts With Interest

Similar to popular lending and borrowing platforms like BlockFi, Crypto.com, Gemini and Nexo, BexPlus allows its margin traders to earn interest on crypto stored on the exchange. Funds within the Bitcoin savings wallet can earn up to 21% annualized interest if certain margin requirements and trading volume are met over a 30-day period. The interest is calculated daily.

bexplus features

Is BexPlus Safe?

Based on our research, BexPlus has not been compromised or hacked since it was launched in 2017 and appears to be a safe place to trade cryptocurrencies. The website provides limited information on the security measures aside from the ability to secure accounts using Two Factor Authentication (2FA), which is the responsibility of the user to activate. To provide full transparency and increase customer perception of security, BexPlus should state how the exchange is delivering on its responsibility to ensure customer's personal information and funds are kept safe on the platform.

Creating An Account

To create an account with BexPlus, users will need to go through a registration process to set up a derivatives trading login. Users can start trading with email verification only. There is no requirement to complete a Know Your Customer (KYC) process and can begin trading immediately once the account is funded.

Depositing Funds

Bexplus is a Bitcoin-only derivatives platform and only accepts BTC deposits and withdrawals. Funds can be transferred to a wallet using the website or the mobile app. Users can scan the QR code or copy the unique BTC deposit address and transfer funds from a Bitcoin hardware wallet. The minimum deposit amount is 0.001 BTC. To transfer Bitcoin to the exchange, BexPlus requires a minimum of 2 confirmations which takes approximately 10-30 minutes, depending on the blockchain network usage.

bexplus deposit

For users that do not own Bitcoin, there is a link to purchase BTC using a credit card which redirects to Changelly, a global fiat-to-crypto exchange. The trader can enter the amount of Bitcoin to purchase with a credit card and send the Bitcoin direct to the provided BexPlus BTC wallet address. 

Using The Exchange

The BexPlus user-interface has been designed to be well-laid out, simple and easy to use to help newcomers to future trading the cryptocurrency market. The charts are provided by Tradingview to offer a comprehensive suite of charting features, indicators and drawing tools. 

bexplus trading interface

To enter a position, the order entry window and margin requirements are located on the right next to the charts. There are 2 order types available which include market and limit only. This is not suitable for advanced or professional traders that rely on advanced risk management orders such as stop-limit and trailing stops. 

Furthermore, the volume or size of the position and price need to be entered manually as there is no option to automatically fill by clicking on a recent trade which can lead to mistakes. This can be particularly risky when trading with high leverage as it can force an automatic liquidation if the price is incorrectly typed in.

Auto Take Profit Orders

BexPlus has a feature called 'Auto-Selling When In Profit' which will automatically close a long or short position when the profit reaches 85% of the net account value. The feature may be appealing to beginner traders to automatically bank potential profits, however, it does not encourage proper risk management of setting a stop loss and take profit level with an appropriate risk-to-reward ratio based on a particular strategy.  

Related: 5 Powerful Crypto Trading Tips To Stop Losing Money

The feature forces the trader to close a winning position without providing the opportunity to let the trade run and ladder stops to realize a much larger potential gain. By automatically closing the position, the user will be tempted to open a new position and incur the trading fee again in the hope of further profits.

Effectively, the trader can incur multiple trading fees for the same single swing trade. Overall, the auto-sell feature is not suitable for beginners as it can lead to over-trading, poor risk management and eventually liquidating their account. 

BexPlus App

Bexplus offers a mobile app for users to trade crypto with leverage at any time and place. The BexPlus app has been downloaded from the Android Play Store over 50,000 times with an average rating of 4.8/5 based on 4,000 reviews. Similar to the desktop version, the app provides real-time quotes of the crypto futures contracts that can be traded on an intuitive, responsive and user-friendly display. 

bexplus app

Volume & Liquidity

BexPlus works like a broker to integrate its market quotes with top volume and liquidity exchanges in the world such as Binance, Poloniex, Bitfinex, Huobi and ZB. However, the 30-day trading volume is unknown as the platform does not provide data to Coinmarketcap to compare its trading volume against the top cryptocurrency derivatives exchanges.

Trading Pairs & Limits

BexPlus supports 5 cryptocurrency futures contracts that are paired against Tether (USDT) that include Bitcoin, Ethereum, Litecoin, EOS and XRP. The pairs are futures contracts that have no expiry date which means traders can hold a leveraged position for a long period of time without being forced to liquidate the position. For example, traders can short sell Bitcoin using the futures market to hedge against any downside risk.

Trading Pair

Max. Leverage

Min. Trade Size

Max. Trade Size

BTC/USDT

x100

0.1BTC

200BTC

ETH/USDT

x100

1ETH

4,000ETH

LTC/USDT

x100

10LTC

20,000LTC

EOS/USDT

x100

100EOS

200,000EOS

XRP/USDT

x100

1,000XRP

2,000,000XRP

Traders should be aware of the minimum trading limits using BexPlus before joining. To open a long or short position on Bitcoin, users will need to deposit and trade a minimum position size of at least 0.1 BTC, which is currently the equivalent of USD $5,800. Any trade that falls below the minimum borrowing limit will not be executed.

The minimum trade limit for leverage positions on BexPlus is not suitable for beginners or traders with a small amount of capital available. Traders will need to deposit a much larger amount of capital to avoid the liquidation price when the margin rate is equal to or lower than 30%. Overall, the minimum trade volume makes it difficult to manage the trade risk and position size for beginners.

Trading Fees

BexPlus fees for buy and sell transactions vary between 0.075% and 0.195% depending on the derivatives trading pair. For example, a trader that opens a long position on Bitcoin/Tether will need to pay a 0.075% service charge on the contract value. In addition, BexPlus charges an overnight trading fee on all positions held past GMT 0:00. The loan interest fee is 0. 1% of the borrowed amount to hold the leveraged position. 

In comparison to similar derivatives platforms such as Bybit and FTX that use a maker and taker model with fee rebates, the trading fees on BexPlus are a little high when including the overnight fees. Furthermore, there are no volume-based or tiered fees to reward high volume traders.

Trading Pair

Fee

BTC/USDT

0.075%

ETH/USDT

0.151%

LTC/USDT

0.193%

EOS/USDT

0.195%

XRP/USDT

0.195%

Deposit & Withdrawal Fees

BexPlus does not apply a deposit fee to transfer Bitcoin to the wallet for trading or earning interest in the savings account. Likewise, there are no additional withdrawal fees to transfer Bitcoin out of the exchange apart from the standard blockchain network fee of 0.0005BTC.

Conclusion

To conclude our review, BexPlus is a stable and simple to use leverage trading platform with its simple and intuitive user-interface on its website and mobile app. The exchange is offering a 100% deposit bonus and 10 free Bitcoin using their demo account to entice new traders.  

What we liked:

  • Fast account creation and no KYC
  • Friendly for beginners, simple and easy platform
  • Derivatives trading with leverage up to 100:1
  • Simple user-interface with TradingView charts
  • Earn interest on crypto stored within a BexPlus savings wallet 
  • Fully functional and intuitive mobile app

What we didn't like:

  • Exchange is not regulated
  • A limited number of trading pairs
  • Trading and overnight fees are a little high
  • Lack of risk-management orders
  • Minimum trade size of 0.1BTC 
  • Auto-take-profit encourages over-trading

Overall, we recommend BexPlus for intermediate or experience leveraged traders only who can adequately fund an account to exceed the 0.1BTC minimum trade amount, manage their positions with the auto-sell feature and lack of risk-management order types. Traders that are interested in using leverage to trade crypto should also be aware it is very risky and can lose more than the funds deposited.

BexPlus

3.7

Ease of use

4.0/5

Reputation

4.0/5

Trading fees

3.5/5

Security

3.5/5

Customer support

3.5/5

Pros

  • No KYC required
  • Up to 100x leverage on trading pairs
  • Obtains market quotes from large exchanges
  • Ability to earn interest on funds
  • Mobile trading app

Cons

  • Not a regulated exchange
  • Trading and overnight fees a little high
  • Minimum trade size of 0.1 BTC
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Kevin Groves
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 and is a swing trader with over 10 years of experience. He loves trading crypto using various platforms and helping others learn about cryptocurrencies via hedgewithcrypto.