Exclusive friends with benefits? Is this a bad thing or something to wait on?

I recently started dating a guy and we are now exclusive friends with benefits. The terms of our relationship (lol) are that well we have a sexual relationship. We're also friends. We hang out, chill, do stuff together etc. He says that usually friends with benefits just meet up to bang and leave it at that. The exclusive part means that we're not having sex with any other people, nor dating or anything. Just us.

This is not just understood or assumed, we talked about it.

The thing is, I feel like this is being boyfriend/girlfriend without calling it that. I have a feeling that my "EFWB" has had a lot of bad situations where he was dating a girl, it goes well and then he calls her his girlfriend and it all goes wrong. From what he has said I gather that. He says he wants to keep things as they are and just see where things can go.

We haven't been dating very long. Rolling in on three weeks? He's a really cool guy and we get along famously, so I want to be sensitive to his desire to move slow because he's very into giving me what I truly want and that's the monogamy. So does this situation seem like something I should just let pan out? I was thinking we'd continue like this for 2 weeks to a month and then I bring out the whole "title" thing that scares him. I just want to show him that we can do the whole exclusive thing and I won't flip out or demand all his time knowing he works third shift or whatever crazy stuff has happened to him.

Good idea?
Exclusive friends with benefits? Is this a bad thing or something to wait on?
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