In this review, we’re examining Bitget, a leading crypto, spot, and futures trading platform. More specifically, we’ll see what Bitget is, how it works, what its potential uses are, and who can benefit from it. Additionally, we’ll offer some tips on how to get started with the platform and share some of its pros and cons.
What Is Bitget?
Bitget
Bitget was established in 2018 with the goal of harnessing the transformative potential of blockchain technology. Born amid a challenging bear market, Bitget’s core philosophy also revolved around the desire to aid its user base, and the founding team, with a background in traditional finance, swore by the success of Bitcoin (BTC) and Ethereum (ETH).
Today, with a global team covering 60 countries, Bitget still seeks to empower individuals to use simple yet powerful tools and embrace crypto in a safe, easy, and efficient way.
Bitget’s Notable Achievements
- 2019: Bitget is the first crypto exchange to feature Futures USDT-M trading;
- 2020: Bitget introduces crypto copy trading;
- 2022: Bitget signs a partnership with Lionel Messi;
- 2023: Bitget acquires BitKeep and rebrands to Bitget Wallet.
How Does Bitget Work?
Bitget offers various trading services, such as spot trading, futures trading, and even copy trading. This makes Bitget a versatile and dynamic crypto platform, catering to the needs and preferences of all sorts of traders. In addition, the platform supports over 500 cryptocurrencies and 500 trading pairs.
Focusing significantly on derivatives and copy trading, Bitget utilizes perpetual future contracts for derivatives trading and provides leverage of up to 125x. Moreover, the platform implements a customer rewards program to enhance the overall trading experience, attracting new and retaining old users.
All trades on the platform can be executed on Bitget’s website or through a mobile available for both iOS and Android devices.
Products and Services Offered by Bitget
Bitget offers a wide range of products and services that cater to the investment needs of all sorts of traders. They include:
- Spot trading;
- Futures trading;
- Copy trading;
- Bitget APIs;
- Bitget wallet;
- Mobile app.
1. Spot trading
Spot trading enables you to easily purchase and sell more than 500 cryptocurrencies and cryptocurrency pairs through Bitget’s centralized spot trading platform. The interface is powered by TradingView, catering to the requirements of traders of all levels of experience. Traders can perform technical analysis and execute trades within a single platform, that is, without having to switch between a trading platform and a separate charting platform.
2. Futures trading
Bitget’s futures trading platform allows users to speculate on the price movements of various cryptocurrencies without actually owning them. In other words, by trading futures contracts, users can leverage their positions and potentially increase their profits.
Some future options on Bitget include:
- USDT-M Futures;
- USDT-M Demo;
- Coin-M Futures;
- USDC Futures.
The futures charting screen is also powered by TradingView, ensuring a comprehensive set of features and functions.
Note
3. Copy Trading
With Bitget’s copy trading platform, traders have the option to replicate the trades, strategies, or trade positions of other investors for enhanced outcomes. This feature is accessible without any additional charges, and traders can also earn up to 8% of the profit generated by their followers, fostering the development of effective strategies through this copy trading mechanism.
4. Bitget APIs
Bitget APIs allow developers to perform program trading, acquire data, and integrate copy trading services within a third-party platform. The APIs are designed for individual and institutional uses, and they are free.
5. Bitget Wallet
To manage your different digital assets, Bitget provides a Bitget wallet, which allows users to store and exchange their cryptocurrencies, as well as monetize them by staking their assets to earn additional passive income and help decentralize the blockchain. Bitget supports the integration of hardware, MPC, and other types of wallets.
6. Mobile App
The Bitget mobile app is available on iOS and Android devices and offers the same features as the web platform. That is, users can replicate the orders of top-tier traders, automate their trading, and do everything else on the go. Additionally, the mobile app facilitates swift deposits and withdrawals of cryptocurrencies or fiat currencies.
Bitget Fees
Bitget features a transparent fee structure with zero fees for fiat deposits and zero fees when you buy crypto with a credit or debit card.
When spot trading, both maker and taker incur a standard trading fee of 0.1% per trade. However, those paying with BGB tokens can get a 20% discount. For futures trading, the fees are set at 0.02% for makers and 0.06% for takers.
Copy trading incurs no additional fees for participation. Nevertheless, up to 10% of any profits generated will be shared with the chosen trader, depending on the amount of BGB coins held and locked by that trader.
Apart from trading fees, Bitget also charges network fees for withdrawals, which vary depending on the cryptocurrency you are withdrawing. These fees go towards covering the network costs, such as transaction processing and confirmation.
As fees are subject to change, be sure to stay updated on any changes to fees and offers by regularly checking Bitget’s fee page.
How to Get Started: Making a Bitget account
To get started with Bitget, you will have to create a trading account and deposit funds into it. Bitget supports various payment methods for depositing funds, including debit cards, credit cards, and other fiat currency options.
However, before you can make a deposit using fiat currencies, you will have to complete the KYC (Know Your Customer) verification process. This requires you to submit relevant identification documents which ensure you adhere to their compliance guidelines. The process is generally quick and straightforward.
Creating an Account
To create an account, first, head over to the official Bitget website and click on the Sign up button in the upper right corner (as shown below):
Next, provide the platform with your email and desired password and click on the Create Account (as shown below):
Then, you will receive a code in your email that you will enter in the required field:
When you type in the code, you will be taken to the main dashboard. There, you can navigate to the Account Verification page located on the far left (as shown below) and submit a document for verification (as shown below):
Finally, you can proceed to personalize your account and explore the world of cryptocurrency trading on Bitget. The platform offers a diverse range of cryptocurrencies to choose from, catering to both beginners and seasoned traders. Remember to manage your trading funds wisely and maintain an adequate amount of reserves to handle market fluctuations.
Note
Why Bitget
Over the past few years, Bitget has been a staunch proponent of advanced social trading in the crypto sphere. The platform introduced a fresh module named Bitget Insights, giving influential traders and registered experts a place where they can share their financial analyses and market perspectives. This initiative ensured Bitget would grow into a valuable resource platform, empowering traders to make better-informed investment decisions.
Recently, Bitget introduced Position Grids, that is, spot/future grid bots that can automatically execute buy and sell orders within a predetermined wide price range. These grids leverage Bitget’s grid trading bot technology to intelligently suggest parameters aligned with current asset prices. Operating autonomously, they eliminate emotional entries and capitalize on market fluctuations to secure profits.
Gracy Chen, Managing Director of Bitget, emphasizes the impact of Position Grids on the platform, saying:
“With the introduction of Position Grids, Bitget reaffirms its commitment to providing innovative tools for traders at all levels. This feature marks a significant step forward in enhancing the trading experience, aligning with our vision of making crypto trading accessible, and providing everyone a smarter way to trade.”
Is Bitget Safe?
Bitget is considered a safe platform. According to CertiK, a leading security-focused ranking platform monitoring blockchain, it has a security score of 78.58% as of November 2023:
Bitget implements several security measures to protect user funds and data.
First, it features a comprehensive protection fund to ensure your assets are secure. Moreover, the platform conducts periodic proof of reserves audits to verify that they have sufficient funds to cover user balances in case of data breaches and hacking attacks. The platform also introduced the Proof of Reserves page and maintains a 1:1 reserve ratio of customer funds, with a total reserve ratio surpassing 230%.
In terms of crypto trading security, Bitget utilizes a cross and isolated margin system, which helps limit risk during volatile market periods. More precisely, users have the ability to control their risk exposure themselves, reducing the chances of significant losses.
Another significant aspect of Bitget’s security is its cold storage system. The majority of assets at Bitget are stored offline in secure cold storage facilities, which significantly lowers the risk of any hacking incidents. Naturally, Bitget maintains a minimal amount of funds in its hot wallet systems for day-to-day operations.For added security, users can also implement a two-factor authentication (2FA) system.
Bitget Pros and Cons
While your individual trading needs and preferences will determine whether Bitget is the right choice for you, the platform has several pros and cons that might be worth mentioning in a general overview.
Pros
- Diverse trading options: Bitget offers over 500 cryptocurrencies and 500 trading pairs, including popular assets like Bitcoin and Ethereum, as well as lesser-known tokens. This allows you to diversify your investment portfolio effectively;
- Fees: Bitget has competitive fees: 0.1% for spot trading and 0.02% for futures trading;
- Copy trading: Bitget offers copy trading features, allowing users to follow and replicate the strategies of successful traders on the platform. This feature is particularly useful for beginners who want to learn from experienced traders;
- Security measures: Bitget implements a solid Proof-of-Reserves (PoR) and Know-Your-Customer (KYC) strategy.
Cons
- Limited availability: Bitget is not accessible in some countries, such as the US and the Balkans region;
- Withdrawal fees: While the fees are generally competitive on the platform, some cryptocurrencies have rather steep withdrawal fees.
Bitget Customer Support and Community Platforms
You can find all essential details about Bitget and its services on the official website and several social media pages, where the Bitget team posts regular updates and news about the company and the crypto market. Additionally, users can benefit from occasional instructional videos and posts to optimize their trading strategy.
Bitget platforms include:
Website: https://www.bitget.com/
Support email: [email protected]
Social media channels:
YouTube: https://www.youtube.com/channel/UCVNcRXxyCSyzVUKp0IxCNTw
LinkedIn: https://www.linkedin.com/company/bitget-global/
X (Twitter): https://twitter.com/bitgetglobal
TikTok: https://www.tiktok.com/@bitgetofficial
Instagram: https://www.instagram.com/bitget__official/
Telegram: https://t.me/BitgetENOfficial
Reddit: https://www.reddit.com/r/BitgetReddit/
Facebook: https://www.facebook.com/BitgetGlobalOfficial
Bitget Review: Final Thoughts
In summary, Bitget is a safe crypto exchange aligned with industry standards. The platform also does its best to cater to beginners –– mostly with its advanced user interface and educational materials –– although it is still better suited for more experienced crypto traders, especially those seeking passive trading options and copy-trading functionalities.
However, in spite of its innovative features, transparent fee structures, and available trading pairs, the platform faces some obstacles, most notably geographical restrictions that bar a potentially large number of users from countries such as the United States, Venezuela, and the Balkans region from participating.
Nevertheless, Bitget’s dedication and emphasis on community engagement promise a lot, so keeping an eye on the platform and its future developments is definitely worth it for any crypto enthusiast.
Risk Disclosure and Disclaimer: The information provided in this review should not be regarded as investment advice. When investing, your capital is at risk.
Frequently Asked Questions About Bitget
What is Bitget?
Bitget is a cryptocurrency exchange platform known fior spot trading, futures trading, and copy trading features. It offers an extensive array of trading options, encompassing features like spot grid trading and a selection of over 500 coins and 500 trading pairs.
How safe is Bitget?
Yes, Bitget is considered a safe platform. It implements various security measures and has established the Bitget Protection Fund to safeguard user assets in case of unforeseen breaches.
Should you trade crypto at Bitget?
Bitget is a solid choice if you’re looking for a crypto copy-trading platform. It is fully dedicated to helping users trade more efficiently by providing them with a secure and comprehensive all-in-one trading platform. Additionally, it encourages widespread adoption of cryptocurrency and seeks to educate users on the benefits of digital currencies.
What are fees like at Bitget?
Bitget has a transparent fee structure. For spot trading, fees are 0.1% for both makers and takers (0.08% with a BGB discount), and for futures trading, they are 0.02% for both makers and takers. Withdrawal fees vary from coin to coin, and traders are encouraged to check Bitget’s withdrawal fee page for more information about specific coins.
