Bitget Review

Bitget is a popular cryptocurrency exchange that was founded in 2018 and has gained a lot of prominence in recent years, thanks, in large part, to its wide range of crypto trading products and competitive trading fees. Bitget has at its helm Gracy Chen and boasts of a wide range of cryptocurrencies that can be traded across spot and futures markets. 

In this review, we will take a closer look at Bitget, examining its various features, trading fees, security setup, and more to help users determine whether this platform is the right choice for them.

 

About Bitget

Bitget is a global digital asset trading platform with over 8 million registered users and a 24-hour transaction volume of $5.6 billion. In Jan 2022, the platform ranked #3 globally in terms of daily average futures trading volume, thanks, in large part, to its featured product, Coin-Margin futures, which achieved a record-high trading volume of $7.82 billion. 

Bitget provides low fees for both spot and derivatives trading, with a primary focus on the latter. The exchange is licensed in the USA, Canada, Australia, allowing traders in these countries (and many more) to conduct trades legally and in a hassle-free manner.

From an operational standpoint, Bitget’s core USP is its spot trading, derivatives, and copy trading service suite. Customers have various options to choose from based on their individual preferences while being able to harness a leverage ratio of up to 125x.

 

Overview of Bitget’s key features

In this review, we will explore the various features available on the Bitget platform, so without any further ado, let’s jump straight into the heart of the matter.
 

Unique suite of offerings and high-level security framework

Bitget offers a range of future-ready features, such as allowing users to trade without converting their tokens, support for one-click copy trading, harnessing the potential of USDC margins, etc. Moreover, the project has received recognition for its industry-leading security, thanks to its use of a risk control module that harnesses the power of cold and hot wallet segregation while simultaneously being backed by 12 A+ SSL Labs ratings.

The platform’s security infrastructure is supported by well-known mainstream entities, including Qingsong Cloud Security, Armors, HEAP, and Suntwin Technology. Bitget also offers top-notch security for investors' assets through separate cold and hot wallets, with the option for enabling two-factor authentication before depositing funds. 

Quality financial propositions and digital support

The exchange offers numerous unique derivative products and is among the top 6 crypto exchanges in the world when it comes to total trade volume. It should also be mentioned that Bitget provides its investors with 24x7 multilingual online customer support as well as one-on-one support for its VIP clientele.

 

Safety and affordability

As highlighted earlier, Bitget has obtained licenses from regulatory bodies in Canada, Australia, and the US, reflecting its solid compliance operations. Not only that, it has also been listed on prominent aggregation websites such as CoinmarketCap and CoinGecko. The exchange charges 0.1 percent for any spot market trades made by both takers and makers, which is reduced to 0.08 percent when paid with Bitget's native token, BGB.

It should also be noted that platform users can deploy BGB tokens to settle transaction fees and receive a 20% discount on fees. The issued amount of BGB tokens is 2,000,000,000, and BGB holders enjoy multiple benefits from holding and trading these tokens. Lastly, more and more traders have pledged BGB to reach varying levels of profit-sharing levels while the growth of Bitget’s Spot Market has helped increase the demand for BGB.

 

Continuous Innovation and Growth

Since its inception, Bitget has ensured that its various offerings, including its CopyTrading suite, Spot Copy Trading module, and its flagship product, Bitget CopyTrading, have continued to grow and showcase tremendous growth. Additionally, after FTX went bankrupt, the market share of Bitget derivatives rose from 3% to 11%. To this point, a BCG report shows that in 2022, Bitget total derivatives trading volume increased by more than 300%

 

Bitget Innovation Zone 

The Bitget listing team screens assets at lightning speed, allowing for the projects to make a marketwide impact instantly. In this regard, the exclusive release of $AI via the platform resulted in the currency registering a 1,236% in its value within just 72 hours of its launch.

A Pioneer in Social Trading

Bitget has paved the way for social trading in a big way over the last couple of years. For example, the platform features a brand new module called Bitget Insights, where influential traders and registered experts can share their financial analyses and views on the market with their followers. This helps create a resource hub for retail traders to make better, more informed investment decisions.

What does Bitget offer?

 

Futures Trading

Bitget provides users with a wide range of futures trading pairs. In essence, futures trading is a derivative contract where the trader agrees to buy or sell an asset at a specific time and price based on the asset's value.

Coin-Margined Futures Trading

This is a new trading technique that Bitget recently launched, allowing users to use multiple currencies as margins for different trading pairs. The profit and loss are determined in the margin currency.

 

Quanto Swap Contract Trading

Another one of Bithet’s exclusive offerings, Quanto Swap Contract trading, allows users to deploy their digital assets as collateral and trade on margins using different crypto trading pairs. The main benefit of Quanto is that it allows users to retain the charges for the conversion of coins as well as accrue profits from their holdings when they hit relative highs.

 

Derivatives Trading

Bitget provides derivatives trading, which involves selling and buying financial instruments on the stock and crypto markets based on future price changes.

 

Perpetual Contracts Trading

Perpetual contracts are one of Bitget's most popular products, allowing investors to buy/sell contracts with a long-term commitment. The platform's funding cost mechanism is the most notable characteristic of its perpetual contracts trading scheme.

 

Leveraged Trading

Bitget offers leveraged trading for investors to trade perpetual futures, which do not have an expiry date. At present, traders have a maximum leverage limit of 125x, however, as goes without saying, indulging in large-scale leveraged trading can lead to huge profits or losses if not done carefully.

Copy Trading

Bitget copytrading is the flagship product of Bitget and Bitget's copy trading feature allows users to follow and copy other traders' strategies and portfolios without any cost. Traders can earn up to 10% of their followers' profits. Bitget has more then 80,000 traders and 380,000 followers using this feature.

 

Bitget Launchpad

Bitget recently launched its native Launchpad offering. The platform serves as a foundational base for featured project token rewards. In fact. it is possible for users to win rewards by simply holding or exchanging certain assets within the platform.
 

Mobile Application and User-Friendly Interface

Bitget has a mobile app available on both iOS and Android, allowing users to trade cryptocurrencies on the go. Moreover, the platform has a user-friendly interface that makes it easy for both beginner and advanced traders to employ. Lastly, Bitget offers 24/7 customer support via email, live chat, and social media channels, ensuring that you can get help whenever you need it.
 

Bitget Savings

Passive income opportunities for crypto holdings have become a fundamental aspect of the industry, and most leading exchanges provide their clientele with some peripheral earning opportunity or the other. Bitget, for instance, offers a savings feature that allows users to deposit their crypto and earn daily interest in a flexible and redeemable manner. Notably, Bitget's savings feature boasts favorable Annual Percentage Yields (APYs), ranging from 1% for BTC to 5.6% for DOT. That said, the savings section currently only supports five assets.
 

Bitget Groupcoin

Another unique feature on the Bitget platform is ‘GroupCoin,’ which enables users to purchase featured cryptocurrencies at a discounted price. The more users participating in the group purchase certain assets, the better the deal they can get. By pledging one of the platform’s supported crypto assets, usually USDT, to an event, users receive an event token's corresponding amount. Although GroupCoin and the earn feature are limited in their functionality, this feature has immense potential to attract a lot of customers.
 

Bitget Strategic Trading

Bitget's strategic trading module is a grid trading platform available for both spot and futures markets. This automated system allows traders to run a passive grid trading strategy by following a predetermined set of instructions to open and close trades, providing a hands-free experience. This method has grown in popularity among traders in recent years, primarily due to its passive and automated nature.

An Overview of Spot and Futures Order Types on Bitget

From the outside looking in, ‘orders’ are basically instructions issued by traders and investors to buy or sell assets via a trading platform. When it comes to Bitget, the platform supports a number of basic order types associated with the Spot and Futures markets.
 

Spot Order Types

Market Order

A ‘Market Order’ is one that is executed immediately at a current market price. However, in volatile sectors, such as cryptocurrencies, the system may match the order at the best possible price available, which may differ from its execution price.

Limit Order

When compared with Market Orders, a ‘Limit Order’ is one which is completed as quickly as possible but is filled at a price closest to the value at which the trader is willing to buy or sell their assets. It can be combined with other conditions to refine one’s trading decisions. For example, if a trader wants to buy BGB at a better price than its current market value, they can use a Limit Order and enter the desired price. This order will be saved in the order book and completed at the nearest level to the entered price.

Trigger Order

Trigger Orders are executed automatically as soon as their price hits a particular level. Market and Limit Orders can both be executed under trigger conditions. When the market price reaches a particular level, a Market Order will be placed and completed instantaneously, while a Limit Order will be placed to match the price set by the trader, which may not be the best price but closest to their preferred value.

Bitget charges a transaction fee of 0.1% for both Maker and Taker of spot markets and offers a 20% discount if users decide to pay these fees using the platform’s native cryptocurrency (i.e. BGB).

Futures Order Types

Bitget offers futures trading, which involves Maker and Taker terms. Market makers (Makers) provide liquidity for the asset they want to trade by placing specified orders. These orders are added to the list of pending orders on the ledger and provide liquidity to the market when specific conditions are met. 

As a result, market makers always receive preferential trading fees. The market taker (Taker) executes orders to match immediately at the market price, thereby withdrawing liquidity from the Maker and usually incurring a slightly higher fee.

Futures orders include Market Orders (also known as Flash Open Orders) and Post Only Orders. Market Orders incur a Taker fee, while Post Only orders are created only if there is no exact order pending; otherwise, it is canceled. Other components of futures orders include Margin Type (USDT/Coin), Margin Mode (Cross/Isolated), Leverage Level, Order Type (Limit Order, Market Order, Trigger Order, Post Only), and Contract Type (Long/Short).

 

Bitget Account Creation and KYC Verification Processes

Before being able to trade on Bitget, users are required to register an account using their phone number or email address. While a KYC verification is not required for limited functionality, users are encouraged to verify their account for full access to the platform's various features.

 

 

Bitget is one of the few regulated platforms that offer a good amount of KYC-free trading. Unverified accounts allow users to deposit, trade, and withdraw up to 20 BTC per day. KYC verification is only necessary for purchasing crypto, copy trading, and withdrawing amounts over 20 BTC.

To get one’s account verified, the process is similar to other platforms and requires the following information:

• Name
• Nationality
• Upload of a government-issued ID, such as a Passport, Driver's License, or Government Issued ID

To ensure a smooth verification process, users are advised to use their real email address or phone number to receive the verification code. Once an account is created, users can navigate to the "account information" section to complete the KYC verification process.

A Closer Look at Bitget’s Trading Fees

Bitget’s Fee Structure Explained

Deposit Fees

Bitget does not charge any fees for crypto deposits.

Trading Fees

• For Spot trading, there is a standard trading fee of 0.1% for both Maker and Taker. Using BGB payment reduces the transaction fee by 20%. If users have a sufficient balance of BGB — Bitget’s native token — in their account, their spot trading fees will be automatically deducted from their BGB balance. If there is an insufficient BGB balance to support the transaction fee, the fee will be charged according to the original payment method.
• For Futures trading, the Maker and Taker transaction fees are 0.02% and 0.06%, respectively. 

What are Makers and Takers?

Within the context of markets, there are two types of participants: makers and takers. Both are essential for the operation of an exchange. Makers contribute liquidity to the market by creating a market for a token on the exchange, while takers remove liquidity by fulfilling existing orders. 

If someone creates a buying or selling order that is not executed immediately, they are considered a maker, as they are creating liquidity for the exchange, which can make it easier for others to buy or sell when the conditions are met. In return, makers are often rewarded with lower transaction fees. Conversely, takers use the liquidity provided by makers to quickly buy or sell assets. Takers typically pay higher transaction fees than makers.

Withdrawal Fees

Bitget adjusts its withdrawal fees automatically based on market conditions.

 

BitGet’s Various Depository Avenues

Bitget offers users the ability to deposit both fiat and cryptocurrencies. Fiat currency deposits are accepted on the platform via a number of avenues, including wire transfers, debit or credit cards (Visa/Mastercard/AMEX), Google Pay, Apple Pay, among others. 

As a result, the exchange is suitable for beginners and advanced users alike. Moreover, Bitget does not charge any fees for depositing funds into the platform, making it an accessible option for those just starting their trading journey.

 

Funding Rates and How it Affects BitGet users

Funding rates are comprised of two key elements: interest rate and premium. Bitget futures set the interest rate at 0.01% every 8 hours, totaling 0.03% per day. The premium is determined by the variance between a perpetual contract and its mark price. During periods of high market volatility or when the market trend leans towards one direction, the price between the perpetual contract and its associated mark price may diverge, resulting in an increase or decrease in the premium.

A high premium signals a substantial divergence with the mark price, while a low premium indicates the opposite. Moreover, a positive funding rate denotes that the perpetual contract is higher than its mark price, which heavily biases leveraged markets on the long side and may cause liquidity issues. Conversely, a negative funding rate indicates that the price of a perpetual contract is lower than its mark price, favoring short positions. 

Funding calculations take the leverage amount into account. As a result, funding rates may significantly impact a trader's profits and losses. A high-leverage position that incurs funding costs may lead to losses and even liquidation in low-volatility markets. Bitget addresses this issue by enabling funding to be charged until the user's margin rate equals the maintenance margin rate and a set percentage of the remaining amount, and the surplus will not be charged. Collecting funding can be very profitable in specific market conditions, such as range-bound markets. In essence, Funding Rates are designed to encourage traders to adopt positions that align perpetual contract prices with underlying spot prices.

 

What is Bitget’s Security Infrastructure Like?

Security is a crucial aspect of any cryptocurrency exchange, and Bitget takes its customer privacy and confidentiality extremely seriously. The platform utilizes a range of security measures, including two-factor authentication (2FA), cold storage, and real-time monitoring to protect its clients' funds.

Additionally, Bitget conducts regular security audits and tests to ensure that the platform is protected from any third-party threats and that users' funds are protected. The platform's security features are on par with the biggest exchanges in the market, making it a safe and secure platform for trading cryptocurrencies.

 

BitGet When Compared to Other Exchanges 

To help readers determine whether Bitget is the right cryptocurrency exchange for them or not, we have compared it to some of the other popular exchanges in the market. Here is a breakdown of how Bitget compares to some of its closest competitors:

Binance

Binance is one of the largest cryptocurrency exchanges in the market today, offering users a wide range of trading products and features. However, when compared with Bitget, the latter offers lower trading fees for spot trading and futures trading. Not only that, Binance charges a higher withdrawal fee compared to Bitget.

Coinbase

Coinbase is a popular cryptocurrency exchange that is known for its user-friendly interface and high levels of security. However, Bitget offers more trading products and features, including options trading and leverage trading.

Kraken

Kraken is a well-established cryptocurrency exchange that offers a wide range of trading products and features. However, Bitget offers lower trading fees for both spot trading and futures trading as well as a lower deposit fee compared to Kraken.

Bitfinex 

Another popular name within the crypto market, Bitfinex, offers a wide range of trading products and features. However, compared to Bitget, the platform offers higher trading fees for spot trading, futures trading, and options trading. Bitfinex also charges a higher withdrawal fee compared to its aforementioned counterpart.

 

A Look at BitGet’s Onboarding Process

To create a Bitget account, traders must first download the Bitget mobile app or visit the Bitget website. KYC verification is mandatory for all users to protect against financial and fraud risks. The verification process is easy, requiring a verification code and ID issued by the government. 

Traders can fund their accounts by buying crypto or transferring funds from a different wallet. When withdrawing cryptocurrency, users should choose the correct protocol compatible with their wallet address to avoid losing assets.

 

Bitget’s Deposit and Withdrawal System

Bitget offers a range of deposit and withdrawal methods, including the option to buy crypto using fiat currency through payment processors Banxa and Mercuryo. Payment options include Mastercard, VISA, Apple Pay, and Google Pay, with no fees charged for fiat currency deposits. Also, for Euro and GBP-related transactions, Bitget is compatible with systems like Single Euro Payments Area (SEPA) and Fast Payments System (FPS), respectively.  

That said, payment gateway fees apply and are not controlled by Bitget. The platform only accepts fiat currency deposits via wire transfers for cryptocurrency deposits. To deposit crypto, users can select the asset they want to transfer so that the platform generates a wallet address for them to save to their wallet or scan the QR code. 

Withdrawing funds is easy, with users entering their withdrawal information and the amount they want to take out in the specified column. Bitget charges withdrawal fees, which are displayed during the process. The exchange network controls the withdrawal process, and users must wait for the transaction to attain sufficient validations before the funds are credited to their accounts.

Lastly, it should be mentioned that the exchange is compatible with various cryptocurrencies for spot and derivatives trading, with a special focus on derivatives. Supported cryptos include prominent digital assets, including but not limited to Cardano, Bitcoin, Cash, Ripple, FileCoin, Bitcoin, and Ethereum. Polkadot, Tezos, Tether, Uniswap, among several others.

 

How Does Bitget’s Affiliate Program Work?

Bitget has developed an intricate affiliate program to help expand its client base. The program is exclusively available to verified customers, who can earn lucrative incentives by referring new active traders to Bitget. Each affiliate is given a unique referral link and marketing material to promote the platform.

Information regarding referrals and payments can be accessed through the user account section. Bitget affiliates can withdraw funds with no restrictions, and those participating in the program are eligible for special offers, including 24/7 professional assistance and corporate gifts.

 

Is the Bitget Mobile App Worth Trying Out?

The Bitget mobile app is available for Android and IOS users and can be downloaded from Google Play and AppStore seamlessly. 

 

 

While it is true that desktops offer a larger screen, allowing users to view more data, help navigate the market more easily, and thus make smarter trading decisions, the mobile app allows individuals to view charts and trading history much more easily, i.e. with the touch of a button. 

 

Bitget’s Native Security and Privacy Protocols

According to dozens of positive customer reviews and client testimonials, it is safe to say that the platform offers a high level of consumer protection. To this point, Bitget is licensed by the regulatory authorities of Australia, Canada, and the US. Moreover, Bitget ensures the protection of users' assets via the use of separate cold and hot wallets where traders must activate two-factor authentication before being allowed to transfer funds to/from the exchange. Also, as per the project’s official web page, it has been awarded 12 A+ scores at SSL Labs.

 

 

It also bears noting that the exchange has successfully obtained two regulatory licenses for its US and Canadian operations from The Financial Crimes Enforcement Network (FinCEN) and the Financial Transactions and Reports Analysis Center of Canada (FINTRAC).

 

Bitget’s Reserves

Much like many of the other popular cryptocurrency exchanges in the market today, Bitget has published its Proof-of-Reserves report online. As of Q4 2022, the platform holds substantial reserves of Bitcoin, Tether USDT, and Ether to back up all of its held assets. To be even more specific, Bitget currently holds a reserve ratio of 227%. 

 

 

‘Proof of Reserves’ is a cryptographic means of verifying that the funds held by an exchange are audited and accounted for at all times. The reason that many trading platforms have been employing this technique is that it helps ensure that customers can withdraw their funds at any given moment, irrespective of the conditions pervading the market. To put it more technically, Proof of Reserves is a technique that helps make sure that an exchange’s liabilities do not outnumber customer deposits and that all of their existing deposits are fully backed by assets of equal or more value.

 

Is it Easy to Get Support In Case Something Goes Wrong?

Bitget provides various ways to contact customer service. For example, the platform offers a live chat option alongside detailed tutorials and guidelines for all internal processes. The site also has a frequently asked questions (FAQ) section, covering all of the fundamentals that users could otherwise miss. 

Moreover, if there is a matter of concern or if users are facing issues with trades, they can easily contact the help desk by clicking on the help chat bubble located at the lower right corner of their display. Customer Support is always available to answer all consumer queries.

 

A Look at Bitget’s Growing Market Clout

Over the last couple of years, the platform has revealed noteworthy collaborations and sponsorships as part of its endeavors to broaden its marketing initiatives. One notable partnership is with Juventus F.C., Italy's most established and oldest football club. Bitget has additionally formed an official esports crypto alliance with the PGL Major, and further established a partnership with Galatasaray F.C., one of Turkey's top football clubs.

 

 

Furthermore, the exchange has recently announced sponsorships for PGL RMR, PGL Major Antwerp 2022, and the PGL DOTA 2 Major Arlington. If that wasn’t enough, Bitget has even partnered with Lionel Andrés Messi, the iconic Argentine footballer and winner of a record-breaking seven Ballon d'Or awards.

 

The Closing Word - Is Bitget The Right Option for You?

From the outside looking in, Bitget is one of the most comprehensive crypto trading solutions in the market today, so much so that its ease of use has made it one of the most popular exchanges in the world. The platform aims to provide a fair and extensive trading experience for beginners as well as advanced traders. Moreover, Bitget is a good option if users want an exchange smaller market currencies as well as harness the power of features such as ‘copy trading.’ 

In closing, Bitget is a reliable platform with excellent security measures and customer support. Thanks to its many unique features (such as its futures trading platform), the offering really shines, serving as a one-stop shop for individuals interested in the world of cryptocurrencies.

 

FAQs

Is Bitget a good exchange? 

Bitget, a very popular choice for many crypto traders offers a great platform to trade cryptocurrencies with many features.

Can US citizens use Bitget?

Yes, Bitget offers its services to US citizens as well

Is Bitget safe to use?

After reviewing Bitget, it can be said that it is a very safe and secure exchange for crypto-related trading. 

Can I deposit USD to Bitget?

Yes you can, Bitget accepts FIAT currencies and 50+ cryptocurrencies like Bitcoin, Ethereum, BGB, USDT and many more. 

How to create an account on Bitget?

You can easily create an account on Bitget using an email and a password.