Cryptocurrency trading has become a lucrative industry and new coins as well as new exchanges are always coming up. But how do these exchanges differentiate themselves from their competitors? Well, they try to come up with new products, get licenses from the monetary authorities where they set up operations, and develop an active social media presence.
Bitget which was established in 2018 is one of the younger exchanges around especially when compared to the ones like Coinbase and Gemini. It has a presence on no less than ten social media platforms and offers some advanced tools for trading.
But what do I gain from using Bitget? Is it a safe exchange? Is Bitget the right option for me or not? If you find yourself pondering over these questions, read on to find in-depth information about Bitget. Perhaps, this will help you choose the option that is best for you.
What is Bitget?
Bitget is a cryptocurrency and digital assets trading platform founded in 2018. Registered in Seychelles, it has quickly grown to become one of the top 5 cryptocurrency derivatives exchanges per CoinMarketCap.
An exchange valuing transparency, collaboration, and customer orientation, Bitget is the top platform for copy trading by volume and serves over 8 million registered users from more than 100 countries around the world.
Unlike other exchanges, Bitget focuses on social trading, and its products like One-Click Copy Trade and Grid Trading help traders engage and interact with each other, exchange market information, share strategies, and connect with the larger crypto community.
The exchange aspires to encourage individuals to embrace crypto and engage with the future. It intends to do so by becoming a portal that transcends Web2 and Web3 and connecting Centralized Finance(CeFi) with Decentralized Finance(DeFi).
Bitget’s license was suspended by Singapore’s financial regulator in 2021 over the controversy caused by the Army Coin listed on the exchange. ARMY is the name of the K-pop boy band BTS’s fandom. The Army Coin, first listed in October 2021, was marketed as a source of lifelong, pension-like financial support for the band.
The coin’s price surged by 5,000 percent the day of its release as a devoted ARMY rushed to buy the coin. Hybe, the agency managing BTS, clarified that it has nothing to do with the digital coin. It also threatened legal action against Bitget for unauthorized use of the band’s pictures in promotions for the Army coin.
Bitget was formally suspended by Singapore’s financial regulator for false marketing in December 2021.
In 2022, Bitget entered into some high-profile partnerships with Lionel Messi, Turkish football club Galatasaray S.K., a Russian e-sports organization Team Spirit and PGL Major Antwerp 2022 as well as PGL Dota 2 Major Arlington 2022.
There are more than 380 coins and over 70 trading pairs for USDC-USDT- and Coin-margined futures available on Bitget. It has coins ranging from conventional coins like Bitcoin and Ethereum to newer GameFi and DeFi tokens. It also has a native coin called Bitget Token or BGB. Spot pairs are traded with USDT, USDC, BTC, BRL, and ETH on Bitget. Some of the cryptocurrencies available on Bitget are:
- Bitget Token(BGB)
- Shiba Inu(SHIB)
- Enjin Coin(ENJ)
Opening An Account
You need to create an account on Bitget before you can start trading on it. It is an easy process and should not take more than a few minutes.
Go to the Bitget website or download the app. Click on Register Now. You can register either with your phone number or email address.
Read the Terms of Service and agree to them if you are satisfied. You will receive a verification code either on your phone or by email. First, enter the code and click on Sign Up.
Since Bitget supports KYC, you need to get the relevant documents verified on the exchange.
After signing in, click on the person icon. Choose ID verification and select your region. Upload the relevant documents and certificates. These would be then verified by Bitget customer service.
Next, download the Google Authenticator app. Either manually enter the code or scan the QR code and complete Google verification code binding.
You can now deposit funds into your Bitget account to buy crypto. If you want to, you can directly buy crypto using your fiat money.
Bitget Copy Trading
Bitget is one of the few exchanges that offer copy trading. Copy trading enables traders to trade in cryptocurrencies without learning complex trading strategies or researching marketing trends. What essentially happens is that the software copies an experienced trader’s trading methods.
This is a great tool for amateurs who can learn about crypto investments by mimicking what seasoned traders are doing.
Bitget’s one-click copy trading is meant for beginners in futures trading. They can pick multiple elite traders and copy their futures trading operations to earn profits. As per Bitget, their elite traders go through a rigorous review process and all copy trading data is authentic.
Users can simultaneously follow multiple traders and also view their trading history. Hence, they can copy trade without worrying about market conditions, price points, or trading strategies.
Bitget uses the taker-maker model for charging fees. Makers are those who create liquidity for the exchange by creating buying or selling orders that are not immediately carried out. Takers, on the other hand, are those who make use of the liquidity created by makers. They fill someone else’s orders and instantly buy or sell assets. Since makers create or increase liquidity, they have to pay a lower transaction fee while takers are charged a higher fee.
For spot trades, the taker-maker fee used to be 0.2% for both sides. Users could get a discount by paying with the exchange’s native BGB token. But since September 2022 until further notice, Bitget has made the maker-taker fee 0% for spot trades. This means that spot trading is free on Bitget.
For futures trading, the maker fee charged is 0.020% and the taker fee is 0.060%.
Deposit and Withdrawal Fees
There is no fee for depositing cryptocurrencies on Bitget. The fee for withdrawing cryptocurrencies differs from coin to coin. For example, the withdrawal fee for Bitcoin is 0.0005 BTC while for Dogecoin it is 4 DOGE, and 16.96 MANA for Decentraland. The withdrawal fee also differs according to the network on which the transaction is executed.
Bitget Security Review
Bitget values transparency in operations and is constantly evolving to meet new global security compliance standards. It has an American MSB license and is regulated by the Financial Crimes Enforcement Network(FinCEN) in the country. Bitget has also been granted an MSB license in Canada and is regulated by the Financial Transactions and Reports Analysis Centre of Canada.
It also assures customers that their personal data is kept in secured fault-tolerant storage and is only accessible by duly authorized staff members. Data is SSL encrypted in storage as well as in transit.
Bitget also states that it has four major security vendors and A+ ranking for 12 SSL indicators. It biannually conducts penetration testing and vulnerability assessments to detect potential threats.
In July 2022, Bitget launched its Protection Fund worth $200 million for safeguarding users’ crypto assets. Post FTX’s collapse in November 2022, Bitget increased the amount of the protection fund to $300 million to build trust in the crypto market and reassure customers that it is committed to protecting their interests.
Pros- Why You Should Use Bitget
Bitget has no fees on spot trading and even the futures trading fee is not very high. A maker fee of 0.020% and a taker fee of 0.060% is quite a competitive price range for futures trading. This certainly gives it an edge over its rivals.
Copy Trading Feature
Perhaps one of the most novel, innovative, and heavily promoted features of Bitget is its one-click copy trading function. It allows novice users to trade and earn profits by copying the strategies of elite traders without getting entangled with deep research and complicated strategies.
Supports a Large Number of Cryptocurrencies
CoinGecko reports that Bitget supports over 380 cryptocurrencies and has more than 430 trading pairs available on the platform. Customers have a plethora of options before them to choose different coins and tokens.
For a change, this is one exchange that is available for American residents. Bitget is licensed as a Money Service Business in both USA and Canada. It is regulated by the Financial Crimes Enforcement Network(FinCEN) which should be reassuring for American customers.
Cons- Why You Should Not Use Bitget
Restricted in Multiple Countries
Bitget’s services are not available to a large number of users who reside in any of the countries or regions that restrict Bitget such as Singapore, mainland China, Macau, and Hong Kong.
Supports only Crypto Deposits and Withdrawals
Bitget does not support direct deposits or withdrawals with fiat money. Users first have to convert their fiat into cryptocurrency and then deposit it on Bitget.
Copy Trading can be Risky
While copy trading might seem like an easy way to maximize profits, it can be a double-edged sword since past performance is no guarantee of future success. This is something that is often ignored in the bright and shiny promotions for copy trading.
High Transaction Fees for Third-Party Providers
The Bitget platform itself does not charge any fee for buying crypto via third-party payment providers. But the different gateways it relies on such as Simplex and Banxa may charge some very high transaction fees which might be a turn-off for many users.
Bitget Customer Support
Like most cryptocurrency exchanges, Bitget has an FAQ section divided into multiple categories to help users navigate and use the exchange. It also features tutorials for futures trading, spot trading, and copy trading.
Surprisingly, Bitget has actually listed emails on its website to contact the support team which is something rare for cryptocurrency exchanges. One of its novel features is the Bitget Official Verification Channel where customers can verify that the mail/website/social media channel that they have joined or been contacted from is an official channel or website.
Users can also submit feedback on different aspects of the exchange. Once the feedback is accepted by the review team, users become eligible for rewards up to 2,000 USDT.
Bitget Customer Reviews
Bitget has a score of 2.2 out of 5 on Trustpilot with 144 reviews. A lot of customers praise its user-friendly interface and high-security standards. Customer support also gives prompt replies. Customers also like the events Bitget hosts and its reward system. Its copy trading program also seems to have lots of takers.
Customers find Bitget easy to use and have a satisfactory experience
Bitget is praised for excellent customer service and fast deposits and withdrawals
Some users, however, have had less-than-stellar experiences with Bitget. They don’t think its system is up to par. Customers have also reported troubles while trying to get a refund on the platform. There have also been cases where customers have not been issued or denied their referral award.
Customers find getting a refund on Bitget an uphill task
Some users feel Bitget and its reward system’s structure is not solid
Bitget Frequently Asked Questions
Can Bitget be Trusted?
Yes, Bitget is a legit exchange. Among other places, it is also licensed to operate in the US, Canada, and Australia. Further, it is rated A+ in more than 12 indicators by SSL Labs.
Can I Use Bitget without KYC?
No, you cannot use Bitget without KYC. To protect against fraud and financial risks, completing KYC is compulsory for all Bitget users.
Where is Bitget Based?
Bitget is registered in Seychelles but according to the exchange, its operations are decentralized without any specific headquarters. Instead, it is operating through regional branches in particular locations to cover as many markets as possible.
What is the Withdrawal Limit for Bitget?
Bitget has different daily withdrawal limits for verified and unverified users. For users without ID verification, the daily withdrawal limit is equivalent to the value of 50,000 USD. In contrast, for users whose ID has been verified, it is equivalent to the value of 3,000,000 USD.
The Bottom Line
Bitget offers not just trading but social trading. It fosters an active community that engages with and learns from each other in ways that were not possible before. It is one of the leading exchanges that offer copy trading and its innovative products like grid trading make Bitget worth checking out.
It follows industry-standard best security practices. The fact that Bitget is licensed and regulated in many countries including the US should be reassuring for customers. Along with that, Bitget offers some great incentives including 0% spot trading fees that make it an attractive option for crypto traders.
You can definitely take a look at Bitget and see what it has to offer but remember to do due diligence and proper research before investing your money into cryptocurrencies. These are inherently risky investments and you should avoid putting in your money without properly understanding the risks involved.