Bitget is a cryptocurrency exchange located in Singapore, with Sandra Lou as CEO and Intae Song as Chief sales officer. It lists many cryptocurrencies and tokens that can be traded on the spot or in futures markets, and it has no deposit fees for trading. Bitget has been granted regulatory approvals in Canada, the US, and Australia, making it a reliable exchange.
What Is Bitget?
Bitget, a leading cryptocurrency exchange, boasts an impressive track record with over 2 million registered users worldwide. With a robust trading platform, Bitget has achieved a remarkable 24-hour transaction volume of $5.6 billion. In January 2022, Bitget's Coin-Margin futures product propelled the exchange to a global ranking of #3 in terms of daily average future trading volume, reaching a record-breaking $7.82 billion.
While Bitget offers competitive fees for both spot and derivatives trading, its primary focus lies in derivatives trading. Derivatives are financial instruments based on the value of an underlying asset, such as bonds or stocks. Bitget has obtained licenses from regulatory authorities in the USA, Canada, Australia, and Singapore, providing legal authorization for traders from these countries to engage in trading activities on the platform.
Bitget's commitment to regulatory compliance and its impressive trading volumes make it a preferred choice for cryptocurrency traders seeking diverse trading options in the derivatives market.
How Does Bitget Work?
Bitget provides a wide range of trading options to cater to customer preferences, including spot trading, derivatives trading, and copy trading. With these choices, customers have the flexibility to select the trading methods that align with their goals and strategies.
In Bitget's Futures trading, they utilize perpetual future contracts, which are popular derivative tools in cryptocurrency trading. These contracts function as contracts for difference (CFDs), allowing traders to speculate on the price movements of cryptocurrencies without actually owning the underlying assets.
Leverage is a key feature offered by Bitget, enabling users to amplify their trading positions by investing more than the funds available in their account. For certain trading pairs like USDT/BTC, Bitget offers leverage of up to 125x, allowing users to open positions that are significantly larger than their deposited amount. However, it's important to note that high leverage comes with increased risk. Even a small unfavorable price movement can result in the liquidation of the position, potentially leading to the loss of the user's funds.
Exciting Features on Bitget
Let's explore the different features offered by Bitget in this comprehensive review. Here are the key features of Bitget:
- Innovative Products: Bitget is known for its commitment to innovation, providing users with a range of innovative products. Users can trade without the need to convert tokens, offering convenience and flexibility. Additionally, Bitget offers one-click copy trading, allowing users to replicate the trades of successful traders. It is also recognized as one of the leading derivatives exchanges that support USDC margin trading.
- Industry-leading Security: Bitget prioritizes the security of its platform. According to user reviews, Bitget implements robust risk control measures such as the segregation of cold and hot wallets. The platform has received 12 A+ ratings from SSL Labs, highlighting its strong security protocols. Bitget partners with trusted security providers including Qingsong Cloud Security, Armors, HEAP, and Suntwin Technology to ensure the safety of user assets and data.
Bitget's innovative products and focus on security make it a reliable and secure platform for cryptocurrency trading. Users can trade with confidence, knowing that their assets and personal information are safeguarded by advanced security measures.
Is Bitget Regulated?
Bitget is a legitimate cryptocurrency trading platform and not a scam. The platform operates with an authentic HTTPS connection, ensuring the security of user information and communications. Bitget has gained substantial popularity, attracting a significant amount of traffic and establishing itself as a well-known crypto exchange. This reputation further instills confidence in the platform's legitimacy and reliability.
Range of Services Offered by Bitget
Bitget offers a range of services to cater to traders' needs. Here are the key services provided by Bitget:
- Profitable Futures Trading: Bitget offers various types of futures trading, including USDT-M Futures, USDT-M Demo, Coin-M Futures, and Coin-M Futures Demo. In futures trading, users enter into contracts to buy or sell an asset, such as BTC, to another trader at a specified price and time in the future. It is a derivative trading method where the trader speculates on the value of the underlying asset, such as BTC, without owning the actual asset.
Coin-Margined Futures is a unique trading technique introduced by Bitget. It supports the use of multiple currencies as margin for different trading pairs. For example, by using ETH as margin, users can trade BTCUSD, ETHUSD, EOSUSD, and the resulting profit or loss will be calculated in ETH.
To trade Coin-M futures on Bitget, follow these steps:
- Visit the Bitget coin-M futures trading page.
- Transfer funds to your futures account.
- Open a position and start trading.
- Close the position after trading.
- Review your profit or loss.
By providing these services, Bitget enables traders to participate in profitable futures trading and take advantage of the opportunities in the cryptocurrency market.
Leveraged Trading
Bitget offers leveraged trading options to its users. They specifically provide perpetual futures contracts, which do not have expiry dates. Users can access leverage of up to 100x, allowing them to trade with a value that is up to 100 times their initial investment. It's important to note that while leveraged trading can yield significant profits, it also carries a higher risk of substantial losses.
Copy Trading
Bitget features a copy trading functionality that enables users to replicate the trading strategies of other successful traders on the platform. This service is available at no cost, allowing anyone to follow and copy the trades, strategies, and portfolios of their chosen traders. Traders who are being copied can earn up to 8% of the profit generated by their followers, creating a mutually beneficial environment. Copy trading is a valuable tool for beginners to generate passive income and for experienced traders to share their techniques and benefit from their followers' gains. As a bonus, users receive a $30 coupon upon completing their first copy trade.
Copy trading simplifies the process of replicating the trades of other investors. Investors can instantly and automatically copy the trades, strategies, and positions of other successful traders. To engage in copy trading on Bitget, follow these steps:
- Select the traders you wish to “Follow.”
- Choose the trading pair you want to copy.
- Decide on a fixed ratio or a fixed account.
- Select the desired leverage type.
- Set the leverage amount.
- Choose between isolated or cross mode.
- Review or edit the copy trade data.
- Close the position when desired.
Quanto Swap Contract Trading
Bitget offers an exclusive feature called Quanto Swap Contract trading. With this feature, users can utilize their crypto assets as collateral and engage in margin trading with a variety of crypto trading pairs. One of the notable advantages of Quanto trading is that it eliminates the need for coin-to-coin conversions, allowing users to retain the associated fees. Additionally, users can benefit from the appreciation of the crypto assets, resulting in potential profits.
To participate in Quanto Swap Contract trading, users need to select their preferred trading pair, order type, and leverage. They then provide the quantity and order price before choosing the direction of their order.
Derivatives Trading
Bitget also offers derivatives trading, which involves contracts that derive their value from an underlying asset. These assets can include currencies, commodities, stocks, exchange rates, and more. Derivatives trading involves buying and selling financial instruments on the market, with profits generated by accurately predicting future price changes.
By providing Quanto Swap Contract trading and derivatives trading, Bitget offers users diverse trading options to explore potential opportunities and benefit from price movements in the cryptocurrency market.
Perpetual Contracts
Bitget offers perpetual contracts as one of its popular products, and the platform has dedicated significant efforts to refine and enhance this trading option. With perpetual contracts, investors have the flexibility to choose between long positions, which involve buying and holding contracts for the long term, or short positions, which allow investors to sell contracts and acquire digital currencies. Perpetual contracts operate similarly to spot trading, utilizing margin trading. One notable feature of Bitget's perpetual contracts is the funding cost mechanism, which ensures that the contract's price index accurately reflects the market conditions.
Bitget Launchpad
Bitget has introduced a platform called Launchpad, which serves as a launchpad for featured project token rewards. Through Launchpad, users have the opportunity to earn rewards from featured projects by holding or exchanging their crypto assets. One example of a project launched on Bitget's Launchpad is Karmaverse (KNOT), a metaverse gaming platform that incorporates blockchain technology.
API Trading
Bitget offers API-initiated trading.
Fees
Bitget Trading Fees
When placing an order on an exchange, users are typically charged a trading fee, which is a fraction of the trade's value. These fees are often divided into two categories: taker fees and maker fees. Takers execute orders from the existing order book, while makers add orders to the book, enhancing liquidity on the platform. Taker fees are typically around 0.1% for spot trading, while maker fees are around 0.20%.
At Bitget, it's important to understand the options for spot trading and contracts. For spot trades, both takers and makers are subject to a fee of 0.20%. However, if users choose to pay the fees using Bitget's native token, the Bitget DeFi Token (BFT), the fee is reduced to 0.14%.
When trading contracts, buyers pay a trading fee of 0.06%, which can be further reduced to 0.04% with a discount. Additionally, users who click the registration link can enjoy a 33% discount on market orders. Makers, on the other hand, pay a fee of 0.02%.
Bitget Withdrawal Fees
Bitget applies a withdrawal fee of 0.0006 BTC for each BTC withdrawal, which is slightly higher compared to the average withdrawal fee in the industry. The industry average for BTC withdrawals is currently 0.00053 BTC per transaction.
Bitget Payment Methods
Bitget offers a range of deposit and withdrawal options, including the ability to buy crypto using fiat currencies through payment processors like Banxa and Mercuryo. Users can utilize payment methods such as Mastercard, VISA, Apple Pay, and Google Pay to purchase cryptocurrencies. Notably, Bitget does not impose fees on fiat currency deposits.
By accepting fiat currency deposits, Bitget is considered an “entry-level exchange.” However, it's important to note that specific fees may apply when buying cryptocurrencies through payment gateways, and these fees are determined by the payment processors rather than the exchange itself.
Deposit Methods
Bitget simplifies the process of buying and selling cryptocurrencies for its users. To deposit cryptocurrency, users can easily initiate a wire transfer, as credit or debit card deposits are not supported on the platform.
Depositing cryptocurrency is a straightforward process. By clicking the “Deposit” button, users are directed to a webpage where they can select the specific cryptocurrency they wish to deposit. The platform provides the user with a wallet address, which can be saved in their wallet or scanned using a QR code. This enables users to securely transfer their chosen cryptocurrency to their Bitget wallet.
Withdrawal Methods
Many users find the withdrawal process on Bitget to be convenient and user-friendly. When initiating a withdrawal, users can simply enter the required information, including the withdrawal amount. The exchange will apply withdrawal fees, which are clearly displayed to the user during the withdrawal process. Additionally, users can refer to the website for a comprehensive list of these charges.
For users who have not completed the KYC (Know Your Customer) procedure, the daily withdrawal limit is set at BTC 20 or the equivalent in other cryptocurrencies. However, users who have completed the verification process enjoy greater flexibility, with a maximum daily withdrawal limit of BTC 200.
Bitget Supported & Restricted Countries
Bitget is a globally accessible exchange and is popular among traders from various countries, including the USA, Nigeria, Ghana, South Africa, Canada, and more.
While Bitget welcomes users from many regions, there are certain countries that are restricted from accessing the platform. These include mainland China, Singapore, Hong Kong, North Korea, and Macau. Users from these restricted countries are not able to use Bitget for trading activities.
Bitget Customer Support
Bitget has received positive reviews for its strong customer protection measures. The platform is licensed and regulated by regulatory authorities in Australia, Canada, and the US. They prioritize the security of user assets by storing them in separate cold and hot wallets. Additionally, Bitget has been recognized for its high security standards, having received 12 A+ scores from SSL Labs.
To enhance account security, traders are required to enable two-factor authentication before they can initiate fund transfers on the platform. Bitget holds three licenses, obtained from The Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury, the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), and the Australian Transaction Reports and Analysis Center (AUSTRAC), further demonstrating its commitment to regulatory compliance and user protection.
Bitget FAQ's
What is Bitget?
Bitget is a cryptocurrency exchange platform that allows users to trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and more. It provides features such as spot trading, futures trading, leverage trading, and copy trading.
How can I create an account on Bitget?
To create an account on Bitget, you can visit their official website and click on the “Sign Up” or “Register” button. You will be prompted to provide your email address, create a password, and complete the necessary verification steps.
Is Bitget a regulated exchange?
Yes, Bitget is a regulated exchange. It holds licenses from regulatory authorities in Australia, Canada, and the US, ensuring compliance with legal and security standards.
What trading options are available on Bitget?
Bitget offers various trading options, including spot trading, futures trading, and leverage trading. Users can also engage in copy trading, where they can follow and replicate the trading strategies of successful traders.
