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This article will explore the platform’s various aspects, including its user experience, fee structure, and security measures, to assess whether Bitget is the right choice for traders and investors.
What is Bitget?
Established in 2018, Bitget is a globally renowned crypto exchange that serves over 20 million users across over 100 countries.
Moreover, Bitget has partnered with big figures such as football icon Lionel Messi. In October 2022, Bitget and Messi entered into a two-year collaboration, offering Messi’s fanbase a gateway to Web3 and crypto trading opportunities on the exchange.
Since 2021, Bitget has also been the exclusive crypto partner for PGL, supporting major esports events like PGL DOTA 2 Major Arlington 2022 and PGL Major Stockholm 2021.
Bitget maintained its strong performance into 2023. The TokenInsight Crypto CEX 2023 Q2 Highlights revealed Bitget’s continuous market dominance, holding a top 4 position in trading volume and increasing its market share to 8.1%.
In Q1 2023, the total trading volume of the top 15 exchanges hit $10.8 trillion, with Bitget claiming a 6.65% market share. Notably, Bitget’s spot market share impressively doubled from 2% to 6% by the end of Q2 of this year.
In August this year, the platform recorded the highest growth in derivatives market share industry-wide, as reported by CCdata.
At press time, Bitget is the 6th largest derivative trading platform per CoinMarketCap.
What Cryptos Can You Trade on Bitget?
Bitget offers a spot exchange for various mainstream cryptos, supporting over 600+ crypto tokens and nearly 700+ trading pairs. This includes major players like USDT, USDC, BTC, ETH, and Bitget’s token, BGB.
In May 2019, Bitget introduced USDT-margined futures, a user-friendly option for beginners in futures trading. Unlike Coin-margined futures, it doesn’t require holding the underlying coin to take long or short positions.
Further expanding its offerings, Bitget became the first exchange to launch USDC-margined futures in July 2021 through a partnership with Circle.
Bitget supports multiple futures options, including USDT-margined, USDC-margined, and Coin-margined futures, across 130 trading pairs.
In 2023, the platform’s native token, BGB, emerged as the best-performing exchange token, outperforming major cryptos like Bitcoin. The BGB token rallied by over 220% in 2023 and achieved 6 all-time highs in 2023, with the latest price being $0.58 on 16 November.
Bitget’s CSR Project
Bitget recently launched ‘Blockchain4Youth,’ a corporate social responsibility (CSR) project. This CSR aims to inspire and empower youth, encouraging active participation in blockchain and its applications.
It plans to invest a substantial sum of $10 million over the next five years. This shows the seriousness and long-term vision of the project.
A key feature of Blockchain4Youth is educational outreach. This is being implemented through Bitget Academy, which offers blockchain courses and certifications.
These educational efforts are designed to provide foundational knowledge and practical skills in blockchain.
Bitget is also collaborating with renowned universities globally. This involves hosting campus lectures, which likely spread awareness and stimulate interest among students in the blockchain space.
The project officially kicked off its educational phase with the launch of blockchain courses in Bitget Academy in late May.
Bitget Fee Structure
Bitget has a clear fee structure for spot and futures trading. Understanding these fees is crucial for traders to manage their costs effectively.
Deposit Fees: Bitget does not charge fees for depositing cryptos into your account. This is common among many exchanges to encourage users to transfer funds without extra costs.
Spot Trading Fees: For each spot trade, Bitget charges a standard fee of 0.1% for both Makers and Takers.
- Discount with BGB: Users can get a 20% discount on spot trading fees if they pay with BGB, Bitget’s native token. If you have BGB in your account, it will automatically be used to cover the trading fees. If your BGB balance is insufficient, the full fee is charged to the original payment method.
- Activating BGB Discount: Go to ‘Asset’ and click on the ‘BGB fee discount’ box under the ‘Spot account’ tab to enable this discount.
Futures Trading Fees: The fee structure is slightly different here. Makers pay a fee of 0.02%, while Takers pay a fee of 0.06% per trade.
Understanding Makers and Takers Makers are traders who add liquidity to the market by placing orders that are not immediately matched. For example, if you place a sell order for BTC at a currently unavailable price, you’re a Maker. Takers are those who remove liquidity by immediately matching existing orders. If you buy BTC at the current market price, you’re a Taker. Makers usually enjoy lower fees as they help the exchange maintain healthy liquidity.
Withdrawal Fees: Withdrawal fees on Bitget are subject to change based on market conditions. Always keep an eye on the fee schedule page on Bitget for the most recent rates. Starting from 2023, you could stake BGB to enjoy a certain number of free withdrawals every day.
Calculating Futures Trading Fees
Here’s how Bitget calculates futures trading fees:
- Formula: Transaction fee = Order value x Fee rate
- Order value: Number of contracts x Price per contract
Example:
Trader X takes a long position on 1 BTCUSDT futures contract at a market price of 30,000 USDT, and Trader Y (as a Maker) closes a long position with a limit order at the same price. The fees would be:
- Taker fee for Trader X = 1 (contract) × 30,000 USDT (price) × 0.06% (Taker fee rate) = 18 USDT.
- Maker fee for Trader Y = 1 (contract) × 30,000 USDT (price) × 0.02% (Maker fee rate) = 6 USDT.
Bitget’s fee structure encourages liquidity through lower Maker fees while providing options to reduce costs (like using BGB for Spot trading).
Bitget Features
Let’s look at Bitget’s key features, highlighting the platform’s practicality and utility.
Copy Trading
Bitget is known for being the first crypto exchange to introduce copy trading features in May 2020. This service is now available across various markets, including spot and futures trading.
In essence, Bitget has a system where less experienced traders (followers) can mirror the trading strategies and positions of more experienced traders (elite traders).
Elite traders benefit from sharing their strategies, often through a reward system, recognition, and other incentives the platform provides.
There are over 130,000 elite traders whose strategies can be copied. As per the Bitget website, more than 650,000 users actively follow elite traders, and these followers have collectively realized over $430 million in profits.
Users can start copy trading by simply choosing an elite trader to follow, with the process being quick and user-friendly.
They can earn higher profits by following market-proven strategies from elite traders. Users can gain insights and knowledge from experienced traders.
Types of Copy Trading on Bitget:
- Futures Copy Trading: Users can copy the futures orders of elite traders, which is ideal for those interested in futures markets.
- Elite Spot Trades: This option allows users to copy the trades of elite traders in spot markets.
- Bot Copy Trading: Users can subscribe to a strategist or purchase a trading bot, automating their trading process based on expert strategies.
- Insights Access: Connect with trading experts for the latest market trends and updates.
Those new to trading can start with either Spot or Futures Copy Trading, leveraging the expertise of experienced traders in volatile markets.
On the other hand, buying a bot or subscribing to a strategist can be ideal for users looking for an automated trading solution.
Seasoned traders can earn by becoming elite traders on Bitget, sharing their strategies, and managing follower subscriptions.
Elite Traders can earn up to 10% in profit share, receive rewards, and gain recognition as a ‘Star Trader.’ Strategists can earn from monthly subscriptions and can achieve global recognition.
Moreover, Insights Creators can have the opportunity to share their achievements and insights, scaling their presence and profits in the copy trading community.
Performance so far:
Bitget Earn
Bitget Earn is a comprehensive asset management platform under Bitget, designed to offer high-quality financial products with high yields and security.
This platform is built to meet a variety of investment needs and preferences.
Products Offered:
- Flexible Savings: Earn daily interest on crypto deposits; funds can be redeemed anytime.
- Shark Fin & Dual Investment: Other products with differing risk and reward profiles.
- Future Products: Plans to introduce more options for diverse user preferences.
Put simply, users can select products based on risk tolerance, subscribe to them, earn interest, and redeem their earnings.
Funds are deducted from the spot account upon subscription, and interest is paid daily after a two-day processing period.
Interest Calculation: Estimated daily interest = (subscription amount × Est. APR) ÷ 365.
On the other hand, Staking on Bitget involves earning through principal-guaranteed mining, with various cryptos available for staking.
Key staking features:
- Daily interest is credited, starting one day post-stake and payment on the next.
- Flexible and free staking and redemption process.
- Full earnings from the chain without Bitget taking a cut.
- Principal-protected, low-risk income; no setup or on-chain staking risks like slashing.
Cryptos Available for Staking: Includes ETH, MATIC, DOT, ADA, SOL, AVAX, APT, TONCOIN, IOTX, TIA, SUI, SEI, ATOM, LUNC, INJ, KAVA, ROSE, CANTO, and others. The platform offers competitive APRs for each.
Launchpool & Launchpad
Bitget’s Launchpool is accessible exclusively to BGB holders who have completed KYC verification, although it’s important to note that users from certain countries face restrictions.
This platform offers an appealing feature where rewards are calculated on an hourly basis, and users have the convenience of monitoring these rewards directly in their accounts.
A significant advantage of this system is its flexibility; staked assets are not locked and can be withdrawn at any time, providing users with greater control over their investments.
Additionally, Bitget has recently introduced specific pools tailored for beginner investors, alongside a reward system for existing users who successfully invite new participants.
This has significantly improved the average rate of return for users, making it an attractive option for those looking to maximize their earnings.
Moreover, Bitget has a Launchpad for users to stake and farm popular or newly listed tokens, offering a chance to invest in early-stage crypto projects.
Bitget Trading Bots: Automated Crypto Trading Tools
Bitget trading bots offer an automated solution for maximizing earnings. Operating 24/7, these bots are designed to leverage market fluctuations effectively.
Users have the option to utilize AI-recommended bots or customize their own. Bitget provides a range of bot types for different trading strategies, including spot and futures variations.
Bot Types:
- Grid Bots: Ideal for volatile markets, these bots focus on buying low and selling high.
- Martingale Bots: These bots periodically buy to reduce the cost basis and sell for profits when the market reverses.
- CTA Bots: Including MACD for trending markets and BOLL for flat or oscillating markets, these bots automatically profit by following specific market trends.
- Auto-Invest Bots: Suitable for market conditions, they optimize investment costs through regular, scheduled investments.
- AI Bots: Bitget’s AI bots simplify advanced trading strategies by offering intelligent parameter settings. Users can select their preferred AI bot and easily create orders without needing to input complex parameters themselves. These AI bots are available for both spot and futures trading strategies.
Bitget bot trading is free of charge, with transaction fees aligning with Bitget’s standard spot/futures fee structure.
Upon activating a bot, the invested funds are segregated from the user’s main trading account and are exclusively managed by the bot.
A recent example of Bitget’s top-performing trading bots, the Futures Martingale-Long bot focusing on ETHUSDT, showed impressive results.
Over 22 days, it achieved a 7-day profit of 5.00%, amounting to $941.78, from an investment of $73,910.64.
Users should understand the risks and assess their risk appetite accordingly. Reading the bot trading product descriptions thoroughly is important to make informed decisions.
Choosing the right bot involves understanding market conditions and selecting one that aligns with those conditions and your investment strategy.
BGB Airdrop
The Bitget Super Airdrop for its platform token BGB is designed to reward BGB holders by providing them with airdrops of new cryptos listed on the Bitget platform. This feature highlights the value of holding BGB by directly linking it to new asset listings on Bitget.
BGB holders must hold a minimum of 4,000 BGB for 15 consecutive days before the airdrop registration to be eligible for the Super Airdrop.
The allocation of airdropped tokens is calculated based on the average amount of BGB held during this qualification period.
Bitget Wallet, NFT Platform, And dApps (Web3 Ecosystem)
Bitget offers a comprehensive Web 3 ecosystem, including a multi-chain wallet, NFT platform, DApps, and swap functionality.
Here’s a breakdown of its key components:
- Bitget Wallet: This multi-chain wallet supports over 90 mainnets and 250,000+ cryptos. It’s tailored for Web3 trading and integrates with the broader Bitget ecosystem.
- Bitget Swap: An intelligent DEX aggregator, Bitget Swap facilitates instant token exchanges, providing access to a wide range of trading pairs and cross-chain swaps. It focuses on speed, convenience, and market information accuracy. Additional features include precise candlestick charts and flexible trading options like limit orders and contract trading with high leverage.
- NFT Marketplace: Bitget’s NFT platform aggregates collections from various marketplaces. It simplifies listing and buying NFTs, allowing transactions with various tokens.
- DApps Ecosystem: The platform offers over 20,000 DApps across various categories like DeFi, SocialFi, GameFi, etc. This forms part of its dynamic multi-chain ecosystem.
Bitget has a massive swap trading volume of $8 billion and caters to 12 million users across 168 countries, indicating widespread adoption and a robust user base.
It supports various wallet types, including hardware and MPC, and uses advanced security technology for multi-layered protection.
The platform also offers instant coin-to-coin exchanges and supports a variety of trading pairs. It’s designed for casual and serious traders, with features like limit orders and up to 125x leverage in contract trading.
Bitget also aggregates data from multiple protocols, ensuring comprehensive and accurate market information.
Bitget User Experience
Bitget has multilingual capabilities, supporting various languages, including English, Korean, Japanese, Russian, Spanish, Portuguese, Turkish, Vietnamese, French, German, and Chinese. This broad language support makes the platform accessible and user-friendly for a global audience.
Also, the platform focuses on user understanding and accessibility by featuring FAQs and risk disclosures on most featured pages.
This approach is particularly beneficial for beginners, helping them to comprehend and navigate the platform’s offerings easily.
Bitget has recently introduced a new address book feature, allowing users to manage multiple deposit addresses, up to 50, improving the convenience and organization of transactions.
It is also the first crypto exchange to support an EVM (Ethereum Virtual Machine)-compatible address. This simplifies the trading experience by allowing users to use a single EVM-compatible address across multiple blockchains.
As a result, users can trade, transact, and store assets using just one address across various chains, greatly simplifying the process.
Bitget Payment Methods
Bitget offers various methods to purchase cryptos using local fiat currencies. These include Quick Buy, P2P trading, Credit/Debit cards, and third-party payment providers, offering a wide range of user preferences and needs.
The website and app interfaces are designed to guide users smoothly through the purchasing process.
Users can easily start the purchase process by logging into their Bitget account and selecting ‘Buy Crypto’ (for desktop users) or ‘Add funds’ (for mobile users).
Desktop Users:
Mobile Users:
The platform provides instructions and options tailored to the user’s country or region on the website and through the mobile app.
Express Payments
Bitget’s ‘Express’ feature allows users to select the fastest options to buy cryptos for quick transactions. Users can simply click on the “Quick Buy” button.
The platform supports over 140 fiat currencies, 100+ cryptos, and 70+ payment methods, including widely recognized options like Mastercard, Visa, SEPA, and SWIFT.
P2P Trading
Bitget’s P2P Trading platform lets users buy cryptos directly from verified merchants using local currencies.
This method offers flexibility in terms of pricing and payment methods. The platform provides a simple process for selecting preferred crypto and fiat currencies from the ‘P2P Trading’ page.
P2P trading gives users more control over their transactions, allowing them to choose terms that best fit their needs.
Credit/Debit Card Payments
Users can also buy cryptos using credit or debit cards. This process is facilitated through the ‘Credit/Debit card’ page on Bitget, where users can choose their fiat and crypto, enter card details, and complete their purchases.
Third-Party Payment Providers
For those who prefer third-party services, Bitget has collaborated with many secure digital currency service providers.
This option is available on the ‘Third-Party’ page, where users can select their preferred currency, crypto, and payment method.
Bitget Minimum Deposit Amount & Withdrawal Times
Bitget has announced a new update to its bank deposit and withdrawal processes to improve user experience significantly.
This update focuses on quicker processing times and more favorable processing fees for Bitget users.
| Deposit Type | Currency | New Processing Time | Processing Fee | Minimum Deposit | Maximum Deposit |
| SEPA | EUR | Within 2 working days | 0 EUR | 15 EUR | 4,999 EUR |
| SEPA Instant | EUR | Immediate | 0 EUR | 15 EUR | 4,999 EUR |
| Faster Payments Service | GBP | Immediate | 0 GPB | 15 GBP | 4,999 GBP |
| PIX | BRL | Immediate | 0 BRL | 15 BRL | 4,999 BRL |
Bitget Customer Support
Bitget integrates top-notch technologies in its operations. It has an A+ rating from SSL Labs certification and backing from four major security vendors.
The platform offers 24/7 customer support in various languages, catering to a global user base. This multilingual support is crucial in addressing the needs of users from different regions promptly and effectively.
Bitget also features a BGBOT, an automated chatbot that provides 24/7 assistance. This tool is particularly useful for immediate, automated responses to standard queries.
Users can visit the ‘Support’ section on Bitget’s website for comprehensive frequently asked questions. This section also offers a range of self-service options, enabling users to manage various aspects of their accounts independently.
Key features of this section include:
- Submitting a Ticket: This option is crucial for resolving more complex or specific user queries that require personal attention from the support team.
- Demo Version: A particularly notable feature where users can access a demo account, allowing them to practice trading without financial risk.
Bitget Accepted Countries
Bitget operates globally, but it’s important to note that the platform adheres to international regulations and laws, which results in certain restrictions in specific countries or regions.
Based on the information provided in Bitget’s ‘Identity Verification FAQ section,’ the platform does not offer its services to users from various countries and regions due to various regulatory and legal constraints.
These countries and regions include:
- United States
- Canada (Ontario)
- Cuba
- Crimea
- Hong Kong
- Iran
- North Korea
- Sudan
- Singapore
- Syria
It’s worth noting that the list of restricted countries may change over time, reflecting shifts in international relations, sanctions, and regulations.
While Bitget is globally oriented, users should stay informed about the legal status of such platforms in their respective countries or regions.
Is Bitget Safe? Licensing & Security
In 2022, Bitget established a Protection Fund, amounting to US$410 million as of Dec 2023, consisting of cryptos like BTC, ETH, USDC, and USDT.
This fund is designed to safeguard users’ assets in adverse situations. Remarkably, the fund’s value surged to over US$400 million by mid-2023, reflecting the recovery of Bitcoin prices. The fund’s assets are stored in publicly visible wallets, improving transparency and trust.
- Proof of Reserves and Asset Transparency: Bitget’s commitment to transparency is evident in its monthly Proof of Reserves (PoR) updates. These reports show a reserve ratio consistently exceeding 200%, well above the industry standard, ensuring that customer funds are adequately backed. PoR will be updated monthly, ensuring a 1:1 reserve ratio for customer funds. Additionally, Bitget collaborates with Space and Time for a tamperproof audit, increasing confidence in their reserve claims. They also offer an open-source tool, ‘Merklevalidator, ‘ for users to verify their platform assets independently.
- Asset Storage Method: Many of Bitget’s digital assets are stored in cold, offline, multi-signature wallets. This method greatly reduces the risk of hacking and unauthorized access, a standard practice for enhancing crypto asset security.
- Licensing and Regulation: The platform’s registration as a Virtual Asset Service Provider (VASP) in Poland marks a significant step in its expansion within the EU. This registration aligns with local and international regulatory requirements, offering a legally compliant and transparent trading experience. Furthermore, Bitget’s registration in Lithuania reflects its commitment to adhering to evolving digital asset legislation, improving its global presence and credibility.
- KYC Procedures: Bitget implements mandatory Know Your Customer (KYC) procedures to increase security. These include identity and address verifications utilizing advanced eKYC technology like facial recognition. This process prevents fraudulent activities and streamlines user verification, balancing security with user convenience.
- Transparency and Reporting Efforts: Quarterly transparency reports published on their website offer insights into the exchange’s financial health and operational compliance. Open to public scrutiny, these reports reinforce user trust by highlighting the platform’s commitment to transparent and ethical practices.
Conclusion
Bitget is one the biggest crypto exchanges with 500+ crypto trading pairs, including options like USDT/USDC-margined futures, and caters to a diverse user base, from beginners to experienced traders.
Its rapid growth, particularly during the bear market, highlights its resilience amid market volatility. With a transaction volume surge of over 300% in 2022, Bitget has solidified its position globally among the top derivatives trading platforms.
Moreover, Bitget’s recent announcement of the BGB token airdrop and the Bitget Card shows how the platform integrates crypto utility with more real-world applications.
Bitget’s blend of innovative features, strong security measures, and regulatory compliance positions it as a competitive and reliable platform.
Its focus on user experience and continuous adaptation to market needs suggest a promising trajectory for the exchange.
References
- https://www.bitget.com/
- https://coinmarketcap.com/exchanges/bitget/
- https://coinmarketcap.com/rankings/exchanges/derivatives/
- https://www.bitget.com/aboutus
- https://www.nytimes.com/2022/11/10/technology/ftx-binance-crypto-explained.html
- https://www.prnewswire.com/in/news-releases/bitget-records-over-300-growth-in-derivatives-trading-806358262.html
- https://www.coingecko.com/en/coins/bitget-token
- https://www.tradingview.com/symbols/BGBUSDT/
- https://www.bitget.com/fee?tab=1
- https://www.bitget.com/academy/Fee-Structure-and-Fee-Calculations-on-Bitget
- https://www.bitget.com/support/articles/12560603782621
- https://www.bitget.com/protection-fund
- https://www.bitget.com/en/support/articles/12560603775501
- https://assets-global.website-files.com/63e3774c88285e5c6cbf3b9d/64f96b673f593ef7a7411094_Exchange%20Review%20August%202023%20.pdf
- https://s2.tokeninsight.com/static/research/file/levelPdf/TokenInsight_Crypto_Exchanges_Report_2023Q2.pdf
