Bitget Review

Bitget Review 2024: Is It A Safe and Reliable Crypto Exchange?

TL;DR

This Bitget review delves into the leading crypto exchange based in Singapore. It offers innovative features like spot, copy, and futures trading, supporting over 500 cryptocurrencies.

With Quanto Swap, ICOs launchpad, and savings options with up to 100% APR, it suits both beginners and advanced traders. The competitive fees range from 0.02% to 0.1%, and paying in BGB tokens grants a 20% fee discount.

However, it needs more diverse withdrawal options, a less responsive support team, and more information about savings features.

Biget At Glance

Company Overview

Bitget is a cryptocurrency exchange based in Singapore. Founded by Sandra Lou as CEO and Junyi Zhong as Chief Sales Officer, it was launched in 2018.

Sandra has a decade of internet industry experience and is passionate about blockchain and investing. Junyi, the COO, brings eight years of financial industry expertise and is an avid crypto trader and investor.

Bitget operates under the regulation of authorities like the Monetary Authority of Singapore (MAS), AUSTRAC, and Canadian FINTRAC, ensuring compliance with local laws for a secure trading environment.

With a global team of 600 professionals spanning various fields, including finance, technology, and customer service, Bitget strives to deliver innovative and user-friendly products and services for the crypto community.

Who should use Bitget?

Here is who should use Bitget to level up their crypto trading:

For Beginners

Bitget stands out with its innovative trading solutions for beginners, including the Bitget One-Click Copy Trade feature and a dedicated learning resource center. It allows new users to follow experienced traders and achieve their goals without prior trading knowledge.

Bitget pioneered futures copy trade trading, featuring the convenient “One-Click” copy trade functionality. It makes it accessible for newcomers to implement advanced futures trading strategies.

For Savvy Traders

The platform offers high-leverage options for savvy traders, enabling them to amplify their positions with high leverage for futures trading and 10x for options trading. Bitget’s robust risk management system enhances trading security, including protection funds, insurance funds, liquidation engines, and anti-manipulation mechanisms.

Moreover, the Bitget Token (BGB) provides additional benefits such as fee discounts, voting rights, airdrops, and more, catering to the preferences of experienced traders.

Restricted countries

Bitget is an exchange that global traders use, with support from users in countries like the USA, Nigeria, Ghana, South Africa, Canada, etc.

Restricted countries for Bitget services include:

• Mainland China
• Singapore
• Hong Kong
• North Korea
• Macau

Fees and costs on Bitget

Bitget implements trading fees when users place orders. These trading fees are typically a fraction of the trade value. On many exchanges, trading fees are split between makers and takers.

Takers execute existing orders from the order book, while makers add new orders, boosting platform liquidity and trading prices. At the Bitget exchange, takers and makers pay a 0.1% fee for spot trading. However, when users pay fees with the Bitget exchange’s native token, the Bitget DeFi Token (BFT), the fee is reduced to 0.08%.

Buyers pay a fee of 0.06% for contract trading, which can be discounted to 0.04%. Additionally, users who register through a specific link receive a 33% discount on market orders. Makers, on the other hand, pay a fee of 0.02%. Regarding withdrawal fees, Bitget charges a withdrawal fee of 0.0005 BTC for each BTC withdrawal.

Bitget Review: Key Features & Perks

Let’s dive into the key features of Bitget and discuss each briefly.

Diverse crypto support

Bitget supports more than 500+ cryptocurrencies for trading, focusing on derivatives trading. The supported cryptos include:

• Adventure Gold (AGLD)
• Cardano (ADA)
• Bitcoin Cash (BCH)
• SushiSwap (SUSHI)
• ChainLink (LINK)
• Ethereum Classic (ETC)
• Filecoin (FIL)
• Litecoin (LTC)
• Polkadot (DOT)
• Ripple (XRP)
• Tezos (XTZ)
• Tether (USDT)
• Uniswap (UNI)
• TRON
• Ethereum (ETH)
• Yield Guild Games (YGG)

Spot trading on Bitget

Bitget offers a diverse selection of over 500 trading pairs for spot trading. Users familiar with other crypto trading platforms will easily navigate Bitget’s spot trading screen. Furthermore, the layout is structured and easy to navigate. It offers lightning-fast order execution, crucial for avoiding issues such as slippage.

TradingView, a popular choice among many crypto traders for good reasons, powers the charting screen on Bitget. This highly advanced charting tool caters to traders of all levels.

With TradingView, traders can perform comprehensive technical analysis and execute trades conveniently on a single screen within the platform, eliminating the need to switch between trading and charting platforms.

Futures Trading for pros

Bitget provides various options for advanced traders, including USDT-M Futures, USDT-M Demo, Coin-M Futures, Coin-M Futures Demo, USDC Futures, and Simulated USDC Futures.

Regarding futures trading, Bitget offers leverage up to 125x, depending on the specific trading pair. Traders can choose from two position modes:

• Cross: This mode allows using all available funds in the futures account as margin, enabling risk-sharing and enhancing resilience against losses.
• Isolated: In this mode, the risk of each position is calculated independently.

For order types, traders can select from the following options:

• Limit
• Market
• Trailing Stop
• Trigger (via trigger or post only)

Furthermore, the futures charting screen on Bitget is powered by TradingView, ensuring access to comprehensive features and functions.

Besides that, a notable part of the trading platform is its convenient placement of the margin ratio, account information, futures information, and analytics neatly tucked away on the side of the screen.

Bitget Launchpad for ICOs

Bitget offers insights on upcoming launches through the Launchpad portal, enabling customers to evaluate projects and make informed investment decisions based on their risk profiles and investment theses.

It’s an empowering opportunity for traders to conduct their due diligence before getting involved. Launchpads like Bitget and Binance have garnered my admiration. They offer average traders/investors early access to projects, a privilege previously limited to VC firms and those with deep pockets and influential connections.

Participating in the platform’s launchpad can be highly lucrative, with potential gains reaching astronomical levels during bullish market phases. Unlike others, Bitget selects promising projects for clients to invest in, allowing them to buy tokens before official listing on the platform.

Copy trading option

While few crypto exchanges offer copy trading, Bitget stands as it allows users to copy trades from high-performing traders, a feature we highly appreciate for its numerous benefits:

• Beginner traders can learn from experienced traders while earning income, akin to an apprentice learning from a skilled artisan.
• Experienced traders can generate extra income by sharing their workload and diversifying their trading across different assets.
• Traders can focus on their expertise, such as Bitcoin, while copying the trades of specialists in other cryptocurrencies, like Ethereum.
• Experienced traders can share their strategies, earn profits from followers, and help others succeed.
• Traders seeking hassle-free income can copy the trades of seasoned professionals.

Notably, Bitget copy trading emphasizes transparency. It offers a Leaderboards section where users can explore the top-ranked 500 traders, their stats, and filter options based on total P&L, copier’s P&L, followers, ROI, and AUM.

Plus, Spot copy trading provides a top-tier, low-slippage, low-latency, and low-maintenance trading experience, allowing both novice and experienced traders to easily emulate the success of Bitget’s top traders while enjoying diversification.

Quanto Swap contracts

Bitget offers an exclusive feature called Quanto Swap Contract trading. With this feature, users can utilize their diverse crypto assets as collateral and engage in margin trading with a wide range of crypto trading pairs.

One significant advantage of Quanto is that it enables you to preserve the charges associated with converting one coin to another while accumulating profits resulting from an increase in the coin’s value.

Using Quanto is straightforward. You select your desired trading pair, order type, and leverage. You choose your order’s direction once you input the quantity and order price.

Earn passive income with PoS staking

Regarding Bitget’s earn section, there are some notable limitations. In comparison, platforms like Binance provide a wide range of earn products for numerous assets, catering to varying risk levels.

While Bitget may be a better choice for those seeking to earn APR on seven tokens, including ETH, ATOM, and KAWA. As a US-regulated exchange, it restricts offerings to maintain compliance with regulators.

Bitget GroupCoin

GroupCoin is a unique and intriguing feature that differentiates Bitget from other platforms. It allows users to purchase featured cryptocurrencies at discounted prices through group purchases. The more participants join the group, the better the deal becomes for buyers.

Here’s how it works: Users pledge a supported crypto asset, usually USDT, to an event. At the end of the event, users receive the corresponding amount of the event token based on their pledge. This is a practical feature that adds value and benefits to users.

However, similar to the earn feature, you’ll notice a lack of available events. There was a Bitcoin event earlier this year, but no upcoming events are listed. Hopefully, Bitget will introduce new events soon, as this feature has the potential to attract a significant number of customers due to its appealing nature.

Easy Deposits and withdrawals methods

Bitget offers several deposit and withdrawal methods. In 2021, they introduced deposit options to buy crypto with fiat using payment processors like Banxa and Mercuryo. Payment methods such as Mastercard, VISA, Apple Pay, and Google Pay are accepted for purchasing crypto, with no fees charged for fiat deposits.

Bitget only accepts wire transfers, not credit or debit cards, for depositing cryptocurrency. Depositing crypto is straightforward, where users select the desired cryptocurrency, receive the wallet address, and can scan the QR code.

Withdrawing funds on Bitget is easy, as users enter the full withdrawal address, details, and the desired amount. Withdrawal fees are applied, which are displayed during the withdrawal process. The website provides a comprehensive list of these charges.

With higher daily withdrawal limits, KYC-verified users have more flexibility, while non-verified users have a maximum daily limit of BTC 20 or its equivalent in other cryptocurrencies.

BGB Token

BGB is the official utility token of Bitget, serving multiple purposes within its ecosystem. As an ERC-20 token, BGB enables various functionalities and benefits:

• Fee Deduction: Users can enjoy discounted transaction fees on the exchange by using BGB. It includes a 20% discount on futures contracts and spot transaction fees.
• Contract Margin: BGB can be utilized as a contract margin in contract trading.
• Trade-to-Earn Program: Specific traders participating in Bitget’s “Trade-to-Earn” program are rewarded with BGB tokens.
• Trading Fee Discount: Bitget traders can receive up to a 20% discount on trading fees by using BGB.
• Coin Margined Futures Discount: Using BGB margins in “coin margined futures” trading allows users to enjoy a 15% discount on associated charges.
• Partnership Opportunities: Traders can use BGB tokens to explore potential partnership opportunities and contribute to the continuous growth of the trading platform.

What are the advantages of Bitget?

Let’s explore some benefits of using Bitget.

Mobile app

While most experienced crypto traders favor desktops for their larger screens, mobile trading options are also popular among specific traders. Fortunately, Bitget offers a mobile app that provides almost all the features available on the web app.

Users can also use the Bitget mobile app to conveniently access the platform’s functionalities on their mobile devices. The Bitget mobile app is compatible with iOS and Android operating systems, ensuring accessibility for many users.

With the mobile app, traders can enjoy the flexibility of managing their trades and accessing important features while on the go.

Bitget savings option

Bitget’s savings section allows users to deposit their cryptocurrencies and earn daily interest with the flexibility to redeem anytime.

The APRs provided in the savings section are attractive. They range from 1.56% for BTC (Bitcoin) to 3% for ETH (Ethereum), with 100% APR on XUI. Currently, are 125+ assets available for saving, which is a respectable offering.

Security and safety

Bitget prioritizes security and privacy to ensure customer protection. The platform holds licenses from regulatory authorities in Australia, Canada, and the US. User assets are safeguarded in separate cold and hot wallets. Bitget has 12 A+ scores at SSL Labs, indicating high-security standards. Traders are required to activate two-factor authentication for fund transfers.

Bitget holds licenses from the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury for operations in the United States. In Canada, the platform is licensed by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). Additionally, Bitget has obtained a license from the Australian Transaction Reports and Analysis Center (AUSTRAC) for its operations in Australia.

Responsive customer support

The Bitget customer support team is readily available to respond to all inquiries and provide assistance. It offers support through numerous channels, including social media handles.

Users who need help understanding trading procedures can access live chat support and comprehensive tutorials and guidelines covering all process aspects. The platform also features a frequently asked questions (FAQ) section, which addresses fundamental queries to ensure users get all essential information.

Getting started with Bitget

Follow these simple steps to create a Bitget account in just a few minutes.

4.6

Read our review

Tradable Coins

• 500+

Payment Options

Fees

• 0.02% – 0.1%

Get started

More details

Bitget, the crypto exchange platform, provides low transaction fees, eliminates the need for third parties, and offers copy trading features. With it, you have complete control over your account and benefit from robust security measures. The copy trading function on the Bitget platform simplifies everything for users.

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  Lowest trading fees.

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  No buying fees.

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  Advanced copy trading.

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  Diverse crypto support.

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  Savings can be improved.

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  Unresponsive customer support.

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  Limited withdrawal options.

Step 1: Visit the website

First, visit the Bitget website and click the [Sign up] button.

Step 2: Enter details

Next, you can use your mobile or e-mail to open an account. We recommend using your e-mail, so put in the details. When done, click [Create Account].

Step 3: Verify e-mail address

After that, you will receive a verification code on your e-mail address. Put in the code and tap [Sign Up].

Congratulations! You are all set.

Bitget KYC and Account Verification

To ensure the safety of user accounts and protect against financial and fraud risks, Bitget follows comprehensive Know Your Customer (KYC) standards. Completing the KYC process is mandatory for accessing Bitget’s exchange services and products.

Verifying your identity on Bitget is a simple process. Traders need to enter the verification code sent to their account and click on “Account Information.”

They can then provide details like their name, nationality, secure password, and first name and upload government-issued ID images. Once the ID verification code is received, users can open an account.

Drawbacks of Bitget

Despite its unique features, Bitget has some drawbacks that could be deal-breakers for multiple people.

• Improving the Earn and Savings Section: The Earn and Savings section on Bitget can be enhanced to provide a better user experience. It needs more clarity on interest rates, terms, and associated risks. Users may need help when trying to withdraw their funds from this section.
• Enhancing Customer Support: While Bitget offers 24/7 multilingual online support with 1-on-1 VIP access, there have been reports of slow or unresponsive customer service. Some users have expressed dissatisfaction with the need for phone or e-mail support.
• Expanding Withdrawal Options: Bitget supports over 40 fiat currencies for deposits but lacks fiat withdrawal methods. Users can only withdraw cryptocurrency funds, which may involve additional fees or conversion rates. Withdrawal restrictions or delays may also be encountered due to security or compliance measures.

Bitget Review: Our Verdict

Bitget has positioned itself as a leading crypto exchange in Asia, aiming to offer users a better trading experience. With a wide range of more minor market currencies and the ability to engage in copy trading, Bitget emerges as an attractive option.

The platform caters to beginners and advanced traders, providing a fair and comprehensive trading environment. Notably, Bitget prioritizes client safety by implementing robust security measures. With its unique futures trading platform and user-friendly interface, Bitget stands out as a distinctive exchange.

Furthermore, the platform’s user-friendly experience and low fees make it an ideal choice for individuals venturing into the trading sphere and seeking to buy cryptocurrencies.