Cryptocurrencies are soaring in popularity, and with good reason. They offer a unique opportunity to make speculative investments with the potential for enormous payouts. But trading cryptocurrencies is no easy task – it requires patience, skill, and knowledge of the market.
That’s where Bitget comes in–this fast and easy cryptocurrency trading platform makes it easy for you to enter and exit the market, so you can make the most of your investment. Plus, their high-quality customer service is always there to help you out when you need it. In this Bitget review article, we take a look at Bitget and how it works in the cryptocurrency market. We’ll also give you our opinion on their quality customer service.
Table of Contents
|Funding Method||Fiat currencies, cryptocurrencies|
|Crypto Supported||250+ cryptocurrencies, including Bitcoin, Ethereum, and Litecoin|
|Countries||Licensed to operate in 100+ nations, including the US, Canada, Australia, Singapore, and the Philippines|
|Security Partners||Armors, HEAP, Qingsong Cloud Security, Suntwin Technology|
|Mobile App||Android, iOS|
|Trading Volume||$5.6 billion|
|KYC Requirement||No KYC is required for most functions|
Pros & Cons
- 24/7 multilingual online support with 1-on-1 VIP access support
- Segregation of hot and cold wallets
- Single-click copy trading
- Secure and seamless trading
- Available on many devices
- Excellent user-interface
- Supports over 40 fiats
- Reasonable trading fees
- Progressive futures market
- High purchasing fees
- No fiat withdrawal methods
- Might not have a user-friendly interface
What is Bitget?
Bitget is a crypto trading platform that offers users a wide range of features and tools to help them make informed decisions about their investments. It boasts a fast and easy-to-use interface, as well as an extensive library of tools and resources to help traders achieve their goals.
Bitget focuses on trading, mainly on futures trading and spot trading. The former functions as a financial instrument that depends on the price of another asset–like stock or bond. They determine the prices of various cryptocurrencies in the crypto market.
Bitget also offers a variety of features that are unique in the crypto trading realm, such as its community Rewards Center, which provides recognition and support for its customers. This cryptocurrency exchange also promises to offer the safest and most efficient trading experience on any device chosen by its customers.
In this Bitget exchange review, we’ve compiled some of the most impressive features of the trading platform. Take a look at our list as we briefly introduce them to you.
Bitget copy trading enables a trader to simply copy the positions held by another trader. They choose the amount they want to invest and simply duplicate whatever the trader does in real time. When the trader makes a deal, the user account makes the identical trade.
In the Bitget exchange, the copy trade feature can be seen in various ways depending on the type of user you are.
- Beginner Traders. Novice traders can examine the trades and learn from far more experienced traders while generating an income, similar to how an apprentice learns from a skilled artisan.
- Experienced Traders. Traders who have been in the field long have this for a secondary hustle. There are a lot of assets to trade and too many charts to observe for one person, so others would find a way to find trading pairs and divide the workload.
- Diverse Traders. Copy trading appeals to traders trying to diversify. Suppose a trader has mastered Ethereum and is a specialist in ETH trading. In that case, they may concentrate on that and look for a trader who excels in BTC’s behaviors, trends, and price movements and mimic their Bitcoin transactions.
Just a quick reminder that trading is also accompanied by risks, such as ones caused by market volatility and liquidity. As a trader, you may also make mistakes. However, making the right choices will help you diversify your returns through copy trading.
As of this writing, Bitget ranks 5th in the Top Cryptocurrency Derivatives Exchanges according to CoinMarketCap. It earned its place just a little lower than other exchanges like Binance, OKX, Bybit, and KuCoin.
So, if you’re interested in learning how you can start to copy trade on Bitget, we got you! Below are the steps on how you can do it.
Step 1: From the upper right part of the screen, click “Assets” then head on to “Deposit”
Step 2: Fill out all necessary details
You can choose among the myriad of options available on the platform. For this brief tutorial, however, we’ll use USDT as our coin and TRX (TRC20) for our Chain name.
Don’t forget to copy your deposit address by clicking the sign next to it. You may also use the QR code for your withdrawal form later.
To ensure that your deposit entered your account, you can check it out in the Assets section. We recommend you move it from Spot Account to Futures in preparation for your copy trade.
Step 3: Click the “Copy Trading” tab on the screen
Soon as you click that, it will lead you to a list of available traders whom we can copy trades with.
Step 4: Choose a Trader to copy
The “Full” sign next to a trader’s name indicates that we cannot copy their trades for the reason that the trade is limited. So, ensure to find available ones. You may also use the Search Bar at the corner if you have a specific trader in mind.
To have a better understanding of how you can choose a trader to copy, look at its Trader’s Profile and study its data.
The data consists of the following:
- Return of Investment (ROI) – what potential profits or losses a trader could expect from a certain asset in percentage form
- Trading Order – an arrangement to buy or sell a particular asset at a particular price or range
- Accumulated Followers – the number of traders who have subscribed to the copy trader’s feed
- Total P&L – The 30-day profit/loss ratio and margin position with the highest margin
- Gain – the net benefits that ensue when the current price of an asset owed exceeds the initial purchase price
- Loss – the difference in value between the transaction performed at the Prevailing Price and the worth of the error trade
As seen in the image above, this trader’s user preference is unequally divided between BTCUSDT and ETHUSDT, with the latter being more prominent than the former.
Step 5: Follow your preferred Trader
Once you start following their trades, you’ll get a record of your copy trading history with them in your data.
Step 6: Edit the operation from the “My Trader” section
After following a desired Trader to copy, it will lead you to your Copy Trade Data. From there, you can edit the operation according to your liking. Make sure to only risk what you’re ready to lose.
Just fill out the rest of the needed details and trust your Trader.
Strategy trading, also referred to as mirror trading, is a type of cryptocurrency investment and trading that employs autonomous bots designed by professional strategists and specialists in the area. Akin to Copy Trading, people new to the market may rely on the knowledge of certified experts by adopting their trading techniques. Meanwhile, seasoned professionals can supplement their income by delivering these tactics for a fee.
Unlike Copy Trading, however, the strategies employed in Strategy Trading are substantially different. Instead, the authorized strategist will develop bots that are driven by algorithms built based on predefined criteria that reflect market circumstances. When specific parameters are satisfied, these bots will execute orders automatically, opening and closing positions with no necessity for human intervention.
Bitget provides a decent range of over 200 pairs for spot trading. Anyone who has used previous cryptocurrency trading platforms will find it easy to use the spot trading interface. It’s well-designed and easy to use, and the order execution is lightning-quick, which is vital for avoiding difficulties like slippage.
When it comes to Spot Trading, Bitget recommends two things to keep in mind:
- You will be the proprietor of acquired assets. After the transaction is completed, the asset you would like to buy will be sent immediately to your trading wallet.
- Margin and leverage are not accessible for Spot Trading. Since most exchanges do not provide margin or leverage for Spot Trading, you cannot borrow cash to increase your earnings. If you hold 1,000 USDT in your Spot account, you could only buy Ethereum, for example, for that amount.
At its best, futures and futures trading enables traders to enhance their capital allocation by introducing margin and leverage, mitigating portfolio risks, and smoothing out fluctuations. It also follows a futures contract, which is an arrangement between two individuals to trade a particular asset at a specified future time and price. Most traders choose futures trading due to the increased liquidity, which coincides with a lesser risk of default.
Every futures contract must have the following items in order to function:
- The underlying asset, which is the “source” of futures value. Commodities, equities, interest rates, and even digital currencies can be the subject of a futures contract.
- The date of expiry
- The method of settlement
Quanto Swap Contract
The Quanto Swap contract is a relatively new concept in the crypto community, and Bitget is–by far–the only platform that offers this. The Quanto Swap contract accepts numerous digital currencies as transaction margins, including cross-currency transactions. It improves the trader’s operating efficiency by reducing the digital currency conversion procedure and lowering transaction fees.
This unique contract is designed to replace the traditional reading approach. It gives customers additional trading alternatives, optimizes money use, and earns trading profits and gains from price increases.
The critical advantage of Quanto is that it can keep your coin-to-coin conversion expenses while also letting you collect gains from the higher price of the coin-margined futures. This functionality enables users to utilize various crypto assets as collateral and then undertake margin trading with multiple trading pairs.
Proof of Reserve
Bitget’s ‘Proof of Reserves‘ activities is an auditing method that is traceable through cryptographic proofs, verification of public wallet ownership, and recurrent audits to verify an exchange’s holdings.
They guarantee that 100% of their customers’ assets will be held in reserve and will disclose its Merkle Tree proof and platform reserves and reserve ratio monthly. Bitget keeps the hash of every account holder’s assets in a Merkle tree leaf node. Users may check the total quantity of assets recorded in the platform’s Merkle tree leaf nodes to ensure that their funds are contained within the Merkle tree.
The table below goes into the cost structure and charge computations used on the Bitget platform for spot and futures trading.
Bitget Fee Structure
|Trading Fees||Spot Trading – Each trade will be subject to a standard trading charge of 0.1% for both the Maker and the TakerFees may be reduced by 20% when using Bitget Tokens (BGB) to pay.|
Futures Trading – Each trade will be subject to a transaction charge of 0.02% for the Maker and 0.06% for the Taker.
|Withdrawal Fees||Bitget’s withdrawal costs are automatically adjusted according to market conditions.|
NOTE: Bitget updates its fees every once in a while. They post this on their schedule page.
Bitget Futures Trading Fee Calculation Formula
Order value x Fee rate = Transaction Fee
(Order value refers to the number of contracts multiplied by their price)
All paid transactions made, such as buying cryptocurrencies in the Bitget cryptocurrency exchange, can be paid through the following options:
- Credit Cards
- Apple Pay
- Google Pay
Bitget Customer Service
Bitget crypto exchange has more than 1.2 million registered users globally, ranking 5th in their daily average contract trading volume back in July 2020. Given that, it ensures providing the most satisfactory customer service possible.
For their clients, they offer:
- 24/7 Multilingual Support
- 1-on-1 Services for VIPs
- Announcement Center
- Help Articles
The Bitget cryptocurrency exchange stands by its mantra: “Your Security, Our Priority” to give relief to its users who have doubts about entrusting their assets to online platforms. Bitget must truly safeguard its users since it has a large assortment of cryptocurrencies and tokens for sale on the spot and in futures markets.
First and foremost, Bitget is dedicated to keeping a $300 million emergency insurance reserve for its customers. The exchange platform has pledged to grow the fund to a sizable level in the form of a portion of trading fees to safeguard users.
Second, they enable 2-factor authentication (2FA) to protect users from potential fraud or phishing. This security feature allows users to validate themselves by providing two distinct authentication factors.
Third, Bitget exchange has never been hacked before. This proves how serious they are when it comes to providing security to its traders and their assets.
Lastly, the platform has received regulatory approval in Canada, Australia, and the United States. This implies they have obtained permission to operate, even in nations where cryptocurrencies and exchanges are strictly limited.
As a result, they strengthen their security in order to give traders a secure and reliable trading environment when using their platform. The trading network also commits to:
- Transparency and integrity – making wallet addresses publicly available
- Reliability – Bitget has continuous monitoring in the size of fund to ensure its adequacy
- Efficiency – the self-funded protection fund will cover any user’s loss with no external bureaucracy
How to Start Trading on Bitget?
One thing that makes the Bitget exchange an ideal platform for trading is that new tokens are posted nearly daily. Having said that, traders are provided with a diverse range of cryptocurrencies to optimize the profit prospects of over 2 million dedicated traders from over 100 countries.
Follow the steps below to begin your spot trading journey with a faster and more secure experience with Bitget.
Step 1: Start your Bitget account
Bitget offers up to $4,163 rewards for their new users. The prize can be claimed in their rewards center.
You can create an account using their phone number or email address.
If you already have an account, you can log in through three options: phone number, email address, or QR code.
Step 2: Deposit your asset in Bitget
To deposit using fiat currencies, you must verify your account first by heading to your profile and choosing ID Verification.
After that, you can choose between Individual Verification and Institution Verification options.
Both offer significant advantages, but with the latter, you’re given a chance to experience one-on-one services as one of their key customers.
Just complete the process by inputting all the necessary details required.
To deposit using cryptocurrencies in the Bitget exchange, simply head to Assets at the top of the page. From there, click deposit.
You may also click the “Deposit” button at the center of the screen if it shows, just like what you see in the photo above.
You can select the token you want to purchase on the Bitget crypto exchange by clicking on the drop-down arrow beside BTC.
Fill out all the needed details. For the chain name, we chose the Binance Smart Chain, and its deposit address will appear in an instant. The tokens will be automatically transferred to your preferred destination among available options.
Step 3: Once you’ve made your deposit, go to Bitget Spot Trading and browse through the cryptocurrency options.
You can use their real-time order book to help you adjust your pricing for bids.
Step 4: Select your preferred pair.
Remember to provide the amount for market orders along with other conditional orders. When you’re finished, click “Buy” or “Sell.”
Step 5: Head to “Spot” on Assets to check your assets
The standard token shown is Bitcoin (BTC), but you can change that by clicking the drop-down arrow next to it.
How to Transfer Funds at Bitget?
Follow the step-by-step tutorial below to transfer your funds at Bitget.
Step 1: Log in to your Bitget Account through the mobile app or the Bitget Website
Step 2: Head to “Assets” and click “Withdraw”
Step 3: Click the “Internal Funds Transfer” option
Step 4: Choose among the account types–email, phone address, or UID
Step 5: Enter desired amount to transfer, along with other necessary details, before clicking “Submit”
Take note that Internal Funds Transfer doesn’t cost you anything. This process may undertake 1-3 minutes of transfer time.
Bitget is a trading platform that offers users a variety of features to make trading easier. Bitget says its platform is the fastest and easiest way to trade cryptocurrencies, fiat currencies, and options. It has plenty of excellent features to offer, so in making your trading decisions, you can really consider joining the platform.
Is Bitget trusted?
Yes, Bitget is a secure trading platform that is regulated in countries like Australia, Canada, and the United States. According to their website, they have also obtained 12 A+ ratings from SSL Labs.
Can I use Bitget without KYC?
Bitget exchange requires “Know Your Customer (KYC)” to its users. They do this to verify user identity and protect accounts from phishing and other types of fraud and financial risks.
Where is Bitget located?
Bitget is a Singapore-based platform. However, it offers its trading services to more than 100 countries, including Canada and the US.
What is the minimum deposit for Bitget?
The minimum deposit amount in the Bitget exchange depends on the cryptocurrencies, and deposits less than that amount will not be accepted. Meanwhile, there are also some tokens that don’t really have a minimum deposit requirement.
How do I reduce Bitget fees?
Bitget recommends that you use Bitget Tokens (BGB) for payment. Using the coin will help reduce your fees by up to 20%.