Navigating the world of cryptocurrency comes with its risks and rewards, and Bitget, a cryptocurrency exchange founded in 2018 and based in Seychelles, aims to provide a platform catering to various trading needs, including spot trading, copy trading, and futures trading.
Let’s delve into the features and pricing of Bitget to help you make an informed decision regarding its suitability for your crypto trading and investment endeavors.
Note: As of now, Bitget is not accessible to users in: Singapore, North Korea, Iran, Syria, Afghanistan, Cuba, and the United States.
Contents
Quick Overview
- Supports spot trading, futures trading, and copy trading.
- Boasts transparent proof of reserves.
- Claims to be the largest copy trading exchange globally.
Bitget Details
Who Is Bitget?
Established in 2018, Bitget is a cryptocurrency and cryptocurrency derivatives exchange that operates globally, excluding certain countries, including the United States.
Bitget offers an array of crypto trading products, such as spot trading and futures contracts, accompanied by user-friendly features like different order types, margin trading, and automated trades. It takes pride in being the world’s largest copy-trading exchange, available for both spot and futures trades. With over 8 million registered users, Bitget facilitates a daily trading volume of $10 billion.
What Does Bitget Offer?
Bitget’s primary products revolve around diverse cryptocurrency trading options:
- Spot Trading: The intuitive spot trading platform allows you to buy various cryptocurrencies, including USDT and Bitcoin, using a credit card or mobile payment platform. With more than 100 cryptocurrencies available, spot trading is executed at current market rates.
- Futures Trading: Bitget supports futures trading, a financial derivative enabling investors to buy or sell an asset at a predetermined price on a specified future date. The platform provides advanced tools for informed or automated trading strategies.
- Copy Trading: This feature allows you to mimic the trades of other platform users. Whether in spot or futures markets, copying a specific strategy or trader can potentially yield profits with minimal effort. However, it’s essential to acknowledge the inherent risks associated with crypto trading.
Additionally, Bitget operates with its token, the Bitget Token (BGB), offering fee discounts for trades. As of the latest data, BGB holds a market cap of $667 million, securing its position as the 221st largest cryptocurrency, according to CoinMarketCap.
Are There Any Fees?
Bitget imposes fees comparable to other major cryptocurrency platforms. Following a maker/taker model, fees are deducted from users’ trades:
- Deposit Fees: Free from Bitget, although third-party payment processors may charge additional fees.
- Withdrawal Fees: Vary by currency, so it’s advisable to check fees before initiating withdrawals.
- Spot Trading Fees: Standard 0.1% fee for both makers and takers. A 20% fee discount is available when using BGB for payments.
- Futures Trading Fees: Utilizes a maker/taker model, with fees varying by currency. Most trades incur a 0.02% fee for makers and 0.06% for takers.
Dedicated users, recognized as VIP users, may qualify for lower fees and gain access to additional trading products.
How Does Bitget Compare?
Despite being a relatively recent entrant, Bitget has swiftly risen to become one of the world’s largest cryptocurrency exchanges. Competing with well-established platforms like Binance, Coinbase, and Bybit, Bitget differentiates itself in a few key aspects.
One notable distinction is Bitget’s focus on derivatives trading, offering a broader range of derivative products than its competitors. This makes it an appealing choice for traders interested in futures, options, and perpetual contracts.
Fee structures also set Bitget apart, with its fees being lower than those of many other exchanges. This makes it an attractive option for traders seeking to minimize costs.
How Do I Open An Account?
Opening an account with Bitget is a straightforward process:
- Visit the Bitget website here and click on “Sign Up.” You can register using either an email address or a mobile phone number. Mobile apps for Android and iOS are available for download if you prefer signing up through the app.
- Enter your contact details, set a secure password, and include a referral code if applicable. Taking advantage of promotions during sign-up can boost your account value.
- Follow the provided link to establish your new account. An email from Bitget containing a verification code will be sent to you. Enter this code and click “Verify” to complete the account setup.
Keep in mind that certain ‘know your customer’ (KYC) information is required to access all account features and increase your account limits.
- Before completing KYC: Daily withdrawal limit of $50,000 and a monthly withdrawal limit of $100,000.
- After completing KYC: Daily withdrawal limit of $3 million.
Users who have engaged with financial accounts or cryptocurrency exchanges previously will find the sign-up process familiar. Upon KYC completion, users receive a $3 bonus deposited into their accounts.
Is My Money Safe?
Security is a top priority for Bitget, with measures in place to safeguard user funds, including cold storage, multi-factor authentication, security audits, and user education. The platform also offers educational resources on security best practices.
Bitget provides transparent proof of reserves, reporting holdings well over 100% of customer deposits in BTC, ETH, USDT, and USDC. Additionally, it maintains a Protection Fund valued at $300 million USD, providing an extra layer of protection against cybersecurity threats. Users who have suffered losses due to compromised accounts can apply for a claim through the Bitget Protection Fund.
How Do I Contact Bitget Support?
For support, the recommended method is via email at support@bitget.com. VIP users can access priority support through vip@bitget.com. Bitget also maintains active accounts on various social platforms, including Twitter, Telegram, Discord, Reddit, Facebook, and Instagram.
Is Bitget Worth It?
If you reside in a location where Bitget is accessible, it presents a viable option. Noteworthy for competitive fees and a comprehensive suite of derivatives products, Bitget stands out. The copy trading feature, despite its inherent risks, remains popular among users.
While customer service and withdrawal options may have room for improvement, Bitget offers a compelling package of crypto products. It’s crucial to remember the high-risk nature of many of these products, with the likelihood of losses in active trading strategies.
For those uncertain about Bitget, exploring a list of the best crypto exchanges may provide additional insights.
Please be aware that this information does not constitute investment advice.
See more:
- How to Register on Bybit and deposit Bitcoin(Step-By-Step)
