Bitget Overview
Known mostly as an exchange for derivatives, Bitget was created back in 2018 as a licensed exchange for KYC-free trading. With support for more than 500 tradable assets, aside from the range of features to satisfy most trading needs, it also offers other products such as Earn to non-traders.
Based in Seychelles, more than 5 million users can get on-ramp with Bitget via third-party providers such as Simplex and Banxa to name a few from more than 40+ fiat currencies around the world. This makes Bitget a platform of choice for many looking to join the crypto revolution from various parts of the world.
Despite a heavy amount of FUD in the crypto community, especially after the collapse of FTX, Bitget managed to retain its standing within the crypto-trading space. This is evident from its current position of #10 for spot and #5 for derivatives trading in terms of trading volume, according to Coingecko.
In the heyday of 2021 when a number of exchanges took some extraordinary marketing measures to grab market share (like those Superbowl ads), Bitget ignored the noise and didn't do anything special. I think they did the smart thing there because the more variety of customers you have, the more you are pressured to come up with offerings that may not be aligned with the focus of the company.
Besides, who's to say that they didn't indirectly benefit from the flash marketing campaigns? What those campaigns did is to introduce more people to crypto and if just 0.001% of those who joined Coinbase or Binance then graduated to other platforms like Bitget, everyone wins in the end.
Cryptocurrencies Available on Bitget
Bitget features a healthy selection of more than 500 cryptocurrencies for users to choose from for trading. It won't be difficult to find the top 100 cryptocurrencies on this platform or even beyond. Bitget also offers a launchpad product for you to discover new tokens. However, do be warned that these are extremely risky products. The best default mode to think about them is that they are more likely to be losers than sure-wins. Check out Bitget's Market page for a full list of what's available.
Bitget Products
Since this isn't a full review, we're only providing a general highlight of what's offered. If you'd like to learn more, please read our dedicated Bitget review.
Trading Platform
Bitget's trading engine, integrated with TradingView, is one of the most solid things about the platform. Amongst what's offered includes:
Futures - mainly for advanced traders, it has USDT-M Futures, USDC-M Futures, and Coin-M Futures and up to 125x leverage available.
Spot Trading - for all levels of traders
Spot Margin Trading - for those who have a higher risk appetite, this is where you can go to do a bit of leveraged trading.
Megaswap - an alternate way to buy and sell crypto. It also supports cross-chain conversion of crypto based on live market prices. The gas fees for the conversion are taken from the stablecoin balance in the account and handled entirely by Bitget. Currently, six chains are supported for cross-chain swaps including ETH, BSC, Polygon, Fantom, OEC, and HECO.
Strategy Trading - Available for both spot and futures trade, set up your grid-trading strategy here to automate your trades. To find out more about how this works, please give our Bitget Review a read. Be sure that you have a decent strategy going before trying this as it could end up as an expensive endeavour.
Copy Trading
If you can't figure out your own secret sauce, it doesn't hurt to try others' secret sauce for starters. This is what the Copy Trading feature allows at Bitget. Use this to copy the trades of experienced traders by riding on their coattails. It can also be used when you are first dipping your toes into the trading game by observing how others make their trades and using it as a learning tool or even doing some passive trading on the side.
How do you know which ones are worth copying? Check out the number of followers, ROI, AUM and P&L of the traders you have an interest in copying. Do some comparisons before plunging in.
Who would you like to learn from?
When trading with Bitget, there are two position modes available to choose from:
Cross 3X - Deposit funds into this trading account to be used as margin. While it may help with losses, you'd also need to keep track of how much is available to trade.
Isolated - Each position will be treated as its own, including any risks associated with the trade.
Spot trades have two order types available: Limit and Market which is also available for Trigger Orders.
Those who like to trade constantly are also served with the Bitget app with a high rating.
Bitget Earn
Apart from having traders as their core constituents, Bitget is also interested in roping in some non-trader customers. These are the ones who have less of a risk appetite than traders but who have some capital to spare for earning some yield. For this group, Bitget offers a nice selection of Earn products to whet their appetite.
Here is a list of what they currently offer with a brief description:
Savings - get anywhere from 0.40% to 8% with a handful of assets. Interest is paid out daily and there is no lock-up period. You can also DCA into this with the Auto-Transfer option, which moves your funds from your spot account to the Savings account daily.
Bitget Launchpool - another way to earn yield is to stake new tokens to earn a much higher yield in a few pools. APYs can range from 18.33% to 24.76%. However, this is only available for KYC customers and there is a fixed duration for how long the pools remain open.
Shark Fin - another decent yield program recently launched, this is similar to Savings except there is a 7-day lock-up period and the interest that can be earned varies from one pot to another. Only BTC and USDT are accepted into this program. It combines fixed-income products and derivatives. It's promoted as capital-guaranteed, which might raise an eyebrow or two.
Dual-Investment - similar to what OKX has to offer.
BGB Earn - Instead of risking tokens from other projects, you could dogfood into their own BGB token with this program. Buy and deposit the BGB token into the earn program to earn between 3.5% (3-day lock-up) to 6% (7-day lock-up). Also only available to KYC'ed customers.
Bitget Launchpad
While not quite in the same vein as the other Earn products, Bitget Launchpad is a way for you to FOMO into the super-early (read: risky) stages of a new project. You can pretend to be a VC as the platform allows you to get in on these projects before they are made public. This gives you the opportunity to buy the project tokens before it takes off (if it does!).
There have only been 3 projects launched on it so far, and the quality seems to be a bit so-so when you read up on the project details. Whether you're able to spot the next big thing is pretty much the luck of the draw where things are concerned. It's still got quite a ways to go if it wants to catch up on some of the other more established launchpads by Binance, KuCoin or on decentralised launchpads like TrustSwap.
Types of Accounts and Bitget Fees
Bitget users only need to sign up for one account and there are no fees associated with it. If you deposit crypto, that's free too but if you were to buy crypto, you'd have to go through third-party payment providers, who'll likely charge you an arm and a leg in fees. Fortunately, Bitget recently launched zero-fee bank transfer deposits for GBP, EUR, and BRL and now supports fiat withdrawals 👍
Once you have an account, then there will be Bitget trading fees in the form of maker and taker fees to contend with. The amount depends on what kind of trades you do:
Spot: Fixed fee of 0.1% for maker and taker
Futures: 0.02% maker/0.06% taker
If you want to pay fewer fees than most, there's also the option of paying for them with Bitget's native BGB token. This will give you a 20% discount.
For crypto withdrawal fees, it depends on the asset you want to withdraw and the network you want to use for the withdrawal. The list of withdrawal fees can be found on the Bitget Fees Page.
Pro tip: when withdrawing crypto, always check the network the receiving address is on to ensure that funds are transferred safely. It's no use using a cheaper network if you don't get your funds!
Bitget Security
As mentioned previously, Bitget pays a lot of attention to security. Most of the funds are kept offline in cold wallets, and they use multi-sig mechanisms to minimise attack vectors to the platform. It helps that they received 12 A+ ratings from SSL labs and that CER, an independent security auditing company, also named them as one of the most secure exchanges in 2020.
In Bitget's Proof of Reserves page, they mentioned a total reserve ratio of 227% for BTC, ETH, and USDT combined. A Merkle root hash is displayed and also impressive reserve ratios individually for BTC, USDT and ETH. They've also revealed their reserve details and wallet details for anyone to check if they so desire.
See for yourself if what they say is true.
On the other hand, Bitget is a highly-regulated exchange and licensed in many parts of the world, so at the very least, there are many eyes trained on it and you can at least trust that they are operating on the right side of the law. This in itself is a confidence boost.
Bitget has also launched a protection fund, currently valued at USD300 million, ensuring that users can be made whole up to that amount. These funds are used if accounts are compromised or assets are stolen through no fault of the user.
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Contact Person:
Flavia WU,Listing & Business Development
https://www.linkedin.com/in/flavia-wu-cuhk/?originalSubdomain=hk
John Liu, Vice President of Business Development
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https://twitter.com/johnliu409