What is Bitget?
Bitget is a digital asset trading platform based in Singapore, offering a spot market but with a focus on crypto derivatives and copy trading. The CEO of Bitget is reported to be Sandra Lou. Users can trade over 100 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Polkadot (DOT), Bitcoin Cash (BCH) and many more.
Users can purchase cryptocurrencies on Bitget using debit or credit cards including Visa, Mastercard, Apple and Google Pay.
Traders can access their APIs and Biget also works with market makers on their platform. The platform offers demo trading, which is supposed to help users test out their trading strategies without putting real crypto assets at risk. This is useful especially for novice traders who may want to dabble in futures trading which is considered very high risk.
Copy Trading on Bitget
Bitget allows users to effectively synchronise their portfolio with professional traders’ positions with just one click. Users of Bitget have the ability to choose among the platforms over 10,000+ so-called elite traders and copy their trades in hopes of having more success. This is typical for traders who are not professional traders and who assume the ranked traders have more tools and capabilities to enable them to make smarter investment or trading decisions than they themselves would.
Bitget gives the impression that it has licences to operate in several jurisdictions including the USA, Canada and Australia. The Bitget website hosts some ‘certificates’ of proof, however, these are blurred out in certain parts and it is hard to ascertain whether these are indeed legitimate documents.
The Bitget trading platform can be accessed via desktop and mobile. The app is available in the App Store and Google Play.
Users can purchase crypto assets such as Bitcoin (BTC) and Ethereum (ETH) on Bitget using a number of fiat currencies including: USD, EUR, GBP, RUB, HKD, JPY, ZAR, KES, NGN, among others. All a user needs to do is select the fiat they wish to purchase with and the digital currency they wish to buy, choose a 3rd party fiat gateway provider e.g. Banxa, Simplex, Mercuryo, etc. Users may be required to complete KYC verification with these providers in order to complete their purchases.
Futures Trading on Bitget
The exchange offers USDT-Margined Futures and Coin-Margined Futures. Bitget supports 35+ popular cryptocurrency trading pairs as margin for cross-currency transactions. Users are able to use any currency as a margin for multiple trading pairs. This is meant to save users from the hassle of swapping. It is also meant to help reduce net value erosion and provide an alternative to hedging.
For the full list of fees for the Bitget futures market, please view here.
Bitget has decent reviews according to sites such as TrustPilot and good ratings on Google Play Store.
Bitget has a launchpad for crypto projects to launch their tokens and make them available for trading to their user base. They use different types of incentives to engage users and encourage participation. The hope is that users can acquire tokens at much lower prices pre-launch; and once the tokens become more widely available, they might appreciate in price and users would be able to realise profits. This is a popular mechanism employed by exchanges as an add-on to their exchange token listing services.
It is advisable that anyone who decides to participate in such token launches understands that exchanges do often charge projects to launch tokens on their platforms and often the exchanges themselves are compensated partly in tokens from those projects looking to list causing a kind of conflict of interest where they market these launches to their users. The users subsequently acquire the tokens only to have the projects listing and the exchanges dump the tokens on the very same market. In the end the users lose out if the projects perform poorly and the prices go below their launch prices.
Bitget Token (BGB)
BGB (Bitget Token) is an upgrade of the original platform token BFT (Bitget Defi Token). By holding BGB tokens users can expect benefits such as transaction fee discounts. According to Bitget, users can enjoy a discount on contract transaction fees and spot transaction fee discounts.
Final Thoughts on Bitget
Bitget claims to keep users’ assets secure since they are a custodial, centralised exchange. The exchange claims to offer 24/7 support. Bitget also launched a P2P Fiat Trade Merchant recruitment program to invite merchants to apply in order to enjoy exclusive benefits such as 24-hour customer merchant support and zero post-ads fees. According to aggregators such as CoinMarketCap, Bitget does daily transaction volumes of over US$150 million. Although founded in 2018 before competitors such as FTX that came on the scene later are doing larger volumes or have built seemingly more favourable reputations in the crypto space. You should always do your own research and carry out due diligence before you start trading on any exchange platform. It is also worth checking reviews of other derivatives platforms including Bybit, Phemex, Deribit, PrimeXBT, Huobi, OKX, and Binance and make comparisons. Only the can you determin the best platform for your specific needs, based on your risk appetite.
Originally posted on Decentralised News
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