Bitget Crypto Exchange Review

Bitget Crypto Exchange Review

By Heath Muchena | Decentralised News | 5 Apr 2022


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. 

16efc6ed9f1a52380793a513cbcd3beed8aaff47d59dc00e77ff003b9d7b7e5b.png

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. 

2daab523a0402af5625d314b76a218c8a1532774135202c52a8131dc3fb2b60f.png

Source: https://www.bitget.com/en/copytradingmix 

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.

54cbfd60865351ceba36218a7bdb7f371891ea26c7989588eaed0efdf9d13a80.png

Source: https://www.bitget.com/en/compliance

The Bitget trading platform can be accessed via desktop and mobile. The app is available in the App Store and Google Play.

c47e72493b253c8abf4d6ca4434adcbc6c926e1ed49d9db5a314492bcc001d45.png

Source: App Store

e9e033e806f04fc934d97f4121d736a697ae970f8d6a4f305e464ad2d4eb1411.png

754c07c4f41b64f7a7528f51d933d61cdf300634a9fa89b223e5aef369ef982b.png

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

a516439c44fce8b606570608f1284ad68b60e18834c6aa2e79b41cefa1aefa90.png

Source: https://www.bitget.com/mix/usdt/BTCUSDT_UMCBL 

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.

297fd9e20b8c6e5048c76b9a02c4f645dd9d7bf6e5224a8ab6f635ddf874de3c.png

d455ac300415e94f4baa0df24bb631c15fad48ef36dc82e9e289b8abb658e77f.png

8ed38bd56e3883e5eb67b1f71aefaa6a2555603413726dba06075731122b318d.png

For the full list of fees for the Bitget futures market, please view here

cb4ee35d5bff7761b48a0b3329fc90541d3c8ac24b387dca231884b020902f8e.png

Bitget has decent reviews according to sites such as TrustPilot and good ratings on Google Play Store.

b83a68e03617944038a45c393213c0cd2b9c11316e8dfeaa0214299db2551abe.png

Source: https://www.trustpilot.com/review/bitget.com 

Bitget Launchpad

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. 

fb14743a87f66ec60bb79055ac700c5af754cba7d80a3eea604bafdf1aa1852d.png

Source: https://www.bitget.com/en/launchpad/list 

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.

d1f21b9f610cdc534022253d6a80d726062ba977182e50962c2fb54c5afdfb60.png

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 BybitPhemexDeribitPrimeXBTHuobiOKX, 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

Check out our YouTube channel

Subscribe to our newsletter: https://decentralised.news/newsletter/

Recommended crypto platforms: https://decentralised.news/ecosystem/

Crypto resources: https://decentralised.news/resources/

Read the best selling book: TOKENIZED TRILLIONS: https://amzn.to/3BA2TOv

Also check out: BLOCKCHAIN APPLIED: https://amzn.to/3oT6QKU

Get FREE Bitcoin Breakthrough eBook: https://www.funnelbuilda.com/bitcoin-breakthrough-ebook

Join our Discord Channel: https://discord.gg/EcvqQaNzsD

Join our Telegram Group: https://t.me/+cTexh7QC3D9mNj

 

 

How do you rate this article?


16

0

Heath Muchena
Heath Muchena

Founder, Decentralised News & Proudly Associated Author, Journalist For more about me: https://linktr.ee/heathmuchena


Decentralised News
Decentralised News

For the latest in blockchain & digital assets visit https://decentralised.news/

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.