Bitget is a cryptocurrency exchange registered in Singapore, but offering its services globally. With both spot and futures markets boasting competitively low fees, the exchange is a great place for traders of most calibers; still, its copy trading feature is also immensely popular and offers a great way to set up a passive income stream for both traders and their followers. With an optional KYC procedure and helpful prompts that explain the exchange’s inner workings, the vast majority of traders who find themselves signing up for a Bitget account will not find themselves disappointed.
Pros & Cons
- Very low fees
- Extensive help
- Great copy trading feature
- Licensed in three jurisdictions
- Beginners may find its many features confusing
- KYC not enforced but required for some features
Bitget Review: Summary
Bitget aims to be a one-stop shop for most crypto-related needs, and it largely delivers: with over 200 available assets and incredibly low fees, the exchange is a great place to start trading — but also to stay. Here are some other key features:
- Global availability. Bitget has very few restrictions in terms of availability; it is even available in the United States of America, where it is licensed with the US Department of the Treasury.
- Vast number of assets. Although “more than 200 assets” may not sound like much in terms of the number of crypto-related projects available in the space, the exchange still offers many of them, while always taking care that they’re at least somewhat established projects. Additionally, some assets that are available on different networks will have all of the other chains listed on the exchange as well.
- Very helpful. While some experienced traders may scoff at the idea of little prompts and guides for even the seemingly simplest concepts related to trading, the amount of help this provides to newcomers to the space cannot be understated.
- Great customer support. The exchange offers many different ways for their customers to find the answers they need, including an extensive knowledge base, live chat, an email address, and a number of social networks where they can connect with one another.
- Copy trading availability. For those traders who don’t have time to figure out their own strategies or even the knowhow, following an established copy trader can be the solution. On the other hand, if you consider yourself knowledgeable, you can apply to become your own copy trader and start getting followers.
- Very low fees. There is no complicated fee system, account tiers, or anything else; Bitget charges very low fees that can be brought down even further, for another 20% off, by using their native token to pay for them.
- Available on mobile app. You can download the Bitget App through App Store for iOS users, and Google Play for Android users and take your trading with you wherever you go.
Bitget History and Background
Bitget was founded in 2018 and is registered in Singapore. The CEO of Bitget is Sandra Lou and Intae Song is its Chief Sales Officer.The exchange says it has over 2m registered users, with USD 9.8bn in daily trading volume. The exchange launched its widely popular copy-trading feature in 2020.
Some of the restricted countries on the exchange include North Korea, Mainland China, Macau and Hong Kong. Aside from this, prospective customers must warrant that they are from an area not on any sanctions lists, economic or otherwise. Service is also restricted to users on the Al-Qaeda UN list, as well as the Taliban list, and to persons identified in the First Schedule of theTerrorism (Suppression of Financing) Act. Bitget adds that they “maintain the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”
The exchange holds three licenses: in the US from the The Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury, in Canada from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and in Australia from the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Although a Know Your Customer (KYC) verification process is not obligatory for you to start trading on the exchange, it comes with significant perks. For example, only verified traders can share their strategies as copy traders and amass followers, while unverified traders can only follow others. Additionally, the daily withdrawal limit for unverified users is BTC 20, while verified ones can withdraw up to BTC 200 in a single day. The process itself is straightforward and the same as with most crypto services: you will have to provide proof of identity and address, then wait for your application to be reviewed and accepted. Still, the fact that most of the exchange’s services are unrestricted even to unverified traders comes as a welcome advantage to privacy-oriented individuals.
Bitget has some of the lowest fees in the industry. For spot trading, both the maker and the taker fee is 0.1%, while futures trading is even lower: 0.02% for maker trades, 0.06% for takers. Additionally, users have the option of paying fees with the exchange’s native BGB token, which reduces them an additional 20%. The platform even lowers its fees occasionally — the latest spot and futures trading fees are a result of such a correction — making for one of the best options for trading in the market.
Additionally, the exchange does not charge any deposit fees, which means you can send as many funds as you want to your Bitget account without paying anything extra for that. However, this is not the case for withdrawals; the platform offers a comprehensive list of fees, along with the minimum withdrawal amount, on its website, as it offers more than 220 different assets, as well as the differing base networks for some of them.
There are no extra fees for copy trading, at least from the get-go; if you make a profit as a follower, 10% of that will go to the copy trader whose strategy enabled you to do so.
Bitget Copy Trading
Bitget’s copy trading feature is designed for beginners to follow experienced traders in order to open positions with one click. Beginners can effortlessly earn passive income, while experienced traders get to share their strategies and earn a small part of their followers’ profits.
It has attracted more than 17,000 worldwide traders since its launch with a total of 20.45m orders on the Bitget platform, according to data from the exchange. Traders are able to get up to 8% profit from Copy trade. It’s very user-friendly and includes a high user activity.
In addition to all that there are 8 ranking items to select traders and a million traffic exposure for Star Traders.
As of March 2022, copy trade data from the platform includes:
● Total revenue of traders: USD 100m
● Supported trading pairs: 20+
● Total revenue of copies: USD 120m
● The number of traders: 17,000
● Total amount invested in copy trade: USD 840m
● The number of copiers: 80,000
● The total number of copy trade transactions: USD 20.45m
Launchpad is a new platform introduced by Bitget for launching projects and rewards. Users can participate by holding crypto assets or trading to win featured project token rewards. The most recent project they have launched was with Karmaverse (KNOT), a metaverse gaming platform based on blockchain technology. The feature is still young and expected to make many more waves in the coming days.
Bitget Design and Usability
Signing up with Bitget is a straightforward process: you can choose a phone or email registration, and then provide either your number or your address, and set a secure password (as well as complete a quick “I am not a robot” check). Once you’ve entered the verification code you’ve received to your phone number or email address, you’re a registered Bitget user. Depositing is also very simple: by hovering over the Assets tab in the upper right hand corner of your screen, right next to your profile icon, you can find the Deposit option, which takes you to a separate section of the exchange. Here, you can choose the asset, the chain name (in the case of multi-chain assets), and get the deposit address, which you then either copy or scan the provided QR code. The exchange immediately provides information on the minimum deposit amount, the number of confirmations necessary before the funds are credited to your account, and other general security information.
After this step, you’re ready to start trading. You can find spot and futures markets under separate tabs at the top of the screen, along with the copy trading option. Spot trading, for example, is incredibly simple even for a complete newcomer. While the otherwise straightforward options at the bottom of the screen — Buy and Sell — are followed by additional, more advanced options like Post Only, Immediate or Cancel (IOC), and Fill or Kill (FOK). However, their seemingly complicated nature is mitigated by the fact that hovering over any of these terms brings up a short definition, so even users unfamiliar with the jargon can still use the exchange with all its advantages.
Choosing a Trigger order instead of the default Limit order also brings up a helpful popup that explains what you will be dealing with in simple terms, along with a link to their help desk which can help you learn more if you need it.
As for futures trading, customers are able to choose between USDT-settled perpetual futures for a relatively traditional experience, coin futures for a crypto-specific experience, and demo accounts for both so you can familiarize yourself before committing. No matter what you choose, your first visit to the futures trading tab will be followed by a prompt explaining, in short, what you can do here and how you should go about it. While the explanations are short and concise, they’re a good length for refreshing your memory, and complete newcomers who are struggling will find these prompts a great starting point to learn more about everything.
Another significant part of the exchange is its copy trading feature. If the other trading options are simplified without getting rid of advanced trading materials, copy trading is yet another step towards ultimate simplification with all the benefits of complex trading strategies. Users who are unsure of their trading skills, those who want to learn, or those who would simply prefer to trust someone else to get them as close to a passive income stream as possible are all welcome to follow other, established traders who are sharing their strategies with others. Of course, it works the other way around as well: skilled and experienced traders can share their knowledge with others and earn a cut of their followers’ profits. All of this serves to incentivize a sharing culture that benefits everyone.
On Bitget, you can see the return on investment (ROI) of each trader sharing their strategies, the number of followers they have, and the amount of assets under management (AUM), among other things, making it easy to select the one you’re most interested in. Clicking on any trader will open up a new tab in your browser with their profile page and all the relevant details, like their trading history, their existing copy trades, and a part of their followers, usually restricted to the top 50.
There is also a restriction on how many people can follow a single trader, which depends on their AUM. If you’re really set on following a certain trader who has already reached that limit, you can click to get a slot reminder — in other words, the exchange sends you a notification when a new spot opens up so you can be the first to fill it. There is, of course, no guarantee for this as you may be vying for the spot with other would-be followers, but it is a handy way to keep your eye out on the copy trading market at all times. Otherwise, following a trader is just a matter of clicking the Follow button in the upper right part of their profile.
Overall, the exchange is easy to understand and use, but it still retains all of the advanced trading instruments that make it a great stop for all customers, regardless of their level of experience. Additionally, it is available for mobile on both iOS and Android systems, which means you can take your trading with you wherever you go without depending on the browser version of the exchange by itself. Both versions of the app have received generally favorable reviews on their app stores, which means that customers are overwhelmingly satisfied with its performance.
As for customer service, there are several ways to get help on Bitget should you need it. If you have issues with figuring out what is what, how to trade, or what to keep an eye out for, the exchange offers extensive tutorials and guides for every aspect of it. There is also a Frequently Asked Questions (FAQ) section that covers all the basics that you may otherwise miss. If you still haven’t found your answer by scouring their help desk (and using the handy search bar that will list out all the news, announcements and guides containing your keywords), you can contact help by clicking the Help chat bubble in the lower right part of your screen. Although it first takes you to a small search screen so you can try to find your answer, you can click on Live Chat to actually start talking to someone. You will have to enter your name, optionally your email address and phone number as well, and your preferred language before typing your message. While this may seem like a lot of work, it actually helps the customer support person helping you contact you in case you get disconnected or face other issues.
If you don’t mind a short wait, your issue requires a detailed explanation, or you’d prefer to attach a screenshot of your problem, you can contact their support at [email protected]. Additionally, Bitget has communities all over the internet, including Telegram, Discord, and Reddit, all of which can be used to get in touch with other users and possibly find someone who has run into the same thing. Overall, the exchange does not skimp on the many different ways offered to customers to make sure they’re always satisfied.
Surprisingly, Bitget does not offer a single place with an overview of the security measures that the exchange has implemented. It states that it uses both hot and cold wallet storage for users’ funds, but the exact percentage for each is not disclosed. It also uses SSL for its website, stating that it has an A+ ranking for 12 SSL indicators, making the exchange itself secure in the face of potential attacks. Still, the exchange is regulated under three different authorities, which certainly adds to the overall feeling of security. Not only does this let them operate in many places around the globe, but it also guarantees that they’re subject to the same practices for customer protection that many other, non-crypto financial services providers must adhere to.
The exchange also has a bug bounty program of undisclosed value, but clients who notice security issues are encouraged to contact them and let them know. Of course, the prize will depend on the security level of the threat, and while threat information is posted once it is fixed and not a vulnerability anymore, the exchange goes to great lengths to protect the identities of the users submitting these reports.
On the customer side of things, users can set up a two-factor authentication (2FA) system using a Google Authenticator code. The process is simple and straightforward, adding an extra layer of security to logins, withdrawals, and the subsequent modification of other security settings. However, withdrawals do not require the whitelisting of the withdrawal address, which can theoretically mean that someone else with all your login information can send your funds to their own private wallet. Of course, this makes it all the more important to set up 2FA and keep your passwords secure and unique.
The exchange’s security has not been evaluated by third-party crypto security research companies.
Bitget Deposit and Withdrawal Methods
Bitget is a primarily crypto exchange, which means that the easiest way towards funding your account is by simply sending over existing cryptocurrencies from your personal wallet to the one tied to your exchange account. However, in 2021, the exchange introduced a way to buy crypto using fiat through two payment gateways: Mercuryo and Banxa, which support VISA, Mastercard, Apple Pay, and Google Pay as payment methods. Still, it should be kept in mind that the exchange does not charge deposit fees, but the different payment gateways have their own fees that must be paid and that are not under the exchange’s control.
Depositing cryptocurrencies is very simple: by clicking the Deposit option, you are taken to a page where you choose the asset you want to deposit (as well as the chain it’s on, if applicable), and if it’s your first time doing this, the exchange generates your wallet address so you can copy it to your personal wallet or just scan the QR code.
Withdrawals are equally simple. From the Withdraw window, you fill in the same data along with the amount you wish to withdraw. The exchange does charge a withdrawal fee, which is shown to you during the withdrawal process, but you can also find a list of all these fees on the website. If you haven’t gone through the KYC process, your daily withdrawal limit is BTC 20 or the equivalent in another cryptocurrency; those with a completed verification process have significantly more leeway, with a limit of BTC 200 per day. The withdrawal time depends on the network and is not under the control of the exchange, which means you will have to wait until your transaction has reached a satisfactory number of validations before the amount is credited to your personal wallet.
Bitget Review: Conclusion
Bitget is a great one-stop shop for most trading needs for newcomers and veterans alike. Its helpful prompts are a great way to keep people informed of the entirety of the trading process without seeming patronizing, and they’re short enough that professionals can safely ignore them if they feel they already know everything there is to know about crypto trading. The straightforward way to copy trading is another advantage that can be used to facilitate the sharing of knowledge through various trading strategies. On the other hand, the exchange would benefit from a more transparent approach to its existing security measures, at least for the peace of mind of its customers. Still, its helpfulness and competitively low fees make it a great option for pretty much everyone looking for their new forever home in terms of crypto trading.