Bitget is a cryptocurrency derivative exchange with a big focus on leveraged contracts, copy trading, crypto savings accounts, trading bots, and above all, a high-security protection fund with a current value of $200 million that serves as protection for all users of the platform. Bitget seems to be a transparent and legitimate platform where crypto traders can enjoy lower than average transaction fees and a robust fiat on-ramp for those who don’t yet own crypto. Today, we take a closer look at this regulated crypto exchange platform to see what there is to expect for you as a first-time user.
• $200 million Protection Fund
• Regulated as a Money Service Business
• Grid trading bot with leverage
• Lacking a proper news source for traders
• The platform lacks a quick crypto convert tool
• Does not offer a rebate on limit-orders
In this section of our Bitget review we have highlighted 6 special features that sets them apart when compared to other platforms.
If you are into leveraged contracts and social trading then the Bitget derivative crypto exchange might be a good option for you. This platform is based in the Cayman Islands and is operated by the company Bitget Limited which is run by the CEO Sandra Lou.
The launch date was back in July of 2018 when Bitget saw a large influx of new traders testing the platform for the first time and based on the current number of users, many have stayed. Some of the major factors that make Bitget stand out among other similar platforms are the copy trading feature, the protection fund, and the combination of both grid trading and leveraged contracts.
Traders who have tried other platforms like BitYard and Binance will feel a similarity between the exchanges and the slight differences are in the detail where Bitget is trying to achieve good retention through high-quality customer support.
Why we like Bitget
First of all, Bitget is regulated in three different GEOs which immediately increases the overall trustworthiness. This alone is enough to get my attention for a crypto derivatives exchange but of course, there are more positive things to mention.
Since we are all about trading on Trading Browser I felt that Bitget is very similar to many other platforms while at the same time bringing something new to the table. Compared with Binance, Bitget is more streamlined and easy to use. For example, traders who are looking for daily volatility can easily navigate to daily winners or losers from the home page, that’s great.
The option to buy and sell cryptocurrencies between Bitget users is pretty significant considering that it is a low-fee peer-2-peer network. All users of the exchange can enter their payment methods, how much they want to sell, and then put out an offer. The marketplace will then sort the offers by putting the cheapest one at the top.
Trading on Bitget
There are several different options to choose from when it comes to the active trading of crypto on the platform. Are you a leveraged trader or do you prefer the spot market? If your game is leveraged speculation Bitget offers great futures contracts for most of the altcoins available on the site. There is also an option to paper trade if you want to test the interface before you start out.
Now, social trading is a big thing on Bitget that I want to highlight because they have done a great job and the only comment I have about the copy trading interface is seamless. There are far too many platform owners that complicate the entry barriers for crypto copy traders by adding unnecessary fluff to confuse traders. Bitget has gone the other route by providing a clean interface that every beginner will understand.
The charting is of course provided by Tradingview and most of the important order types such as stop-loss, take-profit, market order, and limit orders are in place. There is also a calculator which lets you calculate your risk-reward ratio. This is great for serious traders who are looking for a positive expectancy in each trade.
The grid trading feature is a bullish and bearish grid bot that trades the market both up and down automatically depending on your analysis. The trading bot can be activated in both spot and leveraged markets.
How to use Bitget
To get started on the Bitget trading platform, here is a quick step-by-step guide:
- Sign up with your email or mobile.
- After logging in, head over to Buy Crypto to make your first deposit.
- Choose your preferred payment method and follow the instructions.
- After funding your account, select the trading contract you prefer.
- Choose between the Futures market, Spot market, Copy trading, and Grid trading.
- Inside the trading interface, on the right-hand side, choose position size and leverage.
- Add your stop-loss and take-profit order.
- Click Buy long or Sell short.
That’s it. Now, if you already have cryptocurrencies in your possession you can make a blockchain transfer to your crypto wallet on Bitget. Head to the ‘Assets’ tab in the top right corner and click Deposit. Choose the network name (e.g. BTC) and copy the wallet address provided.
Paste this wallet address in your other crypto wallet and send the funds after selecting the amount. The transaction will take anything from 5-60 minutes depending on blockchain clogging.
Bitget category rating
Things to improve on
The only thing that comes to my mind as I am reviewing the platform is the lack of a credible news source for traders. Although the exchange releases new notes about changes within the company and new upgrades, there is no news feed about changes in the overall crypto market. This is a minor bump in the road and I still think you should give Bitget an honest try and see for yourself.
Bitget Trading Fees
Special features on Bitget
Futures trading, copy trading, and grid bots are the main products of the Bitget platform but there are other more subtle details that deserve to get a mention in this review. For example, the exchange offers great institutional services, a star trader program, a great academy for beginners, and several beneficial features for customers who use the native Bitget token.
Aside from all these platform functionalities, Bitget is also a big sponsor of football and e-sports. They are currently sponsoring teams Juventus, Spirit, and Galatasaray.
Star trader program
The Bitget star trader program is connected to the copy trading suit of the platform and incentivizes traders to climb the ladder by providing very generous bonuses, referral revenue, BGB airdrops, and all the best traders will find themselves getting certified as traders.
The academy is a hub where beginner traders and investors can learn more about how the platform works and you can read up on several different topics related to the blockchain community. Everything from guides about decentralization to crypto copy trading beginner courses is available. I highly recommend that you spend some time here if you are an eager learner as there is a lot of valuable information to be found.
As with many other similar platforms, Bitget has launched its own token called BGB. This native token serves several different beneficial purposes such as:
- 6% APY rewards
- 15% discounted trading fees in the futures pit
- Pay with BGB for 20% lower fees
The institutional services on Bitget only apply to institutional investors with deep pockets. However, the benefits are still good if you are a market maker that is interested in fighting for the spread of the platform. Premium support, interest-free credit, API connections, and customized withdrawal limits are some of the benefits you get straight away.
Our own experience with Bitget
Bitget Funding Methods
Bitget Withdrawal Fee
Is Bitget a legitimate exchange?
After doing some digging, I could not find much negative feedback about Bitget online. Most clients seem to be happy with the fact that they have a very dedicated support team that handles inquiries rapidly.
The only negative input I got from reading reviews online was from their Trust pilot page where there are several unhappy clients that claims that money is held in custody for no reason.
Is Bitget regulated?
Yes, Bitget is regulated in three different jurisdictions, the USA, Australia, and Canada. In the USA the platform is regulated by FinCEN as a Money Service Business, in Australia by AUSTRAC as a Digital Currency Exchange provider (DCE), and in Canada by FINTRAC as a Money Service Business.
Bitget security protocols
Bitget has numerous ways that can quickly increase the safety of your account. Through the ‘Security Settings’ page you can toggle on these settings:
- Email verification
- Google 2fa verification
- Funding code
- Phone number
- Anti-phishing code
The benefit of activating all these settings is that if the worst-case scenario occurs one day, you can easily retrieve your account by sending in the correct documents.
The Bitget protection fund acts as a security net for all customers on the platform. The current liquidity of the fund is $200 million and this money serves as reserve money should anyone fall victim to theft or if there is a sitewide breach and clients lose their funds.
Frequently asked questions
Read the most frequently asked questions about Bitget. Find answers without searching the web.
According to their LinkedIn page, Bitget was founded in July 2018.
To sell your crypto, simply head to the peer-2-peer marketplace and enter the amount of crypto you want to sell at what price.
To start trading on the platform you are not obligated to file your KYC documents. However, if you were to deposit fiat currencies through one of their payment vendors you will be asked to verify your identity.
To make money through copy trading on Bitget your need to choose a trader that fits your investment approach. Copy trading can be very profitable but it might require some research first.
Bitget is headquartered in Singapore but the Bitget Limited company is registered in the Cayman Islands.
Yes, Bitget has a multi-functional mobile app that offers the same features as the web version. Download it from the App store or Google Play.
Bitget is available to all traders from the United States and i also regulated as a Money Service Business in the country.
The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote. Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Sitejabber ratings, whitepapers, government reports, and other reputable sources. Below is a shared list of the article sources used for this review.