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Bitget Review 2023: Bitget Exchange Fees, Features, and More
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Overview:
By reading this review article on Bitget exchange, readers will gain a comprehensive understanding of the platform’s offerings and features. From trading options and fees to security measures and customer support, this article provides an in-depth look at the Bitget exchange experience. Whether you’re a seasoned trader or just starting out, this review will give you the information you need to make informed decisions about using Bitget for your cryptocurrency trading needs.
What is Bitget Exchange?
Bitget is a leading cryptocurrency exchange founded by Sandra Lou (CEO & Co-founder) in 2018. The exchange offers a comprehensive platform to trade digital assets, with over 400 cryptocurrencies available and a wide range of trading pairs. With over 8 million registered users and an average daily trading volume of $10 billion, Bitget is a trusted and reliable choice for both novice and experienced traders.
Bitget stands out in the industry as one of the top 5 exchanges in terms of derivatives volume and is recognized as the #1 platform for copy trading by volume. The exchange’s activities are licensed in five countries, including the USA and Canada, where it holds an MSB license, and Australia, where it holds a license to operate as a digital currency exchange (DCE). The exchange also holds a license for Lithuania and Italy. With the right to provide financial services in 11 countries, Bitget is a secure and regulated platform for trading cryptocurrencies.
How does Bitget Exchange Work?
Bitget is a user-friendly cryptocurrency exchange that offers spot, derivatives, and copy trading. Its easy sign-up process, combined with its availability on both web and mobile apps, makes it accessible to a wide range of traders. The platform places a strong emphasis on derivatives and copy trading, utilizing perpetual future contracts for derivatives trading and offering leverage of up to 125x.
Bitget is also recognized for providing exceptional rewards to its customers, making it a competitive choice in the market. It also offers a simple and easy-to-navigate user interface that makes the trading experience smoother. Whether you are an experienced trader or just starting out, Bitget offers a comprehensive platform to meet all your cryptocurrency trading needs.
If you are looking to trade Bitcoin and altcoins with up to 125x leverage, sign-up on Bitget today with our special link and become eligible to earn a bonus of up to $5,000.
How to Register on Bitget Exchange?
Signing up on the Bitget cryptocurrency exchange is easy and straightforward. Here’s a step-by-step guide to help you get started:
- 1. Visit the Bitget official website and click on the “Sign up” option.
- 2. Provide your email address or phone number and set a password for your new Bitget account to get things started.
- 3. A verification code will be sent to your email or phone number. Use it to verify your account.
- 4. Once you have logged in, go to the top right corner of the homepage, click on the profile icon, and choose “ID Verification” from the drop-down options.
- 5. On the new “ID Verification” page, choose the “Individual verification” option and provide the necessary details required for your country.
- 6. It is advised that you complete ID verification, as it will enhance your trading experience on the platform by unlocking more features. You will be required to provide the following information.
- 7. Well done! You have successfully registered on the Bitget exchange, allowing you to deposit money and begin trading.
Services offered by Bitget Exchange
Bitget exchange is a comprehensive platform for all your digital asset needs. It offers a range of services, including the direct purchase and sale of cryptocurrencies, as well as spot and derivatives trading. The platform goes beyond the basics and offers unique features such as copy trading, spot-margin trading, and strategy trading, giving traders a diverse range of tools and options to enhance their trading experience. Let’s take a deeper look at these services and what they have to offer.
Quick Buy/Express Crypto
for buying and selling cryptocurrency effortlessly. To use this service, simply choose a fiat currency, select a cryptocurrency, and select a payment method. The process is quick and straightforward and takes seconds to complete. To access the Quick Buy/Express option, go to the “Buy Crypto” tab and click on the “Quick Buy/Express” option. This will take you to a dedicated page where you can quickly make your selections and complete the transaction.
However, keep in mind this quick buying and selling feature is only available for a handful of cryptocurrencies
Bitget Review on Spot Trading
Bitget is a centralized exchange, and it knows the importance of having a spot trading option. Although it is well-known for its derivatives and copy trading services, the exchange has not overlooked its spot market. Currently, Bitget offers over 400 different cryptocurrencies for trading on its spot market. Accessing the Bitget Spot Market is simple: just click on the “Trade” tab on the top left and select the “Spot” option. This will take you to the spot trading interface, where you can choose your preferred trading pair. You will be able to view candlestick charts for that specific pair and can place your order directly below it.
Bitget Futures Trading Review
Futures trading is one of the key selling points of the Bitget exchange. The exchange offers Futures trading in the form of USDT-M Futures, USDC-M Futures, and Coin-M Futures.
Futures trading involves making an agreement to buy or sell a cryptocurrency asset, such as Bitcoin (BTC), at a specified price and time in the future. This type of trading is considered a derivative as the trader is exchanging based on the value of the cryptocurrency asset rather than the actual asset itself.
Futures trading on Bitget offers leverages of up to 120x, with the exact leverage depending on the chosen trading pair. The positions can be opened as follow:
- Cross: The entire funds in the futures account can be utilized as a margin, spreading the risk and making the account more resistant to losses.
- Isolated: The risk for each opened position is calculated independently.
Bitget offers three types of futures trading options: COIN-M Futures, USDT-M Futures, and USDC-M Futures. The main distinction between these options is the type of settlement currency employed. In USDT-M Futures and USDC-M Futures, all trades are settled in USDT and USDC, respectively, while in COIN-M Futures, trades are settled in a specific cryptocurrency, such as Bitcoin or Ethereum.
You can access the Futures trading screen by clicking on the Futures trading options under the “Trading” tab. You will be taken to the trading screen, where you can open a position after choosing your trading pair.
Bitget Copy Trading Review
Copy Trading is a method of investing where investors or traders can copy the trades, strategies, or trade positions of other investors. If you’re an investor, copying the trades of other investors can be done automatically and instantly with the help of an exchange like Bitget.
Bitget’s Copy Trading feature enables users to duplicate the strategies of other traders on the platform for better results. This feature is available for free, allowing anyone to follow any trader and start copying their strategies and portfolios without incurring any costs. Traders can earn up to 8% of the profit from their followers, helping them develop effective strategies through copy trading.
Beginners can choose experienced traders with high rankings and a good P&L record and can achieve better success with their help.
You can start Copy Trading on Bitget by following these simple steps:
- Choose the trader you want to “Follow.”
- Select the desired trading pair that you want to copy.
- Choose between fixed ratio or fixed account.
- Pick the leverage type.
- Set the leverage.
- Choose between isolated or cross mode.
- Review the copy trade data or make any necessary edits.
- Finally, close the position.
Bitget Spot-Margin Trading
Bitget’s Spot margin trading is a way for traders to trade with leverage on the Spot market. With this trading option, you have the opportunity to take a long position with leverage, with Bitget providing 3x leverage for cross-margin and 10x leverage for isolated margin. This means that the amount of cryptocurrency you can trade will be significantly higher than the amount you own. Bitget will also lend you the cryptocurrency you are looking to short, allowing you to trade with greater flexibility and potential for higher profits.
Repayments of loans are settled automatically when the position is closed. This makes the process of borrowing and trading with leverage very convenient and streamlined. Additionally, Bitget offers multi-currency collateral options, allowing you to trade with different types of cryptocurrencies as collateral for your trades.
You can access the Spot-Margin trading services by clicking on the Spot-Margin trading option under the “Trading” tab.
Bitget Strategy Trading
Bitget’s Strategy Trading is a new and innovative product line that offers a unique approach to digital asset trading. It can be divided into two types of services: offering free strategy bots to users and services of strategy deals and subscriptions to strategists. The free strategy bots are designed to help traders optimize their investments and maximize profits. There are already six different grid strategies available, including Spot & Future grid and DCA strategy, with more strategies planned for launch later.
One of the standout features of Bitget’s Strategy Trading is the ability to copy strategies initiated by strategists. This can be done either automatically or manually. Once a user subscribes to a strategist, they can copy all of their strategies, allowing them to take advantage of the strategist’s expertise and experience.
Users are charged based on the corresponding fee rate of their account, regardless of whether they create or copy strategies. There are no additional fees charged by the platform. Overall, Bitget’s Strategy Trading offers a unique and convenient way for traders to optimize their investments and maximize profits.
This option can also be accessed under the “Trading” tab on the homepage.
Is Bitget Exchange Secure?
Bitget is a highly regulated platform, holding regulatory licenses for Canada, Australia, Italy, Lithuania and the United States, including an MSB license in Canada and the United States and a DCE license in Australia. Beyond these markets, Bitget also holds additional licenses and is fully compliant in Brazil, Europe, Russia, India, Vietnam, Singapore, the Philippines, Japan, and Korea.
Known for its security, Bitget implements strict security measures to protect users’ assets. The company uses segregation of hot and cold wallets and two-factor security authentication, in addition to its 12 A+ ratings from SSL Labs. These measures demonstrate Bitget’s commitment to providing users with a secure platform for digital asset trading. With its comprehensive regulation and focus on security, Bitget is considered a highly secure exchange in the digital asset space.
Bitget also stands out in the security department with its $300 million protection fund and the Merkle Tree Proof of Reserves.
The protection fund adds an extra layer of security while the Merkle Tree Proof of Reserves validates that the exchange is holding user assets in reserves.
Bitget KYC Requirements
Know-your-customer (KYC) verification involves a series of steps that financial institutions and regulated entities take to confirm your identity.
Bitget has operated without no KYC restrictions for the most part of existence but starting September 01, 2023 Bitget is taking a significant step to bolster security and elevate user experience.
KYC verification will become mandatory for all users. Without completing KYC, access to several features will be restricted. This crucial move ensures a safer trading environment.
Existing Bitget users without KYC also needs to take action as soon as possible. If you already have an account, complete your KYC verification before October 01, 2023 to avoid limitations. If not, you will not be able to execute new trades after the deadline. This measure is aimed at enhancing overall security and promote responsible trading.
Bitget Fees
Bitget is a comprehensive digital asset platform that provides users with an array of trading options and services. One of the standout features of Bitget is its competitive and transparent trading fee structure. Bitget offers a number of fee incentives, including no fees for crypto deposits and reduced transaction fees for Spot trading.
For Spot trading, each trade will carry a standard trading fee of 0.1% for both Maker and Taker. However, if you use BGB to pay for your Spot trading fees, you will receive a 20% discount. Additionally, Bitget’s withdrawal fees are adjusted based on the market, ensuring that users receive fair and competitive fees. It also depends on the chosen cryptocurrency and the network.
For Futures trading, the fees are set at 0.02% for makers and 0.06% for takers, providing a low-cost option for users who want to trade futures on Bitget.
For those interested in copy trading, there are no extra fees to get involved. However, up to 10% of any profits made will be given to the trader they choose to follow. The exact percentage of profits to be shared depends on the amount of BGB coins held and locked by the trader.
Overall, Bitget offers a transparent and competitive fee structure, providing users with a variety of options and incentives to suit their trading needs.
Bitget Exchange Deposits and Withdrawals
Bitget offers a variety of options for depositing and withdrawing funds. With support for over 40 different fiat currencies, users can easily purchase a wide selection of cryptocurrencies without incurring conversion fees.
The platform has partnered with companies such as Simplex, Banxa, and Mercuryo to allow users to purchase more than 250 different coins and tokens via credit/debit card, Apple Pay, and Google Pay.
In addition, Bitget also offers a P2P marketplace for buying and selling crypto, with additional payment options, including TransferWise, Adv Cash, Cashapp, Zelle, Neteller, Skrill, Uphold, and bank transfers.
Bitget Exchange Supported Cryptocurrencies
Bitget supports over 400 cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Polygon Matic (MATIC)
- Chainlink (LINK)
- EOS (EOS)
- Tron (TRX)
Bitget Exchange Pros and Cons
| Pros | Cons |
|---|---|
| Excellent UI/UX | High fee for direct crypto purchases |
| Direct Crypto Purchases | Advanced features can be overwhelming for beginners. |
| Copy Trading | Accessible in the US only with a VPN |
| Strategy Trading | |
| Regulated Exchange | |
| Merkle Proof of Reserves | |
| $300M protection fund adds extra layer of security |
Conclusion: Is Bitget a Secure Exchange?
In conclusion, Bitget is a legally operating and compliant global exchange that is regulated and registered with the authorities. The platform is licensed and regulated. Bitget is highly respected within the crypto community for its security measures, which meet industry best practices. The design of the platform is user-friendly for beginners, but the trading concepts and products offered are better suited for experienced traders. The exchange’s innovative features, such as copy trading and strategy trading, make it an attractive option for those looking to trade passively. However, it is worth noting that while Bitget offers the option to buy and sell crypto directly, it charges a high fee for this service.
If you are looking to trade Bitcoin and altcoins with up to 125x leverage, sign-up on Bitget today with our special link and become eligible to earn a bonus of up to $4,000.
You can also find Andy’s in-depth review of Bitget, including instructions on how to trade and copy trade, below
Frequently Asked Questions – FAQs
Yes, Bitget has an excellent reputation in the crypto community.
No, Bitget is making KYC mandatory from September 01,2023.
Bitget has a great reputation and is trusted by many traders.
On the Spot Market, Bitget charges a 0.1% trading fee for both Makers and Takers. For Futures, makers are charged 0.02%, while takers have to pay 0.006%.
Bitget is a legit cryptocurrency exchange with over 8 million registered users.
Bitget is only accessible in the USA with a VPN.
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