What is Bitget?
Bitget is a trading platform that has been operating since 2018. The company's headquarters is based in Singapore. Bitget serves 1.6 million users from all over the world. The bulk of the audience are citizens of China and South Korea.
The platform offers tools for spot and futures trading, the ability to become a copy trader or copy trades of other users, as well as earn passively (farming, lending, referral program, etc.).
The internal cryptocurrency of the exchange has the ticker BGB. BGB Earn is a platform that allows you to invest and increase your BGB holdings.
The Bitget exchange has carved out a niche in the market by attracting traders interested in innovative features such as strategic trading and copy trading.
Bitget plans to double its staff to 1,000 in 2023 to grow its business. In December 2022, the company published a Proof-of-Reserves report.
Crypto exchange name
Bitget
Year of establishment
2018
Headquarters
Singapore
Licenses
US MSB License, Canadian MSB License, Australian License (DCE)
Verification
Mandatory
Markets available
Spot trading, futures, algorithmic trading, P2P
Number of trading pairs
443 as of mid-January, 2023
Pairs with fiat
No
Buying cryptocurrency with a card
Yes
Fast exchange
Yes
Withdrawal of funds to the card
No
Trading fees
Spot market: 0%; Futures: 0.02% for makers and 0.06% for takers
Withdrawal fee
Depends on the coin and the network (for example, for withdrawing Bitcoins in the BTC network - 0.0006 BTC, in the BEP20 network - 0.0000516 BTC
Additional features
Copy Trading, leaderboard, staking, BGB deposits, launchpad
Referral program
Yes
Mobile app
Yes
How Does It Work?
The trading process on the exchange is no different from other sites. The algorithm of actions is as follows: select a market, open a trading terminal, specify a currency pair, create a buy/sell order, wait for the order to be executed. Let's consider the features of the terminal and trading conditions, and then we will show how to buy and sell assets on the exchange.
Terminal
With Bitget, traders can trade on the spot market as well as work with futures. Accordingly, the first step to trading is choosing a market: for spot trading, select the Spot tab, for futures - Futures.
After selecting a market, a trading terminal will open. In addition to conducting buy / sell transactions, you can set up indicators in the terminal, view the latest asset price, real-time price chart and market statistics.
Order types
You can make transactions on the exchange using 3 types of orders: Limit order, Market order and Trigger order.
Limit order is a pending order to buy or sell an asset at a given or better price.
Market order is an order that is instantly executed at the current market price.
A trigger order is a pending order that is placed with a pre-set order price and contract volume (like a limit order). The order is triggered only when certain conditions are met (trigger price/trigger).
You can connect additional orders:
Good-Til-Canceled, Post Only, Immediate or Cancel, Fill or Kill.
GTC (Good-Til-Canceled) orders are valid until they are executed or canceled;
Post Only guarantees that a limit order will not be the same as an existing order. That is, the order is sent as a normal limit order, but if it crosses the order book, it will be cancelled. Thus, the user is always the maker;
IOC (Immediate or Cancel) means that the order or part of it must be executed immediately, and any unfilled parts of the order are canceled;
FOK (Fill or Kill) is an order to buy or sell that must be filled in full immediately or it will be cancelled.
Trading commissions
Trading on the spot market is commission-free. Futures transactions are subject to fees: makers pay 0.020%, takers pay 0.006%.
How to Buy and Sell on Bitget
It is impossible to buy and sell cryptocurrency on the exchange without verification. Therefore, it is better to go through it immediately after registration in order to gain access to the functionality of the exchange. We will show how the purchase takes place using the BTC/USDT trading pair as an example.
To buy Bitcoin on the Bitget Spot Market:
In your personal account, select the tab Spot → Spot Trading;
In the trading terminal on the left, specify the trading pair (in our case, it is BTC/USDT);
Below the chart, fill out the buy form by selecting the order type (for example, select Market for an instant trade at the market price);
Specify the amount of USDT you are giving away;
Click Buy BTC.
The sale of assets also takes place in the trading terminal. The procedure is similar, only after choosing a pair, fill out the form on the right and click Sell BTC.
Fast and successful trading largely depends on the level of liquidity that the trading platform offers. This makes it easy to buy and sell assets at a bargain price. Bitget is a high liquidity crypto exchange.
Markets Available on Bitget
On Bitget, users can trade on the classic spot market, work with futures, and also make direct transactions through the P2P platform.
Spot trading
Bitget offers a sufficient selection of trading pairs for spot trading. As of January 25, 2023, 443 pairs are available on the exchange. Although there are many small cap tokens on the platform, some popular cryptocurrencies are missing from the list, such as Cardano (ADA).
You can only trade with your own funds: margin trading is not available for spot pairs.
P2P trading
The Bitget exchange also offers a P2P platform through which you can trade directly with other users. 5 cryptocurrencies are available for direct transactions: USDT, BTC, ETH, USDC, BGB. You can pay for the transaction in fiat currencies (EUR, USD, TRY, JPY, GBP and 25+ others). P2P transactions on Bitget come with a 0% commission.
To buy an asset on a P2P platform:
In your personal account, select the Buy Crypto → P2P Trading tab;
In the new window, in the Buy tab, specify the cryptocurrency you are buying;
Next, select the fiat with which you pay, as well as the payment method;
Based on the data entered, the system will issue offers to sell: select Buy next to the appropriate one to place a purchase order.
Derivatives
For advanced traders, Bitget offers futures for USDT-M, USDC-M and Coin-M, as well as demos for the listed futures. You can also trade with borrowed funds: leverage up to 100x is available for trading futures on the exchange.
USDC-M futures
The following USDC-M futures are available on Bitget: BTCPERP and ETHPERP.To activate trading, select the Futures → USDC-M Futures tab in your personal account and select the desired instrument.
USDT-M Futures
There are more USDT-M futures on the exchange – at the moment, you can choose any of 15 instruments. To access them, in your account, select the Futures → USDT-M Futures tab and select the desired instrument.
Coin-M Futures
COIN-Margined futures are reverse (inverse) contracts, where cryptocurrencies are used as the underlying asset. To access them in your personal account, select the Futures → Coin-M Futures tab and select the desired instrument.
In addition to trading on spot and futures, as well as P2P transactions, the exchange offers additional features: copy trading, algorithmic trading, and demo trading.
There is also a Bitget Earn section on the site, where various passive income opportunities are collected: savings, deposits in BGB, investments through Bitget Launchpad and farming through Bitget Launchpool.
Algo trading
Algo trading (or grid trading) is a tool for automatically placing orders to buy and sell futures contracts at specified time intervals and within a set price range (according to the grid).
Stages of grid trading:
Creation of the grid: at this stage, the price range of the strategy, the number of grids, the amount are set;
Strategy launch;
End the grid (all orders will be canceled).
Demo trading
The Bitget exchange offers traders demo trading in USDT-M, USDC-M and Coin-M futures. Thanks to this option, beginners can try trading without real risks. To access demo trading on Bitget, in your account, select the Futures → Demo Trading tab.
Copy trading
The Copy Trading feature allows users to copy the strategies of other traders on the platform for free. Users can follow any trader and copy his portfolio and trades. The maximum number of followers per trader is limited and depends on their account balance.
You can also become a copy trader and earn up to 8% of the profits of your subscribers, which gives an incentive to implement good strategies.
Staking
Staking is the process of locking up crypto assets for a reward. Features of staking on Bitget:
Flexibility;
Daily interest payments;
High annual return;
Auto-replenishment function (automatic transfer of assets from a spot account to staking).
BGB token
The internal currency of the Bitget Token platform (ticker BGB) is the economic backbone of the Bitget ecosystem. The issue of coins is limited to 2 million BGB.
BGB token holders receive a 20% discount on trading fees. BGB can also be used as collateral for margin trading to receive a 15% discount on fees.
BGB Earn
BGB Earn are products for investing and increasing BGB assets. You can use BGB Earn products only after passing identity verification. To do this, you just need to select one of the many products on the BGB Earn page, enter the amount to invest and subscribe.
Bitget Launchpad
Exchange users can invest in promising crypto projects by purchasing their tokens at an early stage for BGB.
Bitget Launchpad provides the average trader/investor with early access to projects. Traditionally, this was only available to venture capital companies as well as privileged users.
Bitget Launchpool
Bitget Launchpool is a crypto asset farming platform (only available to KYC verified users).
All you need to participate is any token backed by the pool, worth 1 USDT. Earnings in Launchpool are calculated hourly. You can receive an award at any time.
API Trading
In addition to other features, the exchange offers API trading to its clients.The abbreviation API stands for Application Programming Interface and translates as “Application Programming Interface”. In short, an API allows two different systems to communicate with each other.
Each user of the exchange can customize and adapt the application programming interface to suit their needs. The API interacts with the trading platform to perform certain operations efficiently. For example, high-frequency traders use algorithmic programs with an API to make a large number of transactions in a fraction of a second (a person cannot perform so many transactions manually).
Bonuses and Rewards
The Bitget exchange also offers users bonuses for completing simple tasks. For example, a bonus for verification, for the first deposit, for futures trading, copy trading, etc.
VIP services
Bitget VIP Services are premium terms of service. These include: exclusive commissions, increased deposit and withdrawal limits, a personal manager, access to highly profitable products and loans, gifts, etc.
A user with VIP status on other exchanges can easily become a Bitget VIP. You just need to send a screenshot of your trading volume for the last 30 days to the exchange managers.
Project Founders
Detailed information about the owners of the exchange is not provided on the site. It is only known that one of the founders of the SEO platform is a certain Sandra Lou. In media interviews, she doesn't talk much about her background. All she reveals is that she has been working in the traditional financial industry for nearly a decade and was specialized in operations management, including growth of market share and user base.
The crypto exchange was founded in 2018 by Bitget Group.The project is officially registered in the Cayman Islands. The organization was one of the first to introduce the Copy Trade technology – copying trades of traders.
Bitget conducts an active advertising campaign and cooperates with international organizations. In 2021, the firm signed a contract with the Juventus football club. In 2022, the organization began cooperation with the Team Spirit esports team.
Is Bitget Regulated?
Bitget is a regulated crypto exchange. The platform has the following licenses:
US MSB license. Regulatory Authority: Financial Crime Enforcement Network (FinCEN), US Department of the Treasury.
Canadian MSB license. Regulatory Authority: Center for Analysis of Financial Transactions and Reports of Canada;
Australian License (DCE). Regulatory Authority: Australian Transaction Reporting and Analysis Centre.
The crypto exchange has been rated 12 A+ (SSL Labs). The company has partnered with Qingsong Cloud Security, Armors, HEAP, and Suntwin Technology.
How to Deposit and Withdraw Money on Bitget?
To deposit in cryptocurrency, follow these steps:
On the main page, select the Assets → Deposit tab;
Select the cryptocurrency you want to deposit (for example, USDT);
Select a network to transfer. Make sure to select the same network as the wallet you are withdrawing coins from (otherwise, the funds will be lost). For example, you have chosen the TRX (TRC20) network;
Copy your USDT deposit address on the Tron network (or scan the QR code using the code scan feature);
Insert it into the wallet from which you transfer coins;
The deposit is completed.
Depositing on Bitget is free of charge. The waiting time depends on the coin and is 5-10 minutes. You can only deposit money on the Bitget exchange in cryptocurrency. It is not possible to replenish an account from a card or bank account using fiat.
Cryptocurrencies have limits on deposits from third-party wallets.
Withdrawal of funds also takes place through your personal account:
Select the tab Assets → Withdraw;
Select a coin to withdraw, for example, USDT;
Specify the network to transfer. Make sure to select the same network as the wallet where you withdraw coins to (otherwise the funds will be lost). For example, you have chosen the TRX (TRC20) network;
In the Withdraw address line, insert the address where the coins will go;
Enter the amount;
Click Submit.
You can only withdraw cryptocurrencies from the exchange. That is, you can receive money only into a crypto wallet (you can’t use a card or a bank account).
The Transfer function is a transfer between accounts within the exchange. With it, you can easily send coins from a spot account to a futures account.
The amount of commissions on the Bitget exchange:
Deposit: no commission.
Withdrawal: depends on the coin and the network. For example, when withdrawing Bitcoins in the BTC network, a fee of 0.0006 BTC is charged, in the BEP20 network - 0.0000516 BTC. ERC-20 tokens have the highest withdrawal fees. Deposits and withdrawals are possible only in cryptocurrency (fiat is not supported on Bitget for these purposes).
Bitget Mobile App
You can trade on the stock exchange and buy cryptocurrency through your smartphone. The software is installed on devices running iOS or Android. Most of the features found on the web platform are available on the mobile version of the exchange. Users can:
Conduct P2P transactions (there is a built-in service).
Read educational articles.
Do trading.
Support Service
You can contact Bitget support specialists via:
Online chat on the site (you can choose the language). In the lower right corner of the official website there is a chat form for communication with operators. Here you can ask a question to the platform manager if you have any problems during the interaction.
Email. The address is in the footer of the site.
You can also visit the FAQ section for answers to frequently asked questions.
Registration on Bitget
All functionality of the exchange is available through a personal account. Registration on Bitget is standard and takes a couple of minutes.
Step-by-step instructions on how to register on the Bitget exchange:
Go to the official website https://www.bitget.com/en/;
Click Sign up in the upper right corner of the screen;
Choose a registration method: by email or by phone;
Then enter your email address or phone number, create a password and accept the terms of use;
Click Sign up to register.
After completing a simple captcha, in a new window, enter the registration confirmation code received by email. Click Complete Registration – an account on the Bitget exchange has been created.
Account Verification
After registering by e-mail or by phone, the user account is unconfirmed. To start working on the exchange, you need to pass verification. Identity verification is required for deposits and withdrawals, access to trading and copy trading.
To get verified on Bitget:
In your personal account, click on the profile icon and select ID Verification;
Select the type of verification: individual or institutional verification;
To pass individual verification, you will need to indicate: country of residence, first and last name, type and number of an identity document, date of birth;
After correctly specifying and checking all the data, click Submit.
Affiliate referral program
Users with a large audience in social networks can cooperate with the exchange. They are called influencers. To get a referral link, you need to leave a request in the "Affiliate Program" section.
Conditions for influencers:
Up to 50% from referral commissions.
5 thousand BGB as a bonus for 3 months of work.
$1.2 thousand monthly cash reward for successful cooperation.
Project Pros and Cons
Pros
Bitget is included in the top exchanges in terms of trading volume.
Bitget has regulatory licenses.
Copy trading is available.
Bitget has API support.
24/7 support is available.
Bitget supports derivatives transactions.
Bitget has a built-in P2P market.
Cons
Deposit in fiat only after verification.
Few educational materials on the site.
The mobile application is not finalized (the utility may hang and close).
Inferior in functionality to other popular exchanges.
Non-standard trading terminal.
FAQ
What is Bitget?
Bitget is a regulated cryptocurrency exchange for spot trading and derivatives trading. Additional services include: P2P trading, copy trading, algorithmic trading, futures demo trading.
Who created the Bitget cryptocurrency exchange?
Detailed information about the owners of the exchange is not provided on the site. It is only known that the headquarters of Bitget is located in Singapore.
How to make money on Bitget?
Markets available: spot trading, futures (also demo futures), P2P trades, copy trading (the ability to copy trades of other traders or make money on user subscriptions), algorithmic trading, Bitget Earn, referral program, bonuses and rewards.
How to withdraw money from Bitget?
To withdraw assets from the exchange:
Go to your personal account and activate the Assets tab → select Withdraw;
Select a cryptocurrency for withdrawal (for example, USDT);
Specify the network (be sure to select the same network as the wallet you are withdrawing coins from, so as not to lose funds). For example, you have chosen TRX (TRC20);
In the Withdraw address field, insert the address where the funds will go;
Specify the amount of USDT to withdraw;
Click Submit.
In which country is the Bitget exchange registered?
The Bitget exchange was founded in 2018 and is headquartered in Singapore. Has licenses from the USA, Canada, Australia.
What is the commission on Bitget?
Deposit: no commission;
Spot trading: 0%;
Futures trading: 0.02% for makers and 0.06% for takers;
Withdrawal: depends on the coin and the network.
Which is better Bitget or Binance?
Binance is a larger and well-known crypto exchange with support for a large number of assets and features. Bitget is inferior to Binance both in terms of trading volume and popularity. However, the exchange has its own unique products, such as algorithmic trading or futures demo trading. The advantage of Bitget is the availability of several licenses at once, which increases the level of user confidence.
Summary
In 2022, the company released proof of reserves. Judging by the report, the platform conducts honest activities and does not store users' assets on the personal accounts of the owners. Through the official website, you can organize crowdfunding, fundraising for your own startup. The exchange also offers to invest in the endeavors of other entrepreneurs.
Cryptocurrency exchange BitGet provides traders with the opportunity to trade on the spot, futures and copy trades of other users. As instruments on the exchange, only cryptocurrency is used (there are no pairs with fiat). The list of available currencies is represented by 300+ coins, among which the most basic ones.
Trading is carried out on the own platform of the crypto exchange, which is available in the form of a web terminal and an application for mobile devices. Transactions on the BitGet spot market come with a 0% commission. There is no deposit fee, but a withdrawal fee is charged, the amount of which depends on the cryptocurrency and the network.
When it comes to security, Bitget is doing well here too. The exchange is licensed in several countries and has a 12 A+ security rating from SSL Labs. The trading platform has never been hacked.
Always keep in mind the market risks that are invariably present when trading cryptocurrencies, and follow the basic recommendations: do not enter one trade with all the money, stick to the chosen trading strategy, use a stop loss, etc.
