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The rise of cryptocurrencies and blockchain technology has birthed several cryptocurrency exchanges that allow investors to trade digital assets. Bitget is a leading crypto exchange that is making a name for itself in the market. But is it a good option? This review on Bitget analyzes the platform’s key features, fees, benefits, and downsides to help you make a decision.
Bitget’s services are above-satisfactory, but they can apparently improve in a number of areas. The main pain point for users is the lack of a proper support system in place despite the platform touting a 24/7 support service. This makes it lag significantly behind other well-established crypto exchanges. Also, its lack of fiat withdrawals limits how investors can take profit from their local fiat cryptocurrencies. These two major areas show that the exchange still needs to improve its service.
- The platform has one of the lowest trading fees in the market
- 24/7 customer support is available for customers
- A wide range of cryptocurrencies is available to trade and invest
- Triple-regulated platform
- No fiat withdrawal options are available
- Users say customer support can be better
- No margin call or stop loss
Bitget At A Glance
Bitget is a Singapore-based cryptocurrency exchange. The crypto trading company was founded by Sandra Lou in 2018 with a mission to inspire people to embrace crypto and connect with the future of finance. The exchange has an average trading volume of $7 billion, making it one of the most traded crypto exchanges by volume.
The trading platform supports 100+ cryptocurrencies and 200+ trading pairs that crypto traders and investors can trade via the exchange. Investors can buy Bitcoin, Cardano and BNB. Alternatively, they can sell Ethereum using the peer-to-peer (P2P) marketplace using an intuitive and user-friendly interface for beginners. As for traders, Bitget comes with a mobile application. All Bitget features, including Futures, crypto P2P platform and Bitget copy trading, can be accessed on the app.
These are Bitget’s notable features:
- Secure asset management and trading
- Learning and education materials
- Seamless mobile app
- Advanced trading (like free copy trading and futures trading)
- Triple-regulation from FinCEN, FINTRAC, and AUSTRAC
- Professional customer support
- Low trading fees
- Discounts and promos
|Accepted Fiat Currency||USD|
|Deposit Methods||Cryptocurrency, bank transfer, third-party payment solutions|
|Supported Cryptocurrency||BTC, ETH, XRP, ADA, SOL & 100 others|
|Trading Fee||Spot Fees: 0.1% (maker) and 0.1% (taker), Future: 0.02% (maker) and 0.06% (taker)|
|Mobile App||Yes (Android and iOS)|
|Customer Support||Live Chat, Email, FAQ, Social Media|
Bitget Comparisons & Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|331 (608 trading pairs)||0% (spot), 0.06% / 0.01% (futures)|
|0% trading fees for 30 days (spot only)||Visit ByBit||ByBit Review|
MEXC Global Exchange
|1521||Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker)|
|10% discount on trading fees||Visit MEXC Globa...||MEXC Global Exchange Review|
Review of the Top Features on Bitget
Bitget is one of the most improved places to trade crypto with margin. It has various trading pairs that advanced traders invest in via derivatives contracts. There are USD-M Futures, USDC Futures, Coin-M Futures, and more. The platform also offers up to 100x leverage for futures, depending on the selected pair. Futures analytics and other information are available to monitor market events in real-time. Investors can also take advantage of the platform’s copy trading feature to potentially make more profit from futures.
Another notable feature of Bitget is copy trading. The platform allows users to copy expert traders’ strategies and mirror their moves for free. With this feature, beginners can trade using insights from expert traders and potentially make more money. The expert traders are also incentivized. They can earn up to 8% of their followers’ profits. To see how Bitget stacks up, read this comparison list of the best crypto copy trading platforms.
Bitget has its utility token (BGB) that investors can use for transactions on the exchange. Users who hold the token enjoy a 20% discount on trading fees, and users also get a 15% discount on futures trading. The BGB token provides an alternative to earning passive income on the platform. Investors who hold, stake, or trade the BGB token receive free crypto as a reward. This is a good incentive to hold the tokens for rewards, similar to the Binance Coin (BNB) within the Binance ecosystem.
Like Binance and TrustSwap, Bitget has a crypto launchpad that gives investors and traders early access to new crypto projects or initial coin offerings (ICOs). Launchpads are lucrative because they allow investors to earn massive profits from buying a new coin at its early stage and selling when the price increases. This platform is good value for investors that want to buy altcoins as they are newly released to the market.
Bitget started its referral program in April 2022 with different rewards for customers who refer the platform to other users. The bonus system offers a 30% commission in the form of BGB and USDT to Bitget account holders who share their referral codes with other potential users. Note that the referred users must fund their Bitget accounts and trade before the referee gets the bonus.
Is Bitget Safe?
Bitget upholds a high safety standard in digital asset security. Based on our research, Bitget has never been hacked or compromised to date. The platform uses industry-leading security best practices like two-factor authentication (2FA), address whitelisting, and anti-phishing code. It also claims to support up to 12 SSL indicators from four security vendors. Moreover, Bitget operates an insurance fund called Protection Fund, which reserves up to $200 million in emergency funds in the event of an exchange hack.
Bitget Verification Requirements
Bitget has a user identity verification process as part of its AML/KYC procedure. Only verified users can access all the platform’s features. To get started, investors must create an account on the Bitget website or via the Bitget mobile app. After creating a Bitget account, the exchange requires users to verify their personal information. Once all the conditions are met, Bitget will process the documents and send an email about the verification status. However, like on other exchanges, the verification status may take some time.
Funding & Limits
Bitget has no deposit limits, but there are limits and a withdrawal fee on the platform. New and unverified accounts have a daily withdrawal limit of 20 BTC. In contrast, verified Bitget accounts have a daily withdrawal limit of 200 BTC. However, Bitget withdrawal fees vary by the chosen withdrawal method.
Bitget Trading and Ease of Use
The Bitget exchange offers two types of trading interfaces: the basic one and the advanced trading platform for sophisticated investors.
Basic User Interface
The basic trading interface is designed to allow customers to buy and sell fast. This is simply a ‘Spot’ trading option for new and inexperienced investors.
To get started, users need to type in the ticker symbol of the asset and select an accompanying trading pair. This would redirect them to the platform where the trading chart of the asset in real-time is displayed. On Bitget, the spot trading market is powered by multiple cryptocurrency indicators like moving averages (MAs), vortex oscillators (VO), and volume (MA) exponential moving averages (EMA), amongst others.
The trading timeframe is spread between a minute and a week. On the left-hand side of the interface, Bitget runs the order book, which monitors transactions on that particular asset. The trading interface is set at ‘Limit’ by default, but investors can switch it to ‘Trigger Order.’ The Limit order is also classified into ‘Immediate or Cancel (ICO),’ ‘Post-Only’(PO),’ ‘Fill or Kill (FOK),’ and two others.
Bitget’s Trigger Order does not come with any add-on. To activate the regular ‘Market Order,’ users can tap on the function button after the price and switch to ‘Market Order.’ This would automatically execute a trade within the current price of the asset.
Advanced User Interface
For more experienced investors, the ‘Futures trading’ platform comes in handy. This comes with a longer timeframe of up to a month. As is the standard with advanced trading platforms, the Bitget futures interface is quite busy. It has a broader range of indicators, like the Parabolic SAR, Pivot Points Standard, and Price Oscillator, and Bitget copy trading. There is also a custom button that tweaks the color and density of each indicator an investor uses.
The coin-margined futures platform also offers isolated margin and cross-margin modes, and its leverage ratio is set at 20x by default. Investors can, however, reduce this to a more manageable figure. A stop-loss (SL) and take profit (TP) are situated at the base of the page immediately below the ‘Buy Long’ and ‘Sell Short’ icons. A ‘Margin Ratio’ and Maintenance Margin monitor the user’s derivatives trading health. To crown it up, there is a ‘Total Unrealized P/L’ and ‘ROI’ in which users can track their assets' performance in real-time.
While not as sophisticated as top platforms like Binance, Bitget offers a smooth trading interface, copy trading, and efficient charts to make sound investment decisions.
Users can begin trading by tapping on the ‘Spot’ icon on their dashboard and surfing through the options of crypto assets on the Bitget platform. Once they identify a preferred asset, they can click on the ‘Trade’ button and open the trading platform. Once there, the user has to choose between a ‘Limit’ or a ‘Market’ order. To place an order using the market order, the investor can fill in the amount they intend to invest and click on the ‘Buy’ button. If it was a limit order, immediately after the trigger price has been attained, the order would be executed and the asset added to the spot wallet.
Overall, trading on Bitget is straightforward, but beginners may find its hidden market order challenging. Although, placing market orders does incur a higher taker fee and should be avoided.
Trading volume & liquidity
Bitget has a sizable market share but is not the biggest cryptocurrency exchange by trading volume. According to CoinMarketCap, the digital asset exchange ranks 164th among all cryptocurrency exchanges. Bitcoin commands 51.15% of all liquidity processed on the platform, while other altcoins fill the ranks. The crypto exchange has an average liquidity score of 604, which is quite good for its position. It also attracts over 1.2 million weekly visits to its website.
All financial transactions incur charges, and Bitget is no exception. For its spot trading market, the Bitget platform charges a flat 0.1% for both maker and taker fees. For holders of its BGB token, the crypto exchange offers a 20% discount, making the fee 0.08%. This is very competitive in the market and comparable to top platforms we've reviewed such as Whitebit, Phemex and KuCoin.
The fee on its futures platform will incur a standard fee of 0.02% for makers and 0.06% for takers. There are no deposit fees for cryptocurrencies, but a fee is exerted on each crypto asset withdrawn. This is coin-based and network-dependent.
Bitget Mobile App
Bitget has an independent mobile app for Android and iOS devices. This allows its customers to trade anywhere and anytime they want seamlessly. On the app, users can place the same orders as the web-based platform and monitor their investment portfolio on the go. Even more important is that the Bitget app allows users to trade in the futures markets.
Security of Assets
New users must complete the KYC process and enable the two-factor authentication (2FA) system to limit the chances of a malicious actor stealing their funds. There is also a withdrawal address whitelist and anti-phishing code to further beef up the security measures.
Bitget secures investors’ funds using cold wallet storage. There is an insurance cover for investors using the Bitget platform, but this is largely targeted at forcibly closed profitable trades. This is useful in the event of a large liquidation, as the insurance fund helps prevent a contract loss.
In addition, Bitget has a $200 million protection fund set aside to prioritize security and safeguard users’ assets. The $200 million fund, consisting of 6,000 BTC and 80 million USDT, acts as a safeguard for Bitget users and the Bitget platform.
Bitget has a customer support team available to help users navigate and solve whatever challenges they may have when using the platform. Users with requests, questions, or complaints can reach the 24/7 customer support team via email. The exchange also offers users learning resources and information about using the platform or solving common problems users face via the Bitget Academy.
Based on online reviews and testimonials by registered customers, Bitget can improve its customer support. 60% of the exchange’s reviews on Trustpilot indicate that users are unsatisfied with its services and support team. Most existing users complained about the platform’s slow customer support response time and how unstable the mobile app is. Also, the trading platform was said to contain errors that can cause trades to glitch.
Frequently Asked Questions
Our study of different Bitget online reviews shows that the platform has never been breached or had any security issue to date. We also found that many of its existing users adore the platform's seamless mobile app that lets them trade anytime and anywhere. These features and benefits imply that Bitget is an exchange suitable for beginners and expert traders.
Bitget offers services to more than 2 million users across 50 countries worldwide. The cryptocurrency exchange has a Money Services Business (MSB) License from the United States Financial Crimes Network (FinCEN) and Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). It also holds the Australia Digital Currency Spot License to operate as a crypto exchange in Australia.
In addition, Bitget has anti-money laundering (AML) and Know Your Customer (KYC) policies and procedures that users must comply with. Customers must verify their identities through the process to make the platform safe for all users.
Yes, Bitget offers its services in the United States. It offers spot, margin, and even crypto derivatives trading services. The crypto exchange is regulated in the American nation by FinCEN - a subsidiary of the US Department of Treasury. However, its services are restricted in Singapore, Hong Kong and Mainland China.
Bitget was launched in 2018 by Sandra Lou and is headquartered in Singapore. The country is known for its friendly crypto laws and acceptance of blockchain technology.
Bitget allows traders to buy and sell digital assets without completing the KYC process. However, this largely limits their platform access and withdrawal limit. Users without ID verification can only withdraw 20 BTC, while those who complete KYC can withdraw ten times that value daily. The high withdrawal limit for non-verified accounts makes Bitget one of the best crypto exchanges without KYC.
Final Verdict and Rating
Bitget holds high value for investors searching for a low-cost crypto platform. Also, its healthy crypto library and liquidity mean investors can always easily buy and sell. However, its preference for crypto deposits and withdrawals can be a pain point to several users interested in trading digital assets. Overall, it ensures a seamless trading experience and has a futures platform for experienced speculators.
|Review Criteria||HedgewithCrypto Rating|
|Supported Fiat and Deposit Methods||3.8/5|
|Supported Crypto & Trading Pairs||4/5|
|Ease of Use||4/5|