Bitget Review: Analyzing One of the Top Derivative Trading Platforms
Bitget is a platform that provides cryptocurrency trading services, supporting a variety of cryptocurrencies for spot and derivatives (such as futures) trading. Bitget Exchange serves global users, offering features including but not limited to the buying and selling of digital assets, leverage trading, and contract trading.
Bitget emphasizes its security measures, aiming to protect user funds and information safety, and offers a user-friendly trading interface, catering to both novice and experienced traders. Additionally, Bitget may also offer crypto asset management and investment strategy tools, as well as API support, facilitating advanced users and institutional clients in operations like high-frequency trading, etc.
What is Bitget?
Bitget is a centralized cryptocurrency exchange established in 2018. Rated by Coingecko as one of the top five exchanges in terms of derivatives trading volume. Currently, its social accounts have 8 million users and 1.1 million followers. The average daily trading volume in 2024 is $324.1 billion. It has over 800 employees from more than 40 countries.
The platform adheres to the mission of “making trading make life better,” aiming to provide freedom, ultimate, and fair trading for global customers. The trading process is very smooth, even suitable for beginners.
Bitget Token (BGB) is the native token of the Bitget exchange. By staking, you can get an average annual yield of up to 5%. It has several structured investment products that can passively make money.
Features
- Trading Types – Offers spot, margin, derivatives, and P2P trading.
- Trading Fees – The trading fee for spot trading is 0.10%. However, for futures trading, the Maker fee is 0.020%, and the Taker fee is 0.060%.
- Copy Trading – You can follow the trading style of top traders on Bitget and earn significant profits from it.
- Strategy Trading – This is a paid service; you can get guaranteed profits by following a strategic trading style. You can assess top strategy traders and select a specific style. Orders will be automatically executed against the cryptocurrency you select.
- Yield Plans – It provides a staking option where you can earn a minimum of 6% APY and up to 20% APY. It also offers structured products where you can get passive income by saving on capital investment.
- Bitget Token: BGB is Bitget’s native token. The total issuance of BGB tokens is 2,000,000,000. Users have multiple benefits for trading and holding BGB tokens.
- Bitget Academy – A unique learning center where both beginners and advanced traders can learn more about cryptocurrency and blockchain-related topics.
Cryptocurrencies Offered on Bitget
The exchange offers more than 630 cryptocurrencies on its platform. Some popular cryptocurrencies are
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Bitcoin Cash (BCH)
- Shiba Inu (SHIB)
- Dogecoin (DOGE)
- Tron (TRX)
- Uniswap (UNI)
- Ripple (XRP)
- Polygon (MATIC)
- Filecoin (FIL)
How to Create an Account on Bitget?
Let’s learn how to create a Bitget account
- Log in to the Bitflyer website
- Click 【Sign Up】
- Enter your email ID or phone number to generate an OTP
- Confirm the one-time password
- Congratulations, you have created an account
- We recommend you verify your account to increase withdrawal and transaction limits
How to Buy Cryptocurrency on Bitget?
Let’s learn how to buy cryptocurrency on Bitget
- Log into your Bitget account
- Click 【Buy】
- Select a fiat currency and enter the amount you want to pay
- Select the cryptocurrency you want to buy and enter the amount you want to purchase
- Choose a payment provider and payment method. Click next
- You will be directed to the service provider’s website. Follow the instructions and complete the payment
- You will receive a notification after the transaction is completed
How to Sell Cryptocurrency on Bitget?
Let’s learn how to sell cryptocurrency on Bitget
- Log into your Bitget account
- Click 【Buy】
- Click 【Sell】
- Enter the cryptocurrency you want to sell and the fiat currency you want to receive
- Click sell
How to Deposit Cryptocurrency on Bitget?
Let’s learn how to deposit cryptocurrency on Bitget
- Log into your Bitget account.
- Navigate to “Assets” on the right side of the page.
- Select the cryptocurrency you wish to deposit. Click “Deposit”.
- Scan the QR code or copy the address and paste it into your external wallet.
How to Withdraw Cryptocurrency from Bitget?
Let’s learn how to withdraw cryptocurrency from Bitget exchange
- Log into your account. Go to “Assets”.
- Select the currency you want to withdraw. Press “Withdraw”.
- Enter the amount and the withdrawal address.
- Click “Submit”. Your withdrawal is completed.
Exchange Fees and Supported Payment Methods
Bitget exchange does not charge any fees for depositing cryptocurrencies or fiat currencies. However, withdrawal fees vary for different cryptocurrencies, and each cryptocurrency has a minimum withdrawal amount. For spot transactions, Bitget charges a fee of 0.1% to both makers and takers. However, if you choose to pay these fees using Bitget Token (BGB), you can enjoy a discount of 0.08% on fees. Bitget also offers a VIP program that provides exclusive services such as a dedicated customer manager, access to high-yield products, and fast deposit and withdrawal processes. The fees in the VIP program are more attractive, with maker fees starting from 0.06%, potentially as low as 0.01%, and taker fees starting from 0.08%, potentially dropping to a low of 0.04%.
Referral Program
Bitget has launched a referral program where you can invite friends and earn up to 3 USDT for successful KYC completion. You can earn up to 2802 USDT in a year if your friend completes the specified trading volume.
Bitget also has an affiliate program where you can earn 50% of the trading fee commission for every trade made by your referee. All you need to do is apply for the program, get your unique referral link, and invite friends. Once they start trading, you can begin earning bonuses.
Mobile App
The Bitget mobile application is available on the Apple and Google Play stores, rated over 4.5 stars. With the mobile application, you can trade over 630 cryptocurrencies with just a few clicks. The application is smooth and visually appealing.
Customer Support
The exchange has a dedicated webpage where you can find answers to general queries related to account setup, trading tools, and latest announcements. You can also send them an email to solve urgent issues related to your account. Bitget does not offer phone or chat support.
Recent Updates
May 2023—Bitget obtains Virtual Asset Service Provider (VASP) registration in Poland! This registration allows us to legally operate in the Polish market, marking a significant step forward in our ongoing efforts to expand our influence in the EU.
November 2022 – Bitget partners with Jesse – The most advanced cryptocurrency trading bot
October 2022 – Lionel Messi partners with Bitget as the global cryptocurrency partner
Hacking Incident
Bitget became the latest victim of a cryptocurrency hacking attack on December 26, 2022. Bitkeep, a non-custodial wallet owned by Bitget, was hacked, and cryptocurrencies worth $8 million were stolen from accounts. After the attack, it launched a DEX aggregator to prevent further hacker attacks. TEH, BNB, USDT, and DAI are some of the cryptocurrencies stolen from their wallets.
The exchange announced that affected customers would be compensated using the wallet safety fund.
Bottom Line
The Bitget exchange is one of the emerging cryptocurrency platforms, with multiple partnerships and strong social influence. The exchange stands out for its innovative technology and dedicated futures trading platform.
“Better Trading, Better Life” is Bitget’s motto. Bitget has been providing highly secure features so far. However, it suffered a hacking attack in December 2022, losing assets worth $8 million. This indeed was a shocking event. Nevertheless, the Bitget team has informed that all affected users will be compensated using the exchange’s safeguard fund.
Bitget faced a security vulnerability in December 2022. It is very important to thoroughly research and consider this factor before deciding to invest in the exchange.