Bitget Exchange Review: Unique Features, Functions, and Trading Procedures

Introduction

Established in 2018, Bitget is the world’s leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving 20+ million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

The mission on the Bitget website states:

“We empower individuals with simple yet powerful tools to embrace the future of finance in a safe, easy, and efficient way.”

Bitget is user-friendly and it offers spot, derivatives, bot trading, and copy trading. It has more than 20 million registered users scattered all across the world in its large customer database. Furthermore, Bitget has an average daily trading volume of $10 billion and it is a trusted and reliable platform for both new and experienced traders.

Bitget was officially registered in Seychelles. Bitget (and its affiliate, collectively “Bitget”) has completed crypto registration in Lithuania and is also a registered Virtual Asset Service Provider in Poland.

Bitget Exchange Details

History Overview

With a background in traditional finance, Bitget’s founding team discovered blockchain technology in 2015, but it was viewed as “tulip mania” by the industry back then.

Bitget was founded with the remnant of 10% of believers who stood the test of time and remained committed even in the face of adversity, hardships, and market crashes. 

In 2018, the team became intrigued by cryptocurrency after studying the Bitcoin whitepaper and Ethereum ecosystem. They believed that cryptocurrency would play an important role in the future and even benefit the unbanked groups. Nonetheless, the market crash shoo-ed away most speculators and less than 10% of the people chose to stick to their convictions and rebuild. Bitget was then officially founded in the same year.

Born in a bear market, Bitget insists on putting users first, focusing on product innovation, and advocating long-term prospects with the spirit of “earnestness.” The company aims to inspire people to embrace crypto and improve the way they trade, one at a time.

Platform Interface

The Bitget exchange interface is user-friendly and easy to navigate through. It has the pertinent details arranged and placed in the right places so that it does not overwhelm a new trader. Furthermore, it also has the right amount of data for expert traders to browse through and get what they need in no time. Users can easily find the top gaining coins, losing, and newly listed coins on Bitget’s interface, making it easy and convenient.

Key Features and Functions

Design & Usability

Built with the intention of satisfying the end user, Bitget has a simple design with widgets and icons placed in appropriate places for effortlessly navigating between functions. The white font on a dark background makes it easy for users to find the information or the category that they are looking for.

Markets

The market interface on Bitget gives the user the option of selecting between spot, futures trading, or swapping cryptocurrencies to another. Furthermore, the interface has what is called a “heatmap” where all the trending coins, top gainers, and newly listed are displayed. To enhance the user experience, the interface has a small chart, price change, and volume button to check the latest activity.  

Spot Trading

The trade section on Bitget gives the user options like spot, futures, margin, convert, and Bitget Swap. Moreover, once the user has selected either spot or futures, then he/she can select the trading pair that the user intends to trade. Once the user selects one of the stablecoins, fiat, or any crypto options, the platform filters and gives the users the list of coins that could be traded according to the user’s preference.

FuturesTrading

The futures section on the Bitget exchange has a live order book, which states the market status. Users can easily find the selling and buying momentum of the market and mark their positions. Moreover, the chart has different timeframes and indicators for the user to make an educated decision.

Copy Trading

The Bitget exchange platform allows the user to copy elite traders’ strategies that have been proven to garner success. Furthermore, the platform has 110,000+ elite traders with 540,000 followers and realized profits of $380,000,000+. Moreover, it has a  video tutorial on how to find strategists for new traders.

Supported Cryptocurrencies

The Bitget platform supports more than 550 cryptocurrencies. The platform offers USD stablecoin markets, Bitcoin markets, Ethereum markets, and Exchange token markets.

Security and Transparency

As the company is built on the ethos of compliance as the cornerstone, Bitget diligently complies with relevant laws and regulations, ensuring that users can trade with confidence, knowing that their investments are protected.

KYC Procedure

Bearing the heavy responsibility of protecting users’ assets and to create a more secure trading environment, Bitget requires mandatory Know Your Customer (KYC) procedures. These procedures involve identity verification for KYC level 1 and address verification for KYC level 2, ensuring that users are who they claim to be, and helping prevent fraudulent as well as illicit activities.

To optimize the KYC process without compromising compliance, Bitget utilizes eKYC technology, including facial recognition and auto cross-matching between provided identification and live self-portraits, making the identity verification process significantly more efficient for both Bitget and users.

Deposit/Withdrawal/Trading Fees

The platform has separate tabs with charges for Spot trading and Future. It also has a listicle of withdrawal fees. The withdrawal fees on Bitget Exchange differ according to the platform that it has been used while the spot and futures charges are quite constant. Notably, spot trading users are charged a concessionary amount when using BGB, the exchange’s native token.

As such, in Spot trading, each trade will carry a standard trading fee of 0.1% for both Maker and Taker. However, if the user pays for their Spot trading fees with BGB, they will receive a 20% discount.

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.

Accepted Payment Methods

Bitget supports over 40 different fiat currencies which allow users to easily purchase a wide range of cryptocurrencies without incurring conversion fees. Furthermore, to add more convenience to the user, the company has partnered with companies such as Simplex, Banxa, and Mercuryo so that users can purchase more than 250 different coins and tokens via credit/debit card, Apple Pay, and Google Pay.

In addition to that, 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.

Achievements

Bitget Wallet, formerly known as BitKeep announced the expansion of its new currencies: EUR, RUB, and JPY.

Bitget celebrated its five-year journey which included a lot of perseverance and determination as the inauguration of Bitget was in a bear market.

Bitget was the first CEX To support Multi-Chain EVM-Compatible address and BRC -20 tokens.

Pros and Cons

Pros

• Trade with ease on the go with a mobile app
• Simplified registration process
• Supports 550+ currencies
• User-friendly interface
• Provides real-time information on cryptocurrency markets for users
• Low transaction fees and waive-offs for BGB users

Cons

• The platform’s advanced features could be overwhelming to a new user.

Final Score

• Services offered: 3.5/5
• Cryptocurrency support: 4/5
• Fees: 4/5
• Security: 4/5
• Review Score: 4/5

Summary

Bitget is an exchange that has a customer base of more than 20 million since its inception in 2018. Supporting more than 550 cryptocurrencies and 40+ fiat currencies, the exchange is one of the top-tier exchanges.

As the first crypto exchange to support an EVM-compatible address, it is convenient and easy for the user. Furthermore, the platform has advanced features in simplified language so that it is easy for a novice user to operate. However, it also has the pertinent information required for the expert to browse through quickly.

In terms of security, the company runs on the principle of “ Compliance as the Cornerstone” and makes sure that it complies with relevant laws and regulations so that users can trade with confidence. Furthermore, to create a safer trading environment for the users, the company follows mandatory KYC procedures. 

FAQs

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