BGB Token: An Overview of the Bitget Token
Bitget is a licensed, regulated, and reputable global crypto exchange available in most countries excluding the US, Canada, and sanctioned countries. It is one of the best platforms that offers copy trading and is popular for spot and futures trading. It is a professional-grade trading platform that supports fiat deposits and withdrawals but could benefit from a better earn product selection and better crypto asset support.
If you've been around the crypto industry for a while, you have probably heard about the Bitget crypto exchange and the Bitget token (BGB). The platform is one of the best if you want to one-click copy trade in a secure environment and have access to a range of impressive features as a BGB token holder.
In addition, the Bitget exchange has impressive security with the $300M Bitget protection fund, emergency insurance reserve and cold storage for users' assets.
If you have no trading experience or want to diversify your trading activities, you might be attracted to Bitget's copy trading service, so you can copy trade from experienced crypto individuals without the hassle of learning how to trade cryptocurrencies.
Trading cryptocurrencies is challenging. There's no way around it that 95% of traders fail, and we have to ask ourselves if we honestly think we could be an elite trader, representing only 5% who are consistently profitable.
I thought I would be a trading ninja, but I messed up like everybody else for a long time and lost 40% of my account. Thankfully, after mastering trading psychology, trading became less stressful and more profitable. Bookmark that article for later. It's a long one, but it might save you from the heartache I experienced for two years!
I considered copy trading, but the platforms back in 2018, when I started, had a poor reputation for copy trading results. 70% of users still lost money. Those odds aren't good enough to rely on as a source of income. However, things evolve, and you now have more choices with Bitget if you want to trade Bitcoin or other cryptocurrencies.
In case you didn't know, copy trading refers to the process of choosing a consistently successful trader on the platform and registering to copy their trades.
In the current market, trading crypto can be challenging for newbies without crypto trading experience, and many are testing copy trading services as an alternative. Moreover, social trading is just one aspect of the many features and products you can get from having an account with Bitget and holding Bitget tokens (BGB).
This article is a quick exploration of the Bitget exchange and a deep dive into the Bitget token (BGB). If you want a more comprehensive look into Bitget, you might like to read our detailed Bitget Review for more details about one of the most popular centralized exchanges.
In addition to the Bitget review, we also have the following supporting Bitget content to help with your research:
- Bitget Copy Trading: Reviewing the Leading Copy-Trading Platform
- How to Get Started with Bitget: Step-by-Step Sign-up Guide!
- Bitget Fees: Analyzing Bitget's Fee Structure
- Bitget Security Analysis: Is Bitget Safe?
- How to Buy Bitcoin on Bitget
What is Bitget?
Bitget is a licensed, regulated, and reputable global crypto exchange available in most countries, excluding the US, Canada, and sanctioned countries.
Based in Singapore and launched in 2018, Bitget is one of the best platforms for copy trading and is popular for spot trading and the futures market. Sandra Lou is the Bitget CEO.
Bitget is a professional trading platform that supports fiat deposits and withdrawals. Bitget is in the top twenty listed crypto exchanges on CoinMarketCap and has 560+ tokens, with over 775 trading markets.
Bitget has excellent security protocols: -
- 1:1 ratio for Proof of Reserves to protect customer funds
- Cold Storage: Bitget keeps most of the user's assets in cold storage with multisig (multi-signature) offline wallets.
- 300M USDT protection fund (to protect against security risks)
Security and privacy are also big priorities for Bitget Token. This focus on security has made Bitget Token a trusted and reliable choice for people who want to trade and invest in cryptocurrencies.
"Trade alongside the best: Follow elite traders and enhance your returns with just one click." (Source: Bitget)
The Bitget Token (BGB) is the native cryptocurrency of the Bitget crypto exchange. The Bitget Token (BGB) serves as the foundation for enhancing the internal ecosystem of the exchange and brings it on par with other industry leaders.
BGB operates on the Ethereum Blockchain (ERC20) and is an upgraded version of its predecessor, the Bitget DeFi Token (BFT).
Why Does Bitget Need A Native Token?
As the cryptocurrency market expands, there is a growing demand for user-friendly, reliable, and secure crypto exchanges and convenient copy trading platforms. Bitget's mission is to simplify crypto trading for cryptocurrency users of all levels. The Bitget token complements the Bitget ecosystem for multiple use cases on the platform.
Bitget aims to become a world-class exchange by incorporating the copy trading feature, a broad range of earn products and providing the necessary drive for the future of the cryptocurrency industry.
You can copy trade from spot, future traders, or a bot, and Bitget also enables you to build your own trading bots.
What Are The Uses Of BGB Tokens?
When you buy Bitget token (BGB), you gain access to multiple utilities and perks within the Bitget ecosystem:
Fee Deduction: Holding BGB enables you to use the token to pay trading fees at a discounted rate. Currently (July 2023), there is a 20% discount on spot market fees, and soon a 15% discount will be available for Futures markets. Bitget trading fees are competitive.
Contract Margin: You can use the Bitget token (BGB) as collateral for contract trading, specifically in Bitget's unique Coin-M futures product. This feature allows you to utilise multiple assets as collateral.
Stake & Trade to Earn: You can stake Bitget token (BGB), providing a more passive approach to earning rewards over time, similar to interest. Additionally, trading the BGB pairs offers rewards based on your trading volume. There are zero withdrawal charges for BGB staking.
Multiplying Income: By holding Bitget token (BGB), you can participate in wealth management products that offer multipliers, potentially increasing your APY or holdings. Products include the following: -
- Crypto Loans
- PoS Staking (low-risk)
- Savings with daily interest
- Bitget token (BGB) staking
- Daily Lottery with 500 BGB rewards
- Dual Investment for high-profit earnings
- Range Sniper: A high-risk, high-yield product
- Shark Fin: "Guaranteed yields in volatile markets."
- Smart Trend: Predicting price movements for a percentage profit
Launchpad: BGB is used in the Launchpad, enabling you to subscribe to early-stage investment opportunities. It also allows you to support your favourite projects on the Bitget exchange.
After checking the Launchpad page, three projects ended, with no new projects (July 2023). However, I am sure the situation will change as more projects become aware of the Bitget launchpad service.
"Discover early-stage crypto investments. The Bitget launchpad is where we handpick the brightest projects for you. You can now purchase tokens in their early stage with BGB." (Source: Bitget)
Launchpool: Using the Bitget Launchpool to stake and farm newly listed or popular tokens is free. "Simply stake with BGB or a designated token in the pool for free!" To participate, Bitget requires you to complete KYC verification (USA/Singapore residents are not eligible).
Voting Rights: BGB holders can utilise their tokens to vote on which projects should be added and made available for trading on Bitget. Voting also comes with additional rewards.
Discounts: BGB holders can enjoy up to 50% discounts on popular cryptocurrencies.
Airdrop Eligibility: Holding BGB tokens makes you eligible to receive free airdrops.
Bitget introduced BGB to establish a solid foundation throughout its exchange to enable the launch, funding, and growth of multiple projects and assets within the independent ecosystem.
The Bitget website suggests that even more innovative product features will follow, with added practical use cases for BGB.
How BGB Works
In 2022, Bitget significantly upgraded its products to bridge the gap between CeFi and DeFi. The improvement added more diversity to BGB use cases and meant that Bitget could add new and exciting earn products to the platform, now serving 100+ countries worldwide.
Bitget (BGB) has a total market cap of over $645M, with a total supply of 2,000,000,000 BGB.
Bitget proclaims that BGB is a “blue-chip exchange token”, and they back up this statement by confidently announcing the exchange as the leading derivative platform in the crypto industry.
"BGB is the golden ticket to Bitget's world of trading & investment. Holders of BGB are entitled to a direct 20% discount in spot trading fees, should they choose to pay with our platform token. There are always multiple campaigns designed exclusively for BGB holders, for example, traders who deposited BGB as their margin used to get a 15% discount in futures trading fees." (Source: Bitget)
There are four BGB spot pairs available: -
The core products for Bitget Token (BGB) holders are: -
- BGB Earn
Holding BGB gives you easy access to the entire Bitget ecosystem.
Bitget Token Utility
Bitget (BGB) is the native digital currency of the Bitget platform. It serves as the utility token, providing various functionalities within the Bitget ecosystem.
One of the cool things about Bitget Token is that it makes crypto trading super easy and affordable, even for beginners. Holding BGB enables you to earn passive income from staking or other "earn" products, pay trading fees, and even have voting rights on the Bitget platform.
Bitget built the BGB utility token to provide a transparent and secure crypto trading environment for digital asset derivatives. The introduction of the Bitget token (BGB) and its benefits for users quickly helped Bitget become a popular platform for investing and trading.
With Bitget's focus on privacy and security, BGB has become a trusted asset for crypto enthusiasts.
BGB Token Price History
BGB is a popular token in over 24,000 watchlists on CoinMarketCap and ranks in the top 200 cryptocurrencies (from 26,000+). Trading volume is over $9 million daily, with an increase of more than 40% in July 2023.
BGB launched in May 2022 at $0.1458. In early February 2023, BGB spiked from $0.21 to an all-time high of $0.5152 in a few days, and the price has not dropped below $0.33. Indeed, the BGB price has remained around $0.46 for several months, with a few minor dips.
"BGB was one of the rare tokens to have recorded its all-time high in Q4 2022 at US$0.23880 on October 21. But fast forward to February 2023, and it constantly accomplished new, amazing achievements: four consecutive weeks of new highs from US$0.22185 (January 23 - January 29), US$0.22455 (January 30 - February 05), US$0.39616 (February 06 - February 12) and US$0.51620 (February 13 - February 19)." (Source: Bitget)
If you want to check out the price performance for BGB or many of the major cryptocurrencies, Bitget has a great BTC Calculator on their site available for free use.
Why Did Bitget BGB Perform So Well in A Bear Market?
As most other cryptocurrencies plunged to new lows, BGB outperformed market trends. One explanation from Bitget is that after the shocking FTX collapse, its users were desperate to find a trusted, secure platform with excellent features.
With Bitget's impressive security features and broad product range, crypto enthusiasts were confident they have protection for their cryptocurrencies with Bitget's Proof of Reserve, Cold Storage, and $300m USDC Protection Fund launched in August 2022.
"Always the first to respond, it's no surprise that Bitget is growing at breakneck speed and securing more and more market share." (Source: Bitget)
Whatever the reason, BGB shows promise as a potential opportunity when the crypto market shifts back into a bullish trend. Meantime, users can enjoy the many features offered by the Bitget platform and BGB.
Trading and Storing BGB
You can buy Bitget BGB tokens with fiat currencies via the P2P marketplace or Express Buy.
After purchasing Bitget BGB, which you can do directly from the platform, you can store your BGB in your Bitget account. Users of the token for platform perks will need to keep their BGB on the exchange, but for any additional tokens held, we always recommend using a secure crypto wallet for long-term storage.
Bitget collaborated with BitKeep to create a secure, user-friendly, self-custody Web3 crypto wallet. Create a new wallet, and after purchasing BGB tokens, transfer them to your secure wallet. After that, you can use the wallet to trade or transfer value to anyone with a Bitget address.
You can also donate funds to Bitget Charity, which supports many global projects, and it appears that more vendors worldwide are becoming increasingly open to accepting Bitget BGB token payments for purchases.
If you're in the spot market trading, here is a quick guide: -
- You own the digital asset, which transfers to your exchange wallet,
- You cannot access margin or leverage with spot trading. Therefore, you can only trade with what capital you have available.
- You can access Bitget Smart Tools for trading
- Orders available
- Other conditional order
- You can use the Bitget spot grid bot or other automated trading bot.
- Charting tools are via the excellent TradingView platform.
How to Get Started With Bitget Spot Trading
- Register for a Bitget account using your phone number or email address.
- Check what new user rewards are available in the "Reward Center."
- Once Bitget confirms your account, deposit into the Bitget Spot account. Alternatively, you can buy USDC, USDT, BTC or ETH with Google Pay, Apple Pay or a debit or credit card.
- Click on Bitget Spot Trading and check the crypto section, which has a real-time order book to see the bid and ask prices.
- Choose a trading pair and click "buy" or "sell."
- You can check your assets by clicking "Asset" and then "Spot."
The Future of BGB Token
Although Bitget has no up-to-date roadmap or whitepaper, they keep the Bitget blog updated with events and news.
In June 2023, Bitget launched a Martingale AI strategy, which provides automated algorithmic trading for users. As with most Bitget launches, the new feature can assist novice users. A martingale strategy can be risky for new traders because they historically increase investment amounts after each loss to recoup losses and close with a profit.
Beginner traders may "chicken out" before they make a profit from a martingale strategy because it is high-risk. Removing the human element from decision-making could be a positive move for Bitcoin users.
“The launch of Martingale AI represents Bitget's commitment to empowering users with the tools and strategies to invest confidently and smartly according to their needs, providing simple yet sophisticated offerings that leverage the power of AI aligns with Bitget's mission to help individuals safely embrace digital assets. ”
"We will continue exploring new ways to integrate AI into our products and services to empower investors."
(Source: Bitget: Gracy Chen, Managing Director)
On July 11th, 2023, Bitget announced the launch of an AI-powered feature for Grid Trading strategies. The primary benefit is to help those without much trading experience.
The new feature allows you to choose an AI bot with one of the following options: -
- Secure: For risk-neutral trading and investing.
- Conservative: Ideal for new and risk-averse traders.
- Aggressive trading: Suitable for experienced traders
"The new feature aligns with Bitget's goal of providing tools for users to trade smarter. AI products can make sophisticated strategies more accessible, resulting in more reliable systems and optimised profits." (Source: Gracy Chen, Managing Director at Bitget)
Bitget is a fascinating cryptocurrency exchange with many facets to what it offers users. Launched in 2022, the Bitget token (BGB) has done an epic job of quickly rubbing shoulders with some of the top cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Bitcoin (BTC).
Bitget began with a mission to encourage cryptocurrency adoption by simplifying processes. After the launch of the BGB utility token in August 2022, its price took off and hasn't followed the path of many other cryptocurrencies in the bear market. Moreover, the BGB token price has remained consistently stable.
Social trading is becoming more popular as crypto enthusiasts learn how hard it is to master trading cryptocurrencies in the spot or futures market. Leveraged market price support is tricky, even when users have a ton of crypto information.
If you choose a reputable platform like Bitget, social trading is an option for your financial activities.
👉 Sign up to Bitget Using Our Link and Enjoy 20% Off Trading Fees For Life!
Bitget continues to evolve and grow its product features, and with the introduction of AI technology, it can only continue improving. For a relative newcomer to the industry, the platform appears to be doing many things right as it focuses on the user experience.
Bitget is undoubtedly one to watch in the future years.
Frequently Asked Questions
The Bitget Token (BGB) is the utility token for the Bitget platform. It is an ERC20 token that provides users with a variety of benefits for traders on the exchange.
The Bitget token uses the symbol BGB
Binance is the world's leading cryptocurrency exchange by trading volume. The platform has 90+M users worldwide. It has a good range of services, more than 380 cryptocurrencies and 1700+ trading markets.
Although Bitget is smaller, with 10M users, for its size, it has an excellent range of products and services and high levels of security.
Choosing Bitget or Binance is a personal choice, depending on your needs. If you'd like to know more about Binance, we have an in-depth review, and you can compare it with our Bitget Review to see which one is better suited to your needs.
The Bitget mobile app is available for download on Android or iOS. Users can access the mobile app to use the Bitget platform on the go and monitor/conduct their trades.
We advise protecting your Bitget account with as much security as possible. Set a strong password, use 2FA and have a phone passcode for extra safety.
If you lose your mobile, these measures will help prevent anyone from accessing your digital assets on the Bitget app
Yes. Bitget has a mobile app. It is available to download for Android and iOS.
Yes. Bitget copy trading is legit. Several exchanges offer copy trading, but Bitget has an excellent reputation for social trading.
You can also access several automated trading bots for your chosen risk levels and copy trade if you want a more passive approach to crypto trading.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.