Those of us who have been kicking around the crypto space for more than a day know all about the exchange titans like Binance, Coinbase, KuCoin, and others, which have served us well over the years. But maybe it is time for an innovative, new entry into the space; someone to come along and offer something new, something different and shake things up a bit. Well, that is exactly what Bitget is aiming to do and why I am happy to be bringing you this Bitget Review.
Bitget Review TL; DR– 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.
Bitget Key Features at a Glance:
- Spot and Futures Trading
- Easily Buy Crypto
- Zero fees on GBP and EUR bank deposits
- No KYC Needed for Most Functions
- Copy Trading
- Strategic Trading
- Launchpad, Savings and Earn
- Attractive Affiliate/Referral program
If you are on a search to find the perfect crypto exchange, be sure to check out our article where we break down and compare the Top Crypto Exchanges.
Page Contents 👉
- 2 Bitget Summary:
- 3 Review: What is Bitget?
- 4 Bitget Exchange Review: Key Features
- 5 Bitget Fees
- 6 Bitget KYC and Account Verification
- 7 Bitget Review: Security
- 8 Cryptocurrencies Available on Bitget
- 9 Bitget Exchange Platform Design and Usability
- 10 Deposits and Withdrawals at Bitget
- 11 Bitget Token (BGB): Uses and Performance
- 12 Bitget Customer Support
- 13 Bitget Exchange Top Benefits Reviewed
- 14 Bitget Review Conclusion
- 15 Bitget FAQs
- 16 Bitget Exchange Review
United States-MSB License
Regulatory Authority: FinCEN, US Department of the Treasury
Canada- MSB License
Regulatory Authority: Financial Transactions and Reports Analysis Centre of Canada
Spot Cryptocurrencies Listed:
None- Trade and withdrawal up to 20BTC with an unverified account.
KYC will be needed to purchase crypto, access copy trading, and reach higher withdrawal limits.
Fiat Currency Support:
Buy Crypto: Debit/Credit card, Apple Pay, Google Pay
Deposit: Crypto, GBP, EUR, BRL
Withdrawal: Crypto, GBP, EUR, BRL
Review: What is Bitget?
Bitget is a cryptocurrency exchange that supports over 500 spot trading pairs and derivatives trading, along with multiple other features which we will be diving into throughout this article. Bitget has been enjoying increasing adoption and rapid growth as they have found a niche in the market, attracting traders who are interested in innovative features like strategic trading and copy trading.
The first thing that caught my eye was the platform’s interesting motto, “Better Trading, Better Life,” a bold claim that I intend to find out if they live up to. Bitget was established in 2018, making them one of the newer entries into the crypto space, and provides customers with a way to purchase cryptocurrencies with an impressive 42 different fiat currencies across different payment partners such as Simplex, Banxa and others, while natively supporting deposits and withdrawals for GBP, EUR, and BRL.
The exchange is registered in Seychelles and boasts a user base of over 8 million users located all over the world. One thing Bitget has done very well and prioritized is focusing on the importance of keeping global regulators happy. They have obtained multiple licenses, leading to Bitget being a safe and solid exchange choice for users located in most countries.
Bitget has an approximate daily trading volume of $365 million, though this peaked at around 10 billion during the bull run, and customers can rest easy knowing that the platform follows industry-leading security best practices. Bitget is currently ranked #6 on CoinMarketCap for futures trading volume and #16 for spot.
The exchange has announced some pretty impressive partnerships and sponsorships as they expand its marketing efforts, such as the sponsorship of Italy’s oldest and most established football club, Juventus F.C, along with PGL Major as its official eSports crypto partner. If that isn’t impressive enough, Bitget has also partnered with world football star Lionel Messi.
In 2022, the exchange has also announced the sponsorship for PGL RMR and PGL Major Antwerp 2022, as well as the PGL DOTA 2 Major Arlington 2022.
Right on, now that we know a bit about the Bitget exchange, let’s crack into the key features and see if this crypto exchange is worth your consideration.
Bitget Exchange Review: Key Features
When I first heard of Bitget I thought, “oh great, another third-tier exchange,” assuming that it was going to be no different than the hundreds of other copy-cat trading exchanges out there.
Then I noticed the lack of trading volume and low ranking on CMC and thought, “is Bitget even worth reviewing?” After all, we already have fantastic exchanges like Binance, Kraken, OKX and SwissBorg, do we need another one?
Despite the fact that I hadn’t been familiar with the platform, I was surprised to hear that it ranked as a top 5 exchange in terms of average daily futures trading volume on CoinGecko, reached “unicorn status” with a valuation of $1 billion, and reached a 24hr trading volume of over $10 billion according to their site. Then I thought, well, this “little exchange,” isn’t so little, and they have been quietly building behind the scenes and offer innovative features not found anywhere else. I knew it deserved a second look.
After looking further into the platform, I thought that there may be something more to this platform and was instantly impressed as they seem to understand that in order to compete in this highly competitive industry, they need to offer a seamless product and be able to fulfil a need in the market.
I feel that Bitget may be doing just that. Don’t let the lack of media attention, YouTube schillers and advertising dissuade you, just as Rome wasn’t built in a day, Bitget is building a strong foundation that will be easy to expand upon if they play their cards right.
👉 Sign up to Bitget and get a 60% trading fee discount, a bonus of up to $8,000 and $20 FREE after KYC and a minimum $200 deposit.
Bitget Review: Spot Trading
Bitget offers a pretty decent selection of over 500 pairs available for spot trading. It is interesting to note that Bitget does not offer margin trading for spot pairs but does offer up to 125x leverage on futures trading which we will cover later on.
Anyone who has used other crypto trading platforms will have no issues navigating the spot trading screen. It is well laid out and intuitive, and I found the order execution lightning fast which is important to avoid issues like slippage.
The charting screen is powered by TradingView, which was the path chosen by many popular crypto traders, and for good reason. TradingView is one of the most advanced and popular charting platforms in the world and meets the needs of nearly any trader from beginner to advanced. By leveraging TradingView, traders can conduct all their technical analysis and place their trades on one convenient screen directly on the platform, no need to switch from trading platform to charting platform.
If you want to learn more about how to trade and learn technical analysis, be sure to check out our article on How to Perform Technical Analysis, or feel free to check out Guy’s three-part series where he teaches the craft, part one can be found below:
Bitget Futures Trading
For advanced traders, Bitget offers USDT-M Futures, USDT-M Demo, Coin-M Futures, Coin-M Futures Demo, USDC Futures, and Simulated USDC Futures.
Leverage up to 125x is available for futures trading with the range depending on the pair. The following position modes are available:
- Cross- All available funds in the futures account can be used as margin to share risks, making it more resilient to losses
- Isolated- The risk of each position will be calculated independently.
As for order types, traders can select the following options:
- Trailing Stop
- Trigger- via trigger or post only
The futures charting screen is also powered by TradingView, so you don’t need to worry about the lack of features and functions here. One thing I really like about the trading platform is that it is easy to access the margin ratio, account information, Futures information, and analytics all neatly tucked away on the side of the screen:
These are handy to have there for traders to find important information at a glance.
Warning ⚠️: Trading with leverage is extremely high risk and is a tool best used by professionals. The Coin Bureau does not recommend using high leverage. Be sure to fully understand the risks of leverage before utilizing the feature.
If you guys have seen my other articles, you will know that I am a big fan of launchpads like the one found on Binance and decentralized ones like those on the Trader Joe DEX, the Enjinstarter launchpad, and TrustSwap
Launchpads provide the average trader/investor with the ability to get early access to projects, something that was traditionally only available to VC firms, and those with deep pockets and friends in high spaces.
Launchpads can be very lucrative. Think of the all-time highs seen by some of your favourite tokens at the height of the bull run, now imagine you purchased the token at a fraction of its initial price. Those thousands of percentage gains are what moonbag hodlers dream of. As an example, take a look at the insane gains experienced by some of the projects that participated in the Binance Launchpad:
Though I can’t just say that Launchpads are a get-rich-quick scheme without the appropriate disclaimer. What kind of crypto educator would I be if I did something like that?
Risk Warning ⚠️: Not all launchpad platforms are created equal and using any launchpad is not a substitute for doing your own research and due diligence. The Launch feature on a platform like Bitget can carry a high level of risk due to the projects being very small and at high risk of failure. Tokens received from failed projects have no value. Furthermore, because these new projects will have small market caps, their tokens will be highly volatile and susceptible to pump and dumps, and manipulated prices.
Bitget handpicks some of the brightest projects for its clients to get involved with, allowing them to purchase tokens when they are still in their early stages before their official listing on the platform. Here is a look at some of the past projects:
Through the Launchpad portal, customers can see upcoming launches, evaluate the strength of the project and ape in should they desire. One thing that Bitget does quite well here is they provide excellent insights about all the projects listed, empowering traders to DYOR before deciding if the project fits with their investment thesis and risk profile.
Bitget Copy Trading
TradFi platforms like eToro, Avatrade and Zulu Trade have catapulted copy and social trading into the popularity spotlight and have created what has become a very desirable feature for traders and investors.
There aren’t many crypto exchanges that offer copy trading yet, Gate.io is one of the best ones I’ve come across but Bitget is making big moves in this space as well.
Here users can copy the trades of high-performing traders. I am a big fan of copy trading as it can be massively beneficial on multiple levels for a variety of traders:
- Beginner traders who are learning the craft can study the trades and learn from more experienced traders while earning an income, almost like an apprentice would learn from an experienced craftsman.
- Experienced traders who want a side income. There are too many assets for one person to trade and more charts than one person can watch, why not share the workload?
- Traders looking to diversify. If a trader has studied Bitcoin and is an expert in Bitcoin trading, they can focus on that and find a trader who specializes in Ethereum’s habits, trends, and price movements and copy their ETH trades.
- Experienced traders can share their strategies and earn a profit from their followers. As they are trading anyway, why not earn the extra income by allowing others to copy you?
- Traders who are just looking for easy hands-off income can just sit back and copy the pros.
Tip: Don’t just select the trader with the highest ROI, the more important metric is longevity. Anyone can go in, get lucky on a trade or two, and show a return of hundreds of percent. Any professional trader will tell you that trading is a marathon, not a sprint. I want to see a trader who can achieve a sustainable positive rate of return that is realistic, healthy, and over a longer period of time.
Bitget copy trading has increased in popularity very quickly, attracting over 80,000 traders since its launch. It is very user-friendly as far as copy trading goes and has high user activity.
One thing that is great to see is the transparency of the traders, along with the Leaderboards section. Here you can find the top-ranked 500 traders, check out their stats and filter by the trader’s total P&L, their copier’s P&L, their followers, their ROI, and their AUM.
In 2020, Bitget was the first exchange to launch futures copy trading, along with the super-convenient “One-Click” copy trade, making it easier than ever for newcomers to implement sophisticated futures trading strategies into the mix. The Spot copy trading feature on Bitget offers a top-tier low-slippage, low-latency, and low-maintenance trading product, allowing anyone from new traders to those more experienced who may be looking for some diversification to easily copy some of Bitget’s most successful traders.
Here are the steps involved for users looking to get involved with copy trading:
- Choose the trader you would like to follow. Be sure to check out their stats and ensure their risk appetite is in line with what you are comfortable with.
- Choose the desired trading pair that you would like to copy.
- Select fixed ratio or fix account.
- Select the leverage type and set the leverage.
- Select isolated or cross mode.
- Keep an eye on the copy trade data which can be edited and closed at any time.
Bitget Quanto Swap Contracts
This is an interesting feature that is exclusive to Bitget. This feature allows users to use various crypto assets as collateral and then trade crypto on margin using a variety of crypto trading pairs.
The main benefit of this is that it allows traders to retain the charges for the conversion of coins to coins and allows them to collect profits earned from the higher value of coins.
The ability to earn passive income on your crypto holdings has become a cornerstone of our industry and most of the major exchanges offer some sort of an earn section.
And here is my first major negative criticism against the platform. Does the image above look a bit bare to you? Me too. The earn section only supports the BGB token at this time and there are only two products available, both of which are sold out.
Compare this to platforms like Binance which have hundreds of different earn products ranging from low to high risk for hundreds of different assets.
Bitget has a lot of development to do here if they want to compete with just about every other crypto platform which have more robust earn features. This certainly would not be my platform of choice if earning APY on a plethora of tokens was my primary interest, though I must give them some credit where it is due, and that is that they make up for it with their Savings products.
We also can’t be too hard on the platform, as being a US-regulated exchange means they are quite restricted in what they can offer if they want to stay on the regulator’s friendly side.
The Bitget savings section allows users to deposit crypto and earn daily interest in a flexible manner that is redeemable at any time.
The APYs here are pretty good, ranging from 1.09% for BTC and 5.6% for DOT, to a whopping 45% on APE. There are currently 18 assets available for saving, which isn’t too shabby.
GroupCoin is an interesting feature that I have not come across on any other platform before. This is a platform where users can purchase featured cryptocurrencies at discounted prices, the more participants that join the group purchase, the better deal the buyers can get.
The way this works is that users pledge one of the supported crypto assets, normally USDT, to an event, then once the event ends, users receive the amount of the event token that corresponds to how much they pledged, which is awesome!
Though, again, like the earn feature, you will notice a lack of events here. It looks like they ran an event for Bitcoin once this year and there is nothing upcoming. Hopefully, they will list new events soon as this is a pretty great feature, one that could attract a lot of customers.
Bitget Strategic Trading
Bitget offers a feature called “strategic trading,” available for both Spot and Futures markets. This is simply an automated grid trading platform that traders can use to execute and run a passive grid trading strategy.
Grid trading strategies have become very popular among traders as it provides a passive trading strategy that follows a predetermined set of instructions to open and close trades. It is essentially “hands-free” trading.
Here is how it works:
Now, I have used grid trading strategies extensively in the past and must say that I am not a big fan as this style of trading is incredibly dangerous. In a previous job, I designed and tested hundreds of auto algorithmic trading strategies, including multiple grid trading bots, and I have known hundreds of traders who have blown accounts using grid trading strategies.
I am not saying they do not have a purpose; they can be highly effective for those who know how to use them correctly. When I say I am not a fan, it is because it attracts inexperienced traders who see auto trading as easy money, and who do not understand that there are good times, and bad times, to deploy this strategy.
Grid trading works best in consolidating markets by traders who know the appropriate price levels to set. Grid trading gets blown apart during strong single-direction trends, so be sure you thoroughly research and understand how grid trading works before deploying live capital here. Grid trading strategies are best suited to experienced traders who have a good understanding of market conditions and can dedicate time to keeping abreast of events that may disrupt markets.
Bitget Mobile App
Instead of spending funds buying arenas or paying celebrity endorsers, it is good to see that Bitget put some time, money and effort into creating a great app that is available for IOS and Android.
Most of the functionality that can be found on the web platform is also supported on the mobile application. Mobile apps are a great way for traders to capitalize on opportunities on the go or need to monitor open positions. The app can also be used to access rewards, copy trading, strategic trading, events, earn, and more.
Here’s another look at the well-designed app:
I found the app absolutely fantastic. It worked seamlessly, was easy to navigate, the UI/UX was easy on the eyes, and I could not find fault with it. My sentiment is mirrored by the impressive 4.9 out of 5 rating on Google, and 4.7 out of 5 on the App Store on over 11k reviews across both sites.
Though I just said this app is great, most traders, myself included, do not recommend using any mobile app as a primary trading tool as that is just asking for a bad time. I go into further detail on why this isn’t recommended in my Coinbase Review for you to check out before you think you can become a pro trader simply from a mobile app.
Bitget Affiliate Program and Rewards
Bitget has one of the better affiliate programs and sign-up rewards that I have seen in terms of money-making potential.
Users simply need to sign up, get their referral link and send it over to friends and family. The user will earn 10 USDT and 10 BGB after each signup deposits and trades.
There are also additional rewards if the people sign up using your link and complete certain challenges like passing KYC and trading. The referrer can earn up to $3000 per referral, which is not too shabby.
Anyone who signs up is eligible to earn rewards of over 5k which is pretty sweet, without needing to refer others.
To earn rewards, users simply need to sign up and complete the challenges like completing KYC, placing trades and depositing.
In 2023, Bitget took a huge leap forward in the competitive landscape by offering EUR and GBP deposits using SEPA/FPS with zero fees!
I am a huge fan of this as there are so many exchanges out there that do not natively offer bank deposit support, meaning users need to go through third-party payment processors that often charge hefty fees. Before this recent rollout, Bitget customers could expect fees on deposits ranging from 2-8%. Not anymore 💪
Those fees still do exist for users who wish to purchase crypto via debit or credit card, but now having the option to use bank transfers for free adds Bitget to the higher tier level of high-quality exchanges like Binance, Coinbase and Kraken.
As for trading fees, Bitget takes a different approach to the tier structure utilized by most exchanges:
- Spot: Fixed fee of 0.1% for maker and taker
- Futures: 0.02% maker/0.06% taker
Trading fees can be reduced up to 20% for traders who choose to pay fees with the platform’s BGB token.
Crypto withdrawal fees vary depending on the asset and network of choice, you can find the entire breakdown of fees on the Bitget Fees Page.
For users looking to get into copy trading, there are no extra fees to get involved, but 10% of any profits made will go to the trader who they chose to follow.
Bitget KYC and Account Verification
Users will need to create an account before being able to trade on Bitget. Registration can be done via phone number or email address. KYC verification is not needed for limited functionality.
Bitget the one of the best, and only regulated platforms I’ve come across that allows for a good amount of KYC-free trading. An unverified account will allow users to deposit crypto, trade, and withdrawal up to 20 BTC per day, which is plenty! KYC is needed to purchase crypto, copy trade, and withdraw amounts over 20 BTC.
In order to get your account verified, the process is fairly straightforward and similar to other platforms. Be sure to use your real email address or phone number as you will need to verify a code. Once you have opened an account, to verify the account you will need to navigate to the “account information” section and provide the following:
- Upload government-issued ID such as Passport, Driver’s license, or Government Issued ID
Bitget Review: Security
Bitget is a licensed and secure platform, holding multiple licenses and regulations around the world which checks the most important box for many traders.
On top of that, Bitget follows industry best practices and keeps the majority of its funds offline in cold wallets and away from the attempts of hackers. Unfortunately, they do not disclose what percentage of the funds are kept in cold storage, some transparency would be nice here as most exchanges keep 90-98% of funds safely stored which is what users like to see.
Bitget claims that it has received 12 A+ ratings from SSL Labs, which would be impressive, though I could not find any way to verify this. The exchange is backed by and partnered with Qingsong Cloud Security, Armors, HEAP, and Suntwin Technology.
For cybersecurity, Bitget has been listed on CER and ranked as a top 10 exchange in terms of security in 2020, measured by CER’s cybersecurity score (CSS), which is quite impressive.
Though it is a bit discouraging to see the platform has dropped to the #40 spot, but it still holds a 3 out of 3-star rating and a BBB score, the fourth highest rating available, so it’s still very secure.
The exchange offers a bug bounty program for any tech-savvy users who like to try and break things, and on the customer side, users can enable the following security measures on their account:
- 2FA for login, withdrawals, and modifications to the account
- Whitelisting withdrawal addresses
I feel that the team could up their security game here. Most exchanges offer additional features like IP whitelisting, time locks, vault features, anti-phishing codes and more. Hopefully, they will roll out further security features in the future.
Proof of Reserves
Amidst the rallying cries of “not your keys, not your coins” echoing within the crypto community after the demise of FTX, centralised exchanges are scrambling to adopt measures to prove the security of funds that have been entrusted by the users in their care. Most exchanges run some kind of earning program which requires users to give up custody of their funds to the exchange in return for yield. The safety of these funds are of the utmost concern.
Enter Proof of Reserves, a cryptographic way to prove that the funds in the exchange’s custody lie in their hands at the time the audit was done. The purpose of this is to assure customers that, should they choose to withdraw their funds at a time of their choosing, barring any external conditions relating to their staked assets, these funds are available for withdrawal. Proof of Reserves are meant to give users confidence that the exchange’s liabilities do not outnumber customer deposits and that deposits are fully backed.
Bitget, as compared to other exchanges, got on the bandwagon later than the rest, but still managed to put in a decent showing, as seen on their Proof of Reserves page. Their page shows their reserves for BTC, USDT and ETH at many times more than what they hold as assets as of Dec 2nd 2022:
How they define Proof of Reserves is: “an auditing procedure that is verifiable through cryptographic proofs, checks of public wallet ownerships, and recurring audits to certify the holdings of an exchange.” What I find interesting is their commitment to taking monthly snapshots of their asset reserves. This level of regularity is a rarity as none of the other exchanges have mentioned anything remotely as specific as this. Of course, we’ll have to wait until January and beyond to see if: 1) they live up to their proclamation; 2) how long they keep it up for.
How do users verify on their own?
Bitget customers will need to log into their accounts on the exchange and browse to the “Proof of Assets” page to view the monthly snapshots of the audits. Click on the time of audit to view the data for your own assets. To further verify the assets’ safety, click on “Go Verify” to check that your assets have been included in the Merkel-tree cryptographic proof.
A quick word before continuing about the Merkle Tree. It is essentially a data structure for a group of encrypted data. Each transaction, whether a snapshot of balances or a transaction itself, is encrypted, grouped together and further encrypted, layer after layer, like a Russian matryoshka doll, forming a tree-like structure.
Those who are more tech-minded can also use their open-source verification tool known as “MerkleValidator to run more tests on GitHub.
In addition, they also publish a list of their public wallets so users can verify that these wallets have a certain amount of assets in their possession. Whether these assets are sufficient to pay off their liabilities is another question.
What does all this mean?
What Bitget does for their Proof-of-Reserves is the most basic of all, which is self-assessment. Users can validate on their own that assets are held securely but there are no independent audits done. This type of proof, also used by Binance, has been criticised by others in the industry as mere sleight of hand. It seems to give you a good picture but it’s only telling half the story.
That’s because there are other factors that affect the solidity of Proof-of-Reserves as a secure way to ensure funds’ safety.
- Funds held at the time of audits may be transient. There is no way to check how long the funds had been held in reserves or what happens to them after the audits are completed.
- Insight into who has access to private keys is also not included in Proof-of-Reserves. This is another important factor because it involves the ability for the transference of funds. What happened in FTX, aside from the lack of reserves, was that a fair amount of funds were sloshed around between it and Alameda. I dare say, even if FTX had implemented Proof of Reserves, the disaster that befell later likely would have still occurred.
At this point, it’s fair to say that measures such as Proof-of-Reserves can only be taken so far. Without further transparency of activity within the exchange, preferably made available on-chain, customers still need to have some level of trust in the exchanges. As exchanges hash out the Proof of Reserves concept, the crypto community are hoping more comprehensive and transparent procedures will fall into place.
Cryptocurrencies Available on Bitget
Bitget has a good selection of 500+ cryptocurrencies available, including the majors like Bitcoin and Ethereum, while also supporting some of the smaller tokens. You can find a full list on Bitget’s Market page.
Bitget Exchange Platform Design and Usability
Both the web and mobile platform proved to be well designed and laid out, simple to navigate, with a good user interface and experience. I mentioned that this platform is not very beginner friendly, but that is due to the nature of the advanced trading options and complex interfaces that are required to meet the needs of advanced traders.
For anyone familiar with trading platforms, they will find this platform a breeze to use and beginners will quickly get the hang of it I’m sure.
As the trading interface itself leverages TradingView, it is appropriate for any skill level and requirement of trader. I also really like that the exchange interface is customizable, something not supported by all exchanges. Traders can move and resize screens to fit their preferences, and there is a light and dark mode available.
As far as trade execution, the trading options meet the needs of many advanced traders, and the trading interface was very fast and responsive, great for scalpers and those lightning-quick entries.
It is clear that Bitget is a professional-grade trading platform, and a lot of thought and effort went into the design and usability of the platform. I really cannot fault anything here.
Deposits and Withdrawals at Bitget
Customers can deposit and withdraw GBP, EUR, and BRL for zero fees if they use the bank transfer methods, or deposit/withdraw hundreds of different crypto assets.
Impressively, Bitget also supports the purchasing of crypto with a whopping 40+ different fiat currencies, allowing traders to avoid nasty conversion fees. Though, it is good to note that using this method can see fees from Bitget’s payment partners, which can range between 2-8%.
Bitget has partnered with companies such as Simplex, Banxa, and Mercuryo to provide a method for customers to purchase over 250 different coins and tokens via credit/debit card, Apple Pay and Google Pay.
The platform also supports a P2P marketplace for buying and selling crypto with additional payment methods like TransferWise, Adv Cash, Cashapp, Zelle, Neteller, Skrill, Uphold and bank transfers.
Tip: While purchasing crypto with your card on the platform is convenient, that convenience can come with some high fees, sometimes up to 8%. This fee is not charged by Bitget, but by their purchasing partners. I always recommend using bank transfer methods when possible, especially on Bitget where it can be done fee-free. The fees you will save over the years can seriously add up!
Depositing crypto is very simple and will be familiar to anyone who has performed crypto transactions in the past. By hovering over the Assets tab in the upper right-hand corner you can find the Deposit option, which takes you to a separate page that looks like this:
Here, you can choose the asset, the network (in the case of multi-chain assets), and the deposit address, which can be either copied or scanned via the provided QR code. The exchange automatically provides information about the minimum deposit amount, the number of confirmations necessary, and other general information.
Bitget Token (BGB): Uses and Performance
BGB token is the platform’s native utility token. It is an ERC20 token that can be used to reduce trading fees on the platform, be staked for 6% APR, and used to enable social trading. Here are some of the use cases for the token:
- Fee deduction –15% to 20% discount on trading fees.
- Contract Margin -BGB token can be used as a contract margin in contract trading.
- Reward tokens for Trade-to-Earn programs.
- Utilizing BGB margins on the Coin Margined futures lets the users take a 15% discount on the fees.
- Traders can use the Bitget token to secure potential partnership opportunities and take advantage of some Launchpad features.
The team has big plans for the token and states that it will be the backbone of a seamless Web3-ecosystem for all user’s holdings, community tokens, NFTs, DeFi applications and more.
When it comes to tokenomics, the total supply of BGB is 2 billion, 25% was swapped with BFT holders and the remaining 75% will be distributed as follows:
- 15%- Used for the community and acquisition of new users.
- 15%- Used for branding and growth, including rewards and remuneration for KOLs, media outlets, and communities who have contributed to Bitget.
- 15%- Used for ecological investment funds for the development of Bitget’s ecosystem.
- 20%- Used for core team motivation.
- 10%- Used for an investor protection fund to reimburse customers in the event of theft and debt in margin calls due to platform security issues.
Now let’s cover the price and performance of the token. The token is currently ranked #211 on CoinMarketCap, not exactly a high-flyer, but hey, it’s getting up there.
The token’s price has seen some impressive price action, launching around $0.06 in September 2021, missing the majority of the bull market, yet still managing to climb to an ATH of $0.516 in Feb 2023. Not an easy feat in current conditions. The price appreciation of the BGB token has been quite astonishing, one of the few tokens in the green and hitting all-time-highs while the rest of the market struggles in the depths of this crypto winter.
Bitget Customer Support
This is one of my favourite features to crack into and thoroughly test as every exchange claims to have great customer support, and most of them completely lie about it, to be honest. I like to highlight when a platform has poor support, like in my KuCoin review, where I tell the story of what was quite the terrifyingly terrible support experience on multiple levels. The story itself is worth a read for a head-shaking chuckle.
As most of these exchanges earn millions in profit per year, there is no excuse in my opinion for poor customer support. Support is so important in an industry that is dealing with live moving money, especially for traders who are first starting out. Imagine a platform glitch, or an issue when a trader has live trades open, resolving an issue quickly can be the difference between losing a bit of money or losing a full account.
Trust me, I’ve seen trading platforms freeze up and errors that have cost traders thousands in lost funds, and I’ve also personally experienced how quick support once saved my bacon in an event that could have lost me my entire account. So yeah, I am a big fan of good support.
So, how does Bitget support measure up?
Bitget offers 24/7 multilingual support via live chat or can be reached at email@example.com. Bitget also has a good FAQ and self-help section full of tutorials that teach traders the ins and outs, while providing articles which should help traders resolve most of their issues.
I am a big fan of any exchange that provides crypto education as well. I feel that education is the key to safe crypto use and adoption, so Bitget’s Academy gets a nod from me and is a great place for traders to increase their knowledge before jumping in.
I tested their live chat support multiple times over the span of a couple of days and was impressed that I was always connected with an agent in under five minutes and the quality of support I received was pretty good. The agents were knowledgeable about the platform and products offered. Overall, I was impressed with the quality of chat support and the resources in the self-help section.
As with many exchanges, Bitget also has an active community on Telegram, Discord, and Reddit, which can be useful to help questions and find answers within the community. Always be careful though when posting questions on these sites as multiple scammers will come skulking out of the woodwork and DM you, pretending to work for customer support and will ask for sensitive info like login information, or private keys/recovery phrases if you are accessing a forum for Self-Custodial products and platforms.
Bitget Exchange Top Benefits Reviewed
I was pleasantly surprised with Bitget with everything uncovered during this review. The copy trading area alone was pretty cool, and there is no denying that this is a powerful trading platform suitable for any level of trader. Bitget would be a serious consideration if I was looking to sign up for a new crypto exchange as their fees are lower than Coinbase, they offer copy trading, and have a great selection of savings assets. Bitget would also 100% be my choice if I was looking for a place to perform KYC-free trading.
They also nailed the mobile app and the fee-free deposit and withdrawal options are also a huge benefit as there is nothing worse than losing your hard-gained trading and investing profits just to have them eaten away in fees.
What can be Improved
The only real downside for me is the lacklustre Earn and Savings section. The options here are incredibly limited and will need to be built out as earning passive income on multiple cryptocurrencies is one of the major features crypto users look for in an exchange. In this area, Bitget is not as competitive as the likes of KuCoin or Binance, but they do have the benefit of regulatory compliance on their side.
Bitget Review Conclusion
Bitget is a robust exchange that offers more than just trading. The exchange has been growing in popularity thanks to the advanced trading interface and innovative features like copy and strategic trading and is drawing those interested in KYC-free trading.
In the intro, I mentioned their motto about better trading leading to a better life and said I’ll investigate to see if they live up to that motto. While the concept of a “better life,” is very subjective, the fact that Biget provides multiple ways to earn and trade passively, while also allowing privacy hawks to get involved, I would have to say they live up to the motto.
The fact that Bitget is regulated and licensed, was listed as a top 5 exchange for futures trading, and follows high-security standards makes this quite a good exchange and one worth consideration. I will be interested to watch this exchange grow in popularity and see it take off during the next bull run and in years to come.
👉 Sign up to Bitget and get a 60% trading fee discount, a bonus of up to $8,000 and $20 FREE after KYC and a minimum $200 deposit.
Is Bitget legit?
Yes, Bitget is a legally operating and compliant global exchange that is regulated and registered with the authorities.
Is Bitget Safe?
Bitget is a safe, licensed, and regulated cryptocurrency exchange. Bitget meets industry best practices when it comes to security and the exchange is reputable and respected within the crypto community.
Can I use Bitget in the USA?
No, unfortunately not. Although Bitget is regulated by FinCEN, they halted their services for US-based customers in December 2022. Some users will use VPN services to access the platform, but at the Coin Bureau, we do not recommend that path and would suggest considering Coinbase, Binance US, or Kraken as an alternative.
Is Bitget good for beginners?
The platform itself is designed well for beginners, but the trading concepts and products are better suited for experienced traders.
Is Bitget better than Binance?
As Binance is the #1 exchange in the world, Bitget is not better than Binance. Binance is the preferred platform by most traders due to its comprehensive, robust features and offerings.
Bitget is better than Binance for copy trading and KYC-free trading. See our Binance review to learn more about the platform.
Is Bitget better than Coinbase?
Coinbase is one of the best exchanges for beginners and is a more user-friendly place to simply buy and store crypto. Bitget is better than Coinbase for those looking to trade futures, copy trade, trade KYC-free, and access earn features.
See our Coinbase review to learn more about the platform.