Bitget Review: Pros, Cons, and Features

Bitget, established in 2018 and based in Seychelles, has quickly become a reputable global cryptocurrency exchange, recognized for its comprehensive range of trading features. Bitget is particularly noted for its copy trading options, attracting both seasoned traders and newcomers to the market.

The platform supports a vast array of over 630 digital currencies and offers robust security measures, with reserves covering more than 100% of customer deposits, ensuring a highly secure trading environment. Bitget also supports fiat currency deposits and withdrawals, which adds to its appeal as a versatile trading solution.

This review aims to provide you with a detailed insight into Bitget's offerings, empowering you to make informed decisions in your cryptocurrency trading journey.

What is Bitget?

Bitget, established in 2018, has emerged as a dynamic player in the global cryptocurrency market. Recognized for its rapid growth and increasing adoption, Bitget is particularly favored for its innovative features like strategic and copy trading, the latter making it the largest of its kind in the world.

The platform is accessible globally, although it excludes several countries including the US, UK, Canada, and sanctioned countries. Bitget allows customers to purchase cryptocurrencies using a diverse array of 42 fiat currencies through partnerships with various payment providers like Simplex and Banxa. It also directly supports deposits and withdrawals in GBP, EUR, and BRL. Currently, Bitget boasts a user base of over 8 million people and has an impressive daily trading volume that peaked at $10 billion during the bull market periods.

Bitget is not just about trading; it has also engaged in significant partnerships and sponsorships to enhance its brand visibility. Notably, it sponsored Italy’s renowned football club Juventus F.C., and has teamed up with global football icon Lionel Messi. Additionally, Bitget has been active in the eSports arena, partnering with PGL Major as the official eSports crypto partner.

In recent developments, Bitget launched BitgetX to cater to its Hong Kong users in 2023 but announced its shutdown later that year due to market conditions. On the regulatory front, Bitget has been proactive, securing a Virtual Asset Service Provider (VASP) license in Poland in May 2023, and prior to that in Lithuania, enhancing its legal standing in the European market.

Bitget's offerings include a user-friendly interface, various order types, margin trading, and automated trades, catering to a wide range of trading preferences and strategies. With its comprehensive suite of trading options and a secure platform backed by industry-leading best practices, Bitget positions itself as a credible and innovative choice for both new entrants and seasoned traders in the cryptocurrency space.

Bitget Exchange: Pros and Cons

Pros:

Competitive Trading Fees: Bitget offers some of the lowest trading fees in the industry, with both taker and maker fees set at a competitive 0.10%.
No Purchase Fees: There are no additional fees for buying cryptocurrency directly on the platform.
Innovative Features: Bitget is renowned for its copy trading feature, allowing users to replicate the strategies of experienced traders.
Broad Asset Support: The exchange supports a wide variety of tokens and coins, catering to diverse trading needs.
Robust Customer Support: Provides comprehensive 24/7 customer support to assist users with any issues.
Low Transaction Costs: Transaction fees on Bitget are negligible, making it cost-effective for frequent trading.
Unified Contract Trading: Offers unified contract trading, simplifying the trading process for different types of derivatives.

Cons:

Limited Availability: Bitget is not accessible in all countries, which might limit its use for some potential users.
Delayed Support Responses: While support is available 24/7, response times can sometimes be slow, which could be a drawback during urgent issues.

Bitget Features

Surprisingly, Bitget currently stands as a top 5 exchange in terms of average daily futures trading volume on CoinGecko. It has achieved unicorn status with a valuation of $1 billion and boasts an impressive 24-hour trading volume of over $10 billion. Clearly, this crypto exchange has much more to offer behind the scenes, providing unique features not available elsewhere.

Exploration of Bitget’s offerings reveals significant merit to the platform. It is not merely another option in the market; Bitget is meeting specific needs within the crypto trading community with a well-thought-out product that integrates seamlessly with user demands. This insight underscores that despite its low profile in mainstream media and the absence of aggressive marketing, Bitget is establishing a robust foundation capable of significant expansion and impact.

The platform’s approach is a testament to strategic growth and innovation—elements that are crucial in the highly competitive cryptocurrency exchange market.

Bitget Spot Trading

Bitget's spot trading platform provides an extensive array of over 500 trading pairs, catering to a wide range of traders. While Bitget does not offer margin trading for spot pairs, it compensates by providing up to 125x leverage on futures trading. The spot trading interface is user-friendly and well-designed, making it easy for anyone familiar with crypto trading platforms to navigate without issues. The order execution is exceptionally fast, which is crucial for avoiding problems such as slippage.

Moreover, the platform utilizes TradingView for its charting solutions, a choice favored by many professional crypto traders. TradingView is renowned for its advanced features and popularity, meeting the diverse needs of traders from beginners to experts. This integration allows traders to perform all their technical analysis and execute trades on a single screen, streamlining the trading process significantly.

Bitget supports instant trades at current market rates, with competitive fees. The platform deals with more than 100 different cryptocurrencies, making it a robust spot for traders looking for variety and reliability in their trading activities.

Bitget Futures Trading

For advanced traders, Bitget offers a robust selection of futures products including USDT-M Futures, USDT-M Demo, Coin-M Futures, Coin-M Futures Demo, USDC Futures, and Simulated USDC Futures. The platform allows for leverage up to 125x, though the specific leverage available varies by the pair. Traders can manage risks through different positioning modes: Cross, where all available funds in the futures account can be used as margin to share risks and enhance resilience to losses, and Isolated, where the risk of each position is calculated independently for precise risk management.

Bitget supports various order types such as Limit, Market, Trailing Stop, and Trigger (via trigger or post only). The futures trading interface is enhanced by TradingView, ensuring traders have access to advanced charting tools and functionalities without lacking features. Key trading information, such as margin ratios, account details, and analytics, are neatly integrated on the side of the screen for easy access.

Additionally, Bitget's futures trading supports multiple currencies and includes sophisticated tools to inform or automate trading strategies, catering to the needs of traders looking for comprehensive futures options in a secure and sophisticated environment.

Bitget Copy Trading

Bitget has quickly positioned itself as a leader in the crypto copy-trading arena, providing a robust platform that caters to a wide array of trading needs.

At Bitget, users can effortlessly copy the trades of top-performing traders, which is advantageous for various types of traders:

Beginner traders can observe and replicate the moves of seasoned traders, earning while they learn, akin to an apprenticeship model.
Experienced traders looking for additional income can share their successful trades and capitalize on their expertise without extra effort.
Diversification seekers can copy trades from experts in different cryptocurrencies, such as Bitcoin or Ethereum, expanding their portfolio and spreading risk.
Seasoned traders can monetize their strategies by allowing others to copy their trades, earning a profit share from the followers.

Bitget promotes the importance of choosing traders to follow based not only on their ROI but also on their market longevity and consistent performance, advocating for sustainable and realistic returns over time.

Bitget's copy trading feature supports both spot and futures markets, allowing users to adopt specific strategies and benefit from the collective expertise of their chosen traders. Traders have the potential to earn up to 8% of the profits from their followers, further encouraging the development of effective trading strategies.

The platform has drawn over 100,000 traders since its inception, noted for its high user activity and ease of use. New users are incentivized with a $30 coupon upon completing their first copy trade, which encourages active participation.

Here’s how you can get started with copy trading on Bitget:

Select preferred traders to follow.
Choose the trading pair you wish to copy.
Set a fixed ratio or account size for the copy trade.
Choose the leverage and trading mode (isolated or cross).
Monitor and adjust your copy trade settings as necessary.
Complete and close out trades according to your strategy.

This structured approach to copy trading allows users to automate their trading based on reliable strategies, offering opportunities for passive income as well as active involvement in the crypto market.

Bitget Quanto Swap Contracts

Quanto Swap Contract Trading is a unique feature exclusively offered by Bitget. It allows users to utilize a variety of crypto assets as collateral to trade on margins using various crypto trading pairs. A significant advantage of the Quanto Swap is its ability to let traders retain the charges typically associated with the conversion of one coin type to another, while also enabling them to capitalize on profits from increases in the value of the coins being traded.

To use this feature, traders simply select their preferred trading pair, decide on the order type and leverage, and then provide the quantity and order price. Following this, they must specify the direction of their order. This process enables traders to engage in complex trading strategies with the flexibility to manage their investments more effectively, leveraging the value of their cryptocurrency holdings for potentially higher returns.

Bitget Fees

In 2023, Bitget revolutionized its fee structure by eliminating fees for EUR and GBP deposits made through SEPA/FPS, setting a new standard in the competitive landscape of cryptocurrency exchanges. This move significantly distinguished Bitget from many exchanges that rely on third-party payment processors, which often impose hefty fees. Previously, Bitget customers faced deposit fees ranging from 2-8%, but this change allows users to enjoy zero deposit fees, placing Bitget alongside top-tier exchanges like Binance, Coinbase, and Kraken.

While Bitget has removed fees for bank transfers, standard fees still apply to crypto purchases made via debit or credit cards. Bitget’s trading fees are structured as follows:

Spot Trading: Fixed fee of 0.1% for both makers and takers.
Futures Trading: 0.02% for makers and 0.06% for takers.

Further, traders can reduce their trading fees by up to 20% when they choose to pay with Bitget’s native BGB token. Detailed information about Bitget’s fee structure can be found in their comprehensive Fee Analysis Article, as well as on the Bitget Fees Page.

Bitget also supports a variety of fee structures to accommodate different types of traders:

Deposit Fees: While Bitget does not charge for deposits, fees may be applied by third-party payment processors.
Withdrawal Fees: These vary by currency, and it's advisable for users to review these fees before making withdrawals to understand potential costs.

For dedicated traders, Bitget offers a VIP program that provides lower fees and access to additional trading products. This program is designed to reward frequent traders with cost-saving benefits.

Overall, Bitget's fee policy is competitively priced and designed to enhance the trading experience by making it more cost-effective and accessible for a wide range of traders.

Bitget Token (BGB)

The Bitget Token (BGB) serves as the native utility token for the Bitget platform. As an ERC20 token, it offers a range of functionalities designed to enhance user experience and incentivize platform engagement. Here are some of the key uses and benefits of the BGB token:

Key Features and Uses of the Bitget's BGB Token:

Fee Reduction: Users can enjoy a 15% to 20% discount on trading fees by utilizing BGB tokens. This makes trading more cost-effective, especially for high-frequency traders.
Contract Margin: BGB can be used as a margin in contract trading, providing more flexibility in managing trading positions.
Trade-to-Earn Rewards: Participants in the platform's Trade-to-Earn programs can earn rewards in BGB tokens.
Coin-Margined Futures Discount: When used as margins on Coin Margined futures, BGB tokens allow traders to take a 15% discount on fees, enhancing the profitability of trading strategies.
Launchpad and Partnerships: Traders can leverage BGB tokens to secure partnership opportunities and access special features on Bitget's Launchpad, which often includes early access to token sales and other exclusive benefits.

The Bitget team envisions the BGB token as a central element of a comprehensive Web3 ecosystem, which will integrate user holdings, community tokens, NFTs, DeFi applications, and more. This strategic vision aims to position BGB as more than just a utility token, embedding it deeply into the fabric of the digital asset economy.

For those interested in deeper insights or considering becoming a BGB holder, our comprehensive BGB Token Review covers its benefits, use cases, tokenomics, price performance analysis, and more. This review is an essential resource for anyone looking to understand the full scope of BGB's potential and strategic utility on the Bitget platform.

Bitget Supported & Restricted Countries

Bitget is a global cryptocurrency exchange utilized by traders from numerous countries worldwide. The platform is accessible to users in a variety of regions, including Afghanistan, Algeria, Belgium, Benin, Chile, Cuba, Georgia, Guatemala, Laos, Malaysia, Panama, Portugal, Switzerland, Great Britain and Northern Ireland, the United States of America, Argentina, Colombia, Venezuela, Brazil, and Norway, among others.

However, Bitget has restrictions in place for several countries due to regulatory and compliance reasons. The following is a list of countries where Bitget does not offer its services:

Canada (specifically Alberta)
Crimea
Cuba
Hong Kong
Iran
North Korea
Singapore
Sudan
Syria
United States (comprehensive)
Iraq
Libya
Yemen
Afghanistan
Central African Republic
Democratic Republic of the Congo
Guinea-Bissau
Haiti
Lebanon
Somalia
South Sudan
Netherlands

This list highlights regions where Bitget's services are either partially or fully restricted, aligning the exchange with international compliance standards and local regulations.

Bitget Security

Bitget adheres to industry best practices for security, primarily by storing the majority of its assets in cold wallets to safeguard against potential cyber-attacks. While Bitget has not specified the exact percentage of funds kept in cold storage—information that many users find reassuring, as typical industry standards range from 90-98%—the platform's overall commitment to security is evident.

Bitget claims to have received 12 A+ ratings from SSL Labs, which underscores its robust cybersecurity infrastructure. However, details of these ratings are not readily available for verification. Additionally, Bitget collaborates with notable security firms including Qingsong Cloud Security, Armors, HEAP, and Suntwin Technology to enhance its protection measures.

The platform's cybersecurity prowess was recognized in 2020 when it was listed on CER (Crypto Exchange Ranks) and ranked as a top 10 exchange based on CER’s cybersecurity score (CSS). Although Bitget has since dropped to the #27 position, it still maintains a 3 out of 3-star rating and a BBB score, affirming it as a relatively secure option in the cryptocurrency exchange market.