Abstract：Bitget, founded in 2018 and headquartered in China, operates as an unregulated exchange with a user base exceeding 20 million across over 100 countries. Notable partnerships include collaborations with football icon Lionel Messi and serving as the official crypto partner for prominent esports events. The platform offers various services such as spot and futures trading, copy trading, asset management, staking, Launchpool, and an NFT platform.
Company Summary
Overview
Bitget, founded in 2018 and headquartered in China, operates as an unregulated exchange with a user base exceeding 20 million across over 100 countries. Notable partnerships include collaborations with football icon Lionel Messi and serving as the official crypto partner for prominent esports events. The platform offers various services such as spot and futures trading, copy trading, asset management, staking, Launchpool, and an NFT platform. It boasts 24/7 multilingual customer support and robust security measures, including an A+ rating from SSL Labs certification and support from major security vendors. Bitget facilitates transactions through Quick Buy, P2P trading, Credit/Debit cards, and third-party payment providers, accessible globally with some country restrictions. Key features include a wide range of cryptocurrencies for trading, innovative options like copy trading and staking, and a transparent fee structure.
Regulation
Bitget operates as an unregulated exchange, meaning it doesn't fall under the oversight of financial regulatory bodies. As such, users should exercise caution and thoroughly research the platform before engaging in trading activities. Without regulatory supervision, there may be increased risks associated with security, transparency, and compliance. Potential users should carefully weigh these factors and consider seeking advice from financial professionals before participating on the Bitget platform.
Pros and Cons
Bitget offers numerous advantages such as a wide range of cryptocurrency options for trading, innovative features like copy trading, and a comprehensive Web 3 ecosystem. However, users should be aware of potential drawbacks, including the platform's unregulated status and the associated risks.
How to Open an Account?
When signing up for a bitget account, traders are obligated to submit personal information, such as their email address, password.
What Cryptos Can You Trade on Bitget?
Bitget offers a diverse range of services in the cryptocurrency market, including a spot exchange supporting over 600+ crypto tokens and nearly 700+ trading pairs. This selection encompasses major cryptocurrencies such as USDT, USDC, BTC, ETH, and Bitgets native token, BGB.
In May 2019, Bitget introduced USDT-margined futures, providing a user-friendly alternative for beginners in futures trading. Unlike Coin-margined futures, this option doesn't necessitate holding the underlying coin to take long or short positions.
Expanding its offerings further, Bitget pioneered USDC-margined futures in July 2021, in collaboration with Circle, becoming the first exchange to offer such a feature.
In 2023, Bitget's native token, BGB, demonstrated exceptional performance, outshining major cryptocurrencies like Bitcoin. The BGB token surged by over 220% throughout the year, hitting six all-time highs. The latest recorded price was $0.58 on November 16th.
Bitgets CSR Project
Bitget has recently launched 'Blockchain4Youth,' a corporate social responsibility (CSR) initiative aimed at inspiring and empowering youth to actively engage with blockchain technology and its applications. Demonstrating a strong commitment, the project plans to invest $10 million over the next five years, indicating a dedicated long-term vision.
A focal point of Blockchain4Youth is its educational outreach efforts, primarily facilitated through Bitget Academy. Here, blockchain courses and certifications are offered to equip participants with foundational knowledge and practical skills in blockchain technology.
Furthermore, Bitget is forging partnerships with prestigious universities worldwide, organizing campus lectures to raise awareness and foster interest among students in the blockchain industry.
The educational phase of the project commenced with the introduction of blockchain courses on Bitget Academy in late May, marking an important milestone in advancing blockchain education and engagement among the youth.
Fee Structure
Bitget maintains a transparent fee structure for both spot and futures trading, essential for traders to effectively manage their costs.
Spot Trading Fees:
- Bitget charges a standard fee of 0.1% for both Makers and Takers in spot trading.
- Users can enjoy a 20% discount on spot trading fees by paying with BGB, Bitgets native token.
- Makers and Takers are defined by their actions in the market, with Makers adding liquidity and Takers removing liquidity.
Futures Trading Fees:
- Makers pay a fee of 0.02% per trade, while Takers pay a fee of 0.06%.
- The fee structure incentivizes liquidity provision by offering lower fees to makers.
Deposit Fees:
- Bitget does not impose fees on cryptocurrency deposits, aligning with industry practices to encourage fund transfers without additional costs.
Withdrawal Fees:
- Withdrawal fees are variable and subject to market conditions, with users advised to refer to Bitgets fee schedule page for up-to-date rates.
- Since 2023, users have the option to stake BGB to enjoy a certain number of free withdrawals daily, providing additional benefits to token holders.
Fee Calculation:
- In futures trading, fees are calculated based on the transaction value using a specific formula, with different rates for makers and takers.
- The formula considers factors such as the number of contracts and the price per contract to determine the transaction fee accurately.
Overall, Bitget's fee structure is designed to promote liquidity in the market while offering flexibility and cost-saving opportunities for traders, such as discounts for BGB holders and free withdrawals through staking.
Copy Trading
Bitget made waves in May 2020 as the pioneer crypto exchange to introduce copy trading features, now spanning across spot and futures markets. This innovative service enables less experienced traders (followers) to replicate the trading strategies of seasoned traders (elite traders).
Elite traders benefit from sharing their strategies through rewards, recognition, and other platform incentives, fostering a symbiotic relationship within the Bitget ecosystem.
With over 130,000 elite traders offering copyable strategies, Bitget boasts more than 650,000 active followers who have collectively amassed over $430 million in profits.
Initiating copy trading is seamless on Bitget; users simply select an elite trader to follow, gaining access to proven strategies for potentially higher profits and valuable insights into market dynamics.
Bitget offers various copy trading options:
- Futures Copy Trading: For copying futures orders from elite traders.
- Elite Spot Trades: Enabling users to replicate trades in spot markets.
- Bot Copy Trading: Allowing users to automate trading by subscribing to strategists or purchasing trading bots.
- Insights Access: Providing access to market trends and updates from trading experts.
Newcomers to trading can leverage Spot or Futures Copy Trading to learn from experienced traders, while automated solutions like bot trading suit users seeking hands-off approaches.
Elite traders earn up to 10% in profit share, alongside rewards and recognition as 'Star Traders,' while strategists receive earnings from monthly subscriptions and global recognition.
Furthermore, Insights Creators can expand their presence and profits by sharing achievements and insights within the copy trading community.
Performance highlights include:
- Total follower profits exceeding $430 million USDT.
- Trading bots generating profits of $330,000 USDT.
- Elite traders collectively earning over $20 million USDT, showcasing the platform's success in empowering traders across various skill levels.
Deposits & Withdrawals
Bitget offers diverse methods for purchasing cryptocurrencies using local fiat currencies, catering to a wide range of user preferences and needs. These methods include Quick Buy, P2P trading, Credit/Debit cards, and third-party payment providers, all streamlined within the user-friendly website and app interfaces.
To initiate the purchase process, users can log into their Bitget account and access the 'Buy Crypto' option for desktop users or 'Add funds' for mobile users.
Express Payments:
Bitget's 'Express' feature enables users to swiftly purchase cryptocurrencies by selecting the fastest options through the “Quick Buy” button. The platform supports over 140 fiat currencies, 100+ cryptos, and 70+ payment methods, including widely recognized options like Mastercard, Visa, SEPA, and SWIFT.
P2P Trading:
Bitget's P2P Trading platform allows users to directly buy cryptocurrencies from verified merchants using local currencies. This method offers flexibility in pricing and payment methods, empowering users to select terms that suit their needs best.
Credit/Debit Card Payments:
Users can purchase cryptocurrencies using credit or debit cards through the dedicated 'Credit/Debit card' page on Bitget. Here, users can select their desired fiat and crypto, input card details, and complete transactions seamlessly.
Third-Party Payment Providers：
For users preferring third-party services, Bitget collaborates with numerous secure digital currency service providers. This option, available on the 'Third-Party' page, enables users to choose their preferred currency, crypto, and payment method effortlessly.
Overall, Bitget's comprehensive array of payment methods ensures convenience, accessibility, and flexibility for users seeking to enter the cryptocurrency market with their local fiat currencies.
Conclusion
Despite Bitget's extensive offerings and global presence, potential users should approach the platform with caution due to its unregulated status, which may pose increased risks regarding security, transparency, and compliance. While Bitget has garnered significant attention and partnerships, including collaborations with renowned figures like Lionel Messi, and offers diverse services such as copy trading, staking, and a comprehensive Web 3 ecosystem, negative comments labeling it as a scam underscore the importance of thorough research and diligence before engaging in trading activities. Additionally, the platform's restrictions in certain countries due to regulatory and legal constraints further emphasize the need for users to stay informed about the evolving landscape of cryptocurrency regulations.
