Bitget Review: Is This Crypto Exchange Worth It?

Bitget is a cryptocurrency exchange founded in 2018 and based in Seychelles. It features diverse cryptocurrency trading features, including spot trading, copy trading, and futures trading.

Bitget works with many popular digital currencies and advertises a highly secure platform backed by reserves covering more than 100% of customer deposits.

Here’s a closer look at Bitget’s features and pricing to help you decide if it makes sense for your crypto trading and investing needs.

Note: As of this writing, Bitget is unavailable to users in Singapore, North Korea, Iran, Syria, Afghanistan, Cuba, and the United States.

Who Is Bitget?

Bitget is a cryptocurrency and cryptocurrency derivatives exchange founded in 2018. It operates worldwide, though it doesn’t support several countries including the United States.

Bitget offers a variety of crypto trading products, including spot trading and futures contracts. It also offers a variety of features and services, such as a user-friendly interface, a variety of order types, margin trading, and automated trades.

It claims to be the biggest copy-trading exchange in the world, with this strategy available for both spot and futures trades. It has over 8 million registered users and facilitates $10 billion in daily trading volume.

What Does Bitget Offer?

Bitget’s main products revolve around different types of cryptocurrency trading.

The spot trading platform at Bitget is intuitive for anyone with active trading experience.

• Buy cryptocurrency: Buy USDT, Bitcoin, and other cryptocurrencies with a credit card or mobile payment platform. You can purchase crypto from other platform users without added fees. You can pick multiple third parties to facilitate purchases or deposit from a linked account denominated in euros, British pounds, or Brazilian reals using PIX.
• Spot trading: Spot trading, or instant trades at current market rates, are supported with reasonable fees compared to other platforms. Bitget works with more than 100 different cryptocurrencies on its spot trading platform.
• Futures trading: Futures trading is a type of financial derivative that allows investors to buy or sell an asset at a predetermined price on a specified date in the future. Bitget supports futures trading with many currencies with advanced tools to inform or automate your trading strategy.
• Copy Trading: With copy trading, you can mimic the trades of other platform users. If you pick the right trader to follow, you could find yourself earning profits with very little work. However, there are always risks involved with crypto trading. You can use copy trading in spot and futures markets or follow a specific strategy. Star traders earn a profit share when others copy their trades and strategies.

Bitget also operates with its own token, the Bitget Token (BGB). You can get discounts on fees when using BGB for trades. As of this writing, the market cap of BGB is $667 million, making it the 221st biggest cryptocurrency according to CoinMarketCap.

Are There Any Fees?

Bitget charges fees comparable to many other large cryptocurrency platforms. It uses a maker/taker model and deducts fees from users' trades.

• Deposit fees: Deposits are fee-free from Bitget, though some third-party payment processors may charge their own fees on Bitget deposits.
• Withdrawal fees: Withdrawal fees vary by currency. Check fees before withdrawing. They can add up to a significant amount on certain transfers.
• Spot trading fees: Spot trades are subject to a standard 0.1% fee for makers and takers. You can save 20% on these fees when paying with BFB.
• Futures trading fees: Futures fees also use a maker/taker model and vary by currency. Most trades cost 0.02% for makers and 0.06% for takers.

Dedicated users called VIP users can qualify for lower fees and additional trading products.

How Does Bitget Compare?

Bitget is a relatively new cryptocurrency exchange, but it has quickly become one of the largest in the world. It offers many features and services, including spot trading, derivatives trading, and margin trading. Bitget also has a strong focus on security and compliance.

Bitget's largest competitors are Binance, Coinbase, and Bybit. These exchanges are all well-established and offer a similar range of features and services. However, there are some key differences between Bitget and its competitors.

One of the biggest differences is Bitget's focus on derivatives trading. Bitget offers a wider range of derivative products than competitors. This makes it a good choice for traders who want to trade futures, options, and perpetual contracts.

Another difference is Bitget's fees. Bitget's fees are lower than those of most other exchanges. This makes it a good choice for traders looking to save money on fees.

How Do I Open An Account?

1. Go to the Bitget website and click on "Sign Up.” You can sign up with an email address or mobile phone number. Bitget has mobile apps for Android and iOS. You can download and signup using the mobile app as well.
2. Enter your contact details, choose a secure password, and add a referral code if you have one. Bitget offers promotions that could boost your account value when signing up.
3. Follow the link to establish your new account. You will receive an email from Bitget with a verification code. Enter the verification code and click "Verify” to finalize your account.

Bitget requires certain ‘know your customer’ (KYC) information to access all account features and raise your account limits.

• Before completing KYC: Daily withdrawal limit of $50,000 and monthly withdrawal limit of $100,000.
• After Completing KYC: Daily withdrawal limit of $3 million.

If you’ve signed up for any financial accounts or cryptocurrency exchanges in the past, the signup process will likely feel familiar. Once they complete KYC, users get a $3 bonus deposited in their accounts.

Is My Money Safe?

Bitget puts an extra emphasis on customer account security. It has several measures to protect user funds, including cold storage, multi-factor authentication, security audits, and user education. Bitget also provides users with educational resources on security best practices.

In the post-FTX world, proof of reserves is a critical offering for cryptocurrency exchanges. While it’s still best to hold your crypto in your own wallet outside of an exchange, Bitget does a good job of transparently reporting what assets it holds. Based on its policies and self-reported reserves, it holds well over 100% of customer deposits in BTC, ETH, USDT, and USDC.

Bitget also has a Protection Fund which is currently valued at $300 million USD. It provides an additional layer of protection against cybersecurity threats. If a customers account has been compromised and they have lost assets as a result, they may apply for a claim through the Bitget Protection Fund. 

How Do I Contact Bitget Support?

The best way to reach Bitget support is via email. The site has a chatbot that’s not very good. The customer support email address is support@bitget.com. VIP users can get priority support through vip@bitget.com. 

The company also operates accounts on Twitter, Telegram, Discord, Reddit, Facebook, Instagram, and other popular social platforms.

Is Bitget Worth It?

If you live somewhere Bitget is available, it’s a reasonably good choice. It stands out for competitive fees and a large suite of derivatives products. While it’s risky, the copy trading product is also very popular. If you’re looking for copy trading, Bitget should be a top consideration.

Customer service and withdrawal options could use improvement. Otherwise, Bitget offers a compelling package of crypto products that’s very compelling. Remember that many of these products are extremely risky, and there’s a good chance of losses when you engage in an active trading strategy.

If you’re unsure about Bitget, check out our list of the best crypto exchanges.

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