Bitget Review 2024: Your Gateway to Crypto Trading

The cryptocurrency market has surpassed the $2 trillion mark, with Bitcoin hitting an all-time high. This milestone is drawing tens of thousands of new users into the cryptocurrency arena in search of profit maximization. Bitget stands out as a premier cryptocurrency exchange, boasting the largest platform for cryptocurrency copy trading and holding the esteemed position of the third-largest exchange for crypto derivatives.

Bitget offers a wide range of digital assets, with over 550 cryptocurrencies traded on the spot market and approximately 130 available for margin trading. In addition to the trading platform, Bitget provides various services within its ecosystem. It embraces Bitget P2P for peer-to-peer exchange, Bitget Wallet for cryptocurrency storage, Bitget Swap for swapping services, and Bitget NFT for the issuance and circulation of non-fungible tokens.

Users can optimize profitability through earning instruments with fixed and flexible returns, along with participation in staking activities.

Established in 2018, Bitget has garnered a global user base of over 20 million registered accounts, with a daily trading volume surpassing 10 billion USDT. Bitget maintains a robust Protection Fund of US$400,000,000 to safeguard users' assets against cybersecurity threats. The exchange diligently publishes Proof of Reserve reports on a monthly basis, ensuring transparency and accountability. As of March 19, the reserve ratio stands at 173% with BTC reserve ratio exceeding 320% and that of ETH surpassing 230%. 

Coins, Contracts, and Fees

Bitget hosts a vast selection of over 550 coins and 693 trading pairs. Among these, the most active trading pair currently is BTC/USDT, boasting nearly $500,000,000 in 24-hour trading volume.

For margin trading enthusiasts, Bitget offers more than 50 trading pairs with a maximum leverage of 125X for the BTC/USDT pair.

The derivative market on Bitget is represented by a diverse range of futures contracts on major cryptocurrencies such as BTC, ETH, XRP, DOT, DOGE, LTC, EOS, TRX, LINK, and UNI. These contracts are categorized into three types:

• USDT-M contracts: These contracts involve deposits made in USDT, providing traders with exposure to various cryptocurrency pairs with USDT as the base currency.
• USDC-M contracts: Similarly, USDC-M contracts involve deposits made in USDC, offering traders the opportunity to trade cryptocurrency pairs with USDC as the base currency.
• COIN-M contracts: These contracts cover both perpetual and deliverable contracts, with deposits made in the specific cryptocurrency being traded. This allows traders to directly utilize their cryptocurrency holdings to enter into futures contracts without the need for conversion into stablecoins like USDT or USDC.

This diverse range of futures contracts caters to the needs of traders with different trading strategies and preferences, providing flexibility and accessibility in the derivatives market.

Bitget's trading fees are tailored to suit users' trading activity and account holdings. The fee structure is determined by factors such as the user's monthly trading volume, balance equivalent in USDT, and the amount of BGB (Bitget token) in their account. Active users have the opportunity to access a VIP level with five sub-levels, which further influences fee rates.

Maker fees:

• Spot market trading fees range from 0.0125% to 0.1%.
• Futures trading fees range from 0.008% to 0.02%.
• BGB holders can apply for a 20% discount on Maker trading fees.

Taker fees:

• Spot market trading fees range from 0.035% to 0.1%.
• Futures trading fees range from 0.032% to 0.06%.
• BGB holders can also apply for a 20% discount on Maker trading fees.

Margin trading fees vary based on the user's VIP level:

• Regular daily fees range from 0.004762% to 0.002858%.
• Annual interest rates range from 1.73813% to 1.04317%, depending on the VIP level.

BGB Token

As it was mentioned above, Bitget uses a native coin to fuel the liquidity flow within its ecosystem. BGB, the proprietary ERC-20 utility token, serves a diverse array of functions.

First of all, it facilitates seamless fee settlements for users. BGB holders enjoy fee discounts. Furthermore, they receive access to exclusive offers of the exchange.

With a circulating supply of 1.4 billion BGB and a maximum issuance capped at 2 billion BGB, its market capitalization surpasses $720 million.

Copy Trading and Bots

Bitget's Copy Trading service sets it apart from other cryptocurrency exchanges. It allows users to mimic the orders of professional traders effortlessly, boosting their yields with minimal effort. The platform boasts over 130,000 elite traders and more than 650,000 followers, with a profit and loss (PnL) metric exceeding $430,000,000.

There are three options of copy trading which are spot, futures or bot copy trading. The latter involves AI algorithms that enable users to either utilize pre-configured bots recommended by Bitget or create their own customized trading bots tailored to their specific strategies and preferences.

Bitget offers bots for spot grid, futures grid, spot Martingale, futures Martingale, spot CTA, futures CTA, and spot auto-invest strategies. Bot trading on Bitget is free for usage except ordinary taker and maker fees.

VIP Trading Club

Bitget's VIP Trading Club is more than just a loyalty program with reduced trading fees. The VIP status offers exclusive opportunities for enhanced profitability, including a 4.5% Annual Percentage Rate (APR) for USDT Savings products and a 12% APR for USDT Wealth Management products. Additionally, the Dual Investment option provides an opportunity for exceptional returns with an APR exceeding 200%.

To gain entry into the VIP Trading Club, users must meet specific requirements. They need to deposit a minimum of 30,000 USDT into their Bitget account and demonstrate either a spot trading volume exceeding 1,000,000 USDT within the last 30 days, maintain an asset balance exceeding 50,000 USDT, or hold a BGB balance exceeding 100,000.

Users who already hold VIP status on other exchanges can also qualify for VIP level on Bitget by providing a screenshot of their last 30-day trading volume.

Once accepted, VIP users receive premium support from a dedicated account manager, ensuring personalized assistance and a seamless trading experience.

Registration, Deposits, and Withdrawals

Registering on Bitget is straightforward. Users provide an email or phone number, and the exchange sends a 6-digit verification code. After confirmation, users undergo identity verification, which grants access to various services including P2P trading, the spot market, copy trading, bot trading, asset deposits and withdrawals, Launchpad, and Bitget Earn investment tools. Identity verification also serves as a means to regain account access if a user forgets their password.

There are two verification levels based on user profiles. Level I requires users to submit a photo of their ID and a selfie, typically processed in under 60 minutes. Level II verification demands additional documents like bank statements.

After registration is complete, users can replenish their account. Bitget offers diverse deposit methods including cryptocurrency, bank transfer, payment services like Mercuryo and Simplex supporting over 30 fiat currencies, and quick crypto purchases via credit and debit cards and Google (NASDAQ:GOOGL) Pay.

Minimum deposit is $15, with a maximum of 200 BTC daily. Processing times vary from 10 minutes to 2 working days. Bitget doesn't charge deposit fees, and funds are swiftly credited to the user's spot account.

Crypto can be bought also through the Bitget P2P services. It supports nearly 70 fiat currencies and 6 major coins with various payment methods.

Withdrawal limits range from 20,000 USDT for basic accounts to 15,000,000 USDT daily for VIP 5 users. The minimum withdrawal amount and fee size vary depending on specific asset and its blockchain.