Bitget Review

What is Bitget?

The best place to begin this Bitget review is to give an overview of what exactly it is, and where it fits within the crypto industry. Established in 2018, it's an exchange that puts a big focus on derivatives and copy trading. Although, this only scratches the surface, as Bitget also offers spot trading, a way to buy crypto with fiat, trading bots, earning features, and much more.

Alongside this, there is the Bitget token (BGB), Bitget Card, Bitget Wallet, and many other tools. In essence, it would be hard for me to cover all of its features in-depth in one Bitget review, as it's an extensive and ever-growing ecosystem.

It's also worth highlighting Bitget's partnership with Lionel Messi, arguably one of the most famous footballers in the world. He's the official Brand Ambassador of the company. Through this partnership, the Bitget exchange seeks to show its commitment to growth, development, and consistent effort to become the best in the industry.

Besides, when searching for Bitget reviews, you might have noticed Bitget TR. What is Bitget TR? It's a crypto exchange and fiat gateway made specifically for Turkish traders. It has a bank integration, which allows them to use Turkish Lira (TRY) to easily buy, sell, and withdraw crypto. By the way, the Bitget TR account can be easily linked with your Bitget account, providing you with free internal transfers.

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Bitget Review: PROS

Now, let’s properly dive into this Bitget review by focusing on the positives that it offers. Beginning here is great as it gives insights into the aspects and features that attract its user base, and helps to clarify why somebody would turn to Bitget for their trading needs.

Strong Security Measures

One of the most important things I must cover in this Bitget review is security. The crypto world is full of scammy or untrustworthy platforms, but it seems that Bitget is not one of those.

For starters, it uses all the security measures a trustworthy platform should have. This includes two-factor authentication (2FA), cold storage, and so on. It also has some additional measures that might not be so common, like a withdrawal address whitelist or a phishing prevention code, which proves the authenticity of emails sent from Bitget.

Moreover, Bitget publishes its Merkle Tree proof, proof of reserves, and its total reserve ratio monthly. This provides users with the assurance that all their assets are stored securely and that Bitget has sufficient reserves to cover all withdrawals (even if all users decide to withdraw their assets at the same time).

Besides, Bitget has established a user protection fund, which is valued at $422 million (as of February 2024). The fund provides an additional layer of protection for users in case their accounts get compromised, or they lose their funds. Of course, this only applies if these events happen due to cybersecurity breaches.

So, what do you think, is Bitget secure? I'd say, based on the security measures it employs, it seems that it is.

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Basically Any Trading Option You Might Need

Now, as I've mentioned before in this Bitget review, the platform has a wide selection of trading options, including spot, margin, and derivatives trading. Besides that, though, it also provides users with a swap and spot OTC trading desk. Overall, it supports over 590 cryptocurrencies and over 770 trading pairs, which means the exchange offers quite a lot of flexibility, for sure.

I will not go into detail about each trading option, but when it comes to derivatives trading, the main product class Bitget engages with is the futures market. Here, it offers three options: USDT-M, USDC-M, and Coin-M futures. Do note that futures contracts are considered to be quite effective for hedging crypto^[1].

Upon clicking on any of these options, you will notice that they lead to fully-fledged dashboards, containing all the bells and whistles you would exchange from a futures exchange. For beginners, this is likely to look a bit overwhelming, although this is to be expected, as derivatives are not for the faint of heart or the absolute novice.

Besides, Bitget offers the option of demo trading, which means you can practice your futures trading skills without using real-life money.

While we're on the topic of trading, it's also worth noting that Bitget offers a way to buy crypto with fiat. This is perfect for people who do not have crypto to transfer to the platform, but are looking for a quick way to get involved and start trading.

It's a big topic on people’s minds when reading Bitget reviews. There are three ways that fiat can be used to buy crypto on Bitget – the most enticing is via credit and debit cards. However, it's important to note that there is no Bitget USA option available.

While the service supports both VISA and Mastercard, it appears there is no support for American Express. This might be disappointing for institutional investors who may qualify for highly sought-after and specific AMEX cards. Although, it's not unusual for AMEX to be unsupported in the crypto space.

Another option is to buy crypto after depositing fiat into your account. However, Bitget appears to currently support only TRY, EUR, and BRL for that. This reiterates the lack of Bitget USA support.

The third option is to use a third-party payment provider with direct integration into Bitget. The four services that it supports are AlchemyPay, Banxa, Mercuryo, and Simplex.

By the way, those who seek zero fees and even more payment methods, can also buy and sell crypto via P2P trading.

Copy Trading

Copy trading is yet another trading option offered by the platform, but it deserves a separate subchapter in this Bitget review, as it's one of its key features. Copy trading is the act of following somebody else’s financial actions. It's especially popular amongst newbies in the crypto space.

The Bitget copy trade console is an interesting mix of gamification and social media. People can follow top-performing traders, so-called Elite traders, and see both their current and past trading strategies.

However, the number of followers an Elite trader can have is determined by certain elements attached to their account and trading behaviors. For instance, some Elite traders can have a total of 1000 followers, whereas others can only have 500 or fewer. This number is affected by the trader’s account equity, with more equity leading to a higher number of maximum followers.

The Bitget copy trade tool brings benefits for both – those who broadcast their trading activity and those who copy it.

For the former, one major benefit mentioned in many Bitget exchange reviews is that they gain a share of their followers’ profits, up to 20%. If you have a large number of followers, and you have led them to profits, then this can amount to a sizable quantity.

On the other side, those who copy somebody else’s trades get the huge benefit of being able to follow the actions of seasoned professionals who have proven track records. This is especially enticing for people who are new to the crypto market, and who want to start with training wheels by coupling their actions to somebody who is more well-versed in this sector than themselves.

In other words, it's a great way to learn the ropes and get involved without being overly daunted by making every decision for oneself.

However, make no mistake, this does not mean that somebody should treat the Bitget copy trade tool as a type of autopilot – even the most well-versed and successful traders make mistakes, and not every top-performing trader will act in the same way. In this sense, copy trading might lead you to make riskier trading decisions^[2].

Conversely, Bitget provides Bot Copy Trading, allowing users to sell their trading bots on its dedicated market. These automated bots mimic the strategies of Elite traders, enabling buyers to invest automatically using these strategies.

While we're on the topic of bots, do note that Bitget also provides users with various other trading bots for automated trading. This type of crypto trading tool is favored by both beginner and advanced crypto traders.

The best part is that there is a huge variety of Bitget trading bots, and they do not impose additional trading fees. Of course, just like with copy trading, you should use them with caution.

Earning, Learning, and More

We've already established that there are *a lot* of trading options on Bitget. But what about its other products?

Well, for one, there is Bitget Earn, which features a huge variety of earning options. This includes savings accounts, staking possibilities, auto investing, dual investing, crypto loans, and the list goes on.

Some of the more unique earning features Bitget provides are Shark Fin, Range Sniper, and Snowball.

Shark Fin is a capital-guaranteed earning tool that combines financial derivatives with fixed income products. It guarantees an APR of 7%, but can also yield over 9% APR if you predict the price fluctuation range correctly. This earning product is best for long-term risk-averse investors.

Range Sniper, on the other hand, is a non-principal-guaranteed earning tool. It provides users with bullish and bearish subscription options that allow them to earn income during unilateral or sideways markets by performing low-buy or high-sell transactions. It offers up to 20% APR, even when your price predictions are incorrect.

Then we have Snowball, a principal-guaranteed earning product that involves using crypto options with the aim of earning from potential market fluctuations. It provides the option of earning compound yield, being able to generate up to 24.5% APR.

I could go on and on about Bitget earning features, but then I would need to write a separate Bitget review dedicated to them.

That said, another branch of tools Bitget offers, apart from trading and earning, is those for learning.

For one, there is the Bitget Academy and Bitget Blog, which feature various tutorials and videos explaining how to use the platform or how to approach trading overall. Then, there's also the Bitget Research, which offers an in-depth analysis of the crypto industry. This one is great both for beginners and advanced users.

Moreover, there's the Learn2Earn tool offered by Bitget, which combines learning and earning. All you need to do is get familiar with various features of the platform, take a quiz, and then you'll be able to earn some rewards.

While we're on the topic of learning, I must also mention that Bitget invested $10 million into the Blockchain4Youth project, which provides young people who are keen to learn about the crypto world with scholarships and education.

Now, apart from all the mentioned tools, there's also the Bitget Wallet and Bitget Card that deserve more attention.

The Bitget Wallet (formerly known as Bitkeep) is a software wallet that allows you to store crypto and dive into the Web3 world. It supports over 100 blockchains, so you'll be able to connect your wallet to over 20,000 dApps. Besides, it has a built-in NFT marketplace, swap, and a staking tool.

The Bitget Card, on the other hand, is a crypto-backed credit card, which can be used with over 50 million merchants worldwide. It allows you to easily use crypto like you would use fiat to buy various goods.

It has no spending limit, no need for top-ups, and no annual or application fees. The card was launched quite recently (in January 2024) and it does have many more features planned for the future, like BGB rebates, for example.

The Bitget Token (BGB)

The Bitget token is a big part of the whole ecosystem. It's a utility token that has several use cases, but will most likely have more in the future (like the aforementioned BGB rebates).

Now, the key use case of BGB is that it provides a 20% discount on Bitget fees. All you have to do is cover those fees using BGB.

Moreover, it can be used as a payment method on Bitget's Launchpad to buy new crypto assets listed there.

Besides that, you can simply use it as an investment. The maximum supply of the Bitget token is 2 billion. Though, it's a deflationary token, which means it has a burning mechanism set in place that regularly reduces the total supply. You can check the current Bitget token price on BitDegree's crypto tracker, and you can easily buy or sell it directly on Bitget.

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Bitget Review: CONS

This Bitget exchange review would be lopsided without some consideration given to the platform's downsides. Although, I've mainly noticed one – a steeper learning curve.

Might Be a Bit Confusing for Newbies

Although the Bitget exchange offers an extensive range of tools and features, its complexity may present a hurdle for novice users. The steep learning curve could overwhelm individuals as they navigate through numerous options, potentially leading to confusion. 

Nevertheless, despite this drawback, Bitget prioritizes maintaining a user-friendly interface to facilitate the learning process. The platform offers various educational resources, including tutorials and guides, to aid users in comprehending its features and functionalities.

Moreover, Bitget extends its support with additional tools such as demo trading. Overall, while the steep learning curve might deter some beginners, Bitget's dedication to providing a user-friendly experience and comprehensive learning materials serves to alleviate this challenge, enabling users to navigate the platform efficiently.

Bitget Fees

It's always important to discuss fees when examining an exchange, and this Bitget review is no different.

So, for starters, there are Bitget fees for spot trading. The exchange employs the usual market maker / taker model, but both makers and takers are charged the same fee, which is 0.1%. However, when paying with BGB, it gets reduced to 0.08%.

Besides that, though, you can reduce Bitget fees even more by enrolling in the VIP program. Overall, there are 5 VIP levels. In order to gain the first VIP level, you either have to have over 1 million USDT 30-day spot trading volume, 50,000 USDT worth of assets in your account, or a 100,000 BGB balance. The requirements for higher levels increase accordingly. 

If you reach the highest VIP level, you'll reduce spot maker fees to 0.0125% and taker fees to 0.035%.

Now, the Bitget fees for futures trading are also based on the maker / taker model. The standard fee for makers is 0.02%, and for takers – 0.06%. You cannot lower them with BGB, but you can by increasing your VIP level.

To reach the first futures trading VIP level, you need to have the same amount of assets in your account or the same amount of BGB balance as for spot trading. However, if you want to increase the level based on your trading volume, with futures, you'll have to reach a $10 million 30-day trading volume. Again, as you increase the numbers, you'll reach a higher level.

The 5th VIP level for futures trading reduces the maker fee to 0.008% and the taker fee to 0.032%.

As for withdrawal fees, they differ based on the asset and the network in question. For example, if you want to withdraw Bitcoin using the Bitcoin network, you'll have to pay a 0.0002 BTC.

You can find the full Bitget fee structure on their website.

How to Use Bitget?

Up to this point in my Bitget review, I've discussed all the main features of the platform. If any of them piqued your interest, you probably want to know how to use Bitget. So, let's talk about that.

How to Sign up on Bitget?

The first thing you need to do is sign up. This is a relatively simple process that only takes a few minutes.

Step 1: To begin, go to the top right of the navigation bar on the homepage, where you'll find the “Sign up” button.

Step 2: You'll be taken to the registration window. Here, you will be prompted to enter an email address and a password. Or, alternatively, you can sign up with a phone number and a password.

Step 3: After doing this, you will be asked to complete a verification check, which takes the form of a relatively unique puzzle. When you complete this, an email will be sent to you with a one-time verification code that you must enter on the website. If you do not see it, check your spam folder.

Step 4: Now, you'll be asked to pass KYC. Without verifying your identity, you won't be able to do much on Bitget. Of course, you don't have to pass it right away, you can do it later (I'll still walk you through the process now, though).

Step 5: If you are an individual, you'll need to submit information about your place of residence, a valid form of ID, and undergo face authentication. By doing this, you'll pass Level 1 KYC.

If you want to unlock even more features and increase your limits, you'll have to upgrade to level 2, which requires physical address verification. By the way, this is a good place to remind you that there is no Bitget USA support at the moment.

On the other hand, if you are registering as a business, then the documentation you need is slightly different. Like before, you will need basic information about yourself, but you also need entity verification for your business, and a legal declaration that relates to your business, as well.

Note that for business verification, there are no additional levels (unlike with individual verification).

After completing these steps and providing the necessary verification info, you will be fully ready to explore and experience Bitget without any restrictions!

How to Deposit Fiat Into Bitget?

Now that you're all set up, the next thing I want to discuss in my Bitget exchange review is how to deposit fiat into your account.

Step 1: Hover your mouse over the "Buy crypto" option at the top left corner of the screen and then click on "Bank deposit".

Step 2: Select the currency you want to deposit and the payment method you want to use. Once you do that, you'll also have to enter the amount.

Then, you'll just have to proceed with the payment process. Make sure to double-check everything before confirming. Also, don't forget that, as of writing, you can only deposit EUR, BRL, and TRY.

However, you can also deposit crypto if you already have some or buy crypto immediately using your credit / debit card. You can find thorough guides on how to do that on Bitget.

Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Conclusions

The time has come to close the curtains on my Bitget review. I’ve looked into many aspects of the platform, including the Bitget copy trade toolkit, its derivatives offerings, crypto buying using fiat, and various other features it offers. It's fair to say that this is a highly varied platform with a lot to explore and discover.

Of course, the more a platform offers, the more confusing it might get for beginners – with so many tools at hand, it might become a bit overwhelming. For this reason, Bitget makes sure to maintain a user-friendly interface and offers ample learning materials to aid traders.

Returning to the initial question – is the Bitget exchange the right choice for you? There's only one way to find out: dive in and explore it yourself!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. H. Sebastião, P. Godinho: 'Bitcoin Futures: An Effective Tool for Hedging Cryptocurrencies';

2. C. Stein, P. Staudt, A. Greif-Winzrieth: 'The Success of Others: Copy Trading and Risk'.