As time goes by, cryptocurrency trading becomes more and more like the trading of traditional assets. Modern cryptocurrency exchanges offer such features as margin trading, futures trading, and so on. One of the features that are yet to be commonplace on the crypto exchange market is trading cryptocurrency derivatives. In this article, we will review a crypto exchange from Singapore that focuses on derivative trading. Its name is Bitget. We will show the available security measures, figure out if Bitget is a scam or a trustworthy exchange, check out the main features, and so on.
What Is Bitget?
Bitget is a cryptocurrency exchange founded in 2018. The platform was created in Singapore. Bitget is in the Singapore jurisdiction and traders using this exchange should not violate the laws of this country. Bitget has offices in Singapore, Europe, the USA, Russia, Brazil, Japan, Korea, Australia, India, Vietnam, and the Philippines. The exchange's CEO is Sandra Lou. Bitget is an official partner of the Juventus F.C.
The exchange is among the top 100 crypto exchanges by trading volume. According to the Bitget website, the platform is one of the top crypto exchanges trading futures. The exchange is licensed in Canada, Australia, and the USA. Despite this fact, the use of the exchange is prohibited for users from the USA and Germany.
Apart from standard crypto trading functionality, Bitget offers over 20 perpetual futures trading pairs and a rich set of features associated with futures trading. Beginners in crypto trading can buy their first cryptocurrencies right on Bitget as there is a fiat-to-crypto gateway on the platform. There are over 100 cryptocurrencies supported on the exchange which is quite a solid selection. You can trade on Bitget via an Internet browser or download an Android or iOS mobile app and use the platform on your mobile device.
Registration & KYC
There are two options for you when you create an account on Bitget: you can use your phone number or an email address if it's more convenient for you. The signup process is very simple. You just should provide a phone number or email address and set the password. Then, you will receive a code (to your mobile phone or an email). You should tap it in to verify your registration.
The next step is completing KYC. Although this step is not required before you start using the exchange, probably it's better to do that in the very beginning not to get struck with a sudden KYC check while trying to withdraw money. The KYC procedure on Bitget requires you to upload a selfie with an ID document and back and front scans of this document. Apart from these images, you will need to provide your full name, the country of your residence, ID type, and ID number. As soon as the Bitget team will process the info, you will get access to the full functionality of the platform.
Main Features
Bitget allows users to earn money or exchange currencies in different ways. The most basic features are the crypto exchange and the service for buying crypto for fiat money. The latter requires you to complete the KYC procedure first. You can buy Bitcoin, Tether, Ether, Litecoin, Bitcoin Cash, XRP, EOS, Ethereum Classic, or Tronix for USD, EUR, GBP, RUB, HKD, JPY, THB, VND, UAH, BRL, IDR, MYR, SGD, TRY, AUD, INR, or PHP. There are several available payment methods. You can use VISA/Mastercard, Google Pay, Apple Pay, or Samsung Pay.
The exchange can be found in the Spot tab of the website. It has a standard layout. The candlestick graph can be customized via different tools and indicators. Apart from market orders, users can post limit orders, including fill-or-kill, post-only orders, good-til-canceled, and immediate or cancel. The diversity of available order types helps to avoid losses and is a huge advantage of Bitget.
Futures traders can use a demo mode first. That's an easy way to have a full experience of the Bitget features without investing real money. There are coin futures and stablecoin futures on Bitget. There are cross and isolated margin modes on Bitget. Traders can enjoy up to 25x leverage. The Index sources for futures trading are Binance, OKEx, Huobi, Gate.io, and other exchanges.
In the Copy Trading tab, you can see the lists of professional traders whose strategies can be copied in order to have the same level of profit from trading. In the tab, you can see the cards of these traders. Each card includes the following data: P/L rate, win rate, total profit, the total number of transactions, and followers. Each trader can have a limited number of followers and you can see if there are vacant positions left. If you click on a card, you can see the transactions history of each trader and get more info about their trading activity. Learning this info will help you to decide whether you will subscribe to a certain trader or not.
Apart from all mentioned above, Bitget offers coupons for doing tasks aimed at the growth of the platform's reach and liquidity. These coupons can be used for the decrease of fees. The tasks are different — from activity in the Bitget social media to certain achievements in trading. Also, you can earn via staking BGB, a native token of the exchange.
Fees
The trading fees rate is a pleasant part of Bitget. It doesn't matter if you are a taker or maker the fee is 0.1% which is quite a friendly trading fee. Those paying fees in BGB get a 20% discount. The futures fee rate is different. Makers are charged with a 0.02% fee while takers pay three times as much — 0.06%.
Good news everyone, #Bitget has reduced trading fees!
— Bitget (@bitgetglobal) November 30, 2021
Did you know that using $BGB reduces the fees with 20%? Get yourself $BGB and trade cheaper than nowhere else ?
More info on the fee reduction and new rates here:
? https://t.co/f4whaTgN3j pic.twitter.com/wnBVq6DJQQ
As for withdrawal fees, the rate is a bit higher than on average. For instance, if you withdraw Bitcoin, you are charged a 0.0006 BTC fee. For Tether, the fee varies depending on the network. For instance, ERC20 Tether withdrawals cost 25 USDT while TRC20-based Tether can be withdrawn for 1 USDT.
Is Bitget Safe?
There are many factors you may consider to make the right choice while choosing a cryptocurrency exchange. One of these factors is security. Probably this factor is one of the most important ones as weak security can ruin all the achievements based on the rest of the factors and instead of a winner you will turn into a victim begging to compensate you for the missing money.
First, you should make sure that the exchange you consider using is not a scam and is not hated that much by its users. To get this info you should check the official social media accounts of the exchange and see what users write in the comment section. Also, it is useful to see the user reviews about the company and read through a couple of posts containing scam accusations to see if these claims have a matter and if the company addressed these claims satisfactorily.
It seems that Bitget usually treats its customers well. We haven't found any serious accusations online. There is very little criticism over Bitget in general. The good sign is that people don't report suddenly blocked accounts, lost funds, and similar problems. It seems that despite a bombastic and exaggerated self-presentation on the website, Bitget is not a scam.
Another important factor is the protection measures available on the exchange. If you feel that the exchange doesn't provide you with enough tools to protect your funds and data, then you definitely shouldn't use this exchange.
On Bitget, you can set several layers of protection to make sure your account won't get hacked. The users of exchanges are targeted by cybercriminals. As soon as your credentials get stolen, they try to break into your account and withdraw your money. To get your credentials, some criminals will impersonate the Bitget stuff and ask you to provide your password, login, etc. To make sure that you are messaged by the Bitget rep, you can turn on the anti-phishing code. It is a unique code that will be attached to every mail Bitget sends you. Of course, fraudsters won't attach this code.
It is possible to put a Funds password that serves as a kind of a PIN code. Those who don't know this code will have a hard time trying to crack it. A more serious security measure though is 2-factor authentication (aka 2fa). To enable 2fa you will need to install a Google Authenticator app on your mobile device and scan a personal QR-code with it to create a token that will generate a new one-time password any time you enter your account or request withdrawal. As hackers don't have access to your mobile device they will have little to no chances to steal your funds and data.
If you provide your phone number to Bitget, you will be allowed to use it for receiving confirmation passwords or to manage API. Also, you can monitor the account activity within the app and see if an unauthorized activity is taking place. We conclude that Bitget is a secure platform. It provides enough protection measures.