Cryptocurrency Exchange

Bitget Exchange Review 2023: A Comprehensive Look at Features, Fees, Security, and More

Author: Sohrab Khawas

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    Introduction

    Bitget is a cryptocurrency exchange that is ranked among the top 5 derivative exchanges in the world. This is one of the fastest-growing crypto derivatives trading platforms. In this exchange review, we will give you complete detail about its features, trading guides, pros, cons, and much more

    Overview

    Official Web Addresshttps://www.bitget.com/en/ 
    HeadquartersSingapore
    Country of OriginSingapore
    CEOSandra Lou
    Founding Year2018
    Exchange TypeCentralized
    Trading OptionsSpot, Margin, Derivatives, P2P
    Trading feesTrading Fee (0.16%)
    No of cryptocurrencies450+
    Native TokenBitget Token (BGB)
    Deposit methodsSEPA, ACH, Bank Transfer, Debit/ Credit Cards
    Deposit feesNo fees
    Withdrawal methodsSEPA, ACH, Bank Transfer
    Withdrawal feesVaries on cryptocurrencies
    Supported Countries100+
    Restricted countries10+
    Supported Fiat currencies31
    Mobile AppAvailable on Apple & Google Play Store

    What is Bitget?

    Bitget is a centralized cryptocurrency exchange that was founded in 2018. It is ranked as one of the top 5 exchanges by volume for trading derivatives by coingecko. Currently, it has 8 million users and 1.1 million followers on its social accounts. It generated $100 billion in trading volume in 2021. The average daily trading volume is $10 billion. It has got 800+ employees from 40+ countries. 

    Upholding the mission of Better Trading Better Life, the platform aims to provide global customers with liberal, ultimate, and fair trading. The process of trading is smooth and suitable for even a beginner trader.

    Bitget Token (BGB) is the native token of Bitget exchange. With staking you can get up to 5% APY on average. It has got several structured investment products where you can earn passively. 

    Bitget exchange review 2023 home page

    Features

    • Trading types – It offers Spot, Margin, Derivatives & P2P trading. 
    • Trading Fees – Bitget is not charging trading fees for SPot trading. However, for futures trading, the Maker fee is 0.020% and the taker fee is 0.060%.
    • Copy Trading – You can follow the trading style of top traders on Bitflyer and earn handsome profits with this
    • Strategy Trading – this is a paid service where you can get assured profits by following the strategic trading styles. You can evaluate the top strategy traders and choose a particular style. The orders will be executed automatically for your selected cryptocurrencies
    • Earning Programs – It provides a staking option where you can earn a minimum of 6% APY and a maximum of 20% APY. It also has structured products where you can obtain passive income through saving capital investments. 
    • Bitget Token: BGB is the native token of Bitget. The total BGB token amount issued is 2,000,000,000. Users have multiple benefits for trading and holding BGB tokens. 
    • Bitget Academy – an exclusive learning center where both beginner and advanced traders can learn more on cryptocurrency and blockchain-related topics

    Cryptocurrencies available on Bitget

    The exchange offers 450+ cryptocurrencies on its platform. Some of the popular cryptocurrencies are

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Litecoin (LTC)
    • Polkadot (DOT)
    • Bitcoin Cash (BCH)
    • Shiba Inu (SHIB)
    • Dogecoin (DOGE)
    • Tron (TRX)
    • Uniswap (UNI)
    • Ripple (XRP)
    • Polygon (MATIC)
    • Filecoin (FIL)

    How to create an account on Bitget?

    Let us learn how to create an account with Bitget

    1. Log on to Bitflyer Website
    2. Click on [Sign Up]
    3. Enter your email ID or phone number to generate OTP
    4. Confirm the OTP
    5. Congratulations you have created your account
    6. We recommend you verify your account to increase withdrawal and trading limits

    How to buy cryptocurrencies on Bitget?

    Let us learn how to buy cryptocurrencies on Bitget

    1. Log in to your Bitget account
    2. Click on [Buy Crypto]
    3. Select the fiat currency & enter the amount you want to pay
    4. Select the cryptocurrency you want to buy and enter the amount you want to buy
    5. Select the payment provider and payment method. Click [Next]
    6. You will be directed to the service provider’s website. Follow the instructions and complete your payment
    7. You will get a notification once the transaction is completed

    How to sell cryptocurrencies on Bitget?

    Let us learn to sell cryptocurrencies on Bitget

    1. Log in to your Bitget account
    2. Click on [Buy Crypto]
    3. Click [Sell]
    4. Enter the cryptocurrency you want to sell and the fiat currency you want to receive
    5. Click Sell

    How to deposit cryptocurrencies on Bitget?

    Let us learn to deposit cryptocurrencies on Bitget

    1. Login into your Bitget account.
    2. Navigate to ‘Assets’ on the right side of the page.
    3. Choose the cryptocurrency you wish to deposit. Tap ‘Deposit’.
    4. Scan the QR Code or copy the address and paste it into your external wallet.

    How to withdraw cryptocurrencies on Bitget?

    Let us learn to withdraw cryptocurrencies on the Bitget exchange

    1. Login into your account. Go to ‘Assets’.
    2. Choose the currency you want to withdraw. Press ‘Withdraw’.
    3. Enter the amount and the withdrawal address.
    4. Click ‘Submit’. Your withdrawal is complete.

    Exchange Fees & Supported Payments

    The Bitget exchange does not charge fees for depositing cryptos or fiat currency. However, withdrawal fees vary for different cryptocurrencies and there is a minimum withdrawal amount for withdrawing each cryptocurrency. Currently, there is no trading fee for spot trading. But, it charges a spread that can be in the range of 0.1-0.6% and this spread fee can be high during high market fluctuations. You may end up paying more than a regular trading fee compared to other exchanges. For future trading, the maker fee is 0.020% and the taker fee is 0.060%. 

    Referral

    Bitget launched a referral program where you can invite friends and earn up to 3 USDT for successful KYC completion. If your friend completes a required trading volume you can earn up to 2802 USDT in a year. 

    Bitget also has an affiliate program where you can earn a 50% trading fee commission for every trade made by your referee. All you need to do is apply for the program, get a unique referral link, and invite friends and you can start getting bonuses as soon as they start trading.  

    Mobile App

    Bitget Mobile App is available on both Apple and Google Play stores with a rating of more than 4.5 stars. With the mobile app, you can trade over 450+ cryptocurrencies and all with a few clicks. The app is smooth and easy on the eye.  

    Customer Support

    The exchange has an exclusive webpage where you can find answers to your general queries related to account settings, trading tools, and the latest announcements. You can also email them for emergency issues related to your account. There is no phone or chat support by Bitget. 

    Recent Updates

    Nov 2022 – Bitget partners with Jesse – The most advanced crypto trading bot

    Oct 2022 – Lionel Messi Partners with Bitget as the Global Crypto Partner

    Hacking Events

    Bitget became a recent victim of the cryptocurrency hack on 26 Dec 2022. Bitkeep, a non-custodial wallet owned by Bitget was hacked and $8 Million worth of cryptocurrencies were stolen from the account. It launched the DEX aggregator following the attack to prevent further hacking. TEH, BNB, USDT & DAI are some of the cryptocurrencies that were stolen from their wallet.

    The exchange announced that it will reimburse the affected customers using Wallet Security Fund. 

    Conclusion

    Bitget exchange is one of the emerging cryptocurrency platforms with multiple partners and a strong social presence. The exchange stands out to be unique due to its innovative technologies and devoted futures trading platform.

    “Better Trading, Better Life” is the motto of Bitget. Bitget has been providing high-security features so far. However, it was hacked in December 2022 where it lost assets worth $8 Million. This is indeed an alarming event. However, the Bitget team notified that all the affected users will be reimbursed using the exchange’s security fund.

    We recommend this exchange to beginners as the navigation is easy and smooth. Though 450+ crypto assets may be overwhelming for beginners.

    FAQs

    Is Bitget available in the U.S.?

    Yes, Bitget is a licensed and regulated exchange in the U.S. Residents of the U.S. can use Bitget

    Has Bitget ever been hacked?

    Yes, in Dec 2022 the exchange’s non-custodial wallet – Bitkeep was hacked and assets worth $8 Million were stolen from the account. The affected users will be reimbursed using the exchange’s security fund

    Is Bitget good for beginners?

    Bitget has more than 450 cryptocurrencies and the platform is simple and easy to navigate. It has no trading fees as of now and hence it is good for beginners who want to venture into the crypto world.

    Can I use Bitget without verification?

    In order to increase the withdrawal limit, you need to complete KYC verification. Without KYC verification the buying limit and withdrawal limit will be less.

    • Trading & Transaction fees
    • Affiliate Program
    • Website transparency
    • Security
    Overall
    3.8

    Pros

    • No trading fee for Spot trading
    • Low trading fee for futures trading
    • 450+ crypto assets
    • Affected users from hacking events will be reimbursed using an exchanges security fund
    • Recorded on CoinMarketCap and CoinGecko.
    • Has multiple licenses.
    • Demo trading platform for future trading.
    • Supports API Initiated trading
    • Copy trading can be done without any charges

    Cons

    1. Hacked in Dec 2022 where it lost assets worth $8 Million 
    2. Beginners may find it confusing as Bitget has many features.
    3. Slow customer support
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