Bitget Review: Crypto Futures, Copy Trading, BGB Token, and More

Launched in 2018, Bitget has not only emerged as one of the world’s leading for crypto derivatives trading, but has also evolved into a major spot trading platform. On top of that, Bitget introduced the crypto industry to copy trading, a feature that is now also being adopted by several competitors.

Bitget serves as a global cryptocurrency platform that provides a secure, one-stop trading solution for over 8 million users in more than 100 countries and regions. Moreso, it is committed to helping users trade smarter by offering innovative trading tools and high liquidity.

Bitget has solidified its position in the industry, ranking in the top 10 for both crypto spot and derivatives trading in terms of daily volume. The exchange offers users a range of trading options, including spot trading, futures trading, margin trading, and fiat trading, with a strong emphasis on security and user experience. 

Create a Bitget Account

Basic information about the Bitget Exchange:

• Exchange type: Centralized Exchange
• Launch date: July, 2018
• Location:  International

The Bitget exchange made its debut in 2018 in the middle of a difficult bear market that discouraged many other businesses from committing themselves to crypto.

The exchange, which has a global team of employees across 60 countries, is led by managing director Gracy Chen, a former executive in the fintech industry. Under Chen’s leadership, Bitget has quadrupled its user base and established itself as one of the top players in the highly competitive crypto exchange industry. 

Bitget managing director Gracy Chen.

Now that we’ve covered the basic facts about Bitget, let’s begin our Bitget review by quickly checking out the exchange’s key pros and cons.

Bitget features review

The Bitget exchange’s extensive suite of features provides all the functionality one would expect from a top-tier cryptocurrency exchange. In its early stages, Bitget distinguished itself from competitors by introducing crypto copy trading.

However, the exchange continued to build out its feature set and now also provides trading bots, a launchpad for new crypto projects, crypto passive income and staking products, a decentralized web3 wallet, and more. Of course, this is in addition to Bitget’s core functionality of crypto spot and derivatives trading.

Bitget has also been very active on the marketing front, partnering with legendary football player Lionel Messi, top-tier Italian football club Juventus, and eSports events organizer PGL to bring crypto to as broad an audience as possible.

Bitget’s Launchpool and Launchpad

The Bitget Launchpool and Launchpad have been built to support the launch of new and promising cryptocurrency projects. It provides a platform for these projects to raise funds and gain exposure to a wider audience of investors.

Through the Bitget Launchpad, users can participate in initial exchange offerings (IEOs) and other token sales for new cryptocurrency projects. Bitget Launchpad carefully selects projects based on their potential for growth and innovation, as well as their potential to create value for investors.

Bitget’s customer support

Bitget provides users with exclusive support services to enhance their trading experience with the platform. The exchange offers 24/7 live chat support to its users, allowing any issues to be resolved quickly. 

Moreso, the platform is also active on various social media platforms such as Twitter, Facebook, and Telegram. This way, users can contact Bitget’s support team through the provided channels.

Bitget trading: Exclusive trading options with low fees

Bitget provides a trading interface that is designed to be user-friendly, while also providing advanced trading tools that cater to experienced traders. In this section, we will be focusing on copy trading and derivatives trading, which are, in our opinion, the most compelling aspects of Bitget’s crypto trading product suite.

Crypto copy trading on Bitget

With its copy trading services, Bitget offers copy trading in the spot and futures markets. Copy trading involves users automatically following other more experienced traders to replicate their portfolio or trading positions. By using Bitget’s copy trading platform, users can duplicate elite traders’ orders in the corresponding markets. 

Copy trading offers benefits to both experienced traders and beginner traders. Followers can review elite traders’ detailed portfolios and historical performance, including total profit & loss (PnL), win rate, and assets under management (AUM), before subscribing to their strategy.

Thanks to the diversity of traders offering copy trading services on Bitget, the feature is suitable for any user, regardless of their risk appetite. Depending on the user’s risk tolerance, they can choose to follow a more conservative trader or someone that goes for high-risk, high-reward trades.

For elite traders, sharing their trading strategies can generate passive income, up to 10% of their followers’ revenue. Additionally, sharing successful strategies on Bitget allows traders to build up their own influence in the crypto space.

Users should follow the following steps to access copy trading on Bitget: 

1. Sign up for an account on Bitget and complete the necessary KYC/AML verification.
2. Add funds to your Bitget account.
3. Go to the “Copy Trade” section on the Bitget platform.
4. Browse through the list of available traders and select the preferred trader you want to copy and the desired trading pair that needs to be copied.
5. Select the fix ratio of the fix account, and the leverage type.
6. Choose the amount you want to allocate to the trader for copying their trades. You can also set stop loss and take profit limits to manage your risk.
7. Once you’ve selected a trader, click “Copy” to start copying their trades.
8. Sit back and monitor your account as trades are automatically executed, or choose to close the position.

Derivatives trading with Bitget

Derivatives trading is one of the key features of the Bitget platform, allowing users to trade perpetual contracts, futures contracts, options contracts, and swaps.

Bitget’s derivatives trading platform offers a range of advanced trading features, including various order types, risk management tools, and charting tools to help users manage their positions and execute trades with ease.

After the collapse of FTX, Bitget became an even stronger contender in the crypto derivatives sector, experiencing significant growth in trading volume and market share. 

In 2022, Bitget witnessed an outstanding 300% increase in total transaction volume. A report from Tokeninsight indicates that Bitget’s share in the derivatives market grew from 3% to 11% after the FTX incident, making it the biggest beneficiary of the collapse.

While the top 10 derivatives exchanges experienced a drop of about 40% in their 24-hour Open Interest (OI) in December 2022, Bitget was the only exchange that achieved an increase in OI, soaring from around $800 million to $3.74 billion. 

Bitget’s native token, BGB

The native token of the Bitget platform is called BGB, and it is issued as an ERC-20 token on the Ethereum blockchain. BGB is a utility token that can be used for several operations within the Bitget ecosystem.

The platform allows BGB holders to enjoy discounts on trading fees when they use BGB to pay for their trading fees on the Bitget exchange. Also, BGB holders are allowed to use their tokens to achieve higher VIP status on the Bitget exchange, which gives them access to exclusive features and benefits.

Furthermore, the BGB token holders can also participate on Bitget’s Launchpad and get access to early stage projects and benefit from their growth after listing. 

Is Bitget a safe exchange to use?

Bitget has taken significant measures to prioritize security and safeguard user assets on their exchange.

Notably, the launch of the US$300 million Bitget Protection Fund with a substantial amount of funds, including BTC and USDT, is a positive step towards protecting users’ assets even in the event of any incidents or unforeseen circumstances. Additionally, the transparency provided through public wallet addresses and the Proof-of-Reserves page, which is updated monthly, adds to the credibility and trustworthiness of the exchange.

Bitget also offers an open-source tool called ‘MerkleValidator’, which is also a positive step towards providing users with a way to verify their assets on the platform.

However, it’s important to note that no exchange can guarantee 100% security, and users should always take appropriate precautions to protect their assets, such as using two-factor authentication, strong passwords, and being on the lookout for phishing attempts.

Nonetheless, considering the measures taken by Bitget to prioritize security and transparency, it appears that Bitget is a safe exchange to use, but users should always exercise caution and perform their own due diligence before using any exchange or investing in any cryptocurrency.

Verdict

Bitget has proven to be a reputable cryptocurrency exchange with a range of features and services that can appeal to both new and experienced traders. The platform offers a wide variety of cryptocurrencies for trading, as well as a range of trading tools and resources, to support users in making informed trading decisions.

Additionally, Bitget places a high priority on security and has implemented several measures, including the Bitget Protection Fund, public wallet addresses, as well as Proof-of-Reserves, to ensure the safety of user assets. The platform also provides robust customer support services through multiple channels, including live chat, email support, social media, and a comprehensive help center.

However, as with any cryptocurrency exchange, there are always risks associated with trading and investing in cryptocurrencies, and users should always perform their own due diligence and take appropriate precautions to protect their assets.