Trading Gold with USDT: A hands-on look at Bitget TradFi

Bitget is a universal exchange, a one-stop platform for cryptocurrencies and traditional financial instruments like gold, stocks, forex, and commodities. Bitget leverages the fast and intuitive experience built for crypto traders to offer seamless access to traditional financial assets.

Trading Gold on Bitget is comparable to trading any other cryptocurrency. To place your first Gold trade, you will first need to set up a traditional finance (TradFi) account, a process we will dive into later in the article. 

Onboarding experience

Bitget offers multiple account sign-in options, including conventional methods like Google, Apple, and Telegram, as well as Web3 options like MetaMask and the Bitget wallet, for the advanced DeFi trader. Bitget will then ask you to verify your email or phone number to secure your account.

To access higher withdrawal limits and the TradFi section, you’ll need to complete Level 1 and Level 2 Know-Your-Customer (KYC) verification, which includes personal and proof of address verification.

The TradFi section is accessible from the homepage from the navigation tab under ‘Markets.’

Here you can find TradFi assets organized into the following groups: Stocks, Metals, Indexes, Forex, and Commodities. Gold trades are settled in the USDT stablecoin. 

Executing a gold trade

Here is how you can execute a gold trade in 3 easy steps after funding your account:

Step 1: Set up a TradFi account

1. Click the ‘Markets’ button on the navigation bar to access Bitget TradFi.






2. Scroll to the listed assets table and click the ‘TradFi’ button.






3. From the new menu that appears, select ‘Metals.‘






4. Select a Gold (XAU) trading pair. 






5. You will be required to set up an MT5 account. Click the ‘Create MT5 Account’ button.






6. Follow the instructions to complete the setup.

Step 2: Fund your TradFi account with USDT 

1. Hover over the wallet icon at the top of the page. 






2. From the drop-down menu, select ‘Transfer funds’.






3. Select the source of the USDT funds, then set the destination as ‘TradFi Account.’






4. Enter the amount of USDT to transfer, then click ‘Confirm Transfer.’

Step 3: Order Placement

1. Return to the TradFi page and select a gold (XAU) trading pair. We’ll use XAUUSD  as the example.






2. Select the XAUUSD pair to access the trading parameters. 






3. Set the lot size (start small), leverage (set to maximum by default, but you can reduce it manually), and take profit/stop loss levels.






4. Click ‘Buy’ or ‘Sell’ to place your order.

You can view your orders from the Assets tab in the navigation bar, under the TradFi section.

Trading interface and user experience

Setting up an MT5 account on Bitget TradFi is a one-time process. For level 2 verification, you will be required to share proof of residence and source of funds. Verification is a smooth process; however, it can be frustrating if you don’t have all the documents with you. 

You don’t need fiat to trade Gold on Bitget. Bitget makes an auto conversion for you from USDT. So, no fiat deposits or withdrawals, no switching platforms, and no physical asset ownership required. You trade metals and crypto from a single account. 

Leverage is set automatically at 500X. You can adjust it manually to fit your risk appetite. 

Bitget uses TradingView technology to display prices on charts. This means you have access to highly customizable charts and advanced chart tools like Fibonacci trendlines and indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). 

Risk tools are built into the trading interface. These include ‘Take Profit’ and ‘Stop Loss’ levels to keep your trades in check and prevent losses in volatile markets. 

Settlement and position management

While deposits are made in USDT, the actual trades are settled in USD. You deposit USDT to open leveraged positions on XAU positions, profiting from changing prices—but leverage amplifies both gains and losses. 

Bitget also allows trading in hedging mode. With this feature, traders can open multiple USDT positions on the same instrument. With hedging, you can open multiple positions on the same asset, giving you the flexibility to take advantage of short-term market fluctuations. 

For your first trade, order a small amount, not to make money, but to understand the process, then scale up gradually. 

Bitget TradFi Vs Traditional brokers

A defining difference between Bitget TradFi and traditional brokers is the settlement currency: Bitget TradFi uses the USDT stablecoin, while traditional brokers use fiat currencies like USD or EUR. Bitget 

Here are some other key differences: 

Bitget TradFi Gold trading competition (Phase 2)

Bitget is running a month-long Gold trading competition with a total prize pool of  $108,888. The competition is split into events, offering every participant a chance to earn a reward. The final rewards will be deposited into eligible traders’ spot accounts  5 working days after the event. 

Event 1: Mystery Box Special

The Mystery Box Special event awards users with a digital mystery box for completing set milestones. In this instance, three mystery boxes are given to traders who achieve the set trading volume on XAUUSD/XAUAUD/XAUEUR. 

So complete the tasks for a guaranteed reward. The exact value of the mystery box varies depending on your luck. The mystery boxes, however, are limited and served on a first-come, first-served basis. The tasks reset daily at 12:00 AM (UTC+8), offering you another fresh chance to win big.

Event 2: Daily check-in for credits

The second event earns participants credits for completing daily challenges. The total number of credits earned is used to calculate your reward from the event’s 50,000 USDT prize pool. Credits accumulate when your daily trading volume reaches the specified tier. So the higher your trading tier, the higher the credits you earn. 

Your final incentive will be calculated as follows: 

Incentive  = (your credits ÷ total credits earned by all users) × 50,000 USDT

Event 3: Trading volume leaderboard battle

This event rewards the top 250 traders based on trading volume in the competition. The total prize pool for the event is 38,888 USDT. The top trader will win a $3888 Gold mahjong set. The rewards are weighed, with traders at the top earning relatively more than those lower on the leaderboard. 

Conclusion

BitgetTradFi offers you unparalleled access to a vast selection of crypto assets without the hassle of going through conventional brokers, which can lead to extra broker fees and overhead fiat transaction fees. 

Gold serves as a hedge against the volatility of cryptocurrencies. With Bitget, you can access Gold without leaving the crypto workflow. Bitget TradFi positions traditional markets not as a separate world, but as another layer of opportunity within a unified trading platform.