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Bitget crypto exchange review and features

Bitget crypto exchange review and features

  • 12 April 2022
  • 102 View

Bitget crypto exchange is one of the fastest-growing cryptocurrency exchanges. It was founded back in 2018 and already claims to have more than 2 million registered users around the world.

One of the things that stands out when using their platform is the variety of features that are on the table. Bitget offers spot trading, derivatives, and even copy trading, there are several options that users can choose from depending on what they are looking for.

It’s also worth noting that towards the end of last year, in a notable marketing stunt, Bitget exchange became the first-ever sleeve sponsor of legendary football club Juventus. The platform aims to provide its customers with a fair and comprehensive trading experience and is available in many countries around the world including the USA, Australia, and Canada.

Users can trade on both desktop and mobile. In this guide, we’ll focus on the desktop version.

Bitget crypto exchange Overview

Bitget is a Singapore-based crypto exchange. The platform offers a wide range of crypto coins and tokens for trading via the spot or futures market with low trading fees.

Bitget crypto exchange has received regulatory licenses from the US, Canada, and Australia, making it a trusted exchange. Bitget is available for mobile or desktop and has a simple sign-up process. The platform offers its users free copy trading with great incentives for the pro traders, allowing others to follow their strategies. If you are looking for an exchange with a lot of small market coins or the ability to copy trades, Bitget might be for you. CryptoVantage’s Bitget review has all the information you need before signing up.

How to register an account on the Bitget crypto exchange

Registering an account with Bitget crypto exchange is relatively easy. You can choose between using a phone number or an email address once you click on the “Sign Up” button in the top navigation menu.

After registering the account, it is highly advisable to go straight to your security settings and perform all the additional steps there, such as money and so on. This adds more layers of security, which are of the utmost importance.

ID verification is required if you want to increase your withdrawal limits to 200 BTC per day for individuals and institutions.

How to deposit and withdraw on Bitget crypto exchange

Once you have your account up and running, you should fund it to start trading. Luckily, depositing and withdrawing money is as easy as it gets.

From here you can monitor your current holdings, deposit, and withdrawals. To deposit, click the button next to the preferred asset and send funds to the relevant deposit address. Withdrawing is the same process, but in reverse – you need to enter a receiving address.

Now that you have your money ready, you can start trading. In this guide, we’ll focus on futures trading, although Bitget crypto exchange also supports an extensive list of tradable assets for its spot exchange.

Currencies supported by Bitget crypto exchange

Currently, the Bitget crypto exchange supports most coins and trading pairs. Some of the most important are:

Bitget’s most active trading pair is BTC/USDT.

Bitget crypto exchange mobile app

The Bitget crypto exchange is now available on Google Play and Apple Store. Bitget launched its app to provide top security and error-free trading. You can trade anytime, anywhere.

For IOS users, the archiving requirement is 125.9 MB. Requires iOS 10.0 or later. Rated 4+.

For Android users, the file size is 45MB. Requires Android 5.0 or higher. Rated 3+.

How to trade futures on Bitget

Bitget futures trading uses what are known as perpetual futures contracts? They represent standard contracts for difference and are a very common derivative tool used in cryptocurrency trading. The main difference between them and standard futures contracts is that they have no expiry date and can be closed at any time. This has made them arguably the most used tool for leverage traders.

Leverage, on the other hand, is the ability to trade more than you currently have in your wallet. On certain trading pairs, like BTC/USDT, the Bitget crypto exchange allows leverage of up to 125x, which means you can open a position worth 125x the margin you posted. Of course, this also means that the slightest movement against your position will liquidate you and you will lose your money.

For this reason, it is important to know that leverage trading is particularly risky. It is not recommended to use more than 3-5x and even then the risks of losing capital increase exponentially. It should only be practiced by experienced professionals with sufficient experience and you should never trade with more than you can afford to lose.

Now that you know how perpetual futures contracts work and what leverage there is, let’s look at how to trade on Bitget. To trade futures, you need to transfer funds from your main trading account to the futures account. This is done from your main assets panel, and all you have to do is click the “Transfer” button.

It’s relatively intuitive and easy to use. In addition, you can quickly switch between the available trading pairs. In the middle is a chart powered by TradingView, and on the right is the order book and the different types of orders.

Isolated and cross border

You’ll also find that you can choose between Insulated and Cross Edge.

The isolated margin mode means that you can only lose the initial margin booked on your position. Once the initial margin is used up, your position will be liquidated.

Cross margin, on the other hand, takes whatever you have in the futures account as margin and uses it to fund your position. Therefore, you can have your entire account liquidated.

Market organization

Market orders are the simplest types of orders.

They are executed instantly at the best available market price. All you have to do is adjust the leverage and enter the size of your position.

Limiter order

Limit orders are used when you want to buy or sell at a different price than the current price.

The order is placed in the order book and as soon as the price reaches the limit price, it is executed. Therefore, you need to enter a limit price as well as the size of your position.

Trigger order

Also known as stop loss or take profit orders, trigger orders are used by more advanced traders.

Essentially, they allow you to exit your position at a preset price. With the trigger price, the order is placed in the order book, where the executed price is when the order is executed.

In this case, you must meet these two conditions and the size of your position before submitting the order.

How to open a Bitget crypto exchange account

For this guide, we will use a simple market order to open a position immediately.

As you can see, we are using 10x leverage (for simplicity) and want to open a position for 0.008 BTC. The USD equivalent of this is around $340, but since we are using leverage it only requires a cost of 34.5 USDT as shown below to open a long position. As soon as we click on the “Buy” button, our position will be opened.

How to close a Bitget crypto exchange account

You can track your position in the box below the chart.

From here you can track various metrics like the current price, the margin you are using, your liquidation price, the realized and unrealized gain or loss on that trade, and so on.

To close a position you can click on the ‘Flash Close’ button at the bottom left, which will close it immediately at the best available market price at that time.

That’s pretty much all there is to trading on the Bitget crypto exchange. Now let’s move on to copy trading as the next interesting feature.

How to copy trading on Bitget

Copy trading is becoming a popular concept among people who do not have sufficient experience but want to get into cryptocurrency trading.

Essentially, it allows you to automatically replicate other users’ trades. You can track their trading performance and overall profitability over time to determine which ones to copy.

From here you can look at all users who are allowed to be copied and select the ones that appeal to you the most based on several variables such as risk profile, followers, assets under management, win rate, ROI, and so on.

You need to find someone who doesn’t have a “Full” label at the top, which indicates more followers can tune in. Once you do, just click on his profile and hit the follow button on the top right.

Is Bitget safe?

Yes, Bitget crypto exchange is safe. They have regulatory licenses for Canada, Australia, and the US. Also, they secure users’ assets in separate hot and cold wallets.

They have received 12 A+ ratings from SSL Labs according to their homepage. We ran the same SSL test on their website and got an A+ as well. The exchange has never been hacked either. Users must enable two-factor authentication before they can deposit funds on the exchange.

Bitget security and customer support

Bitget crypto exchange has quickly managed to become one of the largest derivatives exchanges based on 24-hour trading volume. According to data from the largest data monitoring resource – CoinMarketCap, it ranks 3rd right behind Binance and OKX at the time of writing.

There is no information about the exchange that has ever been hacked, which is always a good sign. In terms of security, the platform seems to adopt all best practices. As mentioned above, users can enable multiple authentication methods.

In addition, Bitget has received 12 A+ ratings from SSL Labs and is endorsed by security companies such as Suntwin Technology, Armors, HEAP, and others.

As for customer support, we tested their live chat from an anonymous account and they responded within a minute. This is also a good sign.

Bitget Trading Fees

Fees on Bitget vary depending on whether you trade on the cash or futures exchange, but in each case, here is a detailed breakdown.

However, for the sake of simplicity, the fees on the futures exchange are:

Maker Fee: 0.02%

Taker Fee: 0.06%

A brief overview of advantages and disadvantages
 Advantages
  • Offers a variety of trading options.
  • Recorded on CoinMarketCap and CoinGecko.
  • Has multiple licenses.
  • Demo trading platform for futures trading.
  • Supports API-initiated trading.
Disadvantages
  • Involves a high risk for professionals.
  • Beginners may find it confusing as Bitget has many features.
Conclusion

All in all, the Bitget crypto exchange looks like a great platform with a lot of features for users to work with. The exchange seems rounded and comprehensive.

The fact that it is the official sponsor of Juventus also adds a layer of security when it comes to customer protection, reputation, regulation, and brand awareness.


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One response to “Bitget crypto exchange review and features”

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