Bitget Exchange Review: Is it Really Easy to Get, Easy to Exchange?
Singapore is one of the leading countries when it comes to cryptocurrency adoption. As such, it is no surprise that the country is home to several trading exchange platforms.
Bitget.com is one such exchange that has its headquarters in Singapore. However, the digital asset trading platform serves users across the world.
Like any other trading platform, it is necessary to get into the full details before deciding to join Bitget.com. For this reason, we went into all the trouble to provide a detailed review of the platform. If you have been considering using Bitget as your crypto trading platform, this article will provide insightful information to help you decide.
What is Bitget.com?
Bitget is a Singaporean digital assets trading platform that was founded in 2018. The platform primarily focussed on exchange services. However, in July 2019, Bitget announced its move into contract trading. The platform launched its first USDT and inverse contracts. The move saw the platform become a global trendsetter in having both USDT contracts and inverse contracts. It is also the complete contract-currency platform with seven USDT contract currencies and six inverse contract currencies.
For the two years that Bitget has been in operation, the platform has acquired a base of about 785,000 global users, allowing it to rank in the Top 10 global exchanges. Bitget also records an average of $1 billion in daily trading volume. The platform offers a mobile app that is available for both Android and iOS. The app allows users to access the exchange from whenever they want, from wherever they are.
Critical Products of the Platform
- Spot Trading
Currently, the exchange has 11 mainstream cryptocurrencies listed. Bitget provides spot trading services for its users and leaves out low performing currencies. Through the exchange, users see real-time performance and prices of significant cryptos and any other useful information for their trading.
- OTC trading
Third-party platforms support the exchange’s OTC trading. The high-quality merchants provide 24 hours of online services. The service, however, is only available for buying coins. If you wish to sell your coins, you will have to withdraw the cryptos to another platform.
- Perpetual Contracts
Bitget’s primary concern is providing trading services of perpetual contracts. Perpetual contracts are derivative products that are quite similar to traditional Futures contracts with only a few differences. Perpetual contracts have no expiration dates and place no restrictions on the contract position, which is not the case with futures.
Features of the Bitget Perpetual Contracts
Because these contracts are the exchange’s primary focus, perpetual contracts are Bitget’s main product. As such, the exchange has put a lot of consideration into the development of these contracts. Investors can either buy a long-term commitment or sell short a contract to earn a virtual digital currency gain.
Perpetual contracts operate similarly to margin-based spot markets. As such, its price trades close to that of the underlying asset. Bitget uses a Funding Cost mechanism to ensure that the underlying price index is tracked.
The BTC/USDT contract currently ranks first in the network. The contract is popular with significant traders and generates a daily trading volume of 11.69 billion yuan. However, its total spread is not more than 0.5 USD.
Bitget uses the maker-taker pricing system for its perpetual contracts. The maintenance margin rate for maintaining a minimum position is 0.5%, with the taker and maker fees set at 0.04% and 0.06%, respectively. The makers and takers share the cost of handling the perpetual contracts, with the commission rates set at 0.015% and 0.045%, respectively.
Bitget promises fully transparent operations on the platform. As such, the exchange provides a monthly operation report and timely disclosure of platform data indexes.
How to Start Trading on Bitget.com
For you to start trading on the exchange, you must first sign up for an account. Here are the steps that you should follow to open an account and begin trading cryptos and contracts.
- Visit the exchange’s official website and click on the ‘Sign up’ button to get started.
- Please enter your email address in the field provided and proceed to set a password and confirm it. If another user referred the site to you, you could enter the referral code in the form also.
- Agree to the terms of service and proceed to register for an account.
- Bitget will send an activation code to the email address you provided. You can then proceed to verify your account, after which you can log in to the account and start trading.
Why Should You Join Bitget?
There are so many exchanges that you could choose from. So, you are probably wondering why you should go for Bitget. Here are some of the advantages of trading on the platform.
- Lower transaction fees
Using the exchange helps users to get rid of third parties, reducing the trading fees significantly. Trading on the exchange will only attract miner fees because the transactions happen in real-time and on-chain. Users who trade using the Bitget software may, however, incur some additional charges. The extra costs are usually just slightly more than the Bitcoin dust threshold. Besides, the withdrawal charges are minimal, and the exchange doesn’t charge anything to deposit your cryptos.
Many crypto traders are skeptical about custodial exchanges, and with good reason. Some of these exchanges can use your data to trade against you, disappear with your money overnight, or use your deposit without your consent. Such issues end up costing traders on these exchanges huge losses. Bitget.com, however, lets users run their own servers and gives them full control over their accounts. The perfect load scalability in the system also makes the exchange worth checking out.
When choosing the ideal exchange platform, you must be sure that your digital assets will remain safe. Bitget has put in place a powerful risk-control system to ensure the safety of user transactions. The exchange uses bank-level SS data encryption, a built-in DPI active defense system, and a self-developed wallet warning system to provide top-notch security. The platform is also working closely with several security groups to ensure that assets that are susceptible to hackers remain secure.
- Licensing and Regulation
Bitget complies with various licensing policies and regulatory laws in Singapore and the US. In February of this year, the exchange obtained a license exemption from Singapore MAS and is currently working on getting the license. On 3rd March, Fincen, the US regulatory body, granted the exchange a permit to conduct its various states. The platform is continuously working to meet regulations in multiple countries, allowing it a global audience.
- User Support
If you are just getting started, you will find the Bitget community quite helpful. The platform aims to provide easy-to-use services for all its users. User learning contract-trading from scratch will benefit from the contract-based comics containing all the information they need. There are also contract lessons for short learning videos and the Contract Research Institute for face-to-face learning of contract trading.
Choosing an exchange platform for your crypto trading may not be easy. However, you have to put a lot of thought into it. Bitget is one of the platforms that offer an excellent entry into the crypto trading world. With low transaction fees, no third-parties, and your own server, you get full control over your account and fantastic security options.
If you have been looking for a place to get started, Bitget.com is worth looking into. So, go ahead and sign up for an account and begin trading cryptos today.