A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bgogo consists of four parts: general information, fees, deposit methods and security.
Bgogo is an exchange registered in the Cayman Islands. Other exchanges also registered here include OceanEx, BitMart and QBTC. The founders of the exchange include members from well-known companies such as Facebook, Twitter and IBM. Also, the exchange states on its website that the core engineering team “consists of several world champions of the ACM International Collegiate Programming Contest.”
Another interesting feature is that Bgogo has a “VIP service ecosystem”. To qualify as a VIP you need to hold at least 3 million BGG-tokens (the exchange’s own tokens). Apparently, when you are a VIP you receive special benefits, such as gifts and enhanced customer support.
As many other exchanges, Bgogo does not accept US-investors on its platform. If you’re from the US and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting US-investors.
The platform launched in May 2018 and has since then gained a fair market share among cryptocurrency traders. Its 24 hour trading volume on the date of first writing this review, being 27 March 2019, was USD 565 million. This placed Bgogo on the top 20 on the list of the exchanges with the highest 24 hour trading volumes. On 23 September 2019, the 24 hour trading volume had increased to USD 634 million, then placing it on place no. 27 on the list of the exchanges with the highest 24 hour trading volumes. However, on the date of last updating this review (20 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume was only USD 2.4 million. Needless to say, this is a dramatic drop in trading volume and we do not know the cause of it.
Bgogo also has a certain system in place that they call “Trading Rewards”. Essentially, the system rewards users with 200% of their trading fees in Bgogo-tokens. If you’re lucky, you might even receive 2x that. Whether or not you receive the double multiplier depends on how many “BGG HODL Points” you have accumulated. More detailed can be found at the Bgogo-website, but this picture is the exchange’s main illustration of it:
Different from most other cryptocurrency exchanges, Bgogo’s claim to fame is that they have “supernode listing authority”. These are the top 19 supernodes at Bgogo on the date of writing this review:
If you run a supernode, you can enjoy certain benefits. For instance, each supernode gets a “one vote, one listing”, meaning influence over which other cryptocurrencies that are listed on the Bgogo platform. Each supernode also receives a 20% share of the trading fees generated, for life.
On 19 September 2019, this exchange launched something called Bgogo Savings. This is a high-yield, low-risk wealth management product that has apparently become quite popular among investors. The first Bgogo savings product was a 14-day period USDT-based wealth management product and it was bought out in less than 24 hours according to information on this exchange’s website. We will monitor these products more closely and provide a more helpful summary of them here shortly.
Bgogo Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the trading view at Bgogo:
Bgogo Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.10% of the order value. 0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
Bgogo Withdrawal fees
Bgogo charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is substantially below the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal. Bgogo’s withdrawal fees are thus roughly 40% lower than industry average.
All in all, the fees at Bgogo are very competitive.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.