What is Bitget?
Bitget is a cryptocurrency exchange registered in Singapore which has been up and running since 2018. It offers both spot trading and contracts trading on its platform (see more on this below).
Bitget - Lionel Messi's Choice
You can have brand ambassadors, and you can have BRAND AMBASSADORS. In October 2022, before the Qatar World Cup, Bitget partnered with Lionel Messi making him Bitget's brand ambassador. It is unclear exactly how much Bitget paid in order for Lionel Messi to become their brand ambassador, but there are rumours circulating in crypto news media stating that it was USD 20 million...
Here's a video of Lionel Messi's cryptocurrency trading advice (spoiler: it's Make It Count (Spanish: Hace Que Valga):
Supported Cryptos and Trading Types
The platform offers both spot trading and derivatives trading, but it focuses on derivatives trading. A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives accordingly derive its values from the prices of specific cryptocurrencies. You can engage in derivatives trading connected to the following trading pairs here:
FIL/USDT, ATOM/USDT, YFI/USDT, SUSHI/USDT, UNI/USDT, XTZ/USDT, DOT/USDT, TRX/USDT, ADA/USDT, LINK/USDT, ETC/USDT, BCH/USDT, XRP/USDT, ETH/USDT, LTC/USDT and EOS/USDT.
More cryptos and derivatives trading pairs will surely follow.
Bitget Affiliate Program
Bitget also has a rewarding affiliate program. Through this program, you can earn up to 3.000 USDT per year through the trading of your referrals. Simply share your link with your referrals, have them sign up using your link, and then sit back and enjoy while you get 30% of all trading fees generated by your referrals, forever.
Many exchanges only allow affiliate commission for the first 12 months (or even a shorter period of time) of a referral's activity on the platform. Accordingly, the Bitget affiliate program is very competitive.
You can sign up to it by creating an account here.
Bitget Trading Volume
On the date of last updating this review (17 January 2023), Bitget had a 24 hour derivatives trading volume amounting to USD 8.4 billion according to Coinmarketcap.com. This made it the 7th largest exchange in the world, surpassed only by Binance (the forever number one), XT.com, BTCC, Bybit, BingX and Deepcoin. Very impressive liquidity indeed!
Permits and Licenses
Bitget has licenses from both USA (U.S. MSB License) and Canada (Canada MSB License), and they have extensive information on how they work with compliance management, KYC, Blockchain Analytics and Cybersecurity on their website. Bitget clearly seem to have their things in order.
Bitget Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Bitget's trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play.
Bitget also offers leveraged trading to its users. They only offer perpetuals though (i.e. futures with no expiry dates). The maximum leverage level for their perpetuals is 100x (i.e., hundred times the relevant amount). A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
Bitget Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bitget:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Bitget Trading fees
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. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
When you engage in spot trading at Bitget, you pay 0.10% regardless if you're a maker or a taker. This fee model is usually called a "flat fee model".
For the contract trading, takers pay 0.06% and makers pay 0.02%.
To our understanding, you will only receive discounts to the trading fees by holding BFT-tokens, and paying with them, when you spot trade, not when you engage in contract trading.
Bitget Withdrawal fees
Bitget charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is quite in line with the global industry average. The current global industry average, according to the most extensive empirical study ever made, is 0.0004599 BTC per BTC-withdrawal.
In addition to depositing cryptocurrency to the platform, Bitget also lets you deposit fiat currency, but only via wire transfer (not credit card or debit card). Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.
Are Bitget's fees high?
Bitget's fees are low. The exchange charge a flat fee of 0.10% per spot order. This fee is well below the industry average. When contract trading, you pay 0.06% if you are a taker and 0.02% if you are a maker, which is also below the industry average.
What is the minimum deposit on Bitget?
The minimum deposit at Bitget is 1 USD (when depositing USDT).
How long is the withdrawal time at Bitget?
When we made a withdrawal from Bitget (USDT, on the TRC20-network), it took only 20 seconds. They do however state on their website that the average withdrawal time is 5-10 minutes.
Has Bitget ever been hacked?
Bitget was hacked on 26 December 2022. Hackers stole crryptocurrency worth USD 8 million. It has however been reported that all user assets affected by the hacking was reimbursed from Bitget's security fund.
Is Bitget secure?
While BitMart has been hacked in the past (on 26 December 2022), we still think that it is correct to say that BitMart today, from a user perspective, is secure, in particular considering the security fund they have available for the benefit of the users at the exchange.
Where is Bitget based?
Bitget is based in Singapore.
Which countries are restricted from using Bitget?
We have not been able to find any information on the countries from which users are restricted from using Bitget. If we were to guess which countries that are disallowed, it would be "usual suspects", i.e. mainland China, North Korea, Cuba, Iran, Iraq, Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk, and Luhansk regions), Sevastopol, Sudan and Syria.