What is Bitget?
Bitget is a cryptocurrency exchange registered in Singapore which has been up and running since 2018.
Bitget Video Review
Tired of reading? No problem, check out our video review of Bitget here:
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 also states on its website that it has licenses from Canada, Singapore, USA and Australia, meaning that investors from each of these countries are permitted to trade at Bitget.
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.
For instance, let’s say that you have 100 USD in your trading account and you bet this amount on BTC going long (i.e., going up in value). If BTC then increases in value with 10%, you would have earned 10 USD. If you had used 100x leverage, your initial 100 USD position becomes a 10,000 USD position so you instead earn an extra 1,000 USD (990 USD more than if you had not leveraged your deal). However, the more leverage you use, the smaller the distance to your liquidation price becomes. This means that if the price of BTC moves in the opposite direction (goes down for this example), then it only needs to go down a very small percentage for you to lose the entire 100 USD you started with. Again, the more leverage you use, the smaller the opposite price movement needs to be for you to lose your investment. So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
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.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Bitget apparently permits US investors to buy crypto on its platform. However, if you are a US-investor, you should still always analyse whether your home state imposes any obstacles for your foreign crypto trading. Sometimes the exchange has opened its doors in spite of your own state prohibiting you from trading.
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.
At Bitget, from 6 September 2022 and until further notice, spot trading is free! 0.00% regardless if you're a taker or a maker. Incredible offering.
For the contract trading, takers pay 0.06% and makers pay 0.02% (recently lowered from 0.04%).
To our understanding, you will only receive discounts to the trading fees by holding BFT-tokens when you spot trade, not when you engage in contract trading.
As the exchange focuses on its contracts trading offering, we have decided to list their contracts trading fees as their primary fees in our Exchange `List.
Bitget Withdrawal fees
Bitget charges a withdrawal fee of 0.0006 BTC per BTC-withdrawal. This fee is slightly above the global industry average. The current global industry average is 0.00053 BTC per BTC-withdrawal according to this report.
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.