Bitget Review: Is This Crypto Exchange Worth It?

Bitget is one of the world's largest cryptocurrency exchanges, serving more than 120 million registered users across 150 countries. Its platform supports over 1,300 currencies, as well as spot trading, futures, staking, copy trading, and several automated trading tools.

However, despite its global reach, Bitget remains unavailable to U.S. residents (and several other countries, including Canada) due to regulatory restrictions. This makes it an option primarily for international investors. Here’s a closer look at Bitget’s features and pricing to help you decide if it makes sense for your crypto trading and investing needs (if you're eligible to trade on the platform). 

What Is Bitget?

Bitget is a global cryptocurrency exchange founded in 2018. It operates worldwide, though it doesn’t support several countries, including the United States. Bitget offers a variety of crypto trading products, including spot trading and futures contracts. It also offers a user-friendly interface, a variety of order types, margin trading, and automated trades.

Bitget claims to be the biggest copy-trading exchange in the world, with this strategy available for both spot and futures trades. It has over 120 million registered users and facilitates billions in daily trading volume.

What Does Bitget Offer?

Bitget’s main products revolve around different types of cryptocurrency trading.

Trade Cryptocurrency 

Buy USDT, Bitcoin, and other cryptocurrencies with a credit card or mobile payment platform. You can purchase crypto from other platform users without added fees. You can pick multiple third parties to facilitate purchases or deposits from a linked account denominated in euros, British pounds, or Brazilian reals using PIX.

Spot Trading

Spot trading, or instant trades at current market rates, is supported with reasonable fees compared to other platforms. Bitget supports more than 1,300 cryptocurrencies on its spot trading platform, including major assets such as Bitcoin, Ethereum, Solana, XRP, and many smaller altcoins. You can also trade over 700 trading pairs. 

The spot trading platform at Bitget is intuitive for anyone with active trading experience.

Bitget also operates with its own token, the Bitget Token (BGB). You can get fee discounts when using BGB for trades. As of this writing, BGB's market cap is roughly $1.15 billion, placing it in the top 50 to 60 among cryptocurrencies by market cap, according to CoinMarketCap.

Futures Trading

Futures trading is a type of financial derivative that allows investors to buy or sell an asset at a predetermined price on a specified future date. Bitget supports futures trading with many currencies, with advanced tools to inform or automate your trading strategy. 

Copy Trading

One of Bitget's standout features is its copy trading platform. Instead of researching and executing every trade yourself, you can automatically mirror the strategies of experienced traders. 

Since this review was originally published, Bitget has significantly expanded its copy trading ecosystem. Users cannot participate in spot copy trading, futures copy trading, or bot copy trading, which offer access to hundreds of thousands of traders and automated strategies. 

It's important to remember that copy trading doesn't eliminate risk. What you're doing is trusting another trader's decisions, and losses can be copied just as easily as gains. 

Are There Any Fees?

Bitget charges fees comparable to many other large cryptocurrency platforms. It uses a maker/taker model and deducts fees from users' trades.

• Deposit fees: Deposits are fee-free from Bitget, though some third-party payment processors may charge their own fees on Bitget deposits.
• Withdrawal fees: Vary by currency. Check fees before withdrawing. They can add up to a significant amount on certain transfers.
• Spot trading (standard fee): 0.10% maker/0.10% taker
• Spot trading (pay fees with BFB): You can save 20% on spot trading fees when paying with BFB (0.08% effective rate). 
• Futures trading fees: Futures fees also use a maker/taker model and vary by currency. Most trades cost 0.02% for makers and 0.06% for takers.

Dedicated users, called VIP users, can qualify for lower fees and additional trading products.

How Does Bitget Compare?

Bitget has quickly become one of the largest crypto exchanges in the world. It offers a range of features and services, including spot trading, derivatives trading, margin trading, and copy trading. Bitget also has a strong focus on security and compliance.

Bitget's largest competitors are Binance, Coinbase, and Bybit. These exchanges are all well-established and offer a similar range of features and services. However, there are some key differences between Bitget and its competitors.

One of the biggest differences is Bitget's focus on derivatives trading. Bitget offers a wider range of derivative products than competitors. This makes it a good choice for traders who want to trade futures, options, and perpetual contracts.

Another difference is Bitget's fees. Bitget's fees are lower than those of most other exchanges. This makes it a good choice for traders looking to save money on fees.

How Do I Open An Account?

If you live in a region supported by Bitget, here are the steps to open an account: 

1. Go to the Bitget website and click on "Sign Up.” You can sign up with an email address or a mobile phone number. Bitget has mobile apps for Android and iOS. You can also download and sign up using the mobile app.
2. Enter your contact details, choose a secure password, and add a referral code if you have one. Bitget offers promotions that can boost your account balance when you sign up.
3. Follow the link to establish your new account. You will receive an email from Bitget with a verification code. Enter the verification code and click "Verify” to finalize your account.

Bitget requires certain ‘know your customer’ (KYC) information to access all account features and raise your account limits.

• Before completing KYC: Daily withdrawal limit of $50,000 and monthly withdrawal limit of $100,000.
• After completing KYC, the daily withdrawal limit is $3 million.

If you’ve signed up for any financial accounts or cryptocurrency exchanges in the past, the signup process will likely feel familiar. 

Is My Money Safe?

Bitget puts an extra emphasis on customer account security. It has several measures to protect user funds, including cold storage, multi-factor authentication, security audits, and user education. Bitget also provides users with educational resources on security best practices.

In the post-FTX world, proof of reserves is a critical offering for cryptocurrency exchanges. While it’s still best to hold your crypto in your own wallet outside of an exchange, Bitget does a good job of transparently reporting what assets it holds. Based on its policies and self-reported reserves, it holds well over 100% of customer deposits in BTC, ETH, USDT, and USDC.

Bitget also has a Protection Fund which is currently valued at $300 million USD. It provides an additional layer of protection against cybersecurity threats. If a customers account has been compromised and they have lost assets as a result, they may apply for a claim through the Bitget Protection Fund. 

How Do I Contact Bitget Support?

The best way to reach Bitget support is via email. The site has a chatbot that’s not very good. The customer support email address is [email protected]. VIP users can get priority support through [email protected]. 

The company also operates accounts on Twitter, Telegram, Discord, Reddit, Facebook, Instagram, and other popular social platforms.

Is Bitget Worth It?

If you live somewhere Bitget is available, it’s a reasonably good choice. It stands out for competitive fees and a large suite of derivatives products. While it’s risky, the expanded copy trading product is also very popular. If you’re looking for copy trading, Bitget should be a top consideration.

Customer service and withdrawal options could use improvement. Otherwise, Bitget offers a compelling package of crypto products. Remember that many of these products are extremely risky, and there’s a good chance of losses when you engage in an active trading strategy.

If you’re unsure about Bitget, check out our list of the best crypto exchanges.

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