Coming up to its slogan “better trading, better life”, Bitget has established itself as one of the leading cryptocurrency exchanges. With its drastic increase in the number of users, this crypto exchange is becoming more and more popular every day. The biggest advantage of Bitget is the huge variety of services it offers. These services include Copy trading, Future trading, Unified contract and many more.
In this review, we’ll look at all the basics of Bitget, so you can get a better idea of how exactly this crypto exchange works.
The main selling point of the Bitget exchange is its great CopyTrading feature with a powerful and detailed ranking of the best traders whose moves you can copy.
Other interesting features include a built-in grid bot that can be configured to automatically swap certain crypto pairs.
- Bitget is headquartered in Singapore, while the app was launched in 2018.
- Trading on Bitget can be done via the mobile app or the web app.
- It has built a reputation for being a secure, reliable and valid platform.
- Compared to the most popular crypto exchanges, Bitget has by far the lowest transaction fees.
- Crypto trading platforms are easy to use, making the deposit and withdrawal process very simple.
- Bitget offers some unique services such as how much swap and copy trading.
- You have several traders to choose from, and once you make your choice, you can copy their trades with just one click.
- Bitget guarantees the safety of your funds.
- No previous experience or distinct knowledge of trading is required for Bitget (except derivatives trading).
- There is 24-hour multilingual customer support to help resolve any complications.
What Is Bitget?
Bitget is essentially a crypto exchange launched in 2018 and registered in Singapore. Although it offers its users both derivatives trading and spot trading, the main focus is on derivatives trading. A derivative acts as an instrument based on the value of the price of some other asset (such as a stock or bond). In the world of cryptocurrencies, the price values of some cryptocurrencies are derived. Bitget has acquired licenses from the United States, Australia, Canada, and Singapore, which means that users in these countries are legally allowed to trade.
What Is Bitget Copy Trading?
Copy-trading is one of the most popular functions used on the Bitget exchange. The concept behind copy trading is quite simple, allow the selected professional trader to develop a strategy that you can copy directly and make exactly the same offers they make in real time. The advantage of this is that you do not have to constantly monitor the activity of the cryptocurrency market and make deals, the chosen trader does it for you.
What should you do before you start Copy Trading?
Exploring and reviewing the copy-trading page is the first step new traders should take before they start copying the trade. This type of trading can only be useful if you choose a professional trader to do the job, whose operations are based on knowledge and not luck. You can get a better picture of a particular trader by examining their profile and reviewing their trading history.
How to Start Bitget Copy Trading?
Here are some steps you should follow to start Bitget copy trading:
- Open the official homepage of Bitget.
- In the top navigation bar, click copy trade.
- Select the classification item from the list.
- Choose a professional trader according to your preferences. Remember to review the trader’s page and trading history first.
- After choosing a trader, confirm the copy trade and proceed to the settings.
- follow the mode, and proceed to a unified setup or its setting (depending on the contract). After that, you can adjust the other settings as you wish.
- Confirm the copy trade information by clicking Next.
Select the contract,
Advantages of Copy Trading
Let’s take a look at the two advantages of copy trading and show you a small review of both.
Benefits for followers
- Having a reputation for being a safe and reliable platform, Bitget carefully supervises all traders and their transactions.
- Bitget also offers complete data transparency and there are hundreds of experienced professional traders that can be chosen by users.
- If you follow several different traders at the same time it will become easier to minimize risks and maximize profits.
- Followers can adjust capital allocation by withdrawing their profits and ending losses whenever they want.
Benefits for traders
- Traders who are part of the Bitget platform get a 10% share of the profit of their followers on each successful trade.
- They also have the opportunity to maximize their profits and build their reputation in the crypto community.
What is the How Much Swap Contract?
The Quanto Swap Contract is a unique feature provided exclusively by Bitget. This feature allows users to use numerous different crypto assets that they hold as collateral and then perform margin trading with various trading pairs. The main advantage of Quanto is that it can withhold exchange fees on coin-to-coin, while allowing you to reap the profits earned through the increase in the price of the margin coin.
Let’s say you own ETH and BTC. Using them as collateral, you are allowed to trade on EOS/USD, BTC/USD and ETH/USD. Profits and losses are then calculated and you are rewarded in both BTC and ETH.
How to use Quanto Swap Contract
- To get started, register on Bitget or log in to your account.
- If there are no funds in your account How much Swap Contract, you can use the “Transfer” button to transfer the desired amount of funds.
- Next, go to the “Unified Contract” section and proceed to the trading page of the Quanto Swap Contract.
- Choose the trading pair, margin trading mode, order type and leverage you want.
- Type in the order quantity and price and follow the choice of the direction of your order.
- Keep an eye on the PnL in the “Location” tab.
- In the end, to close a position you should enter a limit price. You can also use a Flash close option to close the position without lowering the price.
Supported Cryptos (17)
The list of supported cryptocurrencies on Bitget includes: Adventure Gold Coin, Bitcoin Cash, Cardano Coin, ChainLink Coin, EOS Token, Ethereum Classic, Ethereum, Filecoin, KNCL Token, Litecoin, Polkadot Coin, Ripple, SushiSwap Token, Tether, Tezos, TRON Coin, Uniswap Token, yearn.finance Token, and Yield Guild Games Token.
Bitget Trading Fees
When using Bitget, it is very important to split spot buying and selling from contract trading. When using spot buying and selling, the exact price is: 0.20%. This is for both the taker and the manufacturer. This rate can be reduced to 0.14% if you use BFT (Bitget DeFi Token), the local token of the exchange, to pay trading prices.
Bitget withdrawal fees
The withdrawal fee in Bitget is based on percentages and is charged with 0.05%. This is about 0.0006 BTC per BTC withdrawal. Compared to the global industry, Bitget’s fee is a bit higher since the current average is around 0.00057 BTC per BTC withdrawal, according to the latest reports and studies.
In addition to allowing you to deposit cryptocurrencies on Bitget, the platform allows its users to deposit fiat currencies. However, this can only be done by bank transfer (not by debit card or credit card). Considering the fact that fiat currency deposits are allowed on the platform, Bitget qualifies as an “entry-level exchange”. This means that it is considered an exchange that welcomes beginner cryptocurrency investors to enter the invigorating world of cryptocurrencies and begin their trading journey. Bitget does not charge any deposit fees.
Basically, derivatives act as contracts that derive their value from a basic asset. Assets could be stocks, currencies, exchange rates, commodities and many more. Derivatives trading consists of buying and selling these financial contracts in the stock market, and profit is made by predicting future price movements.
One of the features offered by Bitget is leveraged trading. However, the platform only offers perpetuals (futures that have no expiration dates). The highest leverage level is 100x (one hundred times the relevant amount). However, new cryptocurrency traders should be very careful when approaching leveraged trading. Although this type of trading can lead to huge returns, it can also cause huge losses, especially in inexperienced traders.
Features of Bitget perpetual contracts
Perpetual contracts are one of Bitget’s core products. For this reason, the platform has thought a lot about contract development. Investors have the option to buy a long-term commitment or short sell a contract (this earns them a gain in virtual digital currency). Perpetual contracts work in almost the same way as margin-based spot markets. The main feature of Bitget perpetual contracts is the financing cost mechanism that ensures that the underlying price index is monitored.
How to start trading on Bitget?
- Go to the official Bitget website or app and register by clicking the “Sign Up” button.
- Type in your email address and a strong password.
- Then, accept the terms and conditions of the Bitget platform and finish by clicking “Register Now“.
- Check your email for a verification code and verify your account.
- After verifying your account with the code, you can log into the Bitget platform and start trading immediately.
How to transfer funds to Bitget?
You can choose to deposit funds or withdraw them.
- If you are interested in depositing funds, click “Activities” in the right corner of the website.
- Choose the currency you wish to deposit on the resources page and confirm by clicking “Deposit” on the right side.
- Click the plus icon and copy the address. Paste that address on the platform corresponding to the withdrawal address. In addition, there is a QR code, so you can deposit currencies this way as well.
- Go to the “Funds” section on Bitget and hit the “Withdraw” button.
- Provide information about your wallet address and the amount you wish to withdraw.
- Press “Send“.
- If you need an internal funds transfer you need to enter your phone number or email address and then the amount.
- Press “Send“. The internal transfer should arrive in seconds at no extra cost.
Although most experienced cryptocurrency traders prefer to use desktops due to the larger screen, there are also those who use the mobile trading option. Luckily for these traders, the Bitget trading platform is also available on mobile apps. The mobile app is very similar to the web app and offers its users almost all the features provided by the platform. The mobile app is available for iOS and Android users.
Is Bitget legit?
The short answer to this question would be: Yes. Bitget is legitimate. The domain name was created almost two decades ago, and the website integrates a completely valid HTTPS connection, which means that all information and traffic between users and the site is encrypted. The significant traffic makes Bitget one of the most popular crypto exchanges, adding additional reasons for reassurance. Google Safe Browsing does not list Bitget as suspicious, and thousands of satisfied traders and experienced followers have nothing but positive feedback for this platform.
Bitget also has a native token.
frequently asked questions
How to get started Bitget Copy Trading
You can start trading copies on Bitget by registering on the website and clicking copy trade. After that, you can choose a professional trader you want and proceed to confirm the copy trade. Finally, select the contract and follow the template that’s right for you and confirm the copy of the commercial information.