Because they have regulatory licences from the United States, Canada, and Australia, Bitget has established themselves as a reliable exchange. Bitget can be downloaded for use on smartphones or desktop computers and has a straightforward sign-up procedure. The platform makes copy trading available at no cost to its users and provides lucrative incentives to professional traders who make it possible for other investors to replicate their trading strategies. Bitget might be the right choice for you if you are looking for an exchange that has a large selection of coins from smaller markets or one that enables CopyTrading.
In the following analysis, we are going to go over all of the fundamentals of Bitget so that you can get a better comprehension of the operation of this crypto exchange.
Although it provides its customers with the option to engage in spot trading as well as derivatives trading, the latter is not the primary focus. One type of financial instrument that is referred to as a derivative is one that is based on the price value of another asset (such as a stock or bond). In the world of cryptocurrencies, they are responsible for deriving the price values of various cryptocurrencies. Since Bitget has obtained licences from the United States of America, Australia, Canada, and Singapore, users residing in these countries are now legally authorised to engage in trading.
It is also important to note that towards the end of the previous year, the Bitget Exchange participated in a significant marketing stunt that resulted in the company being named the first-ever sleeve sponsor of the legendary football club Juventus.
Bitget imposes the same 0.1% fee on all spot market trades, regardless of whether the trader is the maker or the taker. This is the same fee that the market leader, Binance, charges. If these fees are paid using Bitget’s BGB token, the rate can be lowered to 0.08%, which is a significant savings compared to most other exchanges.
Users of Bitget have the ability to freely copy the trading strategies employed by other users on the platform. With Bitget you can easily begin mirroring the trades and portfolios of any trader that they choose to follow, so long as that trader has not reached their maximum number of followers (which is determined by the equity in their account). The potential for the traders to earn up to 8 percent of the profits made by their followers serves as an incentive for them to provide successful trading strategies.
Bitget is unique among cryptocurrency exchanges in that it supports a wide variety of niche tokens, while many other platforms do not. This makes Bitget an appealing option for users who are interested in speculating on assets that are relatively new to the market.
According to the information provided on their homepage, they have received 12 A+ ratings from SSL Labs. The same A+ result came up for us when we ran the same SSL test on their website. The trading platform has also never been penetrated by hackers. Before being able to deposit funds onto the exchange, users are required to enable two-factor authentication.
Bitget has also recently established a protection fund with a value of more than 200 million dollars. At the time of this writing, the Bitget Protection Fund contained 6,000 Bitcoin (BTC) and 80 million Tether (USDT), which had a combined value of approximately $200 million. Bitget has committed to protecting the value of the fund for the next three years, in light of the fact that the ongoing crypto winter exhibits almost no signs of abating at the present time.
If the trading fees are paid for using Bitget Token, then the fees can be reduced to 0.08%, saving the trader money (BGB). For example, the fees on the Bitget spot market are comparable to those on Binance. No discounts are available for futures trading, which results in fees of 0.02% for market makers and 0.06% for market takers.
Despite the fact that there are withdrawal minimums, the fees that Bitget charges for cryptocurrency withdrawals are reasonable. The fee to withdraw Bitcoin is 0.0006 BTC, which is relatively low in comparison to the fees charged by most other exchanges. Withdrawal fees for ERC-20 tokens are the highest of any token type and depositing cryptocurrency does not incur any fees.
The primary distinction between them and conventional futures contracts is that they do not have a termination date and can be terminated at any time that the investor so chooses. Because of this, they have become arguably the most common instrument utilised by traders who use leverage.
On the other hand, leverage refers to the capacity to conduct business with more capital than is physically present in your wallet at the moment. Bitget permits leverage readings of up to 125x on certain trading pairs, such as BTC and ETH. This means that you are able to open a position with a value that is 125 times the margin that you post. This, of course, also means that even the smallest move against your position will cause you to liquidate, and you will end up losing all of your money as a result.
The general user interface for the trading platform looks like this:
It is relatively straightforward and simple to operate. You have the ability to swiftly switch between the various trading pairs on the top. A chart that was generated by TradingView can be found in the centre of the screen, and to the right, the order book and the various types of orders can be found.
You are essentially granted the ability to automatically replicate the trades carried out by other users of the platform. You can determine which traders you want to copy by monitoring their trading performance and overall profitability over a predetermined amount of time and then selecting those traders to copy. Here is an example of what the dashboard for copy trading looks like:
You are able to look at all of the users who are permitted to be copied from this location, and then choose those users with whom you have the most in common based on a variety of factors including risk profile, number of followers, assets under management, win rate, return on investment, and many more.
You need to find someone who does not have a label at the top that says “Full,” which indicates that there is no more room for followers to tune in. As soon as you have done so, simply click on their profile, and then hit the Follow button that is located on the top right of the page. After that, you will be able to adjust the specifics of the mode in accordance with your own individual preferences:
The fact that it is the official sponsor of Juventus provides an additional layer of protection for its customers, as well as for its reputation and compliance with regulations, and it raises awareness of its brand.