Bitget Exchange – A User Review of its Services
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Bitget Exchange – A User Review of its Services

With the rapid expansion of the crypto space, there have been numerous innovations aimed at making crypto trading seamless and profitable. Contract platforms that are used for trading smart contracts are among the most notable financial platforms gaining widespread adoption in the crypto space. 

Smart contracts are blockchain-based digital contracts that allow two or more separate parties to enter into an agreement. One such platform that will enable individuals to trade contracts and exchange digital assets is Bitget.com. In this article, we will review the platform taking an in depth user perspective angle. 

About Bitget.com 

Bitget.com is a leading digital asset trading platform developed to provide secure, efficient digital asset trading, portfolio management, and other financial services needed in the crypto space. The platform is community co-managed, and it’s owned by the Bitget Group- a leading digital commercial brand based in Singapore. Financial services offered on the platform include cryptocurrency trading, digital asset management, and contract trading involving BTC, ETH, plus other mainstream tokens. Bitget is credited to be the first digital asset trading platform supporting both USDT contracts and inverse contracts, making it a comprehensive platform for USDT contract currencies.  

A Short History 

Bitget was established in 2018 in Singapore. However, it wasn’t until July 2019 that the platform officially launched the USDT contract. Since its launch, Bitget has grown exponentially to become among the top ten global exchange rankings with over 785, 000 users who are mostly professional traders. The highest 24 hour trading volume of the BTC/USDT contract reached 11.69 billion USD. The platform is currently among the top four contract trading platforms competing against established platforms such as OK, Bitmex, and Huobi.

Bitget-Key Features  

Bitget comes with excellent features that make it an ideal contract trading platform. Among the key features include: 

  1. Spot Rate 

Bitget charges a transaction fee based on the crypto pairs. The transaction fee, however, reduces by 30% by BFT payment when the BFT balance is insufficient to support the transaction fee. The rates for the top four contracts are as below. 

Pairs MakerTaker Maker(BFT Payment Fee)Taker(BFT Payment Fee
BTC/ USDT0.20%0.14%
BFT/ USDT 0.20%0.14%
ETH/ USDT0.20%0.14%
EOS/ USDT0.20%0.14%
XRP/ USDT 0.20%0.14%
  1. Low Transaction Fees 

The platform charges lower transaction fees as compared to other contract trading platforms. The transaction charges are kept low since users get rid of additional costs from third parties. Bitget, therefore, only attracts miner fees since transactions occur in real-time and are on-chain. There are, however, some additional charges that are somewhat higher than the Bitcoin dust threshold.   

  1. Trustworthy

Trading on custodial exchanges is somewhat risky since there are platforms that cannot be trusted. Some of these exchanges provide fake volumes and pricing, loan your deposit to margin traders without your consent, and trade against you using your data. Bitget is trustable since users run their own server and are, therefore, in complete control of their funds. Additionally, the system is decentralized and can scale further. 

  1. Licensing and Regulation 

Bitget is licensed and regulated by several financial entities. On March 3, 2020, Bitget was authorized by the US regulation institution, FinCen. On February 26, 2020, Bitget received an exemption license issued by the Singapore MAS. The platform revealed that it would continue to follow up on the provisions for this license. In the coming years, Bitget is targeting to meet the financial regulations of various countries in the world plus continue to improve the standardization of exchanges. 

  1. Partnerships 

Bitget has formed several connections in the crypto space. These partnerships aim at enhancing service delivery to resolve customer queries and needs in a short time. The partnerships are built on a win-win situation for continued progress. 

  1. Security 

Bitget has top-notch security involving the use of bank-level SS data encryption guarantee, real-time monitoring of balance detection system, built-in DPI active defense system, and self-developed wallet warning system. This security system is very effective against hackers and secures user transactions. 

  1. Development Team 

Bitget development team has a vast background in financial services. Team members come from global mainstream digital currency exchanges and quantitative institutions. Other members have a rich history in the traditional financial industry involving multiple sectors such as stocks, banks, and funds. 

  1. Bitget Products 

Currently, Bitget provides users with three types of products: perpetual contract, spot trading, and OTC trading. The main product offered by the platform is the perpetual contracts. Spot trading is only available for 11 mainstream currencies. 

Trading Contracts on Bitget 

Bitget is among the few platforms that support dual contract currencies of USDT Contract and Inverse Contract. Traditional contract exchanges such as BitMEX and OKEx support only inverse contracts. Bitget also currently has the most complete USDT Contract and Inverse Contract currencies, making it the first stop in contract trading. The platform provides smooth products, a user-friendly interface plus comprehensive, easy to use services to simplify contract trading. Users receive contract data reference daily, in addition to contract lessons meant for beginners to learn contract trading. 

Getting Started on Bitget  

To start trading contracts on the platform, users are first required to sign up for an account by following the steps below: 

Step 1. Click on the “Login/Signup” Link on the top right-hand corner of Bitget.com home page  

Step 2. In the form, fill in your personal info, including names, email addresses, mobile numbers, and passwords. 

Step 3. Submit the form, and you will receive an activation email.

Step 4. Click on the “Confirm Email” link in the activation email. 

Step 5. After your account is activated, you’ll get a six-digit one-time password (OTP), which you must have to log into your Bitget.com account.        

Is Bitget Legit? 

Bitget’s domain name was created 17 years ago, and the website uses a valid HTTPS (SSL) connection meaning that all traffic between users and the site is encrypted. The website also has significant traffic and is ranked #6, 186 among millions of other websites according to Alexa traffic rank. Also, Google Safe Browsing doesn’t list the site as suspicious, and there are no obscure words found in the domain name, meaning that it can be trusted.    

Final Thoughts 

Bitget is indeed the first stop in contract trading. The platform has excellent features combining both USDT contracts and inverse contracts, making it a comprehensive platform for USDT contract currencies. With only two years in the crypto space, the platform has witnessed exponential growth securing a place among the top ten crypto exchange platforms with a record 24-hour BTC/USDT trading volume of 11.69 billion USD. Going forward, the platform will continue attracting more users attributed to its top-notch security system plus comprehensive features ideal for contract trading.  

coinmag

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.