Bitget review: Is it a safe trading platform?

As a cryptocurrency trader, you may encounter new crypto exchanges every other day. Choosing the right platform is tricky, as you need to figure out its features, services, and security. But rest assured, as we are reviewing one of the leading names among crypto exchanges, Bitget. 

This marketplace is known for its copy trading and leverage trading services with minimal fees. Here is the Bitget review that may help you decide whether it meets your needs.

What is Bitget exchange?

Bitget is a major cryptocurrency derivatives exchange that offers advanced buying and selling services. Sandra Lou co-founded it in 2018, and it is currently being operated in Singapore. However, it caters to crypto investors worldwide and has more than 20 million users. A prominent reason behind its large user base is that the platform is completely authorised in five countries, including the US, Canada, and Australia.

This crypto space offers a dynamic platform that can cover all your buying and selling needs. Mainly, its services include spot, futures, and copy trading. Aside from that, you will get timely market insights and data that will help you make the right decisions. 

Pros and cons of Bitget exchange

Here are the prominent benefits and drawbacks of using this exchange.

Pros

• Transaction fee of <0.10%.
• Intuitive interface.
• Free copy trading services.
• More than 500 cryptocurrencies listed.
• Regulated by several authorities.
• Supports over 250 fiat currencies.
• Market data and insights.

Cons

• Direct crypto purchases are costly.
• Inept customer support.

What are the fees for the exchange?

The foremost thing investors look for before investing in a trading platform is its withdrawal and transaction fees. Fortunately, the network makes a fair choice in this regard. It offers affordable transaction fees that can be as low as 0.02%. 

For spot trading, both maker and taker have to pay 0.1%. On the other hand, for futures trading, the makers’ fee is 0.02%, and the takers’ fee is 0.06%. Furthermore, you can also use BGB tokens and promo links to get further discounts. 

Meanwhile, you can start your trading journey with Bitget for as low as $50. There is no extra fee for depositing any amount there, making it an affordable option for buying and selling cryptocurrencies.

However, you may not get the best rates if you want to buy any cryptocurrency directly through the medium. It charges slightly higher than most popular exchanges because of its swift procedure.

Is Bitget copy trading profitable?

Bitget is one of the largest exchanges for crypto copy trading that offers a range of options in this domain. Other than spot and futures copy trading, it offers bot copy trading.

It works on advanced artificial intelligence (AI) models that help to create accurate trading strategies. These models can learn from past trends and suggest entry or exit points accordingly. 

A report by Bitget claims that 93% of its users of futures copy trading secure substantial profits. Similarly, 82% of spot copy trading users also attained profitability. The report further claims that the total gains through the copy trading services have reached 74m USDT in 2023.

However, copy trading involves high risk. Therefore, it is important to proceed with due diligence and only invest according to your risk appetite.

Is it safe?

A platform’s security is another critical aspect of gauging whether it is a viable option. Bitget, in this regard, is also well grounded. So far, it has secured licences in six countries, including Canada, the US, Australia, Lithuania, Poland, and Italy. It suggests that it is a safe exchange for your trading needs. 

It has acquired the Money Service Businesses (MSB) licence to operate as an exchange in Canada and the US. It is working with the Digital Currency Exchange (DCE) licence in Australia. Meanwhile, in 2023 it acquired Lithuania and Poland's virtual asset service provider (VASP) licence. 

How to create an account on Bitget

Here’s how you can create an account on this trading platform:

1. First, click Sign Up on the top right of its site. 
2. Then, enter your email or phone number and create a strong password.
3. You will receive a verification code to your phone or email. To verify your account, enter the code.
4. Then, you need to verify your ID. For this, click the profile button and a dropdown menu will appear. Here, select ID Verification.
5. It will give you two options: individual or institution verification. Select Individual and fill out all the details.
6. Once that's done, click Next, and your ID will be verified. 

Bottom line

Bitget is a reputable cryptocurrency derivatives exchange known for its copy trading offerings. It is a safe and secure option for buying and selling more than 500 cryptocurrencies and 250+ fiat currency options.

The exchange provides insightful market analysis and strategies with its bot copy trading. Plus, you get only minimal transaction rates, which makes it a viable trading platform.