Bitget Review (June, 2024) – Pros, Cons, Features, & Pricing - Comparewise
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Bitget Review (June, 2024) – Pros, Cons, Features, & Pricing

Bitget has been a popular choice for Canadians who want to trade cryptocurrencies. It includes a lot of features and tools for both new and seasoned users.

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Last Updated: Jun 13, 2024

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As more Canadians learn about cryptocurrencies, many of them are looking for safe and user-friendly exchanges. They want to start to invest in digital assets.

You have perhaps seen some Bitget review Reddit. Here is another one for you. In this article, we will take a closer look at Bitget.

We will delve into its features, user interface, and trading options, as well as its regulatory compliance and security measures. Read on to find out if Bitget is the perfect solution for you if you want to trade cryptocurrencies on a safe and professional platform.

What is Bitget?

To start this Bitget Review, It is important to introduce what Bitget is.

Bitget is a cryptocurrency exchange based in Singapore that was founded in 2018. It is one of a leading professional platform for traders all over the world. Its motto “Better trading, Better life” reflects the company’s commitment to providing the best trading experience for its users.

Bitget has a large range of cryptocurrencies and tokens to choose from. It lets merchants trade with more than 250 different cryptocurrencies and a number of different payment methods and specialised tools.

Bitget has several outstanding features compared to other trading platforms. These include innovative features such as strategic trading, replica trading, and a focus on derivatives trading.

Because of this, Bitget has gained more than 8 million users, 380,000 followers, and 80,000 professional traders in more than 100 countries and territories. According to CoinGecko, Bitget is currently ranked in the top five of global derivatives exchanges.

Bitget has also been approved by regulators in numerous countries, including Canada. This makes it a reliable exchange for traders who want to invest in cryptocurrencies.

Traders may get into the world of cryptocurrency easily with Bitget. The platform has many professional tools and features.

These features include real-time market data, complex charting tools, and trading interfaces that can be changed to fit your needs. Traders can also get customer service at any time, 24 hours a day, 7 days a week.

bitget signup - comparewise

What trading services and features does Bitget offer?

Bitget could be the right cryptocurrency exchange for you if you want a safe and user-friendly one. This platform is easy to access from both a computer and a mobile device, and signing up is quick and easy.

When it comes to trading options, Bitget has a wide variety of crypto trading services to meet the needs of different traders. This platform lets you trade spot, futures, derivatives (including stocks and bonds), the launchpad, and duplicate trading.

Bitget also works with a wide range of cryptocurrencies. These cryptocurrencies including well-known ones like BTC and ETH as well as others like FTM.

In this bitget.com review, we’ll look at the different trading services and essential features that Bitget has to offer. These include its pros and downsides, security measures, legality, and whether or not Canadian traders may use it.

All trading service and features offer by Bitget

bitget app - comparewise

Spot Trading and Futures Trading

This is one of the key ways that Bitget helps people trade. At the moment, Bitget has more than 500 good possibilities for spot trading. When a trader clicks on Bitget’s spot trading service, a TradingView chart screen appears.

This lets traders do technical analysis and trade on Bitget right away. The user-friendly layout is one of the best things about Bitget’s spot trading service.

Bitget can also be used by traders who want to buy and sell futures. Bitget’s futures trading offerings include USDT-M Futures, USDT-M Simulated Futures, Coin-M Futures, Coin-M Simulated Futures, USDC Futures, and Simulated USDC Futures.

Bitget lets you trade futures with up to 125x leverage, although the range of leverage depends on the trading pair.

This has to do with Bitget’s release of technology for trading coin-backed futures. It lets you use a margin in more than one currency for different trading pairings. For example, users can now trade other tokens using BTC as a margin.

Both gains and losses will be priced in BTC.

As for the many sorts of orders, traders can choose from limit, market, trailing stop, and trigger orders.

Lanuchpad

Launchpad is a part of a cryptocurrency trading platform. It is often used to help new cryptocurrency ventures get off the ground. Launchpad platforms usually give new projects a place to start and assist them get funding and cash.

With Bitget’s Launchpad function, regular traders can access projects in their early stages. Most of the time, they pick the ideal initiatives for traders to take part in with consideration.

Traders can buy tokens in these projects before they are listed on the platform officially.

By owning or trading bitcoins, users can get rewards for taking part in certain online projects. This is good for traders because if the project works out, they may obtain a better return on their investments.

Copy Trading

This is one of Bitget’s best and most creative ways to trade. Bitget lets regular traders mimic the trades of traders that do well.

Anyone can duplicate a trader’s methods and portfolio transactions for free if they want to. This is a good way for new traders to learn from the successes and methods of more experienced traders.

When traders utilise Bitget’s copy trading tool, they may choose the traders they want to follow and look at their statistics. On Bitget, the typical trader can see a list of the top 500 traders on a “leaderboard.”

They can look at the traders’ stats and use filters to arrange them by some criteria. These includes their overall profit and loss, the profit and loss of their followers, the number of followers, their return on investment, and their assets under management (AUM).

After that, customers can choose the trading pairs they wish to replicate, choose fixed ratio or fixed account, choose leverage, and take other steps to start the copy trading process.

Not only is this feature helpful for new traders, but it is also useful for experienced traders. When people copy their techniques and make money, the professional traders whose strategies were copied can get a cut of the money.

Quanto swap contracts and perpetual contracts

Bitget has a unique and interesting feature called “quanto swap contracts.” This functionality lets traders use different cryptocurrencies as collateral and trade different crypto pairings on margin using different cryptocurrencies.

The biggest benefit of this function is that it lets traders avoid paying fees to convert currencies. They can make money off of coins with higher prices.

Special derivative contracts called “perpetual contracts” are like “futures contracts,” except they don’t have an end date and can be held indefinitely. They are utilised a lot in the market for bitcoin derivatives.

The Bitget crypto exchange is crucial, and one of its most popular goods is the feature called “perpetual contracts.” To get into digital currencies, investors might opt to invest, buy and keep for a long time, or buy short contracts.

Bitget Earn, Bitget Savings, Bitget SharkFin

The ability to earn passive income by holding cryptocurrencies has become a cornerstone of this industry. Most major exchanges offer some kind of income component.

Bitget Earn is one such component, and it is one of the parts that this Bitget exchange review needs to introduce.

Bitget Earn lets customers chose high-yield products that will help them make more money according on their own needs. Bitget advertises it as an investing feature with a high return, a cheap minimum, and the ability to cash out.

Bitget also has a way to save money. Traders can put their coins here to earn interest and can get them back at any moment.

When traders sign up for Flexible Savings products, money will be taken out of their spot accounts to pay for them. In two days, they would get daily interest on their spot accounts.

SharkFin is also a novel way to trade on Bitget. It is a structured financial product that mixes fixed income products with financial derivatives in a way that protects the principle.

The way to invest is easy, and it’s a good choice for those who like low-risk investments.

GroupCoin

GroupCoin is a unique and interesting part of the Bitget platform. It lets people buy specialised cryptocurrencies at a lower price by buying them in groups. The discount goes up as more people take part in the group buying.

Users pledge a supported crypto asset to an event in order to take part. When the event is over, they get an amount of event tokens based on how much they pledged.

Strategy Trading

Bitget offers a feature called “Strategy Trading” for both spot and futures markets. It is an automated grid trading platform that traders can use to execute and operate passive grid trading strategies.

The strategy follows a set of predetermined instructions to open and close trades. Essentially, it is a “hands-free” trading approach.

For regular investors, this feature can help reduce risk and increase the average return on their investment portfolio. It is a highly effective investment trading function.

BGB token

The Bitget platform’s native token, the BGB token, is a virtual money used for platform transactions and payments. The token’s numerous applications make it a crucial component of the platform’s ecosystem.

First off, traders can pay trading costs with BGB tokens and receive a 20% charge discount as well as a 15% fee discount for trading futures. As a result, using BGB tokens is a more economical choice for traders. At the same time, the platform gains more liquidity through the use of the token.

BGB tokens can also be used as security in contract trade. The flexibility and convenience of trading are increased by the ability for traders to utilise BGB tokens.

There are 2 billion BGB tokens in circulation as of right now. This gives traders enough tokens to conduct business, make payments, and offer security.

How to join Bitget

To make it easier for traders interested in using Bitget, the following Bitget Review will explain how to register for the Bitget trading platform.

  • To open a Bitget account, traders must first download the Bitget mobile application or access the Bitget website (www.Bitget.com) on desktop.
  • The site is accessible across multiple platforms, including iOS, Android, and desktop applications running on Mac and Windows.
  • From the main page of the Bitget application or the right-hand side of the Bitget website, users will be able to access a registration form to create an account.
  • After completing the registration and Bitget login process, users can officially start trading on Bitget.

After completing these steps, traders can begin using Bitget for trading, but with limited functionality. To unlock all features, KYC identity verification is required.

KYC (Know Your Customer) identity verification is a common procedure used in the financial industry and other industries such as telecommunications and internet service providers.

It aims to identify customers, verify their identity, and ensure their legitimacy. Completing KYC allows users to access Bitget exchange services and products.

In Canada, if you want to trade on the Bitget platform, you need to complete a simple identity verification process.

  • First, you will receive a verification code that you need to verify to confirm your identity.
  • Then, you need to click on “Account Information” and upload your name, nationality, security password, name, and a government-issued identification document image.
  • Once you have obtained the verification code for identity verification, you can open an account and start trading.

Bitget peview: pros and cons

Bitget review - comparewise

Pros of Bitget

Bitget membership program and alliance program

Bitget offers great membership and registration rewards for new users. When traders register on the platform and meet certain requirements, they will receive rewards.

In addition, the Alliance Program is also an attractive part of Bitget. After users register, they can obtain a referral link. If someone joins Bitget through the user’s referral link, the user will receive a reward.

Provides a mobile app

Although computers are considered the preferred tool for many cryptocurrency investors, mobile phones are also another important tool.

Bitget provides mobile applications on the iOS and Android systems. Traders can use their mobile phones to trade cryptocurrencies anytime and anywhere, which provides them with great convenience.

Advanced and convenient trading interface

In cooperation with TradingView, Bitget’s trading interface is one of the most convenient on the market. It integrates a variety of options and features tailored for traders, and has real-time accurate information.

In addition, traders can customize their trading decisions by measuring, adding trend lines, integrating various indicators, and other custom operations on the charts.

Excellent customer service

Bitget provides 24/7 customer support through online channels in various languages for its investors. Moreover, it offers personalized assistance to its VIP clients and features a reward center catering to the needs of the cryptocurrency community.

Low trading fees

Whenever a new order is made, the exchange imposes a trading fee on the person making the order. Spot trading on Bitget incurs a 0.10% fee for both takers and makers. Contract trading, on the other hand, has a  0.06% withdrawal fees for takers and 0.02% fees for makers.

Bitget Academy

Bitget offers a section on their website known as the Bitget Academy, which is specifically designed to provide beginners with information about the platform. This resource is comprehensive and covers all the necessary aspects of the platform.

Bitget also assists users in navigating the advanced trading interface and keeps them informed about the latest developments in the cryptocurrency industry.

Additionally, the exchange provides institutional services for those interested in further exploring the industry and its advancements.

For individuals who are new to trading or are amateur cryptocurrency users seeking to understand Web 3.0 and maximize its potential, the Bitget Academy is an invaluable resource.

Cons of Bitget

It is complicated for beginners

Bitget platform introduces many advanced features, such as strategy trading, copy trading, and multiple trading markets.

Although this makes the platform more diversified, for new traders, they may still be confused about these functions. Without proper guidance and direction, they will find it difficult to know where to start.

Third-party payment providers result in higher transaction fees

Bitget’s sole responsibility is to manage cryptocurrency deposits and withdrawals on their platform. They do not have an in-house payment system that can cater to customers who wish to purchase cryptocurrencies using debit/credit cards or other payment methods.

As a result, they collaborate with third-party payment providers.

Regrettably, these third-party payment providers charge elevated transaction fees to buyers on the platform. They have higher paying fees compared to what you would pay on platforms that have integrated payment systems.

Bitget review: is Bitget safe?

If you’re thinking about trading on Bitget, one of your first concerns might be if the site is secure. Bitget is a licenced and secure platform, which is fantastic news.

To guarantee that all transactions are carried out securely and without any chance of unlawful behavior, they have received licences from numerous authorities all over the world.

Bitget asserts on their website that SSL Labs has given them 12 A+ ratings. Armors, HEAP, Suntwin Technology, and Qingsong Cloud Security are partners and sponsors of the exchange.

Bitget safeguards user assets in addition to these security methods by keeping them in distinct cold and hot wallets. This adds an additional degree of security to stop money from being lost or stolen.

Users must enable two-factor authentication in order to deposit money onto the site. Only authorised users will be able to access their accounts and money thanks to this.

Bitget appears to take user data and financial security very seriously and has put in place a number of safeguards. Though no exchange can guarantee 100 percent security, Bitget’s efforts to do so are encouraging for anyone thinking about trading there.

Bitget review: is Bitget legit?

Bitget has obtained licenses from multiple regulatory bodies worldwide. It gains global crypto users trust. For Canadian traders, the main concern for you is, can you use Bitget in Canada?

In this regard, Bitget can provide you with a positive answer. This platform has obtained a Canadian -MSB license. This means that Bitget has been approved by Canadian regulatory authorities and complies with relevant Canadian regulations and requirements.

To get a Canadian MSB license, you have to go through a few steps. These include giving the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Office of the Superintendent of Financial Institutions Canada (OSFI) the necessary applications and materials and getting their approval and supervision.

So, the fact that Bitget has a Canadian -MSB licence means that the platform has been through thorough review and certification processes, is in line with Canadian laws and standards, and keeps its clients safe.

In the end, Bitget is a safe and legal exchange for merchants in Canada. It has a Canadian-MSB license, follows all Canadian rules and regulations, and has been through a stringent review and certification procedure to make sure that its consumers are safe and protected.

Final thoughts on Bitget: Is it suitable for you?

In the above Bitget review, we talked about the services Bitget offers, as well as its pros and cons. Bitget has definitely become a strong and reliable exchange.

Bitget is the top crypto exchanges for Canadian traders. Bitget is easy, it has advanced trading interface, many trading forms, and new features, such as strategy trading.

For novice traders, although Bitget has complex functionalities, its Bitget Academy section helps to alleviate some of the difficulties. Its focus on security and compliance also makes it worthy of use by traders.

In every aspect, Bitget embodies its motto of “Better Trading, Better Life,” and is dedicated to providing Canadian consumers with a better cryptocurrency trading experience. This platform is the ideal solution for Canadian novice and advanced traders who consider usability and security.

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