Bitget Exchange Review
By: Shennon Hewa | Last updated: 1/6/24
Bitget is a crypto exchange that offers a wide variety of crypto-related services. In this review, we’ll go over Bitget’s services, fees, limits, availability, and support.
Bitget Review Summary
Bitget is a crypto exchange with over 20 million registered users who are able to trade almost 800 different crypto trading pairs. They offer advanced crypto trading and earning products that are ideal for beginners and experienced traders alike.
That’s Bitget in a nutshell. For a detailed review, keep on reading. Here’s what I’ll cover:
- Bitget Overview
- Bitget Services
- Currencies & Payment Methods
- Supported Countries
- Customer Support and Reviews
1. Bitget Overview
Bitget is a Singapore-based cryptocurrency exchange that was founded in 2018. Bitget is one of the largest crypto exchanges when ranked by trading volume, with over $6.2 billion in daily derivatives trading volume.
Bitget has plenty of liquidity across hundreds of different trading pairs, as well as large crypto reserves to back their customer deposits. The exchange currently has a reserve ratio of over 400% for Bitcoin and almost 2000% for USDC, meaning that the value of crypto assets held by Bitget far exceed the value of their customer deposits.
The platform offers a large variety of crypto related services aside from simply buying crypto, detailed below.
2. Bitget Services
Bitget offers a wide array of crypto related services. Their trading services cover a variety of different markets that suit both beginners and advanced traders alike.
Buy & Sell Crypto With Fiat
As with all major exchanges, Bitget allows users to easily buy crypto using a bank card, bank transfer or Apple Pay/Google Pay, thanks to their third party payment providers.
You can use over 130 different fiat currencies to instantly buy 10 different cryptocurrencies (BTC, ETH, XRP, SOL, USDT, USDC, BGB, PEPE, CYBER, SEI).
While this might not seem like a large selection, users can trade one of these assets for almost 600 different cryptocurrencies via its crypto spot markets.
Bitget offers crypto-to-crypto spot trading with almost 600 different cryptos across over 800 different trading pairs.
Its trading pairs are denominated in BTC and ETH, as well as industry standard stablecoins USDT and USDC. Spot trading on Bitget is super simple and perfect for beginners.
The interface includes TradingView-powered charts, as well as several possible order types including limit, market, stop-loss, take-profit, trailing stop and OCO orders.
Margin & Futures Trading
For more advanced traders, Bitget also offers margin and futures trading features, which enables users to use leverage to try and multiply their returns.
Bitget’s margin trading uses a loan agreement to multiply your effective funds, offering up to 3x leverage on cross margin, or 10x leverage on isolated margin.
As for futures trading, users can use up to 125x leverage – a level of risk suitable only for advanced traders. A price move of as little as 0.8% against your position could liquidate your entire position at maximum leverage, losing all the money placed on that trade.
Copy Trading is rapidly increasing in popularity within the crypto space.
The company enables users to automatically copy trades taken by other traders on the platform, with over 80,000 different traders to choose from. It provides transparent trading records, allowing you to filter traders by PnL, ROI and more. After you’ve found a trader you wish to copy, you can set your own parameters on which trading pairs to follow, as well as your own order amounts and TP/SL prices.
Savings and Staking
As with many major exchanges, Bitget also has savings and staking products that let you earn interest on your crypto. With Bitget savings you deposit your crypto for either a fixed or flexible term to earn interest of up to 30% APR.
You can also stake your proof-of-stake crypto by locking it up for a predefined period. Staking helps to support the asset’s network and you will earn rewards based on the ratio of your staked amount to the total staking pool.
You can earn interest rates of up to 22% APR, however this will vary depending on which crypto you decide to stake.
Bitget offers a crypto-collateralized loan product for users that allows you to take out a loan using your crypto as collateral.
Crypto loans allow you to borrow from a list of different cryptocurrencies by staking the crypto you already own. You will select a borrow term, after which you must pay back the loan with interest.
Bitget also offers peer-to-peer (P2P) trading which helps connect buyers and sellers of crypto to each other, directly.
Fiat payments are facilitated through a wide variety of different payment providers, which will depend on each users’ preference.
At the time of writing, P2P trading is the only way to sell your crypto for fiat on Bitget.
Bitget provides market information that includes a variety of useful market data for traders, such as top gainers/losers as well as the open interest and long/short ratio across all the major exchanges.
3. Currencies & Payment Methods
The platform supports almost 600 different cryptocurrencies for spot trading, including popular assets such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (BNB)
- XRP (XRP)
- Dogecoin (DOGE)
- Solana (SOL)
- Cardano (ADA)
- Tether (USDT)
- USD Coin (USDC)
New tokens are constantly being added, so if there is a coin you’re looking for, it’s likely that Bitget already has it or are planning to add it very soon.
It’s also worth noting that you may not be able to directly buy or sell some of the smaller altcoins directly using fiat currency. You may need to buy USDT, BTC or ETH first in order to trade small altcoins.
When it comes to fiat currency transactions, Bitget supports over 130 fiat currencies for buying crypto. These include, but are not limited to:
As for payment methods, users can use their debit/credit card to buy crypto using over 130 different fiat currencies.
Bitget also supports buying crypto via bank deposit for EUR, GBP, UAH, RUB and BRL.
If you want to use Apple Pay or Google Pay then you can do so using one of Bitget’s integrated third-party payment providers such as Simplex, AlchemyPay, Banxa or Mercuryo.
The only disappointing thing is that users can only sell crypto for fiat currency via P2P trading, and not directly to your bank account or card like you can do with some other exchanges.
Payment options can vary depending on your region and the fiat currency you wish to use. For all available payment methods and supported fiat currencies, click here.
Fiat to Crypto Fees
Fees associated with making crypto purchases with fiat currency will vary significantly, depending on the purchase method used, as well as the chosen fiat currency.
These fees are not outlined in any significant way, however you can view the conversion rate and/or total fee before confirming any crypto purchase using fiat.
Trading fees on Bitget are priced competitively, with spot trading carrying a standard trading fee of 0.1% for both makers and takers, however you can get a 20% discount on spot trading fees if you hold Bitget’s native token, BGB, in your account.
Futures trading carries a fee of 0.02% for makers and 0.06% for takers, which will apply to each trade.
Bitget also has a VIP program that offers discounts to users who have a certain amount of crypto stored on the exchange, reach a certain monthly spot trading volume or hold a certain amount of Bitget’s native token BGB.
There are several tiers to VIP status; as you progress through the tiers, your fees will decrease. Having a VIP 5 account will bring spot trading fees all the way down to 0.0125% for maker orders and 0.035% for taker order.
As for futures trading fees, having a VIP 5 account will bring maker fees down to 0.008% and taker fees down to 0.032%.
For a full breakdown of the VIP discounts for each tier, click here.
As is to be expected, there are withdrawal fees if you want to withdraw your crypto from the exchange, as well as a minimum required transaction amount.
Fees and minimum withdrawal amounts will vary depending on which crypto you wish to withdraw and which network you decide to use. These fees include the network fees required to facilitate the transaction.
For a full breakdown of the withdrawal fees and minimum withdrawal amounts for all cryptocurrencies and networks, click here.
5. Bitget Limits
Bitget will limit the amount of crypto you can withdraw from the exchange within a 24 hour period.
The withdrawal limit depends on whether your account is KYC verified or not, with non-KYC accounts only able to withdraw up to 20,000 USDT per day and up to 100,000 USDT per month.
If your account has passed KYC verification, your daily withdrawal limit goes to 3 million USDT per day. Users who hold VIP status get even higher withdrawal limits, which increase as you progress through the VIP tiers.
VIP withdrawal limits start at 6 million USDT per day for VIP 1 users and can go all the way up to 15 million USDT per day for VIP 5 users.
6. Supported Countries
Bitget is available worldwide and the platform is available in over 20 different languages in order to accommodate as many users as possible.
There are however a few countries/regions that Bitget does not accept users from, these include but are not limited to:
- United States of America (including all US territories)
- Hong Kong
- Catalonia (a region in Spain)
- Northern Cyprus
If Bitget detects an IP address located in one of the restricted countries or regions, then the user will be unable to register/login, perform KYC checks or trade on Bitget.
7. Customer Support & Reviews
This means you don’t have to wait for a customer support agent to become free to help you out.
There is also an extensive FAQ section that will answer almost any question you may have regarding registration, deposits/withdrawals, making transactions, etc.
If your query has not been answered by the self-service or FAQ sections, you can open a live chat to speak to Bitget’s AI chatbot, which will try to answer your question.
If you prefer to speak to a human via live chat, then Bitget does offer that option as well.
As far as reviews go, you may be slightly concerned at first glance as Bitget only has an “average” 2.8 star rating on Trustpilot.
However, there is a notice by Trustpilot on the Bitget page that says they have “detected a number of fake reviews for this company” so take the Trustpilot reviews with a heavy pinch of salt.
If you look at the Apple App Store or Google Play Store you can see that Bitget has a far more representative rating of 4.5 and 4.2 stars respectively, which is the complete opposite to what was seen on Trustpilot.
All in all, Bitget is a solid choice if you are looking for a crypto exchange to buy or trade crypto. The platform is great for both beginners and advanced users alike, with different products aimed at different users.
Bitget is a full feature exchange that meets all the needs of cryptocurrency enthusiasts in 2023, whether that is letting users buy crypto with low fees, trade crypto with leverage on an advanced trading platform or letting users stake their crypto to make some passive income – Bitget has it all.
The only drawback I found on Bitget is the inability to sell crypto directly to a debit/credit card or bank account, meaning you have to go down the P2P trading route. This can be lengthy, and may not offer the best fiat return for your crypto.
Do you have any experience with Bitget? If so then please share your personal experience in the comments section below.