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Bitget Review 2023: The Derivatives and Copy Trading Platform Backed by Lionel Messi and Thriving during The Bear Market

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This article is sponsored by Bitget.

If you’re a newcomer to the crypto space, chances are that you would probably be starting out via a centralized exchange, or CEX, to purchase your first cryptocurrency. But with so many CEXs currently available in the market, it can be tricky to determine which one may be right for you and have received the proper regulatory greenlights to operate in your specific jurisdiction.

Whether you’re a long-term investor or a short-term trader, most CEXs are usually a good place to on-ramp into crypto, swap between different assets, and transfer them out into your personal cold or hot wallet. But what if there was an exchange where you could do all that and even copy the best crypto traders and their strategies?

With Bitget, now you can. As a leading derivatives trading platform geared towards newcomers in the crypto space, Bitget puts its users first, focusing on user-friendliness and a comprehensive suite of trading tools for every investor. Join us as we look into the various features of Bitget and how it’s become one of the leading crypto exchanges in the world.

 

Bitget’s Core Features

Established in 2018, Bitget has grown into one of the top 5 crypto exchanges in the industry, recording millions in daily trading volume and serving over 8 million users in more than 100 regions. According to CoinGecko’s latest exchange data, Bitget has been steadily increasing its market share in both spot and derivatives trading and is now part of the top 10 crypto exchanges thus far.. In partnership with legendary footballer Lionel Messi, Bitget also aims to inspire individuals to embrace crypto through highly user-centric tools and services. In line with their vision, Bitget’s platform hosts plenty of key features that set them apart from the rest of the pack, playing a critical role in their success thus far.

bitget messi partnershipSource: Bitget
 

Wide Range Of Derivatives And Spot Markets

As a centralized exchange, Bitget offers many popular assets and trading pairs to choose from across their spot and derivatives markets. At the time of writing, the platform supports over 500 different assets with 575 trading pairs. Most of these assets consist of large-cap tokens and also include highly anticipated projects such as BRC-20, Arbitrum, and Sui.

Bitget is quick to catch on to the current trends in crypto, with near-immediate support for newer, long-tail assets such as meme coins and AI tokens. In fact, Bitget is also one of the first few exchanges to support BRC-20 tokens such as ORDI and VMPX.

Beyond the conventional spot markets, Bitget offers leveraged trading of up to 125x for various futures and perpetual contracts settled in USDT, USDC, or the respective underlying asset. For traders who may prefer a more diversified portfolio instead of trading select assets, Bitget has also launched its own Index Futures, which tracks a basket of pre-selected assets with specific weights. For instance, their latest contract, BGHOT10, does not include Bitcoin and Ethereum but offers exposure to ten of the more popular blue-chip assets across DeFi and Layer-1 networks, such as SUSHI, AVAX, and DYDX.

bitget exchange spot marketsSource: Bitget

However, with so many tokens available for trading, one can easily get confused about how to find or access them on Bitget. Don’t fret, as some of the trending tokens, such as meme coins or AI tokens, are separated into their own categories, making it easier for users to find their desired trading pair.

 

Copy Trading

bitget futures copy tradingSource: Bitget

Whether you’re a newbie trader or just looking for further insights and strategies to sharpen your trading skills, Bitget’s copy trading feature allows you to literally trade like the pros by copying their strategies with a single click. Users can select from over 100,000 experienced traders that have been reviewed and verified by Bitget, with highly transparent and real-time trading records. You can even follow multiple traders simultaneously to diversify your copy-trading portfolio.

Once you’ve narrowed down your favorite trader(s), Bitget offers a robust array of customization tools to select your trading pairs, preferred limit orders, and more. While the buy and sell orders are automatically executed at the same time as your chosen trader, users get to retain control over their positions, allowing them to manually enter or exit as they wish.

For longer-term complex strategies, users can choose from a wide catalog of trading strategies to execute, either by purchasing a 30-day subscription from a selected strategist or purchasing custom strategies outright for a one-time fee. If you look hard enough, some strategies are even free to use! For the more savvy traders, you can also put up your own strategies to earn fees from other users as long as they meet the necessary profit and duration requirements.

bitget strategy tradingSource: Bitget

 

Bitget Token (BGB)

As the native token of Bitget, BGB holders can enjoy multiple exclusive benefits, including the participation of Bitget Launchpad & Launchpool, 20% discount on spot trading fees, VIP privileges as well as zero-fee withdrawals. The BGB whitepaper reveals that more utilities like BGB Earn and burn mechanisms are being planned. Driven by the growth of the Bitget platform, and the introduction of new utilities, BGB outperformed all other CEX tokens in Q1 2023 with a 120% surge in price, rising from $0.18 to $0.40. 

bitget exchange token price chart coingeckoSource: CoinGecko

 

Transparency As A Priority

After the fall of FTX, the crypto space has become more cautious in taking exchanges at their word, afraid that their funds may be trapped on a platform that is secretly insolvent. With that in mind, Bitget has committed to promoting transparency and security for its users through its Proof of Reserves and Protection Fund.

In line with other industry leaders, Bitget has published its Merkle Tree Proof-of-Reserves, which includes the latest amount of assets in the platform’s reserves and the current reserve ratio of each asset. Snapshots of the exchange’s reserves, existing wallet addresses, and even users’ balances are taken on a monthly basis, allowing anyone to easily verify whether their assets are still held on the platform. As it stands, Bitget holds more than 200% of users’ assets on its platform.

bitget exchange reserve ratioSource: Bitget

Furthermore, the exchange has put up $300 million for its Bitget Protection Fund to protect user assets against exploits and other external incidents beyond their control. The fund comprises major assets such as BTC, USDT, and USDC and will be replenished as needed in the next three years to maintain its value in a space as volatile as crypto. As with their Proof-of-Reserves, Bitget promotes full transparency by publishing the wallet addresses where the Protection Fund is being held. According to the Bitget Transparency Report 2023 Q1, the book value of the fund reached $380 million by the end of March due to the price recovery of Bitcoin.

bitget exchange protection fundSource: Bitget

 

Closing Thoughts

More than just a regular platform, Bitget has big plans to redefine the centralized exchange experience, not just for veterans but also for newcomers into the space. Their on-ramp solutions make it easy for anyone to purchase crypto on Bitget’s spot markets using fiat. The platform accepts instantaneous deposits and withdrawals directly from your bank account and also offers spot trading pairs against fiat currencies. Supporting over 140 different currencies, users can also directly purchase various crypto assets using their debit or credit card. 

In the spirit of innovation that defines the crypto space, Bitget constantly seeks to improve and expand its product offerings. As such, the platform has taken its first steps with its ‘Go Beyond Derivatives’ strategy by launching a $100 million Bitget Web3 Fund to support development for the next wave of exciting crypto projects. Besides that, Bitget has also undertaken a $30 million acquisition for multi-chain wallet BitKeep, as well as launching a $200 million ecosystem fund in collaboration with Core DAO. 

By making its mark through respectable ambassadors in sports and gaming, it is clear that Bitget is looking beyond the existing community toward onboarding the next billion users. They’ve recently expanded into Lithuania and Poland, and their quest for global expansion will carry on in the foreseeable future.

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