What is Bitget?

Bitget is a cryptocurrency exchange founded in 2018. Since that time, and especially since the collapse of FTX, Bitget has rapidly grown to become one of the leading derivatives trading platforms in the cryptocurrency space.

Bitget's history and development

Bitget was established in 2018, and one of its initial achievements was the introduction of its futures trading platform, which provided advanced trading tools.

In 2020, Bitget launched what would become one of its flagship products, copy trading, allowing users to mirror the trades of experienced traders.

In August 2022, Bitget unveiled a $200 million fund to protect its users' assets. A few weeks later, just before the 2022 World Cup in Qatar, Bitget announced a partnership with football superstar Lionel Messi. at the end of November, the company announced it had registered in Seychelles and declared plans to expand its workforce despite faltering market conditions.

In April 2023, Bitget acquired a controlling stake in crypto wallet BitKeep with an additional $30 million investment at a $300 million valuation amid growing demand for non-custodial wallets. The wallet eventually rebranded to Bitget wallet. The next month, Bitget opened a $100 venture fund focusing on Web3 projects in Asia.

In July 2023, Bitget launched crypto loans, enabling users to stake one digital asset as collateral and obtain a loan in another. In 2024, Gracy Chen replaced Sandra Lou as Bitget’s CEO.

What services does Bitget offer?

Bitget offers a range of services tailored to both novice and experienced traders. The platform is known for its derivatives trading, particularly its futures contracts, which allow traders to speculate on the future prices of various cryptocurrencies using leverage. Bitget also supports spot trading, enabling users to buy and sell various digital assets. 

Additionally, the exchange is well known for providing copy trading services, where users can easily replicate the strategies of successful traders. Other services include staking, where users can earn rewards by locking their tokens, and a savings feature that offers interest on deposited funds. Bitget also provides advanced trading tools, such as margin trading and various order types.

What's required for a Bitget account?

Creating a Bitget account is straightforward. Users need to provide a valid email address or mobile phone number to register. All users are required to complete the Know Your Customer (KYC) verification process, which involves submitting personal identification documents and a selfie for verification purposes. This process is crucial for enhancing the platform's security and complying with regulatory requirements. 

What is BGB?

Bitget's native token, BGB, is a utility token integral to the Bitget ecosystem. BGB serves multiple purposes within the platform, providing users with various benefits and incentives similar to Binance’s BNB. One primary use of BGB is to offer trading fee discounts. Users who hold and use BGB to pay for their trading fees can enjoy reduced rates, making trading more cost-effective.  

BGB can be staked on the Bitget platform, allowing users to earn rewards. This incentivizes long-term holding of the token and contributes to the platform's liquidity.  

Holding BGB can unlock advanced features and services on Bitget. For example, users with a certain amount of BGB might gain access to exclusive trading tools, higher withdrawal limits, and priority customer support.  Bitget often runs promotions and events where BGB holders can participate and earn additional rewards. These events can include trading competitions, airdrops, and other special activities designed to engage and reward the community.

What fees does Bitget charge?

Bitget charges a trading fee for both makers and takers, with the exact rates varying based on the user's trading volume and whether they hold the platform's native token, BGB. Typically, the fees range from 0.02% to 0.06% per trade.

For futures trading, Bitget uses a tiered fee system, where higher trading volumes result in lower fees. Funding fees also apply to futures trades. The exchange also charges withdrawal fees, which vary depending on the withdrawn cryptocurrency. There are no fees for deposits, and opening an account is free.