Bitget is a crypto exchange with head office in Singapore, that offers many different crypto-related services. The site has more than 200 available digital assets and charges rather low transfer fees. However, that is end of the good part. The main worries with Bitget is that they claim to have licenses from 3 jurisdictions, but in reality they are not licensed anywhere in the world. Bitget also hide their company names, in an attempt to make it harder to find out information about the unregulated crypto exchange. Some of the company names that Crypto Lists found is Canada Bitget Limited, Bitget Technology Group Ltd and Singapore Bitget PTE LTD. Their own token, BGB, only got 34 owners, which is mainly because it is centralised and most transactions in BGB don't show up on the blockchain. In either case, those are factors that make it a "no go" for most of us. Still, there are no major troubles yet, but depositing money into an unlicensed crypto exchange is always associated with lots of risks. Still, Bitget's crypto exchange is available globally but feels quite dodgy. Some of the few countries that are restricted from the platform are North Korea and Cuba. BitGet claims to serve more than 2 million registered traders and around 200 000 active users every month, with an average daily trading volume exceeding 2.6 billion USD. If you like to experience an unlicensed crypto copy trading platform and exchange, sign up for Bitget now. (But please be warned, the risks are way higher with exchanges that doesn't have any relevant license as a crypto exchange).
One of the world's largest cryptocurrency copy trading platforms.CryptoLists.com
Background & Overview
Singapore Bitget PTE LTD is registered as a software, app and research development company in electronics and not a crypto exchange. In fact, they don't have any licenses or protection for customers what so ever. Their brand is mostly strengthen from being a shirt sponsor to Juventus F.C, that probably didn't do much due diligence of their partner.
Bitget claims to have in average 200 000 active users per month and a daily average trading volume of 2.6 billion USD. If you don't like going through KYC procedures immediately, you will find this crypto exchange convenient. But please beware of the risks.
Bitget allows users to start trading without verifying their identities. However, you should know that verified traders get to enjoy many perks, including the ability to get followers as copy traders. Also, verifying your account gives you higher daily withdrawal limits. Copy trading was introduced to the site in 2020 and allows individuals to trade following the actions of other established traders. Today, Bitget is aiming to become one of the biggest cryptocurrency focused social trading platforms. However, Crypto Lists believe they are far away from reaching that goal. First of all - Bitget should get some serious licensing, and stop offering centralised coins such as their native BGB, if they should be taken seriously by the crypto community.
Advantages at Bitget+Bitget is not licensed by any regulator around the world.
+Bitget charges very low trading fees.
+The registration and KYC procedures are quick and simple.
+You do not have to complete a KYC procedure immediately and can try it out first.
Disadvantages-AUSTRAC confirms that Bitget don't have any license from Australia, and AUSTRAC don't issue licenses, even though that Bitget claims they have a license on their website..
-Bitget do not have any crypto license to operate, even if they "hide" their company names and trying to show some kind of KYC documentation that they follow. There is no proper license that protect customers here, so please be aware of that.
-Their own native token, BGB, is centralised. So most of the tokens (more than 97%) is listed as owned by Bitget themselves.
-The list of supported cryptocurrencies is relatively short.
-It occasionally suspends withdrawals for certain cryptocurrencies.
-You can only withdraw crypto.
KYC & Registration
The registration process at BitGet is quite simple and straightforward. You only need to choose your country and enter your email and password. You can also enter your phone number instead of your email address. If you want to enjoy extra perks apart from small-volume trading, you will have to complete the KYC procedure. This involves sending documents that prove your identity and jurisdiction.
Leverage▪ Rated at 1/10
Personally, we would never use leverage from a non-licensed crypto exchange. In reality, they can do whatever they feel for when it comes to prices and margin calls. Some of their tokens are centralised, such as Bitget Token, that is mainly traded on their own exchange and without any transactions showing in the ERC-20 contract.
Costs▪ Rated at 1/10
Bitget have great fees for retail investors. While the taker fee is 0.06%, the maker fee for those buying crypto is only 0.02%.
Generally speaking, BitGet has some of the lowest fees. The maker and taker fees on the platform can be brought down by 20% if using the BGB. This is the native cryptocurrency of the exchange. With the BGB, the trading fees will be competitive for copy traders and normal exchange or futures users. While Bitget does not charge any fees for deposits, you will have to pay a fee when making withdrawals. The withdrawal fee will vary depending on the cryptocurrency you use. Still, everything related to costs means nothing if a crypto exchange don't have licenses and is centralised.
Deposit Methods▪ Rated at 9/10
Below you can see a list of the deposit methods available on Bitget. Some of them may not be available in United States as it depends on regional regulation, but normally the most common payment methods are available across numerous countries.
Lots of different deposit methods are available at Bitget - from the most common card providers such as Mastercard, VISA and Union Pay to Apple Pay, Google Pay and plenty of different cryptocurrencies. Still, this doesn't mean so much since Bitget don't have any licenses to operate as a crypto exchange. Be aware that this is a risky crypto site.
Platforms▪ Rated at 2/10
Although BitGet can feel a little cluttered for Europeans, it is highly appreciated by their Asians customers. Traders will find it easy to navigate the Bitget website. All the essential links are positioned at the top of the homepage, and these include the link to the customer service pages. The site has a dark background and is generally pleasant to the eye. Bitget is also highly responsive and loads instantly.
By owning the Bitget Token (BGB), customers get lots of benefits. First of all, there will be lower fees when you trade and exchange one cryptocurrency for another one. Secondly, you get access to the launchpad - and are able to get into between one and two fairly new coins or tokens before they are released to the Bitget's marketplace. The Bitget platform also support staking with fairly good yields, such as 4.4% for Near and 5.6% for Polkadot.
Broker Support▪ Rated at 1/10
Bitget offers multilingual 24/7 customer support in English, Chinese, Turkish, Korean, Japanese and Vietnamese. Before contacting the customer support team, you should take some time to go through the comprehensive FAQ section of the website. There is also a BitGet academy which covers many useful subjects regarding crypto trading.
If you still have an issue after going through these pages, you should reach out to the helpful and multilingual customer service team. The agents are available 24/7, but unfortunately they do not tell the truth and claims to have a license when they in reality don't have that.
Bitget's support lie quite a bit. For instance, they claim to have a crypto license in Australia - which they don't. We sent an email to AUSTRAC, where they claim to have a license, but got the reply that information on Bitget's website is incorrect. AUSTRAC said that: "certificate showing on their website is not accurate as we do not issue licences or certificates to registered DCE providers".
Other Names for Bitget
Bitget is or has also been known under the following names: Canada Bitget Limited, Bitget Technology Group Ltd, SINGAPORE BITGET PTE LTD
What is the purpose of the BGB token?
This ERC-20 token is used to pay transaction fees on the exchange and will give you massive discounts. The coin also works as a social token for the interaction between copy traders and their followers.
Where is BitGet based?
This company was started in Singapore and is currently based on the island. However, it has expanded to become a global company and now serves customers from almost all countries. Some of the few excluded countries are North Korea, Iran, Libya, Somalia, and South Sudan. It is not registered as a crypto exchange, rather a software developer and research company (except for games). It is probably a matter of time before Singapore realise this.
Is BitGet a reputable crypto exchange?
No it is not. They have zero crypto licenses and do not show the transactions on the blockchain for their native token, BGB.
What is copy trading?
Copy trading is a strategy that allows inexperienced traders to follow the actions of other users of BitGet. Traders who are consistently making profits are more likely to get lots of followers or copy traders.
Is BitGet a crypto derivatives exchange?
Yes, this is a crypto derivatives exchange and can be used to trade crypto futures. When trading crypto futures, you will simply be buying and selling secondary contracts that get their value from underlying assets like Bitcoin. However, you can also simple do an exchange from one currency to another or trade crypto spot, without any leverage.
Does BitGet have their own token?
Yes, they do and it is called the BGB token. However, be careful when/if investing, since most of the tokens are owned by the Bitget deployer, over 97%. In general, there is not much use for the token, except giving lower fee on Bitget. But the current valuation seems rather high considering how centralised the BGB token is.
More than 330 crypto coins and tokens can be found at Bitget and you can choose from spot trading, copy trading, futures trading or simply make a crypto or fiat to crypto exchange. Bitget's native token is called BGB, but it is not used so much at all. Below is a list of the most popular instruments available from Bitget.▪ Rated at 2/10
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›› Sign up at Bitget here
Screenshots from Bitget
Related coin? Learn more about BGBThe Bitget Token is the coin that is used on Bitget, so it's worth reading more about it on our review page.
›› Read our full Bitget Token review here
Earn passive income with the BGB token, an exchange token from Bitget.
Related blockchain? Learn more about Ethereum NetworkEthereum Network is the blockchain that Bitget related to, so it's worth reading more about it below.
Ethereum offers a blockchain that’s available to everyone. All you need is a wallet to participate. Ethereum offers open access to data-friendly services and digital money, no matter your location or background. More so, it’s a community-based tech behind thousands of applications that you can use today and the ETH cryptocurrency...
›› Read our full Ethereum Network review here
Ethereum Blockchain - The Internet of Assets.
Bitget Review Published: Thursday, 21 Jul 2022 10:45 am
Last Updated: Thursday, 15 Sep 2022 2:44 pm