Managing to live up to its tagline “better trading, better life,” Bitget has established itself as one of the prime crypto exchanges. With its drastic increase in the number of users, this crypto exchange is only getting more and more popular by each day. Bitget’s biggest advantage is the huge variety of services it offers. These services include Copy trading, Future trading, Unified contract, and many more.

In this review, we are going to go over all of the basics of Bitget, so you can get a better idea of exactly how this crypto exchange works.

Bitget is essentially a crypto exchange launched in 2018 and registered in Singapore. Although it offers its users both derivatives trading and spot trading, the main focus is on derivatives trading. A derivative serves as an instrument based on the price value of some other asset (such as a stock or bond). In the crypto world, they derive the price values of certain cryptocurrencies. Bitget has acquired licenses from the USA, Australia, Canada, and Singapore, meaning that users from these countries are legally permitted to trade.

Copy trading represents one of the most popular functions used on Bitget exchange. The concept behind copy trading is fairly simple, you allow the selected professional trader to develop a strategy that you can directly copy and make the exact same deals as they do in real-time. The benefit of this is that you don’t have to constantly monitor the market activity and make deals, your chosen trader does this for you.

Exploring and reviewing the copy-trading page is the first step new traders should take before starting to copy trade. This type of trading can be beneficial only if you choose a professional trader to do the work, whose trades are based on knowledge and not on luck. You can get a better picture of a certain trader by going through their profile and reviewing their trading history.

Here are a few steps you should follow in order to start Bitget copy trading:

Let’s take a look at the two copy trading benefits and show you a little review of both.

The Quanto Swap Contract is a unique feature provided solely by Bitget. This feature allows users to use numerous different crypto assets that they hold as collateral and then trade on margin with various trading pairs. The main benefit of Quanto is that it can retain your exchange fees on coin-to-coin while also allowing you to gather the profits that were earned through the increased price of the margin-coin.

Let’s say that you own ETH and BTC. By using them as collateral, you are permitted to trade on EOS/USD, BTC/USD, and ETH/USD. The profits and losses are then calculated, and you are rewarded in both BTC and ETH.

The list of supported cryptos on Bitget includes: Adventure Gold Coin, Bitcoin Cash, Cardano Coin, ChainLink Coin, EOS Token, Ethereum Classic, Ethereum, Filecoin, KNCL Token, Litecoin, Polkadot Coin, Ripple, SushiSwap Token, Tether, Tezos, TRON Coin, Uniswap Token, yearn.finance Token, and Yield Guild Games Token. 

When using Bitget, it’s very important to split up spot buying and selling from contract trading. When using spot buying and selling, the exact price is: 0.20%. This is for both the taker and the maker. This rate can be reduced to 0.14% if you use BFT (Bitget DeFi Token), the exchange’s local token, to pay for the trading prices.

The withdrawal fee in Bitget is percentage based, and it is charged with 0.05%. This is around 0.0006 BTC per BTC-withdrawal. Compared to the global industry, Bitget’s fee is a bit higher since the current average is around 0.00057 BTC per BTC-withdrawal, according to the latest reports and studies.

Aside from allowing you to deposit cryptocurrencies on Bitget, the platform permits its users to deposit fiat currencies. However, this can only be done through a wire transfer (not by debit card or credit card). Considering the fact that fiat currency deposits are permitted on the platform, Bitget qualifies as an “entry-level exchange”. This means that it is considered to be an exchange that welcomes beginner investors in crypto to step into the invigorating world of crypto and start their trading journey.

Basically, derivatives serve as contracts that derive their value from a basic asset. The assets could be stocks, currencies, exchange rates, commodities, and many more. Derivative trading consists of buying and selling these financial contracts in the stock market, and profit is made by predicting future price movements.

One of the features Bitget offers is leveraged trading. However, the platform only offers perpetuals (futures that don’t have expiration dates). The highest leverage level is 100x (hundred times the relevant amount). However, new crypto traders should be very careful when approaching leveraged trading. Although this type of trading can lead to massive returns, it can also cause massive losses, especially in inexperienced traders.

Perpetual contracts represent one of Bitget’s prime products. Because of this, the platform has put a lot of thought into the development of the contracts. Investors are given a choice to buy a long-term commitment or to sell short a contract (this earns them a virtual digital currency gain). Perpetual contracts operate in almost the same way as margin-based spot markets. The main feature of Bitget Perpetual contracts is the Funding Cost mechanism that makes sure the underlying price index is being tracked.

You can choose to either deposit funds or withdraw them.

Although the majority of crypto traders prefer to use desktops due to the bigger screen, there are those that utilize mobile trading as well. Luckily for these traders, the Bitget trading platform is also available on mobile apps. The mobile app is very similar to the web app and it offers its users almost all of the features that the platform provides. The mobile app is available for both iOS and Android users.

The short answer to this question would be: Yes. Bitget is legit. The domain name was created almost two decades ago and the website integrates a completely valid HTTPS connection, which means all of the information and traffic between the users and the site is encrypted. The significant traffic makes Bitget one of the most popular crypto exchanges, adding more reason for reassurance. Google Safe Browsing doesn’t list Bitget as suspicious, and thousands of satisfied traders and followers have nothing but positive feedback for this platform.

You can start copy trading at Bitget by registering to the website and clicking on copy trade. After that, you can pick out a professional trader you want and proceed to confirm the copy trade. Lastly, select the contract and follow mode that suits you and confirm the copy trade information.

Copy trading is a fairly simple process. After registering to Bitget, you can find numerous professional traders and review their trade history. After doing so, you can pick out a trader you think will bring you profit and start copy trading. Copy trading is essentially “copying” a professional trader’s strategy to maximize your own profit.

The most important thing you should do before starting copy trading is to review the profiles of the numerous different traders that are registered on the platform. Do your best to analyze their trading history, their win/loss ratio, and their general knowledge in crypto trading. It is very important that your chosen trader’s decisions are based on knowledge and not luck.

If you are not fond of Bitget, here is a list of exchanges that can be good alternatives:

The post Bitget Review [2022] – Is BitGet Exchange Safe & Legit? appeared first on CaptainAltcoin.

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