Here's Why Everyone Should Be Paying Attention To This Crypto Exchange Nowadays, there are so many cryptocurrency exchanges that it can be next to impossible to not only keep track of them all but also discern which ones are worth checking out and regularly relying upon.
By Nelson Issac
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Nowadays, there are so many cryptocurrency exchanges that it can be next to impossible to not only keep track of them all but also discern which ones are worth checking out and regularly relying upon. With that in mind, Bitget is a crypto exchange which was founded in 2018, and its main features are futures trading and copy trading. Bitget has also been ranked in the top 5 futures trading platforms and the top 10 spot trading platforms, with over 8 million users in over 100 countries and regions.
In a nutshell, Bitget is dedicated to assisting users in trading smarter by providing a safe and affordable one-stop trading solution. It also encourages people to embrace crypto through partnerships with credible partners such as legendary Argentine footballer Lionel Messi, the Italian leading football team Juventus, and official eSports event organizer PGL.
What unique features does Bitget have?
Bitget's copy trading platform is one of its distinguishing features as it seamlessly links beginners with professional traders to establish a 'hands off, gains up' experience. Prior to actually subscribing to a trader's strategy which fulfills their requirements on returns and risks, users can even review elite traders' detailed portfolios and historical performance like total Profit & Loss (PnL), win rate, and Asset Under Management (AUM).
To further enhance crypto trading capabilities, Bitget offers a derivatives platform where users can easily trade futures, options, and perpetual swaps in USDT-margined, USDC-margined, and Coin-margined futures. There is also a spot exchange function for numerous mainstream cryptocurrencies. According to Coingecko, Bitget is ranked 10th among all spot exchanges. The platform now supports over 460 coins with 529 trading pairs.
Not only did Bitget's total transaction volume increase by more than 300% in 2022, but according to a TokenInsight report, Bitget's derivatives market share increased from 3 per cent to 11 per cent following the collapse of FTX, making it the biggest winner of this incident, so to speak.
Also, in terms of 24 hour Open Interest (OI), the top 10 derivatives exchanges' OI dropped about 40 per cent from its peak in December 2022, while Bitget is the only exchange that increased OI, from about $800 million to $3.74 billion. As a result, Bitget became a top 5 derivatives trading platform in terms of volume, according to CoinMarketCap and CoinGecko.
What about security? Is Bitget safe to use?
Bitget prioritizes security above all else, and the platform has therefore already established the Bitget Protection Fund to ensure that users' assets are protected even if an incident occurs. The fund is USD $300 million as of November 2022, with 6,500 BTC and 200 million USDT, making it the second biggest user protection fund among CEXs (Centralized Exchanges).
Moreover, Bitget has also launched its Proof of Reserves page, which ensures that at least a 1:1 reserve ratio of customer funds is maintained. According to the data on its website, the total reserve ratio is 231 per cent, as of March 6th, 2023. To improve user experience, Bitget also provides multilingual customer support in English, Chinese, Korean, and Vietnamese.
Ultimately, is Bitget worth it?
Overall, Bitget provides a user-friendly, simple-to-understand, secure, and cost-effective cryptocurrency exchange platform with a simple and transparent fee structure and calculation. The exchange's VIP fee discount program and bonuses are also appealing to users. Furthermore, the exchange's native token, BGB, offers plenty of value and utility which includes features like BGB Earn.
Bitget will also continue to improve its copy trading features in the future by adding new aspects like the addition of Bitget Insights and Strategy Plaza, the latter of which is a newsfeed community where verified users can share their financial analyses and perspectives with their followers in order to help them make better financial decisions.
Bitget is also actively expanding the variety of digital assets in its spot market by 'going beyond derivatives'. Over 50 promising blockchain projects were listed on the platform in the first couple of months of 2023. The exchange also supports 460 coins and over 500 trading pairs as of February 2023. In terms of the number of coins listed, Bitget ranks 2nd among the top 10 spot trading platforms on CoinMarketCap. Finally, Bitget intends to use sponsorships and partnerships like the one with Messi to fix the negative perception of crypto while simultaneously expanding its crypto education and CSR schemes.
Ultimately, Bitget is definitely worth considering if you're looking for a dependable and affordable cryptocurrency exchange platform.
