BitGet exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
Bitget offers an extensive range of over 100 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Ripple.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Available |
| Ethereum (ETH) | Available |
| Ripple (XRP) | Available |
| Solana (SOL) | Unavailable |
| Dogecoin (DOGE) | Available |
| Polkadot (DOT) | Unavailable |
| Polygon (MATIC) | Unavailable |
| Cardano (ADA) | Unavailable |
| Litecoin (LTC) | Available |
| Tether (USDT) | Available |
In contrast, Uphold lists over 250 cryptos on its platform, while Ibinex offers the ability to buy Bitcoin using a credit card. However, compared to its competitors, the company has a relatively low minimum deposit of $50 to begin trading.
Payment methods
You can deposit and withdraw in CAD. Bitget doesn’t explicitly outline limits for payment methods but the company does use a tiered VIP model for withdrawal limits. Bitget also recently announced new withdrawal limits.
Deposit limits
| KYC verification | New withdrawal limits |
|---|---|
| Unverified | Daily limit of $100 |
| Unverified | Monthly limit of $100 |
| Completed KYC | Daily limit of $3,000,000 |
Withdrawal limits
| Tier | Daily withdrawal limit |
|---|---|
| VIP 1 | $5,000,000 |
| VIP 2 | $5,000,000 |
| VIP 3 | $5,000,000 |
| VIP 4 | $8,500,000 |
| VIP 5 | $8,500,000 |
Uphold requires KYC checks to buy, sell or exchange cryptos, FIAT currencies, equities and precious metals, regardless of the amount you wish to buy. The company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
Ibinex requires KYC verification to buy Bitcoin with a credit card but this process is only required after you’ve specified exactly how much BTC you want to buy and selected a currency. The company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
CashtoCode eVoucher
You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at Bitget.
Trading fees
While there are no deposit fees, the platform charges low trading fees based on a tiered maker/taker pricing structure and you need to pay differing rates of withdrawal fees for over 100 listed cryptos. For example, the withdrawal fee for Bitcoin is 0.0000051 and 0.0001 for Ethereum. There’s also a 20% trading fee discount offered when using the platform’s own token, BGB, in trades.
| Assets | Trading maker fee | Trading taker fee | Trading maker fee with 20% discount | Trading taker fee with 20% discount |
|---|---|---|---|---|
| Cryptos | 0.1% | 0.1% | 0.08% | 0.08% |
| Stablecoin trading pairs | 0.1% | 0.1% | 0.08% | 0.08% |
| Coin-margined futures | 0.1% | 0.1% | 0.08% | 0.08% |
Staking
Bitget offers a program that allows users to stake any of the eight eligible cryptos and stablecoins. The rewards you earn depends on the amount staked, with annual percentage yields (APYs) of up to 45%. For instance, you can earn up to 1.09% on your Bitcoin.
| Assets | APYs |
|---|---|
| Bitcoin | 1.09% |
| Ethereum | 4% |
| Tether | 8% |
| Ripple | 0.40% |
| Ape | 45% |
| Gains Network | 3% |
| Polygon | 3% |
| USD Coin | 8% |
Is Bitget exchange safe?
As an Over-the-Counter (OTC) exchange, Bitget has been in operation since 2018 and amassed over eight million users. The company has industry-standard security measures in place that offer a high level of security for users such as an A+ ranking for 12 SSL indicators and you can access an auditable Bitget Protection Fund containing $300 million.
A low percentage of users (32%) rate Bitget with five stars on Trustpilot, which is a low indicator of safety. In addition, the company faced controversy in December last year when hackers embedded codes into APK packages and then subsequently downloaded users’ wallets. Over $8 million worth of crypto was stolen from customers according to on-chain analytics firm PeckShield.
| Trustpilot | 2 star |
The most common issues raised are related to accounts, refunds and withdrawals, with one user even alleging that changing the language settings on the online site alters withdrawal limit numbers. However, people praise them for low trading fees and a versatile product range.
Security
Bitget has a broad range of industry-standard security measures in place such as multi-signature wallets, bank-level SS data encryption, built-in DPI active systems, Anti-Money Laundering (AML) controls, as well as Money Service Business (MSB) registrations with the Financial Crimes Enforcement Network (FinCEN), Australian Transaction Reports and Analysis Centre (AUSTRAC) and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
| Safe coins storage | An undisclosed amount of deposits are held in cold storage. The cold storage isn’t connected to the internet to reduce the possibility of hacking and uses multi-signature authorisation and offsite backup. |
| Two-factor authentication | Two-factor authentication via SMS verification is required at Bitget. |
| Information security | Bank-level SS data encryption to keep account information safe and multi-signature wallets. Asymmetric keys are used to implement digital signatures in order to keep your data secure and both IPS 140-2 and FIPS 140-2 verification is used to generate private keys. |
| Platform security | Real-time monitoring of platform transactions and an auditable Bitget Protection Fund containing $300 million for users to be reimbursed in the event of a platform hack. A Bitget Fund Custody service that enables users holding assets over 100,000 USDT to receive a separate custodial wallet with its own address to check and withdraw funds that aren’t from the main reserve. |
| Network security | Third-party network audits and built-in DPI active systems. |
Similarly, Uphold has an extensive range of security and technical measures in place such as annual audits for its web network, third-party financial and compliance audits, Anti-Money Laundering (AML) controls, a bug bounty program and their very own Uphold Security Operations Centre with an internal security team in place. The company is also registered as a Money Service Business with FinCEN and adheres to Office of Foreign Assets Control (OFAC) standards.
Ibinex has an extensive range of security measures in place such as data encryption for your information and bug bounty programs. What’s more, Ibinex’s servers reside in secure cages under armed guard and CCTV surveillance, while their reserves remain full and are mostly kept offline in geographically distributed cold storage.
How to start trading at Bitget exchange?
Registration
You need to create an account in order to register with Bitget and this can be done by:
- Visiting the homepage and inputting your email address or signing in through Google so you can create a password and start the process.
- You then need to verify your email address.
- After verifying your email address, you have to watch a three minute Bitget introduction video.
- You then need to agree to the P2P User Agreement.
- You are then redirected to the purchase dashboard and from there you can move to the KYC verification stage.
- Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.
KYC
After filling in your account details, you can complete multi-step KYC verification. While this process is required for anyone who wants to buy or sell cryptos at most exchanges, KYC checks aren’t mandatory at Bitget but do come with perks such as a $3 reward coupon upon completion that can be used to offset spot and futures trading fees. For instance, the daily withdrawal limit for unverified users is 20 BTC but verified users can withdraw up to 200 BTC in a single day.
Also, passing KYC checks unlocks functionalities such as the ability to earn rewards on your crypto balance through staking or trading fee discounts. You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie.
Customer support
Customer service options are limited at Bitget, with only an email address and FAQs page.
| Live chat | No live chat available. |
| Phone support | No customer phone line available. |
| support@bitget.com | |
| FAQs | Available |
Unlike most other crypto exchanges, Bitget doesn’t use a ticketing system where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there’s no way to speak with customer service on the phone. However, this is compensated for by the detailed FAQs page.
Conclusion
Bitget is recommended to users who are looking for low trading fees and a one-click copy trade function that allows you to simulate another trader’s order. The latter is a flagship product, with a network of over 80,000 traders using the function. However, there are a low number of cryptos available to stake, no educational resources for traders and limited customer service options.
But if you don’t mind this, Bitget can still be a great option if you’re looking for fee discounts, which is a major differentiating factor and unique selling point (USP) for the platform. Bitget could improve its service by offering a live chat function, launching an online Bitget Learn Centre with educational resources for traders and increasing the number of cryptos available to stake.
Alternatives of Bitget
- Modern trading platform
- Zero trading, deposit or withdrawal fees
- Rewards debit card
- Ability to stake 32 different cryptos
- Cross-asset trading
- Limited customer support
- Relatively high service fees and a price protection fee
- High levels of security
- Easy withdrawal to your bank or PayPal account
- 24/7 live chat available globally
- Well-designed interface that supports multiple languages
- Average rating of 4.2 on Trustpilot
- Only one crypto in the product list
- Limited number of payment method options
- Low trading fees
- Modern interface
- Wide selection of cryptos available at over 350
- Ability to stake 27 different cryptos
- Variety of payment methods available
- Regulatory issues and lawsuits
- Security concerns related to hacks
| Uphold | Ibinex | Binance |
| 32 cryptos available to stake | Staking not available | 27 cryptos available to stake |
| 24/7 live chat function available in two languages | 24/7 live chat function available | 24/7 live chat function available in 17 languages |
| Educational resources offered | No educational resources | Binance Academy |
Uphold provides educational resources, a 24/7 live chat function available in both English and Spanish, as well as a ticketing system where you can fill in an online form in order to contact the company. There’s a wide selection of 32 different cryptos available to stake, with APYs of up to 13%, including some of the biggest ones on the market like Ethereum, Cosmos, Avalanche and Celer Network. You can even earn rewards through the Uphold debit card, which gives 4% crypto rewards in XRP on all purchases.
Ibinex doesn’t offer a staking program but you can use the 24/7 live chat function, customer phone support and email address to contact the company. However, the exchange isn’t regulated by any national financial authority and doesn’t offer any educational resources for traders.
Binance offers a plethora of educational resources through Binance Academy and both a 24/7 live chat function available in 17 languages and a ticketing system where users can fill in an online form in order to contact the company. You can stake up to 27 different cryptos with APYs of up to 16%, including some of the biggest ones on the market like Ethereum, Cardano, Polygon and Polkadot.
FAQs
Yes, because Bitget has been in operation since 2018 and they have developed a good standing with community members due to positive user experiences.
Users who successfully complete a questionnaire can become certified traders as part of the copy trade scheme. It takes seven days to find out if your application for a certificate has been approved.
Although KYC verification is not mandatory at Bitget, the company does adhere to Anti-Money Laundering (AML) measures. The perks are that upon KYC completion, you get access to the full suite of products and services, as well as a $3 rewards coupon that can be used to offset spot and futures trading fees,
Yes, Bitget’s taxing API and third-party taxing tools track and account for all your transactions automatically.
You need to turn on the BGB deduction function on your dashboard but trading fee discounts aren’t currently available for institutional investors.
You must go to the futures trading page and click to switch position mode but you can’t switch between cross margin and isolated margin mode if you have any current trading orders.
The platform offers commissions of 0.40%-45% depending on the crypto being staked and there are eight available within the staking program.
There are no deposit fees but you need to pay trading fees based on a tiered maker/taker pricing structure, as well as differing rates of withdrawal fees.
Specification: BitGet exchange review
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