{"id":624286,"date":"2023-05-11T11:08:43","date_gmt":"2023-05-11T11:08:43","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=624286"},"modified":"2024-01-16T14:29:34","modified_gmt":"2024-01-16T14:29:34","slug":"bitget-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/bitget-exchange\/","title":{"rendered":"BitGet exchange review"},"content":{"rendered":"\n
7.6<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>Crypto.com is a globally well-known exchange with a versatile product suite ranging from a staking program and VISA debit card with spending rewards paid in crypto to an online Crypto.com University with educational resources for traders. Despite Crypto.com\u2019s prominence, there are limited payment method options, high fees unless you use CRO in trades and no customer phone support. However, you can find comprehensive security measures in place at both a platform and network level. <\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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9.1<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.6<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.4<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • Low trading fees\r<\/li>
  • One-click copy trade function\r<\/li>
  • Numerous licences with global regulators\r<\/li>
  • Mobile app for iOS and Android users<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • Low number of cryptos available to stake\r<\/li>
    • No educational resources for traders\r<\/li>
    • Limited customer service options <\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      Bitget offers an extensive range of over 100 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Ripple. <\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Available<\/td><\/tr>
      Ethereum (ETH)<\/td>Available<\/td><\/tr>
      Ripple (XRP)<\/td>Available<\/td><\/tr>
      Solana (SOL)<\/td>Unavailable<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Available<\/td><\/tr>
      Polkadot (DOT)<\/td>Unavailable<\/td><\/tr>
      Polygon (MATIC)<\/td>Unavailable<\/td><\/tr>
      Cardano (ADA)<\/td>Unavailable<\/td><\/tr>
      Litecoin (LTC)<\/td>Available<\/td><\/tr>
      Tether (USDT)<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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.<\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      You can deposit and withdraw in CAD<\/strong>. Bitget doesn\u2019t 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.<\/p>\n\n\n\n

      Deposit limits<\/h3>\n\n\n\n
      KYC verification <\/th>New withdrawal limits<\/th><\/tr><\/thead>
      Unverified <\/td>Daily limit of $100<\/td><\/tr>
      Unverified <\/td>Monthly limit of $100 <\/td><\/tr>
      Completed KYC <\/td>Daily limit of $3,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Withdrawal limits<\/h3>\n\n\n\n
      Tier<\/th>Daily withdrawal limit<\/th><\/tr><\/thead>
      VIP 1<\/td>$5,000,000<\/td><\/tr>
      VIP 2<\/td>$5,000,000<\/td><\/tr>
      VIP 3<\/td>$5,000,000<\/td><\/tr>
      VIP 4<\/td>$8,500,000<\/td><\/tr>
      VIP 5<\/td>$8,500,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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<\/strong>, 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.<\/p>\n\n\n\n

      Ibinex requires KYC verification to buy Bitcoin with a credit card but this process is only required after you\u2019ve specified exactly how much BTC you want to buy<\/strong> 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.<\/p>\n\n\n\n

      CashtoCode eVoucher <\/h2>\n\n\n\n

      You can\u2019t fund your account with a CashtoCode eVoucher as this isn\u2019t offered at Bitget.<\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      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 <\/strong>for over 100 listed cryptos. For example, the withdrawal fee for Bitcoin is 0.0000051 and 0.0001 for Ethereum. There\u2019s also a 20% trading fee discount offered when using the platform\u2019s own token, BGB, in trades. <\/p>\n\n\n\n

      Assets<\/th>Trading maker fee <\/th>Trading taker fee<\/th>Trading maker fee with 20% discount<\/th>Trading taker fee with 20% discount<\/th><\/tr><\/thead>
      Cryptos<\/td>0.1%<\/td>0.1%<\/td>0.08%<\/td>0.08%<\/td><\/tr>
      Stablecoin trading pairs<\/td>0.1%<\/td>0.1%<\/td>0.08%<\/td>0.08%<\/td><\/tr>
      Coin-margined futures<\/td>0.1%<\/td>0.1%<\/td>0.08%<\/td>0.08%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      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<\/strong>, with annual percentage yields (APYs) of up to 45%. For instance, you can earn up to 1.09% on your Bitcoin. <\/p>\n\n\n\n

      Assets<\/th>APYs<\/th><\/tr><\/thead>
      Bitcoin<\/td>1.09%<\/td><\/tr>
      Ethereum<\/td>4%<\/td><\/tr>
      Tether<\/td>8%<\/td><\/tr>
      Ripple<\/td>0.40%<\/td><\/tr>
      Ape<\/td>45%<\/td><\/tr>
      Gains Network<\/td>3%<\/td><\/tr>
      Polygon<\/td>3%<\/td><\/tr>
      USD Coin<\/td>8%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Is Bitget exchange safe?<\/h2>\n\n\n\n

      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<\/strong> containing $300 million.<\/p>\n\n\n\n

      A low percentage of users (32%) rate Bitget with five stars<\/strong> 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\u2019 wallets. Over $8 million worth of crypto was stolen from customers according to on-chain analytics firm PeckShield. <\/p>\n\n\n\n

      Trustpilot<\/td>2 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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. <\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      Bitget has a broad range of industry-standard security measures<\/strong> 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).<\/p>\n\n\n\n

      Safe coins storage<\/td>An undisclosed amount of deposits are held in cold storage.
      The cold storage isn\u2019t connected to the internet to reduce the possibility of hacking and uses multi-signature authorisation and offsite backup. <\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at Bitget. <\/td><\/tr>
      Information security<\/td>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.<\/td><\/tr>
      Platform security<\/td>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\u2019t from the main reserve.<\/td><\/tr>
      Network security<\/td>Third-party network audits and built-in DPI active systems.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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<\/strong> 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.<\/p>\n\n\n\n

      Ibinex has an extensive range of security measures in place such as data encryption for your information<\/strong> and bug bounty programs. What\u2019s more, Ibinex\u2019s 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.<\/p>\n\n\n\n

      How to start trading at Bitget exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with Bitget and this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the homepage and inputting your email address or signing in through Google so you can create a password and start the process. <\/li>\n\n\n\n
      2. You then need to verify your email address. <\/li>\n\n\n\n
      3. After verifying your email address, you have to watch a three minute Bitget introduction video.<\/li>\n\n\n\n
      4. You then need to agree to the P2P User Agreement. <\/li>\n\n\n\n
      5. You are then redirected to the purchase dashboard and from there you can move to the KYC verification stage.<\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you can complete multi-step KYC verification<\/strong>. While this process is required for anyone who wants to buy or sell cryptos at most exchanges, KYC checks aren\u2019t 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. <\/p>\n\n\n\n

        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. <\/strong><\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        Customer service options are limited at Bitget, with only an email address and FAQs page.<\/p>\n\n\n\n

        Live chat<\/td>No live chat available. <\/td><\/tr>
        Phone support<\/td>No customer phone line available.<\/td><\/tr>
        Email<\/td>support@bitget.com<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Unlike most other crypto exchanges, Bitget doesn\u2019t use a ticketing system<\/strong> 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\u2019s no way to speak with customer service on the phone. However, this is compensated for by the detailed FAQs page.<\/p>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        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\u2019s order<\/strong>. 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.<\/p>\n\n\n\n

        But if you don\u2019t mind this, Bitget can still be a great option if you\u2019re looking for fee discounts<\/strong>, 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.<\/p>\n\n\n\n

        Alternatives of Bitget<\/h2>\n\n\n\n