Bitget Review 2024: Withdrawals, Fees, & Security

Bitget, founded in Singapore in 2018, has quickly become a significant player in the cryptocurrency exchange, attracting over 20 million traders worldwide with its diverse services, including spot trading, futures, and an innovative copy trading feature.

Known for its strong focus on derivatives trading, Bitget saw its market share in this sector rise significantly, especially after the collapse of FTX, reflecting growing confidence in its robust platform and advanced tools.

With a user-friendly interface and an emphasis on copy trading, Bitget appeals to novice and experienced traders. It’s expanding global presence and increasing transaction volumes solidify Bitget as a top choice for crypto trading.

Product Offerings: What Is Bitget Exchange All About?

Bitget offers a diverse range of crypto trading and investment products. These include futures, spot trading, staking options, and an NFT marketplace.

Futures

Bitget’s futures trading platform allows you to trade with leverage up to 125x, amplifying potential gains and losses. Perpetual contracts are prevalent, as they have no expiration date.

You can take long or short positions on major cryptocurrencies like Bitcoin and Ethereum. The platform provides advanced charting tools and real-time market data to inform trading decisions.

Some successful futures strategies on Bitget include trend following and range trading. The exchange also offers a demo account to practice futures trading without risking real funds.

Spot Trading

Spot trading on Bitget gives you access to various cryptocurrency trading pairs. You can buy and sell significant coins like BTC, ETH, BNB, and many altcoins.

The spot trading interface features:

• Advanced order types (limit, market, stop-limit)
• Detailed price charts with multiple timeframes
• Technical indicators and drawing tools
• Order book depth visualization

Bitget’s spot market charges a competitive 0.1% fee for both makers and takers. You can reduce costs further by using the platform’s native BGB token.

Staking

Bitget offers staking options for cryptocurrencies, allowing you to earn passive income on your holdings. The platform supports flexible and locked staking periods.

Staking the BGB token provides a 6% Annual Percentage Rate (APR). Other popular staking options include:

• USDT (up to 5% APR)
• BTC (up to 3% APR)
• ETH (up to 4% APR)

Rewards are typically distributed daily; you can unstake your tokens anytime for flexible options. Longer lock-up periods generally offer higher APRs.

NFTs

Bitget’s NFT marketplace lets you buy, sell, and trade unique digital assets. The platform supports NFTs on multiple blockchains, including Ethereum and Binance Smart Chain.

Critical features of Bitget’s NFT marketplace include:

• Easy-to-use interface for browsing and bidding on NFTs
• Support for popular NFT collections and individual creators
• Integration with Bitget’s leading trading platform for seamless transactions

Popular NFT categories on Bitget include digital art, collectibles, and gaming assets. The marketplace also hosts occasional NFT drops and exclusive collections.

 

Bitget Supported Coin List

Bitget offers an extensive selection of cryptocurrencies for trading. You can access over 850 different coins and tokens on the platform.

Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) are available. You’ll also find popular altcoins such as Cardano (ADA), Solana (SOL), and Polkadot (DOT).

For those interested in newer or less mainstream projects, Bitget supports a wide range of smaller altcoins. Some examples include:

• Chainlink (LINK)
• Algorand (ALGO)
• VeChain (VET)
• Harmony (ONE)
• Zilliqa (ZIL)

Bitget’s coin offerings are competitive with other major exchanges. You’ll find various options similar to platforms like Binance or KuCoin.

The exchange regularly adds new coins and trading pairs. This ensures you have access to emerging projects and can diversify your portfolio.

Select your desired coin from the list of supported cryptocurrencies to start trading. You can choose from various trading pairs, including crypto-to-crypto and fiat-to-crypto options.

Remember to research any coin thoroughly before investing. While Bitget provides access to many cryptocurrencies, it’s crucial to understand the risks associated with each project.

 

Bitget Order Types

Bitget offers several order types to suit your trading needs.

• Market orders execute immediately at the current market price. They’re ideal for buying or selling quickly without worrying about exact prices.
• Limit orders let you set a specific price for your trade. Your order will only execute if the market reaches that price. This gives you more control over your entry and exit points.
• Stop-limit orders combine a stop price and a limit price. When the stop price is reached, a limit order is triggered. This helps manage risk and automate your trading strategy.
• OCO (One-Cancels-the-Other) orders allow you to place two orders simultaneously. When one executes, the other is automatically canceled. It helps set both profit targets and stop losses.
• Post-only orders ensure you’re always a market maker, not a taker. They’re added to the order book only if they would provide liquidity.
• Isolated margin orders use a separate margin explicitly allocated for that position. This limits your risk to only the amount you’ve set aside.

To place an order on Bitget:

1. Select your desired trading pair
2. Choose the order type
3. Enter the amount and price (if applicable)
4. Review and confirm your order

Consider using market orders for quick execution, limit orders for better prices, and stop limits to automate risk management. OCO orders are great for setting both take-profit and stop-loss levels simultaneously.

 

Bitget’s Liquidation Mechanism

Bitget employs a liquidation mechanism to manage risk in leveraged trading. Your positions may be forcibly closed if your margin rate falls below the maintenance threshold.

• The margin rate is calculated as: (account equity + unrealized PnL) ÷ (futures value × leverage)

Bitget automatically closes your positions at the best available price when this rate drops too low. This protects both you and the exchange from excessive losses.

To avoid liquidation, you can use risk management tools:

• Stop-loss orders: Automatically close positions at a set price
• Take-profit orders: Lock in gains by closing at a target price

Here’s an example of how liquidation works on Bitget:

• You open a $1000 long position with 10x leverage
• The market moves against you, reducing your equity to $900
• Your margin rate falls below the required level
• Bitget closes your position to prevent further losses

Understanding this process and using available tools allows you to trade more safely on Bitget’s platform. Constantly monitor your positions closely and maintain adequate margins to avoid unexpected liquidations.

 

Bitget Trading Fees

Bitget offers competitive trading fees for both spot and futures markets.

You’ll pay a flat 0.1% fee for spot trading as a maker or taker. This rate is on par with other major exchanges like Binance.

Futures trading comes with lower fees: 0.02% for makers and 0.06% for takers. These rates are pretty attractive compared to many competitors.

You can reduce your fees further using Bitget’s native token, BGB. Paying with BGB gives you a 20% discount, lowering spot fees to 0.08%.

Here’s a quick breakdown of Bitget’s fee structure:

Market	Maker Fee	Taker Fee
Spot	0.1%	0.1%
Futures	0.02%	0.06%

For high-volume traders, fees can add up quickly. Let’s say you trade $100,000 worth of crypto on the spot market in a month.

At the standard 0.1% rate, you’d pay $100 in fees. Using BGB to get the discounted 0.08% rate would reduce your costs to $80, saving you $20.

Bitget also offers a VIP program for frequent traders. As you climb the VIP tiers, your trading fees decrease. This can lead to significant savings if you’re an active trader.

 

Bitget Funding Rates/Fees

Bitget offers competitive funding rates for future contracts. These rates fluctuate based on market conditions and are applied every 8 hours.

You’ll find the funding rates on Bitget generally align with industry standards. They typically range from -0.05% to 0.05%, depending on market sentiment.

Here’s how funding fees work:

• If the rate is positive, long positions pay short positions
• If the rate is negative, short positions pay long positions

For example, if you hold a $10,000 long position and the funding rate is 0.01%, you’d pay $1 in funding fees.

Bitget’s spot trading fees are straightforward:

Trade Type	Maker Fee	Taker Fee
Spot	0.1%	0.1%
Futures	0.02%	0.06%

You can reduce these fees using BGB tokens or achieving higher VIP levels. For instance, paying with BGB tokens offers a 20% discount on spot trading fees.

Futures trading on Bitget comes with lower fees compared to spot trading. You’ll pay just 0.02% as a maker, while takers are charged 0.06%.

Remember, these fees may change, so checking Bitget’s official fee schedule for the most up-to-date information is wise.

 

Bitget Deposit & Withdrawal Fees

Bitget offers several deposit options with zero fees. You can fund your account using cryptocurrencies or fiat currencies like USD, EUR, and GBP.

You can access SEPA, SWIFT bank transfers, and UK FPS methods for fiat deposits. This provides flexibility for users in different regions.

Cryptocurrency deposits are accessible across all supported coins and tokens on Bitget.

Withdrawal fees vary depending on the asset:

• Bitcoin (BTC): 0.00025 BTC
• Other cryptocurrencies: Fees vary

Bitget’s BTC withdrawal fee is approximately 37% lower than the industry average.

Fiat withdrawal fees depend on the chosen method and currency. Check the current fee schedule on Bitget’s website for up-to-date information.

Example deposit process:

1. Select “Deposit” in your account
2. Choose currency and deposit method
3. Follow provided instructions
4. Funds typically arrive within 1-3 business days for fiat or minutes for crypto

Withdrawal process:

1. Navigate to “Withdraw” section
2. Select asset and input withdrawal amount
3. Provide destination address or bank details
4. Confirm and wait for processing

Crypto withdrawals are usually processed within minutes, while fiat withdrawals may take 1-5 business days, depending on the method.

 

Bitget Account Types

Bitget offers several account types to cater to different trading needs and preferences. These options allow you to choose the best fit for your trading style and goals.

Bitget KYC Tiers & Limits

Bitget employs a tiered KYC system with three levels: Basic, Intermediate, and Advanced. Each tier comes with specific verification requirements and corresponding limits.

Basic KYC requires only your email and phone number. This level allows for limited trading and withdrawal amounts.

Intermediate KYC involves submitting your government-issued ID and a selfie. It increases your daily withdrawal limit and grants access to more trading features.

Advanced KYC necessitates additional documentation, such as proof of address. This tier offers the highest withdrawal limits and full platform access.

To upgrade your KYC level, click the “Account Security” section and follow the prompts. Higher verification levels provide increased security and trading capabilities.

Bitget Trading Platform & Tools

Bitget offers a user-friendly trading platform with a clean interface. You’ll find essential features like order books, price charts, and trading pairs easily accessible.

The exchange provides several tools to enhance your trading experience. These include API support for automated trading and integration with third-party platforms.

Advanced charting capabilities allow you to perform technical analysis. You can add indicators, draw trendlines, and customize timeframes to suit your trading strategy.

Real-time market data keeps you informed of price movements and trading volume. This helps you make timely decisions based on current market conditions.

Bitget supports trading bots, enabling you to automate your strategies. You can set parameters for entries, exits, and risk management to execute trades 24/7.

Here’s an example of using Bitget’s tools for market analysis:

1. Open the advanced chart for your chosen trading pair
2. Add moving averages and RSI indicators
3. Identify potential support and resistance levels
4. Set price alerts for key levels
5. Use the order book to gauge buying and selling pressure

By leveraging these tools, you can develop a more informed trading approach on Bitget’s platform. To learn how to trade on the platform, check this Bitget tutorial.

 

Bitget Insurance Fund

Bitget maintains a substantial insurance fund to protect users’ assets and ensure trading stability. As of 2024, this fund stands at $350 million, consisting of 6,000 BTC and 80 million USDT.

The insurance fund serves multiple purposes:

• Prevents auto-deleveraging during large liquidations
• Covers potential losses from security breaches
• Provides a safety net for leveraged trading

You can trade more confidently knowing this fund backs your activities on Bitget. It’s particularly relevant for futures and margin trading, where market volatility can lead to rapid position changes.

Bitget’s insurance fund compares favorably to other exchanges. While exact figures vary, it’s among the more considerable funds in the industry, offering you enhanced protection.

The exchange has used the fund to compensate users during unexpected market events. This demonstrates Bitget’s commitment to safeguarding your assets.

Remember, while the insurance fund offers protection, it’s not guaranteed. Always trade responsibly and manage your risk carefully when using Bitget’s platform.

 

Bitget Deposit Methods

Bitget offers a variety of deposit methods to suit your needs. You can fund your account using cryptocurrencies, fiat currencies, credit/debit cards, and bank transfers.

For crypto deposits, send supported coins to your Bitget wallet address. Popular options include Bitcoin, Ethereum, and USDT.

To deposit fiat, you have several choices:

• Bank transfer via SEPA (EUR)
• SWIFT transfers (USD, GBP)
• UK Faster Payments (GBP)

Credit and debit card deposits are also available for quick and easy funding.

To make a deposit:

1. Log in to your Bitget account
2. Navigate to the “Deposit” section
3. Select your preferred deposit method
4. Follow the on-screen instructions

For bank transfers, you’ll need to input the provided account details. Card deposits require entering your card information securely.

When choosing a deposit method, consider:

• Fees: Bitget charges zero fees for fiat deposits
• Speed: Card deposits are instant, while bank transfers may take 1-3 business days
• Limits: Higher limits are available for bank transfers compared to cards

Remember to verify your account to access higher deposit limits and additional features on Bitget.

 

Bitget Security Features

Bitget prioritizes user safety with robust security measures. Two-factor authentication (2FA) is available for logins, withdrawals, and account changes.

The exchange utilizes cold wallet storage to keep most user funds offline and protected from potential cyber threats.

Dynamic encryption protocols safeguard your data and transactions on the platform. Bitget regularly conducts security audits to identify and address vulnerabilities.

The platform maintains a $300 million Protection Fund to compensate users in case of unforeseen events. This demonstrates Bitget’s commitment to user asset security.

Bitget has implemented a Proof of Reserves system, allowing you to verify the exchange’s holdings independently.

CoinMarketCap gives Bitget a spot exchange security score of 6.6, indicating a good level of safety compared to other exchanges.

Users generally report positive experiences with Bitget’s security features. Many appreciate the multiple layers of protection and the transparency of the exchange regarding its security practices.

To date, Bitget has not reported any major security breaches or hacks, which speaks to the effectiveness of its security protocols.

 

Bitget Customer Support

Bitget offers 24/7 customer support through multiple channels. You can reach their team via live chat for immediate assistance. Email and support tickets are also available for less urgent inquiries.

The exchange provides multilingual support, including Arabic, Chinese, Korean, and Indonesian. This helps serve customers from various regions around the globe.

Many users report positive experiences with Bitget’s support team. For example, one customer faced issues accessing their account.

The support team worked diligently to resolve the technical glitch, ensuring the user’s funds remained safe.

However, some customers have expressed frustration with response times or resolution quality. It’s essential to provide precise details when contacting support to expedite your case.

When facing a typical issue like login problems, you can:

1. Contact live chat support
2. Explain the issue in detail
3. Follow the agent’s troubleshooting steps
4. Allow time for technical investigation if needed
5. Confirm resolution and account access

Bitget’s community forums offer another avenue for support. You can find answers to common questions or connect with other users who may have faced similar issues.

 

Is Bitget A Legal & Safe Platform?

Bitget operates as a legal cryptocurrency exchange in various countries. The platform holds a US Money Services Business (MSB) license to serve American customers.

You can trade with confidence knowing Bitget complies with regulatory requirements.

They’ve obtained licenses in multiple jurisdictions, including a Virtual Asset Service Provider (VASP) registration in Poland and Lithuania.

Security is a top priority for Bitget. The exchange implements robust measures like password hashing and two-factor authentication (2FA) to protect your account.

Mandatory Know Your Customer (KYC) procedures help prevent fraud and ensure compliance with anti-money laundering regulations.

This adds an extra layer of security for all users.

Bitget has demonstrated responsiveness to regulatory inquiries. When faced with compliance challenges, they’ve taken swift action to address concerns and maintain their legal status.

User trust scores and security ratings for Bitget are generally positive. Many traders appreciate the platform’s commitment to safety and regulatory compliance.

Remember to exercise caution and conduct your research before using any cryptocurrency exchange.

While Bitget has solid security features, it’s always wise to stay vigilant and follow best practices for protecting your digital assets.

Conclusion

Bitget offers a robust platform for cryptocurrency trading with a user-friendly interface and helpful tutorials, making it accessible to beginners.

The exchange appeals to cost-conscious traders with various cryptocurrencies and low fees, while advanced users benefit from features like futures trading and copy trading.

Bitget’s robust security measures and reputation as a top 10 derivatives exchange instill confidence.

Newcomers will appreciate its intuitive deposit feature and educational resources, while experienced traders can leverage advanced trading tools and social trading options.

Whether you’re into spot trading, futures, or copying successful strategies, Bitget provides intelligent bots for portfolio management.

If you value functionality and ease of use, Bitget is worth considering, though it’s essential to research and assess your specific trading needs before making a decision.

Check how Bitget stands up against its competition:

• Bitget vs Phemex
• Bitget vs Bybit
• Bitget vs Binance
• Bitget vs BingX
• Bitget vs KuCoin