Bitget Exchange Review | Does It Live Up to the Hype?

If you're looking for a cryptocurrency exchange with low trading fees, Bitget might be the perfect choice for you. Bitget charges a 0.1% spot maker fee and a 0.1% spot taker fee, making them one of the more affordable options on the market.

And for users that trading using Bitget's GBG token, they will receive an additional 20% discount on their spot trading fees.

When it comes to futures trading, Bitget also offers competitive fees. They charge a 0.02% maker fee and a 0.06% taker fee, which is in line with other exchanges like Bitget vs Binance, Bitget vs Kucoin and Bitget vs Bybit.

Additionally, Bitget offers margin trading with a 0.02% fee for opening a position and a 0.06% fee for closing it. This makes them a great choice for traders who want to take advantage of leverage.

Compared to many other exchanges, Bitget's fees are on the lower side so If you're looking for an exchange with low cost trading fees, Bitget is definitely worth checking out.

Bitget offers multiple deposit options for users that wish to deposit fiat currencies, cryptocurrencies or use their credit/debit card to buy cryptocurrencies.

To begin, Bitget has enabled support for five fiat currencies including EUR, GBP, RUB, UAH and BRL. For EUR, SEPA deposits are available free of charge with arrival times within 1-2 days.

For those that wish to deposit GBP, they can do so with Faster Payments with zero fees and instant arrival times. RUB and UAH can be deposited at zero cost via Advcash while BRL is supported via PIX Bank Transfers at 0% fee.

Besides fiat deposits, users can also purchase cryptocurrencies using credit or debit cards with support for many more fiat currencies.

Bitget supports over 40 fiat currencies for buying crypto with a credit or debit card, making it a convenient option for plenty of users around the world.

This added convenience also comes with higher commissions that can range between 2-10% depending on the fiat currency being used and the cryptocurrency being purchased.

Bitget also collaborates with third-party providers like Simplex, AlchemyPay, Banxa and Mercuryo which also allows users to use their credit/debit cards to buy cryptocurrencies.

For those that wish to buy and sell cryptocurrencies P2P-style, that is also available on Bitget for a wide range of fiat currencies and for the main cryptocurrencies like BTC, ETH, USDT and USDC.

Users on Bitget are of course able to withdraw the same five fiat currencies that they are able to deposit. This includes withdrawing EUR via SEPA and 0.5 EUR withdrawal fee and GBP via Faster Payments for a 0.5 GBP fee and instant arrival time.

RUB and Ukranian UAH can be withdrawn with Advcash with a 2% and 10% transaction fee. Finally, BRL withdrawls are free of charge via PIX Bank transfer and arrive instantly.

Users can of course also withdraw their cryptocurrencies from the platform with differing fees depending on which coins are withdrawn. For example, Bitget charges 3 USDT for ERC-20 USDT withdrawals and 0.0005 BTC for Bitcoin withdrawals.

Bitget places a strong emphasis on security, offering a multi-layered approach to ensure users' accounts and transactions are safeguarded.

One of the primary security measures is Two-Factor Authentication, which can be activated using phone number verification. This method utilizes phone verification codes to bolster account and transaction security.

In the interest of heightened security, any change to the bound phone number results in the temporary disabling of payment and withdrawal functions for 24 hours.

Similarly, email verification serves the same purpose, sending codes to users' emails to authenticate transactions and account changes. As with the phone number, modifying the bound email also leads to a 24-hour suspension of payment and withdrawal.

For those seeking an additional layer of security, Bitget recommends the use of Google Authenticator. This tool generates time-sensitive codes, further fortifying account and transaction protection. Again, any alteration to the bound Google Authenticator pauses payment and withdrawal for a day.

Bitget also offers advanced security measures. Users set a login password that not only ensures account access is restricted but also secures transactions.

Any change to this password triggers the same 24-hour suspension of financial functions. Another feature is the fund code, which operates similarly to the login password in terms of its security implications.

A unique feature is the withdrawal whitelist. When activated, users can only withdraw to pre-approved, whitelisted addresses, adding an extra layer of protection against unauthorized withdrawals.

Bitget also employs an anti-phishing code mechanism. This means that every email sent by Bitget to its users contains a specific code, ensuring that the communication is genuinely from the platform and not a phishing attempt.

Bitget also employs the "Proof of Reserves" mechanism to ensure transparency and security for its users. This system guarantees that Bitget will always hold 100% of the users' assets in reserves.

To maintain transparency and prove its adherence to this commitment, Bitget publishes its Merkle Tree proof and the platform's reserve ratio every month.

The reserve ratio is calculated by dividing the platform's assets by the users' assets. A result greater than or equal to 100% indicates that Bitget has the necessary reserves to cover all user assets.

As of the last snapshot taken on October 10, 2023, the total reserve ratio stood at an impressive 207%, showcasing that Bitget holds more than the required assets in BTC, ETH, USDT, and USDC.

The Merkle tree, a data structure used in this context, is generated from all balances and consists of 24 layers with 6,574,791 records.

This procedure provides a layer of transparency, assuring users of the existence of on-chain reserves that either match or exceed their total holdings on the platform.

Users can then verify their assets presence in the Merkle tree by checking the total amount of user assets stored in the Merkle tree leaf nodes.

Bitget is one of the leading exchanges in the world and they offer a wide range of products and services that cater to beginners and professionals alike.

They offer a wide range of over 500 cryptocurrencies and 100s of perpetual contracts with low trading fees of only 0.1% for spot and 0.2%-0.6% for futures. These is a very competitive offering that can

The platform also offers a wide range of additional products including earn products, staking rewards, trading bots, a Web 3 Wallet and much more.

This is without a doubt an exchange that is continuously improving it's products and services and that's the reason why it's one of the fastest growing exchanges on the market.