In the first quarter of 2024, trading volumes on the Bitget spot and futures markets increased by 100% and 146%, respectively. During the same period, the value of the platform's token increased by 80%, and the number of its users exceeded 25 million.
In a detailed review, we talk about the main services and competitive advantages of the exchange.
The Bitget ecosystem
Bitget was founded in 2018 by Sandra Lu, who currently holds the position of CEO. In June 2022, Gracie Chen became the managing director of the exchange.
The Bitget ecosystem is based on two main products: CEX and Web3 wallet. The centralized exchange offers:
spot, futures and P2P trading; a platform for passive earnings Bitget Earn;copy trading service;interface for setting up trading bots;Bitget Academy section with guides, expert advice and industry news.The Bitget Wallet supports:
a decentralized exchange;NFT marketplace;dapp is a browser for interacting with DeFi applications.Bitget Token (BGB) is a utility token of the platform with an issue of 2 billion units. It can be used to pay discounted trading commissions, staking, generate passive income and other activities.
The exchange pays great attention to partnerships: it has been cooperating with Argentine footballer Lionel Messi, as well as Juventus and Galatasaray football clubs for more than two years.
"Such collaborations not only increase trust in the exchange, but also help to make cryptocurrencies more accessible to a wide audience," Vugar Usi Zadeh, Bitget's chief operating officer, said in an interview with ForkLog.
In addition, the platform promotes the initiative to achieve gender equality in the Blockchain4Her Web3 industry and trains students within the Blockchain4Youth project.
Registration and trading
You can register for Bitget on the exchange's website or in the Android and iOS app.
Since August 2023, mandatory verification has been in effect on the platform: customers must provide a passport/driver's license and confirm the authenticity of the document. The procedure takes no more than 60 minutes.
After passing KYC, users get access to deposits, spot markets for 500+ assets and futures products with withdrawal limits of 2 million USDT.
Bitget presents:
USD-M ― perpetual futures with settlements in USDT or USDC;Coin-M ― perpetual futures with settlements in cryptocurrencies and tokens;Coin-M quarterly futures are delivery futures that can be held until the expiration date.The crypto exchange develops products for launching and distributing tokens:
Launchpad ― an IEO venue;Launchpool ― pools for farming tokens of new projects;PoolX is an airdrop platform for Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and other assets stakers;Premarket is a service for over―the-counter trading of cryptocurrencies before listing.The profitability of bots as of April 25, 2024. Data: Bitget.In addition, Bitget customers can set up bots for trading strategies like DCA, martingale and grid trading for the spot and futures markets.
Passive income and co-trading
Bitget Earn is a platform for users who want to receive additional income from their investments. The list of products includes:
Savings ― deposits for a fixed or flexible period with daily interest accrual;Staking ― staking any number of PoS cryptocurrencies like Ethereum and Solana at no additional cost;BGB staking ― staking of the c APY exchange token in the amount of 2% and withdrawals without commissions;Dual currency investments, Shark Fin, Smart Trend, Range Sniper ― structured products with APR from 1% to 20%;Money management ― transfer of funds under the management of Bitget partners;Secured credit ― loans of stablecoins and cryptocurrencies secured by other assets. Comparison of various structured products. Data: Bitget.In May 2020, Bitget was the first on the market to add support for copy trading, a trading strategy in which users (copy traders) copy the trades of leading traders (lead traders). At the time of publication, the exchange is one of the leading platforms in this segment.
"Social trading is especially popular among representatives of Generation Z (clients under 25 years old), who tend to trust more experienced traders. They account for 44% of all Bitget copy traders. In second place is the age group of 25-35 years with a share of 32%," the site's report for 2023 says.
Bitget users can subscribe to lead traders on the spot and futures markets or copy the trading bot's strategy.
The profitability of lead traders and bots as of April 23, 2024. Data: Bitget.Exchange-accredited traders share trading ideas and research on the Insights social platform.
Web3 wallet
Bitget Wallet is a non―custodial multichain wallet, formerly known as BitKeep. In 2023, Bitget became its controlling shareholder, after which it rebranded and introduced the service into its ecosystem.
The wallet supports more than 80 networks, the Lightning Network L2 solution and tokens of the BRC-20 and ARC-20 standards based on bitcoin. It is integrated with the NFT marketplace, the decentralized Bitget Swap exchange and other projects like the Jupiter DEX aggregator.
The main indicators of Bitget Wallet. Data: Bitget Wallet.Bitget Wallet is available as an extension for Chrome and a mobile app for iOS and Android. It uses MPC technology, which splits private keys into several parts and stores them on different servers. Two of the three keys are required to sign transactions.
Conclusions
In five years of operation, Bitget has created one of the most recognizable brands in the industry. This was facilitated by partnerships with Lionel Messi and Juventus, active work with the community and various campaigns like TraderPro.
"Two years ago, Bitget was in the top 20 crypto exchanges of the CoinMarketCap futures trading rating. But already in 2024, the platform recorded a record volume among derivatives platforms and gained a foothold in the top 5 in this indicator, which I consider a great success," Vugar Usi Zadeh said in an interview with ForkLog.
The exchange develops social trading, Web3 services and supports cryptocurrencies that are not represented on other centralized platforms. Since the beginning of the year, Bitget has listed 186 assets and distributed tokens to seven projects through Launchpool.