For many people wanting to enter the crypto markets, the world of digital currencies may seem daunting. On the one hand, investors may see the tremendous potential of this relatively new realm in the financial world and fear missing out on the great opportunities it presents. On the other hand, there is the fear of the unknown, a lack of knowledge about the basic mechanics involved in cryptocurrencies, and confusion about the many different types of digital investment vehicles available. And, of course, there is the aversion to risk in a market that often resembles a wild rollercoaster ride.
Forbes reports that the CoinMarketCap record shows approximately 22,932 cryptocurrencies of different types launched since Bitcoin first emerged just a decade and a half ago. Meanwhile, nearly 600 cryptocurrency exchanges are currently available worldwide, which can vary greatly in terms of costs, quality, level of service, and safety.
With such a myriad of options, the question begs: Where to start?
One great option for budding crypto investors, as well as experienced traders of all levels, is an up-and-coming centralized exchange called Bitget. For beginners, it offers innovative features, such as copy trading in spot and futures markets, and the Bitget Insight platform, which eases newbies into the overwhelming first steps and immediately gets them started with confidence. For veteran crypto investors, Bitget provides a range of advanced trading tools, including real-time market data, charting tools, and technical analysis indicators that allow traders to make informed trading decisions and stay updated with market trends.
With over 8 million registered users in more than 100 countries and regions around the world, as well as top investment institutions on board, like Dragonfly Capital and SNK, the platform boasts a high degree of liquidity. In fact, CoinMarketCap reported that Bitget’s liquidity score of 610 is higher than other major exchanges like OKX (580), KuCoin (588), and Gate.io (586). This means traders can buy and sell cryptocurrencies quickly and easily without having to worry about the market being slow or illiquid.
Bitget also offers some of the lowest transaction fees in the industry. For spot trades, Bitget charges a flat 0.1% for both maker and taker fees. For holders of the platform’s BGB utility token, the crypto exchange offers a 20% discount, making the fee 0.08%, which is very competitive and comparable to top platforms like Binance, Phemex, and KuCoin. There is a standard fee of 0.02% for makers and 0.06% for takers on its futures platform.
According to CoinGecko, Bitget is currently a top 10 spot trading platform and a top 5 futures trading platform. It provides a spot exchange for most mainstream cryptocurrencies, supporting USDT, USDC, BTC, ETH, BGB, and a total of over 470 cryptocurrencies and more than 500 trading pairs as of December 2022. It also supports USDT-margined futures, USDC-margined futures, and Coin-margined futures with 120 trading pairs.
Copy Trading
For new investors, as well as those who may not have time to closely follow the crypto markets, Bitget has launched copy trading for the crypto spot and futures markets, becoming the first exchange offering this feature.
Copy trading makes it possible to copy the behavior of elite traders and strategists. This allows investors to copy elite traders’ orders in the spot and futures markets, acquiring the same portfolio or positions that they have or mimicking whatever trades a strategist will make.
Copy trading is beneficial for elite investors as well. By sharing their trading strategies, they can build their influence in the crypto space while generating a passive stream of income that can amount to up to 10% of their followers’ revenue.
In addition, elite traders’ detailed portfolios and historical performance, including total Profit and Loss (PnL), win rate, and Asset Under Management (AUM), are available for followers to review on the platform. This allows users to determine if a trader’s strategy meets their risk/return expectations before subscribing to them.
Since Bitget introduced its copy trading feature in 2020, more than 80,000 elite traders and 380,000 followers have participated, with over 47 million profitable trades made as of January 2023. The gains reached $300 million, and profits shared with elite traders amounted to $20 million.
Crypto Futures and Derivative Trading
One of Bitget’s key advantages is its sophisticated products for futures and derivative trading in digital coins.
According to a report published by the Boston Consulting Group in July of 2022, Bitget is the number three crypto derivative exchange in the world. The platform saw a total increase in derivatives transaction volume of 300% in 2022 and has witnessed tremendous growth in trading volume and market share since the recent collapse of FTX.
In fact, a report released by TokenInsight shows that Bitget was the biggest beneficiary of the FTX collapse, with its share of the crypto derivatives market skyrocketing from 3% to 11% in the aftermath.
In May 2019, Bitget introduced a USDT-margined futures product that is more user-friendly for beginners than coin-margined futures, as it does not require investors to hold corresponding coins before going long or short.
In July 2021, Bitget became the first crypto exchange to launch USDC-margined futures through a partnership with Circle. Currently, Bitget supports USDT-margined futures, USDC-margined futures, and coin-margined futures with 120 trading pairs.
In December 2022, when the 24-hour Open Interest (OI) of the top 10 derivatives exchanges plummeted by about 40%, Bitget was the only exchange to see an increase in OI, from about $800 million to $3.74 billion. According to CoinMarketCap and CoinGecko, Bitget is consistently a top-5 derivatives trading platform in terms of volume and OI.
Security
Security-wise, Bitget boasts top-notch features for both new and veteran crypto investors leery about security. The platform created the Bitget Protection Fund in 2022 to ensure its users’ assets are safeguarded in the event of unforeseen incidents. It is now the second largest user protection fund among CEXs, with 6,500 BTC, 160 million USDT, and 40 million USDC, currently valued at $300 million. The assets are stored in seven wallet addresses that are public for users to track in real-time, and Bitget has pledged to maintain the fund’s value without any withdrawal for the next three years.
In December 2022, Bitget also launched a Proof of Reserves page to make the assets on the platform more transparent. The page is updated monthly, ensuring at least a 1:1 reserve ratio with customer funds. Additionally, the platform has developed an open-sourced ‘Merklevalidator’ tool available on GitHub, allowing users to verify their assets on the platform. The total reserve ratio is around 246%, according to the data updated on April 3.
With its copy trading features and advanced derivative trading vehicles, not to mention high liquidity and low fees, Bitget will appeal to crypto traders of all levels and, no doubt, inspire many people who have been hesitant about jumping into the cryptocurrency market in the past to finally take the plunge.
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