Bitget Review For Australians: Here’s What We Think

Last Updated on February 1, 2024 by Kevin Groves

Bitget is a reputable cryptocurrency exchange for buying, selling, and trading digital assets. The exchange has one of the lowest trading fees. However, withdrawal is limited to only crypto assets. Read our full Bitget review to see if it’s the exchange for you.

Bitget Pros Explained

• Trading fees: Bitget fees are among the lowest in the Australian market and provide great value for money. The exchange charges a flat 0.10% fee for maker and taker orders placed on the spot exchange, and maker and taker fees for futures start at 0.02% and 0.06%, respectively. This is on par with Bybit (0.06%/0.01%). 
• Regulated by AUSTRAC: Bitget is regulated in Australia by AUSTRAC which should provide you with better confidence.
• Copy-trading is available: Bitget offers a copy-trading strategy for Aussies to mirror and execute the same trades as pro traders. With this, traders can potentially make more profit.
• Bitget Earn: The Bitget Earn feature allows you to generate passive income through a savings account and crypto staking.

Bitget Cons Explained

• No fiat withdrawals: Bitget only supports withdrawals of crypto. This means that you cannot sell your crypto to AUD and transfer it to an Australian bank account.
• Poor customer support: Bitget has a reputation for poor customer service. Popular review websites indicate that the exchange’s customer support section needs improvement.
• Lack of AUD support: With no AUD/crypto trading pairs on the spot and futures markets, and only 10 cryptos that you can buy using a credit card, Australians are inconvenienced by the lack of AUD support.

Who Should Use Bitget?

Bitget is a good option for crypto investors looking for a low-cost exchange with copy trading features. Bitget does have its limitations but it still provides Australians with the basic features and functions that someone could want. Other investors who want access to more AUD/crypto trading pairs, support for AUD withdrawals, and other features such as NFTs may opt for an alternative with better-developed features such as Binance Australia or Bybit.

Bitget At A Glance

Here is a quick summary of Bitget.

Exchange Name	Bitget
Supported Countries	100+ (including Australia)
Fiat Currencies Supported	AUD and 64 others
Supported Cryptocurrencies	400+
Markets	Spot, futures
Deposit Methods	Credit card, Apple Pay, Google Pay, crypto
Deposit Fees	None (third party fees apply)
Trading Fees	Spot: 0.1% (maker) and 0.1% (taker) Futures: 0.02% (maker) and 0.06% (taker)
Withdrawal Fees	None
Interest-earning Wallet	Yes
Mobile App	Yes (Android, iOS)

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What Is Bitget and What Do They Do?

Bitget is a Singapore-based cryptocurrency exchange founded by Sandra Lou in 2018. The company’s goal is to inspire people to embrace and connect with crypto, the future of finance. Since its launch, Bitget has grown to become a reputable global exchange where it provides its services to over 100 countries including Australia. Bitget allows Australians to easily invest in crypto assets using Australian Dollars (AUD), however, there are some limitations to be aware of.

Bitget has secured its place in the global crypto market with its advanced spot and futures trading market features. However, the company has recently introduced a variety of copy-trading features and user-friendly features to entice new users. Bitget supports 401 digital currencies across 536 markets and has access to above-average liquidity on its spot and futures markets.

Here’s What We Think of Bitget

While Bitget offers various crypto-related services, including buying and selling cryptocurrencies, some products and services help the exchange stand out from its peers. We review some of Bitget’s top features below.

Copy-trading

Crypto copy trading is one of the notable features of Bitget. Similar to eToro’s CopyTrader feature, the exchange offers a copy trading market where traders can mirror and copy expert traders’ moves and strategies for free. The expert traders are called “Top Traders.” Investors can view these top traders’ ranking, followers, trade history, Return on Investment (ROI), and total Profit and Loss (P&L).

And these expert traders are incentivised. They can earn up to 8% of their followers’ total profits.

Alternatively, investors can use the “Strategy Copy Trading” feature to subscribe to a strategist or buy a trading strategy from pro traders to mirror their trades. The subscription allows investors to mirror the expert’s trades 24/7. Overall, Bitget’s copy trading features stack up incredibly well when compared to some of the top crypto copy sites we’ve reviewed such as Phemex and eToro.

Robust futures trading

Bitget also offers derivatives trading to crypto traders in the futures market. The exchange has 200+ trading pairs that enable advanced traders to invest via various derivatives trading contracts and leveraged trading. The contracts include USD-M Futures, USDC Futures, and Coin-M Futures.

The coin-margined contract trading offers isolated margin and cross-margin modes, but its leverage ratio is set at 20x by default. However, this can be increased to 100x leverage for futures, depending on the selected coin pair.

The platform provides real-time analytics and other information to guide traders and help them monitor market conditions without hassles.

Bitget Launchpool to stake your crypto

The Bitget Launchpool is the home for crypto staking on Bitget. Like other exchanges that offer crypto staking, the Bitget Launchpool is part of the exchange’s “Earn Program,” offering traders and investors a chance to use their idle crypto assets.

When Bitget users lock up their digital assets in the Launchpool, they get rewards in the form of new crypto tokens.

Additionally, you can stake BGB tokens for annual profits. However, the Annual Percentage Yield (APY) for Bitget staking is not fixed. Instead, your yields are derived from the division of their staked assets by the total assets staked by everyone in the Bitget Launchpool with rewards paid hourly. 

Bitget token (BGB) with discounts

The Bitget token (BGB) is another top feature of the Bitget exchange. As the exchange’s utility token, Bitget traders can reduce transaction fees using BGB. For instance, users who hold the BGB token enjoy a 20% discount on trading fees in the spot market, while users holding BGB and trading futures can cut down fees by 15%.

At the same time, investors can lock up their BGB tokens in the Bitget Launchpool for staking rewards.

Bitget Fees and Is It Expensive?

Deposit and withdrawal fees

In terms of deposits and withdrawals, there are no deposit fees for cryptocurrencies. However, Bitget charges a withdrawal fee determined by the underlying coin and the network realities at the withdrawal time. ERC-20 tokens have the highest withdrawal fees.

AUD and other fiat deposits are also free on Bitget regardless of the payment method (including credit/debit cards, Google Pay, Apple Pay, and SEPA). However, the payment provider or affiliated financial institution typically charges a fee from their end.

Trading fees

Bitget has some of the lowest fees on the Australian market. The exchange uses separate maker-taker fee models for its spot and futures trading markets. For spot trading, Bitget charges a flat maker and taker fees of 0.1% which is the same as Binance. But if customers hold the platform’s BGB token they are eligible to receive a 20% discount which reduces fees to only 0.08%. On the other hand, futures trading on Bitget attracts a fee of 0.02% for makers and 0.06% for takers which is fairly consistent with other exchanges that offer futures trading.

Bitget’s fee structure is sound, as only a few other exchanges charge as low as 0.10% per trade. This makes Bitget a good choice for investors looking for a low-cost exchange to buy and sell crypto. 

Zero fees for copy-trading

There are no fees for copy trading on Bitget, except for traders who want to buy strategies from experienced traders. However, when copying trades, the signal provider gets an 8% cut of the trading profit.

What Cryptocurrencies and Trading Pairs Are There?

Bitget supports over 450+ cryptocurrencies and 200+ trading pairs. Some of the popular coins on Bitget to buy include the following:

• Bitcoin (BTC)
• Ethereum (ETH)
• Dogecoin (DOGE)
• Polygon (MATIC)
• Enjin Coin (ENJ)
• Ripple (XRP)
• Solana (SOL)
• Litecoin (LTC)

Many of these cryptocurrencies are also paired together for advanced trading in the futures market. Popular trading pairs include BTC/USDT, ETH/USDT, XRP/USDT, BCH/USDT, and LTC/USDT. You should note, that there is no support for any AUD/crypto trading pairs on its spot of futures markets.

The crypto options on Bitget are limited compared to other exchanges like Coinbase and CoinSpot that we have reviewed which supports 8,800+ digital assets. Similarly, many of the coins available on Bitget are decentralised finance (DeFi) coins with low market valuations, making the exchange more suitable for DeFi-focused investors.

Getting Started On Bitget

Creating a Bitget account on a desktop computer or mobile device is quite straightforward. After signing up for a free account, you can follow the steps below to complete the registration process.

Verifying your account

Bitget allows you to buy and sell digital assets without completing the Know-Your-Customer (KYC) process. However, access to the platform’s features such as withdrawals are restricted without identity verification.

Proof of identity documents that can be submitted includes an Australian passport, your driver’s license, or any other government-issued ID. Meanwhile, proof of address documents includes recent utility bills or bank account statements with your full residential address. Once the documents are submitted, Bitget will go through them and provide an update within a few minutes.

How to fund your Bitget wallet

Australians can fund their Bitget wallet using cryptocurrencies transferred from an external wallet without any charges. Alternatively, you can directly purchase crypto using your Australian credit card. Payment services Apple Pay and Google Pay are also supported to round out Bitget’s deposit methods.

Bitget has no deposit limits, but the platform has withdrawal limits. New and unverified accounts have a daily withdrawal limit of 20 BTC, while verified Bitget accounts have a daily withdrawal limit of 200 BTC. At the same time, only verified accounts can become copy traders and share their strategies. Unverified accounts can only follow other verified traders.

Our Thoughts on Using Bitget to Trade

The Bitget exchange offers two trading platforms: the basic platform for newbies and the advanced platform for seasoned investors. This is to cater to both beginners and advanced crypto traders. However, both platforms prioritise crypto-to-crypto transactions over fiat.

The basic trading interface is a spot trading option that allows customers to buy and sell instantly. Here, users can easily find an asset by typing its ticker symbol into the search bar and selecting a trading pair. This would redirect them to a trading chart where they can click the ‘Trade’ button and open a trade.

For investors, the ‘Futures trading’ platform is handy. It has all the features of an advanced platform, including indicators like the price oscillator, live charts, and Bitget copy trading.

Is the Biget Mobile App that good?

As is the industry standard, Bitget has a mobile app for Android and iOS devices. And mobile-first users will find this app handy. With the Bitget mobile app, traders can seamlessly execute, monitor, and close trades anytime and anywhere. The app functions similarly to the desktop platform, with a user-friendly interface that makes it easy for traders to place orders in the spot and futures markets.

The Bitget app has a 4.6/5 rating on the Google Play Store and a 4.4/5 rating on the Apple App Store. Online reviewers particularly like the app’s ease of use and Bitget’s bonuses.

We Tested the Customer Support

Bitget has a dedicated customer support team available 24/7 to help you whenever you get stuck using the platform. The support team can be contacted via email. The exchange also has an educational hub (the Bitget Academy) and FAQ section with numerous learning resources and information about using the platform or solving common challenges.

During our review, we contacted the support team via live chat, and there were a few self-service suggestions for common issues. The chatbot was also active, and after a request was sent, the feedback was that the Bitget team would reach out within 1 to 2 working days, which is quite a long time.  

What Other Traders Are Saying

Despite Bitget’s efforts and resources to support customers, online reviews on Trustpilot suggest that customers are unsatisfied with the service they get. The exchange has a 2.2/5 rating, with 63% of the exchange’s reviews on Trustpilot indicating a lot to improve in this regard.

Most customers complained about the platform’s slow customer support response time and how unstable the mobile app is. Also, the Bitget exchange was said to have a complicated structure with errors that can result in users not receiving their staking rewards.

Do We Think Biget Is Safe?

Bitget is one of the most reputable exchanges on the global scene. The exchange employs various security measures to safeguard customers and their funds. First, new accounts on Bitget must undergo a KYC process before accessing the maximum withdrawal limit. This method enables Bitget to eliminate scams.

For additional security, you must enable 2-Factor Authentication (2FA) to provide additional protection from account break-ins or theft from malicious actors. Additional security measures include wallet address whitelisting, anti-phishing codes, and secure cold storage.

In addition, Bitget has a $200 million protection fund set aside to repay customers in the case of business liquidation or platform hack. The $200 million fund consists of 6000 BTC and 80 million USDT, a stablecoin immune to market price volatility. Since Bitget has never been hacked, it’s safe to say the exchange is secure, and the security measures are effective.

Our Final Verdict

Bitget is a relatively well-stocked trading platform with features to suit a wide range of users. The platform offers basic and advanced trading features across the spot and futures market, and it is reputable for its strong security and high regulation. Australian investors keen on a low-cost exchange with AUD support for crypto trading and investing will fancy Bitget, however, the lack of AUD deposit and withdrawal support might turn some Aussies off.

Bitget is a sound Australian option to choose but there are far better crypto exchanges to go with that provide more robust and better-developed ecosystems of services to benefit from.

Frequently Asked Questions