Last Updated on August 11, 2022 by aicrypto
We have tested the Bitget platform for our readers and collected our Bitget experiences. In this article we present in detail the Bitget Trading Bot, Copy Trading and the Bitget Exchange. All important details are analyzed.
General information about the Bitget company
Bitget is based in the Cayman Islands, according to the terms and conditions. The platform is very similar to the ByBit platform in terms of functionality and offers spot trading, future trading, trading bots, copy trading and a crypto launchpad.
↓ Easy Step-By-Step Bitget Tutorial for beginners ↓
The very comprehensive platform offers many exciting tools around the topic of cryptocurrencies. Only cryptocurrencies and no other assets can be traded on Bitget.
There is a Bitget Academy to explain all the important features on the portal. In addition, the Bitget blog provides information about innovations.
In addition to the website, Bitget also has a Google Play app, an IOS app and an Android APK (software package for Android).
An overview of the options on the Bitget platform
Bitget has a wide range of tools. We would now like to briefly introduce these tools to you:
- USDT Bitget Futures: (Classic crypto future trading with USDT, USDC).
- The platform also offers a DEMO trading account, especially suitable for beginners.
- Coin Futures: Future trading with all major and classic cryptocurrencies.
- Spot Trading: In the spot market, you can easily buy cryptocurrencies that end up belonging to you as well. You can withdraw these coins from the platform at any time.
- Future Copy Trading: this feature allows you to put your capital in the hands of traders and participate in their trading activities. Of course, there is also a lot of risk involved here. We will go into more detail about the advantages and disadvantages of Bitget Copytrading in the article.
- Spot Trading Bot: The Spot Trading Bot is a trading robot with a so-called grid trading strategy. With Spot Trading Bot, the coins are actually bought. Therefore, no margin call in the classical sense takes place. With the Future Bot you can use the same functionality, but with leverage and the risk of liquidation.
- Bitget Affiliate Program: Here you can earn an ongoing passive income by recruiting new affiliates, traders or customers to Bitget.
Bitget Trading Bot Experience
The first feature we tested was the Bitget Spot Trading Bit. With a lot of experience from our own Spot Grid Trading Bot, we found and understood the settings pretty quickly.
Bitget Trading Bot Setup
The results of the bot were about 7% in profit in a week with the current setup. The bot offers the functionality of Take Profit (without stopping the bot) or via an Exit button. In both cases, your profits are posted to your account and can be withdrawn.
At this point, however, one thing is very important to us. We deliberately use a Spot Grid Trading Bot and not a Future Trading Bot. We let the grid trading bot run without stop loss and do not let it stop when leaving the “range”.
In this section, we explain how to set up a Spot Grid Trading Bot and what you need to be aware of.
↓ How To Setup New Free Bitget Spot Grid Bot ↓
For a Spot Grid Trading Bot, the first step is to set the so-called “Range“. This is the minimum and maximum price in which the bot is allowed to trade. The number of “grids” is crucial here.
The more grids you use, the more prices can trigger a buy or sell. If you use a lot of grids the fees are correspondingly higher.
Conclusion about the Grid Trading Bot
In our experience, grid trading requires a lot of patience. The system requires a lot of capital and high volatility in the market.
Of course, the AI settings can be used. We recommend a more detailed analysis of support and resistance on the chart and a manual setting for less risk and more return.
Bitget Copy Trading Experience
Now we come to an extremely exciting area in the trading sector. In copy trading, you connect your account or capital to the account of a trader. This trader can trade with your money, taking into account your set stop loss and take profit strategy.
You can choose one or more traders from a ranked list of traders with corresponding trading history. A maximum of 450 people can follow each copy trader. For good traders, the participant limit is quickly reached. Therefore, one should not think too long.
A click on the trader’s profile gives further insight into the number of trades, profits and losses, as well as the capital development. You can also select the currency pairs you want to trade when selecting the trader. Blind following is not recommended.
Check the trader’s “Most Popular Trading Pairs” beforehand and analyze the “Position Duration” to get an estimate on the strategy.
↓ Learn How To Use Copy Trading On Bitget ↓
Always assume a total risk of loss when copy trading, you have little to no control over the trader. Accordingly, never trade with more money than you are willing to lose.
Bitget copy trading is not a 100% sure thing and should always be part of a larger strategy. Regular profit taking is also highly advisable in this area.
Bitget Copy Trading Conclusion
The system is very clear and simply made. The history is transparent and gives a fair insight into the opportunities and risks of each trader. The trader’s track record is very important and should be studied very carefully before investing.
We recommend spreading the capital on different traders and rather avoid the traders with extremely high returns (+200% and more). These returns indicate extremely high leverage and irresponsible trading with client funds. In the end, however, it is up to you.
Bitget Trading Experience
The Bitget trading engine is comparable to any other professional exchange. Limit order, market order, IOC order and post only order are available.
In futures trading, the platform provides trailing stop loss, stop loss and trigger order.
With a leverage of x125, trading in the futures area is definitely exciting for professionals. We strongly advise beginners not to use this feature!
The trading engine is fast, and we have not had any problem with the spread in terms of volume for market orders while trading.
The platform seems to have enough market makers and liquidity providers to ensure clean trading.
Conclusion Bitget Spot and Future Trading
The platform offers the standard trading features for spot and future trading, but unfortunately nothing more. For spot trading, we did not find a stop loss, only the trigger order option. Still, it is a positive trading experience.
How does Bitget work?
Bitget is an exchange or platform focused on cryptocurrencies, with different tools and features to make money. The focus or target audience is crypto traders or investors who want to use copy trading or trading bots.
How can I cash out at Bitget?
Withdrawal at Bitget is only possible with cryptocurrencies. All coins tradable via Spot Trading are also withdrawable on the platform.
How do you trade on Bitget?
You can execute your trades on Bitget just like on any other exchange using the classic interfaces and tools. The range of functions is hardly different from that of any other major exchange.
What does a trade cost on Bitget?
A trade always costs you 0.1% for spot trading, regardless of whether you are a maker or a taker. In futures trading, a trade costs you 0.051% as a taker and 0.017% as a maker.
How reputable is Bitget?
The company is based in the Cayman Islands. This is not unusual for crypto exchanges. Legally, in case of a hack or a SCAM of this platform, you will surely have problems getting back to your money.
Is Bitget legal?
So far, there are no warnings from authorities regarding Bitget. There is no sign of any illegal activity of the provider so far. Nevertheless, you should always be careful with such an anonymous provider and not blindly deposit large sums.