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Navigating the crypto market in 2024 with Bitget exchange: Tips and strategies

Established in 2018, Bitget is a fully-fledged cryptocurrency exchange with over 25 million registered traders and an average daily trading volume of $10 billion.

Bitget is also a leading crypto derivative platform by trading volume. At press time, it was the fourth-largest derivative crypto trading platform. It allows traders to trade futures on margin with high leverage or use trading bots.

According to Coingecko, the platform’s Open Interest -the total number of outstanding derivative contracts- has risen above $10 billion i.e. over 400% since January 2024, suggesting rising active engagement by traders on the platform. The exchange also achieved the highest capital inflows amongst all major centralized exchange in May and highest YTD spot market share growth in April. 

While the platform is making strides in derivative trading, its new CEO, Gracy Chen, highlighted her dedication to growing the spot market through more market offerings and collaborations with major projects like Toncoin and Ethena to boost engagement. 

Read more: Every employee at our exchange is also its user: Interview with Bitget CEO Gracy Chen.

How to set up a Bitget account in 3 steps

Registering for an account is your first step to engaging with the Bitget exchange. Here is how to get started in three steps:

Step 1: Registration

  1. Visit the Bitget exchange website. Here is a quick link: Bitget
  2. At the tab at the top of the page, click ‘Sign up.’
  3. Enter your sign-in details. You can create an account using an email address or a phone number. Set a strong password.
  4. Accept the terms and conditions, then click ‘Create Account.’

You can bypass this step by logging in directly with your Gmail, Telegram, or Apple account. 

Navigating the Crypto Market in 2024 with Bitget Exchange: Tips and Strategies
Bitget sign-up page

Step 2: Account Verification

After signing in, you will then be required to confirm your email or phone number, depending on the method you choose to sign in with. 

You will receive a verification link in your email or a code sent to your phone that you will then use to verify your login details. 

Step 3: Identity Verification

Identity verification involves verifying your identity with the exchange. The process is mandatory to ensure compliance with KYC and AML guidelines.

The process is automated and involves sharing a photo of your identity document and a selfie with the exchange.

Bitget’s top trading strategies

Bitget offers three major trading strategies: trading bots, copy trading, and Pre-market. You can also choose to trade in the conventional spot and future markets.

Trading bots

These are bots coded with algorithms that execute trades when predetermined conditions are met. The flexibility of code has allowed Bitget to model bots that capitalize on different trading strategies.

There are specific bots for spot and futures trading. Spot bots, for instance, use pre-set parameters to determine the time, frequency, and price of regular purchases to mitigate volatility risk. Advanced bots like the Spot martingale automate spot investments for low-volatile markets.

Why would you use a bot for trading? Bots are immune to market emotions since they operate on rules coded into their programs. They also react quickly to market conditions and operate 24/7.

Navigating the Crypto Market in 2024 with Bitget Exchange: Tips and Strategies
Bitget trading bots

Copy trading 

Copy trading allows you to copy trade moves made by successful ‘elite’ traders or bots. The strategy is automated. When initiated, trades on the copier account, including open positions, are replicated in your account in similar ratios after initiating the strategy. 

Bitget copy trading has over 165,000 elite traders and 800,000, with a realized profit of over $530,000,000.

Pre-market

Bitget’s Pre-market feature allows you to trade cryptocurrencies before the official listing. Trades are peer-to-peer, where counterparties dictate prices and quantities. 

The arrangement allows for early price discovery before the official listing. Engaging in pre-market trading early on enables users to spark the interest of the trading community and draw in initial supporters. This proactive approach may establish them as the leading trading markets for the asset once it becomes available for trading.

Earning passively on Bitget

Bitget’s ‘earn’ products allow you to earn passively on idle cryptocurrencies by subscribing to them. This product best suits traders who buy and hold until the market turns favorable. It is also a great way for beginners to earn as they explore other products on the platform. 

Here are some of the most popular ways to earn passively on Bitget.

Launchpool and launchpad

Bitget’s Launchpool and Launchpad platforms allow users to stake and acquire tokens from emerging projects. With Launchpool, users can engage in staking or liquidity mining by committing their tokens to receive new ones. Conversely, Launchpad focuses on initial exchange offerings (IEOs), granting users early access to newly issued tokens.

PoolX 

Navigating the Crypto Market in 2024 with Bitget Exchange: Tips and Strategies
Bitget PoolX

 

PoolX is a mini-version of Launchpool, offering more frequent launches in smaller volumes and continuous staking opportunities. A major advantage of PoolX is its flexibility. It allows you to unstake your tokens when the market turns unfavorable without sacrificing liquidity. You can also compound your hourly returns for higher gains.

Also, unlike conventional staking, where you earn the staked token, PoolX allows you to earn different tokens, often newly listed tokens, and options with more stable assets such as BGB, USDT, BTC and so on.

Trading and withdrawal limits

Bitget trading fees and withdrawal limits are tiered into VIP levels, each determined by one of three parameters: 30-day trading volume, asset balance in USD, or BGB balance. The higher the VIP level, the higher the withdrawal limit and the lower the trading fees.

Makers typically pay lower fees than takers. A maker provides liquidity by placing a limit order, while a taker removes liquidity by placing a market order.  Fees settled in BGB enjoy a 20% discount. 

The table below shows Bitget’s spot trading fees and withdrawal limits.

VIP Level 30-day trading volume (USDT)   Account balance (USDT)    BGB balance Maker / Taker 24h withdrawal limit (USD)
VIP 0 >0 or >0 or >0 0.100% / 0.100% 3,000,000 USD
VIP 1 >500,000 or >30,000 or >20,000 0.080% / 0.080% 4,000,000 USD
VIP 2 >2,000,000 or >50,000 or >30,000 0.065% / 0.070% 6,000,000 USD
VIP 3 >8,000,000 or >250,000 or >150,000 0.050% / 0.060% 8,000,000 USD
VIP 4 >30,000,000 or >750,000 or >400,000 0.040% / 0.050% 10,000,000 USD

Note: The levels go up to VIP 7. Futures trading fees differ from spot fees but follow a similar VIP fee structure.

Security practices to ensure security on Bitget 

Bitget has consistently enhanced its security capabilities, but the effectiveness of these measures also depends on the user’s security precautions. Here are practices that can help minimize potential risks to your assets and personal data.

  • Set a secure password that combines letters, numbers, and symbols. It should not be a common phrase. Also, change it periodically.
  • Enable multi-factor authentication. This form of authentication provides an extra way to prove account ownership other than your password.
  • Double-check the exchange’s URL while navigating to avoid falling for phishing websites.
  • Ensure your computer or smartphone is updated with the latest security patches or antivirus programs.
  • Regularly monitor your account activity, particularly log-in history, this helps flag suspicious activity.

Decentralized Finance (DeFi) with Bitget Wallet

Bitget wallet is a multichain noncustodial cryptocurrency wallet that stands out for its inbuilt decentralized finance (DeFi) functionalities. The wallet has over 20,000 compatible Dapps, 20 million users, and an $8 billion swap trading volume across 100+ mainnets. 

The wallet’s features include swapping, a launchpad, an inscription center, and a decentralized application (Dapp )center. It is also user-friendly, making it easy to onboard users to Web3. 

Bitget wallet tokens: GASU and BWB

Bitget Wallet has integrated two native tokens, GASU and BWB. 

GASU is a cross-chain ‘point’ system that relieves users of transaction costs. The fees consumed during transactions are refunded to the “Earnings Center,” which users can withdraw at will. GASU, however, expires after a pre-set 30 days. Bitget regularly conducts ‘task to get’ activities that reward users with new tokens.

BWB is a new token intended to serve multiple purposes on the Bitget wallet. These include wallet governance, staking on launch pool and airdrop events, preferential access to some wallet features, and gas settlement through account abstraction.

The crypto landscape is quickly evolving, and in 2024, Bitget stands out as a dynamic and secure platform for cryptocurrency trading. By taking proper security measures and using its innovative features like PoolX and trading bots, you gain exposure to unique investment and growth opportunities. With Bitget Wallet, you can explore more opportunities in DeFi.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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