Bitget builds top derivatives exchange with copy trading in focus: Key takeaways
Global cryptocurrency trading platform Bitget unlocks new opportunities for all enthusiasts of copy trading and derivatives trading in crypto.
Its user base exceeds eight million customers in 100 countries globally.
- Crypto derivatives exchange Bitget is among the pioneers of copy trading in the digital assets sphere;
- It delivers the services of crypto conversion and margin trading and supports 500+ currencies;
- In 2022, it was named a top 3 exchange by BCG and made it to the top 10 exchanges by aggregated Open Interest;
- The platform was one of the first to launch a user protection fund and activate a transparent proof-of-reserves mechanism;
- Last year, it scored long-term sponsor partnerships with Argentinian football legend Leo Messi, Italy’s most-winning football club Juventus and the largest crypto-friendly e-sports organization, PGL.
As such, Bitget is a textbook example of how a new-gen centralized cryptocurrency ecosystem brings the next generation of traders to the Web3 segment. With balanced marketing, a focus on an intuitive user experience and impressive tooling, Bitget is going to challenge old heavyweights in the CEXes scene.
What are crypto derivatives?
In general, derivative contracts or derivatives are financial instruments that derive their value from some “underlying” asset – stock, commodity, digital or fiat currency. Instead of trading assets themselves (i.e., barrels of oil or gold bars), traders can buy and sell Gold (XAU) and oil derivatives. It is much easier and removes the necessity to store and transfer physical assets.
In cryptocurrencies, it works in the same manner. To trade Bitcoin (BTC) futures (some platforms use a specific ticker XBT for them), you do not need to store Bitcoin (BTC) physically, i.e., to create a crypto wallet, download and save private keys, authorize every transaction with them and so on.
Instead, users can trade crypto derivatives, contracts with the prices pegged to Bitcoin (BTC), Ethereum (ETH), U.S. Dollar Tether (USDT) and other mainstream and exotic cryptocurrencies. It is far more efficient in terms of organization and is the only option for some anti-crypto jurisdictions.
What is copy trading?
Copy trading is a strategy of a market participant that automatically mimics the activity of this or that experienced trader. In copy trading, a “follower” opens and closes positions together with his “master trader.”
Copy trading is a good choice for newbies of crypto markets. It can help newcomers to advance their understanding of markets’ mechanisms, principles of trading, various aspects of a broker’s (exchange’s) operations and so on. However, just like all “passive income” schemes, scams in copy trading are popping up here and there.
That is why it is crucial for new traders to choose a reliable platform with transparent reputation management and feedback systems. Copy traders should always be aware of trading history, relevant PnL and the reputation of a pro trader they would like to follow.
Introducing Bitget, leading crypto derivatives and spot exchange with copy trading
Introduced in May 2018, global crypto platform Bitget is now one of the largest and most popular platforms for copy trading approved by 8 millions of users with various levels of expertise in crypto and blockchain.
Bitget made it to the top rankings of CEXes
First and foremost, Bitget is among the best performers of 2022 in terms of crucial trading volume metrics. In 2022, it registered a 300% increase in aggregate transactional volume across all available trading pairs.
Following the collapse of the FTX/Alameda ecosystem, Bitget increased its share in the derivatives segment from 3% to 11%, which is the most impressive upsurge in the segment. Also, in December 2022, when the rest of the segment was struggling with a recession, Bitget witnessed an increase in Open Interest (OI), from about $800 million to $3.74 billion.
Thanks to these notable accomplishments, the platform appeared in the prestigious rankings of cryptocurrency platforms. Namely, it made it into the top five exchanges by trading volume and OI by CoinMarketCap and CoinGecko, two of the largest trackers of crypto data. Also, Boston Consulting Group (BCG) named it a top three crypto exchange in July 2022.
Feature-rich copy trading dashboard
Bitget gained traction as one of the pioneers of copy trading in cryptocurrencies. Since the activation of this function, over 80,000 elite traders started sharing their portfolio, while 380,000 “subscribers” decided to follow them.
Image by Bitget
As of early Q1, 2023, the number of profitable trades made in the copy trading segment eclipsed 47 million. Followers earned over $300 million, while elite traders got $20 million as rewards for sharing their strategies.
To enhance the copy trading experience, the platform launched Bitget Insights in October 2022. This portal invites all experts to share their opinions on the hottest market events and trends. In the first three months, the platform onboarded 500 authors who shared over 10,000 pieces of content.
Highly secure one-stop platform for pros and newbies
Bitget merges the benefits of spot and derivatives exchanges as it offers its customers both toolkits. In its spot module, Bitget supports major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), the largest USD-pegged stablecoins U.S. Dollar Tether (USDT) and USD Coin (USDC), native utility crypto Bitget Token (BGB), as well as 480+ other cryptocurrencies and over 580 trading pairs.
Image by Bitget
Since May 2019, Bitget offers USDT-margined futures. They are easier to understand and therefore can become an entry point for newbies. Also, Bitget was the first platform to introduce USDC-margined futures in 2021; USDC issuer Circle was the partner of this release. As of now, 130 trading pairs are available in the USDT- and USDC-margined futures segment.
To rebuild trust in cryptocurrency and ensure the safety of all customers, Bitget introduced a $300 million protection fund, the second largest among all CEXes. Also, it was among the first crypto majors to unveil a proof-of-reserves mechanism in Q4, 2022. The total reserve ratio is over 230%, according to the data on its POR page.
Image by Bitget
Bitget partnerships with Messi, Juventus speed up crypto adoption
Bitget is laser-focused on introducing cryptocurrencies to no-coiners. That is why it has scored a number of partnerships to enlarge its audience across the globe. Namely, it became a sponsor of Lionel Messi, the legendary Argentine football player. The partnership was inked amid the euphoria around the FIFA World Cup 2022 in Dubai.
Image by Bitget
Also, since 2021, Bitget is supporting Juventus, the most famous Italian football club. The exchange is a first-ever sleeve partner of one of the most winning clubs in European football. As covered by U.Today recently, Bitget also scored a partnership with Juventus’ women’s team.
Besides that, Bitget supports PGL, a crypto-friendly organization behind the largest e-sports events.
Spot and derivatives exchange Bitget is a pioneer of copy trading in cryptocurrencies. Being in the game for nearly five years, it has managed to build a solid and passionate community: eight million customers are using its services. Almost half a million traders used its copy trading toolkit.
The platform created a transparent security fund and proof-of-reserves mechanism. It added USDT- and USDC-margined futures to streamline the derivatives experience for newbies.
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