How to trade like a professional on Bitget?
In this article we will introduce you to the Bitget exchange ! Some numbers, futures, fees and the famous Copy Trading !
- What is Bitget ?
- Initialization of the Bitget account
- Registering on the platform
- Deposit money and view portfolio
- Does Bitget offer sub-accounts ?
- How to trade on Bitget ?
- Does Bitget charge competitive fees ?
- How to copy a trader's performance ?
- Some other tools on Bitget.
- What we can conclude.
What is Bitget ?
In the ecosystem of crypto exchanges, some are starting by adding new features. We all know spot trading, futures, NFT, stacking.... Most of the platforms offer this essential content but without trying to go further.
In this context, Bitget offers some very good ideas for the success of you traders. In this article we will go into detail but if I have to spoiler I will say: Copytrading traders and future account demo.
Bitget is a leader on the exchange market with a solid TOP 5 in terms of volume future. It offers to buy or sell a wide range of cryptocurrencies in spot and future. To professionalize your trading, Bitget offers the possibility to use a future demo account. The money in this demo account is fictitious but it allows you to practice.
Moreover, if you want to copy the good performance of a trader, the copy trading function is your friend.
Initialization of the Bitget account
Registering on the platform
Registering on Bitget is as simple as for any other platform. The only difference is that you don't have to perform a KYC (identity verification). As for the other platforms, you have 2 options when registering :
- Using the Cryptorobot link allows you to be eligible to earn up to $8000 via shares. In addition, during certain periods this link offers other benefits such as fee reductions or access to giveaways.
- Go to the Bitget site directly. In this case you will only be eligible for $4000 without the rest.
You will be asked for the usual information (email, name, password)
As said above, KYC is not mandatory unless you want to stack BGB (Bitget's house token, we'll talk about it again).
Deposit money and view portfolio
The account is created, all that is missing is money. As for the various exchangers, Bitget offers several solutions for depositing money.
- The first one is to deposit money via your bank account. You will have to go to the "Buy Cryptos" tab on the left. You must select the "Third Party Payment" function. Several partners are offered for payment by card or SEPA transfer.
- The second method is the transfer of a crypto via an exchange or a blockchain. In the "Active" tab on the top right you choose the "Deposit" option. Pay attention to the choice of the network you are going to use, that it is in adequacy with the source network.
Once the money is deposited in your account or after trading cryptos, you will find them with the "Active" option in the tab of the same name. Your portfolio is divided according to the different markets.
Does Bitget offer sub-accounts ?
Yes, Bitget offers sub-accounts. You will need to click on this link.
You will have to enter an email address for a new sub-account. The principle is simple, the different sub-accounts will work autonomously. You will be able to use USDT for different strategies on different sub-accounts.
How to trade on Bitget ?
Bitget has a strong expertise in the future market with large volumes. The spot market is also present for DCA or long term hold.
I'm going to detail Bitget's futures but if you want a more precise view of this market and the different tricks I invite you to read our article.
To start with the futures you need to go to the "Futures" tab and click on the first option "USDT Unified Account".
You will arrive on the following page :
Here you will find all the fundamental information for trading :
- On top, the list of all available pairs
- In the middle, the TradingView emulator. You can add default indicators or draw on the chart. The graphical analysis is recorded even if you move between the different pairs.
- At the bottom, the list of your current orders and the history of your future transactions.
- On the right side of the chart, the order book with the current buy and sell orders.
- On the left is the area to enter LONG or SHORT.
We will detail this area.
The principle is the same for a LONG or a SHORT. To make a transaction you have to define a price. Either you choose the best possible price at the moment, thus the market price. Or you want to execute the transaction at a specific price, i.e. a limit price. This choice is to be defined in the upper choices. The Trailing Stop will allow you to automatically adjust your exit price according to how the market behaves. For example you enter a position and set your SL (Stop Loss) to 3%. If the price rises the Trailing Stop will update your SL to 3% of the current price. The Trailing Stop allows you to follow the trend.
For the limit order, be aware that your order will remain pending in the order book until the price reaches the desired price.
In addition to the choice of the order, you should also define the size of your position according to the leverage.
If you want to learn more about futures and how to trade them better, we've done an article on it !
Bitget offers its users a very interesting feature. Indeed, you have access to a $3,000 demo futures account. You can practice on the market without taking any risk with your money ! Futures make you lose a lot so I invite you to test this part before you start trading with your money.
Does Bitget charge competitive fees ?
Fees are extremely important to your trading success. Neglecting them could give you unpleasant surprises. On trading algorithms, fees have a very high impact on performance.
In the case of Bitget, the fees are summarized in this link.
If I were to summarize we have 2 types of fees. The Maker and Taker fees :
- The Maker fee is the fee that is applied for transactions with a specific execution price. We are talking about Limit orders ! The Maker fee is 0.02%.
- The Taker fee is the fee that is applied for trades with a market price execution. These are all market orders ! The Taker fee is 0.06%.
Exchangers favor limit orders because they fill the order book so they create the market.
If you have BGB (Bitget's in-house token) and you activate the BGB fee payment you automatically get a 20% reduction in your fees.
How to copy a trader's performance ?
Unlike its competitors, Bitget offers to copy a trader's trades. What does this mean ?
A trader like you and me makes future trades on Bitget. He can propose a copy trading feature where the "copy traders" will copy each of his trades automatically. In the "Copy Trade" tab you will find a list of all the traders offering to follow them. You just have to click on follow and your future account will automatically copy all his trades. If he buys SHIBA in 50 leverage you will buy SHIBA in 50 leverage.
When you study the performance of a trader you have 4 main pieces of information.
- ROI : The ROI or return on investment is the trader's net performance from the moment he launched the feature.
- Cumulative Return : The Trader's net gain since launch
- NPL of copiers : The most important information. It represents the earnings of all copiers. The trader can have a positive ROI and still have a negative copycat NPL. For example the strategy is not working anymore or it has made losing trades just after adding a big amount.
- The AUM : It corresponds to the amount invested by the copiers.
With this type of function you have to be careful. Certainly the person will not be able to move your money but you could take very bad positions without reason. You don't know what is behind a trader. **Moreover, past performance is no indication of future performance.
Some other tools on Bitget.
- API management : You can code trading strategies on Bitget. On your little character on the top right you find the API management. Choose only the trader function when creating an API.
- Stacking : You can stack different tokens to receive a remuneration in addition to the performance of the index. In the "Earn" tab you have the list of tokens and the annual earnings next to it.
- The launchpad : Invest in projects verified by Bitget. You will be entitled to rewards via the project token.
- The Launchpool : Invest in a liquidity pool and generate tokens based on your investment.
What we can conclude.
Bitget is a major player in the crypto exchange ecosystem. A very important future market coupled with new features allow the platform to stand out.
The fees are advantageous not to mention the possibility to train via the demo account.
Everything is present on Bitget to make your trading easier and more professional.
If you don't have an account yet, don't hesitate to go through our link to enjoy more advantages.