Bitget Exchange Review – Alleged Crypto Giant Defrauds Thousands
Bitget Exchange is allegedly run by a group of enlightened crypto experts that “believe in a blockchain-based future”. If the owning company was indeed that committed, they would have ensured their conduct was legal and licensed. Regrettably, that doesn’t seem to be the case.
That apparently hasn’t stopped this exchange from building their reputation as a prominent crypto service. How they managed to do that despite operating unlicensed is what we discuss in the following Bitget Exchange review.
|Regulated by:||Unregulated Crypto Exchange|
|Is This Company Safe?||No, illicit conducts aren’t safe for investing!|
|Have Warnings from:||N/A|
|Trading Platforms:||Web Trader|
|Trading Assets:||Crypto Spot Trading, Crypto Swap, Crypto Futures|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Contact our chargeback experts for help with Bitget Exchange withdrawal.|
The Bitget Exchange parent company is an unknown entity, allegedly established in Seychelles. Although some third-party sources suggest Singaporean headquarters, the Bitget Exchange website doesn’t reveal this information.
The offshore regulator overseeing the financial service providers in Seychelles, FSA, doesn’t list this exchange as regulated. Even if they were supervised by a gray-zone authority, it wouldn’t mean practically anything. Not without a Tier 1 license issued by FCA, CFTC, CySEC or BaFin.
Payment facilitator is another unlicensed entity, MultiExchange UAB, only formally registered in Lithuania, but unlicensed by LB. It seems that this exchange isn’t properly licensed and therefore not safe to trade on, despite the built-up reputation and online publicity.
Potent Viral Marketing Propaganda
While the WhoIs database lists the bitget.com domain as active since 2003, the exchange was only launched in 2018. The faux exchange prefers clients from these countries:
- United States
- United Kingdom
They even managed to recruit Lionel Messi, the football star, as their brand ambassador! This is an extremely powerful propaganda machinery, and it’s more than enough to silence the voices of criticism.
The internet is awash with deceptive and misleading content, all in cahoots with this malevolent exchange. Their Trustpilot ratings give an image that is less skewed, but only to a degree.
We can see the meddling of review seller networks, in an attempt to bolster the reputation and hide the true intentions of Bitget Exchange. Get in touch with our legal experts for any help with chargeback from this notorious deceiver.
High Leverage With Average Fees
Maker and Taker fees for spot trading are 0.1%, but may be reduced through BGB, the company’s proprietary crypto token, to 0.08%. Futures trading incurs a 0.02% Maker and 0.06% Taker fees, with no discount.
Available leverage is a whopping 1:125, which is extremely risky for traders, and withdrawal fee and varies from coin to coin. The benchmark is Bitcoin, which incurs a 0.0000051BTC (US$0.13) for BTC network, and 0.0003BTC (US$7.92) for BEP20 network per transfer.
Referral Bonus And Affiliate Programme
It is well-known that bonuses, rewards, various campaigns and similar practices are banned by some Tier 1 regulators because illicit platforms tend to misuse these features. The deal with this service provider is that they promise enormous passive income through several campaigns.
For example, commissions are available when your referrals reach a monthly trading volume of 100,000 USDT. Furthermore, every referral brings you a 100USDT coupon up to 9 million USDT bonus.
Mediocre Trading Features
At first glance, the platform offers a wide selection of features and assets, they lag behind the benchmark in almost every aspect. The trading software is lackluster, and does not provide very good functionality. Likewise, the selection of assets is somewhat slim when compared to regulated exchanges.
Laggy And Unresponsive App
The Bitget Exchange trading platform is a web-based app, with market information and charts imported from TradingView, but suffers from problems related to lag and slippage.
The main concern is trading integrity, as many faux firms like Roldex Pro actively abuse the web trader to steal their clients’ assets.
Mobile Device Support
On paper, Bitget Exchange proprietary mobile app should provide a more resource-rich platform than their web trader. It is available from App Store and Google Play for iOS and Android devices respectively.
Don’t confuse the quality of the app with that of the exchange, as many companies like ZES Forex use reliable apps to run their scheme.
Small Number Of Assets
The list of tradable cryptocurrencies includes some 500+ assets. While this may seem like a large number, it is in fact miniscule compared to industry giants, which on average offer 20,000+ coins and tokens.
All of the Bitget Exchange trading instruments are supported across a variety of strategies:
- Spot (BTC/USDT, ETH/USDT, ADA/USDT, XRP/USDT)
- Futures (BTC/USDT PERP, ETH/USDT PERP, DOGE/USDT PERP, LOOM/USDT PERP)
- Swap (BTC/ETH, BTC/USDT, SHIB/PEPE, CAKE/APE)
Expensive Account Tiers
The clients can create a single account for Bitget Exchange login with any number of sub-accounts, but a demo is not included.
The main account can be upgraded through 8 VIP tiers, depending on trading volume and accumulated deposit.
The VIP accounts feature reduced Maker and Taker fees up to 0,0125% and 0,035% respectively for VIP8. Minimum deposit for VIP8 is 3.000.000 USDT, which is extremely expensive even for crypto veterans.
Poor Educational Materials
These folks don’t want you to prosper, but to get some money the old fashioned underhanded way. The Learn and Earn programme embodies this strategy well. It returns borderline worthless coins under the pretense of tutoring new investors for the volatile market ahead.
Problems With Payouts
While the exchange seems transparent about their payout options, we can’t ignore what the clients say. Most of them complain that their assets were frozen, blocked, or rendered inaccessible by other means.
Facilitating a Bitget Exchange withdrawal might require legal action. Contact our chargeback experts through the live chat, and book your free consultation today.
They Simply Don’t Care
Many clients complain that they’ve encountered major issues with the company, which the customer service merely brushes off and avoids the topic.
They are also known to delete a support ticket and the conversation outright, and pretend the problem never existed in the first place.
An Overall Horrible Experience
Everything about the Bitget Exchange is a carefully tailored lie intended for luring new traders. The flashy and bombastic website, alluring bonuses and rewards, and many alleged opportunities are a total sham.
Don’t wait for the swindlers to walk away with your money! Use the live chat to book your free consultation, and start a chargeback with the help of our experts.
What Is Bitget Exchange?
Bitget Exchange is an unlicensed cryptocurrency service provider, notorious for financial manipulation. For help with asset recovery, contact our chargeback experts.
Is Bitget Exchange Regulated?
No, Bitget Exchange is a completely unregulated firm, operating with no authorisation or oversight.
Is Bitget Exchange Profitable?
No, the clients that do manage to make a profit are never allowed to withdraw their earnings.