Bitcoin Forum

Did anyone trade on these exchanges before ? how is the trading experience? pls share

I haven't used it myself, and it appears that the exchange is ranked #188 on CMC: https://coinmarketcap.com/rankings/exchanges/

If we're comparing the trading volume only then it's not that bad, however, if you take into consideration supported coins and pairs, networks you can withdraw your funds to, limits, etc. then IMO, using this exchange would be considered a downgrade.

If you no longer want to use Binance due to the latest limits policy, then you may want to look into Kucoin.

Considering a fact that this is no name exchange i hardly doubt it has 5B dailyu volume. More than kucoin, half of huobi volume - well established and know crypto exchanges. 30 mln$ evaluation of Bitget token is also way too small compared to KCS 800 mln$ - kucoin shares (kucoin with smaller volume?)

Exchange that cheat with volume looks to shady for me to hold funds in it. I would not change from Binance, bybit, FTX to bitget.

Been trading for almost over 3 years, but it's my first time hearing about Bitget. I don't know how long it has been operational, but with other much more popular exchanges. I wouldn't use it,

I have use Binance for Spot and p2p trading. Experience has been smooth with no major mishaps. Their support is a little slow these days, and the exchange tends to freeze during times of high volatility.

I use Bybit for trading derivatives. Again, smooth experience and withdrawals. The spot market pairs are still very few for people who like spot market trading.

This is the site of BitGet: https://www.bitget.com

It's really that unexpected that a newly heard BitGet has this volume, registered users and they claim it's on the Top 5, what a good publicity to be honest https://www.bitget.com/en/aboutus The size is really incomparable to the exchange you are comparing with and I think there's manipulation on the BitGet sides.

According to CMC Bitget is only 1 year younger than Binance. So its not that new. The problem is that hype around it is too small compared to other exchanges with smaller volume. For instance everyone knows Poloniex or bitfinex (5 times smaller volume than Bitget ).

When you open spot BTC/USDT trading pair it looks even more weird. Transaction each 1-5 sec (most likely auto fake trade each random number in a range 1 to 5 sec). Hardly ever we can seen 2 transaction during 1 second. Compare it to kucoin (same volume) where you almost all time see a spam of TXs during one second.

https://i.imgur.com/drx1uuj.png

Proves that traffic on Bitget is couple times smaller even if the transactions we see are real (and they dont look real at all).

So their claimed volume is 20 smaller than binance even though its 90-99% fake (so most likely 200 - 2000 smaller than binance).

Bitget is a dedicated contract trading platform with a size similar to that of Bybit. It is one of the four well-known contract trading platforms, often called the "Binance Junior" by industry insiders. 

This Bitget exchange looks like a very similar Binance clone and it even has apps we can download for mobile, Mac and Windows, but this is the first time I heard about it.
Website is operated mostly from Singapore but it's really from China, and it is showing they have license for Canada, Singapore, USA and Australia, but I think that KYC verification and without that you can only withdraw up to 0.1 BTC daily.
I registered for testing purpose and withdrawal fee for Bitcoin is 0.0006 BTC and I also see this RED ALERT phone calls in withdrawal page:

https://i.ibb.co/sQWnmn6/pic47.jpg (https://ibb.co/Bjnbzbr)
https://bitget.zendesk.com/hc/en-us/articles/360053002431-Withdrawal-Limit-Adjustment

Not going to defend Bitget here, with a hundred or so exchanges it's damn hard to find users who have traded on exactly two or three and can compare them side by side. But volume shouldn't be an indicator, with all the news and attention focusing on numbers every single exchange fakes them, some in a smart way, some more obvious.

If we take that list by volume and hide the names I'm sure a lot of people would raise an eyebrow at exchange placed at over 50, with way less volume than some one or two years old exchanges, but I would still trust them than half of the top 10, if we look at the volume we see the ones that survived hacks, reimbursed users and have no problem still operating within the US and EU are down the list while shitty exchanges that in some cases have no office or licenses are claiming to be next generation of that and this.

That being said all my instincts scream stay away from any exchange that claims it has a U.S. MSB License but at the same time tells us:



The screenshot you've posted says the limit is 20 BTC a day, probably not updated. Also, lol, "the maximum withdrawal amount can't exceed the amount available in your account".Seriously? ;D No fair!

Ayhow, bottom line, I still think there are better options out there.

Yeah I know, that is why I posted additional link for updated Withdrawal Limit, but isn't withdrawal page more important than some hard to find zendesk page? :)
From my short testing period I can say that Bitget exchange have totally fake volume.