Bitget: The Best Cryptocurrency Contract Trading Platform
The landscape of the cryptocurrency contract market has been quietly changing over the past two years.Source: Bitget
With the continuous development of the cryptocurrency industry, the derivatives market has become an indispensable part of it. Since the bankruptcy of the globally renowned cryptocurrency derivatives trading platform FTX in 2021, the landscape of the cryptocurrency contract market has been quietly changing over the past two years.
A user-centric cryptocurrency trading platform—Bitget—has risen to prominence. Especially in 2022, Bitget experienced rapid growth, with a total trading volume increase of 300% in that year. According to data released by Tokeninsight, after the collapse of FTX, Bitget's market share in derivatives grew from 3% to 11%, outpacing several established contract trading platforms and securing a spot among the global Top 5 cryptocurrency derivatives trading platforms. The Boston Consulting Group also released a report in July 2022 stating that Bitget ranked among the top three global cryptocurrency derivatives exchanges.
Looking back at Bitget's rapid development over the past two years, it is primarily attributed to its unique advantages in contract products.
1. The Most Suitable Contract Trading Platform for Beginners
As one of the world's top contract trading platforms, Bitget is very suitable for beginners and novice users. First, it offers a clear and smooth product interface, providing users with a better contract trading experience. Second, Bitget's copy trading product is particularly well-developed, helping novice users trade contracts like professional traders. Compared to other trading platforms' copy trading products, Bitget has more professional traders, allowing users to choose traders based on returns, win rates, etc., helping them get started with contract trading more quickly. For those who are not very familiar with contracts, Bitget's one-click copy trading is also very simple and quick. Additionally, if you are a beginner with no background in contracts, Bitget's Academy platform on its official website offers many reliable educational resources, including text and video content. It not only provides operation tutorials and basic contract knowledge suitable for beginners but also has a wealth of content for professional traders to learn from, helping you grow into a professional contract trader more quickly.
2. Comprehensive Features and Stable System
Bitget contracts offer a rich variety of contract products, including USDT-based contracts, coin-based contracts, and in July 2021, it launched the first contract product using USDC as collateral in collaboration with Circle. At the same time, Bitget also supports delivery and perpetual contracts.
In addition to a rich product matrix and services, Bitget contracts respond quickly to the launch of new cryptocurrencies, often being the first to list many currently popular small-cap contracts, providing users with more choices and profit opportunities. Furthermore, Bitget has performed well in terms of system stability, with almost no downtime incidents, which has earned it a good reputation among many long-term users and laid a solid foundation for the rapid development of Bitget contracts.
3. Emphasis on Security and Fund Transparency
In terms of security, Bitget has also invested a significant amount of manpower and resources. It not only has an industry-leading security team but also established the Bitget Protection Fund to ensure that users' assets are protected in the event of any incidents. In November 2022, Bitget increased the fund's scale to over $300 million, covering a high liquidity cryptocurrency portfolio including BTC, USDT, and USDC, such as btcusdt contract trading. Bitget also promises to maintain the fund's value above $300 million for the next three years.
On October 11, Bitget announced the latest data on the protection fund for September, showing that the highest scale of the protection fund in September was $340.9 million (September 20), the lowest was $331.7 million (September 2), and the average scale was $334.7 million, with the protection fund consistently maintaining above $330 million in September.
Since the FTX incident, cryptocurrency trading platforms have begun to emphasize the transparency of platform funds. Bitget is also at the forefront of the industry. In December 2022, Bitget was the first to launch its digital currency proof of reserves page, updating the proof of reserves monthly, and since its launch, the reserve ratio has consistently exceeded 200%, remaining stable at twice the industry standard (100%).
On October 12, Bitget released the reserve report for September, with an overall reserve ratio of 207%. Among them, the reserve ratios for BTC, ETH, USDT, and USDC were 423%, 144%, 132%, and 2052%, respectively. As of October 10, the total value of Bitget's reserves has exceeded $1.38 billion, including 31 mainstream digital assets.
Conclusion
As more and more players enter the cryptocurrency derivatives trading arena, ordinary users are enjoying better products and services. Contract trading platforms represented by Bitget are quietly changing the landscape of the cryptocurrency derivatives sector. With Bitget's introduction of more innovative products and dedicated services, it is expected to become one of the most important builders driving the development of the cryptocurrency contract field, and we look forward to it.
