Bitget

Bitget is a cryptocurrency exchange that supports spot and futures trading as well as OTC and P2P transactions.

The platform was officially launched in 2018 and is headquartered in Singapore. The exchange is one of the fastest-growing cryptocurrency trading platforms. In 2023, the number of registered users grew two and a half times from 8 million to 20 million. According to the official website, the exchange’s daily trading volume is USD T 10 billion.

Bitget crypto exchange supports a wide range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB (BNB), USD Coin (USDC), XRP (XRP), Bitget Token (BGB), and Cardano (ADA). In total, Bitget supports over 500 cryptocurrency tokens and offers over 500 spot-trading pairs.

Company Stats

Technology

To demonstrate the transparency of the platform, Bitget runs a PoR (Proof of Reserves) process. To prove its reserves, Bitget uses the Merkle Tree method, which can be used to prove the existence of certain data without having to disclose their content.
It works by combining hashes to record data. This allows the establishment of a link between all information in the tree and validates specific records with minimal disclosure.

The Proof-of-Reserves page displays Bitget's reserves in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), as well as the addresses and balances of individual exchange wallets, which are regularly updated. This allows users to verify the security of their deposits by opening a wallet and clicking on the 'Asset Confirmation' tab. PoR source code is available on the GitHub website.
However, opinions on the reliability of this platform vary.

Bitget Reddit

Source & Copyright © r/bitget

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Posts related to the platform are published, including discussions, news, and updates. The atmosphere is friendly, and there are almost no posts on negative experiences with Bitget. For every post on deposit and support issues, there are several replies about the opposite experience and positive impressions of trading on the exchange.

Source & Copyright © r/bitget

In particular, the responses provide general recommendations on the need for careful risk management, careful market analysis, studying commission terms, and other basic elements of trading on a crypto exchange.

However, if you are looking for reliable information about a cryptocurrency exchange, it should be noted that evaluations and reviews of the platform can be found not only on the community page but also in all available threads and discussions. Here, you will find much more criticism and negative reviews of the exchange.

Source & Copyright © r/bitget

For example, one investor recounts how he decided to withdraw his funds from the platform after making a profit but encountered problems with the process. Multiple attempts to contact support were met with silence or general recommendations that did not directly address this issue. This case has left the investor worried about changing the image of the platform that "many people trusted" and he is seeking advice from other users.

Source & Copyright © r/bitget

Other users are concerned that the United States has been added to the list of countries where the exchange does not provide services. On one hand, this ban can be circumvented by a VPN. On the other hand, without disclosing the country of residence, it is impossible to sign up for two-factor authentication or other ways to prove their identity. This makes the account and money in it vulnerable.

Bitget X

At the beginning of January 2024, various rumors about the Bitget exchange and its management appeared on the Internet. One of the hottest discussion platforms was social network X. Focusing on accusations against the trading platform, the following topics were discussed:

• The claim that Bitget was on the verge of bankruptcy.
• The disappearance of two key Bitget executives: co-founder Xu Yang and director of operations.
• Suspension of deposits and withdrawals.

Source & Copyright © MMCrypto X page

A well-known X account with 1.4 million followers, @MMCrypto, published a post on Bitget. He writes that he feels it is his duty to share up-to-date information about Bitget and believes that, according to the data available to him, withdrawing funds would be a wise decision. He decided to stop promoting Bitget and distance himself from the exchange until the situation was resolved. He has also stated that he is open to receiving clarification from the Bitget staff.

In response, Gracie Chen, managing director of Bitget, published a post on X, assuring that the company is thriving. She pointed to the recent expansion of the crypto platform, noting that more than 100 new positions were created, including leadership and management.

Source & Copyright © Gracy Chen X page

Meanwhile, rumors about the disappearance of Bitget's CEO began to appear online based on information from insiders. This news appeared on X page of Coach K Crypto, accounting for 111 thousand subscribers.

Conclusion

At this stage, there is no certainty regarding the reliability of the information. The exchange has not been declared insolvent, but allegations against it have caused concern among investors, which could have a negative impact on the platform's reputation. It is up to Bitget to prove with factual evidence that this is just "FUD" ("Fear, Uncertainty and Doubt").