Social Trading Meets Crypto—Bitget Redefines the Exchange Model

Bitget, a cryptocurrency exchange founded in 2018 and headquartered in Singapore, recently marked its seventh anniversary. Over the years, the platform has positioned itself as a “Universal Exchange,” emphasizing features such as social trading and copy trading that allow users to follow the strategies of experienced traders and influencers. These functionalities aim to simplify cryptocurrency trading for a broader audience.

According to CoinMarketCap, Bitget ranks 18th globally among exchanges based on spot trading scores, a position it has improved from as of August 2022. The platform reportedly serves a daily active user base of approximately 5.5 million and generates a daily derivatives trading volume of $5.1 billion. This places it among the top exchanges, following major players like Binance, Bybit, and OKX.

The platform’s rapid growth and expanding user base reflect increasing demand for user-friendly digital asset trading platforms. Bitget’s focus on social and copy-trading aligns with broader industry trends where accessibility and community-driven strategies are gaining traction. While traditional exchanges primarily facilitate order matching and liquidity, Bitget’s approach is more interactive, fostering a trading environment that blurs the lines between social media and financial markets.

Despite these strengths, Bitget faces challenges common to many cryptocurrency exchanges. For instance, the platform does not support peer-to-peer (P2P) trading, which limits the ability of users to transact directly with one another, unlike some of its larger competitors. Users must rely on third-party exchanges for fiat transactions, which could affect convenience for those seeking a fully integrated trading experience.

Some traders on online forums have expressed caution regarding the long-term stability of Bitget, particularly given the volatile nature of the cryptocurrency industry. One user, who operates a high commission program on Bitget, acknowledged the platform’s value in reducing trading costs but advised against keeping large sums of assets on the exchange due to potential risks such as insolvency or withdrawal issues. This sentiment highlights a broader concern among investors who prefer to store significant holdings in cold wallets or more established platforms.

Bitget has also launched referral and commission programs aimed at increasing user engagement and retention. These initiatives allow traders to earn a percentage of fees from transactions made by those they refer, with some users reporting commission rates of over 50 percent. Such incentives are increasingly common in the crypto space and are used to drive user acquisition and platform loyalty.

The exchange has not publicly announced plans for new product launches or expansions in the near term, but its ongoing focus on social trading features suggests it will continue to emphasize user experience and engagement. As the digital asset market evolves, platforms like Bitget are likely to face increasing competition from both traditional and emerging exchanges.