Greetings fellow eliters and welcome to Blockelite AMA Series!
So ladies and gents, our guests for today will be Mr. Leslie, which is the Community manager of Bitget exchange
Monsieur Mr. Leslie, before we kick it with some questions, could you be so kind and tell us a bit about you? @Leslie_Chen
I am Leslie, I joined in Blockchain field in 2012. After that I have managed multiple projects as well as established first LTC cloud mining pool in Singapore. And currently I am in Bitget Global to manage and oversee Bitget global operations, and to promote Bitget to users around the world.
Segment 1, Q1: Can you Introduction about bitget?
Bitget is a world-renowned crypto derivative trading platform, providing 24-hour professional digital asset trading services to the world. It was founded in 2018 and headquarters established at the Asian financial center of Singapore. The team consists of a world-class financial team and aims to create the most professional and secure new exchange in the world.
At launch, Bitget offered regular exchange services. As the market for crypto derivatives grew rapidly, Bitget officially launched the USDT contract in July 2019. It is the first platform in the world that has both USDT forward contracts and inverse contracts, and the most complete platform for USDT contract currencies. At present, Bitget’s daily trading vol is around 1 billion USD and mainly contributed from derivatives products.
Recently, Bitget announced that it has officially completed $10 million USD in Series-B financing backed by Anlan Capital growth fund as well as South Korea-listed Japanese gaming company SNK, raising its valuation to USD $1 billion. Previously in 2018, Bitget received its Series-A funding of an initial $10 million USD by leading Blockchain investment funds. https://finance.yahoo.com/news/bitget-completes-10-million-usd-075705400.html
Segment 1, Q2: What are the differentiators of Bitget than other exchanges?
Bitget is focusing on derivatives trading, so all our system infrastructure, security, risk management control etc are all specially target for derivatives trading, no system overload in Bitget.
Bitget has trading pairs of both USDT and inverse contracts, so traders can trade efficiently and reduce their risk in the highly volatile markets. Also, long /short both directions can be opened for the same trading pair.
And we are honored that we have the embedded “Copy Trade “Function at Bitget now. “Copy Trade” allows user to copy the trade strategy from Elite Traders on Bitget. It is user-friendly to those without or primary contract experience, user can select multiple preferred Elite Traders, and follow them to automatically synchronize their trading behaviors to achieve profitability just by one click, no more keeping eyes on market.
Bitget’s Elite trader program can help good trader to monetize their trading knowledge and skills. By referring below picture, Bitget offer highest profit rewards to Elite traders, they can get 10% from the followers’ profit, as well as commission rebate.
Segment 1, Q3: How many countries does Bitget already have operating licenses in?
Bitget has received many licenses, such as the MSB license for the US, MSB license for Canada, Digital Currency Exchange (DCE) License for Australian and currently Bitget have been granted an exemption from holding a license under the Payment Services Act from MAS, Singapore.
Bitget has always insisted on carrying out business in various countries and regions under the premise of legality and compliance, expanding its international strategic territory and achieving global compliance operations. Bitget is committed to becoming a benchmarking platform for global compliance operations in the industry, providing the most compliant, safe and professional digital currency trading services for users worldwide.
Read more here — https://www.bitget.com/en/compliance
Segment 1, Q4: Security is one of the most important things. How does Bitget protect the user’s asset?
Firstly, as mentioned just now, Bitget has been in compliance with policies and continued efforts to regulate operations；
Secondly, we have professional security team, Bitget have the independent research and development of the exchange systems and powerful risk control system, using bank-level SS data encryption guarantee, real-time monitoring of balance detection system, built-in DPI active defense system, and self-developed wallet warning system. S ++-level protection of user transactions and assets and have stood up against hackers. Bitget has also invested a lot in setting up a security department since Nov 2018, ensuring exchange security and user security as an important feature.
Segment 1, Q5: For the copy trading system there are several other exchanges that are starting to implement features like this in their exchanges, are there other advantages possessed by the bitget system? and are there certain conditions for using this trade?
No conditions to use Copy Trade, no need KYC as well.
This is a comparison of copy trade product with other platforms.
Segment 2: Mr. Leslie select 5 questions from the community
Segment 2, Q1 (from @QuyenCao93/ UID 5766487044):
Derivative trading is difficult, especially for newbies. Does Bitget have a plan to attract new users to use its platform? @Leslie_Chen
Yes, it is a bit difficult for new users, that’s why Bitget has Copy Trade to help new player join derivatives trading. It is potentially a superb investment tool even for highly experienced traders.
Let me explain a bit more about the advantages about copy trade:
a. We all know that we are not able to watch on chart for 24 hours, we have our lovely family, we got study or work, even when we sleep, we can not do trading, so in another words, our money are fully utilized. So copy trade is enable your bitget account to automatically follow Elite trader, when trader starts to trade, then your account will start also. Regardless you are online or offline.
b. There is no latency for receiving trading signal from someone, copy trade will sync trader’s behaviour without any delay.
c. If you find that trader move to wrong direction, you can TP/SL before following the trader, or you can close the position at any time, so copy trade give you sufficient flexibility to safeguard your funds
Segment 2, Q2 (from @kun4321 / UID N.A.):
What are the major milestones you have achieved so far? @Leslie_Chen
For this year, Bitget’s major milestones are the Below:
1. In the February, Bitget rapid global expansion, set the office in Japan and South Korea,start the first step in operation localization.
2. April 2020: Awarded Canada MSB License by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and awarded Australia Digital Currency Exchange (DCE) License by Australian Transaction Reports and Analysis Centre (AUSTRAC)
3.April 2020:According to the tokeninsight industry research report between 2019 Q4 to 2020 Q1,Bitget was ranked 5 of the Futures trading volume
4.May 2020:The South Korea’s top gaming company-SNK Corp has made investment to Bitget
5.May 2020:Embedded Copy Trade Function was online,total 200+ Elite Trader assigned on the same day,currently the platform have total 700+ Elite Trader and reached total 330K copies for now.
6. July 2020: Vietnam team is established in Hanoi.
Segment 2, Q3 (from @milaayomi / UID 3630990301):
So many tokens and coins that are always increasing every day. Do you have a plan to list more tokens/coins in the Bitget exchange? @Leslie_Chen
Bitget has 14 trading pairs, include 8 in USDT contract and 6 in inverse contract As we know BTC/USDT, BTC/USD are the most popular trading pair in contract trading all over the world. But we will follow the market to add more popular trading pairs, e.g: We listed LINK/USDT this month, and the next listing coins will be TRX and ADA in USDT trading pairs
Segment 2, Q4 (from @AdeleLedner / UID 5069144920):
Copy-trading looks like a new feature on Bitget exchange. Introduce us about copy trading feature and what are benefits of this feature and does new users use it or not? @Leslie_Chen
“Copy Trade” allows user to copy the trade strategy from Elite Traders on Bitget.
We all know that we are not able to watch on chart for 24 hours, so copy trade is enable your bitget account to automatically follow Elite trader, when trader starts to trade, then your account will start also. Regardless you are online or offline.
It is user-friendly to those without or primary contract experience, user can select multiple preferred Elite Traders, and follow them to automatically synchronize their trading behaviours to achieve profitability just by one click, no more keeping eyes on market. Now the users can make more profit without understand market behaviour, devise a trading strategy, and you can significantly reduce, or even completely bypass analysis altogether.
If you are the Elite Trader on Bitget, we will provide huge traffic to you, then you can monetize your trading skills and experience, as Elite trader can get 10% profit from all his followers.
There are only few steps to do setup:
1. Go to “Community” from App homepage
2. Choose Elite Trader
3. Choose Trading pair
4. Set leveraging, trading amount, TL/SL
5. Click “Confirm to Follow”
In my opinion, the most important part in Copy Trade is to choose the Elite Trader and set SL. There are 6 performance indexes for Elite trader so far, like accumulated win rate, 3-week drawback, follower’s profit etc., and all their trading history are open and transparent.
Segment 2, Q5 (from @htv9kick / UID 8364162571):
For great exchange, liquidity is very important. How Bitget exchange can fulfill all these factors and how much secure Bitget is? @Leslie_Chen
Firstly, we provide excellent liquidity and the first platform in the world that has both USDT forward contracts and inverse contracts. Higher liquidity usually creates a less latency in volatile market, several commonly used measures of liquidity are calculated for all three futures contracts, like: Orderbook Depth, Bid-Ask Spreads，Trade Sizes etc. As we mentioned before, we can provide super excellent liquidity.
For now, we do not have issue with liquidity and system overloads, you can compare with Binance, Okex etc for this, because our daily BTC/USDT trading volume about 1 billion USDT and DAU has reached 10K, which means a lot of makers. Also, we have more than 3 3rd-party liquidity service providers, and about 50+ quantitative trading teams.
For scalability, Bitget has very good infrastructure since project planning. All Bitget’s servers have the feature of horizontal expansion. And the database adopts the most advanced 3 off-sites disaster recovery living solution — which means 1 database down or overload, another 2 are still running with full data, and the 3 databases are physically separately in 3 different countries.
Secondly, Bitget has also invested a lot in setting up a security department since Nov 2018, ensuring exchange security and user security as an important feature.
Bitget provide world-class risk control system with professional distributed system architecture; Utilizes hybrid hot/cold wallet systems+Multi-signature technologies, Comprehensive protection of assets and security of transactions. Bitget focused on some specific cybersecurity disciplines to maintain simplicity: backup and recovery, threat intelligence and content delivery.
Ranked no. 9 over the world
Last week, Bitget Ranks TOP 10 Exchanges by Cybersecurity Rating. You can read this to learn more.
Segment 3: Live question
1. There are currently many exchanges for users to choose . So why should they choose Bitget for the best choice? In your opinion, what are the biggest and most different advantages of Bitget?
Bitget has already attracted Top companies such as SNK and Nintendo, they invested Bitget as they see a huge potential in Bitget’s future.Like SNK, Nintendo,An Lian Capital, Consensus Lab, CollinStar etc.
Bitget completed $10 million USD in Series-B financing backed by Anlan Capital growth fund as well as South Korea-listed Japanese gaming company SNK, raising its valuation to USD $1 billion on July.
This round of financing demonstrates investor and market confidence in Bitget’s brand value as well as development potential. To this end, Bitget mentioned that it will use these funds for product innovation and high-growth expansion into the global market. In addition, product development is also a core focus of the exchange, with funds allocated to improving user services, subsidize new user sign-up and trading bonuses as well as cultivate quality partner-affiliates.
Bitget is the first platform in the world that has both USDT forward contracts and inverse contracts, and the most complete platform for USDT contract currencies. Bitget has always insisted on carrying out business in various countries and regions under the premise of legality and compliance.
The other advantages are as below:
1.Our technology team includes experts from numerous leading companies. Bitget have the independent research and development of the exchange systems and powerful risk control system,
– Full memory matching, matching engine never overloads with over 100,000 TPS dedicated to every single trading pair
– Horizontal expansion support for server
– The database adopts the most advanced 3 off-sites disaster recovery living solution
2. Update and customize products based on market changes
– Contract trading complete loop
– First platform to equip with both USDT and inverse contract
– Excellent liquidity
– App embedded Copy Trade system
– Reasonable index price to prevent early liquidation during volatile market
– No system overloads
3. Invested in setting up a security department since Nov 2018, ensuring exchange security and user security as an important feature.
– Top security specialist
– Invest more than $1m on security
– SSL level highest ranking A+
– Cold, warn, hot wallet infrastructure to protect funds
4. We care our clients and keep improve to give you the best possible trading experience.
– 24/7 OTC
– 24/7 customer service
– Another platform’s VIP we treat as Bitget’s VIP
5. We have assembled a team of professionals who come from a wide range of financial and with related crypto experience backgrounds.
— Team members are from top-tier companies like JP Morgan, Alibaba, Google, Binance, Huobi and Okex.
2. Currently, there are many exchanges in the world, so the level of competition is very high. What do you think about attracting more users? For example, creating trade competitions, recommending users …
Yes, as you are mentioned like trade competitions, recommending users etc. We also work with top trading institution or individual trading expert to give premium signal to our users.
like this group: https://t.me/joinchat/SJdmtBwjUlkrCTKoPclLVw
Also, we provide embedded Copy Trade function on our platform. This function provides the win-win solution for both users and traders. If the user unexercised can follow the Elite Traders ‘strategies with one click, the trader can earn the profit rewards from the follower’s profit .
3. How will Bitget exchange solve the liquidity problem? By what criteria will Bitget choose cryptocurrencies to support with on the exchange?
Why Bitget has excellent liquidity? Bitget’s main market maker does a well job, and there are 60+ qual trading team daily on Bitget, also, there are 5–8K active user trading on Bitget. You can compare Bitget’s liquidity with Okex, Bitmex, Binance etc.
For listing of coins, only mainstream coins will be listed, this is to avoid manipulation of market. We just listed LINK/USDT, and TRX and ADA will be listed soon.
4. I have tested copy trade on Bitget few weeks ago, and now I came to know about you doing ama, so I wanted to know — can I change my leverage, as I don’t want to follow the trader’s setting?
Of course, you can change your leveraging setting. You can just go to CopyTrade >Advance setting, you also can close positions by yourself at anytime if you feel trader’s strategy is wrong. Copy Trade is not just 100% copy but also give you many flexibility to ensure the user experience.
And also, do not forget your TP/SL settings
5. I am interested in becoming an ELITE TRADER For people to copy me, so what are the requirements and benefit?
Bitget’s Elite trader program can help good trader to monetize their trading knowledge and skills.Bitget offer highest profit rewards to Elite traders, they can get 10% from the followers’ profit, as well as commission rebate.
Bitget’s Elite trader program is part of Copy trade eco system, it can help good trader to monetize their trading knowledge and skills.If you are the Elite Trader on Bitget, we will provide huge traffic to you, then you can monetize your trading skills and experience, as Elite trader can get 10% profit from all his followers.The no. of followers is based on the total equity in Elite trader’s contract account, you can refer to the table below.
The profit for Elite trader:
1. Own trading profit
2. 10% profit from his followers
3. 40% commission rebate after join KOL program
For more info and application: https://bitget.zendesk.com/hc/en-us/articles/360042946791-Bitget-Elite-Trader-Recruitment-Program-
More information about Bitget:
Global Telegram Group: https://t.me/bitgetEN
Vietnam Telegram Group: https://t.me/bitgetVN
Telegram Channel: https://t.me/BitGetChannel