Bitget Security Overview: How Safe is it?

Over the past few years, there have been many dramas in the crypto industry. The crypto industry was shaken by the shocking FTX 2022 collapse, which reverberated across the community like an earthquake. 

Hackers infiltrated Binance, the largest cryptocurrency exchange on the planet. Binance suffered a loss of $40M. Binance’s SAFU (Secure Asset FOR Users) fund was able to cover all losses.

In 2020, criminals managed to gain access to some of KuCoin’s most popular wallets. The loss was staggering, at $280M. KuCoin blocked all transactions immediately. The exchange recovered more than $200 million from the breach, but this showed how important it is to take security seriously.

We often forget that, although we think of cryptocurrency as a decentralised system, most crypto exchanges have centralized management and are as vulnerable to cyberattacks as any other centrally managed business. Therefore, when looking for a safe crypto exchange, it's crucial to weigh how seriously they prioritise security and what they do in the event of a loss. 

This article explores Bitget. A reputable crypto-exchange established in 2018, it is listed on CoinGecko as one of the top 15 exchanges based on trading volumes. 

Bitget Exchange is popular among experienced traders who trade derivatives. Novice traders also love the copy trading services. 

Bitget exchange has low maker/taker trading fees (0.1%), and with 770+ trading pairs, it's easy to choose your desired trading pair.

We will deep dive into Bitget exchange security measures and do all the hard work so you don't have to. 

As this article is only taking an in-depth view of Bitget's security measures, you may be interested in reading our detailed Bitget Review, which covers everything you need to know about Bitget fees, products and services if you are trying to determine if Bitget is right for you. We have also included additional Bitget content that will help you in your research.

• Bitget Copy Trading Review: The Leading Copy-Trading Platform
• Sign up for Bitget with this Step-by-Step Guide!
• Bitget Fees: Analyzing Bitget's Fee Structure
• BGB Token: Uses, Benefits and Tokenomics
• How to buy Bitcoin on Bitget

Bitget Exchange Quick Summary

Bitget Exchange security measures are characterized by:

• Proof of Reserves
• Protection Fund of $300 Million
• Cold wallet storage
• Spot exchange score 6.6 (CoinMarketCap).
• Two-factor authentication is required for account login, withdrawals and modifications.
• CER will list the top 10 most secure cryptocurrency exchanges in 2020. (Ranked 27th as of Q4 2023)

Note: Users from the US and UK do not receive support.

What is Bitget

Bitget is a well-established cryptocurrency exchange with over 550 trading pairs and 770+ markets. It also offers derivatives trading as well as many other exciting features.

The Bitget exchange is a popular crypto exchange among traders and enthusiasts. It has seen rapid growth. The copy trading feature is attracting novice and intermediate investors who are eager to learn and gain experience from experienced traders.

"A trustworthy crypto exchange. When it comes to security, we go the extra mile." (Source: Bitget)

Bitget, a relatively newcomer to the cryptocurrency market, has an impressive daily trading volume in excess of $700M. The exchange offers multiple payment methods and accepts 40+ fiat currency, including EUR, GBP, and BRL.

Bitget has established partnerships with Juventus F.C. and Lionel Messi, the world's football star. In June 2023, Bitget announced sponsorship for DOTA 2 Bali Major 2023, which took place between June 29th – July 9th 

Bitget will announce an upgrade on July 16, 2023. From that date, new holders of BGB, Bitget's native token, can receive super airdrops. To be eligible, BGB holders must have held a minimum amount of 4,000 BGB continuously for 15 days. BGB holders who have less than 4,000 BGB will not be eligible. Bitget selects the winning tickets by random.

Bitget Platform features include:

• Launchpool
• Launchpad
• Crypto Loans
• P2P Trading
• PoS Staking is a low-risk method of staking.
• Market Data and Insights
• Save with daily interest
• Futures and Spot trading
• Bitget token (BGB) staking
• Everyday Lottery with 500 BGB Rewards
• Copy trading (Futures and Spot)
• Shark Fin: A high-risk yield Earn product
• Double investment for high profits
• Zero fees for debit/credit Card payments
• Range Sniper is a high-risk product with a high-yield.
• New users of the platform will receive USDT worth $1000 (July 2023).
• Smart Trend: Predicting the price movement for a profit percentage

How Does Bitget Secure Crypto?

In this section, we will look at Bitget's multiple security measures.

Two Factor Authentication (2FA)

Enabling 2FA isn't mandatory with Bitget, but we always recommend it as an extra security layer. Bitget suggests downloading the Google Authenticator, though it's unclear if another authenticator is acceptable.

"We highly recommend enabling Google two-factor authentication (2FA) on your sub-accounts for security reasons." (Source: Bitget)

Yes, it's a pain having to go through an extra layer of security, but it could help prevent someone from accessing your account and stealing your cryptocurrency. We recommend as many layers of security as possible.

Organisational Security

Bitget, in November 2022 increased its $200M protection funds to $300M. It also pledged to guarantee its value for three more years. 

This fund provides Bitget users with some protection for their funds and assets in the event of a cyberattack.

Proof of Reserves

Proof of Reserves (PoR), also known as proof of reserve, is a system that verifies the funds held in reserve by Bitget or other cryptocurrency exchanges and their customer assets.

Bitget offers a reserve ratio of 1:1 to its customers.

"Bitget guarantees it will hold 100% of users' assets in reserves and will publish its Merkle Tree proof, platform reserves, and platform reserve ratio on a monthly basis." (Source: Bitget)

Bitget Proof of Reserves pages are date- and time-stamped. This is a nice addition to transparency. 

What is Merkle Root?

There's a lot of terminology in blockchain that is easily understood but rarely explained. Merkle Trees are a data structure that groups encrypted data. Each transaction has been encrypted, then grouped together in layers of additional encryption. "tree-like" The tree is named for the many layers of encryption. 

"In cryptography and computer science, a hash tree or Merkle tree is a tree in which every "Leave" (node) is labelled with the cryptographic hash of a data block, and every node that is not a leaf (called a branch, inner node, or inode) is labelled with the cryptographic hash of the labels of its child nodes."

"A hash tree allows efficient and secure verification of the contents of a large data structure. A hash tree is a generalization of a hash list and a hash chain." (Source: Wikipedia)

Can I prove my reserves?

Bitget publishes their public wallets regularly so that users can verify that they have enough assets to cover any potential liabilities. Who knows for sure if Bitget is adequately funded?

Bitget Proof of Reserves can only be criticized for being self-audited. Their word is the only proof we have. It is preferable to have auditors independent of the results. 

Also, we have no idea how long Bitget keeps funds in reserve or what happens with the funds following each audit. In addition, we don't know who can access private keys. After the FTX fiasco, it’s not surprising that everyone in crypto is looking for more reassurance. We want real-time, 100% transparency on the chain. 

Bitget Protection Fund

Bitget monitors its $300M protection account regularly. This fund is a safety net against cyberattacks and other incidents. In the event that an attack occurs, the protection funds would cover up to 300M dollars in losses.

"We regularly monitor the Bitget Protection Fund and the cryptocurrency cybersecurity landscape to ensure that our fund stays sufficient for our users. We regularly monitor the Bitget Protection Fund and cryptocurrency cybersecurity landscape to ensure that our fund stays sufficient for our Bitgetters." (Source: Bitget)

Bitget Regulation

Bitget had previously been listed as being controlled by authorities in the United States Canada and Australia. 

Bitget was not licensed or regulated by any jurisdictions as of Q4 2020. In the near future, it would be great to see Bitget receive some regulatory approval for consumer peace of mind and confidence.

Security Notifications

We recommend implementing maximum security to protect your Bitget accounts. Bitget is a great security system, but crypto traders and investment professionals must take the responsibility of protecting their funds and assets.

"In order to safeguard users' data privacy, Bitget has taken comprehensive measures to ensure security. These measures encompass two-factor authentication, SSL encryption, and regular security audits." (Source: Bitget)

You can choose to receive SMS and email alerts in your Bitget dashboard.

Data Encryption

Bitget’s SSL encryption provides extra security.

" Secure Sockets Layer, a standard security technology for establishing an encrypted link between a server and a client. Solid-state lighting. Semi-supervised learning, a class of machine learning techniques. Single stuck line, a fault model for digital circuits." (Source: Wikipedia)

Secure Storage

Bitget says that most of its money is kept in cold wallets, but it does not specify what percentage. Knowing this would give you peace of mind. 

Bitget Cold & Hot Wallets

Bitget’s cold wallet is multi-signature and offline. Bitget also uses offsite backup to minimize potential risks. “important data is stored by segment in a bank safer.”

Bitget offers a hot-wallet, where the private keys, according to their website, are kept in a secure location. “stored in a secure manner.”

• Asymmetric keys are used to implement digital signatures and generate private keys.
• Bitget uses "FIPS 140-2 verified HSM or HSM under FIPS 140-2 verification." 
• Risk Control: Multiple levels of verification for withdrawals.
• The wallet service is isolated from the network by multiple layers 
• Real-time Monitoring : for asset changes and global reconciling.

Bitget uses big data to control risk, preventing anomalous withdrawal or deposit activity. It measures things such as:

• Device IDs
• IP addresses
• You can withdraw and deposit money at the following addresses
• Monitoring abnormal behaviour

Bitget Bug Bounty

Bitget offers a bug-bounty program called Bug Rap. You can earn rewards by using your technical expertise to break things. 
 

Bitget’s rules and guidelines are available for submitting vulnerability reports. These include not sharing any details, and not modifying the vulnerability. Bitget will reward you if they can confirm the issue and determine the vulnerability to be a security threat.

The vulnerability testing is also limited to the proof-of concept (PoC). The Bug Rap page has all the details.

How to protect your cryptocurrency exchange account on Bitget

Bitget offers a range of good security features, but you should also protect your crypto-account. Whitelisting addresses is a feature that would help you protect your account even further. This gives you a level of security that is reassuring. Bitget should add this feature at some point.

We know it's common sense to advise using a super strong password, but many people use something they can easily remember. Avoid using the same password for all your accounts and try to make it as complex as possible. Use digits, uppercase, lowercase, special characters and capital letters.

Enable 2FA notifications and your account. You will be notified if someone tries to access your account in order to withdraw money or change details. 

Finally, a quick reminder to add as many layers as possible to your account, even though we know it's a pain when you're logging in. 

Bitget Wallet Security

Bitget’s wallet is an self-custody Web3 cryptocurrency wallet, created through a collaboration with BitKeep.

Bitget is compatible with iOS and Android. In the same way you take steps to protect your online account, it's essential to safeguard your Bitget wallet. 

Take the following precautions after transferring tokens from the Bitget exchange:

1. Set up two-factor authentication and a strong Bitget password
2. Bitget wallets should not be opened on public WiFi
3. Do not leave your mobile in public places.
4. Never share your login credentials with anyone
5. Do not share your private key (that's like giving your password away for logging in to your bank)

You've worked hard to acquire your crypto assets, so always stay alert to potential risks. 

Bitget Mobile App Security

Bitget Mobile App for iOS and Android is available. The Bitget Mobile App allows you to buy, trade and sell cryptocurrencies while on the move. 

"Download and trade anytime, anywhere." (Source: Bitget)

Avoid trading in public and stick to the web-based version. While it is nice to have the option of a mobile app to monitor trades on the go, there is a reason you don't see professional traders trading from mobile phones while waiting in line at the local coffee shop. Trading is a serious activity that requires a professional trading setup.

Keep your account secure by using a strong 2FA password. 

So, Is Bitget Safe

Is there a “safe” crypto exchange?" The leading platforms all prioritise security and it's becoming more important when choosing a cryptocurrency exchange for safe trading or investing.

Bitget has rapidly built a reputation as a copy trading platform, but it offers much more than that. Established in 2018, Bitget has made incredible progress in getting into the top 15 listed cryptocurrency exchanges. To put that in perspective, there are over 700 listed cryptocurrencies on CoinGecko. 

Security features like 2FA, cold storage, a $300M protection fund, Proof of Reserves, Bug Rap, and SSL encryption adds up to a good level of security. 

However, with a centralised exchange, there is no such thing as having too much security. Novice crypto traders and investors may not realise the importance of securing their accounts and omit to enable 2FA. Some cryptocurrency exchanges are making 2FA a compulsory feature, which isn't a bad idea, let's face it, we can all become complacent with our online presence.

It is also important to highlight that Bitget used to be rated as a top 10 secure exchange by Certified, an independent security auditing company, but now sits at the #27 spot. We are unsure of the reason for this, but seeing an exchange fall out of the top ten is never a good thing.

We also want to point out that Bitget likes to highlight their A+ ranking for 12 SSL Indicators from SSL Labs, but this rating was done in 2020 and we have not been able to find more recent reports.

Overall, Bitget has a good standard of protection for its customers, and 8 million people trust the platform to take care of their funds and assets. The platform does a decent job with its security approach and insurance offering, however, it would be nice to see an updated analysis from SSL Labs, an increased ranking on Certified, and for Bitget to receive some sort of licensing or regulatory compliance. 

Conclusion

Bitget continues growing its market share. In 2023, the platform announced it ranked in the top four CEXs for accumulated quarterly trading volume and increased market share by 8.7%. In addition, the BGB token outperformed Bitcoin (BTC) with an 80% surge.

Bitget has a reputation as the leading copy-trading platform. It has over 8 million registered users from 100+ countries, over a million followers and more than 55,000 professional traders on the platform. 

In over four years of operation, Bitget has not encountered a successful cyberattack. Indeed, the crypto exchange prioritises user security and endeavours to provide the best protection. Ideally, we'd like to see more transparency with the Proof of Reserves by independent auditing and clarity about what happens to funds after an audit. 

Bitget offers two-factor authentication, but it isn't mandatory. Though we consistently advise our readers to opt-in for 2FA, making it compulsory could reduce potential security incidents. 

Bitget has a mobile app and a self-custody Web3 crypto wallet. Always safeguard your mobile and avoid using either with public WiFi. You can enable 2FA and, for the wallet, keep your private key safe from prying eyes. Many cybersecurity experts also advocate for the use of a VPN to further encrypt your online communications.

Hopefully, you now have a clearer picture of whether the Bitget exchange will suit your requirements. If you'd like to know more, read our in-depth Bitget Exchange review.

👉 Sign up for Bitget and Enjoy a 20% Trading Fee Discount for Life!

Frequently Asked Questions

How Secure Is Bitget?

Bitget Prioritises security and declares the platform is “Trusted and Secure Crypto Exchange for Traders.” Bitget provides 2FA protection, SSL encryption, cold storage for funds, and a $300M protection fund.

However, the exchange has fallen in security rankings from a top 10 placement down to #27 according to Certified and Bitget is not licensed nor regulated which is a cause for concern for some users.

What Country Is Bitget Exchange From?

Bitget is based in Seychelles.

Has Bitget Had Any Security Incidents?

Bitget is proud of its reputation for being hack free since it began in 2018. There have been a few incidents with other crypto exchanges, and Bitget endeavours to remain a secure platform for its users. 

Which Is Better, Bitget Or Binance?

Binance is the world’s leading crypto exchange by trading volume. It has over 380 cryptocurrencies and 1700+ trading markets. 

CoinGecko lists Bitget in the top 15 from over 26,000 listed cryptocurrencies. Despite being smaller, Bitget has 550+ cryptocurrencies and 770+ trading markets.

Some traders prefer Binance, and others prefer Bitget. So, it is genuinely a personal choice. 

Is Bitget Copy Trading Good?

Bitget has a good reputation for its copy trading service, where users can follow experienced traders and copy their trades.

You can read our in-depth review of Bitget’s services.

Can Beginners Use Bitget?

Yes, beginners can use Bitget, but it may not be the ideal platform for trading for beginners. However, a popular option for novice traders is the Bitget One-Click-Copy Trade service. You can copy experienced traders and learn more about how to trade by seeing what they do and how they do it. 

A more popular crypto exchange for beginners is Coinbase.

Can I Use Bitget In The U.K.?

No, U.K. users are not permitted to use Bitget.

Is Bitget Legit?

Yes. Bitget is an established, trusted and reputable cryptocurrency exchange with many happy customers. However, some users avoid Bitget as they are unlicensed and unregulated.

Is Bitget a Scam?

No, Bitget is not a scam. It is an established and reputable crypto exchange founded in 2018. Bitget provides an excellent range of legitimate features and products. 

Is Bitget Futures Trading Safe

Trading is a high-risk activity. Before diving into trading services on the Bitget exchange, we advise learning about all types of trading, such as: 

• Futures Trading
• Derivatives trading
• Contract trading.