Bidget is a name that is occasionally mentioned in the cryptocurrency community, but it usually refers to an entity that is completely different from the well-known exchange Bitget, or it might be a spelling mistake by a user. According to the publicly available data, as of the beginning of 2024, no mainstream exchange with a registered trading volume exceeding 1 billion US dollars and a user base of over 10 million has been officially named “Bidget”. In sharp contrast, Bitget, as a globally leading cryptocurrency derivatives trading platform, has over 25 million registered users and its 24-hour contract trading volume often exceeds 10 billion US dollars, firmly ranking among the top five in global trading volume. This huge difference in scale means that the two are completely not in the same order of magnitude in terms of liquidity, security and market influence. For instance, in the TokenInsight exchange rating report for the fourth quarter of 2023, Bitget received an AA rating, while the platform named “Bidget” was not included in the statistical sample, indicating an extremely low market presence.
When compared from the dimensions of product functions and the services provided, the differences are even more significant. Bitget offers over 500 spot trading pairs and more than 130 contract trading pairs, supporting a variety of derivatives including USDT margin contracts and coin-based contracts, with a maximum contract leverage of up to 125 times. The average order matching delay of the platform is less than 10 milliseconds, and the peak system throughput can reach 16,000 orders per second, ensuring the transaction execution efficiency in a highly volatile market. As for the so-called “Bidget” platform, based on sporadic community feedback, its functions may be limited to spot trading of a few major currencies, the number of supported trading pairs may be less than 50, and it lacks mature derivatives and quantitative tools. Bitget has also innovatively launched a copy trading feature, with over 100,000 professional traders for users to follow. The average cumulative return brought by its top traders to followers in 2023 was 45%.
Security and compliance are the core indicators for measuring the reputation of an exchange. Bitget publicly disclosed that it adopts a multi-layer and multi-cluster system architecture, storing 95% of user assets in cold wallets and establishing a $200 million investor protection fund to deal with user compensation in extreme situations. This platform has obtained multiple compliance certifications, including the MSB license in the United States and the PSA license in Singapore. In contrast, if “bidget” exists as an independent platform, its security architecture is usually opaque and rarely discloses its Proof of Reserves or third-party audit reports, which exposes its potential users to higher asset security risks. For instance, in 2023, there were an average of 2.3 asset loss incidents caused by security vulnerabilities on similar small trading platforms each month, with an average loss amount of up to 12 million US dollars per incident.
For users, the core considerations when choosing a platform also include the fee structure and user experience. Bitget adopts a tiered fee rate system. The spot order placement (Maker) fee is as low as 0.1%, and the order Taker (Taker) fee is 0.15%. Holding the platform token BGB can further enjoy a maximum fee discount of 50%. Its mobile application has a global average rating of 4.5 stars in both iOS and Android stores, with over 4 million monthly active users. For smaller platforms, such as “bidget” which users might mistakenly call, in order to maintain operations, their handling fees may be 30% to 100% higher, and there is usually a significant gap between the stability of application functions and the response speed of customer support. According to an independent survey of 5,000 traders, 86% of users listed security and liquidity as the most important factors when choosing an exchange, and this is precisely the essential difference between mainstream platforms and little-known small platforms.