Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Bitget on June 30, 2020. This guest star is Bitget COO Leslie Chan, . If you were unable to join the live AMA, no worries, here comes our 21th AMA recap!
We are glad to meet here:
Leslie Chan, COO Bitget
Q1: Can you introduce yourself to the community? What is your background and how did you join Bitget?
I am Leslie, COO for Bitget Global. My role is to manage and oversee Bitget global operations, and to promote Bitget to users around the world.
Bitget was founded in 2018 and headquarters established at the Asian financial center of Singapore. Bitget is a world-renowned digital asset financial service platform, providing 24-hour professional digital asset trading services to the world. 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.
Q2: What are the differentiators of Bitget?
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.
Q3: How many countries does Bitget already have operating licenses in?
Bitget has recently 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. https://www.bitget.com/en/compliance
Q4: Security is one of the most important things. How does Bitget protect 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 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.
You can go to https://www.ssllabs.com/ssltest/, key in bitget’s domain (www.bitget.com) to check.
Q1: Functional and Responsive Customer Support is very integral to the development of any exchange. If I may ask, how is the Bitget support when dealing with customer issues? Do you also use bots to attend to customers complaints?
Our priority is customer satisfaction. We take an individual approach to satisfy any requirements our clients might. So far we provide the channel is clients can send us the email to firstname.lastname@example.org or you can looking for group admin in our Bitget Official Telegram Group (https://t.me/bitgetEN) if our customer support cannot solve the issue for you. For 24/7 support, users can go to APP main page and use “Support” to reach our customer service officer.
We are not use bots to attend the complaints because in my opinion, bots killing customer service, the computer programs that conduct clumsy conversations with you when you have a complaints are maddening. We only used bots to do some promotions and quick service requests. We prefer to use human to take a more strategic role in the contact centre, focusing on detailed, complex customer inquiries.
Q2: As a new comer, which steps will be the easiest way for a random person to start copy trading on Bitget ? Which conditions and requirement does it need?
For new traders, you can get to know how other elite trade to behave, it is a learning platform as well. Copy Trade is a tactic used by some newer investors without experience. What u need to do is choosing a trader and follow with one tap. But I think there are some risks that you need to look out.
Here are the suggestions:
- Picking traders, Bitget is monitoring the performance for the traders, and do the announcement every week for the top traders, I think this is the way for your reference.
- Not following trades proportionally, we allow the trades close position anytime if you feel the trader’s direction is wrong.
- Copy trade should be a learning tool, not a magic wand, we hope you can learn the strategies from the professional traders.
Q3: What are the benefits of Bitget partners?
We have the ambassador program or called it KOL program, we are welcome all Blockchain enthusiast to apply, they need to have community resources no less than 500 members, including but not limit to Telegram, Twitter, Youtube, Facebook, Blogs etc;
The reason to launch ambassador / KOL program is that we hope blockchain or trading enthusiast can join us to grow together.
The benefits you can learn more from here:
You also can partner with us a an Elite trader, you can enjoy the benefit as in following picture.
Q4: What are the main differences between BitgetGlobal and other similar exchange site? Why is BitgetGlobal better than these exchange site? What are the benefits of being a user of BitgetGlobal?
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 with open long / short position in both way, Bitget has always insisted on carrying out business in various countries and regions under the premise of legality and compliance.
In current market, there are only few platforms provides copy trade function, we are keeping upgrading our feature and user experience,
The advantages are as below:
- Focus on contract trading
- No system overloads
- 24/7 customer service
- Excellent liquidity
- Independent A+ security level research and development of the exchange systems
Q5: I see that Bitget has a copy trade feature. Can you explain about copy trade and how the mechanism is?
Copy Trade allows the user to copy the trader’s strategy from Elite Traders on Bitget. Users 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 the market. Of course, you can close a position at any time if you feel the trader’s direction is wrong.
You can read more here: https://medium.com/Bitgetglobal/introduction-to-Bitget-copy-trading-2933332c253f
Copy trade has 2 significant points I wishes to bring out here:
- Users have one more opinion to trade, if they are busy and no time to do chart analysis or no ideas on the market trend, they can always seek what our Elite traders do.
- For traders, they are helping users to gain profit, so they can earn more besides their own trading profits.
Q1; As i scan your Twitter posts I notice that you highlights BTC What are the unique features of Bitget in BTC trading? Do you have another listed coins beside of BTC?
Thanks for keeping tuned our twitter. The reason we highlight BTC/USDT trading pair, because we are focusing contract trading, BTC trading pair (BTC/USDT or BTC/USD) is the most popular ones in the whole crypto world.
I believe you are referring this right? This is our daily big data
Q2: Liquidity is one of the reason why trader jump off on the platform, me i ask if do you have that?
Bitget have excellent liquidity especially BTC/USDT, ETH/USDT. You can compare with Binance, Okex etc for this.
There are few reasons:
- Our daily BTC/USDT trading volume about 1 billion USDT and DAU has reached 10K, which means a lot of makers.
- We have more than 7 3rd-party liquidity service providers. We want the copy trade to help more new Traders. U can close position anytime if u feel the trader’s direction is wrong
Q3: Currently I see the trading pairs on Bitget are limited. Does Bitget plan to list more trading pairs this year?
Bitget is a crypto derivative focused exchange, so the liquidity the very important for contract trading. Only the mainstream coins liquidity is guaranteed. Those non-mainstream coins can be easily manipulated so this will be harmful to our users, as well as our reputation.
Actually 11 trading pairs in USDT contract can be considered the most coverage in derivative exchange.
There is always demand and supply, not by our preference. As we know BTC/USDT, BTC/USD are the most popular trading pair in contract trading all over the world.
Q4: Why should I choose Bitget copy trade?
There’s however a misconception that copy trading mainly beneficial for new and inexperienced traders. In fact, copy trading is potentially a superb investment tool even for highly experienced traders, Bitget provided the function”Copy Trade” designed for both new and experienced Traders.
The reasons are below:
- We have KOL program for all experts and “TOP Trader” announcement weekly.
- We provide the leverage adjustment for ur copy and u can stop follow time any time .
- Bitget always provide good liquidity.
- We provide World-class risk control system with professional distributed system architecture
Q5: COPY TRADE, this will be a dependency for many people when trading in this market without wanting to improve their knowledge. What do you think about this? Does Bitget’s Copy Trade feature stand out?
Copy trade is another opinion for traders. We are not able to watch on chart 24 hours, and we have our wonderful live to enjoy, so you can choose Copy trade to when you are busy or even your sleeping time.
- Large elite trader pool, a lot of choices, all trader’s profile are open
- Flexibility – user can adjust lvg, set trading amount, close position at any time
Q6: How does Bitget solve the problems that exchanges are facing: system overload, lack of liquidity, hacker attack?
Firstly, Bitget don’t have system overload issue and liquidity problem.
Why we can say Bitget has excellent liquidity, there are few reasons:
- Our daily BTC/USDT trading vol is about 1 billion USDT, and DAU (daily active user) has reached 10K.
- We have engaged more than 7 liquidity service providers to ensure market depth is sufficient to bulky orders.
Secondly, Bitget’s team consist of professionals from different industries, Bitget has the independent R&D 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 defence system, and self-developed wallet warning system. We have world-class risk control system with professional distributed system ,utilizes hybrid Hot/Cold wallet Systems+Multi-signature Technologies; S ++-level protection of user transactions and assets and have stood up against hackers.
Bitget has also invested heavily in setting up a security and risk control department since Nov 2018, ensuring exchange security and user security as an important feature. There are exciting possibilities for Bitget as a valuable platform for security professionals to protect users’ funds and personal information.
Q6: WHAT ARE THE REQUIREMENTS TO BECOME A “BITGET” AMBASSADOR, IN ORDER TO HELP MAKE IT THE FASTEST GROWING DIGITAL ASSET PLATFORM?
This is the Prerequisites
- Block-chain enthusiast, own community resources no less than 500 members, including but not limit to Telegram, Twitter, YouTube, Facebook, Blogs etc;
- Monthly active member of the community is not less than 30%;
- Have enough free time to be active in the community for a long time, active and enthusiastic.
Read more and apply here:
Q7: How do you plan to spread awareness about your project in different countries where English is not spoken well?
Do you have local communities for the them to let them better understand about your exchanger ?
Join Bitget English group, you will see local Bitget groups in pin message, Join now —- > https://t.me/bitgetEN
Q8: do users demands and feedbacks considered in the development of BITGET ecosystem? If yes,In which ways do you provide this?
Bitget always value customers feedback, and we deeply understand the demand and supply. So we are keeping developing our products and functionalities. we have our own R&D team, product team and technical support team.
Copy trade function has released for 2 month, we are in 2nd version now, 3rd version will be released soon. All new versions are developed based on our users valued feedback and market demands.
This is a example we collect feedback, and rewards the user:
Q9: is a bit platform for professional traders? what is the effect that ordinary investors who are not trading experts can feel from using bitset platforms?
Bitget targets professional traders, as well as ordinary investors, we have many training materials, and trading simulator for new users to practice.
new function like copy trade, also target pro-trader and new trader.
Pro-trader can apply our elite trader program, and earn more.
New trader can follow elite trader to gain profit, as well as to learn their trading strategy.
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