Bitget Security Overview: Is Bitget Safe?

The crypto industry has not been without drama over the last few years. We witnessed the shocking FTX collapse of 2022, which reverberated throughout the crypto community like the lingering aftermath of an earthquake. 

In 2019, hackers penetrated the biggest cryptocurrency exchange in the world, leaving Binance with a $40M loss. Thankfully, Binance has a SAFU (Secure Asset FUND For Users) and announced it would cover all the losses.

More recently, in 2020, the popular KuCoin got hit by a staggering $280M loss as criminals gained access to the keys to some of the hottest wallets held on the exchange. KuCoin moved quickly, blocking all transactions. The exchange recovered over $200 million, but the breach showed us the importance of taking security seriously.

Although we naturally think of crypto as a decentralised environment, we often forget that most crypto exchanges are centralised and as much at risk of cyberattack as any centrally owned business managed by third parties. 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 and listed in the top 15 crypto exchanges by trading volume on CoinGecko. 

The Bitget exchange is popular with experienced traders for derivatives trading, and novice traders love its 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. Along with the review, we also have additional supporting Bitget content to help with you with your research:

• Bitget Copy Trading: Reviewing the Leading Copy-Trading Platform
• How to Get Started with Bitget: Step-by-Step Sign-up Guide!
• Bitget Fees: Analyzing Bitget's Fee Structure
• BGB Token: Benefits, Uses and Tokenomics
• How to Buy Bitcoin on Bitget

Bitget Exchange Quick Summary

The Key Features of Bitget Exchange Security Measures are:

• Proof of Reserves.
• $300 Million Protection Fund
• Cold wallet storage
• Spot exchange score of 6.6 (CoinMarketCap)
• 2FA for logins, withdrawals, and account modifications.
• Listed on CER in 2020 in the top 10 secure cryptocurrency exchanges. (Ranked #27th as of Q4 2023)

Note: Users located in the US and UK are not supported.

What is Bitget?

Bitget is an established cryptocurrency exchange that supports over 550 spot trading pairs, 770+ markets, derivatives trading, and many other exciting features.

Bitget exchange has become popular with crypto enthusiasts and traders and has experienced rapid growth. The copy trading feature has attracted the attention of novice and intermediate traders eager to learn from professional traders and find a reputable crypto exchange offering the service.

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

Bitget has a daily trading volume of over $700M at the time of writing and rapidly sprung to the top 20 listed cryptocurrencies despite being a relative newcomer. The exchange has multiple payment options and hosts 40+ fiat currencies, including deposits and withdrawals for EUR, GBP and BRL.

Bitget has impressive partnerships, including 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 9^th 

On July 16th 2023, Bitget announced an upgrade. From that date, new holders of BGB, Bitget's native token, can receive super airdrops. The prerequisite is to hold a minimum of 4,000 BGB for fifteen consecutive days. If the holdings fall below 4,000 during that time, BGB holders will no longer be eligible. Bitget draws the winning tickets at random.

Notable Features on the Bitget Platform Include the following: -

• Launchpool
• Launchpad
• Crypto Loans
• P2P Trading
• PoS Staking (low-risk)
• Market data and insights
• Savings with daily interest
• Spot and Futures trading
• Bitget token (BGB) staking
• Daily Lottery with 500 BGB rewards
• Copy trading (Futures, Spot and Bot)
• Shark Fin: A high-risk yield Earn product
• Dual Investment for high-profit earnings
• Zero fees for debit/credit Card payments
• Range Sniper: A high-risk, high-yield product
• $1000 of USDT for new users to the platform (July 2023)
• Smart Trend: Predicting price movements for a percentage profit

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 having as many security layers as possible.

Organisational Security

In November 2022, Bitget increased its $200M protection fund to $300M and pledged to secure its value for three years. 

This fund gives Bitget users some security for protecting their funds and digital assets on the platform in the case of a cyberattack.

Proof of Reserves (PoR)

Proof of Reserves (PoR) means that Bitget (or other cryptocurrency exchange) funds in reserve correspond with customer assets held on the platform.

Bitget guarantees a 1:1 reserve ratio for 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)

The Bitget Proof of Reserves page is date and time-stamped, a nice touch for transparency. 

What is Merkle Root?

There's a lot of terminology in blockchain that is easily understood but rarely explained. The short answer is that Merkle Tree is a data structure for a group of encrypted data. Each transaction is encrypted and then grouped in layers of further encryption, which forms "tree-like" layers of encryption, hence why it is called a tree. 

"In cryptography and computer science, a hash tree or Merkle tree is a tree in which every "leaf" (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)

Is Proof of Reserves Enough Proof?

Bitget regularly publishes a list of their public wallets so users can verify they hold a certain amount of assets to cover potential liabilities. However, who really knows if Bitget has sufficient funds?

The only criticism of the Bitget Proof of Reserves is that it is self-audited. We can only accept their word as proof. It would be preferable to have independent auditors detached from the results. 

We also have no way of knowing how long Bitget holds funds in reserves or what happens to the funds after each audit. In addition, we don't know who can access private keys. And, unsurprisingly, after the FTX debacle, everyone in crypto wants more reassurance. Ultimately, we want 100% on-chain transparency in real-time and nothing less. 

Bitget Protection Fund

Bitget has a $300M protection fund, which it monitors consistently. This fund acts as a safeguard against losses from cyberattacks or other incidents. In the event of an attack, the protection fund would cover the losses of up to $300M.

"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 was previously listed as being regulated by the authorities in the United States, Canada and Australia, but is no longer. 

As of Q4 2023, Bitget is not regulated or licensed in any jurisdiction. It will be nice to see them attain some regulatory approval in the near future for consumer confidence and peace of mind.

Security Notifications

We suggest implementing maximum security measures to protect your Bitget account. Although Bitget security is excellent, we crypto traders and investors must also take responsibility for looking after our 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)

In your Bitget dashboard, you can opt-in for SMS and email notifications.

Data Encryption

Bitget uses SSL encryption for 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 states that it keeps most of its funds in cold wallets (offline) but does not clarify what percentage that is, which would be helpful to know for peace of mind. 

Bitget Cold & Hot Wallets

The Bitget cold wallet is offline and multi-signature. In addition, to reduce potential risks, Bitget uses offsite backup and “important data is stored by segment in a bank safer.”

Bitget also has a hot wallet, and according to the Bitget website, the private keys are “stored in a secure manner.”

• Asymmetric keys for implementing digital signatures and generating private keys.
• Bitget uses "FIPS 140-2 verified HSM or HSM under FIPS 140-2 verification." 
• Risk Control: Multiple layers of verification for withdrawals.
• Wallet services are isolated from the network with multiple layers 
• Real-time Monitoring: For asset changes and global reconciliation.

Bitget bases its risk control on big data, thus preventing abnormal withdrawal or deposit activities. It measures things like: -

• Device IDs
• IP addresses
• Withdrawal and deposit Addresses
• User behaviour (monitoring anything abnormal)

Bitget Bug Bounty

Bitget has a bug bounty program called Bug Rap. If you have the technical skills, you can use your expertise to try and break things and receive rewards. 
 

Bitget has rules and guidelines for submitting a vulnerability report, such as not sharing the details and not trying to modify the vulnerability yourself. You will receive rewards if the Bitget team can verify the issue and identify the vulnerability as a security concern.

In addition, vulnerability testing is limited to proof-of-concept (PoC). Full details are on the Bug Rap page.

How to Secure Your Cryptocurrency Exchange Account on Bitget

Bitget has a good range of security options, but it helps if you also take measures to protect your crypto account. One thing missing to safeguard your account further is the ability to whitelist addresses, meaning you can block or restrict addresses. That gives a reassuring level of protection. We hope that Bitget will add this option 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. Try not to choose a password you use for multiple accounts, and make it as complicated as possible by using digits, capitals, lowercase and special characters.

Enable 2FA and notifications on your account. That way, if anyone tries to get into your account to withdraw or modify details, you have a prior warning and can quickly access your account and advise Bitget. 

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

The Bitget wallet is a self-custody Web3 crypto wallet created by a collaboration between Bitget and BitKeep.

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

After transferring your tokens off the Bitget exchange, always take the following precautions: -

1. Set up 2FA and a strong password for the Bitget wallet
2. Avoid opening the Bitget wallet on public WiFi
3. Avoid leaving your mobile unattended in public
4. Do not share your login details 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

The Bitget Mobile App is available on iOS and Android. You can buy, sell and trade cryptocurrencies on the go. 

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

We advise avoiding trading on the app in public places and ideally sticking to the web 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 an activity best taken seriously and with a proper trading setup.

Additionally, always set a strong password, 2FA protection and keep your account safe. 

So, Is Bitget Safe

Are any crypto exchanges “safe?" 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.

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