Bitget Token, known as BGB, is Bitget’s utility token under the ERC20 Chain. The token enables social trading, and it can be used to obtain discounts on Bitget trading fees. The users of BGB Token benefit from holding and training BGB, but it comes with risks. It is a centralised coin, where over 97% of all owners are related to Bitget, since most of the trading occur on the centralized exchange. BGB is not very popular and only have 34 different owners on the blockchain, yes you read that correct. Even if BGB aims to connect worlds and users to create the ecosystem that will connect CeFi and DeFi - they need to become decentralized to do that successfully. So please, BGB, go home and do the homework.
A Bit About Bitget Token
The exchange, Bitget, facilitating the coin, is based in Singapore. Bitget exchange launched the coin in May 2018 and provides low fees to make it attractive to traders in the crypto ecosystem. The BGB token can be described as a risky product foundation because of the decentralization, lack of licenses and rather short history. The token lets users earn 6% passive income as they can stake to earn to enjoy income and access early investments. The token has a lot to do before it can be accepted in the crypto community, but when they one day maybe get a proper license and sort out decentralisation - Crypto Lists would be more positive towards the BGB.
Earn passive income with the BGB token, an exchange token from Bitget.CryptoLists.com
Bitget Token is the native utility token of Bitget. The BGB token lets you connect your crypto, DeFi, and NFTs, and it also aims to unlock Web3. But what is the cost? Centralisation since there is only around 30 owners shown on the blockchain, which can stop you from taking out money and gives you zero options if anything happens. The BGB token targets young and those unaware of risks associated with investments in crypto businesses without a proper license.
Utility of Bitget Token?
BGB has several uses within the ecosystem. Traders mostly use it to acquire discounts on trading fees, as proof of rights and interests for users of different levels, and as a social token with the interaction between fans and copy traders. Its primary utility focuses on giving traders an easier life in the crypto ecosystem. The BGB token can also be used to stake to earn and trade to earn. Users with BGB can draw a lottery by consuming a small amount of BGB. That is a bit how we feel about this coin - it's a risky option, that can be seen as a lottery. But without license to conduct cryptocurrency business, the Bitget exchange is a place that we would avoid.
Bitget Token Price details
ERC20 Contract address: 0x19de6b897ed14a376dda0fe53a5420d2ac828a28
›› Details & Tokenomics
Advantages of Bitget Token
+ Bitget token gives lower trading fees on Bitget exchange.Disadvantages
- Bitget deployer owns mor than 97% of all BGB tokens.- BGB is relatively unknown in the crypto industry.
- The token is centralised, and your ownership cannot be verified on the blockchain.
Costs
▪ Rated at 2/10The costs when using it relies on the transaction fees imposed on the token. The minimum deposit is $50 and there are no deposit fees. The Bitget’s Fee Schedule Page continuously updates its trading fees for the Spot and Future Trading of the coin. The transaction fees include spot fees which are: 0.01%. The coin also charges a withdrawal fee of 0.0006 BTC. The users' transaction fees are at a discount when they trade in the exchange. There are up to 20% discounts on trading fees when trading with Bitget tokens. But a coin that is centralised goes against everything with crypto. For that reason, we don't care about the transfer costs - and rather focus on the risk that you take when investing in this option - a non-licensed exchange with their centralised token.
Reputation and Buzz
▪ Reputation rated at 2/10▪ Buzz rated at 2/10
BGB is trying to gain a good reputation thanks to their partnership with Juventus F.C, one of the leading football teams in Italy and Europe. However, Juventus probably didn't do much due diligence before allowing Bitget to be found on their shirts.
The token is not very popular since it is centralised and you cannot verify your ownership on the blockchain. Almost all coins are held by Bitget deployer, and if something happens with Bitget you will not be able to stop them from running away with your tokens.
FAQ
How do I get the Bitget Token?
You can buy BGB directly on Bitget through the crypto market. It is also available in one other exchange - Binance.
What laws do BGB users need to comply with?
They need to comply with local laws and regulations. However, users are advised to do this at their own risk. Since BGB and the company behind it is listed as a software and applications business, except for games and cybersecurity, along with research and experimental development on electronics - it is hard to trust this token. Bitget also claims to have licenses from 3 jurisdictions, but in reality they do not have that. Crypto Lists have emailed all licensing bodies and they have confirmed that BNB and Bitget don't have any license. In the U.S, BGB Token would be classified as a security since it is decentralised.
Is Bitget safe?
No, it is not. No license, even if their customer support tells you otherwise. Being a centralised token also goes against everything that cryptocurrencies is all about - transparency. Only Bitget themselves are the legal owner of more than 97% of all tokens according to data in the blockchain.
Is the Bitget token recommended for beginners?
No, it is not recommended for anyone. Without a license, Crypto Lists cannot vote for them.
Is the token regulated?
No, it is not regulated.
Screenshots from Bitget Token
Related crypto site? Learn more about Bitget
BGB is a utility token for the exchange Bitget, so it's worth reading more about the company behind below.Bitget is a crypto exchange with head office in Singapore, that offers many different crypto-related services. The site has more than 200 available digital assets and charges rather low transfer fees. However, that is end of the good part...
›› Read our full Bitget review here or more directly at their website here.
One of the world's largest cryptocurrency copy trading platforms.
›› Sign up at Bitget here
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