AMA

Bitget AMA full transcript

AMA (Ask Me Anything ) was conducted with Bitget on 18 April 2020 at 3:00 PM UTC live on our telegram group .

We were joined with Jordan, Community Manager of Bitget Global .

About Jordan :

Sure, I am Jordan, Community Manager for Bitget Global. My role is to manage the social media of Bitget, try to help solve any issues that users may have, and to help promote Bitget to users around the world.

Part of my role is to help bring in Bitget Ambassadors to help promote Bitget to traders around the world. We recently launched an Ambassador Program, which allows interested traders and people in the crypto space to become a Bitget Ambassador. In return, they can earn great commission incentives, prizes, and grow their community. If people want to learn more about that, they can check out this article (https://medium.com/bitgetglobal/bitget-launches-ambassador-program-6e2ed6dd18fc?source=friends_link&sk=90d5b3691ca87fdcdb1b64bf924a4a26)

About Bitget :

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.

Q. Can you tell us about USDT contracts and inverse contracts. How are they different? How do traders use these different contracts?

Sure! USDT forward contracts are contracts with margin of USDT. So, I can deposit USDT and trade contracts of BTC, ETH or other cryptocurrencies with up to 100x leverage. USDT contracts are great as users can quickly make leveraged trades of any currency they like with USDT.

Forward contracts are really easy to understand, and really easy for users to calculate their profit/loss on the trade. Surprisingly a lot of big contract trading platforms still don’t have forward contracts.

Inverse contracts are the opposite. Users deposit BTC, ETH and other cryptocurrencies and trade contracts against the USD with up to 100x leverage. Due to the non-linear nature of inverse contract payouts, it is much safer for traders to use inverse contracts when shorting a cryptocurrency against USD.

By having both USDT Contracts and Inverse contracts, we have something for all traders to take advantage of during bullish and bearish market conditions.

Q. Bitget has recently received many licenses, such as the MSB license for the US, MSB license for Canada and even an Australian license. What do these licenses mean for Bitget? Are there plans to open offices in each of these regions?

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.

Yes, opening offices in above-mentioned countries is Bitget’s next move .

Community Questions :

Q. Due to the newness of your platform, are there incentives for us traders to create orders?What countries / continents do you want to focus on right now and later?

As I mentioned before, Bitget has been around for a while now! I wouldn’t say we are new, it is a new industry.

Having said that, we always do promotions to bring new traders onto our platform. One running at the moment is a deposit bonus, which you can read more about here .

Q. What is your platform aimed at, professional traders or enthusiasts?

Guys, how are you in terms of regulations, or legislation?

The crypto market at the moment is full of all kinds of traders. We want to be a platform where professional have all of the tools that they need, and beginners still feel comfortable.

In terms of regulation, we recently had some big announncements related to Australia, Singapore, US and Canada. Being regulated in these regions is a great first step, and something not many of our competitors can say.

Q. Why Bitget Launches Ambassador Program? What is the benefit of Ambassador Program? Please explain us

We launched our ambassador program on the back of receiving our licenses for the different regions. We want to engage more closely with communities throughout the world, and on different platforms. By recruiting ambassadors, it is a win/win situation. They can earn commission, prizes, and learn, and we get more traders on our platform and grow our global community. I definitely encourage anyone interested to register 🙂

Q. What are your advantage over your competitors?

There are many. First, we have trading pairs of both USDT and inverse contracts, so traders can trade efficiently and reduce their risk in the highly volatile markets.

Secondly, our fees are lower than competitors. For professional traders this saves them a lot of money.

Q. What objective does your simulator have on your platform?

Do you think that all traders should test the simulator before using the real market?

Great question. The simulated trading is a great feature that we think more platforms should have. As a lot of crypto traders are new to trading overall, it is a good idea for people to learn to trade in simulations. Learning to trade on the platform, learning how to use the great TradingView platform, and learning to manage risk is very essential.

We will be launching a competition in a few days, where the top simulation trading users will win prizes. It should be very fun and interesting to see who will be the best traders.

Q. Do you consider inverse contracts to be more or less risky?

I think adoption is important everywhere, what strategies are you implementing? thanks

Inverse contracts are less risky in certain markets, as they are backed by BTC/ETH, etc. Great for hedged trading. I can’t go too in depth now, but there are a few great articles out there that explain how inverse contracts help to minimise risk due to their payout structure.

We also have USDT forward contracts, so users can choose what type of trading contract they like.

Q. Whats your Social Medias so i can follow it?

Our social media links are here:

https://t.me/bitgetEN

https://www.facebook.com/BitgetGlobal/
https://twitter.com/bitgetglobal
https://medium.com/bitgetglobal
https://www.reddit.com/r/BitgetGlobal/

Q. Something that increases massively the registrations in exchanges is listing a considerable amount of coins, and having enough volume to make the exchange factible. Is that a principal objective for BigGet? What coins would be added soon? Is volume a problem for BitGet in your point of view?

Security is really important and valued by users these days. Would you mention BitGet security measures? How is your platform protected against being hacked?

The strategy of Bitget is not to list as many coins as possible. As you probably know from other exchanges, this strategy doesnt work very well in the long term.
Bitget is focused on bringing quality trading to the platform. There are 13 contract trading pairs, and a similar amount of exchange pairs. With a key focus on these trading pairs, we can ensure liquidity in our markets, making sure users can trade quickly, and with great market stability.

Q. You have recently obtained the licenses for Australia and Canada; it is a great advance! Congratulations! What are the following countries in which you are working to obtain the licenses?

Thanks! We will continue to explore licenses in all regions that have them. I can’t say exactly where at this stage though. Our plan is to be compliant in as many regions as possible.

Q. Why do inverse contracts and USDT contracts have different names? Since it us the same mechanism, only with different coins

Actually the mechanism is a little different. As the name suggests, USDT forward contracts are backed by USDT, and inverse contracts are backed by the token pair (BTC, ETH, etc.). They have different payout curves, and are great at different things. I can’t go too in depth today, but definitely do some research! Traders can manage their risk very well by using different contracts in different situations.

Q. What are the Competetive advantages of Bitget & what is unique about your platform?
Tell us about your plans for the future, how do you plan to attract more users to your platform?

We have both USDT forward contracts and inverse contracts. Most platforms only have 1.

By offering a great service, continual development and being an open platform,and being licensed in as many regions as possible, we think we will see great organic growth.

Q. Hello, i am French and i applied to be french ambassador, bitget is amazing ! When do we will have reply ?

That’s great! We will be responding to those users that applied recently. For anyone else that wants to be an ambassador, definitely check it out on twitter

Q. Exchanges like BitGet are usually a gateway for many people, but as a new technology there are some conxerns over users, what is the possition of BitGet in matters like:

‼️security of the network and our data (this last, privacy)

‼️scalability, and Transactions per second

Do you have special programs to solve this very common problems?

BitGet name is related to bitcoin, what is your opinion over Bitcoin? Many new blockchain projects see huge mistakes in its blockchain, what do you think about it, and how it influenciates BitGet?

For question 2: I am a big fan of Bitcoin, although it is hard to deny Ethereum has done some really cool things in the past few years. Over time we will see different projects evolve and mature, and I’m excited to see the future of this new market.

Is Bitcoin digital gold? This is always a good debate.

I also saw some questions about user benefits. We have a few new user bonuses right now. Check it out here , register and collect your rewards!

Also, we hope you will try out Bitget and join us for the simulated trading competition that will be launching in a few days. You don’t need to deposit anything, but there are hundreds of dollars worth of rewards up for grabs!

Telegram user id of ama winners are :

@Rosanela8

@Ekramulnnl

@alice_wonderland12

@rockmorti

@JoxesXIII

Dont forget to follow us on https://twitter.com/theblockcircle

and join us on t.me/theblockcircle

230 cr
230 Cr has been interested in the cryptocurrency since 2017 when his friend introduced him to bitcoin .Interested by the bitcoin technology and suffering from centralised banking system he then decided to pursue his career in this space .

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