The trend of investing in cryptocurrency is starting to gain momentum in Pakistan. However, given the strict regulatory restrictions, choosing a safe, secure, and compatible cryptocurrency exchange in Pakistan is often a challenge.
Fortunately, Bitget is one cryptocurrency exchange that’s been recently making headlines. The best part is that it’s available in Pakistan and accepts the PKR currency.
But is Bitget suitable for the Pakistani audience? Are there any restrictions for Pakistanis regarding the withdrawal, depositing, and transferring of cryptocurrencies on Bitget?
If you have these questions in your mind, then sit tight because we are about to give you a detailed review of Bitget. So, without any further ado, let’s jump right into learning more about Bitget!
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What is Bitget?
Bitget is a company that lets its users exchange cryptocurrencies for other assets like traditional fiat money or other virtual currencies. Bitget, which supports spot trading and futures, has quickly developed into one of the top exchanges for cryptocurrency derivatives.
Bitget has over eight million registered users, and this number continues to grow exponentially, thanks to the all-emerging innovative features of the exchange.
To safeguard its users’ assets, Bitget employs the best security measures. It uses multiple signatures, a hybrid hot-cold wallet system, a bank-level SS data encryption standard, a robust risk control system, and an integrated DPI active defence system.
The operating systems that Bitget Exchange supports include Windows, Mac, iOS, and Android. The platform is stable, scalable, and fast, which allows it to complete up to 100,000 trades per second.
The Bitget App is available on Google Play and the Apple Store. Bitget supports the Pakistani rupee (PKR) and is fully in English optimised for Pakistani.
Can I use Bitget in Pakistan?
Yes! Bitget exchange lets Pakistanis purchase BGB tokens and many other coins using PKR. Bitget exchange claims to have licenses from Canada, Singapore, the US, and Australia, making it a safe trading platform.
Whether you’re from Lahore, Faisalabad, or Karachi, Bitget is one of the finest trading platforms providing a seamless experience.
Pros and Cons of Bitget Exchange for Pakistanis
The Copy Trade feature of Bitget exchange appears to be its most advantageous feature. You can mechanically imitate successful traders’ trading techniques using this feature. Secondly, if you trade using the native token on Bitget, you benefit from discounts on the already-low transaction fees.
Best of all, Bitget doesn’t charge any deposit fees, and the strong, secure regulatory foundation makes it suitable trading for everyone – be it a beginner or expert crypto investor.
However, the primary disadvantage for Pakistanis is that they cannot purchase crypto on Bitget using a debit/credit card. Furthermore, the deposit and withdrawal of fiat currency are also unavailable to Pakistanis. They can just purchase cryptocurrency using the express channel or through P2P trading.
How to use Bitget in Pakistan?
To get started, you should first register as a member of the Bitget exchange. For this, you have to set up your account. Here’s a stepwise guide to help you get started with Bitget in Pakistan.
Step 1: Visit the Bitget
First and foremost, you need to visit the official website or download the Bitget application from the App or Play store. Whether you have a desktop or a mobile phone, you can access the platform anytime on any device.
Step 2: Sign Up
While you’re on the website, click on “Signup” to initiate the set-up process. Add your phone number and the best email address to register on the website. Additionally, you’ll need to add a password, accept the terms of service, and wait for verification.
Step 3: Do captcha
Once you’re done with the signup process, a captcha confirmation will appear. Complete the captcha requirement and wait for a code to be sent to your phone number or email. If the process is successful, prepare to make your first deposit. To guarantee that you have access to a 200 BTC withdrawal limit, complete the verification process.
Step 4: Verify
Click the “Verification” button on your account information page or the ID verification tab to begin the procedure. Afterwards, take these actions:
- Input your name.
- Pick an ID type, usually a Passport or CNIC for most Pakistanis.
- Specify the ID number.
- Upload a photo of the ID’s front and back.
- Upload a selfie holding a piece of paper with the words “Bitget” and the current date.
After you click “Submit,” Bitget will confirm your identity and raise your withdrawal limits to 200 BTC.
Step 5: Purchase or Deposit Bitget crypto
You should fund your account with your first deposit to use Bitget’s services for the first time. Click on the “deposit crypto” button to begin the process. You have two options: Purchase crypto with fiat currency, i.e., PKR, or deposit it via a cryptocurrency wallet.
How to buy Bitget crypto in Pakistan
Bitget token (BGB) is the native crypto token of the platform. It’s an ERC-20 token running on the Ethereum network that’s used to avail services on the Bitget platform. However, the BGB token isn’t available to trade on every CEX. If you want to purchase BGB tokens, the first straightforward way is to purchase the token from the Bitget exchange itself.
1. Buy from Bitget exchange
Fortunately, the exchange allows Pakistanis to purchase BGB tokens using the local fiat currency, i.e., PKR.
Here’s how you can do that:
- Login on the exchange
- Visit the “Buy Crypto” section
- Select the fiat currency, i.e., PKR
- Choose the amount
- Select a payment method
- Verify your identity
- complete the payment procedure
2. Buy through a wallet transfer
The second option is to purchase it through wallet transfers. It’s a tedious process, but if you have a broad cryptocurrency portfolio spread and stored across different exchanges and wallets, this is a viable alternative.
Follow along and see how you can purchase BGB tokens through wallets in Pakistan.
- Set up an Account: We’ll use Coinbase exchange and its self-custody wallet services as an example since it’s supported in Pakistan. You can either access Coinbase through their website or download their mobile application.
- Add a Funding Method: Now, fund your Coinbase account with either a debit/credit card or bank account.
- Purchase Cryptocurrency: You see, Coinbase doesn’t support the trading of BGB tokens. But it doesn’t matter. We can first purchase any other cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH), using PKR and then transfer it to an exchange that supports BGB trading (In this case, it’s the Bitget platform.)
- Transfer Bitcoin to Bitget crypto: Now, set up an account on the exchange which allows BGB trading (Bitget) and note the currency’s wallet ID. Head back to your Coinbase account and purchase cryptocurrencies which are also supported on the Bitget exchange.
- Purchase BGB: After the BTC balance appears in your Coinbase wallet, you need to transfer it to the Bitget exchange. It might be tricky, but it’s easier than a bank transfer. Copy the deposit address from the Bitget “Exchange” section and paste it on the Coinbase exchange. Select BTC as your transfer network and click Submit to start the transfer.
The best option is to purchase BTC since it’s a commonly accepted trading pair. All you need to do is navigate the “Prices” section on Coinbase and trade BTC for PKR.
Once the transfer is done, you can purchase BGB tokens on Bitget exchange through the spot market. Holding BGB entitles users to a 20% discount on trading fees. To receive a 15% fee break/reduction when trading on margin, BGB can also provide collateral.
Ethereum to BGB option
Another option is to purchase ETH and transfer it to your Coinbase wallet. With ETH in your wallet, you can start the process by tapping on the button to swap your ETH for Bitget Token right in the mobile app or browser extension.
Choose Bitget Token as your asset when you click the “Swap” icon on the Assets tab. You must exercise caution when determining how much to exchange for Bitget Token. To cover these gas expenses, always keep extra ETH on hand.
How to trade on Bitget in Pakistan
Bitget exchange provides spot, margin, and derivatives trading, but it primarily focuses on the latter. Derivative trading is the speculation of an asset’s future price movement through the purchase or sale of derivative contracts.
The buying or selling of goods, financial instruments, or foreign currencies are all included in spot trades. Spot trading is a fantastic way to earn money quickly, but there is no guarantee that you will be profitable, and you run the risk of losing money if the market declines.
Leverage trading entails using borrowed funds to increase one’s trading position beyond what would be possible with their cash balance. Leveraged trading has the potential to generate sizable profits but also sizable losses.
The smaller the opposite price movement must be for you to lose your investment, the more leverage you are using.
To begin trading on Bitget, ensure you’ve finished the verification process and made your initial deposit. Afterwards, transfer your cryptocurrency from your spot wallet to your new wallet.
Make sure to start with low leverage, such as x5 or x2, or start with spot trading if you are new to trading cryptocurrencies. Moreover, you can switch to a different language or currency. You can change the trading time, high and low values, and trading duration.
Bitget Fees 2023
Trading Fee
Bitget trading fees differ according to the type of trade executed. For instance, the fee for spot trading is set at 0.1% for both Maker and Taker. Similarly, the fee for futures trading is set at a transaction fee of 0.02% for the Maker and 0.06% for the Taker.
The good news is that if you use the BGB (the native token) for trading, the transaction fees will reduce by 30%.
Withdrawal Fee
A Bitget withdrawal’s cost varies depending on the asset’s market value, the network’s condition, and several other fundamental factors. For example, the fee for withdrawing Bitcoin is 0.0005 bitcoin per withdrawal, while it’s 0.0006144 ETH for withdrawing Ethereum.
Even though Bitget supports fiat withdrawals, the options are limited to euro, pounds, and Brazilian real.
Bitget Deposit Fee
There is zero deposit fee on Bitget exchange. However, there may be a variable fee ranging between 4% to 8% when you purchase using third-party payment merchants. You can deposit crypto on Bitget using quick express buy with PKR currency or through wallet transfers.
Conclusion
Bitget exchange is an excellent option for Pakistanis looking for a robust, user-friendly, and safe crypto trading exchange.
So, are you looking to enter the derivatives trading market and widen your investment portfolio? Create an account and start your crypto-investing journey on Bitget.
Happy Investing!
FAQs
Is Bitget legit For Pakistanis?
Yes, it is. The exchange holds regulatory licenses from the US, Canada, and Australia, making it legitimate and secure for trading crypto assets.
Where is Bitget located?
Bitget Exchange is located in Singapore, but it also has regional offices in China, South Korea, and Japan. Additionally, it is spreading to SEA nations such as the Philippines, Vietnam, India, and Indonesia.
Bitget is a reputable exchange because it holds regulatory licenses from the US, Canada, and Australia. Additionally, they have financial exchange permits for the US, Canada, Singapore, and Australia.Who created Bitget?
The Bitget Group, a digital financial company, launched Bitget in April 2018 as a centralized cryptocurrency. Sandra Lou is the founder and CEO of Bitget, with Intae Song serving as the Chief Sales Officer.
Global leaders in social media, financial software, cryptography, and investment make up the team at Bitget. SNK, 8 Decimal Capital, and An Lan Capital are a few of the top investment companies that help to raise Bitget Exchange’s value and solve its liquidity issues.
