By Frank Martin (MoneyAmped.com)
Established in 2018, Bitget is a leading crypto exchange serving more than eight million customers across over 100 countries. Like most of the top exchanges, Bitget has its native crypto known as Bitget Token (BGB).
If you wish to learn more about BGB, from how it works to the benefits it gives to holders, then we recommend reading this guide.
Understanding BGB
BGB powers the Bitget ecosystem. It allows the exchange to offer trading fee discounts, rewards, and exclusive access to certain features. The token runs on Ethereum and fully complies with the ERC-20 standard.
BGB Tokenomics
BGB’s total token supply is capped at 2 billion. Here is how it’s allocated:
1. 25% was exchanged for BFT, Bitget’s previous native crypto.
2. 20% is meant to facilitate the development of the Bitget exchange.
3. 15% has been reserved for global partnerships and branding in a bid to attract more users.
4. 15% is intended for the expansion of the token’s utilities.
5. 10% has been set aside as an investor protection fund, which ensures stability in case of market disruptions.
BGB’s Price History
Bitget Token’s starting price in 2020 was $0.058. Since then, the currency has seen exponential growth, driven by the exchange’s expanding customer base.
Here are some of the key milestones that have pushed BGB to higher levels over the past four years:
1. Bitget has created one of the largest copy trading platforms.
2. The exchange’s move to introduce trading fee discounts has attracted more traders.
3. Bitget has added more use cases for its native tokens.
4. The introduction of Launchpool and Launchpad, which allow crypto developers to launch their projects, has increased the usage of BGB, thus boosting its demand.
According to data from CoinGecko, Bitget Token has surged 30,540% in the past four years. It’s currently trading at $4.37, with a market cap of $6.086 billion.
What Are the Benefits of Holding Bitget Token?
As mentioned, BGB offers holders several perks, including:
Early Access to New Crypto Projects
BGB gives you a pass to promising Web3 projects via the Launchpool and Launchpad. In other words, you become an early investor in these projects, and you stand to reap massive returns if they blow up.
Trading Fee Discounts
As a BGB holder, you will enjoy a 20% discount on trading fees when transacting on the spot markets. This perk is beneficial, especially for day traders who want to maximize their profits while minimizing their trading costs.
Profit-Sharing Opportunities
If you are a lead trader on Bitget’s copy trading platform, then holding BGB allows you to earn a commission of up to 10% from profits realized by your followers.
Voting Rights and Exclusive Access to Groupcoin Events
By holding BGB, you get a pass to Bitget’s Groupcoin events, allowing you to buy mainstream cryptocurrencies at discounted prices. Furthermore, BGB holders have the power to vote on tokens to be listed on Bitget.
BGB Rewards
BGB holders can claim tickets via the Bitget lottery feature and use them to unlock various rewards.
Free Withdrawals and High APY Returns
BGB holders enjoy one free crypto withdrawal daily. In addition, they can stake their holdings on Bitget’s Earn program to earn reasonable annual yields.
How to Purchase Bitget Token
Besides Bitget, BGB is listed on numerous other trading platforms, including UniSwap, MEXC, and Bitfinex. This makes it easily accessible. Here is a simple process for buying it on Bitget:
1. Go to Bitget.com and click ‘Sign Up.’
2. Enter your email or working phone number and verify it.
3. Next, click ‘Account Verification’ to verify your identity. This allows you to unlock all of Bitget’s features.
4. Deposit USDT into your verified Bitget account.
5. Click ‘Trade’ and look for the BGB/USDT trading pair in the spot market.
6. Place a buy order using any of the available order types.
Your BGB will be available in your Bitget spot wallet once the exchange completes your order. You can transfer the token to a noncustodial wallet like MetaMask to have total control.
