This global cryptocurrency trading platform has established itself as a major player since its founding in 2018. It is widely recognized for its user-friendly interface, advanced trading tools, and competitive fee structure, offering a full suite of services including spot trading, derivatives, and DeFi solutions.
Often referred to as "拜比特" in Chinese, the platform positions itself as a next-generation Web3 gateway. It boasts a significant global user base and handles an average daily trading volume in the tens of billions of dollars, serving millions of customers across numerous countries and regions.
Development and Milestones
The exchange's journey reflects its rapid ascent within the competitive crypto landscape.
Founding and Early Days (2018)
The company was founded by Ben Zhou, a former executive at forex brokerage XM. Initially headquartered in Singapore, the company later relocated its headquarters and is registered in the British Virgin Islands. Its core development team successfully launched its flagship BTCUSD inverse perpetual contract within just two months of operation.
Establishing a Foothold (2019–2020)
This period was marked by significant growth. The platform reportedly processed a substantial portion of global Bitcoin trading volume in 2019. It achieved profitability within five months, supported by its early user community. By 2020, its daily trading volume had surged, and its market share in derivatives trading surpassed that of a key competitor. The company also expanded its workforce significantly during this time.
Period of Rapid Growth (2021–2022)
Growth accelerated dramatically in 2021, with daily trading volume reaching new heights. The platform diversified its product offerings. A major milestone in 2022 was the implementation of a real-time proof-of-reserves system, enhancing transparency. It was also among the first to launch new perpetual swap contracts. This era also saw the platform secure a high-profile sponsorship deal, increasing its global brand recognition.
New Horizons and Expansion (2023–2024)
The user base continued to expand exponentially, surpassing tens of millions by 2023. Strategic partnerships, including one with a major global payments network to launch a card, were formed. The company established a new headquarters and secured operational licenses in key jurisdictions. It has been ranked by third-party analysts as one of the most trusted crypto exchanges and consistently ranks among the top platforms for derivatives trading volume globally. Industry analysts suggest the platform attracted a significant number of users following the collapse of a competing exchange.
Core Services and Trading Products
The platform provides a comprehensive set of options designed for both novice and experienced traders.
- Spot Trading: Buy and sell a wide variety of cryptocurrencies directly.
- Derivatives Trading: Trade perpetual contracts with high leverage, often up to 100x, on numerous crypto pairs.
- Options Trading: Access sophisticated strategies with Bitcoin and Ethereum options contracts.
- Earn Products: A dedicated suite of financial products offering opportunities for passive income through staking, mining, and other DeFi services.
- Trading Tools: For advanced users, the platform supports API integration for automated trading strategies and a copy trading feature. This allows users to automatically replicate the positions of successful traders on the platform. 👉 Explore advanced trading strategies
Account Registration Process
Opening an account involves a straightforward process designed for security and regulatory compliance.
- Sign Up: Provide a valid email address or mobile number and create a secure password.
- Verification (KYC): Complete the "Know Your Customer" process. This requires submitting government-issued identification (e.g., passport, driver's license) and, depending on your jurisdiction, proof of address.
- Deposit Funds: Once verified, you can fund your account by transferring cryptocurrency into your exchange wallet or by purchasing crypto with fiat currency (subject to regional availability).
Understanding the Fee Structure
The exchange employs a tiered fee model, rewarding users with higher trading volumes or larger asset balances.
- Spot Trading Fees: Standard fees start at 0.1% for both makers and takers. These fees can be reduced significantly, down to 0.005% for makers and 0.015% for takers, for high-volume VIP users.
- Derivatives Funding Rate: A variable fee, which can be positive or negative, is exchanged between long and short position holders every eight hours based on market conditions.
- Withdrawal Fees: Fixed network fees are charged for withdrawing cryptocurrencies from the platform. Account registration itself is free.
Regulatory Standing and Compliance
Operating in a highly scrutinized industry, the platform states its commitment to adhering to international Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Its global nature means it interacts with numerous regulatory bodies across different countries.
Like many global exchanges, it has faced challenges in certain jurisdictions, leading to adjustments in its services or availability in specific markets like Canada, the UK, and France to align with local regulatory requirements.
Frequently Asked Questions
What is the main focus of this exchange?
It is primarily known as a leading derivatives and合约 (contract) trading platform, offering high leverage on perpetual swaps. It has since expanded to include comprehensive spot trading, options, and DeFi earning products, catering to a broad range of cryptocurrency traders.
Is it safe to use this platform?
The platform has implemented several security measures, including a real-time proof-of-reserves system, two-factor authentication (2FA), and cold storage for the majority of user assets. Its high trust ratings from independent reviewers also contribute to its reputation for security. However, users should always practice good security hygiene.
How do the fees compare to other major exchanges?
Its tiered fee structure is highly competitive, especially for high-volume traders who can access some of the lowest rates in the industry. For regular users, the standard spot trading fees are comparable to other top-tier centralized exchanges.
Can US-based traders use this platform?
No, the exchange does not currently offer its services to residents or citizens of the United States due to the regulatory environment. It is critical to check the list of restricted countries on the platform's official website.
What are the best strategies for a beginner on this platform?
Beginners should start with spot trading with low leverage to understand market dynamics. Utilizing the learn-to-earn resources and observing copy traders without immediately investing can be valuable. It is crucial to never invest more than one can afford to lose.
What payment methods are available for depositing funds?
Deposit options include cryptocurrency transfers and fiat currency deposits. Fiat deposits can often be made via bank transfer, credit/debit cards, and various third-party payment processors, though supported methods vary by region. 👉 View real-time deposit options