Regulated

Score

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/10

BitGo

United States

|

10-15 years

MTL License|

Digital Currency License|

MSB License|

Suspicious Overrun|

Medium potential risk

https://www.bitgo.com/

Website

Rating Index
Influence

Influence

A

Influence Index NO.1

United States 3.49

Better than 99.88% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
A

Exchange License

NMLS

NMLSRegulated

MTL License

NYSDFS

NYSDFSRegulated

Digital Currency License

FinCEN

FinCENOver-Operation

MSB License

BitGo Exchange Info

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Company Name
BitGo
Phone of the company
--
Company website
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Facebook
--
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Customer Service Email Address
sales@bitgo.com
support@bitgo.com

WikiBit Risk Alerts

1
Previous Detection 2024-12-23

MSB License goes beyond their business with the United States FinCEN license (License No.: 31000279438330), please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

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New Arrival

Trading statistics

Influence

Yesterday Vol

7 Days

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BitGo User Reviews

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73 ratings

Participate in evaluation
BIT2111589854
please how do I get the registration link to register and trade on this platform ..and also get trading signal to trade
2024-01-25 00:31
4
Arly Deparii
BitGo is pretty good, its security is top-notch and its customer support is responsive. However, the trading fees are a bit high.
2024-06-16 00:15
6
Dexter 4856
BitGo is a reliable crytocurrency Exchange, it is good for trading,
2023-11-24 18:08
7
FX1009417946
BitGo’s handling fees are so high, it feels like a money grab. Also, the liquidity is so poor that I can’t trade rarer coins, which I’m not happy about!
2023-11-19 11:43
7
Pearlly
BitGo's transaction fees are an absolute outrage! The user interface is also confusing, took ages to navigate.
2023-09-24 00:51
6
Aghy FX
The inclusion of a community-driven knowledge base fosters a collaborative learning environment. It's a treasure trove of insights contributed by seasoned users.
2023-12-10 09:11
8
bunny crypto
The educational resources provided by this exchange are invaluable. They truly empower users to make informed decisions in the crypto market.
2023-12-09 03:20
5
Alan Dennis
The low-latency trading infrastructure is a game-changer for active traders. It ensures that my orders are executed with precision and speed.
2023-12-06 00:55
3
seryour
The incorporation of a user-driven suggestion box is a great way to involve the community in platform development. It's like having a say in the platform's evolution.
2023-12-05 02:29
3
BLESSing7943
I've had nothing but positive experiences with Lbank. From the easy onboarding process to the seamless transactions – it's a winner all the way.
2023-12-04 03:40
9
Lala27
I don't see any significant issues in BitGo. Given the various signing processes, the verification procedure was attempted too frequently. Additionally, they could lower the pricing price each transaction. If they can provide their own cryptocurrency buying and selling option, that would be fantastic.
2023-10-31 14:50
7
chima7748
The customer support team is not just knowledgeable but also patient. They take the time to explain things, making it a pleasant experience.
2023-12-11 01:28
7
shinna
I'm new to the crypto game, and this exchange has been incredibly user-friendly. It's like they anticipated the questions I'd have as a beginner and answered them proactively.
2023-12-09 03:01
2
Preye3913
Being a newcomer to crypto, I appreciated the user interface's simplicity. It's like coinlist understands that not everyone is a tech expert.
2023-12-06 02:25
7
imani
The integration of futures trading features adds a layer of complexity for experienced traders. It's a welcomed addition for those seeking opportunities beyond spot trading.
2023-12-04 01:19
7
Kenny wise
Information you send on the app is encrypted, and the app uses fraud detection technology. You can help keep your Cash App use safe by following ...
2023-11-28 04:29
6
Michael boro
have praised BitGo for its fast and smooth trading capabilities
2023-11-06 21:46
2
Michael boro
Bitgo is the trusted & the most secure crypto wallet
2023-11-05 16:25
5
Teemi
i don't any significant problem with BITGO the verification and sign in are completely ok
2023-11-05 02:07
5
kumi
BitGo allows me to break through the boundaries of trading. The interface is simple and intuitive, making it easy for me to understand and trade. But when it came to customer service, I felt it was a bit slow.
2023-10-25 12:54
10

View all comments

Exchange Name BitGo
Founded Year 2013
Regulatory Agency NMLSNYSDFS
Cryptocurrencies Available 600+
Fees 0.25% commission fees
Payment method Bank Transfers, Credit/Debit Cards
Customer support Phone: (650) 847-0009Email Address: sales@bitgo.comsupport@bitgo.comSocial media: Facebook, Twitter, Linkedin

Overview of BitGo

Founded in 2013 by Mike Belshe and Ben Davenport, BitGo is headquartered in Palo Alto, USA, and was initially established to aid businesses engaged in frequent cryptocurrency transactions. Notable investors include Goldman Sachs, DRW Ventures, and Redpoint Ventures.

BitGo's pioneering multi-signature wallet led to the development of Threshold Signature (TSS) technology, enhancing security for other fintech enterprises through multi-party computational protocols (MPC). The platform supports 600+ coins via multi-signature and TSS protocols, offering reliable and secure financial services.

BitGo's infrastructure offers regulated custody, borrowing, lending, and cold storage through its Trust Company, established in 2018.

basic-info

Pros and Cons

Pros Cons
Multiple available cryptocurrencies A limited list of supported currencies
Many types of wallets to choose No clear information on trading fees
Regulated by the NMLS and NYSDFS
Comprehensive customer services

Pros of BitGo:

  • Wide variety of available cryptocurrencies, accommodating diverse preferences.

  • Multiple types of wallets to choose from, enhancing user flexibility.

  • Regulated by the NMLS and NYSDFS, providing a level of oversight and compliance.

  • Comprehensive customer services, addressing a range of user needs and concerns.

Cons of BitGo:

  • Limited list of supported currencies, potentially restricting options for users.

  • Lack of clear information on trading fees, leading to uncertainty for traders.

Regulatory Authority

BitGo is regulated by the Nationwide Multistate Licensing System (NMLS) under the Regulation Number 1817802. The exchange is categorized as “Regulated” and holds an MTL License through its entity BitGo Trust Company, Inc.

regulation

Additionally, BitGo is also regulated by the New York State Department of Financial Services (NYSDFS) and operates under a Digital Currency License. However, the specific Regulation Number is not disclosed. The entity responsible for compliance in New York is BitGo New York Trust Company LLC.

regulation

These regulatory agencies oversee and monitor the operations of BitGo to ensure compliance with relevant laws and regulations within their jurisdictions. The licenses obtained by BitGo demonstrate the company's commitment to maintaining regulatory standards in the virtual currency exchange industry.

Security

BitGo employs multi-signature and Threshold Signature Scheme technologies to ensure enhanced security, transparency, and user confidence in safeguarding digital assets.

1. Multi-Signature Wallets:

- Multiple keys required for transactions.

- Enhanced protection and accountability.

- Transparent verification of authorized transactions.

- Backup keys prevent key loss risks.

2. Threshold Signature Scheme (TSS):

- Elevated security for select blockchains.

- Speedier coin integration, lower fees.

- MPC security for both cold and hot wallets.

3. User-Centric Approach:

- Addressing users' top concern – security.

- Proactive adoption of advanced protocols.

- Building trust through transparency and protection.

BitGo excels in securing digital assets, employing multi-signature and TSS technologies, and reflecting its commitment to user-centric security and accountability.

Pro

Cryptocurrencies Available

BitGo exchange supports a diverse range of cryptocurrencies from various blockchains. For instance, it facilitates popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and many others. This broad support extends to over 600 coins, catering to a wide array of digital assets within the crypto ecosystem.

Fees

BitGo charges a fee of 0.25% for each outgoing financial transaction involving Bitcoin (BTC) and a fee of 1% for each transaction involving Bitcoin Gold (BTG).

Exchange Comparison

BitGo offers over 600 cryptocurrencies with a 0.25% commission fee for Bitcoin transactions and multiple wallet choices. Binance lists more than 350 cryptocurrencies with transaction fees under 0.10%, features a Secure Asset Fund for Users, and boasts a vast user base of over 12 million. Gate.io stands out with 1,400+ listed cryptocurrencies, supports deposits in 20+ fiat currencies, and provides an Earn on Deposits program, along with HODL and Earn options. Staking and earning opportunities are also available across these platforms.

BitGo Binance Gate.io
600+ Cryptocurrencies - 350+ Cryptocurrencies Listed - 1,400+ Cryptocurrencies Listed
0.25% commission Fees for Bitcoin - <0.10% Transaction Fees - 12+ million users
- Also multiple choices of wallets - Secure Asset Fund for Users - Deposit using 20+ fiat currencies
- Staking service enables you to grow your crypto holdings - Earn On Deposits - HODL and Earn

funds

Pament Methods

BitGo, being a custodian for crypto assets, does not have traditional payment methods like credit cards or debit cards. Instead, they offer functionalities related to cryptocurrency payments:

  • Direct transfers from your own crypto wallet: You can send cryptocurrency directly from your crypto wallet to BitGo for transactions on their platform. This applies to services like custody or trading.

  • Third-party integrations: BitGo integrates with some third-party payment processors like BitPay, which enables users to pay for goods and services at merchants who accept BitPay using various cryptocurrencies.

  • Notional USD value billing: For specific BitGo platform transactions (e.g., sending Bitcoin), they might use a notional USD value for billing purposes. This value is calculated based on the BitcoinAverage and CryptoCompare rates at the time of the transaction, not on actual USD payments.

  • Therefore, BitGo primarily relies on cryptocurrency transfers and integrations with third-party payment processors for facilitating payments on their platform.

    Services

    BitGo offers a versatile array of cryptocurrency solutions, including Hot Wallets for swift transactions, secure Custodial Wallets, borrowing services, and Self-Managed Cold Wallets. Users can engage in lending and stake coins for rewards, while NFT Wallets ensure safe token storage. The exchange also supports DeFi, Collateral Management, and Wealth Management, integrating with the Go Network. Developers can create tailored applications with BUILD, and BitGo's APIs enhance communication and integration. Overall, BitGo provides a comprehensive ecosystem catering to diverse crypto needs.

    security

    How to Buy Cryptos

    1. Purchase on Cryptocurrency Exchanges:

    • Utilize established cryptocurrency exchanges like Coinbase, Binance, Kraken, or Gemini to acquire your desired cryptocurrencies.

    • Once purchased, transfer your crypto from the exchange to your BitGo wallet for secure storage and management.

    2. Over-the-Counter (OTC) Trading:

    • Connect with OTC desks or brokers who specialize in large block trades of cryptocurrencies.

    • Negotiate the purchase directly with the counterparty and settle the transaction using payment methods like fiat currency or other established assets.

    • Securely store your purchased crypto in your BitGo wallet after settlement.

    3. Decentralized Finance (DeFi) Protocols:

    • Explore DeFi platforms offering features like swapping tokens, lending, and borrowing, potentially acquiring desired cryptocurrencies.

    • Ensure you understand the risks and complexities involved in DeFi before engaging in any activities.

    • Connect your BitGo wallet to compatible DeFi protocols to interact with them securely.

    4. Third-Party Integration Services:

    • Some platforms integrate with BitGo, allowing for direct crypto purchases within their interfaces.

    • Research the specifics and reputation of such platforms before proceeding.

    • Ensure smooth compatibility between the purchase platform and your BitGo wallet for seamless transfer.

      coin

    Is BitGo A Good Exchange for You?

    BitGo excels in providing security and infrastructure solutions for other exchanges. They offer features like:

    • Custody wallets: Secure storage for large amounts of cryptocurrency assets.

    • Trading infrastructure: Tools and technology for building and managing trading platforms.

    • Compliance solutions: Tools to comply with regulations and mitigate financial crime risks.

    Therefore, BitGo is best known for being a leading provider of security and infrastructure solutions for institutional investors and established cryptocurrency exchanges.

    good

    FAQs

    Q: Where is my money stored?

    A: BitGo uses a combination of cold storage (offline) and hot storage (online) wallets to store the cryptocurrencies.

    Q: What are some notable investors in BitGo?

    A: Notable investors in BitGo include Goldman Sachs, DRW Ventures, and Redpoint Ventures.

    Q: What technological innovation did BitGo's multi-signature wallet lead to?

    A: BitGo's pioneering multi-signature wallet technology led to the development of Threshold Signature (TSS) technology, which enhances security for fintech enterprises through multi-party computational protocols (MPC).

    Q: How does BitGo enhance security for cryptocurrency transactions?

    A: BitGo employs multi-signature and Threshold Signature Scheme (TSS) technologies to enhance security, transparency, and user confidence in safeguarding digital assets.

    Q: What payment methods can users use on BitGo's platform?

    A: BitGo offers various payment methods, including cryptocurrency deposits, bank transfers, credit/debit cards, and potentially third-party payment gateways.

    BitGo User Review

    User 1:

    BitGo's security is top-notch! I sleep well knowing my crypto is in multi-signature wallets and protected by Threshold Signature tech. Plus, they're regulated by NMLS and NYSDFS, adding peace of mind. The interface is clean and user-friendly, but more coins would be awesome. Customer support is quick to answer queries. Fees are reasonable, but they need to be transparent about trading costs. On the downside, withdrawals took a bit longer than expected. Overall, thumbs up for BitGo's secure vibe!

    User 2:

    Yo, BitGo is a mixed bag. Props for security – multi-signature wallets and TSS, gotta love it. But, listen up, their crypto options ain't expansive. Also, they're all about regulations, but privacy-wise, I'm unsure. The platform's UI is slick, but sometimes it's like a maze. Liquidity's decent, but fees, man, they need to be upfront about 'em. Customer support? Average, nothing flashy. Withdrawals ain't lightning-fast, and I'd love more order types. Stability-wise, no major hiccups so far. It's cool, but some tweaks are needed!

    Risk Warning

    Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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