BitMart provides an extensive array of cryptocurrencies and competitive trading fees. Moreover, with plenty of advanced features, including margin and futures trading, it’s an excellent choice for more seasoned investors. However, the exchange left a flaw, losing $196 million in crypto from a hack in December 2021. To have a complete perspective about BitMart, read our full BitMart review.
BitMart Review: Pros and Cons
This cryptocurrency exchange is a good fit for Experienced crypto investors who want access to various trade tools and cryptocurrencies.
Supports a large number of cryptocurrencies.
Advanced crypto trading platform
Earn interest with crypto staking.
Futures and margin trading
Hacked in December 2021
Negative customer reviews
What is BitMart?
BitMart is a leading cryptocurrency exchange that emerged in 2017, prevalent for its security. The exchange deploys a multi-layer and multi-cluster system architecture, espousing security and stability for many customers.
Since its inception, BitMart has evolved rapidly, gaining popularity and attracting over two million users worldwide. To meet the demand of its customers, BitMart has expanded significantly in terms of services and essential features, transforming into a comprehensive platform catering to a diverse range of traders.
BitMart’s main headquarters is located in the Cayman Islands, but it also has offices in other countries, including South Korea, China, and the United States. The platform is now accessible in over 180 nations and across 123 platforms, which is one of the reasons for its high liquidity.
Key Features of BitMart
Support a wide range of cryptocurrencies
Few exchanges can rival BitMart’s crypto variety. It lets you trade over 1,000 digital currencies, ranging from most market leaders, such as Ethereum Classic, EOS, or NEAR Protocol, to all kinds of smaller crypto tokens rarely offered by major exchanges. If you are seeking a platform for those elusive cryptocurrencies, BitMart might be the solution.
Earn interest with crypto staking.
BitMart offers crypto staking, enabling users to lock up funds for 30 to 90 days and earn interest. Although this feature is refined to some specific cryptocurrencies, it offers a straightforward method to increase your holdings. BitMart also has a savings program called BitMart Savings, which earns interest on various types of cryptocurrencies. However, it’s not available to U.S. investors.
Futures and margin trading
BitMart stands out as one of the few exchanges to offer crypto futures and margin trading, allowing users to use leverage with their investing. However, these are risky investing strategies, especially when dealing with cryptocurrencies. You may lose significant money, so these methods are not highly recommended for most crypto investors. Even if you are a seasoned one, due diligence is advisable.
BitMart NFT has various options for sale and unique projects regarding non-fungible tokens (NFTs). Though it still has certain areas to be improved, such as no search function and limited listing sorting options, the platform is promising. BitMart users intrigued by NFTs might find it a convenient option.
Besides, users may want to consider other highlighted characteristics:
- 99% of funds are stored in the best crypto hardware wallet.
- The lending programme allows users to earn up to 6.25% annualised interest rate.
- Top-tier blockchain initiatives can smoothly debut via the BitMart Shooting Star platform.
- Referrals are up to 30% and a generous affiliate programme.
Is BitMart Safe?
BitMart is reckoned as one of the most secure cryptocurrency exchanges in the market. The platform deploys various security methods to protect customers’ data and financial assets. However, it succumbed to a hacking incident in 2021.
The exchange lost around $196 million at the beginning of December 2021 when the private jets for its hot wallets were stolen. Nevertheless, BitMart immediately took full responsibility and vowed to compensate customers with their funding.
Apart from that, BitMart is still considered highly secure. Most assets are still stored in cold wallets, separated from the internet, making it unreachable.
BMX Token and Supported Currencies of BitMart Exchange
What is BMX?
BMX functions as the native token of BitMart. It is developed based on the ERC-20 utility token. It was first named BMC but then changed to BMX with a total volume of 1,000,000,000.
BMX’s developers distribute 30% of the token total volume to the specific participants, another 30% estimated yield for the founding team itself, and 20% for community rewards. Meanwhile, investors and early birds get 10% and 10% estimated earnings accordingly.
This token offers a free discount to its owners. Users can also use it in the Vote for Your Coin and the Mission X2 project campaign.
Other promoted currencies
Along with BMX, BitMart’s cryptos are bifurcated into BTC, ETH, and USDT. The BMX exchange consists of over 1,000 cryptos, accessible throughout 180 countries. However, it’s noteworthy that some nations restrict citizens’ access to BitMart, such as Afghanistan, Congo, Cuba, Iraq, and Iran.
BitMart Exchange Registration Process
Beginners can follow the below steps to register on BitMart Exchange:
- Visit BitMart’s official website.
- Click on “Get Started “in the top right-hand corner.
- Create your account by entering email address/ contact number.
- Select a password.
- Click the checkbox to “Agree to the terms and conditions.”
- Click on “Register.”
- The system will then send you a confirmation code via email or SMS.
- Re-enter your BitMart password and the confirmation code, and you are all set!
- For account verification, provide copies of your I.D., passport, or driver’s licence.
How Can You Purchase Cryptocurrency on BitMart?
As BitMart’s user interface is relatively straightforward, you should not encounter any challenges with spot trading, even if you are new to the space.
All the available cryptocurrencies separated by pairings are displayed on the left side of the trading interface. You can easily notice pairs for USDT, BTC, and ETH and choose the one you prefer. If you are a newbie, it is advisable that you stick to USDT pairs.
On the right-hand side of the screen, you can see the order book in real time. To place your order, you will need to access the order types in the middle of the screen.
BitMart is also available for Android and iOS, and you can perform all the tasks available on the web browser.
Now, let’s go step by step!
Click on the “Buy Coins” button (on top of the interface) and purchase some cryptocurrencies with which you can trade.
Once you have clicked the button, you must select your preferred purchasing method. The platform supports multiple payment methods, including:
- Credit/Debit Card
- Bank Transfer
- Apple Pay
- Gift Cards
After selecting the payment method, choose the cryptocurrency (or FIAT) you want to purchase. You can buy any asset on the list and trade it later for another cryptocurrency you cannot purchase directly.
You can also view your BitMart wallet address on the screen.
Once you have provided the details, you will be asked whether you want to use a wire transfer or credit/debit card and can make the payment directly.
You will be asked to complete the KYC (Know Your Customer) form if you have not already completed it. It is mandatory for direct cryptocurrency purchases as it provides I.D. proof. Once you have completed this process, you will receive crypto in your BitMart wallet in no time.
BitMart Fees Structure
It is advisable to deliberate trading fees when choosing a cryptocurrency exchange. BitMart follows the conventional maker-and-taker fee model for spot trading. It also contains two different fee structures, one for regular customers and the other for the professional.
The trading fee for ordinary users starts at 0.25% for both the maker and taker. You will automatically get a 25% discount if you pay by BMX.
The exchange uses a maker-taker model. Taker fees are charged on orders filled immediately, and maker fees are charged on orders not. To be more specific, please see the breakdown of trading fees for ordinary users: (insert image)
For professional users who trade at least 150 BTC monthly, maker fees start at 0.06% and taker fees at 0.065%. The highest volume traders can even qualify for negative trading free, meaning they will receive a small amount of the trade from BitMart.
Deposits and Withdrawals Fee
You can deposit on BitMart with zero charge, as it is free. In addition, there is no additional fee for keeping the assets in BitMart wallet.
However, if you wish to withdraw, it would cost a small fee depending on the token you are withdrawing and the network you use. The fee can vary occasionally, depending on the blockchain’s state. Notably, you might expect a gas fee, which varies depending on the blockchain traffic.
What could be improved?
Hacked in December 2021
BitMart encountered a significant security breach in December 2021, during which hackers illicitly acquired a private key to two of the exchange’s hot wallets, enabling them to withdraw $196 million in cryptocurrency.
In response, BitMart implemented enhanced security measures and pledged to reimburse all clients who incurred losses. However, after five weeks post-incident, numerous victims were still awaiting compensation.
Not Ideal for Beginners
This platform is most suitable for intermediate to advanced investors. Although investors at all experience levels can utilise it, other crypto exchanges are more user-friendly for beginners.
BitMart has a learning curve, with even the standard trading tool presenting considerable information. The buy and sell option adds complexity by displaying multiple offers from third-party crypto trading services, each with its unique rate and accepted payment methods.
Unfavourable Customer Feedback
User reviews are mixed, and many users have encountered challenges with fund transfers, leading to understandable frustration. Additionally, there are complaints about glitches and authentication hindering access to user accounts.
BitMart Exchange Review: Conclusion
BitMart has swiftly gained significant recognition as one of the emerging and top cryptocurrency exchanges, primarily owing to its user-friendly interface and foundational trading view. It is compatible with various devices, including PC, mobile, and Mac, and accessible through a web browser or a mobile browser, enabling traders to trade on the go.
Is BitMart Legit?
BitMart is a legitimate business already registered with the Money Services Business (MSB).
Is BitMart Legal in the USA?
Yes, BitMart is legal in the U.S., as it is certified by U.S. regulators.
How Do I Exchange On BitMart?
First, traders must create their accounts on the website, then they will need to complete an identity verification process. Once the identification proof is verified, traders can then start trading.
Where Is BitMart Located?
BitMart enjoys a broad customer base in over 180 countries, with its offices in New York, Greater China, Seoul, and Hong Kong. However, if you are looking for the main headquarters, it is in the Cayman Islands.