Founded by Sheldon Xia, BitMart exchange is a top-tier trading platform for exchanging, buy and sell crypto (digital assets), with over 5.5 million users around the globe. According to CoinMarketCap, this Cayman Islands-based cryptocurrency exchange has been categorized under the top ten exchanges. Today the platform operates in 180 countries and across 123 platforms. Currently, BitMart is domiciled in the Cayman Islands, with its offices in China, South Korea, and the United States. This is presently thriving and has left its competitors behind. The reason behind the same is thrilling features that eliminate the extra hassles.
A few years back, trading wasn’t as easy as it is now. The revolution struck after the embarkment of cryptocurrencies. We live in a world where trading is part of life, and cryptocurrencies have unknowingly entered in one way or another. BitMart is something that will transform tedious trading into hassle-free dealing. Read on to this article on BitMart review to get all the information about the platform.
BitMart Exchange Summary
|Supported Fiat Currencies||USD, EUR, CAD|
|Withdrawal Fees||Depends on Currency|
|Customer Support||Email, Help Desk|
What Is BitMart?
BitMart is a leading digital asset exchange that enables users to trade digital currencies or cryptocurrencies for other popular assets, such as fiat currencies (currently BitMart supports USD, EUR, CAD), or digital currencies, such as BTC, ETH, and many more. And it is totally secure for futures trading and digital asset management. Users can buy and sell these crypto assets with a credit or debit card, bank or wire transfer, and apple pay.
The trading platforms has espoused an advanced multi-layer and multi-cluster system architecture to corroborate the system’s stability, security, and scalability. According our BitMart review, the major languages supported by BitMart are English, Mandarin, Japanese, and Vietnamese.
About BitMart Exchange
BitMart has evolved a lot since its inception. It has been giving its counterparts a run for their money with its user-friendly crypto trading interface and competitive fee structure. However, it hasn’t been long since they debuted on the platform but have taken no time to catch up with the competition. Undeniably, there are still lesser cryptocurrencies in its basket, but the company could easily sort that with regular updates. Besides, the company has been registered with MSB, which certifies it as a legitimate crypto exchange. Suppose users doubt whether it is BitMart exchange legit or not.
Overall one of the most popular cryptocurrency exchanges in the world is BitMart. Also, there are many BitMart exchange reviews on the web. We also read a few, but this is what we learned by personally using the trading secure platform. Here are some features that make BitMart’s exchange market a standout:-
Registering on the BitMart platform is very convenient. The newbie traders would find it easy to operate, and the market gurus will tag it as a hassle-free entry.
To keep the traders’ personal information safe and secure, BitMart uses two factor authentication (2FA) to prevent unauthorized login into the user’s trading account. This important feature has outshined all other features in our BitMart review. Here, we can say BitMart offers standard security-related features, including two-factor authentication, cold storage, and encrypted servers.
No Complicated Technical Linguistic
BitMart uses understandable and straightforward terms in their exchange, which is very helpful for beginners and experienced traders who have just stepped into the world of trading and cryptocurrency. It has kept itself simple for across-the-globe usage.
Reasonable Trading Fees and Other Remuneration
BitMart Trading fees, withdrawal fees, and other charges are crucial for the traders. Unlike other exchanges, BitMart charges lesser trading fees as it doesn’t charge for deposits, while withdrawal fees are adjusted according to the cryptocurrency.
As per our BitMart review, it is a really good product that is planned out keeping traders in mind, which is very important for the growth of a business.
History of BitMart Exchange
Company overview BitMart was founded in 2018 by a crypto enthusiast, now CEO Sheldon Xia. He started with a vision to create something big in the crypto world. In January 2018, the company created its own token before officially launching the bitmart trading platform, BitMart crypto exchange on March 15, 2018.
Key Features of BitMart
BitMart cryptocurrency exchange has many attractive features per our BitMart review. Unlike others, it is a legitimate cryptocurrency exchange that offers better services than others. Read below the key features:-
- Responsive and convenient trading experience BitMart is suited to beginners and intermediate traders.
- BitMart offers a Spot market feature that allows users to pair over 90 popular cryptocurrencies against BTC, ETH, USDT, and BMX tokens.
- Real-time platform data and charting to trade popular altcoins.
- BitMart app allows users to monitor portfolios and access trade crypto. Once the identification proofs are verified, traders can then start trading. from anywhere.
- For safety, 99% of funds in BitMart are stored in the best crypto hardware wallet to protect users’ funds.
- The lending program offered on cryptos such as USDC allows users to earn up to 6.25% annualized interest rate.
- High-quality blockchain projects to launch efficiently through BitMart Shooting Star.
- BitMart offers referrals up to 30% and an affiliate program to earn interest and crypto rewards for bringing in new traders.
- It charges reasonable BitMart trading fees, competitive fees, and other remunerations.
- A complete training and education guidebook to help upcoming cryptocurrency traders.
BitMart Review: Pros and Cons
Here are some merits and demerits of BitMart platform based on our BitMart review:-
|The crypto exchange is regulated to function in the US.||It is relatively new.|
|BitMart supports a plethora of cryptocurrencies in the market.||As compared to others, there are still many cryptocurrencies left to be listed.|
|The trading fee and others are reasonable.|
|The user interface is friendly.|
|It has a better financial system.|
|It is exactly what the crypto exchanges should be in the future.|
BitMart Exchange Registration Process
- Visit BitMart’s official website.
- Click on “Get Started “on the top right-hand corner.
- You can create your account by entering your email address or contact number.
- Select a password (Private Keys).
- Click on the checkbox that says “Agree to the terms and conditions.”
- Click on “Register.”
- The system will then send you a confirmation code onto your email or an SMS text.
- Re-enter your BitMart password and the confirmation code, and you are all set to buy and sell crypto via credit card or debit card, apple pay, and Paypal.
- For account verification, provide copies of your ID, passport, or driving license.
Details on BMX Token
BMX is the native token of the BitMart Platform. According to our BitMart review, the BMX token is based on the ERC-20 utility token that was first issued as BMC in December 2017. In January 2018, the name was changed to BMX, with a total volume of 1,000,000,000.
The first 30% of the total token volume is dedicated to the specific participants; another 30% estimated yield is for the founding team. The company has dedicated 20% for community rewards, while investors and early birds get 10% and 10% estimated earnings accordingly.
This token provides a free discount to its owners and can also be used to participate in the Vote for Your Coin and the Mission X2 project campaign when it’s on. Precisely, with these tokens, you can receive high-interest benefits.
Services Provided by BitMart
Spot Trading is a regular trading option. Many crypto exchanges allow traders to trade superior blockchain technology-powered digital assets because of spot trading. It is the most trending feature of BitMart.
Multiple Trading Options
BitMart provides intermediary services for C2C and B2B trading options for individuals and businesses. Unlike other cryptocurrency exchanges, the traders of this platform have future trading, OTC trading, and fiat gateway, all in one place.
BitMart offers referral rewards to visitors. As per BitMart review, there is a 30% reward for bringing in a new trader. Nowadays, many are interested in cryptocurrency trading. Therefore it is quite a trending feature of BitMart.
BitMart Lending offers passive income for people who are looking for some extra income via cryptocurrency lending options. It is perceived as a lending project or offers virtual money or crypto-backed loans that have their cryptocurrency investing related terms and yields but is different from several lending options. To participate in such projects, it is obligatory to subscribe to them, and the token you chose will get locked. When the term is completed, the participants automatically receive both the initial tokens deposited during subscription and the interest accrued to their BitMart Accounts.
The annually calculated accrued interest can vary between 5% and 120% at the time of writing. It also offers many aspers to earn interest and rewards – BitMart token. Precisely, these are crypto-based loans. Based on the BitMart review, the account Management BitMart offers accounts for both institutions and individuals.
To maintain the blockchain network, BitMart provides another great feature that acts as another source of passive income called BitStacking. This process holds the traders’ funds in the cryptocurrency wallet for a period of time, which are further distributed monthly as BitMart staking rewards. In this staking service, bank transfer does take place.
BitMart promotes its shooting star program for new projects. It is categorized as a combination of ordinary listings and IEO with a rationalized procedure and favorable rules. NULS is their inaugural project listed on Shooting Stars.
The Mission X2 project is another way of launching a new venture. It has been made for the investors who want to support startups and receive premiums from them. The investors are required to bank transfer a certain amount of BMX in the startup they have chosen. Once the amount of BMX reaches 1 million, the project token may enter the BMX market and be paired with BMX. As per our BitMart review, the transaction fees from the BMX market is rewarded to supporters in proportion to their share of the total daily investment.
BitMart platform’s US office was registered as (MSB) Money Service Business with the US regulators administered by the Financial Crimes Enforcement Network on April 30, 2018. With this, BitMart has been able to gain full access and new users’ trust in the project. The trader account is securely stored with the help of 2FA, withdrawal confirmation, IP address detection, encrypted personal information, and cold wallet storage.
Users are also eligible for the Bug Bounty program, where they are rewarded for reporting any bug that could cause a significant threat to the security features of the BitMart websites. The cryptocurrency market performs mostly on trust, and the BitMart website has proven to be one.
BitMart Fees Structure
The fee structure of BitMart is based on a Maker/ Taker Model, with 0.25% charged from both the maker and taker. However, the calculation of the trading fee is based on the trading volume over 30 days (for trade Bitcoin), account Level, and BMX balance.
For depositing funds into your BitMart account, there is no transaction fee, while for withdrawal, the fees differ depending upon the coin. These fees are regularly adjusted according to their blockchain’s network fees.
Moreover, you can get a complete fees structure of BitMart from its official site.
Supported Currencies of BitMart Exchange
Along with BMC, BitMart’s cryptos are bifurcated into BTC, ETH, and USDT. While we are writing, the BMX market consists of minor trading pairs compared to the other three platforms. The BMX exchange consists of 242 trading pairs and 131 cryptos, including Dash, Bitcoin Cash, and Ox. BitMart is accessible throughout 180 countries, including the US, South Korea, and most European Countries. However, some countries restrict their citizens from using BitMart; they are – China, Afghanistan, Congo (Brazzaville), Congo (Kinshasa), Cuba, Democratic People’s Republic of Korea, Eritrea, Iraq, Iran, Ivory Coast, Kyrgyzstan, Lebanon, Libya, Sudan, South Sudan.
Trading Crypto With BitMart
To buy and sell crypto, traders prefer cryptocurrency exchanges that have a beginner-friendly trading interface to trade the crypto spot market. The BitMart team provides a high-quality user experience through its trading platform. Users who are new to spot exchange wouldn’t face any difficulty with technical terms and indicators. The trading view tool is already integrated into the BitMart platform.
Some technical indicators and terms that you would come across:-
- Moving averages
- Bollinger bands
- Relative strength index
- Trading volume, crypto interest, and many more.
Futures Trading With Leverage by BitMart
On February 21, 2020, BitMart’s Futures Trading function was officially launched. For users who want to trade on cryptocurrencies with a margin, BitMart’s exchange offers them a different user interface on their platform called the Futures markets. The futures market allows traders to exchange crypto with a margin multiplier of 5,10,20,50, and 100X. They can seamlessly switch between real funds and virtual funds while using one account. As per trading volume and the latest investment advice of the market gurus, BitMart’s Futures Trading will soon become traders’ first choice.
BitMart Mobile App
BitMart offers its trading platform for IOS and Android operating systems, allowing their traders to have the same user-friendly experience as it offers on PCs and laptops. Their Mobile app allows traders to trade in cryptocurrencies like any other exchange on the go and keep track of the market performance. If we compare the BitMart app, then it will definitely stand out.
Is BitMart Safe?
Since day one of its existence, BitMart has proven to be a safe Crypto trading platform to store personal information and funds. To date, the company hasn’t faced or reported any breaches or malicious attacks on its systems.
In December 2021, BitMart was hacked, and $196M worth of crypto was stolen. But to improve the security level of its trading platform, BitMart exchange announced a partnership with SlowMist Technology. Moreover, BitMart has declared that they will reimburse all affected customers, a breach of this size suggests the exchange’s security measures could be improved.
BitMart Review: Security
For security, BitMart keeps less than 0.5% of trader assets in a hot wallet for everyday trading operations and keeps 99% in the offline cold wallet to protect the data/ trader crypto assets from external malicious attacks. Based on our BitMart review, users’ accounts feature 2FA authentication where the trader could access the account only when he gets an authentication code on their smartphones. To withdraw funds, the wallet requires a confirmation code sent to their phone or email address.
BitMart also claims to have applied:-
- Protection against DDOS attacks.
- Automatic backup of the database.
- SSL-secured (HTTPS) protection.
BitMart Customer Support
Beginners can use FAQs and the help section to learn and start with crypto assets on the BitMart platform. If the traders do not understand, they can use the live chat bot to speak with a customer service agent. This platform offers 24/7 live chat support for customers. Users can also drop an email at [email protected] with a turnaround time of 3 days.
BitMart Review: Conclusion
BitMart is one of the new and best crypto exchanges that made a massive name in the market in a brief period, all thanks to its user-friendly interface and a fundamental trading view. BitMart operates on different devices, such as PC, mobile, Mac, and it is accessible through a web browser and mobile browser, allowing their traders to walk and trade. BitMart is an overall package of rich user experience and reliability, which has been perfectly laid out.
Is BitMart Legit?
Yes, it is a legitimate business because BitMart is registered with the Money Services Business (MSB).
Is BitMart Legal in the USA?
Yes, BitMart is legal in the US, as it is certified by US regulators.
How Do I Exchange On BitMart?
To use BitMart, traders need to create their accounts on the website. Users will need to complete an identity verification process. Once the identification proofs are verified, traders can then start trading.
Where Is BitMart Located?
BitMart’s enjoys a broad customer base in over 180 countries, with its offices located in New York, Greater China, Seoul, and Hong Kong.