BitMart Exchange Review 2021

Founded by Sheldon Xia, BitMart exchange is a top-tier trading platform for exchanging, buying, and selling 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 and an excellent source for passive income. Read on to this article on BitMart Exchange review to get all the information about the platform.

BitMart Exchange Summary

Headquarters Cayman Islands
Found in 2018
Native Token Yes
Listed Cryptocurrency 200+
Trading Pairs 280+
Supported Fiat Currencies USD, EUR, CAD
Supported Countries 180
Minimum Deposit $50
Deposit Fees Free
Transaction Fees 0.25%
Withdrawal Fees Depends on Currency
Application Yes
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 or digital currencies, such as Bitcoin and Ethereum. The trading platform has espoused an advanced multi-layer and multi-cluster system architecture to corroborate the system’s stability, security, and scalability. The major languages supported by BitMart are English, Mandarin, Japanese, and Vietnamese.

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About BitMart Exchange

BitMart exchange has evolved a lot since its inception. It has been giving its counterparts a run for their money with its user-friendly 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. 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 platform. Here are some features that make BitMart’s exchange market a standout:-

Easy Registration

Registering on the BitMart Exchange is very convenient. The newbie traders would find it easy to operate, and the market gurus will tag it as a hassle-free entry. 

2FA Security

To keep the traders’ personal information safe and secure, BitMart uses 2-factor Authentication to prevent unauthorized login into the user’s account. This is an important feature that has outshined all other features in our BitMart exchange review.

No Complicated Technical Linguistic

BitMart uses understandable and straightforward terms in their exchange, which is very helpful for beginners 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

Trading fees, withdrawal fees, and other charges are crucial for the traders. Unlike other exchanges, BitMart exchange charges lesser trading fees as it doesn’t charge for deposits, while withdrawal fees are adjusted according to the cryptocurrency.

As per our BitMart exchange 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

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 trading platform, BitMart crypto exchange on March 15, 2018.

Key Features of BitMart

BitMart cryptocurrency exchange has a plethora of attractive features. Unlike others, it is a legitimate cryptocurrency exchange that offers better services than others. Read below the key features:- 

  • Responsive and convenient trading experience suited to beginners and intermediate traders.
  • BitMart exchange offers a Spot market feature that allows users to pair over 90 cryptocurrencies against BTC, ETH, USDT, and BMX tokens. 
  • Real-time platform data and charting to trade popular altcoins.
  • BitMart app allows users to monitor portfolio and access trade from anywhere. 
  • For safety, 99% of funds in BitMart are stored in offline cold wallets 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.
  • The platform offers referrals up to 30% and an affiliate program to earn rewards for bringing in new traders. 
  • It charges reasonable trading fees, competitive fees, and other remunerations. 
  • A complete training and education guidebook to help upcoming cryptocurrency traders.

BitMart Exchange Review – Why Choose BitMart?BitMart Exchange Review – Why Choose BitMart?

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BitMart Exchange Review: Pros and Cons

Here are some merits and demerits of BitMart platform based on our BitMart exchange review:-

Pros Cons
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

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  •  Visit BitMart exchange’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.
  •  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 Exchange password and the confirmation code, and you are all set to buy crypto. 
  •  For account verification, provide copies of your ID, passport, or driving license.

Details on BMX Token

BMX is the native token of the BitMart Exchange Platform. 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.

BitMart Exchange Review – Details on BMX TokenBitMart Exchange Review – Details on BMX Token

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Services Provided by BitMart

Spot Trading

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. 

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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.

Referrals

BitMart offers referral rewards to visitors. As per the information, 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.

Lending

BitMart Lending offers passive income for people who are looking for some extra income via lending options. It is perceived as a lending project or offers crypto-backed loans that have their investment 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 accrue interest can vary between 5% and 120% at the time of writing. It also offers many aspers to earn rewards – BitMart tokens. Precisely, these are crypto-based loans.

BitMart Exchange Reviews – BitMart LendingBitMart Exchange Reviews – BitMart Lending

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Staking

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.

Launchpad

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. 

The transaction fees from the BMX market is rewarded to supporters in proportion to their share of the total daily investment.

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Security

BitMart Exchange’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 user’s 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.

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BitMart Fees Structure

The fee structure of BitMart is based on a Maker/ Taker Model, with 0.100% charged from the maker and 0.200% from the taker. However, the calculation of the trading fee is based on the trading volume over 30 days (for 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, 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 crypto, traders prefer exchanges that have beginner-friendly interfaces. 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 in BitMart Exchange. Some technical indicators and terms that you would come across:

  • Moving averages
  • Stochastics
  • Bollinger bands
  • Relative strength index
  • 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. Futures markets allow 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 the latest investment advice of the market gurus, BitMart’s Futures Trading will soon become traders’ first choice.

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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 app allows traders to trade in cryptocurrencies like any other exchange on the go and keep track of the market performance. If we compare BitMart mobile apps, then it will definitely stand out.

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Is BitMart Safe?

Since day one of its existence, BitMart has proven to be a safe Crypto trading platform to store personal information and fund. To date, the company hasn’t faced or reported any breaches or malicious attacks on its systems.

BitMart Exchange 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 assets from external malicious attacks. Users’ accounts feature 2FA authentication where the trader could access the account only when he gets an authentication code on their smartphones. For Withdrawals, the wallet requires a confirmation code sent to their phone or email address. 

BitMart also claims to have applied:-

  1. Protection against DDOS attacks
  2. Automatic backup of the database
  3. 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 Exchange. If the traders do not understand, they can use the live chatbot to speak with a customer service agent. Users can also drop an email at [email protected] with a turnaround time of 3 days.

BitMart Exchange Review: Conclusion

BitMart is one of the new and different cryptocurrency 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. Besides, the company has been registered with MSB, which certifies it as a legitimate crypto exchange.

FAQs

Is BitMart Exchange Legit?

BitMart is registered with the (MSB) Money Services Business. Hence, it is a legitimate business.

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 Exchange, traders need to create their accounts on the website. Once the identification proofs are verified, traders can then start trading.

Where Is BitMart Exchange 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.

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