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Bitmart crypto exchange review and features

Bitmart crypto exchange review and features

  • 14 March 2022
  • 114 View

BitMart crypto exchange offers over 300 crypto trading pairs available, advanced order types and futures trading, as well as access to crypto staking and lending to earn interest. BitMart is designed for intermediate to advanced traders, and the trading interface can be overwhelming for new cryptocurrency investors. However, this exchange was the subject of a major hack in 2021 that questioned the security of the platform.

BitMart crypto exchange advantages and disadvantages

Advantages

  • Large selection of crypto altcoins
  • Forward trading possible
  • Standard and advanced trading platforms
  • Trading fee discounts are available

Disadvantage

  • The trading interface might be too complicated for new crypto investors
  • Issues and Potential Unavailability for New York State Residents
  • Many customers complaints about losing access to funds

BitMart crypto exchange introduction

BitMart crypto exchange allows users to buy, sell, and trade supported digital assets. It also offers crypto staking and lending to earn rewards. Several hundred cryptocurrencies are currently offered on BitMart, with a wide range of low-cap coins to choose from.

While BitMart offers multiple features and supports hundreds of assets, the platform was hacked in late 2021 and nearly $200 million worth of users’ crypto was stolen. BitMart promised to return the stolen assets, but as of January 2022, users are still waiting for compensation.

BitMart crypto exchange company overview

Founded in 2017 by Sheldon Xia, BitMart has since grown into a major cryptocurrency exchange serving over 5 million customers in over 180 supported countries. This company is one of the largest exchanges by volume and is among the top 20 exchanges in the world according to CoinGecko. Bitmart’s headquarters are located in the Cayman Islands.

BitMart crypto exchange provides advanced charting, multiple order types (including market and limit orders), futures trading, and low trading fees. It also allows users to stake or lend their cryptos to earn interest and crypto rewards. In addition, Bitmart has an over-the-counter (OTC) trading desk for institutional investors.

BitMart is regulated in the US by the Financial Crimes Enforcement Network (FinCEN) and adheres to know-your-customer (KYC) standards.

Cryptocurrencies traded on BitMart

BitMart crypto exchange offers access to hundreds of cryptocurrencies, including a wide range of small-cap altcoins. Popular cryptos that can trade include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE). Users can also access lesser-known coins such as Sandbox (SAND), Decentraland (MANA), and Audius (AUDIO). New cryptocurrencies are constantly being added and you can check out the full list of all support assets.

BitMart also offers its exchange token (BMX). Ripple (XRP) is currently not supported as Ripple is currently under investigation by the SEC.

BitMart Mobile App

The company has been rated as user-friendly as users do not need a computer to access the platform. BitMart’s platform can be accessed via mobile phones throughout the application, which is comprehensive and allows you to perform all the tasks available in the web browser version. The app has excellent performance and aesthetically pleasing design and is available for download for all operating systems like iOS and Android.

BitMart crypto exchange trading experience

BitMart allows users to buy crypto via Buy and Sell option. Users can buy crypto via credit card, debit card, Apple Pay, Paypal, and through third-party partners Simplex, MoonPay, and Paxful.

Users can also deposit fiat currency (e.g. US dollars) or cryptocurrency into their BitMart crypto exchange account and start trading. This includes market and limits order trading as well as futures trading (for non-US residents). BitMart crypto exchange provides standard and advanced trading modes, but both options offer detailed charts, live order books, and limit orders. Both modes offer a similar user experience. BitMart crypto exchange also supports futures trading, allowing users to trade long or short positions with up to 50x leverage. Futures trading may not be available in some countries due to regulations.

BitMart fees

BitMart offers free deposits and low fees for cryptocurrency trading, but buying and selling crypto with a credit or debit card can come with a hefty fee through its third-party partners. For example, buying bitcoin with Moonpay costs 4.5% for one purchase. Other partners may charge even more depending on the crypto purchased.

For regular trades, BitMart charges 0.25% (or less) per trade for most users. The fees are average for most exchanges but lower than certain ones, like Coinbase.

BMX token

The platform also has its crypto token, namely the BitMart Token (BMX), which is based on the ERC20 standard. This token can be used on the BitMart platform when voting to list new projects and qualify for a discount on the trading or transaction fee charged. These BitMart exchange native tokens can also be used to earn trading fee dividends through BitMart’s Mission X community listing market. Also, the total supply of BMX tokens started at 1 billion tokens, of which 30% were for public offering, 30% for founding team, 20% for community spending, 10% for early adopters, and 10% for a public offering for whitelist investors.

There is also a buyback mechanism for BMX where the BitMart team intends to use 20% of their profits to buy back and burn BMX each quarter until 50% of the total BMX supply is left.

BitMart Trading Fees

BitMart crypto exchange charges trading fees based on a maker-taker fee model. Discounts are available for high-volume traders as well as those holding the native BitMart (BMX) token.

In general, a “taker” is someone who places an order that will be filled immediately, while a “maker” will place an order that will be placed in an order book until the trade is filled. Manufacturers and buyers are charged different fees as shown in the table below.

Here’s a breakdown of the BitMart fee structure, which includes the discounts for BMX owners:

Level BMX Holding Trading Volume (30-day) Fees Fees with BMX 25% Discount
LV1 BMX ≥ 0 < 150 BTC Maker: 0.2500% | Taker: 0.2500% Maker: 0.1875% | Taker: 0.1875%
LV2 BMX ≥ 2,500 < 150 BTC Maker: 0.2000% | Taker: 0.2000% Maker: 0.1500% | Taker: 0.1500%
LV3 BMX ≥ 10,000 < 150 BTC Maker: 0.1800% | Taker: 0.2000% Maker: 0.1350% | Taker: 0.1500%
LV4 BMX ≥ 25,000 < 150 BTC Maker: 0.1600% | Taker: 0.1800% Maker: 0.1200% | Taker: 0.1350%
LV5 BMX ≥ 50,000 < 150 BTC Maker: 0.1400% | Taker: 0.1600% Maker: 0.1050% | Taker: 0.1200%
LV6 BMX ≥ 100,000 < 150 BTC Maker: 0.1200% | Taker: 0.1400% Maker: 0.0900% | Taker: 0.1050%
LV7 BMX ≥ 200,000 < 150 BTC Maker: 0.1000% | Taker: 0.1200% Maker: 0.0750% | Taker: 0.0900%
LV8 BMX ≥ 500,000 < 150 BTC Maker: 0.0800% | Taker: 0.1000% Maker: 0.0600% | Taker: 0.0750%
LV9 BMX ≥ 1,000,000 < 150 BTC Maker: 0.0600% | Taker: 0.0800% Maker: 0.0450% | Taker: 0.0600%

Users with a 30-day volume of 150 BTC or more will be billed at lower rates based on the so-called professional fee schedule. The larger your volume, the lower your rates will be. If you think you can meet these criteria, you can check out this chart on Bitmart’s website.

BitMart security

BitMart crypto exchange provides industry-standard security features, including cold storage, two-factor authentication (2FA), and encrypted servers. This exchange also follows FinCEN KYC standards, which require verification of user identity to protect BitMart from fraudulent or criminal activity on its platform.

Here are the details of some of the security features offered by BitMart crypto exchange:

  • Cold Storage: BitMart keeps 99% of all crypto assets in cold storage vaults that are not connected to the internet and requires multiple signatures for access.
  • Two-Factor Authentication: BitMart allows users to set up two-factor authentication (2FA) via Google Authenticator to protect accounts from fraudulent logins or other activities.
  • Withdrawal Confirmation Step: You cannot withdraw funds without an email or phone confirmation.
  • Encrypted servers: BitMart crypto exchange servers are encrypted and there is automatic protection against DDOS attacks.

Opening a BitMart account

To sign up for a BitMart crypto exchange account, you can use your phone number or email address. After signing up, new accounts are verified via email or SMS, and users can secure their accounts with two-factor authentication.

While customers can track markets, create a favorites list, deposit funds on the platform, and buy crypto instantly, users must complete KYC identity verification before withdrawing more than 0.06 BTC. Spot trading, futures, earning, staking and other features also require KYC verification. This includes the transmission of personal data such as name, address, and social security number. Users must also submit an image of a government-issued photo ID.

BitMart crypto exchange Customer service

BitMart crypto exchange provides 24/7 live chat support for customers as well as email support. This allows users to contact the customer service team for immediate issues without having to wait several days or weeks for a response. Most other exchanges only have a chatbot and not the more useful live chat option.

BitMart crypto exchange also provides a library of support articles in its help center, as well as a responsive chatbot to help users find answers to their questions.

BitMart customer satisfaction

The BitMart gets a large number of bad user reviews mainly due to KYC issues and losing access to withdraw funds from the platform. This is a common complaint about some crypto exchanges but raises some red flags regarding BitMart’s ability to address customer concerns on the matter. In general, traders should never deposit funds without completing the identity verification process. Delays in identity verification can cause problems when withdrawing assets.

That being said, BitMart’s chat support is available 24/7, which is better than most crypto exchanges right now. On the other hand, some customers disagree with the criticism, saying that the company is trustworthy and that it’s trading and verification processes are quick and easy.

BitMart crypto management

BitMart offers a web-based platform as well as a mobile app for trading, buying, and selling cryptocurrencies. Traders can log into their accounts through a web browser and simply deposit funds and start buying crypto. Clients also have the option to lend or stake crypto assets to earn interest on their holdings.

The BitMart mobile app provides access to live-to-trade, buying and selling crypto, and account management. The app offers the same charting and order books as the web-based platform and offers a nearly identical user experience.

BitMart Security Features – Is BitMart Safe?

BitMart crypto exchange holds less than 0.5% of user assets in a hot wallet for daily trading operations. To avoid losses from external hacks, the remaining 99% of user funds are kept in offline cold wallets that require multiple signatures from several high-level members.

Accounts have 2FA authentication, one of the best ways users can secure their accounts. 2FA is a mechanism that connects your account to your mobile phone via an app, and from that point on, manual verification of each login is required.

As a security measure, passwords are also stored in a converted form through a process known as hashing, which helps keep passwords secure since a hash cannot be decrypted back to its original form. Also, all personal information of users, including ID. Numbers, names, and scans of ID documents will encrypt and store securely.

The company also claims to have implemented many other security features, including protection against DDOS attacks, automatic database backup, and SSL secured (https) protection. Another notable thing is that in May 2018, the company announced that it had registered BitMart Exchange as a Money Service Business (MSB) under the Financial Crimes Enforcement Network (FinCEN), meaning the platform is ready to endure the strictest to accept regulations.

How BitMart compares to other cryptocurrency companies

BitMart crypto exchange is a decent option for moderate to advanced crypto traders who want access to a wide range of leveraged coins and futures trading, all with reasonable trading fees. This exchange offers a wide range of cryptocurrencies to buy and trade, especially for those looking for less popular crypto options. BitMart crypto exchange is available in over 180 countries worldwide.

Here’s how BitMart compares to Coinbase, a popular crypto exchange in the US.

BitMart vs Coinbase

Coinbase offers over 150 tradable cryptocurrencies. However, BitMart outperforms Coinbase by offering several hundred. Both offer secure cold storage of cryptocurrency assets as well as OTC (over-the-counter) services for institutional investors.

But while BitMart is designed for more advanced traders who want access to leveraged futures trading, Coinbase is designed for new investors looking for an easy way to start buying crypto. Coinbase offers an easy-to-use mobile app, while BitMart offers more advanced chart and order types.

Here are a few more differences between BitMart crypto exchange and Coinbase:

  • The Coinbase mobile app provides breaking news and instructional videos on each supported crypto token.
  • BitMart crypto exchange provides access to futures trading with up to 50x leverage. This may not be available in some locations.
  • Coinbase is a public company in the US, while BitMart is a private company based in the Cayman Islands.
  • BitMart offers a listing service for new crypto projects to launch their cryptocurrency, while Coinbase offers another service for businesses to promote their digital assets.
  • BitMart offers active crypto traders access to a wide range of lesser-known altcoins and the ability to trade with leverage. Designed for newer crypto investors, Coinbase offers simple trading tools and charts for beginners to learn about crypto trading.
Final Verdict

BitMart crypto exchange is a decent option for advanced crypto traders who want access to a wide range of crypto with low trading fees and the ability to trade with leverage. Known for listing smaller crypto projects for trading, BitMart also allows users to lend or stake their crypto holdings to earn interest.

BitMart receives many complaints about users having trouble accessing account funds for withdrawal. The platform was also the subject of a major hack in 2021. Overall, BitMart is a decent option for trading less popular cryptos without paying too many fees. Just make sure you do your due diligence when comparing platforms and verify your account before depositing any funds.


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2 responses to “Bitmart crypto exchange review and features”

  1. Yanga Jili says:

    Useful information….Discount on trading that’s good thou

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