Bitmart Review
BitMart, founded in 2017, is a cryptocurrency exchange/ digital asset exchange that uses a sophisticated multi-layer and multi-cluster system design to establish the system’s stability, security, and scalability. Sheldon Xia, a New Jersey-based enthusiast, founded the exchange. BitMart now serves over 600,000 customers in over 180 countries and 123 markets worldwide. As a result, we are sharing a BitMart exchange review today, to assist you in making informed decisions as you embark on your crypto trading journey.
BitMart is based in the Cayman Islands. It has offices in South Korea, China, and the US. Currently, BitMart only supports fiat-to-crypto and crypto-to-crypto exchanges for coins and utility tokens. But, they have added futures trading, staking, and lending to their spot trading offering.The platform currently supports multiple coins and languages, including English, Japanese, Simplified Chinese, and Vietnamese. There are plans to expand to other major languages in the future.
| Exchange platform | Bitmart |
| Website | https://bitmart.com |
| Variety crypto | 131 |
| Account needed | Yes |
| Verification | Mandatory |
| Verification levels | 2 |
| Trading Platform | Mobile Application, Web-based |
| Payment Method | Crypto Conversion, card, ACH, Wire transfer, transfer, Debit/Credit Wire transfer, Bank account, |
| Customer Support | Phone, Email, Twitter |
What is Bitmart?
BitMart was established by cryptocurrency enthusiasts in March 2017, with the formation of an international team comprised of marketing, operations, and tech departments. BitMart launched its investment token in January 2018 and finalized a global roadshow in February 2018, visiting cities worldwide. BitMart’s spot trading was publicly unveiled in March 2018. The company registered with U.S. regulators a month later, as a Money Service Business (MSB), and it is monitored by the Financial Crimes Enforcement Network (FinCEN).
You should know that BitMart’s Login necessitates the verification of an account. Without verifying their account, all new accounts can withdraw the equivalent of 2BTC every day. If you need more, you may get your account verified by uploading copies of your I.D., Driving License, or Passport. After your account has been verified, you would be able to withdraw 100BTC per day.
Bitmart Trading services
Bitmart Pro is intended for professionals. It has better options for more sophisticated crypto trading. When funds are deposited into the account, transactions on the platform are processed quickly.
BitMart Fees
BitMart has an attractive offering in terms of both trading and withdrawal fees. Fees are charged differently for “regular” and “professional” users. BitMart employs a maker and taker process model to calculate trading fees. The model begins at 0.25 percent and decreases with trading volume. The spot trading fee is very competitive, but marginally higher than that of its closest rivals, Binance and KuCoin.
Maker and taker fees are a popular fee arrangement used by trading platforms to charge customers for adding or withdrawing liquidity from an exchange. That is, the exchange will charge a separate fee or cost to traders who add liquidity to the order book, from those who withdraw liquidity for a certain trading pair.
The platform already has its crypto-token, the BitMart Token (BMX), built on the ERC20 standard. This token may be used on the BitMart platform to vote on new projects to be included and to qualify for a trading or transaction fee discount. These BitMart native tokens may also be used to obtain trading fee dividends through BitMart’s Mission X community listing market. Furthermore, the total supply of BMX tokens began at 1 billion tokens (10% to early adopters, 10% to whitelisted investors, 20% to community expenses, 30% to the public auction and 30percent to the founding team).
There is also a BMX repurchase mechanism in place. The BitMart team intending to use 20% of its earnings per quarter to buy back and burn BMX before 50% of the available BMX supply is depleted. Customers who use the platform’s native token ‘BMX’ to compensate for transaction fees, similar to platforms like BitMart, are liable for a 25% discount on trading rates. This encourages traders to use the BMX token, which supports the exchange.Trading fees are calculated depending on BMX balance and trading volume (in BTC) over 30days.
Withdrawal and Deposit fees
Deposits are free, while withdrawal fees differ based on the coin and are changed regularly in accordance with their blockchain network fees.Additionally, those who pay their trading fees with BMX coin would get a 25% discount. Another factor to keep in mind is that Simplex charges a fee of 5% per transaction or $10 (whichever one is higher).
Purchasing cryptos on the BitMart crypto exchange is a simple process. BitMart only allows fiat payments in addition to cryptocurrencies. This ensures that to begin utilizing the platform, you must first transfer any cryptocurrency to the exchange through their deposits page or initiate a purchase using the fiat options available. Purchases with VISA and MasterCard are possible thanks to the company’s collaboration with Fintech Company and payment service, Simplex.
Bank and wire transfers are also accepted, but only for Bitcoin and Ethereum, whereas Alipay, UniPAY, and Mimos only accept USDT. Apple Pay, credit card, and MoonPay can only be used to buy BTC, BCH, ETH, EOS, LTC, and XRP, whereas Alipay, Paxful, PayPal, WeChat, and Gift cards can only be used to buy Bitcoin.To deposit/transfer any of the coins or tokens available for trading on the exchange, select your currency, and click on “Deposit” to create an address to send to.
BitMart API
For regular trading activities, BitMart keeps lower than 0.5 percent of user funds in a hot wallet. To guard against external hacks, the remaining 99 percent of user assets are held in offline cold wallets requiring several signatures from various high-level members.
Accounts include two-factor verification; one of the most effective methods for protecting their accounts. 2FA is a protocol that links your account to your mobile phone with an app, and each log-in after that requires manual verification.
Passwords are often kept in a converted form as a measure of authentication by a mechanism known as hashing. Hashing aims to protect passwords since a hash can’t be decrypted back to its original form. Furthermore, all of the users’ personal information, like I.D. names, numbers, and copies of identification documents, is secured and safely kept.
The company also appears to have introduced many other security features, such as automatic database backup, DDOS encryption, and SSL-secured (HTTPS) authentication. In May 2018, the company revealed that they had licensed BitMart Exchange as a Money Service Business (MSB) under the Financial Crimes Enforcement Network (FinCEN). This indicates that the company can comply with the strictest regulations.
BitMart Limits and Liquidity
There is no limit on how much Bitcoin, Bitcoin Cash, Ethereum, or Litecoin you can deposit into your BitMart account. BitMart traders have recourse to a massive amount of liquidity. As a consequence, individual account holders can withdraw up to $10,000 per day, while institutional account holders can withdraw up to $50,000 a day.
The company also allows demands for withdrawals in amounts greater than the prescribed maximum. However, there are certain restrictions on the amount of fiat currency that may be deposited or deducted from the account.
To summarize, the exchange offers traders a smooth trading environment. It is an ideal option for professionals. For both trading pairs, users have recourse to a large level of liquidity.
BitMart Portfolios
The use of several trading options is a distinguishing point for every financial service provider. This will provide traders with extensive experience and knowledge, allowing them to make sound trading decisions. The presence of such adaptable alternatives has a significant impact on the user’s trading experience.
BitMart, like the other top exchanges, does not lag in terms of portfolios. Users can spread their funds across various portfolios using the exchange. You can divide your funds into different portfolios based on your strategy, risk management goals, funds invested, and profit targets.
This feature is intended for advanced traders, as newcomers and average investors may not find it useful. Users have control over their funds with tools like this, and they can invest as they see fit. Asides improving the trading experience, portfolios can also help with risk management.
Cryptocurrencies Available
BitMart’s cryptocurrencies are classified into four markets: BTC, BMX, ETH, and USDT. The exchange backed 242 trading pairs and 131 cryptos at the time of writing. Some of the cryptos are Bitcoin Cash, Bitcoin S.V., 0x, Chainlink, Dash, EOS, Litecoin, QTUM, Tron, NEO and Zcash. The platform intends to list more coins in the future.
BitMart provides a form for those who wish to list their coins to promote its growth.
BitMart Interface
The user interface is simple and easy to use. The Exchange page provides details on how to swap cryptocurrencies and a spot where you can do so. On the left side of the interface, all of the crypto pairs are organized into categories depending on whether they include Bitcoin, Ethereum, or USDT.
The order books for trading crypto are on the right, and the relevant price and change details are in the center of the list. The order history, open orders, and trade history tabs are located at the bottom of the list.
How secure is BitMart?
BitMart claims to be a stable cryptocurrency trading exchange that employs a range of security measures to safeguard customers details and funds deposited on the platform. According to our findings, there have been no recorded hacks or security violations on BitMart since its launch in 2017.
BitMart employs a number of authentication features to keep customers’ records and funds secure and safe. The website states that the following approaches listed below are used (they are popular and industry-standard practices for a cryptocurrency exchange).
Visit the BitMart Security section or reach out to the team for more details.
- Two-factor verification (an additional layer of security for your wallet): When logging in, you will need both wallet password and a one-time passcode (OTP) provided by your preferred 2FA method.
- Confirmation of withdrawal: secondary confirmation via phone or email is needed to withdraw funds from the exchange.
- IP address detection: the IP addresses of users are registered, tracked, and associated with their accounts. If a separate IP address is found, the user’s account username would be requested to be confirmed by email.
- Encrypted information (user information and personal specifics such as ID, name, phone numbers, and address) is secured and safely stored. For added protection, passwords are hashed before being saved.
- Cold wallet storage (less than 0.5 percent of BitMart assets are held in a hot wallet for day-to-day activities such as consumer withdrawals): More than 99 percent of the funds are stored in offline cold wallets that are not wired to the internet, and need several signatures from the BitMart team to access.
Supported Countries
BitMart’s services are available to customers in over 180 countries worldwide, including the United States, the United Kingdom, South Korea, and most European countries. It is worth mentioning that BitMart is one of the few crypto exchanges that allow U.S. people who want to trade cryptos to participate on the platform.
However, several states in the United States, namely Hawaii, Georgia, Connecticut, New York, New Mexico, and Washington, do not allow their residents to utilize the platform’s services. China, Afghanistan, Cuba, Congo, Eritrea, Iraq, Iran, Democratic People’s Republic of Korea, Kyrgyzstan, South Sudan, Lebanon, Ivory Coast, Libya, and Sudan are all excluded from the platform.
Customer Support
BitMart employs over a thousand people who have all been thoroughly vetted before being hired. As a result of the unwavering work of the dedicated staff, customers receive exceptional customer service. With an ever-growing client base, the support team is always available to answer customers’ questions.
BitMart also provides trading tips, but it is not an indication to sell or take any action. Again, the exchange offers educational materials to users on cryptocurrency and other relevant topics. Furthermore, BitMart provides phone support in the event of an emergency. For example, if users suspect that there has been a compromise, they can lock their account profiles on their phones.
BitMart’s support team will never make outgoing phone calls to users as part of the company’s security measures. Customers who receive certain calls can record them promptly. Also, the exchange will never contact customers to request their two-step authentication codes and password.
Through the rapid advancement in technology, every 21st-century company will have a way of gathering customer feedback or reporting a problem. In the case of BitMart, there are many channels by which you may contact the support team. But, email remains the most popular method of communication.
BitMart can only be contacted via email at [email protected]. The team may be contacted at any time of day or night, and their website states that they will respond within three days of receiving the mail. A comprehensive FAQ segment answers the majority of the often asked questions about trading and account usage.
BitMart has a Twitter account where it posts updates about its products. But, the exchange does not respond to account-related complaints via Twitter for security purposes. Customers must send account-related inquiries by email.
- Phone
Phone support with a customer service representative is not available on this exchange. However, if you suspect some inconsistency with your password or a breach, you should contact BitMart Support and they can deactivate your account immediately. After that, you would be prompted to go over the account recovery step in order to reassess your account.
Your account’s recovery phase can take several days until it is completed. On the email contact form, you will find the company’s support phone number. To reach an agent, on the other hand, you must make an email request.
Conclusion
BitMart is one of the market’s newest cryptocurrency exchanges. Yet, it has a user-friendly and a clear trading view, and it is licensed to operate in the United States. This cryptocurrency exchange offers a fair fee range for its trading facilities and it accepts various coins and fiat purchases. The platform is accessible from every smartphone and can be used from a web browser, mobile browser, iOS, Android, Mac OS, or P.C.; this makes it beneficial to people worldwide.
Overall, BitMart is simple to use, and its platform is user-friendly and well-organized. The BMX token is a great addition. The fact that the corporation behind BitMart has formally licensed as a Money Service Business (MSB) with U.S. regulators is more evidence of the exchange’s credibility.
The BitMart exchange’s trading and withdrawal fees are very fair. While the platform might not receive any awards in terms of the number of user BitMart feedback and review you will find online, it is steadily building a reputation for itself. It is becoming one of the top cryptocurrency exchanges in the market.
FAQ
Is BitMart a reliable cryptocurrency exchange?
Without a doubt! With the popular BitMart ICO, the exchange got off to a fantastic start. Despite being relatively new to the crypto exchange market, BitMart has already gained a reputation as a trustworthy and legal crypto trading platform. The fact that it is indeed not as widely regarded as some of the other industry giants in no way diminishes the exchange’s overall credibility.
Which cryptocurrency exchange is the most suitable for beginners?
If you read through different top crypto exchange reviews online, you can find that one feature most of these exchanges share in common is that they are really easy to use. Although certain exchanges are simpler and beginner-friendly than others, you should have little trouble with many of the top-rated exchanges. Many users agree that BitMart is one of the most user-friendly exchanges available today.
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