Cryptocurrency is becoming increasingly popular around the world, and as a result, there are many exchanges available for trading these digital assets. One such exchange is BitMart, which was founded in 2018 and has quickly gained a reputation as a reliable and secure platform for trading cryptocurrencies.
In this blog post, we will take an in-depth look at BitMart Exchange and review its features, security, fees, customer support, and overall user experience. We will explore the platform’s strengths and weaknesses to help you decide whether it is the right exchange for your crypto trading needs.
Bitmart
Summary
Bitmart exchange is a user-friendly platform that offers a wide range of cryptocurrencies, high liquidity, advanced trading tools, robust security measures, and 24/7 customer support. With Bitmart, traders can easily navigate the platform to execute trades in various markets, while feeling confident that their assets are secure with advanced security measures like two-factor authentication and cold storage.
Bitmart Key Specifications
| Key Point | Description |
|---|---|
| Name | BitMart |
| Year Founded | 2018 |
| Headquarters | Cayman Islands |
| CEO | Sheldon Xia |
| Supported Cryptocurrencies | 600+ |
| Trading Pairs | 800+ |
| Trading Fees | Maker fee: 0.25%, Taker fee: 0.25% |
| Fiat Currencies | USD, EUR |
| Deposit Methods | Cryptocurrency, Bank Transfer, Credit Card |
| Withdrawal Methods | Cryptocurrency, Bank Transfer |
| Security Features | Two-Factor Authentication, SSL encryption, Cold Storage, Anti-Phishing Code, and System Security Audit |
| Mobile App | Available for iOS and Android devices |
| Customer Support | 24/7 live chat and email support |
| Trading Platform | Web-based, Mobile, and API trading |
| Regulatory Compliance | Compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations |
Bitmart Exchange Overview
BitMart is a cryptocurrency exchange founded in 2017. The exchange offers a user-friendly interface for beginners. It has a wide range of trading pairs, including major cryptocurrencies like Bitcoin and Ethereum.
It also offers newer altcoins, margin trading, staking, and lending services. BitMart prioritizes security measures such as two-factor authentication and cold storage of funds. The exchange conducts regular security audits to ensure user funds are safe.
BitMart has 24/7 customer support accessible via live chat, email, or phone. Their support team is known for quick response times and helpfulness in resolving issues.
Pros and Cons
| Pros | Cons |
|---|---|
| Supports a wide range of cryptocurrencies | Limited payment methods |
| User-friendly interface and mobile app | Security concerns in the past |
| Low trading fees | Limited fiat currency support |
| Offers margin trading and futures trading | |
| 24/7 customer support | |
| Regularly adds new coins and tokens |
Bitmart Security Review
Bitmart has taken steps to improve its security measures over time, but there have been some concerns in the past regarding the safety of user funds. Here are some key aspects of Bitmart’s security measures:
- Two-factor authentication: Bitmart requires users to enable two-factor authentication (2FA) when logging in or performing certain actions, such as withdrawals.
- Cold storage: The exchange stores most of its cryptocurrency funds in offline, or “cold,” storage to protect against hacking attempts.
- Third-party security audits: It has undergone security audits by third-party companies to identify vulnerabilities and improve its security measures.
- SSL encryption: The exchange uses SSL encryption to protect user data and communication.
- Account monitoring: Bitmart’s security team monitors accounts and transactions for suspicious activity and takes appropriate action when necessary.
Despite these measures, Bitmart has experienced security issues in the past. In 2018, the exchange suffered a hack that resulted in the loss of around $20 million worth of cryptocurrency. However, It has since reimbursed affected users and implemented additional security measures to prevent similar incidents from occurring in the future.
Bitmart Fees Review
Bitmart offers competitive trading fees compared to other cryptocurrency exchanges, but the fees vary depending on the trading pair and the user’s trading volume.
- Trading fees: Bitmart charges a flat fee of 0.15% for both makers and takers, which is relatively low compared to other exchanges. However, the fees can vary for certain trading pairs and can be as high as 0.5%.
- Deposit and withdrawal fees: It does not charge any fees for deposits, but withdrawal fees vary depending on the cryptocurrency. For example, the withdrawal fee for Bitcoin is 0.0005 BTC, while the fee for Ethereum is 0.01 ETH.
- Margin trading fees: Bitmart charges interest on borrowed funds for margin trading. The interest rate varies depending on the trading pair and the user’s trading volume.
- Futures trading fees: It charges a funding fee for futures trading, which is calculated based on the interest rate differential between the long and short positions. The funding fee is paid by the user with the higher interest rate position.
Bitmart Trading Features Explained
Margin Trading
Margin trading is a feature that allows users to borrow funds to trade cryptocurrencies. Bitmart offers margin trading for select trading pairs.
To use margin trading on Bitmart, users need to deposit collateral in the form of cryptocurrency to secure borrowed funds. The amount of collateral required varies depending on the trading pair and the user’s trading volume.
Bitmart charges interest on the borrowed funds, which varies depending on the trading pair and the user’s trading volume. Users need to pay back the borrowed funds plus interest within a certain period, or they risk being liquidated if their margin falls below a certain level.
The amount of leverage that users can obtain through margin trading varies depending on the trading pair and the user’s trading volume. Bitmart offers leverage up to 5x for some trading pairs, allowing users to increase their buying power and potentially generate higher returns.
Futures Trading
Bitmart offers futures trading, which allows users to trade contracts that settle on a future date. Futures trading allows users to speculate on the future price of cryptocurrencies and offers leverage up to 100x. Users can be subject to liquidation if the price of the underlying asset moves against their position.
Copy Trading
Bitmart’s Copy Trading feature allows users to automatically copy the trades of other successful traders on the platform. Users can choose from a range of traders to follow and allocate a portion of their funds to automatically copy their trades.
Copy Trading can be a good option for users who are new to trading or who want to benefit from the expertise of other traders.
Bitmart Staking and Earn
Bitmart offers staking for select cryptocurrencies, which allows users to earn rewards by holding their coins on the exchange. The staking rewards vary depending on the cryptocurrency and the staking period.
Users can stake BMX, CORE, BLUR, SHIB, and RPL for varying durations, with different minimum locked amounts and APYs. The LDO staking program is currently sold out. The staking programs are flexible and offer different durations ranging from 3 to 90 days. Users should carefully consider their options and the associated risks before staking.
Bitmart NFT Marketplace
Bitmart has an NFT (Non-Fungible Token) marketplace where users can buy, sell, and trade unique digital assets. The marketplace features a wide range of NFTs, including artwork, collectibles, and gaming items. Users can browse the marketplace to find NFTs they’re interested in, place bids or purchase NFTs outright.
The platform also allows users to create and sell their own NFTs. Bitmart’s NFT marketplace is designed to be user-friendly and accessible to both experienced collectors and newcomers to the world of NFTs.
Read: Best NFT Marketplaces
Bitmart Supported Cryptocurrencies
Bitmart supports more than 650 cryptocurrencies and Low cap Altcoins. some popular cryptocurrencies are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Binance Coin (BNB)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Chainlink (LINK)
- Litecoin (LTC)
- Stellar (XLM)
Bitmart Payment Methods
Bitmart offers several payment methods for users to fund their accounts, including:
- Cryptocurrency deposits: Users can deposit various cryptocurrencies into their Bitmart accounts, such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), among others.
- Bank transfer: Bitmart accepts wire transfers and ACH transfers from US banks.
- Credit/Debit cards: Users can purchase cryptocurrencies using Visa or Mastercard credit/debit cards.
- Third-party payment platforms: Bitmart also supports several third-party payment platforms, including PayID, Payeer, Perfect Money, and Advcash.
Please note that the availability of payment methods may vary depending on the user’s location and account verification level.
Bitmart Customer Support
Bitmart provides customer support through live chat, email, an FAQ section, and social media. Live chat support is available 24/7, while the support team aims to respond to emails within 24 hours.
It’s website includes an extensive FAQ section covering various topics. Users can also engage with the Bitmart community and receive support via social media channels. Customer support is generally considered prompt and helpful by many users.
Bitmart User Experience
In December 2021, the BitMart hack caused distress among clients who had placed their trust in the Cayman Islands-registered platform to keep their funds secure. Despite this, BitMart has managed to maintain a Trustpilot rating of 3.9 stars out of five, based on feedback from over 2,400 reviewers.
However, numerous customers have voiced grievances about inadequate support, insufficient transparency, and the inability to withdraw their funds.
How to Open an Account with Bitmart Exchange
- Go to the Bitmart Exchange website.
- Click the “Sign Up” button in the upper right corner of the homepage.
- Enter your email address and create a strong password.
- Agree to the terms and conditions and click “Sign Up”.
- Check your email inbox for a verification email from Bitmart.
- Click the verification link in the email to verify your account.
- Log in to your Bitmart account and set up two-factor authentication for added security.
- Complete your account profile by providing your personal information and uploading identification documents as required by Bitmart’s KYC/AML policies.
- Deposit funds into your Bitmart account through the “Deposit” section of the platform.
- Start trading cryptocurrencies on Bitmart Exchange!
Comparison between Other Exchanges
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion |
|---|---|---|---|---|
| Bitmart | 750+ | 0.25% to 0.25% | 4.4/5 ★★★★☆ | Up to $100 welcome bonus |
| Bybit Exchange | 300+ | 0% – 0.1% (spot) and 0.06% / 0.01% (leverage) | 4.8/5 ★★★★★ | Deposit bonus up to $30,000 |
| KuCoin Exchange | 750+ | 0.1% | 4.6/5 ★★★★☆ | Up to 500 mystery box |
| MEXC Global Exchange | 1521 | Spot: 0% (maker) / 0.2% (taker) | 4.3/5 ★★★★☆ | up to a $1000 bonus |
Final Thoughts: Is it Legit or Scam?
The exchange supports a large number of cryptocurrencies and offers competitive trading fees. Additionally, Bitmart’s margin trading, futures trading, and copy trading features provide advanced trading tools for experienced traders.
Furthermore, Bitmart’s Earn program offers users several ways to earn passive income through staking, savings, and dual investment options. The platform’s NFT marketplace also provides a unique opportunity for users to buy, sell, and trade NFTs.
Overall, Bitmart’s security measures, customer support, and user-friendly interface make it a solid choice for both novice and experienced cryptocurrency traders.
FAQs
Is Bitmart Safe?
Bitmart takes security seriously and employs several measures to protect users’ funds and personal information. These measures include two-factor authentication, SSL encryption, cold storage for most funds, anti-phishing code, and regular security audits. However, like any crypto exchange, Bitmart still carries some risks, and users should take necessary precautions to protect their accounts.
Is Bitmart Available in the US?
In the United States, BitMart is permitted to operate, but its Earn and Lending services are not accessible to individuals located in the U.S.
Is Bitamrt Requires KYC?
Yes, Bitmart requires users to complete a KYC (Know Your Customer) verification process to comply with anti-money laundering (AML) regulations. Users must submit personal information, including government-issued ID and proof of address, to use the platform.
What is the Minimum Deposit and Withdrawal Limit in Bitmart Exchange?
The minimum deposit and withdrawal amount on Bitmart varies depending on the cryptocurrency or fiat currency being used. For example, the minimum deposit for Bitcoin is 0.001 BTC, while the minimum withdrawal is 0.002 BTC. Users can view the specific minimum amounts for each currency on Bitmart’s website under the “Deposit” and “Withdrawal” sections.
