BitMart is a global cryptocurrency exchange platform allowing users to buy, sell and trade from over 1000 cryptocurrencies.
The platform has joined forces with many top-tier tech firms to build a cost-efficient and user-friendly financial platform. This way, the platform aims to allow people around the globe to participate and be a part of the crypto family and make them financially independent. BitMart has about 9,000,000+ active users on its platform.
As of now, BitMart is marked on the top 20 exchange platforms in the world and offers advanced charting, multiple orders, future tradings, and low trading fees. It lets its users lend or stake their crypto holdings to earn interest and rewards. It also offers OTC trading for institutional investors. The traders or users can also use fiat currencies in their BitMart accounts and trade without an issue.
But is BitMart a suitable start for you? Let’s find out more about the platform in this comprehensive crypto review.
Pros And Cons of BitMart
BitMart At A Glance
| Official Website | https://www.BitMart.com |
| Headquarters | 23 Lime Tree Bay Avenue, Grand Cayman |
| Founded In | 2017 |
| Native Token | BMX or BitMart Token |
| Number of Listed Cryptocurrencies | 1000+ |
| Trading Pairs | 500+ |
| Minimum Deposit | Depends on the currency chosen |
| Trading Fee | Fees charged depends on the basis of trade |
| Withdrawal Fees | Depends on the currency chosen |
| Customer Support | Online / Telephonic / Live Chat (24x7 availability ) |
| Industry | Financial Software |
| Parent Company | GBM Foundation Company, Ltd. |
| Supported Fiat Currencies | 42 |
BitMart Exchange: Company Overview
BitMart was founded in 2017 by Sheldon Xia and has grown into one of the largest cryptocurrency exchange platforms. Over half a decade of its operations, the platform has become a popular option, serving over 5 million customers across 180 countries.
BitMart is an exchange that wants to unify the world and make it an efficient global financial system. The platform has a mission to help anyone, whether an individual or an institute, to help them buy, sell or store their cryptocurrencies.
Having a team of highly skilled and professional team members coming from top-tier tech firms, like Accenture, Tencent, Amazon, and Accenture. It aims to bring cryptocurrency available for everyone & reshape the economies of the globe with the help of decentralized digital assets.
BitMart is accessible to almost all platforms and has a very smooth interface. It also provides many finely tailored services for its traders so that no matter whether it’s entry-level traders or professionals, everyone can trade in a very efficient manner.
Besides, the platform prioritizes its overall security exclusively after it was hacked in 2021. But the platform still stands strong and is growing slowly even after such a vast malware attack.
Cryptocurrencies Supported in BitMart
BitMart is a platform where one can actively trade via Spot trading or any other trading process. It has over 1,000 digital assets and tokens available for its traders.
Some of the most popular cryptocurrencies available on the platform are the initial projects like Bitcoin (BTC) and Ethereum (ETH), among other recently released projects like Avalanche (AVAX), Axie Infinity (AXS), BitMart Token (BMX), Decentraland (MANA), and Dogecoin (DOGE), among others.
However, that’s not all! Here’s a chart of some of the top crypto tokens listed on the exchange to give you a better idea:
| Ethereum (ETH) | Axie Infinity (AXS) | Avalanche (AVAX) |
| Binance Coin (BNB) | Decentraland (MANA) | Tron (TRX) |
| Terra (LUNA) | Dash (DASH) | SushiSwap (SUSHI) |
| Zcash (ZEC) | Bitcoin (BTC) | Stellar Lumens (XLM) |
| Litecoin (LTC) | Solana (SOL) | Dogecoin (DOGE) |
| Shiba Inu (SHIB) | Sandbox (SAND) | Zilliqa (ZIL) |
In addition, users signing up for the platform also have access to the exchange’s native BitMart Token (BMX), which can be used to access additional discounts on multiple transactions.
Key Features Of BitMart
BitMart stands out as one of the leading exchanges in the industry, and there are multiple reasons behind it. However, the platform’s core features put a lot of potential to the platform.
To give you a fair idea, we’ve explored some of BitMart’s core features in the section below:
Seamless Account management
Seamless access to their trading system is one of the core features of the BitMart exchange platform. Users signing up for the platform have the functionality to continue their trade over multiple applications at any time of the day. It provides a web-based platform and mobile app for trading, purchasing, and selling cryptocurrency. Users can quickly deposit funds and begin buying cryptocurrency by logging into their accounts via a web browser.
Customers can also stake or lend their invested assets and earn interest on their holdings. The BitMart mobile app provides access to live trading, crypto buying and selling, and account management. In addition, the app provides the same charting and order books as the web-based platform, resulting in a nearly identical user experience.
Rewarding Referrals & Affiliate Programs:
The multiple rewards and access to several rewarding programs add to the experience of signing up for the BitMart exchange. The platform allows its users to earn extra rewards and money with the help of its referrals and Affiliate programs.
The affiliate program allows traders to earn an extra commission-based income. Upon every successful referral, the user is entitled up to 100% and referral allows the user to earn a certain percentage when a trader joins in via their referral codes. Besides, there are other exciting rewards upon signing up for the referred user.
Reliable Customer Support
Reliable customer support is another promising aspect of the BitMart exchange. The platform has a team of executives who are very much reliant and helpful. In addition, they also have a customer support team who provides you support 24×7, be it via online chat or call, offering comprehensive customer support to users of every type.
The executives are multilingual for the convenience of their traders. They also have a responsive chat not where the basic queries are solved. Plus, the real-time availability of its agents is what makes the platform more appealing to a majority of beginners.
Advanced Trading Experience
Users signing up for BitMart can expect an advanced level of trading experience from the platform. The exchange is open to selling crypto via different ‘Buy and sell options.’ It can be purchased through debit or credit cards, Apple Pay, PayPal, and third-party partners.
In addition, BitMart also allows its users to deposit fiat currency or cryptocurrency into their accounts for trading purposes. The platform offers beginner and advanced trading modes, bringing detailed charts, live order books, and limit orders.
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Additional Features Of The Platform
Multiple aspects make BitMart one of the leading crypto exchanges in the industry. Those mentioned above were some of the essential core features and functionality in BitMart. But that’s not all! The cryptocurrency platform still has some other features making the platform functional.
Let’s check out some of the additional features over the BitMart platform:
- Access to NFT: Unlike other crypto exchanges that are limited to tokens, BitMart has also expanded to other digital assets. Users signing up for the platform can access BitMart’s NFT platform, where the portal is dedicated to digital artworks and their promotion. You can either sell your NFTs or buy them accordingly.
- Exhaustive Project Options: With more than 1000+ actively added cryptocurrencies, BitMart allows its traders to invest their funds in several projects. It also lets active traders trade on less volume of less traded currencies, which could be very beneficial.
- Options to borrow or lend tokens: BitMart allows its users to borrow or lend their crypto to earn rewards and interest. It offers advanced charting, numerous order types, and low trading fees. It has OTC (over-the-counter) trading option for the investors.
- Enhanced security measures: BitMart employs two-factor authentication (2FA) to prevent unauthorized login into the user’s trading account to protect the privacy and security of the traders’ personal information. It also provides standard security features like encrypted services and cold storage.
- Technically linguistic customer support: For both novice and professional traders, BitMart employs simple and accessible phrases in their exchange. It has maintained itself straightforward for utilization throughout the world.
Trading Experience
BitMart has a way of wanting to make trading very affordable and global for everyone with the help of decentralized digital currency. The platform doesn’t believe in charging users for advanced tools, thereby offering one singular console to every type of user. Users over the platform experience an effortless web-based cryptocurrency trading and investing platform that is compatible with any device other than a PC, simplifying everyday trade.
It also allows its users to buy and sell crypto and can purchase with the help of any card, online or via third-party partners. In addition, BitMart also offers standard and advanced trading modes that provide users with multiple trading tools and charting options.
Overall, the platform provides a reliable trading experience to users of every type. Therefore, whether you’re a beginner or advanced trader, you can easily make a reliable trading experience on BitMart.
Fees Structure
Moving to the platform’s fee structure, BitMart offers its users a tiered fee. Thanks to the maker/taker structure model, the platform provides lower fees on higher trading volumes in a month. There is also an additional fee deduction for users with access to the platform’s native BMX token.
Now, to give you a better idea, here’s a chart on the tiered user experience:
Ordinary Users
For regular trades, BitMark charges 0.25 % or less to its traders, which on average equals or less than any other exchange.
| Level Of Expertise | BMX Holding | Fee Structure |
|---|---|---|
| Level 1 | BMX ≥ 0 | Maker: 0.2500% Taker: 0.2500% |
| Level 2 | BMX ≥ 2,500 | Maker: 0.2000% Taker: 0.2000% |
| Level 3 | BMX ≥ 10,000 | Maker: 0.1800% Taker: 0.2000% |
| Level 4 | BMX ≥ 25,000 | Maker: 0.1600% Taker: 0.1800% |
| Level 5 | BMX ≥ 50,000 | Maker: 0.1400% Taker: 0.1600% |
| Level 6 | BMX ≥ 100,000 | Maker: 0.1200% Taker: 0.1400% |
| Level 7 | BMX ≥ 200,000 | Maker: 0.1000% Taker: 0.1200% |
| Level 8 | BMX ≥ 500,000 | Maker: 0.0800% Taker: 0.1000% |
| Level 9 | BMX ≥ 1,000,000 | Maker: 0.0600% Taker: 0.0800% |
However, these rates don’t apply to professional users, and they are charged based on the number of BTC they hold over the integrated wallet. For advanced users, the trading pairs are divided into Class A and B, with fees going as low as -0.0100% for makers and 0.0200% for takers.
Lastly, BitMart also offers its traders a free deposit and charges a low fee for trading cryptocurrency on its platform, but may charge more by its third-party partners when a credit card or a debit card is used.
| Fee Charges | Percentages |
| Highest maker fee | 0.2500% |
| Lowest maker fee | 0.0600% |
| Moonpay charge | 4.5% |
| BitMark charges | 0.25 % |
Overall, BitMart has a reliable fee structure that is affordable for beginners and cost-saving for users who’re highly invested in BTC and BMX.
Is BitMart Safe?
BitMart’s most basic fundamental on which it works is trust, which is believed to be the most fundamental unit in the financial system, and the core for any decentralized token economy. The platform has an ‘advanced risk control system’, which operates on hot and cold wallet systems with multiple-signature technology and encrypted servers which are automatically protected against any DDOS attacks.
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The platform adheres to some advanced safety measures like:
- Hot Wallet & Cold Wallets: These wallets are used to store instant Bitcoin transactions. Its backup keys are stored offline in geographically different places in the deposit box, whereas BitMart stores 99% of its assets over Cold Storage vaults.
- Two-factor Authentication (2FA): 2FA acts as an extra layer of protection and keeps your crypto safe if you don’t lose access to your device. Passwords are the most common form of security, but in BitMart, your passwords are stored in hashed form, and no one can access it other than you.
- Withdrawal Confirmation & Encrypted Serves: BitMart has taken extra care of your security with a process where you cannot withdraw funds without confirmation via your phone number or email. It also has encrypted services, which automatically protect your funds against DDOS attacks.
However, BitMart faced a significant security breach in 2021, affecting their cryptocurrency ecosystem with a huge loss. While the platform has leveled up its security systems since then, it might be a matter of concern for some of its users.
Opening a BitMart Account
BitMart has a very smooth UI/UX, which is easy to understand and use and easy to open an account securely.
Step 1: Search for BitMart’s website or download it on your device.
Step 2: Once you download it or come to their main landing site, you’ll see Sign Up or get started at the top of your screen.
Step 3: Complete the registration process, where you need to add your email address or phone number & set a very secure password.
Step 4: Complete your verification process according to the level of trade you want to do, and start trading once done.
Any company looking to open an institutional trading account with BitMart must complete a more detailed onboarding process.
Customer Satisfaction
According to the stats and reviews for BitMart, the platform has mixed reviews over some established review platforms! However, the platform has earned praise for its easy and fast verification process, where the user does not have to wait weeks to start trading. Besides, they’ve also mentioned the seamless transaction settlements over the platform.
On the flip side, customers have shown their disregard mainly after the huge 2021 security breach in the platform. In addition, loss of funds due to KYC problems and losing access to withdraw funds from the platform.
Since, understandably, all the crypto platforms face such breaches, BitMart has solely promised to fix it and started a refund for all its users who faced the loss.
BitMart Vs. Competition
BitMart is a decent platform for trading for any beginner, intermediate, or advanced crypto trader who wants access to a wide range of coins and future trading with high leverage and very reasonable trading fees. The platform offers users a wide selection of cryptocurrencies to trade, purchase or store and is available for customers from across 180 countries worldwide.
However, while BitMart may be designed for advanced traders who want easy access to futures trade with leverage, it still has many shortcomings compared to other platforms.
BitMart vs. Coinbase Pro
In terms of active users, BitMart and Coinbase both have equally high trading volumes and continue to be the largest exchange platform. In addition, both platforms provide their traders with a simple and easy way to buy/sell their currencies.
Though they might have many similarities, they still have some parts that can be compared.
- Supported Cryptocurrencies: Coinbase has over 100+ currencies available, but BitMart has over 1000, which are also actively available to trade, store or invest in. This means that BitMart wins in terms of availability by a landslide.
- Referrals & Affiliate Program: Coinbase rewards its users for stalking their cryptocurrencies, whereas BitMart rewards its users with a commission when a referral joins in and has an affiliate program where the users can earn up to 100% commission.
- Access to leverage: BitMart provides its advanced traders with leverage and access to a wide range of less-known altcoins. Coinbase is designed for beginners and offers a straightforward and beginner-friendly platform where they can learn.
Looking at this short but comprehensive overview, it’s evident that BitMart has the lead over Coinbase on several occasions. However, Coinbase dominates BitMart with its vast tokens and security approach.
Final Verdict
Should You Consider Using BitMart?
- Competitive fee structure: BitMart charges relatively low fees or equal to many platforms but never more than the industry rates making it easy for the traders to buy and sell currencies without any issues.
- Vast crypto projects to access: The amount of cryptocurrencies offered by BitMart is very high compared to any other crypto trading platform. BitMart has more than 500+ trading pairs and about 1000+ currencies which can be bought, sold, or stored accordingly.
- Access to advanced trading tools: The traders of BitMart can opt for spot and futures trading with very high leverage. It also provides its users with multiple fund deposits.
- Reliable customer support: The 24/7 customer support over the platform is another great addition. The multilingual customer support executives can help you make the most of your queries without hassle.
Shortcomings Of BitMart
- It was recently hacked: The main shortcoming or an issue with BitMart can be its security system; although it has had a very secure system, it has been hacked, which was taken care of in a while. However, the security system could be more secure.
With this, we come towards the end of our comprehensive review of the BitMart platform. First, being a decent trading option for traders who want to diversify their portfolios. The platform is also unique for its listing that includes less volume or fewer traded crypto projects for trading. But similar to its perks, there are certain downsides to the platform.
Therefore, if you’re one of those users who wants to avoid the risks of dealing with a recently hacked account, BitMart isn’t the option for you. Instead, we suggest you continue your hunt for the ideal exchange. All the best!
FAQs
Should I trust BitMart?
BitMart is a secure trading platform with a robust and reliable customer support system that is available 24x7 and tends to solve your problems in a very professional manner. Even though BitMart had been hacked, it still stands tall and ranks as a top 20 cryptocurrency trading platform. So yes, you can trust it!
What are the latest updates over BitMart?
Post the hacking event; there’s not much to the platform. But, the platform has been continually updating its security measures to bring its best to the users.
Is there any chance to secure a BitMart Account?
Yes, there is! BitMart has a series of verification processes according to the number of funds needed to be withdrawn. Even if it has many security functions keeping track of any malware attacks.
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.