One of the most well-known cryptocurrency exchanges in the world is called BitMart. With the help of this BitMart review, you can decide if this exchange is the best cryptocurrency platform for you and learn about the advantages it offers.
What is BitMart?
BitMart is a cryptocurrency exchange that was first introduced in 2017 and is widely known as one of the most secure platforms to buy, sell, and trade crypto. The exchange has a multi-layer and multi-cluster system architecture that makes it secure and stable for all kinds of customers.
Since its launch, the exchange has grown rapidly in terms of popularity and has attracted over two million users from across the globe. The exchange has also grown quite a lot in terms of the services it offers and is a one-stop platform for all kinds of traders.
BitMart’s main headquarters is in the Cayman Islands, but it also has offices in some other countries, including the United States, South Korea, and China. The exchange is accessible in over 180 countries which is one of the reasons behind its high liquidity.
BitMart Review: Pros & Cons
This cryptocurrency exchange is a good fit for: cryptocurrency investors with experience who desire access to a range of trading tools and cryptocurrencies.
Pros
- Supports a large number of cryptocurrencies
- Advanced crypto trading platform
- Competitive fees
- Earn interest with crypto staking
- Futures and margin trading
- NFT marketplace
Cons
- Hacked in December 2021
- Not beginner friendly
- Negative customer reviews
Can US Citizens Use BitMart?
BitMart is also among the few US crypto exchanges that can be accessed by US citizens. The exchange was founded by Sheldon Xia, who hails from New Jersey, and wanted the exchange to be available in as many as many US states as possible. Check out our list of the top US cryptocurrency exchanges.
After a month of its launch, the exchange got itself registered with the U.S. regulators and is now overseen by FinCen (Financial Crimes Enforcement Network).
If you are new to crypto trading in the USA, you can sign-up to Kraken and claim up to a 50% discount on your trading fees by clicking this link.
Is BitMart Safe?
One of the safest cryptocurrency exchanges out there is thought to be BitMart. To safeguard customer information and financial assets, the exchange employs a variety of security measures. The exchange went online in 2017 and has succumbed to a hacking incident only once.
The exchange did lose around $200 million in the beginning of December 2021 when the private keys for its hot wallets were stolen. Although customer assets were lost in this incident, the exchange accepted full responsibility and promised to make up for lost funds. In other words, there were no actual losses for the customers as a result of this incident.
Despite the one incident, BitMart is still regarded as being very secure. Most assets on BitMart are still stored in cold wallets that are disconnected from the internet and cannot be breached. To increase the security of logins, the platform also promotes two-factor security authentication.
You can also read our news article on “BitMart hacked” to learn more.
BitMart’s User Interface
BitMart’s user interface is quite straightforward, and you won’t face any challenges with spot trading even if you are new to the crypto space.
On the left side of the trading interface, you can view all the available cryptocurrencies separated by pairings. You can find pairs for USDT, BTC, and ETHand can choose the one that you prefer. If you are new to the crypto space, it is suggested that you stick to USDT pairs.
On the right hand of the screen, you can see the order book in real-time, and you can place your orders by accessing the order types available in the middle of the screen.
BitMart is also available for both Android and iOS, and you can perform all the tasks that are available on the web browser.
Features and Services Offered by BitMart
BitMart is one of the most versatile cryptocurrency exchanges out there and offers you plenty of different features and services.
Some of the main highlights of this exchange include:
- Easy-to-use trading interface
- Over 90 cryptocurrency pairs on the spot market
- Real-time charting for trades/traders
- Up to 100x leverage for Futures trading
- Demo trading for beginners
- Cold wallets (Over 99% of the funds are stored in cold wallets)
- Crypto Lending
- Portfolio monitoring
- Education and training guides for new investors
How Can You Purchase Cryptocurrency on BitMart?
On BitMart, purchasing cryptocurrencies is fairly simple and doesn’t require much effort or valuable time.
Step# 1
The first thing you need to do is click on the “Buy Coins” button on top of the trading interface and purchase some crypto with which you can trade.
Step# 2
Selecting your preferred method of payment is required after you have clicked the button. The platform supports multiple payment methods, including:
- Credit/Debit Card
- Bank Transfer
- Apple Pay
- PayPal
- Gift Cards
Step# 3
After selecting the payment method, choose the cryptocurrency (or FIAT) you would like to purchase. Any asset on the list is available for purchase, and you can trade it later for another cryptocurrency that you cannot buy directly.
You will also be able to view your BitMart wallet address on the screen.
Step# 4
Once you have provided the details, you will be asked whether you want to use a wire transfer or credit/debit card and can make the payment directly.
You will also have to fill in the KYC (Know Your Customer) form if you have not already done that. It is mandatory for direct cryptocurrency purchases as it provides ID proof. After finishing this procedure, you will quickly receive cryptocurrency in your BitMart wallet.
BitMart Trading Fee
When choosing a cryptocurrency exchange, taking into account trading fees shouldn’t be disregarded. BitMart follows the old maker and taker fee model for spot trading and has two different fee structures for regular customers and professionals. Check out our list of cryptocurrency exchanges with the lowest fees.
Regular Users
The trading fee for ordinary users is 0.25% regardless of whether you are a maker or taker. However, you can earn a 25% discount if you pay your fee through BMX.
Note: BMX is the native token of the Users of the exchange can benefit from a number of advantages, such as reduced trading fees, by using the BitMart exchange.
The breakdown of trading fee for ordinary users is as follow:
Professional Users
Professional users that trade in large trading volumes can enjoy better fees and can also earn an extra discount of up to 35% with BMX. Check out our ranking of the largest crypto exchanges.
The fee breakdown for professional users is as follow:
Deposits and Withdrawals Fee
The deposits on BitMart are completely free, and you won’t have to pay any fee for keeping the assets in your BitMart wallet.
Bitmart Withdrawal Fees
For withdrawals, you will have to pay a small fee depending on the cryptocurrency you are withdrawing and which network you are using. Depending on the state of the blockchain, the fee may occasionally change.
Keep in mind; you might also have to pay a gas fee on top of the transaction fee, which can also vary depending on the blockchain traffic.
Futures Trading on BitMart
BitMart not only supports spot trading but also allows you to trade with leverage. If you are an experienced trader looking for a reliable future trading platform, then The choice of BitMart is very good.
The leverage you can use on some cryptocurrencies ranges between 5x to 100x and can benefit you in the short term. However, Futures trading is highly risky and is only advised for traders who understand the market and are willing to take the risk.
If you are new to crypto trading, you can practice future trading on BitMart with virtual money and can see whether you are able to open good trades or not.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on ByBit today. You can also use this link to claim a bonus on your first deposit.
Bitmart App
The company’s user-friendly approach to building the trading platform is reflected in the design of its mobile application, which was made in such a way that you can complete any complex transaction without using a computer.
The mobile app is capable of doing anything that can be done using the computer version. The app’s design is simple and practical, and it performs admirably in terms of both the user experience and the ability to execute trades. Both iOS and Android users can download the mobile app.
BitMart Review on Staking
The staking option on BitMart allows you to earn some passive income on your crypto holdings. If you are investing long-term, you can stake your cryptocurrencies with BitMart and earn interest with it.
BitMart is offering staking rewards on many cryptocurrencies, including ALGO, QTUM, and DASH. You can earn up to 15% annually with the help of BitMart Staking. The rewards are given out on a monthly basis and may change from month to month.
Conclusion: is BitMart Exchange Legit?
BitMart is one of the most popular crypto exchanges out there and has over two million customers for a reason. BitMart is the best choice for you if you’re looking for a trustworthy cryptocurrency exchange that’s simple to use and doesn’t present any problems.
The platform also offers Futures trading and Staking, which makes it an ideal platform for all kinds of users.The exchange has previously been hacked, but the business accepted responsibility and promised to compensate the users. It is a reliable exchange because of this gesture.
On the other hand, if you are looking for exchanges that have an even better reputation than BitMart, you can consider signing up on Binance and Kraken. You can also get some extra trading bonuses and discounts if you sign-up by clicking on the highlighted text.
