BitMart Exchange Review

BitMart Exchange Review

Daniel Chan

March 29, 2022

Cryptocurrency

What is BitMart?

BitMart is a simple, secure and advanced cryptocurrency exchange designed for institutional and individual users. With access in more than 180 countries, BitMart offers its services to a massive community of professional and amateur traders and investors. The platform was started back in 2017, and it is currently located in the Cayman Islands, British Overseas Territories.

The vision of BitMart is to make blockchain technology available to everyone in the world, since it can reshape the finance and economic sectors. To help accomplish this goal, it has brought innovation, professionalism, simplicity, accessibility and security to its traders and investors. As of now, the platform has served more than nine million users from all over the world. If you want to get started with BitMart, you will just need an email address or a mobile number to sign up.

  • Web Address: www.bitmart.com
  • Main Location: Cayman Islands
  • Cryptocurrencies: BTC, ETH, USDT, BNB, CAKE, and 1000+ more
  • Fiat Currencies: USD, EUR, AUD, BGP, JPY, MXN, ARS & more
  • Deposit Methods: Credit/Debit Cards, Apple Pay, Cryptocurrency
  • Deposit Fees: Varies
  • Trading Fees: 0.25%
  • Mobile App: Yes

My Overall Thoughts on BitMart

It is easy to find crypto exchanges or trading platforms in today’s era. But it is not easy to find valuable and worthwhile ones. BitMart is one of the good ones, fulfilling the requirements of most traders and investors.

Whether you are looking for a variety of cryptocurrencies, diversification in trading markets or hassle-free buying and selling of crypto assets, you can find it all at BitMart. These are only a few of the many factors that enhances users’ experience at BitMart. But the things that I like and appreciate the most about BitMart are:

1) Over 1000+ assets are available to trade on the platform:  Only a handful of crypto exchanges offer that much diversity of cryptocurrencies. Simply visit the market section at BitMart to see what they offer and begin trading.

2) Easily buy and sell cryptocurrencies:  It takes only a minute to purchase cryptocurrencies on BitMart, thanks to the platform supporting credit and debit cards. The same goes for selling, as you can quickly receive fiat currencies directly into your bank account.

3) BitMart is a professional yet beginner-friendly platform:  This is where BitMart stands out among its competition. Many exchanges fail to deliver exactly what the community requires. They either make the platform so professional that it becomes very hard for beginners to understand or make it so simple that pro traders have no special features and ultimately have a bad experience. But with BitMart, both professional and amateur traders can enjoy the experience due to the features and the design.

If BitMart improved their support system and tried to build more trust among the community, they could become a prime exchange for many traders and investors. But these things can be gradually improved, and we might see the platform solving these issues soon.

Key Features and Advantages of BitMart

BitMart is a simple yet feature-filled platform where it is super easy to get started as a trader or an investor. Traders will appreciate the beginner-friendly, secure platform. And investors can buy and sell cryptocurrencies, top off their BitMart account or sell their assets within seconds. With the availability of over 1,000 cryptocurrencies, BitMart simply offers traders and investors a wide range of options.

The list of key benefits and advantages of BitMart does not end there. If you want to get complete insights about the aspects listed above as well as other features and advantages of BitMart, take a look below.

Negatives and Disadvantages of BitMart

BitMart might be a really good choice for many traders and investors, but there are a few things about the exchange that can affect your trading and investing experience negatively.

What Services Does BitMart Offer?

Before we delve into the services of BitMart, remember that BitMart does not target a single community or service. It is a complete crypto exchange with all the essentials, meeting the standards of the latest blockchain industry.

Massive variety of 1000+ cryptocurrencies for trading:  The central selling point of BitMart is that the platform features more than 1,000 cryptocurrencies. While some crypto exchanges offer a couple hundred assets to their traders, BitMart has gone above and beyond to offer a massive variety. Traders can explore literally hundreds of pairs to trade at any time of day. Some of the popular cryptocurrencies featured on BitMart are:

  • BTC
  • ETH
  • USDT
  • BNB
  • CAKE
  • AAVE
  • ADA
  • BABYDOGE
  • BAKE
  • TRX
  • SHIB

This is only a drop in the bucket, and there is a whole ocean available at BitMart. This makes BitMart a better choice than other exchanges for traders to get diverse options. Success doesn’t always come from popular or famous assets. It is a good idea to explore new projects, check out their whitepapers and then trade them with a goal in mind. BitMart makes this possible.

Quick buying and selling of crypto assets:  Shifting focus from traders to investors, BitMart has provided a hassle-free experience for buying and selling crypto assets. There is a dedicated buying and selling section on the platform, where investors can quickly get their hands on their favorite crypto assets. You can purchase these crypto assets with a credit or debit card. Users can also hold them right on the platform.

However, as you would expect, the variety of assets available to buy and sell differs from those available to trade. But rest assured that BitMart offers almost every popular and emerging cryptocurrency with growth potential. As always remember that, with whatever asset you choose, it is essential to do your own research before investing your money.

Spot and futures trading markets:  BitMart has even offered great diversity when it comes to trading markets. Traders are provided with not only the spot market but also futures. If you opt for the spot market, you will have access to all the traditional crypto assets that are relatively popular all over the world.

But if you want to try your luck trading some unique assets, you can opt for the futures market and go with either the USD-M Futures or Coin-M Futures. The variety in futures is definitely not the greatest, but you still have a fair amount of options.

Dedicated mobile apps:  If you do not want to miss a chance of opening a great trade and getting the most benefits, you need a solution that keeps you constantly connected to the trading markets. With the help of BitMart’s dedicated mobile applications, you can trade on the go wherever and whenever.

BitMart’s mobile apps are available on Android and iOS. You can download the app from the app store of your mobile device. It will only take a minute to install the app and start trading from your device.

Super easy platform with simple layout:  BitMart is a platform for all. Whether you are a beginner or a pro it is easy to get started with BitMart and  become familiar with all the available options. This is due to the simple, easy and effective layout of the platform. The top bar of the platform lists all of the available options. From the top-right corner of the exchange, you can access your account details and the support center.

Even signing up on the platform is easy, as users need only an email address or phone number to access the exchange. However, you cannot trade until you fully verify your account.

Simple and advanced trading interfaces:  No matter how advanced or established the blockchain industry becomes, there will always be new players to the game. To facilitate a good experience for amateur traders, BitMart has developed two different interfaces that serve two different communities of traders.

If you are uncertain about the complicated features and options on the platform, or the way that trading works, you can utilize the standard trading interface, where everything is relatively easy to understand. You can select the pair you want to trade from the  panel on the right and place your orders through the panel on the bottom.

But if you already have knowledge about the industry, you can utilize the advanced trading option, which offers access to all of the trading features.

Enhanced and precise trading charts:  The trading features available at BitMart are quite impressive and advanced. Traders get accurate and precise data about the market movements through the platform’s trading charts, which are customizable. Traders can use indicators of many kinds to get better insights and then open orders. Users can also toggle the depth view of an asset, take snapshots and change the settings of the charts by selecting different time zones, candles, borders, bodies and many other things. Lastly, traders get the essential details about an asset on the top panel. Those details include the 24h change, 24h highest and lowest and 24h volume of that particular asset.

Earn with fixed and flexible savings subscriptions:  If you are holding a few crypto assets on BitMart and do not want them to just sit and do nothing, you will love the platform’s fixed and flexible savings subscriptions. The process is similar to staking, but you get to choose between flexible savings, where you can pull out your assets whenever you want, and fixed savings, where your assets are locked for a specific period. BitMart offers locking periods of 7 days, 14 days, 30 days, 60 days and even 90 days. After locking your assets for your specified period, you will receive returns on them.

The best thing is you can earn up to 50% APY with specific options offered by the platform. Check the promotions section to get the best possible deals and earn the most profits. But one critical thing to note is that the savings section is not available for residents of the USA.

Launchpaid for newly built tokens:  It is always a tremendous idea to keep an eye on the new assets or tokens that will launch in a few days so you can easily become one of the early investors. If a coin or asset explodes, early investors get the most returns from those newly built tokens.

Not every exchange allows its users to access newly built tokens or keeps users updated about their release. Thankfully, BitMart does both. The platform has created a Launchpad for new tokens that the users can access to see which tokens are going live in the future. That is where you can participate in and try your luck out with those projects.

Great knowledge base:  If you have difficulty understanding how things work at BitMart or in the crypto industry, you can click on the Institution page of the platform to relieve some stress. The section has literally all the information necessary to get started, with tutorials on verifying your details, trading, investing, depositing, withdrawing and many other things all in one place. Everything is deeply explained, too, with images to make things even better.

Massive commissions through referrals:  Users can earn money on BitMart by simply inviting their friends or family members onto the platform. For one year, each time your referral pays a particular trading fee, you get 30% of that fee as a bonus. Not only that, but you can earn 10% of the fee from any subsequent referrals your referrals bring and build a whole earning stream.

If you think you have enough resources to bring high numbers of people to BitMart, you can even apply for a higher rebate. BitMart will go through your application and then decide how much more of a rebate you can get.

Enormous rewards through promotions, lending and staking:  BitMart has frequent rewards, for example giving away rewards just for signing up on the platform or buying particular crypto assets.

In addition to participating in promotions, you can stake or lend different assets and earn interest on them. This is another easy way to earn some extra cash.

Things I Don't Like About BitMart

It is now time to take an extensive look at the darker side of BitMart and consider the aspects that can be improved or replaced.

Not the best customer support:  The customer support at BitMart is definitely not the best. The platform claims to have instant message support, but it is not available all the time. When it is unavailable, the only option is to submit a ticket and then wait a couple of hours for a reply. This can be troublesome for traders and investors who are looking to solve their problems quickly.

But, of course, this problem would be solved quite efficiently if the platform added more agents or made sure that their live chat service was available most of the day.

Security concerns:  On 4 December 2021, BitMart faced one of the biggest tragedies of its existence. About $200 million worth of tokens was stolen by hackers who compromised the private key to one of the platform’s wallets. BitMart agreed to compensate the affected investors through its own funds. But still, the episode leaves big questions regarding the platform’s security and why it was breached. It is especially concerning because it is one of the biggest crypto exchanges in the world.

BitMart Fees

BitMart Deposit Fees

Users enjoy absolutely free deposits of crypto on BitMart. But you pay a nominal fee for buying cryptocurrencies directly on the platform. This is due solely to the inclusion of third-party payment merchants like MoonPay and Simplex. The fee might vary depending on the merchant and the asset you are buying. MoonPay charges 3.85% per transaction and Simplex charges 4.2% per transaction.

BitMart Trading Fees

The trading fee at BitMart starts at 0.25% for both takers and makers. But if you hold a certain amount of the platform’s own cryptocurrency (BMX), you can lower the fee and enjoy cheap trading. To make things easier and more understandable, take a look at the chart and see how the trading fee at BitMart works.

The fee reduction does not end here, as the account levels go all the way up to LV9. The more BMX you hold, the cheaper it will be for you to trade on BitMart. In addition, if you choose to pay your trading fees using BMX, you receive 25% discount.

BitMart Fiat Withdrawal Fee

There is no apparent fiat withdrawal system at BitMart, but users can sell their crypto assets and receive fiat in return. For that, you would again have to use the services of third-party payment merchants. The only fiat currencies you can receive are USD, EUR and GMP. As for the selling fee, it varies between 0.5% and 2.5% depending on the payment service you use.

BitMart Crypto Withdrawal Fee

All the crypto assets available at BitMart carry their own specific withdrawal fee. The fees fluctuate a bit depending on real-time market conditions.

Pros and Cons of BitMart

Pros
  • An enormous variety of 1000+ cryptocurrencies for trading
  • Easy buying and selling of cryptocurrencies
  • Diverse trading options
  • Professional and beginner-friendly exchange
  • Several ways to earn extra income
Cons
  • Not the best customer support
  • Security issues

Verdict

No single thing, or even few things, makes a crypto exchange a good choice for users. Many different things play a role in the overall experience of the traders and investors. The fact that BitMart has over 1,000 assets, trading markets, a professional trading platform with tons of features and options, easy buying and selling of assets and many ways to earn a few extra bucks makes BitMart a perfect spot to trade and invest for innovation-hungry users.

You will definitely not be disappointed with what BitMart has to offer. Make sure to verify your identity when signing up to avoid some hassle and consider the trading fee before getting started. Just be wary of its support system, as it is not as good as you would want it to be.

If you are undecided on BitMart, you can have a look at this article on the best cryptocurrency exchanges. There is also a table below that you can use to compare the top crypto platforms at a glance.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Crypto Exchange
Crypto Exchange
eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Fiat Currencies
Fiat Currencies
USD
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread
Exchange: from 0.4%, App: Free (included in spread)

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

Is BitMart available for users residing in the US?

Yes, BitMart offers most of their services to users living in the US. However, a few services, like savings subscriptions, are restricted for US users.

Has BitMart ever been hacked?

BitMart was hacked in 2021, and the platform lost about $200 million worth of assets, which it promised to compensate the users. Since then, the exchange has been trying its best to offer a secure and safe environment to its traders and investors.

Is BitMart a safe trading platform?

Despite the recent hacking attack on the platform, BitMart is still a safe platform for trading due to its enhanced security system and hybrid hot and cold wallets storage integration.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

To view our privacy policy read this page.


Tags


You may also like

Litecoin vs Bitcoin Cash

Litecoin vs Bitcoin Cash
>