BitMart is one of the most popular cryptocurrency exchanges in the world. In this BitMart review, you will learn about the benefits this exchange has to offer and whether it is the right cryptocurrency platform for you or not.
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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.
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 US states as possible. Check our list of best crypto exchanges in USA.
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).
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Is BitMart Safe?
BitMart is generally considered one of the most secure cryptocurrency exchanges out there. The exchange uses a number of security measures to protect customer data and financial assets. 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. Even though customer assets were lost in this incident, the exchange took full responsibility and vowed to compensate customers with their own funding. That means customers did not really suffer any losses during this incident.
Apart from the one incident, BitMart is still considered highly secure. Most assets on BitMart are still stored in cold wallets that are disconnected from the internet and cannot be breached. The platform also encourages two-factor security authentication to make the logins more secure.
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.
You can view all the available cryptocurrencies separated by pairings on the left side of the trading interface. You can find pairs for USDT, BTC, and ETH and 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?
Buying cryptocurrency is rather easy on BitMart, and you can do it without putting in too much effort or wasting your precious time.
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.
Once you have clicked on the button, you will have to select your preferred method of purchasing. The platform supports multiple payment methods, including:
- Credit/Debit Card
- Bank Transfer
- Apple Pay
- Gift Cards
After selecting the payment method, choose the cryptocurrency (or FIAT) you would like to purchase. You can purchase any asset available on the list and can trade it later for another cryptocurrency that you cannot purchase directly.
You will also be able to view your BitMart wallet address on the screen.
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. Once you have completed this process, you will receive crypto in your BitMart wallet in no time.
BitMart Trading Fee
Considering trading fees shouldn’t be ignored when it comes to choosing a cryptocurrency exchange. BitMart follows the old maker and taker fee model for spot trading and has two different fee structures for regular customers and professionals. Check our list of lowest fee crypto exchanges.
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 BitMart exchange and can be used by exchange users to enjoy several different perks, including trading fee discounts.
The breakdown of trading fee for ordinary users is as follow:
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 our list of the biggest 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. The fee can vary from time to time, depending on the state of the blockchain.
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 BitMart is an excellent option.
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.
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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 issued on a monthly basis and can fluctuate every 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. If you are looking for a reliable cryptocurrency exchange that is easy to use and does not cause any complications, then BitMart is an ideal option for you.
The platform also offers Futures trading and Staking, which makes it an ideal platform for all kinds of users.The exchange has been hacked once but the company took the responsibility on their shoulder and vowed to compensate the customers. This gesture also makes it a trustworthy exchange.
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.