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Bitmart Review 2023: Security, Features & Fees
Luis Clark
- URL: https://www.bitmart.com
- Headquarter: Cayman Islands
- Year Founded: 2017
- Platform App: Mobile/Web
- No. of Cryptos: 1,000+
- Fiats Available: USD, EUR, CAD, and 40 more
- Withdraw Method: Bank transfer and crypto assets wallet
- Payment Method: Credit and debit card, PayPal, Bank transfer Apple Pay, MoonPay, Simplex
Bitmart Review: Our Opinion
Bitmart is a top cryptocurrency exchange that allows users to buy and sell over 1,000 crypto assets and offers advanced crypto trading features like margin and futures trading.
However, beyond the crypto futures market, margin trading, NFT, and earn services, the Bitmart trading platform falls short in security as it was hacked in 2021 setting the exchange back by approximately $196 million.
An Overview of Bitmart Review
Bitmart crypto exchange is a global cryptocurrency trading platform that allows users to buy and sell digital currencies, and NFTs, and earn on held crypto assets.
The Cayman Islands-based exchange was founded in 2017 by Sheldon Xia.
The trading platform has offices in South Korea, China, and the United States. And on March 30th, 2018, the Bitmart exchange went public and was licensed as a Money Service Business under FinCEN in the United States.
That said, as with most global crypto exchanges, Bitmart exchange offers a variety of crypto trading products including margin trading, futures trading, derivative contracts, spot trading options, lending, and savings products.
In 2018, the cryptocurrency exchange launched its native token called the Bitmart Token (BMX), which gives holders discounts on trading fees and other exchange-specific benefits.
The Bitmart exchange hosts over 9 million users globally and was recently ranked by CoinGecko as one of the best crypto exchanges for crypto trading training.
Concerning its security, Bitmart faced a major challenge in 2021 when it lost over $196 million in user funds due to a security breach that targeted traders’ private keys.
In response, the founder of the cryptocurrency exchange, Sheldon Xia released a statement assuring affected users that the trading platform will reimburse them.
Pros
- Large selection of cryptocurrencies
- It offers advanced trading features like future and margin trading
- BMX token holders enjoy trading fee discounts
- It has an NFT marketplace
- It supports over 40 fiat currencies
- Easy account opening process
Cons
- Users' funds have been lost to a malicious attack on the exchange
- Complex fee structure
Bitmart Review: Unique Features
BitMart Token (BMX)
BitMart Token (BMX) is the cryptocurrency of the BitMart platform. The token runs on the Ethereum blockchain and follows the ERC-20 standard.
BMX has a lot of uses on the Bitmart exchange.
First, is the reduction or discount in BitMart transaction fees. Users who hold the token enjoy discounts on transaction fees no matter what cryptocurrency they are trading. The Bitmart system converts the amount to be paid in fees into the equivalent amount of BMX using the current market value. The user then pays the transaction fees in BMX, which is lesser than what would have been paid if the user was not holding BMX.
BMX token holders also get to participate in BitMart’s Vote For Your Coin campaign using the token. This campaign was launched in 2018 to enable token holders to vote to get their favorite project listed on BitMart for free. Since the launch of the program over 50 projects have participated and four projects that received the most support from the BitMart community have been listed on the BitMart exchange.
BMX holders can also earn unlimited trading dividends by investing in the next crypto unicorn with BMX. All the users need to do is choose their preferred token and lock their BMX tokens. Once the investment in the project reaches 1 million BMX, it will be listed on BMX Market. 100% of the trading fees for the project are awarded to users who invested in the project.
BMX token has a total volume of 1 billion, a circulating supply of 173,719,945 BMX, and a maximum supply of 640,881,616 BMX.
The BitMart exchange however has a repurchase mechanism that requires that every month the BitMart team takes out 20% of the income earned from trading fees on the BitMart exchange to repurchase BMX. This repurchase aims to burn the tokens and reduce the supply of BMX tokens in circulation. The exchange intends to continue burning BMX tokens until 500 million BMX have been destroyed.
Bitmart Earn
Bitmart Earn is a one-stop shop on BitMart for BitMart users who wish to earn passive income for their cryptocurrencies. The platform has dozens of products available that users can choose from and earn crypto rewards.
Eligibility for the Earn Program is often dependent on the user subscribing to at least the minimum amount required, but some products require that the user completes KYC.
Once you have successfully subscribed to a product, the funds for the subscription will be automatically deducted from your spot wallet.
There are two types of savings on BitMart Earn: Flexible Savings and Fixed Savings.
Flexible savings pay interest on crypto assets deposited in the Earn Program, users can however withdraw the funds whenever they wish to.
Fixed Savings on the other hand pays interest on deposited cryptocurrencies but it has a preset duration. Funds cannot be withdrawn from the program until the expiration of the lock duration as the funds must be locked for the set period for the user to earn the stated interest.
Bitmart Earn has an Auto Subscribe function that automatically subscribes the available balance of the corresponding crypto asset in a user’s spot account to its flexible savings daily.
BitMart Elite
Bitmart Elite is a Web3 NFT-based monthly membership program that allows members to enjoy exclusive benefits and a premium BitMart experience.
Bitmart Elite was launched on August 15 2022 via the BitMart NFT marketplace with a collection of utility-backed 3D NFTs on the Ethereum blockchain. It is the first of its kind. The membership acts as a ticket to exclusive events, groups, and gated content.
BitMart Elite members enjoy the following benefits:
Personalized 24/7 customer service and guaranteed mystery airdrop with up to $100 in tokens airdrop. They also enjoy a rebate fee rate for spot trading for one month (maker – 0.01% and taker: 0.01%) with a maximum trading volume of one million.
BitMart Elite NFT Membership can be purchased in 3 ways:
Users can buy the membership on the Flash Sale Launchpad within a limited time for 29.99 USD. They can also buy the membership on the BitMart NFT marketplace for 39.99 USDT.
Elite NFT members can also sell their membership to other users on the secondary market.
BitMart Elite NFT members are not eligible to join other BitMart campaigns at the same time.
Bitmart Review: Cryptocurrencies Available on BitMart
BitMart cryptocurrency exchange supports the trading of over 1,000 cryptocurrencies. Supported cryptocurrencies include Bitcoin, Ethereum, Shiba Inu, Dogecoin, Baby Doge, Tether, Floki Inu, Polygon, Litecoin, ApeCoin, USD Coin, Aave, Hedera Hashgraph, Filecoin, Avalanche, etc.
Bitmart Review: Can You Buy and Sell NFTs on Bitmart?
Yes, aside from crypto futures trading and other crypto investments, you can buy and sell NFTs on Bitmart via their recently launched NFT marketplace.
The NFT marketplace was launched in 2022 and features NFT collections like Bitmart Vote to Earn NFTs, Honeywood NFT Tickets, Theirsverse, Crypto Chameleons, and much more.
That said, Bitmart’s NFT trading platform isn’t easy to navigate or beginner-friendly. There is no search function, so newbies will waste a lot of time trying to figure out how to navigate the platform.
It supports the Ethereum blockchain as well.
Bitmart Review: Fees
Bitmart offers different trading fees for spot trading, margin trading, and futures trading.
Spot Trading Fees
For spot trades, Bitmart uses the maker-and-taker trading fee structure. However, it offers discounts on trading fees depending on the amount of BMT the user holds.
It also separates trading fee into different classes depending on the trading pair used in the transaction. There are 3 classes for spot trades (Class A, Class B, and Class C). Each class has a unique set of trading pairs. For example, Class A includes some of the following trading pairs: 1INCH/USDT, AAVE/USDT, ACH/USDT, ADA/USDC, ADA/USDT, and AGIX/USDT.
That said, here are its standard trading fees for standard users:
Level 1
Users on this level have a BMX holding equal to or greater than 0, a trade volume less than 150 BTC, and are charged 0.1000%/0.1000% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0750%/0.0750% in maker/taker fees.
Level 2
Users on this level have a BMX holding equal to or greater than 500, a trade volume less than 150 BTC, and are charged 0.0900%/0.1000% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0650%/0.0750% in maker/taker fees.
Level 3
Users on this level have a BMX holding equal to or greater than 2,000, a trade volume less than 150 BTC, and are charged 0.0800%/0.0900% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0600%/0.0675% in maker/taker fees.
Level 4
Users on this level have a BMX holding equal to or greater than 10,000, a trade volume of less than 150 BTC, and are charged 0.0700%/0.0900% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0525%/0.0675% in maker/taker fees.
Level 5
Users on this level have a BMX holding equal to or greater than 50,000, a trade volume of less than 150 BTC, and are charged 0.0600%/0.0800% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0450%/0.0600% in maker/taker fees.
Level 6
Users on this level have a BMX holding equal to or greater than 100,000 a trade volume of less than 150 BTC and are charged 0.0500%/0.0600% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0375%/0.0450% in maker/taker fees.
Level 7
Users on this level have a BMX holding equal to or greater than 200,000, a trade volume of less than 150 BTC, and are charged 0.0400%/0.0500% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0300%/0.0375% in maker/taker fees.
Level 8
Users on this level have a BMX holding equal to or greater than 500,000, a trade volume of less than 150 BTC, and are charged 0.0300%/0.0500% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0225%/0.0375% in maker/taker fees.
Level 9
Users on this level have a BMX holding equal to or greater than 1,000,000, a trading volume of less than 150 BTC, and are charged 0.0300%/0.0400% in maker/taker fees. However, if they do hold BMX, traders get a discount and pay 0.0225%/0.0300% in maker/taker fees.
Professional traders are charged between 0.0200%/0.0300% and -0.0100%/0.0150% in maker/taker under 6 different levels.
Futures Trading Fees
Bitmart for LV1-LV9 and PRO1-PRO6 charges a flat maker and taker fee: 0.0200%/0.0600%.
Deposit and Withdrawal Fees
Crypto asset deposits are free except for the 10Set token which charges 2%. Bitmart withdrawal fees are dynamic and based on the coin’s network.
Bitmart Review: Payment Methods
Bitmart supports the following payment methods: Credit and debit cards, PayPal, Bank transfer, Apple Pay, MoonPay, and Simplex.
Bitmart Review: Security
BitMart crypto exchange is not a scam exchange. It is registered as a Money Service Business with US regulators under the Financial Crimes Enforcement Network (FinCEN), this makes the Bitmart exchange legit.
It has an advanced risk control system that ensures that users’ assets are secure but it needs to be highlighted that the crypto exchange has control over users’ private keys. It stores users’ private keys in a hybrid of hot and cold wallet systems and multi-signature technologies.
The crypto exchange trading system infrastructure and risk control systems are frequently enhanced and updated to ensure the security of users’ funds.
The exchange’s security measures do not just protect users’ assets, it also protects their personal information. All electronic data containing users’ personal information are stored in encrypted computer systems with access restrictions and encryption techniques like Secure Socket Layer Encryption.
Bitmart Review: Staking Rewards
Bitmart offers up to 150% APY in staking rewards on over 39+ assets including DOGE, AVAX, SHIB, and LDO.
It offers both flexible (redeemable at any time) and non-flexible (unredeemable till a set period is over) staking products.
Bitmart Review: Supported Countries
BitMart offers services to users in over 180 countries. Supported countries include the United States of America, South Korea, the United Kingdom, China, countries in the EEA, etc.
Bitmart Review: Opening a Bitmart Account
To open a Bitmart account, go to https://www.bitmart.com and click the Get Started button at the upper right of your screen.
Enter your email or phone number and set a login password.
Go through the User Agreement and Policy and if it’s ok with you click “Register”.
Next, you’ll see the email/phone number verification page. Enter the code sent to your email or mobile number and click “Submit”.
That’s it! You’ve successfully created your Bitmart account and can start trading.
Bitmart Review: Trading Experience
Bitmart cryptocurrency exchange offers its trading platform via its mobile app and web platform.
The trading experience is best suited for advanced users as beginners will find the trading interface difficult to navigate.
Bitmart Customer Support
BitMart offers customer service via Live chat, support tickets, and email at support@bitmart.com.
The exchange also has a Help Center with helpful information about trading on the platform.
Customer Satisfaction
Bitmart exchange reviews on third-party review platforms show that the exchange offers satisfactory customer support to its users. However, the platform is not suitable for beginners.
Bitmart Review: Does Bitmart Offer Education?
Bitmart does not offer a dedicated education center.
Bitmart Review: Is Bitmart Right for You?
Bitmart is best for advanced traders and users searching for cryptocurrency exchanges with a large selection of cryptocurrencies.
Final Thoughts
Bitmart is a legitimate cryptocurrency exchange that supports a large selection of digital currencies and advanced trading features like futures trading and margin trades. However, its past security challenges are worth considering when investing in the platform.
FAQ
Most frequent questions and answers
Yes, Bitmart is trusted by most users. However, the exchange has had security problems in the past but handled them well.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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