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BitMart Review 2023: Fees, Security and Features
Luis Clark
- URL: https://www.bitmart.com
- Headquarter: Cayman Islands
- Year Founded: 2017
- Platform App: Desktop/Mobile
- No. of Cryptos: 1000+
- Fiats Available: 42+
- Withdraw Method: Bank, External platform
- Payment Method: Credit/debit card, Paypal, bank transfer, etc
BitMart Review: Our Opinion
BitMart is a global cryptocurrency trading platform that offers simple and secure crypto products and services. The trading platform enables individuals and institutions to buy, sell, and trade crypto assets. Users can access features like advanced trading capabilities, decentralized financial (DeFi) services, a mobile app, an NFT marketplace, and a native token (BMX) that provides users with benefits like voting rights and discounts.
Although BitMart has created stronger anti-theft and additional security features over the years, traders may need to consider alternatives with the best-industry security practices, like Gemini and Binance.
An Overview of BitMart
BitMart is a financial services company that provides investment services to customers worldwide. The platform was founded in 2017 by Sheldon Xia and is headquartered in the Cayman Islands, with offices in China, South Korea, and the United States.
The company is one of the largest crypto exchanges in terms of crypto support. Bitmart supports over 1,000+ cryptocurrencies with over 850 trading pairs, multiple payment methods, and over 42 fiat currencies.
In 2018, BitMart expanded exponentially and launched its platform token—the BitMart Token (BMX). The BMX token gives holders access to exclusive trading discounts in trading fees and other privileges, such as voting rights.
Over the years, the exchange has added additional features, such as staking, derivatives trading, futures trading and an NFT marketplace. The crypto trading platform’s rich offerings now cater to over 9 million users in over 180+ countries. As a top exchange with global status, BitMart has enjoyed support from notable private equity firms that are pacesetters in the digital sphere.
These firms include Alexander Capital Ventures, known for funding Spotify, Kraken, Uber, and Airbnb, and Fenbushi Capital, known for its contributions in several industries: finance, healthcare, supply chains, and consumer goods.
BitMart’s vision stretches across decentralized digital currency, being the fundamental mover in the global economy. This is why the broker aims to transform archaic and tedious trading services into hassle-free dealings, catering to beginners and advanced traders on the go.
BitMart aims to provide customers with various crypto services worldwide. Although the platform provides many advantages, some disadvantages need to be addressed. This section considers the pros and cons of using BitMart.
Pros
- A wide array of over 1,000 cryptocurrencies and digital assets supported with 800+ trading pairs
- BitMart Token offers various privileges, like voting rights for holders and a 25% discount on trading fees
- Over 42+ fiat currencies, including USD, EUR, and CAD support
- Recognized as a Money Service Business in the US
- 24/7 customer service to assist customers
- Customers can earn up to 150% by staking specific crypto assets
Cons
- A security breach that resulted in a loss of approximately $196 million
- Glitches and authentication problems prevent customers from withdrawing assets
Key Features of BitMart
BMX Token
The BitMart Token (BMX), an ERC20-based token, is the platform’s native crypto token. Token holders can vote on new projects to be listed and qualify for a 25% discount on trading or transaction fees.
There were initially 1 billion BMX tokens available:
- 30% was used for the initial public offering.
- 30% went to the founding team.
- 20% was used for community costs.
- 10% was given to early adopters.
- 10% was given to whitelisted investors.
Margin and Futures Trading
The BitMart crypto exchange offers margin trading and crypto futures trading options in addition to its standard buy and sell functions to its customers.
The exchange offers a futures market with leveraged margin trading up to 100x, including DeFi services like borrowing and lending. BitMart customers can trade futures and engage in market speculation without hassles, thanks to the derivatives and futures markets.
Mobile App
The BitMart trading platform is accessible via mobile devices, available for iOS and Android users. The mobile app provides an easy-to-use and well-designed interface that enables customers to carry out all the operations available in the web browser version, wherever they are.
Referral Program
Existing BitMart customers have access to an attractive referral program that enables them to introduce friends and receive up to 40% of their friends’ trading fees. Users can easily invite their friends through a QR code or referral link. However, the earning period is only for a year.
Cryptocurrencies Available on BitMart
Only some crypto exchanges have a crypto variety as large as BitMart.
Unlike other trading platforms, users can trade more than 1,000 digital currencies on BitMart. This includes most market leaders and a wide range of smaller crypto tokens rarely available through significant exchanges. Some of these cryptocurrencies include the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Avalanche (AVAX)
- Axie Infinity (AXS)
- Binance Coin (BNB)
- BitMart Token (BMX)
- Dash (DASH)
- Decentraland (MANA)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Sandbox (SAND)
Can you Buy and Sell NFTs on BitMart?
BitMart’s NFT Marketplace unites non-fungible token (NFT) enthusiasts, crypto investors, and artists on a single platform. All features, like the buy, sell, and transfer capabilities, are fully operational and seamless, making for a great and genuinely non-fungible experience. BitMart only supports the top chains, namely ETH, BSC, and Polygon, and will likely integrate more in the future.
The BitMart NFT marketplace currently supports ERC-721 tokens. Customers can view the corresponding contract address under “ERC-721” on the Etherscan page. BitMart NFT levies a fixed 1% trading commission.
Miner Fees
BitMart doesn’t charge deposit fees for most of its crypto assets. However, some crypto assets incur deposit fees, including 10SET at 2%, ATLB at 10%, and APOLLO at 6%. On the other hand, BitMart withdrawal fees are routinely modified per blockchain conditions.
The crypto exchange has a trading fee structure based on a maker/taker model, where customers who trade more frequently (depending on their BTC trading volume over 30 days) pay lesser fees. The fees for trading crypto differ depending on whether it’s a “standard” or “professional” user.
The trading fee structure starts at 0.25% for standard users. The quantity of BMX tokens determines their level, and the more tokens they hold, the cheaper the trade costs. They can also receive a 25% discount if they pay their trading fees with BMX tokens. Here’s a full list of standard trading fees:
Miner Fees
The tiers for professional users are PRO1 through PRO6. As one moves up the levels, the trading charge decreases. Note that professional users do not get a discount for making purchases using BMX tokens, in contrast to standard users.
Professional Fees
Payment Methods
BitMart enables users to buy crypto quickly and safely through several payment methods, including credit or debit cards, bank transfers, PayPal, and Apple Pay. BitMart also provides offers from its third-party partners:
- Legend Trading (accepts ACH bank account transfers)
- MoonPay (accepts debit cards, credit cards, and Apple Pay)
- Simplex (accepts debit cards, credit cards, and Apple Pay)
BitMart Security
On its website, BitMart asserts an “advanced risk control system” due to its integration of hybrid/hot and cold wallet systems, IP address detection, and multi-signature technologies. All trader’s accounts are securely stored with more security protocols, including two-factor authentication (2FA), encrypted personal information, and withdrawal confirmation. Investors are also eligible to participate in the BitMart Bug Bounty program, where they get rewarded for every bug report capable of causing a significant threat.
In addition to its best-industry security practices, BitMart is recognized as a Money Service Business (MSB) by the Financial Crimes Enforcement Network (FinCEN).
Although this exchange security may seem top-notch, in this BitMart review, we discovered that its hot and cold wallet system enabled hackers to steal $196 million in customer assets in December 2021. While BitMart assured customers of reimbursement of lost assets, security concerns will always be in the air.
Staking Rewards
In this BitMart review, we discovered this innovative trading platform supports staking. Staking is the process by which investors and traders lock their idle crypto assets on a blockchain network to validate transactions and get rewards that take the form of interest or extra tokens of the locked crypto assets.
With BitMart, users can lock up crypto assets for up to 30 to 90 days and earn interest ranging from 0.30% to 150% APY (annual percentage yield).
Although staking is only available with a limited number of cryptos, including ADA, LUNC, and SHIB, it’s a great way for investors to grow their portfolios and earn passively. Additionally, this exchange also integrates a savings program—BitMart Savings, that pays stake interest on other types of crypto assets. However, it is unavailable to US traders and investors.
Opening a BitMart Account
Investors interested in opening a BitMart trading account can follow the steps below.
Sign Up
To set up a BitMart account, investors should visit the top right corner of the web page and click “Get Started.” They are to sign up with their email address or phone number and create a strong password. After successfully creating an account on BitMart, investors will receive an email from BitMart with a directory to verify their account. Once successfully verified, they can start crypto trading immediately.
Level 2 Verification
To access all the tools and get the most out of BitMart trading, investors must upgrade to Level 2 and become advanced traders. However, customers must first download the app to their phones to start the advanced verification process. The mobile app will be used to scan the QR code that’ll launch the advanced verification process.
Users would then be directed to a new page where they may select a legitimate government-issued ID card (passport or driver’s license) and do a full facial verification after the ID scanning.
Start Trading
Once the verification is complete, investors can click on the buy/sell tab to buy their preferred coins. This can be done through multiple supported payment methods like credit/debit, bank transfer, Apple Pay, etc.
Trading Experience on BitMart
BitMart incorporates a web-based cryptocurrency trading and investing exchange and a powerful mobile app that supports Android and iOS operating systems.
The broker interface is simple and intuitive. Additionally, it has more sophisticated dashboards for spot and futures trading and real-time data, which are better suited for seasoned traders.
The order books for buying and selling cryptocurrency are on the right, and the relevant data on pricing and changes may be found in the middle of the page. At the bottom of the page are tabs for open orders, order history, and trading history.
Experienced investors can seamlessly leverage BitMart’s advanced trading features alongside a long list of rich tradable assets. BitMart also integrates simplified trading features for beginners, like the Buy and Sell option that allows investors to buy crypto assets instantly using a series of trusted payment methods.
Customer Service
BitMart claims to provide 24/7 customer service to its users. A “contact us” option directs customers to submit a ticket through their live chat. However, there’s no indication of a response time. BitMart also provides a help center and a FAQ section for users to help themselves and get answers to some of their questions.
Customer Satisfaction
BitMart offers a wide array of trading features, perks, functionalities, and customer services to satisfy users’ needs. However, the BitMart hack that wiped out almost $196 million of customers’ assets will always be a “thoughtful upset” in terms of customer satisfaction.
In this BitMart review research, we discovered customers had aired their experiences on reputable public review websites like Trustpilot. Trustpilot’s BitMart rating is only 3.9 stars out of 5, and it has recorded over 2,419 customer reviews, with withdrawal glitches, poor customer support, and lack of transparency among the top complaints.
Does BitMart offer Education?
BitMart offers education both online and offline to promote blockchain education. In the online section, users can access articles and tutorials about the blockchain industry and how-tos for those needing self-help.
For online education, BitMart recently hosted two talks at Columbia University and the State University of New York at Stony Brook. That was not the first time BitMart hosted campus events. Since announcing strategic partnerships with Stony Brook University (SBU) and George Mason University earlier this year, the BitMart team has hosted lectures, seminars, and career panels. Some lecture venues include the Stevens Institute of Technology (SIT) and the Massachusetts Institute of Technology (MIT), making every effort to integrate real-life business and foster talents.
Is BitMart right for you?
BitMart is a popular and reputable broker that caters to beginner’s and experienced investors’ trading needs. This exchange aims to provide financial independence through decentralized digital currency. Users can seamlessly buy and sell a wide range of digital assets, get early access to tokens via its token launchpad, and earn passive income via staking.
Customers can also enjoy benefits and perks like sign-up rewards, a native cryptocurrency (BMX) that offers discounts and voting rights to holders, staking, and mobile apps for investors that want to keep track of their portfolio on the go.
However, this platform’s security protocol is somewhat concerning, with its December 2021 hack. Investors with a strong eye for security and a simpler intuitive interface should consider other alternatives like Gemini, Coinbase, and Binance.
Final Thoughts
According to our in-depth BitMart exchange review, the trading platform makes it easy for investors to sell and exchange crypto. The exchange offers several cutting-edge tools and features for an efficient user experience.
The BitMart exchange is also legitimate in the US thanks to its registration with FinCEN, so users don’t have to worry about their funds being unexpectedly frozen by the authorities.
If you want to know more about on BitMart Competitors and other Crypto Exchanges, you can check out our list of the Best Crypto Exchange USA. You can also read about our Uphold Review as an alternative to BitMart.
FAQ
Most frequent questions and answers
Users cannot withdraw USD directly from BitMart; they must convert it to crypto. BitMart only allows the withdrawal of cryptocurrencies. Withdrawal fees vary and change regularly according to blockchain conditions.
Customers can earn interest on BitMart through BitMart Lending and BitMart Savings. With BitMart Lending, users can accrue interest ranging between 5% and 120%, while with BitMart Savings, they can earn up to 50% APY. However, our BitMart exchange review readers should remember that US customers cannot use the BitMart saving feature.
The BitMart platform’s US office is registered as a Money Service Business (MSB) with US regulators, administered by the Financial Crimes Enforcement Network (FinCEN). Customers’ accounts are secured via two-factor authentication (2FA), and there is a Bug Bounty program that rewards customers for disclosing any bugs that pose a serious risk to the security features of the BitMart websites.
BitMart got hacked recently, leading to a loss of about $196 million worth of cryptocurrency, when its hot wallet’s private keys were compromised. However, BitMart declared shortly after the hack that it would use its resources to cover the incident and compensate affected users.
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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