BitMart exchange, founded by Sheldon Xia, is a top-tier trading platform for exchanging, buying, and selling crypto (digital assets), with over 5.5 million members worldwide. This Cayman Islands-based cryptocurrency exchange is among the top ten exchanges by CoinMarketCap. Today, the platform is available in 180 countries and on 123 platforms.
BitMart is a Cayman Islands business with offices in China, South Korea, and the United States. This business is now prospering and has surpassed its competition. The reason for this is exciting features that reduce unnecessary inconveniences. The revolution began with the introduction of cryptocurrencies. BitMart is a service that will turn laborious trading into a breeze. Continue reading our BitMart review to learn all you need to know about the platform.
What is BitMart?
BitMart is a prominent digital asset exchange that allows users to swap digital currencies or cryptocurrencies for other popular assets such as fiat currencies or digital currencies such as BTC, ETH, and many more. Furthermore, it is safe for futures trading and digital asset management. These crypto assets may be purchased and sold with a credit or debit card, a bank or wire transfer, or Apple Pay.
The trading platforms have advocated for an advanced multi-layer and multi-cluster system design to ensure the system’s reliability, security, and scalability. The principal languages supported by BitMart, according to our BitMart review, are English, Mandarin, Japanese, and Vietnamese.
BitMart has developed significantly since its start. Its user-friendly crypto trading interface and reasonable cost structure have given it a run. They have just been on the platform for a short period, catching up with the competition. Fewer cryptocurrencies are in their basket, but they might remedy this with regular updates. Furthermore, the company has been registered with MSB, confirming its legitimacy as a crypto exchange. Assume doubt about the legitimacy of the BitMart exchange.
Key Features You Should Know About
According to our BitMart review, the bitcoin exchange offers numerous appealing features. Unlike others, it is a reputable cryptocurrency exchange that provides superior services. The following are the crucial features:
- Trading experience that is responsive and convenient BitMart is appropriate for both new and experienced traders.
- BitMart has a Spot market function that lets users exchange over 90 major cryptocurrencies for BTC, ETH, USDT, and BMX tokens.
- Trading prominent cryptocurrencies with real-time platform data and graphing.
- The BitMart app allows users to manage their portfolios and trade cryptocurrency. Traders can begin trading after validating their identification papers.
- To secure consumers’ cash, BitMart saves 99% of monies in the finest crypto hardware wallet.
- Through the lending program, users can earn up to a 6.25% yearly interest rate on cryptos such as USDC.
- High-quality blockchain projects to be launched quickly using BitMart Shooting Star.
- BitMart provides referral bonuses of up to 30% and an affiliate program where you may earn interest and cryptocurrency prizes for bringing in new traders.
- It charges affordable BitMart trading costs, competitive fees, and other fees, among other things.
- A comprehensive training and education guideline for aspiring bitcoin traders.
Pros and Cons of BitMart
Based on our BitMart assessment, these are some of the platform’s advantages and disadvantages:
Pros
- The cryptocurrency exchange is authorized to operate in the United States.
- BitMart accepts a wide range of cryptocurrencies on the market.
- The trading charge, among other things, is affordable.
- The user interface is easy to use.
- It has a more advanced financial system.
- It is precisely what cryptocurrency exchanges should be in the future.
Cons
- It is still pretty new.
- In comparison to others, there are still a large number of cryptocurrencies that have yet to be listed.
Also read: Binance.US Review? Pros and Cons of U.S. Based Low-Fee Exchange
What is BMX Token?
The BitMart Platform’s native token is BMX. According to our BitMart analysis, the BMX coin works on the ERC-20 utility token initially launched as BMC in December 2017. The name was changed to BMX in January 2018, with a total volume of 1,000,000,000.
The first 30% of the total token volume is devoted to particular participants, with the remaining 30% of the anticipated yield going to the founding team. The firm has set aside 20% for community awards, while investors and early adopters receive 10% and 10% of expected earnings, respectively.
This token gives its owners a free discount and may also be used to participate in the Vote for Your Coin and Mission X2 project campaigns when they are running. Specifically, you can obtain high-interest rewards by using these tokens.
Is BitMart Safe?
BitMart has been a secure Crypto trading platform for storing personal information and assets since its inception. The organization has not experienced or reported any breaches or harmful assaults on its systems.
Hackers hacked BitMart in December 2021, taking $196 million in cryptocurrency. BitMart exchange established cooperation with SlowMist Technology to increase the security of its trading platform. It will compensate impacted consumers. A hack of this magnitude shows that they might strengthen the exchange’s security procedures.
BitMart retains less than 0.5% of trader assets in a hot wallet for daily trading operations and the remaining 99% in an offline cold wallet to secure trader crypto assets from harmful external assaults. According to our BitMart review, customers’ accounts have 2FA authentication, which allows traders to access their accounts only after receiving an authentication code on their telephones. The wallet requires a confirmation number delivered to their phone or email address to withdraw funds.
They also claims to have applied for:
- Protection against DDOS attacks
- Automatic backup of the database
- SSL-secured (HTTPS) protection
Fees Structure
BitMart’s fee structure works on a Creator/Taker Model, with 0.25% levied from both the maker and the taker. The trading charge, on the other hand, is calculated depending on the trading volume over 30 days (for trading Bitcoin), account Level, and BMX balance. Additionally, there is no transaction cost for depositing cash into your BitMart account. However, withdrawal fees vary based on the coin. The exchange modifies costs regularly by using their blockchain’s network fees.
BitMart Exchange Supported Currencies
BitMart’s cryptos, in addition to BMC, are divided into BTC, ETH, and USDT. The BMX market has small trading pairings compared to the other three platforms as of this writing. The BMX exchange offers 242 trading pairs and 131 cryptocurrency options, including Dash, Bitcoin Cash, and Ox. BitMart is available in 180 countries, including the United States, South Korea, and most European countries. China, Afghanistan, Congo, Cuba, Democratic People’s Republic of Korea, Eritrea, Iraq, Iran, Ivory Coast, Kyrgyzstan, Lebanon, Libya, Sudan, and South Sudan are among the nations that prohibit the exchange.
Customer Service
Beginners may learn about crypto assets on the BitMart platform by consulting the FAQs and the assistance area. Additionally, if the traders do not understand, they can contact a customer support person using the live chatbot. Customers may get live chat help through this platform 24 hours a day, seven days a week. Users may also email support@bitmart.com, with a three-day turnaround time.
Final Thoughts
BitMart is a new and unique cryptocurrency exchange that has established a huge name in the industry in a short time, mainly owing to its user-friendly design and fundamental trading outlook. It also works on various devices, including PC, mobile, and Mac, and it is accessible via web and mobile browsers, allowing traders to walk and trade. It is a well-designed overall combination of rich user experience and dependability.
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