BitMart, a central cryptocurrency exchange, allows users to trade, buy, and sell digital assets. BitMart also allows users to lend and stake crypto in order to receive rewards. BitMart currently offers several hundred cryptocurrencies, including a wide selection of coins with low market caps.
BitMart has many features and hundreds of assets. However, in 2021 the platform was hacked and almost $200 million worth crypto stolen. BitMart promised to return stolen assets but users still have not received compensation as of January 2022.
Bitmart allows you to trade for more than 1,000 digital currencies or tokens. You can trade for some of the most well-known cryptocurrencies on Bitmart, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Avalanche (AVAX)
- Axie Infinity, (AXS)
- Binance Coin (BNB)
- BitMart Token (BMX)
- Dash (DASH)
- Decentralization (MANA)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Sandbox (SAND)
- Shiba Inu (SHIB)
- Solana (SOL)
- SushiSwap (SUSHI)
- Stellar Lumens (XLM)
- Terra (LUNA)
- Tron (TRX)
- Zcash (ZEC)
- Zilliqa, ZIL
BitMart offers a web-based digital asset trading platform and an investing platform, as well as a mobile application for Android and iOS.
Trade professionals will appreciate all the advanced features and a large list of tradable assets.
For beginners, the platform’s Buy & Sale feature allows them to purchase Bitcoin (BTC), and other cryptocurrencies with Visa, Mastercards, Apple Pay and PayPal.
BitMart offers low deposits and fees for trading cryptocurrency. However, buying or selling crypto with a debit or credit card could incur a significant fee from BitMart’s third-party partners. Moonpay charges 4.5% to buy Bitcoin. Other partners might charge more depending on which crypto is being bought.
For regular trades, BitMart charges 0.25% (or less) per trade for most users. These fees are usually average for most exchanges but may be lower for certain ones like Coinbase.
BitMart Trading Fees
BitMart charges trading fees that are based on a maker-taker fee model. High-volume traders and those who hold the native BitMart token (BMX), can get discounts.
A “taker” is someone who places an order immediately. A “maker” places an order that is kept in an order book until the trade is completed. As you can see, takers and makers are subject to different fees.
|Levels||BMX Holding||30-Day Trading Volume||Fees||Fees with BMX: 25% Discount|
|LV1||BMX >= 0||150 BTC||Maker: 0.2500% | Taker: 0.2500%||Maker: 0.1875% | Taker: 0.1875%|
|LV2||BMX >= 2,500||150 BTC||Maker: 0.2000% | Taker: 0.2000%||Maker: 0.1500% | Taker: 0.1500%|
|LV3||BMX >= 10,000||150 BTC||Maker: 0.1800% | Taker: 0.2000%||Maker: 0.1350% | Taker: 0.1500%|
|LV4||BMX >= 25,000||150 BTC||Maker: 0.1600% | Taker: 0.1800%||Maker: 0.1200% | Taker: 0.1350%|
|LV5||BMX >= 50,000||150 BTC||Maker: 0.1400% | Taker: 0.1600%||Maker: 0.1050% | Taker: 0.1200%|
|LV6||BMX >= 100,000||150 BTC||Maker: 0.1200% | Taker: 0.1400%||Maker: 0.0900% | Taker: 0.1050%|
|LV7||BMX >= 200,000||150 BTC||Maker: 0.1000% | Taker: 0.1200%||Maker: 0.0750% | Taker: 0.0900%|
|LV8||BMX >= 500,000||150 BTC||Maker: 0.0800% | Taker: 0.1000%||Maker: 0.0600% | Taker: 0.0750%|
|LV9||BMX >= 1,000,000||150 BTC||Maker: 0.0600% | Taker: 0.0800%||Maker: 0.0450% | Taker: 0.0600%|
Users with 150 BTC volume or more will be charged according to the professional fee schedule, which has lower rates. Your rates will go down the higher your volume. This table can be viewed on Bitmart’s site if you believe you meet these criteria.
Spot trading is an option for regular trading. Spot trading is a feature that many crypto exchanges offer to allow traders to trade high-quality blockchain-powered digital assets. This is BitMart’s most popular feature.
BitMart offers intermediary services to C2C and business trading options. This platform offers traders future trading, OTC trading and fiat gateways. It is unlike other cryptocurrency exchanges.
BitMart offers referral bonuses to customers. BitMart reviews reveal that there is a 30% reward for new traders. Many people are now interested in cryptocurrency trading. It is a popular feature at BitMart.
BitMart Lending provides passive income to people looking for additional income through cryptocurrency lending options. BitMart Lending is perceived as a lending platform. It offers virtual money and crypto-backed loans with their cryptocurrency investing terms and yields. However, it is different from other lending options. Participation in these projects requires that you subscribe. The token you choose will be locked. Participants will receive the tokens they deposited at the time of subscription as well as the interest earned to their BitMart accounts when the term ends.
At the time of writing, the annual accrued interest rate can range between 5% to 120%. You can also earn rewards and interest with BitMart token. These loans are crypto-based.
BitMart encourages new projects to use its shooting star program. It can be described as a mixture of IEO and ordinary listings, with a rationalized process and favorable rules. NULS is their first project to be listed on Shooting Stars.
Another way to launch a new venture is through the Mission X2 program. This project is for investors who wish to support startups and get premiums. Investors are required to transfer a specified amount of BMX to the startup they choose. The project token can be entered into the BMX market once the amount of BMX reaches one million. It will then be paired with BMX. According to BitMart’s review, supporters are rewarded with transaction fees from BMX markets in proportion to their daily investment.
BitMart provides industry-standard security features such as cold storage, two factor authentication (2FA) and encrypted servers. The exchange follows FinCEN KYC standards and requires user identification verification in order to protect the platform against fraudulent or criminal activity.
Below are details about some security features offered at BitMart:
- Cold storage: BitMart stores 99% of crypto assets in cold storage vaults. These vaults aren’t connected to the internet and require multiple signatures to access.
- Two-factor authentication: BitMart users can set up two-factor authentication (2FA), via Google Authenticator to protect accounts from fraudulent logins and other activity.
- Step 3. Withdrawal confirmation: Without an email confirmation or phone confirmation, you cannot withdraw funds.
- BitMart servers encrypted: BitMart servers have an automatic protection against DDOS attacks.
Open a BitMart Account
You will need to provide your email address, phone number, and password in order to open a trading account at BitMart.
After you verify your email address or phone number, you can access the BitMart trading dashboard.
You will need to verify your identity before you can start trading. BitMart offers two levels for verification: Level 1 Starter or Level 2 Advanced. Level 1 Starter is sufficient to buy, sell, and withdraw small amounts. You will only need to give some personal information for this tier.
You will need to obtain the Level 2 Advanced Tier to gain full access to the exchange’s features, as well as the ability to trade in greater amounts. This requires you to share a government-issued photo ID and facial verification.
A more thorough onboarding process is required for companies looking to open an institution trading account.
Pros and Cons
|A large selection of crypto altcoins||It’s relatively new|
|Futures trading is available||There are still many cryptocurrencies that need to be listed, even though they are less popular than others.|
|Advanced and standard trading platforms|
|Trading fees discounted|
BitMart, a global cryptocurrency exchange, allows both novice and experienced traders to trade a wide range of digital assets. It also provides a variety of yield generation opportunities to crypto holders, and early access tokens issued through its token launchpad.
The December 2021 hack at the exchange was a serious problem. Hackers stole nearly $200 million worth of funds from customer wallets. Numerous reports have been made about the possibility of assets being withdrawn, which could discourage new users from signing-up.