In the dynamic and ever-evolving cryptocurrency landscape, BitMart stands tall with its robust features, user-friendly platform, and vast array of digital currencies. But BitMart is not just about trading; its comprehensive platform also provides opportunities for earning. Moreover, if you’re interested in the burgeoning world of non-fungible tokens (NFTs), BitMart has got you covered with its NFT marketplace.
Intrigued yet? Let’s delve deeper into this BitMart review and explore what makes this exchange a standout choice for your crypto trading and investment journey.
What Is BitMart?
BitMart is a top-rated cryptocurrency exchange founded in 2017. With a presence in over 180 countries and serving more than 9 million users, BitMart allows individuals and institutions alike to buy, sell, and trade using over 1,500 digital currencies and tokens.
Operating with a feature-rich platform, BitMart offers an intuitive buy/sell crypto feature for novices and a range of crypto-earning opportunities, including BitMart staking, lending, and savings services. Additionally, BitMart provides advanced cryptocurrency spot and futures trading dashboards for more experienced traders.
One notable thing about BitMart is the launch of its BitMart Token (BMX) in 2018. This token provides holders with various benefits on the exchange, such as trading discounts, further enhancing its user-centric approach. Over the years, BitMart has continued to innovate by adding new features and services, making it a robust platform for cryptocurrency enthusiasts.
How to Open an Account at BitMart
BitMart has a user-friendly platform that makes it easy for anyone interested in cryptocurrency trading to open an account. The registration process is straightforward and quick and traders can choose to register using either their email address or mobile number.
To register on the BitMart web platform, follow these steps:
- Visit the BitMart website at https://www.bitmart.com/ and click on the “Get Started” button.
- You’ll be given the option to register either by email or mobile. In this example, we’ll be registering by email, so click on “Email”.
- Enter your email address in the provided field and set a login password.
- If you’ve been invited to BitMart crypto exchange by someone else, click on “Add invitation code” and enter your referral code. If you haven’t been invited by someone else, you can skip this step.
- Click “Register.” You’ll then be redirected to the Email Verification page.
- Check your registered email for a six-digit email verification code. Enter this code on the BitMart page and click “Submit.”
If you prefer trading on the go, BitMart has you covered with its mobile application. Compatible with both iOS and Android devices, BitMart app offers all the functionalities you’d find on the web platform, optimized for mobile use. The registration process for the BitMart mobile app is very similar to that of the web platform, with the only difference being that you need to download the app first.
For added security, BitMart requires all users to complete two-factor authentication once. This ensures your trading activities on BitMart are more secure.
How to Deposit on BitMart
Depositing cryptocurrency into your BitMart account involves transferring assets from other wallets or platforms. Here’s how you can do it:
- Log into your account.
- Hover your cursor over your email address at the top of the page and click “Deposit” from the dropdown menu.
- From the list of cryptocurrencies, select the one you wish to deposit.
- Once you’ve selected your crypto, choose the correct network (for example, TRC 20). Then copy the deposit address provided or scan the corresponding QR code with your mobile device.
- Go to the withdrawal page of the platform or wallet where your cryptocurrency is currently held. Select the same cryptocurrency (e.g., USDT) and paste the deposit address you copied from your BitMart account. Make sure the network selected on this platform matches the one you chose on BitMart (e.g., if you selected USDT-TRC20 on BitMart, choose the same on the other platform).
- Enter the amount you wish to transfer to BitMart, then click “Withdraw” or the equivalent button.
Is BitMart Safe?
When it comes to security, BitMart doesn’t cut corners. The exchange has a multi-layered security architecture underpinned by robust account security measures, maintaining strict internal controls and audits. These measures include secure cold wallet storage, anti-DDoS protection, two-factor authentication, and email and SMS verification. The exchange also puts emphasis on compliance, adhering to global regulations through rigorous Anti-Money Laundering (AML) procedures.
However, it hasn’t always been smooth sailing for BitMart. Despite its robust security measures, BitMart was hacked in December 2021. This breach resulted in an estimated $196 million cryptocurrency theft when private keys were compromised for two of the trading platform’s hot wallets.
Following the security breach, BitMart took steps to mitigate the damage by reimbursing all affected users. The exchange continues to take measures to enhance its security and protect its users from potential threats and market volatility, as evidenced by its decision to delist FTX’s FTT token perpetual futures contracts following the collapse of the FTX cryptocurrency exchange in November 2022.
What Are BitMart Features?
BitMart platform comes with a variety of features that make it a comprehensive and user-friendly cryptocurrency trading exchange. Here are some of its key features:
- Spot/margin trading: BitMart allows users to engage in spot trading with over 1,500 cryptocurrencies. The platform supports easy deposits via credit and debit cards. For those who want to amplify their trading positions, BitMart offers margin trading with up to 5x leverage, including automatic borrowing and repayment features.
- Futures trading: For traders interested in crypto derivatives, BitMart offers the option to trade with up to 100x leverage. The platform hosts over 100 crypto pairs, supported by lightning-fast trading engines and minimized trading fees.
- Earn: BitMart exchange offers a secure and convenient way for users to generate earnings from their crypto assets. The platform offers a wide range of financial products, including savings, staking, and dual investment, to meet diverse financial needs.
- NFT marketplace: BitMart has embraced the NFT wave, allowing users to discover, buy, and trade premium NFT collections easily. Users can also participate in various BitMart NFT campaigns.
- API access: For developers and advanced traders, BitMart offers high-speed, low-latency API endpoints with WebSocket subscriptions, supported by detailed API documentation.
- Institutional services: BitMart caters to institutional clients by offering professional services like sub-accounts, credit lines, and competitive fees & rebates.
- Customer support: BitMart offers 24/7 customer support to assist users at all times.
- Security: BitMart employs an advanced risk control system and uses a hybrid hot/cold wallet system coupled with multi-signature technologies to ensure the security of users’ assets.
- User-friendly interface: With over 1,500 high-quality currencies and 1,500+ trading pairs available, BitMart is designed to be a one-stop platform for initiating and managing cryptocurrency investments with ease.
What Are BitMart Fees?
BitMart employs a tiered fee structure, where trading fees are determined by the user’s 30-day trading volume and their BMX Token balance. The more volume a user trades and the more BMX they hold, the lower their fees will be. Here’s how BitMart fee structure works:
|BMX & BTC Range
|BMX ≥ 0 & < 150 BTC
|0.1000% / 0.1000%
|BMX ≥ 500 & < 150 BTC
|0.0900% / 0.1000%
|BMX ≥ 2,000 & < 150 BTC
|0.0800% / 0.0900%
|BMX ≥ 10,000 & < 150 BTC
|0.0700% / 0.0900%
|BMX ≥ 50,000 & < 150 BTC
|0.0600% / 0.0800%
|BMX ≥ 100,000 & < 150 BTC
|0.0500% / 0.0600%
|BMX ≥ 200,000 & < 150 BTC
|0.0400% / 0.0500%
|BMX ≥ 500,000 & < 150 BTC
|0.0300% / 0.0500%
|BMX ≥ 1,000,000 & < 150 BTC
|0.0300% / 0.0400%
|≥ 150 BTC
|0.0200% / 0.0300%
|≥ 500 BTC
|0.0150% / 0.0250%
|≥ 2,000 BTC
|0.0000% / 0.0200%
BitMart Customer Service - Which Customer Support Options Does BitMart Have?
BitMart cryptocurrency exchange provides a variety of support options for its customers. One of the most immediate ways to seek assistance is through the live chat feature, which can be started by tapping the icon at the bottom-right corner of the main website page.
However, if the live chat is busy or if you need more detailed assistance, BitMart encourages customers to submit a support ticket. Once a ticket is submitted, the BitMart support team will review the issue and respond as soon as possible.
In addition to live chat and support tickets, BitMart also provides a comprehensive Help Center where users can find answers to frequently asked questions and other useful information.
Customer Reviews - What Do Customers Say About BitMart?
BitMart reviews online are quite varied, reflecting a range of experiences with the exchange.
Most users praise BitMart for its robust security features, explaining that the platform may require additional verification based on the policies of the card issuer. Other users noted the platform’s withdrawal fees, particularly for Bitcoin, expressing appreciation for the clear instructions provided by BitMart regarding the receiving address.
However, like any platform, BitMart has also been the subject of criticism. It’s important to note that Trustpilot, a popular user review site, gives BitMart an average rating of 3.8 out of 5. This suggests that while many users have had positive experiences with BitMart, there have been some negative experiences.
At the end of the day, it’s essential to remember that customer reviews can be highly subjective and may not reflect the experiences of every user. Therefore, it’s recommended to look at multiple sources to get a balanced view.
Final Thoughts: Is BitMart Worth It?
BitMart’s appeal lies in its range of cryptocurrencies, complex security infrastructure, and global reach. With customer reviews reflecting mixed opinions, your journey with BitMart may differ.
However, if you value a diverse crypto selection, advanced trading features, and regulatory compliance, BitMart can be a worthy contender in your search for an ideal crypto exchange.
Is Bitmart legit?
Yes, BitMart is a legitimate and well-established global cryptocurrency exchange platform. It has a significant global presence, supporting users from over 180 countries and offering an extensive selection of over 1,500 digital assets for trading. Furthermore, BitMart’s adherence to international regulatory standards, including stringent anti-money laundering protocols, showcases its commitment to operating within legal boundaries.
Where is BitMart located?
The company is officially registered in the Cayman Islands, and it also has offices in the United States, South Korea, and China.
Does BitMart report to the IRS?
BitMart does not directly provide a tax report, but you can connect your BitMart account to crypto tax software via API or by uploading a CSV file of your transaction history to obtain a tax report. Despite operating in the US, BitMart doesn’t send 1099 forms to users or the IRS.
Do I need KYC for BitMart?
BitMart exchange uses a KYC (Know Your Customer) process to verify its customers’ identities. While you can create an account and perform basic operations such as making deposits, executing buy and sell orders, and withdrawing up to 0.06 BTC per day without KYC, access to full features is restricted. Completing the KYC process is necessary to unlock all the features we talked about in this BitMart review, including spot trading, futures trading, earning, staking, and increased deposit and withdrawal limits.