Pros
- Offers a wide range of cryptocurrencies
- Staking option allows users to earn crypto rewards
- Plenty of trading choices
- Offices around the world
- 2FA authentication
- Low withdrawal and trading fees
Cons
- Doesn’t get very good Trustpilot scores
- Mobile app could use additional development
- Hasn’t been around as long as other exchanges
You want to know about Bitmart, and we’re here to tell you about Bitmart. Our Bitmart review gives you all the ins and outs of the “most trusted cryptocurrency platform.” For instance, we’ll tell you if you really can trust Bitmart. We’ll also talk about fees, supported coins, how to open an account, and more.
Bitmart Overview
You’re here to learn more about Bitmart, so chances are you already know that it’s a crypto exchange. The platform was launched in 2017 and is owned by Sheldon Xia. Bitmart is located in the Cayman Islands but has offices around the world in countries such as the United States, South Korea, and China.
Bitmart provides an interface for its users to perform crypto-to-crypto trades. Users can also purchase crypto with their debit or credit card. Residents in the United States, South Korea, and 180 other countries can access the products and services offered by Bitmart.
There are a few countries that are restricted from Bitmart. These include China, Cuba, Iran, Iraq, Ivory Coast, Libya, Lebanon, and Sudan. There are also a few US states that are prohibited from using Bitmart, which include Connecticut, Georgi, Hawaii, New Mexico, New York, and Washington.
Trading Options & Order Types
There are a variety of options and order types available when using the Bitmart platform. Here are a few examples of what you’ll find throughout your experience using the exchange.
Spot trading
For starters, Bitmart offers Spot Trading. This is probably the type of trading you think of when you think of trading cryptocurrencies. Simply choose the crypto you want to sell, along with the amount, the crypto you want to buy, and the amount. That’s all there is to Spot Trading.
Margin trading
Bitmart also offers OTC trading, margin trading, and futures trading. Futures trading is available through several different types of cryptocurrencies. However, before you start with advanced trading, you should be comfortable with Spot Trading first.
Perpetual swaps
Users also have access to perpetual swaps on the platform. This is a type of derivative that offers high leverage for traders. It is similar to futures trading, so be sure you don’t trade any more than you can afford to lose.
Staking
For those interested in earning a type of interest on their cryptocurrencies, Bitmart offers a staking feature. It’s only a few years old, but it’s a great way to make money on your digital assets without needing to perform trades regularly. Instead, hold on to your coins and receive rewards from Bitmart for doing so.
Limit orders
Bitmart also offers limit orders, which are orders that require the user to set a specific price. When the market reaches that price, an order is executed. If the market does not meet that price, then the order is not executed. It’s that simple.
You can cancel your limit anytime, so long as the price has not been met. It will show up as a “current order” in your list of orders until the order is filled.
Market orders
Users also have market orders available, which do not require the user to set the order price. With market orders, the trade is executed when the order is submitted. The price is set by the market and completed immediately, which means the price cannot be guaranteed like it can with a limit order.
Currencies & Payment Methods
When it comes to supported cryptocurrencies, you’ll be hard-pressed to find a platform that offers more than Bitmart. The exchange offers more than 1000 various digital assets. You’ll find the following and more on the Bitmart platform:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Stellar (XLM)
- Solana (SOL)
- Avalanche (AVAX)
- Sandbox (SAND)
- Dash (DASH)
Bitmart makes purchasing crypto on its platform simple and easy. One way the exchange does this is by accepting both fiat currency and cryptocurrency as forms of payment. So when you’re ready to get started trading, you can use either your favorite digital asset or your preferred fiat currency.
Traders can use their MasterCard and Visa credit or debit cards to purchase crypto on the Bitmart exchange as well. Additionally, Bitmart supports wire transfers, Apple Pay, MoonPay, Mimos, and Alipay. Users can also purchase Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple to deposit funds into their accounts.
If you want to deposit cryptocurrencies from an external wallet, just select the “Deposit” button to create a Bitmart address to which you can send your coins.
Fees
When it comes to fees, Bitmart uses a tiered structure based on how much trading volume a trader does over 30-days. The volume is based on BTC, but the platform keeps track no matter what crypto you trade in. So, if you want to pay lower fees, you’ll have to perform more trades.
The default fees for makers and takers with Bitmart start at 0.25% per trade. If you use the platform’s native token, BMX, you’ll receive lower trading fees.
Bitmart’s two tiers are Ordinary Users and Professional Users. These fees start at 0.25% for both makers and takers and go down from there depending on how much trading you do over a 30-day period. There are nine levels in the Ordinary User tier, which range from 0 to 1,000,000 BMX.
Along those same lines, Professional Users fall into six different levels, starting at 150 BTC and going all the way up to 40,000 BTC. Again, these trade fees start at 0.04% for makers and 0.06% for takers.
When it comes to deposit and withdrawal fees, you won’t pay anything when depositing funds into your Bitmart account. However, there are withdrawal fees, which vary based on the asset you’re withdrawing.
Limits
When you open an account with Bitmart, you have a daily withdrawal limit of 2 BTC. This is until the validation and verification process are complete. Once your identity is confirmed, the limit is adjusted to 100 BTC every day.
Security
Exchange security should be an important aspect to anyone serious about trading and investing in cryptocurrencies. With the volatile aspect associated with digital assets, ensuring your funds are secure is of the utmost importance.
That’s why Bitmart keeps only 0.5% of all user funds on the exchange while trading is going on. Instead, to protect assets, 99% of all user funds are stored in offline wallets, which hackers can’t access without multiple signatures from key members of the platform.
In addition to keeping funds in a cold wallet, Bitmart also provides 2FA (two-factor authentication), which creates an additional layer of security. With 2FA, users can connect their account to a smartphone app that continually refreshes a verification code. This code is entered to prove the user is the account owner.
Bitmart also stores all user passwords through a process referred to as hashing. This secures all passwords since the hash can’t be decrypted into its original form without the right key. Plus, all user information, including their names, addresses, and identification documents, is stored securely.
The exchange has also implemented other security features to protect user data and funds. For example, a regular backup of the database occurs, the platform provides the best possible protection against DDOS attacks, and Bitmart is registered as a Money Service Business. This last step is important because it shows that Bitmart will support any necessary regulations.
Customer Service
Investors and traders using Bitmart can get the support they need via live chat or through a ticketing system. However, like most other crypto platforms, Bitmart does not provide phone support for its customers.
Unfortunately, Bitmart doesn’t get much praise from those who review the exchange. The average rating on Trustpilot is only 3 out of 5 stars. Most of these reviews say that Bitmart’s support is poor, the exchange doesn’t offer much in the way of transparency, and there are times when customers have trouble withdrawing their assets.
Alternative Exchanges
If Bitmart doesn’t sound like it’s the right crypto platform for you, the good news is there are plenty of alternatives on the market. Here are a few other choices.
Binance
Binance is one of the most well-recognized crypto platforms in the world. It offers a large selection of cryptocurrencies, low trading fees, and a bevy of financial products and services for traders and investors. The platform is available in many countries around the world, including the US, and its headquarters are located in Hong Kong.
There are no deposit fees on Binance, but withdrawal fees will vary depending on which digital asset you’re using. Trading fees are among the lowest in the industry, starting at 0.1%. You can pay for funds using your credit card, debit card, or bank transfer. Plus, Binance supports AUD, EUR, GBP, USD, and many other fiat currencies.
Kraken
Kraken is another popular exchange that’s available worldwide. It’s registered in the United States, which means almost everyone in the country can access the exchange. There are a few exceptions, including Washington and New York. The platform is user-friendly and easy to use. Plus, it’s one of the safest and most secure exchanges in the market.
The exchange offers send/receive, buy/sell, margin trading, staking, limit orders, market orders, stop-loss orders, and much more. Deposit fees vary depending on what type of method you’re using to fund your account.
However, you can choose from wire deposit, SEPA deposit, bank deposit, and others. The cost for deposits ranges between $5 and $10. On the other hand, if you’re withdrawing funds from your Kraken account, the fees will vary depending on what type of withdrawal you’re performing and the type of digital asset.
How to Open an Account
If you decide to sign up for Bitmart, registering for an account is quick and easy. To do so, simply follow these steps:
- Step 2: Select the Get Started button located in the top right corner of the site. This will take you to the registration page.
- Step 3: Create your account by providing Bitmart with your phone number and email address.
- Step 4: Provide your details for the exchange by choosing a username and password. Most users choose to use their email address.
- Step 5: Select the checkbox to complete the age verification step
- Step 6: Now you can click ‘Create account’ to finish the registration page
- Step 7: Check your email for a verification link. This will confirm your email address is valid and allows Bitmart to validate your account.
- Step 8: Click on the link in the email from Bitmart.
- Step 9: Enter your password to complete the process and start trading on Bitmart.
Remember that Bitmart is requiring your account to be verified to protect itself and its users. However, all new accounts can immediately withdraw up to 2 BTC each day without confirming their identity or providing the necessary documentation.
If you do more trading and need to have access to more funds, complete the verification process by providing copies of your driver’s license, passport, or other forms of ID. Once Bitmart confirms everything, you’ll be able to withdraw up to 100 BTC each day.
FAQ
Is Bitmart Legal in the USA?
Bitmart is regulated by the guidelines put forth by the US government, which means it’s legal to use Bitmart in the United States.
Where Is Bitmart located?
Bitmart’s headquarters are in the Cayman Islands. However, the company has offices around the world, including New York, Hong Kong, Seoul, and China.
Is Bitmart safe to use?
Bitmart is considered by many in the industry to be among the safest crypto exchanges to use. The platform employs several security features to protect customer funds and data.
