BitMart.com Review – Scam or Not?
About BitMart
BitMart is a cryptocurrency exchange to buy/sell digital assets and access an advanced trading platform. Registered users will be able to store their cryptocurrencies in the integrated BitMart wallet, where they can allocate their funds to the Earn section – to earn passive income – or withdraw to a private address, at any given time. The exchange currently hosts more than 9 million users, who receive crypto trading services at the highest level.
BitMart was founded in 2017 by crypto enthusiast Sheldon Xia. The exchange is registered in the Cayman Islands, with headquarters in China, United States and South Korea. The company operates under FinCEN (Financial Crimes Enforcement Network) regulations.
BitMart verified social media:
The BitMart platform is available in 8 languages; English, Spanish, Chinese, Korean, Japanese, Vietnamese, Turkish and Russian. In addition, the platform offers support for several of these languages for user assistance in its contact portals, such as Telegram.
Currently, BitMart ranks #32 on CoinMarketCap among the crypto exchanges with the highest trading volume, reaching $1.5 billion in daily trades.
Supported countries
BitMart services are available in 180 countries across all continents. However, certain regulatory measures prohibit access to the exchange to users from Afghanistan, China, Congo (Brazzaville), Congo (Kinshasa), Cuba, Democratic People’s Republic of Korea, Eritrea, Iran, Iraq, Ivory Coast, Japan, Kyrgyzstan, Lebanon, Libya, South Sudan and Sudan. Regarding the United States, only New York is restricted on the exchange.
BitMart features
Multiple Trading Products
BitMart offers a variety of trading products suitable for different strategies. Users will be able to buy/sell cryptocurrencies in the Spot Market, ideal for medium-long term investments. For short-term strategies, margin trading and futures offer high leverage to increase profits.
Earn Program
This section was designed to generate passive income for BitMart holders. The Earn program is divided into “Savings”, where you can earn interest on your savings, and “Staking” to stake your tokens and receive daily rewards. There are different terms for the Earn program, which include flexible, fixed savings and promotions. The user is in charge of deciding which is the best option for his strategy.
NFT Marketplace
Explore trending collections from renowned artists and trade your digital art pieces. The BitMart NFT Marketplace is filled with new listings, establishing a competitive NFT ecosystem with great growth potential. After paying a fee, you can buy NFTs with USDT or ETH or publish your own projects to sell them at the best price.
Its own BMX Token
The BitMart token (BMX) is the native cryptocurrency of the BitMart platform and exists on the Ethereum (ERC-20) blockchain. At the time of writing, there are 173,717,945.18 BMX tokens in circulation and their price remains above the 0.25 USD level. BMX has different utilities within BitMart and gives benefits to users for transactions within the platform.
Charts and trading tools
BitMart’s trading interface has all the necessary elements to make a complete study of the market. The exchange has candlestick charts, order book, trading indicators and more. Furthermore, users will be able to place different types of orders (Stop, Market and Limit).
Launchpad
The BitMart launchpad features multiple launch projects, which you can invest in at an early stage. By allocating your funds to the pool of each project, you enter a list of investors. After the allocation period ends, each user will receive a % of their capital in project tokens.
Referral program
Invite friends to the BitMart platform through a referral code and earn commissions effortlessly. 40% of referral trading fees will be paid to your BitMart account, which can be very profitable if you invite professional traders.
Android and iOS mobile app
BitMart has an official app available for iOS and Android devices. You can download it on the Play Store or Google Play and access all BitMart services from the palm of your hand. BitMart functions and trading features are enabled for both versions of the application, without exception.
Withdrawal/Deposit limits
There are no deposit limits for the BitMart wallet, users can deposit as much as their personal wallet allows. Regarding withdrawals, it should be noted that users must verify their accounts to request any transaction to external wallets. Until then, the allowed withdrawal amount is 0 BTC.
The minimum withdrawal will depend on each cryptocurrency. Bitcoin withdrawals must be a minimum of 0.005 BTC and a fee of 0.0005 BTC will be charged, while minimum withdrawals in USDT are 10 USDT with a fee of 2 USDT.
The maximum withdrawal for verified users is USD 20,000 on a daily basis, which can be reached through several withdrawals or only one of such amount.
How to use BitMart?
Sign up and verify your account
Go to the official BitMart platform and click on the “Sign Up” bar, located at the top right of the home page. Register an account with your email and a sufficiently secure password.
You will receive a verification email, which will give you access to your BitMart account and you will be able to proceed to the KYC procedures, in order to access all the services of the platform.
Explore BitMart Markets
Browse through all of BitMart’s trading services and products and familiarize yourself with the markets. Both the spot market and crypto derivatives have hundreds of trading pairs available. You can find all the markets in the top bar of the platform.
Deposit Funds
Go to the BitMart wallet and find the cryptocurrency you want to deposit. Click on “Deposit” to see the available chains and the dedicated crypto address. Copy the address and send the desired amount.
Buy/Sell Cryptocurrencies
Click on the “Trade” or “Futures” button, located on the top bar of the platform. Depending on what type of trading product you are looking for, you can decide to buy/sell cryptocurrencies on the spot market or trade perpetual contracts with no expiration date.
Withdraw Funds
First of all, you will need to copy your crypto address from a personal wallet. Position yourself in the BitMart wallet and click on the “Withdraw” button. Select the cryptocurrency to withdraw, set the desired network and paste the address. Confirm the amount to receive and proceed to make the withdrawal. The tokens will arrive in your wallet after blockchain block confirmations.
BitMart Fees
BitMart fees vary depending on the user’s verification level, the amount to trade and whether you are using BMX Token for the -20% discount or not. The exchange uses the Market Taker/Maker fee structure for every trade.
Standard Users
- Level 1 – Makers pay 0.2500% / Takers pay 0.2500% – Using BMX: 0.1875% / 0.1875%
- Level 2 – Makers pay 0.2000% / Takers pay 0.2000% – Using BMX: 0.1500% / 0.1500%
- Level 3 – Makers pay 0.1800% / Takers pay 0.2000% – Using BMX: 0.1350% / 0.1500%
- Level 4 – Makers pay 0.1600% / Takers pay 0.1800% – Using BMX: 0.1200% / 0.1350%
- Level 5 – Makers pay 0.1400% / Takers pay 0.1600% – Using BMX: 0.1050% / 0.1200%
- Level 6 – Makers pay 0.1200% / Takers pay 0.1400% – Using BMX: 0.0900% / 0.1050%
- Level 7 – Makers pay 0.1000% / Takers pay 0.1200% – Using BMX: 0.0750% / 0.0900%
- Level 8 – Makers pay 0.0800% / Takers pay 0.1000% – Using BMX: 0.0600% / 0.0750%
- Level 9 – Makers pay 0.0600% / Takers pay 0.0800% – Using BMX: 0.0450% / 0.0600%
Professional Users
- PRO 1 – 150 BTC – Makers pay 0.04% / Takers pay 0.06%
- PRO 2 – 500 BTC – Makers pay 0.02% / Takers pay 0.06%
- PRO 3 – 2000 BTC – Makers pay 0.00% / Takers pay 0.04%
- PRO 4 – 5000 BTC – Makers pay -0.001% / Takers pay 0.04%
- PRO 5 – 10000 BTC – Makers pay -0.005% / Takers pay 0.02%
- PRO 6 – 40.000 BTC – Makers pay -0.01% / Takers pay 0.02%
Supported fiat currencies
When entering BitMart, click on “Buy Coins” and choose the fiat payment method that suits you best. You can choose between payments by credit card, Simplex, bank transfers, PayPal and more. The exchange supports 42 fiat currencies, including EUR, USD, CAD, AUD, HKD GBP, JPY, and more.
Supported cryptocurrencies
BitMart supports more than 1,000 cryptocurrencies on its platform. Users will be able to trade BTC, ETH, BNB, MANA, ADA, MATIC, AXS, DASH, BMX, AVAX, SAND, LTC, DOGE, SHIB, VET, QTUM, ALGO, APE, XMR, ZIL, ZCASH, TRX, XLM, EOS and many more.
KYC Verification
BitMart requires its users to complete KYC procedures in order to enable withdrawals and extend transaction limits. After logging in, go to the BitMart homepage and click on “Account”, located in the upper right corner of the platform. Go to the “Details” option and click on “Verify now” to start your identity verification process.
Upload photos of your identity documents and residence data and proceed to facial verification.
After approximately 24 hours, BitMart will have processed your documents and you will be able to access all the services of the exchange.
Note that there are different levels of verification. The more verified your account is, the more accessibility you will have within the platform.
Ease of use and interface
The BitMart platform combines the benefits of a custodial exchange for advanced trading and assisted trading for novice users.
The trading platform has different trading modes according to the user experience (Standard and Advanced). Both options have the same function, although they are designed with different features.
The interface is intuitive in nature and has short descriptions for each of its products. Also, it has a user-friendly design for each page of the platform.
Security
BitMart has basic security features to protect the accounts of its users. However, it should be noted that in December 2021 the exchange suffered a cyber attack. Around $196 million was stolen after accessing one of BitMart’s cold-wallet private keys.
Although the exchange took responsibility and refunded the money to all its users, the fact suggests that BitMart’s security measures may not be strong enough.
Customer Support
Users can open a live chat from the BitMart homepage, where they can search for issues of interest or submit a ticket. After leaving your email and your message, you will receive a response in your mailbox within a few days.
User Experience
BitMart has a score of 3.5/5 on its TrustPilot page, described as an “average” crypto exchange. There are a lot of positive reviews about how easy the BitMart platform is to use, except for some poor trading experiences and low volume.
Other users describe problems in transactions to/from BitMart, which may be due to the user’s verification status.
Pros and Cons
Pros
- User-friendly interface
- Supports over 1000 cryptocurrencies
- Fair trading fees
- Supports both simple and advanced trading
- Has crypto derivatives
- Has a passive income program
Cons
- Has been hacked before
- Low trading volume
- Users report poor performance while trading
- Not anonymous. BitMart is a custodial crypto exchange.