BitMart Review

This BitMart review is part of a series of reviews that Smart Billions provides for new and experienced investors looking to invest in cryptocurrencies. The recent rise of bitcoin and the emergence of many new altcoin rivals offer the opportunity for fantastic returns and the risk of losses.

Find a cryptocurrency trading platform with the features you need, secure transactions, ease-of-use. Why waste time and energy struggling with a platform that doesn’t work for you? Put that energy into honing your investment strategy instead.

About the BitMart Platform

BitMart is a cryptocurrency exchange that began in 2017. BitMart is the brainchild of Sheldon Xia, an American Entrepreneur, although the company headquarters is in the Cayman Islands. BitMart’s ties to the US might be why BitMart is available to US investors. BitMart’s multinational team of cryptocurrency experts aims to make crypto investing more accessible.

What Currencies Can You Trade on BitMart?

BitMart offers the standard digital currencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Bitcoin Cash (BCH), EOS (EOS), TRON (TRX), Dogecoin (DOGE), Binance Coin (BNB), its very own BitMart token (BMX), Tether (USDT), Algorand (ALGO), Ripple (XRP), Dash (DASH), and other altcoins such as the governance token SushiSwap, the volatile Shiba Inu coin, and others. The diversity of offerings will make it easier to create a cryptocurrency portfolio that meets your needs.

When you visit the BitMart website (bitmart.com), you might see announcements regarding altcoins, such as opportunities to buy at a discount.  For investors with an optimistic outlook, BitMart offers low-priced currencies such as Safemoon and Qtum, which have struggled recently but might be a good pick for risk-tolerant investors.

Fee Structure and Costs

BitMart’s withdrawal fees vary based on the currency you use and are generally competitive or in the lead compared to other cryptocurrency exchanges like Coinbase. The BitMart exchange offers a 25% discount if you pay transaction fees with BitMart coins.

BitMart fee structures its trading fees on the maker/taker fee model, with makers receiving a discount. BitMart offers discounts for holders of their native token, BMX, with the fees decreasing on a tiered basis for holders of high numbers of BMX tokens. The calculation of the trading fee is based on the trading volume over 30 days (for Bitcoin), BMX balance, and account level.

Withdrawal fees vary depending on the currency you are withdrawing. In most cases, the withdrawal fees are competitive with other exchanges. The BitMart user interface will tell you the withdrawal fee before confirming the withdrawal. Be sure to check before you commit to the transaction.

Pros of BitMart

BitMart is a reputable and trusted crypto exchange despite a 2021 hacking incident, which we will discuss below. This BitMart review will demonstrate that the exchange has many advantages that might make it the right choice for your cryptocurrency investments.

Spot Trading

Spot Trading is a typical crypto trading option. Many exchange platform enables crypto traders to trade superior blockchain technology-powered crypto assets due to spot trading. It’s the most trending feature of BitMart for beginners and experienced traders alike.

An Intuitive Interface

BitMart has an easy-to-use interface and an app that works with both Apple and Android phones. The convenient interface allows you to trade from wherever you are without worrying about mistakes or confusion.

Integration with TradingView

TradingView is a company that creates graphs and visualizations for data such as stock prices and currency values. BitMart, like many other crypto exchanges, works with TradingView charting to make it easy to keep track of the currencies in your portfolio and the performance of the market as a whole. The TradingView display in BitMart includes:

• trading pairs
• changes in a trading pair over time
• your balances
•  the order book

Investors who use TradingView charting to track the rest of their portfolio will quickly acclimate to the BitMart trading environment. Even customers who have not used TradingView before typically find it intuitive.

A Variety of Currency Options

BitMart is a good choice for investors who want to trade in the lesser-known altcoins, hoping to catch the next rising star. Its breadth of cryptocurrency offerings rivals and exceeds that of some more established platforms.

Leverage

Some cryptocurrency platforms favor conservative buy-and-hold strategies, while others offer features suited to day trading and speculation. Leverage, or trading on margin with borrowed money, is a vital tool for speculators. BitMart allows traders to execute futures contracts with leverage up to 100:1.

Staking

Some cryptocurrencies use a process called staking to ensure that transactions are legitimate. Validators put up a certain amount of currency as a stake to promote trust in the validation process. Validators receive currency as a reward. Some currency exchanges allow individual investors to contribute currency toward a stake in exchange for a share of the reward.

BitMart allows users to obtain rewards by holding cryptocurrencies that use the “proof of stake” model. The rewards from staking can offer a competitive rate of return with less risk than active trading. At this time, BitMart does not offer staking for residents of the US.

Security Features

According to BitMart’s official website, they use the following security features to minimize the risk of losses from scam, hacking, or theft.

• background checks for their employees
• state-of-the-art encryption
•  two-Factor Authentication (2FA)
• FinCEN KYC standards
• advanced API key permissions
• keeps less than 0.5% of trader assets in a hot wallet for everyday trading operations and store 99% of their crypto assets in a cold wallet.

The security features, while reassuring, have not always been successful, as we will discuss in the “cons” section of our BitMart review.

The Perks of a Native Coin

The BitMart coin (BMX) is valuable in part because it allows BitMart users to take advantage of discounts but also is an investment in its own right. Despite trading at under $0.05 until March 2021, a year later, it trades at over $0.30 (Source: CoinMarketCap). If BitMart rises in prominence and achieves a secure niche in the cryptocurrency marketplace, its value could soar in the coming years.

Launchpad

The crypto exchange platform promotes its shooting star program for new projects. It is classified as an amalgamation of IEO and ordinary listings with favorable rules and a rationalized procedure. NULS is BitMart’s inaugural project listed on Shooting Stars.

Payment By Fiat Currencies

Fiat currencies are currencies issued by governments and banks, such as USD, AUD, and EUR. Some crypto exchanges only accept payment through cryptocurrencies, meaning that people who want to use their funds for everyday purchases often have to go through the second step of converting their currency into a fiat currency.

BitMart accepts payment by debit card, credit card, bank transfer, Visa, Apple Pay and PayPal, gift card, and many other payment methods. You can withdraw funds in US dollars or cryptocurrency. There is no fee for buying cryptocurrency on BitMart, but BitMart levies a $50 fee for withdrawing funds via wire transfer.

BitMart Digital Asset Lending

BitMart allows users to lend assets from their portfolio, generating interest regardless of what the currency market does. After the duration of the loan is over, BitMart returns the originally pledged funds and the accrued interest to the user’s account. Unfortunately, US customers cannot use this feature.

Access to Many Countries, Including the US

Unlike many crypto exchanges, BitMart is a registered MBS (Money Business Service), which can trade currencies in the United States. By following rules set by the US Treasury to prevent money laundering as well as other regulations, BitMart can operate legally in the United States. Access to the US and Canada is also beneficial to investors who frequently travel to North America.

Residents of over 180 countries, including the United States, Canada, Japan, and South Korea, can use  BitMart. Regulatory issues prevent many exchanges from operating within the United States (particularly in New York), leaving American investors few options. Bitmart is one of the exchanges that comply with US regulations. Note that BitMart cannot offer its full range of services in the United States due to the limitation of standing market regulations.

Although the United States at the federal level allows US citizens to trade on BitMart, state regulations might restrict BitMart from operating within their borders.

BitMart Mobile App

BitMart offers its trading platform for both Android and iOS users, enabling their users to have the same user-friendly experience as it offers on laptops and PCs. BitMart’s mobile app allows crypto traders to trade in crypto like any other platform out there while on the go and monitor the movement of thr crypto market.

Easy Opening of Account

To register for a BitMart account, you can use your email address or phone number. After registering, new accounts are verified via SMS message or email, and users can secure their account by activating 2FA.

Referrals

BitMart has a referral program, on which you can earn 30% reward for bringing new customers to the platform. These days, people are getting interested in trading crypto. That’s why referrals is quite a trending feature of BitMart.

Cons of BitMart

BitMart does have some downsides, many of which might become less of an issue as the platform matures. If BitMart retains its stature among crypto exchanges and capitalizes on its availability to US investors, it could quickly expand its offerings and strengthen its security and customer support infrastructure.

Other Competitors Might Have the Edge in Cryptocurrency Offerings

BitMart offers 240 cryptocurrencies, according to Investopedia’s latest count, which is impressive but less than the 500 or so that Binance, a more established exchange, offers. It is a good idea to investigate the currencies you are interested in. Be sure also to make sure that the crypto exchanges on your shortlist offer everything you need, including those that we did not include in this BitMart review.

December 2021 Hack

One of the most pressing issues in the cryptocurrency market is security. Many cryptocurrencies are hard to track. The computational nature of cryptocurrency attracts computer-savvy users, and not all of them play by the rules. For cryptocurrencies and cryptocurrency exchanges alike, security is paramount.

On December 4, 2021, hackers made off with up to $200 million in cryptocurrency funds. The thieves moved the money into untraceable accounts. As of January 2022, CNBC reported that many investors who lost money in the hack were still waiting for reimbursement and expressed frustration at BitMart’s level of transparency.

Customer Service Issues

Some customers felt that BitMart’s customer service was not adequate. Many said that they had trouble withdrawing funds from their accounts. While some of these concerns stem from the 2021 hack, the exchange still needs to soothe the anxieties of many current and prospective investors.

BitMart’s website has a help page with a FAQ section. However, it would be nice to see other options, such as a live chat or introductory videos prominently displayed on the site. New investors can find tutorials on YouTube channels and other third-party sites.

General Caveats and Tips

Before investing in cryptocurrency on any exchange, understand that cryptocurrencies can be volatile, are not backed by the FDIC, and might not retain their values. The past performance of any cryptocurrency does not mean that it will continue to perform as well.

BitMart supports many risky trades, such as leveraging and futures contracts. These investment mechanisms can be profitable, but they expose investors to a much higher level of risk than buy-and-hold strategies with stocks or cryptocurrency. Investors should be sure that they understand the risk involved in any trade before committing to it.

Can I buy NFT on BitMart?

Yes, but right now, they only have the NFT token VANCAT. For reference, VANCAT is an innovative platform that enables users to easily deposit BEP20 tokens into NFTs.

BitMart Cryptocurrency Exchange Review for Australia

Are you an Australian crypto trader / investor still searching for the best crypto platform? Well, your search ends here as we recommend to you BitMart.

Established by Sheldon Xia in 2017, BitMart crypto exchange has now become a top-tier crypto trading platform for buying, selling, and trading cryptocurrencies. According to CoinMarketCap, the Cayman Islands-based crypto exchange platform has been categorized under the top ten crypto exchanges in the crypto space. Now, the exchange operates in 180 countries with over 9 million+ users, which makes it a perfect exchange if you’re looking for a crypto platform with high liquidity. Currently, Bitmart is located in the Cayman Islands, with offices in the US, South Korea, Hong Kong, and China.

BitMart is one of the new and unique crypto exchange platforms that became prominent in the crypto market in just a brief period of time, all thanks to its fundamental trading view and user-friendly interface. Crypto traders and investors can use BitMart on different devices including Mac, mobile, and PC. The platform is accessible through a mobile browser and web browser, which enables crypto traders to do transactions while on the go.

To sum it up, BitMart is an outstanding crypto package of reliability and rich user experience, which has been perfectly laid out. And if you’re concerned if it’s a legit exchange, don’t worry because it is registered with MSB, which certifies it as a trusted and legit cryptocurrency exchange.

Now, just in case you don’t feel like trying BitMart, don’t worry. Here’s a comprehensive list of the best trading platforms in Australia.

BitMart Cryptocurrency Exchange Review for Canada

Are you looking for the best crypto exchanges in Canada? Then you might want to try BitMart.

In 2017, BitMart was established by Sheldon Xia and has since grown into a prominent crypto exchange platform, servicing more than 9 million customers in 180+ countries. In terms of volume, BitMart is one of the biggest out there, ranking in the top 20 crypto exchanges in the world as per CoinGecko.

The crypto exchange platform offers relatively low trading fees, futures trading, multiple order types (which include market and limit orders), and advanced charting. BitMart enables its users to lend or stake their digital assetes to earn crypto rewards and interest. Moreover, BitMart comes with an over-the-counter (OTC) trading desk to serve insititutional investors.

BitMart is a solid choice for seasoned crypto traders out there who want to access a huge selection of cryptocurrencies as well as the ability to trade with leverage. BitMart is well-known for listing smaller crypto projects for trading if you’re interested in that.

Overall, this crypto exchange offers you a rich user experience and reliability, which has been perfectly laid out since the company was founded.

On a side note, if you want to have more choices, here’s a full list of the top cryptocurrency trading platforms to buy and sell Bitcoin in Canada.

BitMart Cryptocurrency Exchange Review for United Kingdom (UK)

Do you want to buy crypto or stablecoins in the UK but not sure what crypto exchange to use? Why not have a shot at BitMart?

BitMart was founded by Sheldon Xia in 2017 and has become one of the most established crypto exchanges in the world. The company serves over 9M customers in more than 180 countries. When it comes to volume, BitMart is among the biggest out there as it ranks in the top 20 exchanges in the crypto space according to CoinGecko.

BitMart offers low trading fees, multiple order types such as market and limit orders, futures trading, as well as advanced charting. The exchange allows its customers to stake or lend their cryptocurrencies to earn interest as well as crypto rewards. Aside from that, BitMart comes with an OTC trading desk to serve institutional crypto investors.

All in all, BitMart is a great choice for experienced crypto traders out there who want to trade a wide selection of cryptos and the ability to trade with leverage. BitMart also offers a rich user experience and reliability.

And that sums up our BitMart crypto review. If you don’t feel like using BitMart, don’t worry, we’ve an in-depth review about the best British crypto exchanges out there.

Overall Conclusions

As a relative newcomer and one that has weathered a devastating attack, BitMart still has to prove itself as it stands up to more established exchanges. However, it has many valuable features and is available to investors in the United States and Canada. This last fact alone makes it attractive to American investors that cannot use many foreign exchanges.

Its recent security lapses notwithstanding, BitMart and its BMX currency remain popular. BitMart offers many currencies and investment options, and its offerings are likely to expand in the coming years as the company grows.

We hope this detailed BitMart review helps you choose a cryptocurrency exchange that is best suited to your investment needs. As always, before doing business with any investment company or exchange, be sure to consider the advantages as well as the risks.