BitMart Review: What is BitMart?
With over a thousand supported cryptocurrencies and availability in over 180 countries, BitMart is a very popular global crypto exchange. The exchange caters to over 9 million users and has impressive liquidity levels.
Along with an elaborate trading interface on the website, BitMart has an easy-to-use mobile app for traders. Users can also benefit from BitMart’s spot trading, margin trading, futures, and more. BitMart offers trading for beginners as well as for advanced traders.
Apart from trading, users can earn rewards through staking, saving, and referrals. As far as learning is concerned, BitMart doesn’t have an academy or a blog section. However, it does satisfy most basic queries through the FAQ section.
BitMart highlights include:
- BitMart supports 1000+ cryptocurrencies
- The exchange is available in over 180 countries
- Advanced trading along with margin, spot, and future
BitMart Company Overview
The centralized exchange opened in 2018 and is based in the Cayman Islands. BitMart also has offices in Hong Kong, Seoul, China, and New York. The exchange was founded by Sheldon Xia, a crypto enthusiast and entrepreneur.
BitMart is known for advanced trading tools. The platform also offers margin trading, spot trading, futures contracts, and more. The company has mobile apps for Android as well as iOS users. The website, too, has an easy-to-use interface. As it’s available in more than 180 countries, it’s a global exchange.
So far, BitMart has had a clean record except for the big December 2021 hack. Cryptocurrency worth $200 million was stolen from users’ wallets. BitMart has promised reimbursement to all the users affected by the hack.
Does BitMart Have a Native Token?
BitMart has its own token named “BMX” and offers several benefits to holders. The total supply of BMX tokens has been capped at 1 billion, all of which are sold out.
Out of the 1 billion supply, 30% were allocated to the founding team, 30% were sold out during the public offering, 20% went for community expenses, 10% were allotted to whitelisted investors, and 10% went to early adopters.
The ERC20 token can be used to:
- Vote on new projects to get them listed
- Claim discounts on trading or transaction fee
- Earn trading fee dividends through BitMart Mission X
BMX comes with a repurchase mechanism. Each quarter, BitMart spends 20% of its profits to buy back BMX tokens and burn them. This helps maintain and control the value of the token. The company intends to do this until 50% of the total supply remains.
At the time of writing, the price of BMX is $0.2188.
BitMart Exchange Review: Pros & Cons
Even with almost-worldwide availability and over a thousand coins available for trading, BitMart suffers from some hiccups.
Here’s why you might want to sign up:
- Supports over 1000 cryptocurrencies
One of the most attractive features of BitMart is that it has over 1000 cryptocurrencies listed. Traders get access to all major coins like Bitcoin, Ethereum, Litecoin, Shiba Inu, Terra Luna, Polygon, Dogecoin, and many more. In addition to this, there are over 900 trading pairs available.
- Available in more than 180 countries
BitMart caters to traders in more than 180 countries. However, users from Afghanistan, China, Congo, Cuba, the Democratic People’s Republic of Korea, Eritrea, Iran, Iraq, Ivory Coast, Kyrgyzstan, Lebanon, Libya, South Sudan, and Sudan cannot use BitMart.
In the US, BitMart is available in most states. However, residents from Connecticut, Georgia, Hawaii, New Mexico, New York, and Washington cannot access BitMart.
- Advanced trading
BitMart caters to both kinds of traders - beginner and advanced. For new traders, the exchange offers a simple buy and sell feature. For advanced traders, there are several orders - market, limit, and post-only. You can also leverage their margin trading and future contracts.
- Earn with staking and saving
Besides trading, users can earn substantial passive income through savings and staking on the exchange. You can put your idle crypto balances to work via the savings program. You can receive up to 50% APY on your crypto holdings.
Similarly, users can earn up to 8% APY with BitMart’s Locked Staking. You have to lock in a portion of your cryptocurrencies for a fixed number of days and earn interest. For instance, locking in 1000 SHIB for 30 days pays 8% APY.
Here’s why you might reconsider using BitMart:
- The 2021 hack
BitMart claims that it’s 100% secure with an advanced risk control system. All the digital assets are stored in a hybrid manner, that is, in cold and hot wallets. However, in December 2021, hackers stole cryptocurrency worth $200 million.
Soon, the exchange announced that it would be reimbursing the users affected by the hack. The exchange could definitely use some improvement in the security area.
- Mediocre customer service
Several Bitmart users have complained of slow customer service and problems during withdrawals. The exchange can definitely work towards a better customer experience.
BitMart Exchange Supported Cryptocurrencies
One of BitMart’s strong selling points is the availability of over a thousand cryptocurrencies. Traders can buy or sell major cryptocurrencies, stablecoins, newer coins, and tokens. Here’s a quick overview of the tokens available on BitMart:
- Shiba Inu
- Polka Dot
- Saitama Inu
Compared to other similar exchanges, BitMart’s fees are more or less in line with the competitors. Traders can lower their fees by using BMX tokens.
BitMart Deposit Methods
BitMart supports fiat currencies like USD, CAD, and EUR.
To deposit, traders can use:
- Credit/ Debit Cards,
- Bank Transfers
- Cash Deposits
- Online Transfer (PayPal, Skrill, and more)
- Gift Cards
Deposits on BitMart are free. For withdrawals, you will incur standard charges.
BitMart Trading Services Offered
As mentioned earlier, BitMart caters to new traders as well as seasoned ones. Beginners can buy or sell cryptocurrencies with the easy buy and sell feature.
For advanced traders, BitMart offers professional trading tools. You can develop trading strategies with charts and indicators.
The trading view is easy to understand. The main panel covers most of the screen. Towards the right, you can see the order book and a record of the previous trades. To place the order, there’s an order form on the bottom right.
Traders can place the following orders:
- Post Only
- Immediate Or Cancel
Apart from this, traders can also participate in margin trading and futures. The futures interface resembles the trading view.
You can trade seamlessly on the website or download the app. The app has all the professional trading tools and is available for Android as well as iOS devices.
Other Products Offered By BitMart
Aside from the exchange, BitMart offers some other useful products for crypto enthusiasts. Some of their offerings include:
- BitMart Earn (Savings and Staking)
BitMart Security: Is BitMart Safe?
Just like several other crypto exchanges, BitMart safeguards its digital assets with hot and cold wallets. BitMart deploys an advanced risk control system and multi-signature technologies.
The security at BitMart came under fire after the 2021 hack. Many BitMart users found their wallets empty after the theft.
How was BitMart hacked?
In December 2021, hackers stole around $200 million worth of cryptocurrencies. The funds were stolen from users’ accounts. The hackers reportedly got hold of a private key to the exchange’s hot wallets, which resulted in the theft.
Stolen cryptocurrencies include SafeMoon, BabyDoge, GMR, Moonshot, X2P, EnergyX, BNB, among others. Out of the 20 stolen tokens, SafeMoon was hit the hardest. PeckShield Inc. was the first to notice the breach.
BitMart later announced that it would reimburse every user that was affected by the hack. However, the exchange did not clarify how and when would the victims will be reimbursed. In response to the hack, frustrated users started a social media campaign #WenBitMart.
At the time of writing, it is not yet clear if the users affected by the hack have been reimbursed. The last update about the issue came from CNBC. The January 2022 news article claimed that the victims have not yet received compensation.
How can users secure their BitMart account?
Just like other crypto exchanges, BitMart enables users to safeguard their accounts with various safety measures.
- Two-factor authentication: Users can set up 2FA via Google Authenticator
- Withdrawals have to be approved with a confirmation code
The website is fully encrypted and deploys DDoS protection to ward off attacks. The database is automatically backed up.
BitMart often gets compared to Coinbase, Binance, and KuCoin.
- If you’re new to trading, primary Coinbase might be an easy start for you.
- If you’re an advanced trader looking for some complementary products, Binance has plenty to offer.
- If you want to automate trading with a bot, you can check out KuCoin.
BitMart Customer Satisfaction
In our recent analysis of the best performing cryptocurrency exchanges, Bitmart didn’t rank in the top 10 for reach or trading volume.
They ranked 23rd in terms of overall visitors, traffic, and reach.
However, we couldn’t rank them on the overall trading volume.
What is interesting is that they came in second when it comes to the average value per unique visitor.
What this tells us is that the people who use BitMart are serious traders who like the platform enough to come back time and time again to use their key features.