Today we will review the BitMart exchange and take a look at its features, pros and cons.
BitMart is a crypto exchange created in 2017 by New Jersey enthusiast Sheldon Xia, headquartered in the Cayman Islands, with branches in China, South Korea, and the United States.
BitMart created its investment token in January 2018, and then in March 2018, BitMart officially launched its spot trading service. In April, the company registered with US regulators and as a Money Service Business (MSB), and is overseen by the Financial Crimes Enforcement Network (FinCEN).
The platform supports crypto-to-crypto trading, but also allows fiat purchases by debit / credit card.
The exchange announced that it plans to add another service to its list including OTC trading, futures trading, decentralized trading and network wide trading.
Supported currencies and available countries
BitMart’s cryptos are divided into four markets BTC, ETH, BMX, and USDT. At the time of writing this article, the BMX market has the fewest trading pairs compared to the other three.
The platform currently supports 242 trading pairs and 131 cryptos, including Bitcoin Cash, Dash, 0x, Bitcoin SV, QTUM, Litecoin, Chainlink, NEO, EOS, Tron, Zcash and many more.
Bitmart exchange services are available to residents of over 180 countries, including the United States, South Korea, and most European countries.
Users from the following countries are not allowed to use the service:
- Congo Brazzaville) ;
- Congo (Kinshasa);
- Democratic People’s Republic of Korea;
- Ivory Coast;
- South Sudan;
In addition, users in these US states cannot use the services of the platform:
- Connecticut (CT);
- Georgia (GA);
- Hawaii (HI);
- New Mexico (NM);
- New York (NY);
- Washington (WA).
The exchange is accessible via an Internet browser, the H5 mobile program, as well as on Android, iOS, Mac OS or PC.
User interface and experience
The trading view has been designed to be simple and user-friendly. On the left side, the interface shows markets and volume. On the right, there are the order books for buying and selling crypto, and in the middle are the trading view charts.
As you scroll down the page, you will see the tabs for Open Orders, Order History, and Transaction History.
The mobile trading app is comprehensive and allows you to perform all the tasks available on the web browser version. The apps have been reported to have excellent performance and aesthetic design.
How to get BitMart
- Go to BitMart official site of the exchange.
- Click on “To start»At the top right of the page.
- Select whether you want to create your account using your email address or phone number.
- Choose a password.
- Accept the terms and conditions.
- Click on “Register”.
- Wait until you receive a confirmation email or text.
- Enter the password and code again, then proceed to trade.
- Upload copies of your ID, passport or driver’s license to verify your account.
How to use BitMart Exchange
- Go to the trade page on BitMart.
- Select your trading pair.
- Access the form below the table to place a limit order.
- Enter the amount of cryptocurrency you want to choose to sell or buy.
- Complete the order.
BitMart exchange fees
The BitMart exchange fee structure is based on a Maker / Taker model, with 0.1% charged to the manufacturer and 0.200% to the payee. Trading fees are calculated based on trading volume over a 30 day period (in BTC), account level and BMX balance.
Withdrawal fees vary by coin and are regularly adjusted based on the network fees of their respective blockchain.
The simplex fee is 5% per transaction or $ 10, whichever is greater.
BMX is the native token of the BitMart exchange and it is based on the ERC20 standard. The total supply was initially $ 1 billion, but has now fallen to 690,319,551 BMX.
BitMart intends to use 20% of its profits each quarter to buy back and burn BMX, until 50% of the total BMX supply remains. Users who use BMX in their trading get a 50% discount.
Users can fund their accounts and make purchases using supported cryptos or through fiat currency. VISA and MasterCard purchases are available through the company’s partnership with payment processing provider, Simplex.
Bank and wire transfers are also supported, but only for BTC and ETH. Paxful, WeChat, Alipay, PayPal, and gift card purchases are only available for Bitcoin.
MoonPay, Credit Card, and Apple Pay are only available for BTC, ETH, BCH, LTC, EOS, and XRP purchases. Mimos, Alipay and UniPAY are only available for USDT.
All fiat currencies are accepted by all payment methods.
Transaction times and limits
Transaction times will vary depending on blockchain traffic and the selected payment method.
All new accounts have a withdrawal limit of 2 BTC per day, as they have not yet passed the verification process. For verified accounts, the withdrawal limit is set at 100 BTC per day.
The limits for Simplex transactions are:
- The minimum transaction is $ 50;
- The daily limit is $ 20,000 per user;
- The monthly limit is $ 50,000 per user.
Mimos first transaction limits: $ 5 to $ 10,000.
According to the BitMart exchange security page:
“Our security team continually improves our end-to-end security measures, improves audit processes and reduces the ‘attack surface’ of our infrastructure. Please note that we cannot disclose too many details about the security measures implemented on the platform for security and property reasons.
The few security measures they disclosed will be discussed in this section of our review.
The exchange holds less than 0.5% of user assets in a hot wallet for daily trading operations and keeps the rest of 99% in cold wallets offline to avoid losses due to external hacks. The cold wallet requires multiple signatures from a number of high level members.
Accounts have 2FA authentication, which serves as an additional layer of protection, as users can only access the account if they have the code generated on their smartphone. All wallet withdrawals require confirmation code by email or phone.
Each time a user logs into their account, the IP address will be recorded and monitored by BitMart to secure user accounts.
Users who have developer skills can create API keys with advanced read / write permissions for each feature.
All personal user information is encrypted and stored securely, including ID numbers, names and ID document scans, as well as account passwords are also stored in a hash format.
The company also claims to have implemented:
- Protection against DDOS attacks;
- Automatic database backup;
- SSL secure protection (https).
The BitMart exchange can be contacted via an electronic ticket at any hour of the day. The site also offers a detailed FAQ section with most common questions about trading and using the account.
BitMart exchange reputation
On Google Play, the app is rated 3.3 out of 5 out of 249 reviews, and its iOS app is rated 4.7 out of 22 reviews. The exchange has an excellent rating on TrustPilot from 61 reviews.
So far, we haven’t encountered any major complaints about the platform’s services or support team.
BitMart Exchange Review: Pros and Cons
BitMart Exchange Review: Verdict
BitMart is a regulated cryptocurrency exchange that also supports fiat currencies, which offers a competitive range of fees for its trading services.
Opinion: The information in this article and the links provided are for general information purposes only and should not constitute financial or investment advice. We recommend that you do your own research or consult a professional before making any financial decisions. Please recognize that we are not responsible for any loss caused by any information on this website.