Hello everyone! Today, we are looking at BitMart, an exciting cryptocurrency exchange with many interesting features designed to make trading enjoyable and easy.
BitMart has a large selection of digital assets to trade, including popular and highly sought-after coins as well as new and lesser-known altcoins for both novice and experienced traders.
This platform is well known in the crypto community due to it’s intuitive interface, low platform fees, and excellent security.
Let’s see how BitMart is different from other exchanges by analyzing features like staking and the marketplace for NFTs. Get ready to learn why BitMart might be the next platform you switch to for trading crypto!
Introduction
BitMart is a centralized exchange offering trading and investment services in crypto assets to over 9 million users around the world.
The trading platform includes such extensive functions for the clients as staking, lending, savings products, derivative contracts, and increased options for spot trading. For professional crypto traders, BitMart offers futures trading and margin trading with leverage.
Users can trade major cryptocurrencies as well as enjoy a simple and intuitive user interface, a comprehensive knowledge base, a secure wallet, a feature-rich mobile app, and an NFT marketplace.
The BitMart network focuses on security, stability, and scalability which made it implement sophisticated multi-layer and multi-cluster system architecture. A year after its founding, the exchange issued its investment token BMX, an asset on ERC-20 standard, in 2018.
Know Quick Details About BitMart
| Feature | Details |
|---|---|
| Platform Type | Centralized Cryptocurrency Exchange |
| Supported Coins | Over 1,000 cryptocurrencies |
| Trading Pairs | Wide variety of trading pairs, including BTC, ETH, USDT, and many altcoins |
| Trading Fees | 0.25% for spot trading, with discounts for VIP members |
| Available Markets | Spot trading, Futures, DeFi, Staking, NFT Marketplace |
| Mobile App | Available for both Android and iOS |
| Security Features | Two-factor authentication (2FA), cold storage for funds |
| Customer Support | 24/7 customer support through live chat, email, and ticketing system |
| Launch Year | 2018 |
| Available Countries | Worldwide (with restrictions in some countries due to regulations) |
| Supported Languages | English, Chinese, Korean, Spanish, Russian, and more |
Some Popular Token Available On This Exchange
| Token Symbol | Token Name | Category | Key Use Case | Blockchain |
|---|---|---|---|---|
| BTC | Bitcoin | Cryptocurrency | Peer-to-peer digital currency | Bitcoin Blockchain |
| ETH | Ethereum | Smart Contract Platform | Decentralized applications, smart contracts | Ethereum Blockchain |
| USDT | Tether | Stablecoin | Price stability, pegged to USD | Ethereum, TRON, others |
| BNB | Binance Coin | Exchange Token | Transaction fees, staking, DeFi | Binance Chain |
| SHIB | Shiba Inu | Meme Coin | Community-driven, decentralized finance | Ethereum Blockchain |
| XRP | XRP | Payment Network | Fast cross-border payments | XRP Ledger |
| ADA | Cardano | Smart Contract Platform | Decentralized applications, smart contracts | Cardano Blockchain |
| DOT | Polkadot | Interoperability | Cross-chain transfers and compatibility | Polkadot Blockchain |
| SOL | Solana | Smart Contract Platform | High-speed transactions, DeFi | Solana Blockchain |
| DOGE | Dogecoin | Meme Coin | Online tipping, microtransactions | Dogecoin Blockchain |
Trading Fees on BitMart
BitMart has a sophisticated fee structure when it comes to trading and withdrawal functionalities.
They employ the Maker/Taker fee model, whereby the taker fulfills existing orders in the order book, whilst the maker sets an order that is subsequently filled.
The platform classifies users and differentiates fees for regular and professional users, thus offering differentiated rates based on user category.
Deposit & withdrawal fees
BitMart charges no fees for deposits, however, the cost to withdraw varies according to the currency and is adjusted periodically to accommodate the network cost of the blockchain.
Users who trade and pay the fees in BMX coins receive a 25% discount. Furthermore, payments through Simplex are subject to a fee of 5% or $10, whichever is higher.
Futures Trading Fees
How to Start Trading on BitMart
Sign Up
Go to the BitMart website or download their mobile app to create an account. Provide your email address and set a secure password.
Verify Your Account
You will need to verify your account by completing the KYC (Know Your Customer) process using identification documents.
Settle Funds
Settle funds on your account by transferring cryptocurrency or fiat using preferred payment options such as bank or credit cards.
Select a Trading Pair
Go to the trading section, select a trading pair like BTC/USDT, and then check the available options.
Place an Order
Choose the order type, which can either be market or limit, add the amount you want to trade and for what price. To execute the order, you will need to confirm it.
Track Your Trades
Use BitMart’s dashboard to track your trades and portfolio and make adjustments to your strategies.
Withdraw Funds
When you are ready to withdraw assets, just enter the address of the recipient and confirm the withdrawal request.
Who Are the BitMart Founders?
Sheldon Xia is the Founder and CEO of BitMart. He studied at Stevens Institute of Technology focusing on Computer Science.
Xia has a niche in the Financial Software sector. Prior to BitMart, he launched The SVIEF and Women4Blockchain projects.
BitMart Services and Features
Spot trading
Ability to trade one of the over 1,400 available cryptocurrencies and multiple trading pairs.
Futures trading
Ability to trade crypto derivatives on more than 100 futures pairs with a leverage of 100x.
Copy traders
Trade automatically by copying strategies made by other successful traders.
Earn options
Use accounts, staking, and dual investment options to increase cryptocurrency savings.
NFT Marketplace
The marketplace where the collection of premium NFTs can be discovered, bought, and traded.
API Services
Bundles of high-speed low latency API endpoints for the developers.
Institutional Accounts
Allowing sub-accounts, credit lines, and unbeatable fees for institutional users.
24/7 Support
Help from an assigned support team whenever you need assistance.
Security
Complex risk control systems, hybrid system of hot and cold wallets, and multi-signature technologies provide protection.
User-Friendly Interface
The platform enables ease of access and usability and supports various languages.
Here’s a table showing the supported countries and banned countries for BitMart :
| Supported Countries | Banned Countries |
|---|---|
| ✅ United States | ❌ Afghanistan |
| ✅ United Kingdom | ❌ North Korea |
| ✅ Canada | ❌ Iran |
| ✅ Australia | ❌ Syria |
| ✅ Japan | ❌ Cuba |
| ✅ Singapore | ❌ Crimea (Russia) |
| ✅ Germany | ❌ Sudan |
| ✅ South Korea | ❌ Venezuela |
| ✅ France | ❌ Somalia |
| ✅ Brazil | ❌ Yemen |
BitMart PROS & CONS
| Pros | Cons |
|---|---|
| ✅ Wide range of supported cryptocurrencies | ❌ High withdrawal fees for some coins |
| ✅ User-friendly interface and mobile app | ❌ Limited fiat deposit options |
| ✅ Competitive trading fees | ❌ Restricted access in certain countries |
| ✅ Staking and earning opportunities | ❌ Occasional liquidity issues on less popular pairs |
| ✅ 24/7 customer support | ❌ Limited advanced trading features for experts |
| ✅ Secure platform with 2FA and cold storage | ❌ BMX token benefits require holding the coin |
Is BitMart Secure?
BitMart is considered a safe platform because it has strong security protocols. For instance, user accounts are protected by two-factor authentication (2FA).
The exchange also claims to store the majority of its funds in cold wallets which further reduces the chances of any online attacks.
Moreover, BitMart employs various forms of encryption to safeguard user information as well as perform regular security audits to find weaknesses.
All these features help to provide a secure trading environment for users. Nonetheless, like any other exchange, users must exercise caution and adhere to good security practices.
BitMart Customer Support
To optimize user experience within the platform, BitMart offers customer support services. The exchange has provisions for assistance anytime through live chat and email, so users can reach out 24/7.
Problems and inquiries can be easily raised to the support team. BitMart tries to address concerns as quickly as possible which makes them well known for prompt response times and effective resolutions.
Moreover, users on the platform can gain help through and extensive help center containing FAQs and guides that will solve the issues without the need of direct assistance.
Conclusion
BitMart is a multi-functional and safe cryptocurrency exchange with various trading options like spot and futures trading, staking, and an NFT marketplace.
The platform is suited for both novice and experienced traders as it has competitive fees, a user-friendly interface, strong security features like 2FA and cold storage, and offers reliable trading.
Although there are some limitations like withdrawal fees and restricted access in certain countries, the platform’s customer support and multitude of features greatly enhance the user’s experience and make it a practical choice for a crypto enthusiast.
