BitMart Review: A Crypto Exchange To Use In 2020

In the cryptosphere, there are around 260 exchange platforms at the moment (tracked on coinmarketcap), where you can trade and invest in cryptos.

But, only a few exchanges can be trusted and can be banked on that meets the needs of the evolving crypto trading environment. And, one exchange that has undoubtedly caught everyone’s attention is the BitMart exchange. 

BitMart launched its services in March 2018 and built by an international team of experts who have well-exceeded everyone’s expectations in a very short period. In coinmarketcap.com, it is ranked 28th in terms of liquidity and 31st in terms of adjusted volume.

Therefore, this exchange can hardly be ignored. Read this detailed BitMart exchange review.

BitMart Review & Overview

BitMart is a global digital asset exchange platform designed for both individuals and institutions. The exchange is founded in November 2017 by a US-based crypto enthusiast Sheldon Xia and is registered in the Cayman Islands with offices globally.

It is also registered with the US regulators as a Money Service Business (MSB) and is supervised by the Financial Crimes Enforcement Network (FinCEN). Currently, the exchange offers spot trading, OTC trading, futures contract trading, decentralized trading, and whole network trading. 

One feature that sets it apart from most of the exchanges is the ability to offer fiat purchases via debit and credit cards. Additionally, it provides its services to users in over 180 countries, including the US and the UK. And, to date, it has served close to a million customers worldwide. 

Its native token is BMX or BitMart token and is used to pay for the services in the BitMart platform. In the later part of this article, we will discuss in detail about the BMX coin.

Supported cryptocurrencies

The BitMart platform currently lists around 130 cryptocurrencies, including all the major ones and supports over 230 trading pairs. The cryptocurrency trading pairs are divided into five markets BTC, ETH, USDT, BMX, and ALTS, which you can select as per your preferences.

Trading in BitMart

BitMart offers an extensive trading experience to its users, meeting all kinds of trading needs for both individuals and institutions.

Apart from offering spot, OTC and futures market, the BitMart platform connects with some of the major crypto trading platforms around the world, enabling borderless transactions. This system allows transactions to be executed across multiple platforms within a single click.

The trading platform is well laid out, and users experience a superior trading experience on the platform. While trading, you can easily select the market category and trading pair, upon which the page automatically gets updated with the pair’s price, important trade data like volume, high-low, order book, etc.

The exchange page also hosts historical price charts from Tradingview with all advanced indicators. You get all the crucial data at hand to make a successful trade. 

BitMart allows you to trade on the go by using its mobile app, which is available for both Android and iOS.

BitMart Fees

The deposits made are completely free, while withdrawal fees differ from coin to coin and are also adjusted according to the blockchain condition. 

The general fee for the maker is 0.100%, and the taker is 0.200%. If using BMX coin to pay for your trading fees, then you will be entitled to a 25% discount. The trading fee is also dependent on the trading volume over the past 30 days and BMX balance.

You can check the trading fee under different levels and minimum withdrawal amount and fee by visiting this link.

BMX coin

BitMart is following the successful model of Binance, where its native BNB coin powers its whole ecosystem. The BMX coin runs of Ethereum blockchain and follows the ERC-20 token standard.

It has a total supply of 1 billion, with 30% tokens allocated to the public, another 30% to the founding team. Early adopters will get 10% of the tokens, another 20% is earmarked for meeting community expenses, and the rest 10% will go to whitelisted investors.

BitMart plans to utilize 20% of its profits for buying back the token and burn them until the total BMX supply is halved. In the future, the BMX tokens will be used to be the GAS, if it releases the public blockchain for a decentralized exchange.

The benefits of holding BMX tokens are:

  • Receive a 25% discount on trading fee using BMX
  • BMX holder can vote for listings

Registration

Registration is super easy and quick. Sign-up using your email id and then confirm your email address through the code you have received in your email.

Following successful verification, you can directly proceed to the exchange page and begin trading. 

There is no requirement for ID verification if the withdrawal amount is less than 2 BTC per day. But, if you want to withdraw more than this amount, you need to complete the account verification process that requires uploading documents such as identity cards, passport, driving license.

Once the process is completed, you can withdraw up to 100 BTC per day.

Payment methods

BitMart supports more than 300 payment methods to buy bitcoins with credit cards, bank transfers, cash deposits, wire transfer, PayPal, gift cards and other wallet services like Alipay, Apple Pay, WeChat, etc.

Other services

BitMart has also introduced staking and lending on its platform. For staking, it currently supports Dash, QTUM, ALGO, and ATOM.

The lending feature allows you to pledge your digital asset and generate interest over the locked-in period. The lending project is coin specific which has its own starting and ending time and interest is calculated within this period.

Customer service

BitMart can only be reached via email  support@bitmart.com and on its website, it mentions that it will get back within 3 days of dropping the mail. 

Apart from this, a detailed FAQ section is present on the site to help out with the trading and account opening processes.

Conclusion

BitMart is certainly one of the most versatile and user-friendly crypto trading platforms to operate in this space. And, has the potential to compete with the established crypto platforms.

Despite being a regulated platform in the US, it can provide verification-free BTC withdrawals up to a certain limit. It is a positive feature of this exchange and can attract many new customers. Other advantages of using this platform are competitive trading fees, a wide range of coin support, fiat support, and an intuitive trading interface.

However, limited customer support is undoubtedly one area to improve. But, the exchange looks very promising and is suitable for every type of traders.

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