BitMart Review: Is It Safe?

BitMart, a global cryptocurrency exchange, allows individuals and institutions worldwide to trade, buy, and sell over 1000 cryptocurrencies.

BitMart provides advanced cryptocurrency spot and futures trading dashboards. BitMart also offers a simple buy/sell feature for beginners, as well as a variety of crypto-earning possibilities. This platform may be of interest to both novice and experienced traders. It was however the subject of a significant hack in 2021.

What is BitMart?

BitMart, a cryptocurrency exchange, was introduced in 2017. It is well-known as one of the most secure platforms for buying, selling, and trading crypto. It has a multi-layer, multi-cluster architecture that makes it stable and secure for all customers.

The exchange has seen a rapid rise in popularity since its launch and has attracted more than two million users worldwide. It has seen a significant increase in the number of services it provides and is now a one-stop place for all types of traders.

BitMart has its main headquarters in Cayman Islands. However, it also has offices throughout the world, including in the United States and South Korea. It is easily accessible in more than 180 countries, which is why it has high liquidity.

BitMart Features

2FA Security

BitMart uses two-factor authentication (2FA), to protect traders’ personal data and prevent unauthorized logins into their trading accounts. This feature is more important than any other BitMart features. We can see that BitMart has standard security features such as cold storage, two-factor authentication, and encrypted servers.

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MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Simple Phrasing

BitMart’s exchange uses simple terms that are easy to understand for both beginners and more experienced traders. This is a great resource for new and experienced traders looking to get into trading and cryptocurrency. It is easy to use across the globe.

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Crypto Staking

BitMart allows you to secure funds for up to 90 days and earn interest. Although it is only available for a small number of cryptocurrencies, it can be a great way to increase your holdings. BitMart Savings is a savings program that pays interest on various cryptocurrency. It is not available for U.S. investors.

NFT Marketplace

BitMart NFT offers a range of non-fungible tokens (NFTs) for purchase. It also has unique projects. There are still some issues with the site. For example, there is no search function and it doesn’t allow you to sort listings. It has potential and BitMart users interested in NFTs may find it useful.

BitMart Mobile App

BitMart’s trading platform is available for IOS and Android. This allows traders to enjoy the same user-friendly experience on their smartphones and tablets as it does on laptops and PCs. The Mobile app allows traders to trade in cryptocurrencies as any other exchange and keeps track of market performance. The BitMart app will stand out if we compare it to other apps.

BitMart Cryptocurrencies

BitMart’s huge selection of cryptocurrency is a highlight. BitMart offers more than 1,000 cryptocurrencies, which is a lot more than most other major exchanges. BitMart will allow you to trade almost all of the most important cryptos, including:

  • Bitcoin (BTC).
  • Ethereum (ETH).
  • BNB (BNB)
  • Cardano (ADA)
  • Solana (SOL)

BitMart has many smaller cryptocurrencies that you won’t find on other exchanges. You need to be more cautious about which tokens you invest in as many have dubious values. You could, for example, buy Baby Dogecoin (BABYDOGE), but I don’t recommend it. You’ll still have many options on this exchange if you are looking for them.

BitMart User Interface

BitMart’s interface is very simple, so spot trading will not be a problem for anyone new to crypto.

All available cryptocurrencies can be viewed on the left sidebar of the trading interface, separated by pairs. There are pairs available for USDT, BTC and ETH. You can then choose which one you prefer. It is recommended that you stick with USDT pairs if you are just starting out in crypto.

The order book can be viewed on the right-hand side of your screen. You can also place orders by using the order types located in the middle.

BitMart can be used on both Android and iOS. You can do all the same tasks as the web browser.

Security

BitMart’s security is not perfect right now. A major hack occurred, but it was quite recent. BitMart claimed it would pay victims full compensation, but it isn’t clear if they actually followed through.

BitMart isn’t the only exchange that has been hacked. It almost certainly improved its security infrastructure to respond. It doesn’t provide security information, which is even more alarming.

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Many cryptocurrency exchanges have their own web pages that provide detailed information about their security features. BitMart’s website has very little information, other than a brief blurb that describes how it uses hybrid hot/cold crypto wallet systems and multisignature technologies. It’s a good start, but BitMart could be more detailed, especially considering its poor reputation.

Transferring the crypto you purchase to your crypto wallet is a great way to lower your risk when trading crypto. You will have it in your hands, so you won’t be at risk of the exchange being hacked. If you are concerned about your crypto’s safety, this could be an option.

Opening a BitMart account

You will need to provide your email address, phone number, and password in order to open a trading account at BitMart.

You will need to verify your identity before you can start trading. BitMart offers two levels for verification: Level 1 Starter or Level 2 Advanced. Level 1 Starter is sufficient to buy, sell, and withdraw small amounts. You will only need to give some personal information for this tier.

You will need to obtain the Level 2 Advanced Tier to gain full access to the exchange’s features, as well as the ability to trade in greater amounts. This requires you to share a government-issued photo ID and facial verification.

A more thorough onboarding process is required for companies looking to open an institution trading account.

Account Management

BitMart has accounts available for both individuals and institutions. BitMart also offers different account levels depending on the user’s trading volume over the past 30 days. This determines the trading fees that are charged for each trade.

BitMart’s online dashboard and mobile apps allow users to manage their accounts. Both are available for Android or iOS. BitMart accounts are mostly self-serve but the exchange offers multiple support options for those who require assistance.

BitMart Services

Lending

BitMart Lending provides passive income to people looking for additional income through cryptocurrency lending options. BitMart Lending is perceived as a lending platform. It offers virtual money and crypto-backed loans with their cryptocurrency investing terms and yields. However, it is different from other lending options. Participation in these projects requires that you subscribe. The token you choose will be locked. Participants will receive the tokens they deposited at the time of subscription as well as the interest earned to their BitMart accounts when the term ends.

At the time of writing, the annual accrued interest rate can range between 5% to 120%. You can also earn rewards and interest with BitMart token. These loans are crypto-based.

Spot Trading

Spot trading is an option for regular trading. Spot trading is a feature that many crypto exchanges offer to allow traders to trade high-quality blockchain-powered digital assets. This is BitMart’s most popular feature.

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Referrals

Refer a friend to BitMart and you will receive a referral reward. Referring a new trader earns you a 30% bonus. Many people are now interested in cryptocurrency trading. It is a popular feature at BitMart.

Customer Feedback

Customers who believed their funds were safe with BitMart’s Cayman Islands-based exchange in December 2021 were upset by the BitMart hack. BitMart’s Trustpilot rating of 3.5 stars from more than 1,600 reviewers is not high enough. The top complaints include poor support and inability to withdraw funds.

BitMart Trading Fees

BitMart’s fee structure is based upon a Maker/Taker model. Both the taker and maker will be charged 0.25%. The trading fee calculation is based on trading volume over 30 trading days (for trade Bitcoin), account level, and BMX balance.

There is no transaction fee for depositing funds to your BitMart account. Withdrawals have different fees depending on the coin. These fees are adjusted regularly according to the network fees of their respective blockchains.

Regulars

No matter if you are a taker or maker, the trading fee for ordinary users equals 0.25%. You can get a 25% discount if your fee is paid through BMX.

Professionals

Professional traders who trade large volumes of trading volume can get lower fees and can earn additional discounts up to 35% through BMX.

Pros and Cons

Pros Cons
It supports a wide range of cryptocurrencies In 2021, a large-scale hack will be possible
Cryptocurrency can be earned by users Customer reviews are negative
NFT market
Offering a simple buy/sell option in crypto

What are BMX Tokens?

BMX is BitMart’s native token. Our BitMart review shows that the BMX token is based upon the ERC-20 utility token, which was first issued in December 2017 as BMC. The name of the token was changed to BMX in January 2018 with a total volume amounting to 1,000,000,000.

30% of total token volume goes to specific participants. 30% is reserved for the founding team. The company has allocated 20% to community rewards; investors and early bird get 10% and 10% respectively.

This token gives its owners a discount and can be used to vote for your coin and participate in the Mission X2 campaign. These tokens can be used to receive high-interest benefits.

Conclusion

BitMart, a global cryptocurrency exchange, allows both novice and experienced traders to trade a wide range of digital assets. It also provides a variety of yield generation opportunities to crypto holders, and early access tokens issued through its token launchpad.

The December 2021 hack at the exchange was a serious problem. Hackers stole nearly $200 million worth of funds from customer wallets. Numerous reports have been made about the possibility of assets being withdrawn, which could discourage new users from signing-up.

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