In this BitMart Review, we will be looking into all of BitMart's features and assess whether or not BitMart is a safe and legit option.
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Background And History
Whether you are an individual or an institution, BitMart wants to help you buy, sell, and store your cryptocurrency. The team's vision is to make cryptocurrency available to everyone everywhere, they believe, the decentralized digital currency will reshape the global economy fundamentally, such financial freedom will bring further economic innovation, efficiency, and equality to the world. But it won’t happen unless simple, and secure products for individuals and institutions around the world to discover and interact with this new frontier are built.
BitMart's professional team members come from Amazon, Accenture, Tencent, Alibaba, and other top-tier tech firms. BitMart united together and built a more cost-efficient and user-friendly financial platform to involve every individual all over the world. The team has grown by leaps spanning the global mission to accelerate the world to a highly efficient global financial system.
BitMart believes trust should be the foundation of the financial system, and the core to the decentralized token economy. The team fully understands all the challenges that the cryptocurrency ecosystem is facing, hence they are committed to compliance, reliability, security, customer care, and delivering a seamless user experience to build trust.
As a global exchange platform, BitMart hopes the halo of digital assets can benefit every investor. It is BitMart's vision to provide an environment with smooth accessibility and a suitable entry barrier for every potential investor, making the digital assets significant.
No matter for entry-level traders or professional investors, BitMart provides several finely tailored services, including listing numerous top-grade digital assets for its clients to invest and succeed, providing an industrial developer platform for advanced traders, and customizing the best-fit assets management solution for institutions of all sizes.
Security is one of BitMart's top priorities. BitMart is devoted to improving users’ security continuously.
The BitMart security team is continually improving the end-to-end security measures, improving auditing processes, and reducing the 'attack surface' of its infrastructure.
With 2FA enabled, you will add an extra layer of protection to your account: a one-time code that can only be generated on your smartphone.
Withdrawal confirmation step
No single person can withdraw from a wallet without an email or phone confirmation code.
IP address detection and monitor
Every login’s IP address will be monitored and recorded by BitMart to secure users' accounts.
Advanced API key permissions
BitMart allows users to create API keys with advanced read/write permissions on a per-feature basis. Unleash the full power of the platform through its REST and WebSockets APIs.
Encrypted personal information
All personally identifiable information about users is encrypted and securely stored, including ID numbers, names, and identity document scans. Your passwords are also stored in hashed form. Nobody can access your account apart from you.
System & Asset Security
Protection against DDOS attacks
Automatic protection against distributed denial of service attacks to protect the user’s asset.
Automatic backup of the database
The system automatically backs up all the data in the database every few minutes.
SSL-secured (HTTPS) protection
All web services happen over SSL-secured.
Only less than 0.5% of BitMart's assets are stored in a hot wallet for daily operation in order to strengthen the protection of digital assets.
More than 99% of BitMart's funds are stored in offline cold wallets to prevent feature loss and funding from cold wallet requires multiple signatures from several high-level members.
All of BitMart's team members pass a background check and receive technical security training and adhere to the company's security policy.
Spot Fee Rebate
Default Fee: Maker 0.2500% / Taker 0.2500%.
If you use BMX to pay your transaction fees, a 25% discount on your trading fee will be applied.
Trading fees are determined based on trading volume over a 30-day period (in BTC) and BMX balance.
At 00:00 AM (UTC) every day, your trading volume over the past 30-day period and your current BMX balance are evaluated. Your Tier level and corresponding maker/taker fees are updated one hour later.
Deposit and Withdrawal Fees
Withdrawal: Withdrawal fees are regularly adjusted according to blockchain conditions.
Shooting Star is a combination of ordinary listing and IEO. By optimizing the terms and conditions of IEO, Shooting Star simplifies the listing procedure for high-quality blockchain projects and provides users with more favorable rules.
BitMart Lending is a financial product based on digital assets. Each project has its investment term and yield. The assets and interest will be unlocked and distributed into the user wallet on the redemption date.
With BitMart's Lending, you get multiple locking periods - 15D, 30D, 90D, 180D, 365D - to flexibly allocate your assets.
In order to participate, you just need to log in to BitMart's official website, click on the "Lending" link, select the coin you need to purchase according to your own situation, and click "Subscribe" to participate in the lock-in and generate interest.
BMX, or BitMart Token, is a cryptocurrency created by BitMart.
BMX runs natively on the Ethereum blockchain and follows the ERC20 token standard. The BMX token has been established with a total supply of 1 billion. BitMart plans to use 20% of its profits each quarter to buy back and burn BMX until 50% of the total BMX supply is burned.
Below are the various use cases of the BMX token.
Pay Trading fees
Receive a 25% discount on trading fees use BMX.
Vote for Listing
BMX holders can use BMX to vote for listing.
Lock BMX to list in Community Listing Market (Mission X)
Investors can lock BMX to list Tokens.
Gas for Public Blockchain
BMX will be used to be GAS in the future if BitMart releases BitMart's public blockchain for a decentralized exchange.
BitMart Pros & Cons
- A large number of crypto assets
- Unusual crypto assets
- Constantly lists new coins
- It's regulated and available in the U.S.
- 25% discount on fees when paying for them with BMX
- Many features such as lending, staking, and futures trading
- Customer support is a bit slow
- The interface could be better
- Not as popular as other exchanges
- It suffered a major hack in 2021
BitMart Review: Verdict
After our BitMart review, we found this to be one of the most promising crypto exchanges in the market.
If you are looking to trade recently released altcoins, there are not many exchanges better than BitMart.
BitMart has a lot of crypto assets to choose from, the team constantly lists new ones and it's not uncommon to have to choose BitMart if you're looking for a centralized exchange to trade the most talked about token of the moment.
Fortunately, BitMart is regulated and available in the United States, the exchange has offices in New York, Singapore, Hong Kong, and more!
BitMart also offers many features to its users such as futures trading, lending, and staking.
The BMX token seems to have a bright future ahead taking into consideration how many use cases it has.
On the downside, BitMart's customer support is a bit slow, the desktop and mobile interface is a bit clanky at times, and the exchange doesn't have a large fan base when compared to other alternatives.
The major hack suffered in 2021 is also a cause for concern, that being said, it is admirable how quickly the team took the blame for the incident and promptly fixed the problem.
If you would like to sign up for BitMart, you can do so by following the link below! Remember that you'll get 25% OFF trading fees if you use BMX to pay for those fees and you'll get up to 70% of your friend's trading fees when you invite them to use BitMart!