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Bitmart Review: How Secure & User-Friendly Is This Crypto Exchange?
Rating: 80%
Join Bitmart Now!
Get Welcome & Futures Trading Bonus Up To $3,000
Spot Fees:
Taker
0.1% - 0.045%
Maker
0.1% - 0.04%
Future Fees:
Taker
0.06%
Maker
0.02%
Deposit Methods:
Wire
Credit
Crypto
Is It Safe?
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Table of Contents
There are a lot of crypto trading platforms, each with unique features tailored to different trader levels and trading scenarios. But the more crypto platforms there are, the more options we have, and one of them is Bitmart.
Today you will get a Bitmart crypto trading review, where all the Bitmart fees and features explained and you can choose how well it suits your trading experience.
Bitmart Overview
Bitmart exchange is a crypto trading platform launched in 2017 and registered in the Cayman Islands, also with offices in China, South Korea, and the United States.
The most important questions for many users: does Bitmart operate in the US? Particularly, yes. Users from the US registered in previous years can trade on Bitmart, but talking about registering new ones is not so welcoming and some features like BitMart Earn are not available for all of them.
Anyway, it serves ~9 million users in over 180 countries. Bitmart trading pairs and liquidity seems fine, with a $2.5B 24H trading volume, 1,402 pairs on Spot, and $37.2B 24H and 352 pairs on Futures, taking 23rd place in the Coingecko rating.
Also, talking about Bitmart vs other exchanges – it is worth mentioning that they have their own BMX token, with which users can get additional benefits inside the platform, and trade it as any other crypto, similar to what you can see on MEXC.
Among other features, you will find a complete trading setup such as Bitmart Buy & Sell Crypto, Spot, Futures, and Copy trading, Staking, NFTs, and a variety of Promos.
Bitmart Registration and KYC Procedures
Bitmart requires KYC, but you will probably find it familiar to other exchanges.
First, you need to register on Bitmart via your email or mobile number and provide verification code, then you have a fresh new Bitmart account.
After that, go to Account and you will see Level 0 right after registration. Tap on Details and you will reach the Identity Verification page. You need to proceed to Level 1 first by providing your First and Last name with other personal information. It will increase your daily withdrawal limits to 0.5 BTC and enable Deposit, Buy/Sell Crypto, Spot trading, Futures trading, and NFT market features.
After that, you can get Level 2 verification by providing your identity documents according to the instructions. It will take some time, but if verification is successful, you will receive a notification and get access to all Bitmart features such as 100 BTC daily withdrawal limit, Margin trading, Earning, Launchpad, and Voting List features in addition to previous ones.
Bitmart User Interface and Design
All that you get in a convenient design, familiar to all who use popular crypto platforms such as Binance, Bybit, etc., but even more light, clear and modern.
In the Navigation Bar, you will find the main Bitmart features, while the top right corner allows you to go to your Account with all its features, Download the Bitmart mobile app, and Change the language.
Scrolling the Hope page upside down you will find plenty of actual market data, top coins, and upcoming events and promotions.
And on the Homepage Button, you can explore all the website sections, not only with trading features, but the Contacts, Support, Guides, etc.
Bitmart Main Features
Among Bitmart you will find standard, but well-made trading features that cover every trader’s needs.
Bitmart Markets
Here you can get actual data about the markets and assets. You can see different tops according to various criteria, and apply various filters to get the data you need to be updated or develop your trading strategy.
Bitmart Buy/Sell Crypto
Here you can find the fast and easy way to buy crypto by actual market price, similar to other platforms that provide such a feature, without going to the Spot trading menu. It provides two options for that – P2P trading and Third-Party Payment using Google Pay/Apple Pay/Credit/Debit Cards.
Bitmart Spot & Margin Trading
Now we move to how to use Bitmart for crypto trading, and that is our first step.
Bitmart Spot trading feature works the same as on other platforms, where you can see the graph and use different tools to mark it. On the right side, you can find the actual trades and list of the cryptocurrency, and the section to enter the amount of crypto you want to Buy or Sell and choose the order types such as Market, Limit, and Trigger.
Close to Spot Trading, you can find the Margin Trading tab, choosing which you will find the fields to enter cryptocurrency and amount on the right side with the leverage option. At the moment, Bitmart offers only a 5x leverage and isolated margin.
Bitmart Futures Trading
Going to Futures trading, Bitmart offers you standard USDT-M and Coin-M features, and Market, Limit, and Trigger order types, but cross or isolated margin and leverage up to 100x. The interface is similar to other future trading platforms and Bitmart Margin trading.
Remember, while trading with leverage can bring more profits, it also includes more risks. This feature is recommended for experienced traders, who are highly sure of their strategy or able to cover the losses.
Bitmart Copy Trading
For users who don’t want to build their own strategies, but to be encouraged in sophisticated trading – Bitmart offers a Copy trading feature. There you can choose among top performing traders and their strategies, filter them by different categories, and put some amount of your in it.
But again, remember that a successful strategy does not guarantee profit. All of them are made by people who can make mistakes in their analysis time by time and can’t always be perfect.
Bitmart NFT Market
Besides the cryptocurrencies, Bitmart provides an NFT market, where you can observe, buy, and sell more or less popular ones to get a profit or just build your collection.
Bitmart Earning
Bitmart provides more than just Staking to help you build passive income. It also includes such features as Savings, Dual investment, VIP wealth management, and ETH 2.0 staking.
Bitmart Launchpad
This feature enables you to participate in exclusive listings and other projects in its early stages in the most favorable conditions.
Remember, not all projects will reach desirable results, so before choosing them you need to comprehensively analyze each, including its stakeholders, technology, and other fundamental things, and accept some degree of the risks.
Bitmart API
This feature is more valuable for developers than for traders, but it is definitely worth mentioning. Bitmart provides its API, that enables High-speed and low-latency API endpoints with Websocket subscriptions.
That means that developers can build apps that are connected to Bitmart, but provide additional features or different interfaces for trading. Or it enables experienced traders to connect their trading bots for high-frequency and automated trading.
Bitmart VIP Program
One more interesting feature is that Bitmart provides a special VIP program for institutional investors. It includes BitMart VIP Portal and OTC Trading, with additional support, rewards, and a favorable fee structure.
Bitmart Mobile App
Bitmart provides its mobile app, enabling full trading capabilities right in your pocket. It includes all the features listed above, but a few additional ones, such as scanning QR codes with the withdrawal platform addresses instead of copy-pasting it manually. The only difference is the interface because of the smartphone’s smaller screen, so all the elements are designed in a more compact and simple way.
But remember, that you always need to download the official Bitmart app from the official Bitmart website using QR or the button in the top right corner. Even in AppStore and Google Play, there is still the chance to get a fake Bitmart app that will look the same but is designed only to steal your credentials after installation and login.
Bitmart Deposit and Withdrawal Options
Bitmart Deposit and Withdrawal options are designed in a simple and straight way, familiar to all crypto users.
Bitmart Fiat Deposit and Withdrawal
The simplest and fastest way to deposit crypto, especially if you would like to use fiat and bank cards for it – is the Buy/Sell Crypto feature. Click on it on the top and choose Third-Party Payment. Then you need to choose the desired currency and cryptocurrency, enter the amount, and click Buy. After that, choose payment methods such as Google Pay/Apple Pay/Credit/Debit Cards, enter your payment information, and confirm transactions following the instructions of your payment provider.
Absolutely the same process you need to follow to withdraw your crypto. Just choose Sell, enter Currency, Cryptocurrency, Amount, payment information and confirm the transaction. For security measures, this process requires additional verification using your 2FA method.
Remember, always double-check correctness of the withdrawal addresses to not lose your funds.
Bitmart Crypto Deposit and Withdrawal
Of course, you have a crypto deposit and withdrawal feature, and if you’re not doing it the first time – you will not find anything unexpected here.
Tap the Account and choose the Deposit. Then select cryptocurrency, network and Bitmart will generate your unique address. Copy and paste it, or scan its QR if you do so from mobile and follow the instructions of your withdrawal platform. When the transaction proceeds, you will get the notification that your Funding balance has increased.
Remember, depositing crypto always double-checks not only the address but also the network. The address with the same characters but in two different networks – is not the same address. Address AND network must be the same in the deposit and withdrawal platform, otherwise your funds can be lost.
To withdraw your crypto from Bitmart to another platform choose Withdrawal, select the cryptocurrency, its amount, and choose the network, and paste the address of the withdrawal platform. Again, for security considerations, you need to pass 2FA and after that wait for notification from your withdrawal platform.
Bitmart Fees and Costs
Talking about Bitmart fees, it can be highly beneficial moving toward account levels and depending on BMX holdings. Numbers you can check here, and we recommend you monitor and always be updated with this.
Among general points that Bitmart highlights are:
- Every day at UTC 00:00 AM, the system will update the user's fee level and take effect two hours later.
- All users are allowed to use BMX deduction and get a 25% discount.
- Assets statistics do not include contracts & loans.
Spot Trading Fee = LV1 Maker/Taker 0.1% / 0.1% – LV12 Maker/Taker 0.0400% / 0.0450%
Futures Trading Fee = LV1 – LV12 Maker/Taker 0.02% / 0.06%
Margin fees are different for each currency, while VIP users have their own fee structure.
Bitmart Security and Safety
If you are wondering if Bitmart is a safe exchange, especially considering the security incident that happened in December 2021 – the answer is still yes. After that incident, Bitmart implemented additional security measures, advanced risk control systems, and claims that keep most of the funds in cold wallets.
Additionally, they provide a variety of MFA options and insist customers implement them to proceed with their transactions.
Moving from security to safety, Bitmart implements mandatory KYC and complies with the AML to ensure its operations are legit and customers are protected.
Bitmart Customer Support
Bitmart provides a few convenient options to get help in various scenarios. For the short and simple questions you have live chat that you will find during the all Homepage. For the more complex issues, you have full-fledged customer support with tickets where you can provide details and attach the files. Meanwhile VIP users have additional customer support lines for more quick response.
It’s worth mentioning that customers are not always happy with that and sometimes you can find complaints about it on third-party platforms such as Trustpilot. They say that their issues are not always resolved quickly and properly.
Bitmart Conclusion
Summarizing Bitmart user experience, we can say that this crypto platform holds a good balance between features, advancements, and simplicity. Is Bitmart platform for beginners? Yes. Is Bitmart platform for professionals? Yes, again.
They actively work on developing advanced features, making it a good choice even for institutional investors, also providing opportunities for independent developers, and keeping it simple and clear for each party.
Does it have some place for improvement? Of course, yes. Users on some third-party platforms sometimes complain about customer support, while users from the US can’t get all the features of this exchange. Fees are quite competitive but aren’t as low as some other crypto exchanges.
Frequently Asked Questions
Yes, it is feature-rich, but simple and clear in usage.
Bitmart claims that they did a good job after December 2021, adding advanced security controls and keeping assets on the cold wallets mostly.
Meanwhile Bitmart serves US users, they don’t have access to some platform features.
Yes, KYC is mandatory on Bitmart.
Simple design, opportunities for institutional investors and independent developers.
4.0
- Simple and clear design
- Good for beginners and pros
- Opportunities for institutional investors
- Opportunities for independent investors
- Not the lowest fees on the market
- Customer support isn’t perfect
- Had a security incident
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