BitMart Exchange Review | Fees, Security, Pros and Cons
Today, we will be reviewing the BitMart exchange and looking into its features, advantages, and disadvantages it has to provide.
BitMart is a crypto exchange that was established in 2017 by Sheldon Xia, a New Jersey-based enthusiast, and it is headquartered in the Cayman Islands, with branches in China, South Korea, and the United States.
BitMart created its investment token in January 2018, and then in March 2018, BitMart officially launched its spot trading service. In April, the company registered with U.S. regulators and as a Money Service Business (MSB), and it is overseen by the Financial Crimes Enforcement Network (FinCEN).
The platform supports crypto-to-crypto trading but also allows fiat purchases via debit/credit card.
The exchange has announced that they are planning on adding another service to their list by including OTC trading, futures contract trading, decentralized trading, and whole-network trading.
Supported Currencies and Available Countries
BitMart’s cryptos are divided into four markets BTC, ETH, BMX, and USDT. At the time of writing, the BMX market has the least trading pairs compared to the other three.
The services of Bitmart exchange can be accessed by residents of over 180 countries, including the US, South Korea, and most European countries.
Users from the following countries are restricted from using the service:
- Congo (Brazzaville);
- Congo (Kinshasa);
- Democratic People’s Republic of Korea;
- Ivory Coast;
- South Sudan;
Also, users from these US states are not able to use the platform’s services:
- Connecticut (CT);
- Georgia (GA);
- Hawaii (HI);
- New Mexico (NM);
- New York (NY);
- Washington (WA).
The exchange can be accessed via an internet browser, the H5 mobile program, as well as on Android, iOS, Mac OS, or PC.
User Interface and Experience
The trading view was designed to be simple and user-friendly. On the left side, the interface features the markets and volume. On the right, there are the order books for buying and selling crypto, and in the middle are the trading view charts.
When scrolling down the page at the bottom, you will see the open orders, order history, and trade history tabs.
The mobile trading app is comprehensive and allows you to perform all the tasks available on the web browser version. The apps have been reported to have great performance and an aesthetically pleasing design.
How to Get BitMart
- Go to BitMart exchange’s official site.
- Click on “Get Started” on the upper right part of the page.
- Select if you want to create your account by using your email address or phone number.
- Choose a password.
- Agree to the terms and conditions.
- Click “Register.”
- Wait to receive a confirmation email or SMS text.
- Re-enter password and code, and proceed with trading.
- Upload copies of ID, Passport, or Driving License to get your account verified.
How to Use BitMart Exchange
- Go to the exchange page on BitMart.
- Select your trading pair.
- Go to the form under the chart to place a limit order.
- Enter how much cryptocurrency you wish to choose to sell or buy.
- Complete order.
BitMart Exchange Fees
The BitMart exchange fee structure is based on a Maker/Taker model, with 0.100% charged for the maker and 0.200% for the taker. The trading fees are calculated based on the trading volume over a 30-day period (in BTC), account level, and BMX balance.
The withdrawal fees vary depending on the coin and are regularly adjusted according to their respective blockchain’s network fees.
Simplex fees are 5% per transaction or 10 USD, whichever is higher.
BMX is the native token of the BitMart exchange, and it is based on the ERC20 standard. The total supply was first 1 billion, but now it is down to 690,319,551 BMX.
BitMart intends on using 20% of its profits each quarter to buy back and burn BMX, until 50% of the total BMX supply is left. Users that use BMX in their trading receive a 50% discount.
Users are able to fund their accounts and make purchases using the supported cryptos or through fiat currency. VISA and MasterCard purchases are available through the company’s partnership with payment processing provider, Simplex.
Bank and wire transfers are also supported, but only for BTC and ETH. Paxful, WeChat, Alipay, PayPal, and Gift card purchases are only available for Bitcoin.
MoonPay, credit card, and Apple Pay are available only for BTC, ETH, BCH, LTC, EOS, and XRP purchases. Mimos, Alipay, and UniPAY are only available for USDT.
All fiat currencies are accepted through all payment methods.
Transaction times will vary depending on blockchain traffic and the method of payment selected.
All new accounts have a withdraw limit of 2 BTC per day, as they have not yet passed the verification process. For verified accounts, the withdrawal limit is set to 100 BTC per day.
The limits for Simplex transactions are:
- Minimum transaction is 50 USD;
- Daily limit is 20,000 USD per user;
- Monthly limit is 50,000 USD per user.
Mimos first transaction limits: $5 – $10,000.
According to BitMart exchange’s security page:
“Our security team is continually improving our end-to-end security measures, improving auditing processes, and reducing the ‘attack surface’ of our infrastructure. Please note that we cannot disclose too many details of the security measures implemented on the platform for security and proprietary reasons.”
The few security measures that they have disclosed will be discussed in this section of our review.
The exchange holds less than 0.5% of user assets in a hot wallet for daily trading operations and keeps the rest of 99% in offline cold wallets to prevent losses from external hacks. The cold wallet requires multiple signatures from a number of high-level members.
Accounts feature 2FA authentication, which serves as an additional layer of protection, as the users can only access the account if they have the code generated on their smartphone. All wallet withdrawals require the email or phone confirmation code.
Each time a user logs into his account, the IP address will be recorded and monitored by BitMart to secure users’ accounts.
Users that have developer skills are able to create API keys with advanced read/write permissions on a per-feature basis.
All of the users’ personal information is encrypted and securely stored, including ID numbers, names, and identity document scans, as well as account passwords are also stored in a hashed format.
The company also claims to have implemented:
- Protection against DDOS attacks;
- Automatic backup of the database;
- SSL-secured (https) protection.
BitMart exchange can be contacted via email ticket every hour of the day. The site also features a detailed FAQ section with most of the common questions about trading and account use.
BitMart Exchange Reputation
On Google Play, the app has a rating of 3.3 out of 5 from 249 reviews, and its iOS app has a rating of 4.7 from 22 reviews. The exchange has an excellent rating on TrustPilot from 61 reviews.
So far, we have not come across any major complaints regarding the platform’s services or support team.
BitMart Exchange Review: Verdict
BitMart is a regulated crypto exchange that also supports fiat currencies, which features a competitive fee range for its trading services.
BitMart Exchange Review: Pros and Cons
- Regulated to operate in the US;
- Supports a wide variety of coins;
- Offers discount fees;
- Competitive fees;
- Supports fiat purchases.
- Few user reviews online.