BitMart is a powerful, Cayman Islands-based trading platform that’s working hard to ensure its spot among the greats of the industry. Currently ranked 19th on CoinMarketCap, it delivers a wide array of trading services for digital assets, including spot trading, OTC trading, and futures contract trading.
One of the platform’s main missions is to connect major trading platforms worldwide and make borderless transactions a reality for as many people as possible. The exchange is accessible on all major platforms. On mobile devices, users can make use of the platform’s official apps for iOS and Android. The platform can also be accessed on desktop platforms such as Windows, Linux, and macOS via most modern browsers.
One of the platform’s main selling points is represented by the numerous trading pairs available. Some of its most popular trading pairs are those that involve BTC, ETH, and USDT, namely BTC/USDT, ETH/BTC, and ETH/USDT. A full list of BitMart’s active markets can be found on the dedicated section on CoinMarketCap. As cryptocurrencies become even more popular, BitMart will most probably expand its services and trading pairs in the future.
In general, BitMart charges a 0,05% fee for trading, while deposits of any nature are free. The platform has an interesting fee system for withdrawals. The fees in question vary based on the select cryptocurrency and the minimum withdrawal amount. For example, for BTC, the minimum withdrawal amount if 0,005 and the associated fee is 0,0005. ETH has a minimum limit per withdrawal of 0,015 ETH with a 0,01 fee. A complete list of the BitMart fees can be found on the platform’s website.
By creating an account on BitMart, anyone who wants to withdraw the equivalent of 2 BTC (or more) per day has to undergo the verification process. The maximum withdrawal limit is of 100 BTC per day, but only in the case of verified accounts. The account verifications on BitMart involves users having to upload copies of their documents such as ID, driving license (if they have one), and passport.
The platform does not provide its users with the possibility of trading fiat or depositing fiat on their accounts. However, BitMart does allow its users to buy cryptocurrencies with credit or debit card. It’s worth mentioning that both Visa and Mastercard are accepted.
As mentioned before, in order to start trading on BitMart, users need to create an account. The registration process is straightforward, and it involves users having to enter a valid email address and confirming the provided email via a received code.
The Exchange section of BItMart is the place where all traders will spend most of their time on the platform. The section is riddled with relevant information such as current pricing of various assets and the 24-hour (or more) changes. Users are also provided with data such as the opening, high, low, and closing prices. By hovering with the cursor over the charts, users are provided with the specific information and timeline for that specific point. The platform is customizable in the sense that it allows its traders to adjust the intervals on the chart like 5, 15, 30 minutes, or one, two, four hours, as well as one day or one week. Indicators can also be added to the chart.
The BMX Token
BitMart joins the rank of other popular crypto exchanges that have in-house tokens. In BitMart’s case, it’s the BMX token which is an ERC-20 token. Anyone holding BMX can benefit from discounts on the trading fees. There is a total volume of 1 billion BMX. From this total volume, 30% was allocated to the public, and 30% to the founding team. The rest of 40% is split as follows: early adopters receive 10% of the tokens, 20% of the tokens go to the community expenses, and 10% go to whitelisted investors. Half of all the tokens will be destroyed, as the platform will periodically buy back BMX.
Even though BitMart is fairly new to the crypto exchange market, it has the potential to become one of the best platforms of this type. The platform has followed Binance’s footsteps in regards to business model and created an official token which should increase in value over time. BitMart includes spot trading, OTC trading, and futures contract trading and has officially registered as a Money Service Business with US regulators.