BitMart Exchange Review
BitMart is a centralized exchange that occupies #43 on Guru InvestingExchange Tracker. BitMart has trading volume US$1,351,406,317 in the last 24 hours and US$443,544,844,631 in the last 7 days.
BitMart currently has 858 cryptocurrencies, 2 paper currencies and 1004 markets (cryptocurrency trading pairs). The most popular trading pair on BitMart: BTC/USDT.
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BitMart is a centralized cryptocurrency exchange (CEX). Based in the Cayman Islands, it offers spot and derivatives marketsand over-the-counter (OTC) and margin trading. Clients can also access services such as staking, API and NFT marketplace.
Cryptocurrency exchange BitMart KYC compliant clients are required to undergo an identity verification procedure. It can be accessed in more than 180 countries. Some services may be limited due to local regulations.
Markets
BitMart crypto exchange makes it easy crypto-crypto trading only. Fiat currencies are not quoted on markets. However, clients can trade using stablecoins such as Tether (USDT). In total, there are over 700 BitMart trading pairs available and over 650 assets represented.
The BitMart blockchain ecosystem hosts its own token, BMX. Customers who have BMX on their accounts may be eligible for special offers and discounts. Rewards are determined by the value of the BitMart cryptocurrency and the number of tokens available.
BitMart spot market is the main service offered by the platform. In addition to popular cryptocurrencies and stablecoins, clients can also access NFTs, the metaverse and play-to-earn markets. Margin trading allows clients to trade with leverage up to 5x. Users who process large-scale transactions can access over-the-counter (OTC) trading.
The derivatives market offers two types of perpetual futures contracts:
- USDT-M
- Coin-M
BitMart cryptocurrency exchange also supports quarterly futures with leverage up to 50x. Trading conditions are adjusted accordingly for individual and commercial clients.
All BitMart trading pairs belong to one of two groups – Class A and Class B pairs. A group of trading pairs determines what commissions traders must pay on the spot market. The groups do not influence BitMart’s cryptocurrency fees on the futures markets.
BitMart exchange fees are tiered and follow a producer-buyer model. There are two separate groups of levels for individual and commercial traders. Standard users pay on a 9-level system, and the betting levels for professional traders are PRO1–PRO6.
The level is determined by the user’s BMX balance. BitMart’s required 30-day trading volume is up to 150 BTC. All volume values are expressed in BTC. Maker/Taker fees for standard users start at 0.20% for Class A pairs and 0.40% for Class B pairs.
For professional traders, commission levels are based solely on BitMart’s 30-day volume and require a minimum of 150 BTC. In PRO1, maker-buyer fees start at 0.040% and 0.060% respectively for grade A parts, or 0.060% and 0.10% for grade B pairs. If volume exceeds 5,000 BTC, a maker discount of up to 0.01% applies.
Commissions for futures on the BitMart crypto exchange are fixed. This means the maker-taker rate is 0.020% and 0.060% respectively, regardless of trade class pairing, BMX proficiency level, or individual/commercial trader status.
While depositing is free in most cases, some fees may apply to certain deflationary assets. There is no fixed cryptocurrency fee for BitMart withdrawals, as the rate is adjusted based on blockchain conditions and network performance. Criteria such as minimum withdrawal amount may vary depending on the token.
other services
In addition to the BitMart crypto exchange, customers can also access other financial services. BitMart Earn money This is a savings and betting program. Clients can allocate their assets using flexible and fixed contracts and receive various rewards in return.
BitMart NFT this is the market for non-fungible tokens. It offers lists of individual tokens and collections that users can mint, buy, sell or hold. Customers who want to access the NFT market and receive additional membership benefits must comply with Level 2 KYC requirements.
BitMart Launchpad is a platform for new and promising blockchain projects. Users can browse the project directory and select which tokens they want to support. In return, investors may be eligible for rewards such as token airdrops and special sales.
Developers can access BitMart API Toolkit. This feature provides real-time market data, spot and margin trading integration, and other open-source DeFi tools. API users can also join the VIP program to receive trader discounts and other benefits.
About company
The BitMart cryptocurrency was launched in March 2018 by the company Sheldon Xia. Although the company is registered in the Cayman Islands, its offices can also be found in Hong Kong, New York and Seoul. BitMart complies with US cryptocurrency regulations.
In 2019, the team launched BitMart Labsa project whose goal is to provide educational content on blockchain technology, cryptocurrencies and DeFi.
In early December 2021, Bitmart became the victim of a malicious attack. According to company reports, the value of the stolen Bitmart cryptocurrency was approximately $150 million. Security experts estimate that the stolen funds are worth $200 million. Bitmart announced that all affected customers will be refunded.
Following the hack, it was stated that BitMart would strengthen its network security to prevent further data leaks. Despite the network compromise, that year Bitmart 24-hour volume peaks at $4 billion.
At the end of 2021, the company announced that it had surpassed 9 million registered users. BitMart’s price for its own token also reached a then-record high of $0.495.
In 2022, it was announced that the BitMart NFT Marketplace would launch in the near future. According to the company, users who purchase NFTs may be eligible to participate in the NFT-based membership program to receive VIP privileges and other incentives on the BitMart crypto exchange.
Sheldon Xia is the CEO of Bitmart. He received a degree in computer science from Hangzhou Dianzi University. In addition to BitMart, Xia is also a founding partner of Cipholio Ventures, a DeFi and blockchain analysis firm.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
