BitMart Review: Is It the Right Crypto Trading Platform for You?
- Wide array of digital assets
- Suited both for beginners and advanced traders
- The platform was recently hacked.
Crypto trading platform BitMart enables users to trade and store more than 1,000 cryptocurrencies.
Its CEO is Sheldon Xia, and it was launched in 2017. It is also supported in over 180 countries and has 9 million users.
The platform was hacked in December 2021, the cost of which resulted in approximately $200 million in stolen funds. The company said at the time that it would use its own funds to compensate users affected by the hack, a move lauded in the industry.
The company is also backed by the private equity firm Alexander Capital Ventures, which Bitmart notes has also invested in Kraken, Spotify, Uber and Airbnb. Another backer is the venture capital firm Fenbushi Capital, which has supported more than 60 projects that involve blockchain technology.
Also, as of June 16, 2022, BitMart’s NFT marketplace is live, allowing users to start collecting and trading on the platform.
Key Features of BitMart
Here’s a look at some of the features you should consider to help you decide whether Bitmart is the right crypto trading platform for you.
BitMart offers a wide array of digital assets, with more than 1,000 being supported by the platform. Here are a few:
- Binance Coin (BNB)
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Shiba Inu (SHIB)
- Solana (SOL)
- Stellar (XLM)
- Tether (USDT)
In addition, BitMart offers its native token, BMX, or BitMart Token, which runs on the Ethereum blockchain. There is a total capped supply of one billion BMX tokens. BitMart says it intends to use 20% of its quarterly profits to buy back and burn the tokens.
BitMart allows you to purchase cryptos safely and quickly in just a few short steps, using your debit or credit card or other payment methods, such as Apple Pay. You can also use third-party platforms, including Simplex, MoonPay and Legend Trading. BitMart also has a mobile app, which is available via the App Store and Google Play, so users can make trades on the go.
BitMart has a simple trading feature, which is ideal for beginners. It also features more advanced dashboards for spot and futures trading and real-time data, which are more appropriate for experienced traders.
BitMart offers a “standard” way to trade, which has a simple and easy-to-use interface; an “advanced” interface, which features all the trading tools; and margin trading, which enables users to increase their earnings with leverage.
Deposits are free, while BitMart notes that it regularly adjusts its withdrawal fees based on blockchain conditions.
BitMart charges trading fees based on a maker-taker fee model. The platform offers discounts for both high-volume traders and users who hold the native BitMart (BMX) token.
Without this discount, so-called standard users pay taker and maker fees that start at 0.25%. Professional users, however, have lower fees, which start at 0.06% for takers and 0.04% for makers, according to BitMart’s trading fee breakdown.
BitMart has an “advanced risk control system in the market” as well as “hybrid hot/cold wallet systems and multi-signature technologies,” according to its website.
It also enhanced its security measures since the hack in several ways, including by assigning new deposit addresses. In other words, “to shut off any potential remaining vulnerabilities related to hot wallets,” it “replaced all token deposit addresses including BTC, ETH, and SOL,” the company said in a Dec. 31, 2021, Medium article. It added that “users were encouraged to log in to their accounts and verify their new deposit addresses before initiating any new deposits to BitMart,” according to the article.
Additionally, BitMart took the step of bringing “deep integrations with the Google Identity system online for full-scale Single-Sign-On authentication.” It also “introduced an enhanced security and risk control system” by “using big data and machine-learning to detect any abnormal behaviors in real-time to ensure the security of users’ accounts and assets completely,” the company said in the Medium article.
One of BitMart’s strongest assets is the variety of coins and tokens it supports, as well as its newly released NFT marketplace. Still, the Dec. 2021 hack left a mark on its reputation, despite BitMart addressing the issue in a straightforward and transparent manner. The fact that the platform also said it would use its own funds to repay customers mitigated the negative reputational effects, however.
Another drawback is that there have been several complaints, including on Trustpilot, about customers having withdrawal issues.
Editorial Note: This content is not provided by BitMart. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by BitMart.