BitMart is a popular cryptocurrency exchange launched in 2017 that allows users to trade, buy, and sell various cryptocurrencies. With over 2 million users globally, BitMart offers a secure and easy-to-use platform for crypto trading. We will cover everything you need to know in this BitMart review.
BitMart Recent Developments
- BitMart offers crypto lending and borrowing services through its BitMart Lending product. Users can lend their idle digital assets to earn interest or borrow cryptos.
- BitMart has launched a decentralized exchange (DEX) built on the Arbitrum network called BitMart DEX. This allows decentralized trading directly from wallets.
BitMart Review of Pros and Cons
|Has suffered one security breach in 2021
|High liquidity with over $300M 24hr volume
|Limited customer support options – email only
|Competitive trading fees, with discounts available
|Does not offer advanced order types
|Wide selection of around 300 cryptocurrencies
|Offers staking rewards
|Secured with majority funds in cold storage
- Global ranking increased from #4,014 to #4,815 over the past 3 months
- Monthly website traffic decreased by 16.77% to 9.2 million visits
- Bounce rate is 36.09%
- Average pages per visit is 6.95
- Average visit duration is 4 minutes 15 seconds
- 74.1% of audience is male, 25.9% is female
- Largest audience age group is 25-34 years old at 30.33%
- Top visitor country is India, with 12.67% of the traffic
- Direct traffic accounts for 95.24% of total traffic
- Number of referring websites is 40, and the number of publishers is 25
BitMart has a competitive fee structure, charging 0.2% trading fees for market makers and takers. Users can get a 25% fee discount by paying fees in BMX tokens.
This is cheaper than Coinbase’s 0.5% fee but slightly higher than Binance’s 0.1% fee structure. Overall, BitMart’s fees are very reasonable compared to competitors.
BitMart suffered one security breach in December 2021 when threat actors stole around $200 million from the exchange’s hot wallets. However, user funds were compensated by the exchange through its own money.
Apart from the one incident, BitMart utilizes cold storage solutions to keep 99% of user funds secured offline. They also enable 2-factor authentication for login security. Hence, the platform can still be considered safe for trading.
BitMart Verification Process
BitMart has a straightforward account verification process that is quite fast. Users need to submit personal details like name, country, date of birth, and contact info.
For KYC verification, a photo ID proof and selfie are mandatory. The verification steps are simple and get approved fairly quickly in less than 48 hours.
BitMart Customer Service
BitMart only provides customer service through email tickets. Some users have complained of slow response times from the support team, with resolution taking more than 2-3 days in some cases.
So, while email support is available 24/7, the responsiveness is not very prompt. This is one area the exchange can improve.
BitMart User Experience
The BitMart exchange platform and mobile apps offer an intuitive user interface that is easy to navigate. Charting tools, order books, and transaction history are presented in a clean interface suitable for both beginner and professional traders.
Account management options, trading modules, listings data, and help resources are also easily accessible. Overall, BitMart offers a great user experience.
Available Tokens on BitMart
BitMart offers trading for around 300 top cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin and more. Newer altcoins and DeFi tokens are quickly listed on the exchange due to their rapid listing process.
The platform also has its own utility token called BitMart Token (BMX). Holding BMX provides trading fee discounts and other benefits like preferential listing for new token projects.
Regulatory Compliance and Legal Status
BitMart is registered with the Cayman Islands Monetary Authority (CIMA) as a Money Services Business. The exchange is also compliant with applicable US regulations and is registered with FinCEN (Financial Crimes Enforcement Network).
These legal registrations ensure BitMart operates safely under financial laws, protecting user funds. The exchange conducts regular audits and its order matching system is certified by CertiK to assure fair trading.
Liquidity and Volume
BitMart sees strong liquidity, with its 24-hour trading volume consistently above $300 million. This level of deep liquidity facilitates smooth order execution for trades.
The high volume is supported by the platform’s 2 million+ registered users and integration with over 280 global payment channels. Margin trading with leverage also amplifies the exchange’s liquidity position.
Staking and Lending Options
BitMart offers users options to earn passive income on holdings via staking and lending platforms. Supported assets can be staked on BitMart Earnings for annualized returns up to 15%.
Higher yields are available by lending tokens through BitMart Lending. Lenders can earn as high as 60% APY by lending assets to margin traders. Both options provide easy ways to earn HODLing tokens.
App and Web Experience
BitMart has both responsive web and mobile apps for trading on iOS and Android devices.
BitMart Web Experience
The BitMart exchange web interface provides a fast, intuitive, and informative experience. Market data, coin information, staking tools, order parameters, and transaction history can all be easily accessed. Both basic and advanced trading features are available.
BitMart App Experience
Similarly, BitMart’s mobile apps offer full account access and management on the go. The apps are high rated on both the App Store and Google Play Store, indicating a smooth user experience. Convenience features like price alerts and quick order options enhance trading mobility.
For intermediate and advanced traders seeking a feature-rich exchange, BitMart is definitely recommended. It has an extensive array of tradable altcoins, very reasonable fees, and an intuitive platform that keeps improving. Integrated staking and crypto lending also provide more opportunities to profit from the crypto economy.
While its customer support needs to be more responsive, BitMart remains one of the top exchanges used by millions for crypto trading and investments. Overall, both casual investors and high-volume traders can find value from the full-stack exchange services offered.
Some top alternatives to BitMart are:
|Lower trading fees, more coins listed, better liquidity
|Complex interface, not suitable for beginners
|Many altcoins, crypto loans, reasonable fees
|Lower volume than competitors
|Advanced trading tools, high yield savings
|Website can be unintuitive
Is BitMart beginner-friendly?
Yes, BitMart offers an intuitive and easy-to-use platform, making it suitable for beginners. Charting tools, trading modules, and data resources also cater to pros.
Does BitMart have an app?
BitMart offers mobile apps for Android and iOS allowing full account access, trading, alerts, and management on the go.
What is BitMart’s trading volume?
BitMart facilitates over $300 million daily trading volume across its 294 trading pairs. This deep liquidity ensures stable price execution.
Can I stake my coins on BitMart?
Yes, BitMart offers staking services called BitMart Earnings allowing users to stake tokens for up to 15% annualized yield on certain coins.