BitMart offers over 300 available crypto trading pairs, advanced order types, and futures trading, as well as access to crypto staking and lending, to earn interest. BitMart is designed for moderate to advanced traders, and the trading interface may overwhelm new crypto investors. However, this exchange was the subject of a major hack in 2021, calling platform security into question.
Let's start a combing camparison between Two crypto exchange's widely used tools, mobile apps, platforms, spreads, and more.
Regulated By FinCEN, KYC
BitMart is a centralized cryptocurrency exchange that allows users to buy, sell, and trade supported digital assets. It also offers staking and lending of crypto to earn rewards. Several hundred cryptocurrencies are currently offered on BitMart, with a large selection of low market cap coins to choose from.
While BitMart offers several features and supports hundreds of assets, the platform was hacked in late 2021 and nearly $200 million worth of users’ crypto was taken. BitMart pledged to return the stolen assets, but as of January 2022, users are still waiting for compensation.
Credit Card, Debit Card, PayPal, Gift Card, Bank Transfer
It should be noted that you cannot withdraw funds from BitMart into your bank account. You can only take out cryptocurrencies, such as bitcoin and ether, and transfer the funds to a deposit address and amount.
BitMart offers access to hundreds of cryptocurrencies, including a large selection of low market cap altcoins. Popular crypto offerings include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE). Users can also access lesser-known coins such as the Sandbox (SAND), Decentraland (MANA), and Audius (AUDIO). New cryptocurrencies are constantly being added, and you can check out their full list of all support assets.
BitMart also offers its own exchange token (BMX). It does not currently support Ripple (XRP), as Ripple is presently under investigation by the SEC
BitMart allows users to buy crypto through its ‘Buy & Sell’ option. Users can purchase crypto via credit card, debit card, Apple Pay, Paypal, and through third-party partners Simplex, MoonPay, and Paxful.
Users can also deposit fiat currency (such as U.S. dollars) or cryptocurrency into their BitMart account and start trading. This includes market and limit order trading, as well as futures trading (for non-U.S. residents). BitMart offers standard and advanced trading modes, but both options offer detailed charts, live order books, and limit orders. Both modes offer a similar user experience. Bitmart also supports futures trading allowing users to trade long or short positions with up to 50x leverage. Futures trading may be unavailable in some countries due to regulations.
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BitMart offers free deposits and low fees for trading cryptocurrency, but buying and selling crypto using a credit or debit card may come with a hefty fee through its third-party partners. For example, buying Bitcoin with Moonpay charges 4.5% for a purchase. Other partners may charge even more, depending on the crypto being purchased.
For regular trades, BitMart charges 0.25% (or less) per trade for most users. These fees are generally average for most exchanges, but lower than certain ones, like Coinbase.
BitMart Trading Fees
BitMart charges trading fees based on a maker-taker fee model. Discounts are available for high-volume traders, as well as those that hold the native BitMart (BMX) token.
In general, a “taker” is someone that places an order that gets filled immediately, while a “maker” places an order that’s placed in an order book until the trade is executed. Makers and takers are charged different fees, as detailed in the below table.
Here is a breakdown of the BitMart fee structure, which includes the discounts for BMX holders:
For users with a 30-day volume of 150 BTC or more, you will be charged based upon the so-called professional fee schedule which has lower rates. The greater your volume the lower your rates go. If you think you can meet this criterion, you can see this table on Bitmart's website.
BitMart offers industry-standard security features, including cold storage, two-factor authentication (2FA), and encrypted servers. This exchange also follows FinCEN KYC standards, requiring user identity verification to help protect BitMart from fraudulent or criminal activity on its platform.
Here are the details of some of the security features offered by BitMart:
BitMart Mobile App for Android and iOS | BitMart Exchange.
To sign up for a BitMart account, you can use your phone number or email address. After signing up, new accounts are verified via email or SMS message, and users can secure their accounts with two-factor authentication.
While customers can track markets, create a favorites list, deposit funds on the platform, and buy crypto right away, users must complete KYC identity verification before being able to withdraw more than 0.06 BTC. Spot trading, futures, earning, staking, and other features also require KYC verification. This includes submitting personal information, such as your name, address, and Social Security number. Users must also submit a picture of a government-issued photo ID.
BitMart Earn is a one-stop hub on BitMart where holders can explore earning possibilities for their cryptocurrencies. How does BitMart Earn work? Using BitMart Earn is easy. Choose from dozens of available Earn products, subscribe, and earn!
BitMart offers over 300 available crypto trading pairs, advanced order types, futures trading, and access to crypto staking and lending to earn interest. BitMart is designed for moderate to advanced traders, and the trading interface may overwhelm new crypto investors.
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BitMart offers 24/7 live chat support for customers, as well as email support. This allows users to get in touch with the customer service team for immediate issues without waiting several days or weeks for a response. Most other exchanges only have a chat bot and not the more useful live chat option.
BitMart also offers a library of support articles in its help center, as well as a responsive chatbot to help users find answers to their questions.