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One of the Best? This BitMart Exchange Review Tells All!

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BitMart Exchange Review

BitMart is one of the most popular cryptocurrency exchanges you will find around these days. Despite only being founded in 2017, which is considered recent when it comes to crypto exchanges, the platform has been able to become a household name in the crypto space.

With more than 5 million users worldwide and support for more than 600 cryptocurrencies, this exchange needed a review of its own. In this BitMart exchange review, we will be taking a look at all of the features that make this exchange shine in the crypto space.

Not only that but we will also talk about its customer support, fee structure, security, and other aspects you might be interested in. Hopefully, you will be able to find out if this exchange is the right fit for you.

According to CoinGecko, BitSmart is one of the top 15 spot exchanges. With a consistent trading volume of more than 1.5 billion and 3.4 million visits, the exchange offers high liquidity for traders to take advantage of.

If you are looking for a secure, accessible, and feature-rich exchange, BitMart might be the right platform for you. As you will see, this exchange’s reputation as one of the best is well deserved, so let’s get straight to the topic of this BitMart exchange review.

What Countries Is BitMart Available In?

BitMart is headquartered in the Cayman Islands and supports more than 180 countries. This means that unless you live in one of the few restricted countries, you will be able to use this platform. The restricted countries at this time are:

AfghanistanChinaCongo (Brazzaville)
Congo (Kinshasa)CubaNorth Korea
EritreaIranIraq
Ivory CoastJapanKyrgyzstan
LebanonLibyaSouth Sudan
Sudan

If you are located in New York, we are sorry to say you can’t use BitMart at the time of writing as well. This being said, you might want to check the official article in case the list has been updated at the time of reading this BitMart exchange review.

How Secure is BitMart?

Security is the top priority for the team behind BitMart. As such, the company is constantly running testing and improving the security of the platform.

This attention to security has allowed the exchange to remain unhacked since its launch, a great milestone in the crypto world. The exchange achieved this by regular monitoring and upgrading its end-to-end security measures, auditing process, and reducing the access points bad actors could use.

User Level

Let’s start by talking about some of the features BitMart uses to ensure the security of your accounts.

These features include:

  • Two Factor Authentication (2FA): Requires you to use a one-time code to confirm you are the one logging in. This acts as an extra layer of protection in case your password is compromised.
  • Withdrawal Confirmation: When withdrawing your funds, you will be required to confirm it using your email or phone. This feature will allow you to know if an unauthorized party is trying to withdraw your crypto.
  • IP Address Monitoring: The exchange is constantly evaluating the IP addresses you are logging in from. If the algorithm detects unusual activity, your account will be flagged and reviewed for suspicious activity.
  • Advanced API Key Permissions: If you were to give access to a third party via an API Key, you will have granular control over what access you grant. This ensures you can enjoy additional features while also protecting your account.
  • High-level Encryption: All of your account’s information will be encrypted by the server. This ensures that even if a data breach was to take place, your data would remain secure from hackers.

System Level

Protecting an account is not enough to ensure the safety of a platform. For this reason, BitMart has also deployed additional measures on the system level.

These include:

  • DDoS Mitigation: A distributed denial of service (DDoS) attack is the attempt to create congestion on a server to prevent it from functioning normally. BitMart has taken action to ensure the platform remains stable and safe in case of such an attack.
  • Automatic Database Backup: All systems can fail at any given time. For this reason, BitMart is regularly backing up all of the exchange’s data. This ensures that if the system, in general, was to fail, all the information could easily be restored.  
  • SSL-secured protection: All the traffic between your device and BitMart’s server is encrypted. If a hacker was to capture the data being sent between them, they would be unable to read it or do anything with it.

Bug-Hunting Program

In addition to all of these features and actions, BitMart has implemented a bug-hunting program.

By participating, security researchers and other experts can report bugs or vulnerabilities to get them fixed. In exchange, they will receive financial incentives as a reward for helping keep the exchange running smoothly and securely.

Finally, BitMart also takes steps to directly protect the crypto assets it stores on behalf of its users. To do so, it uses a combination of hot and cold storage. At any given time, the exchange only stores 0.5% of its assets in hot wallets.

This means there is enough liquidity but more than 99% of the assets are inaccessible to potential attackers. In addition to this, to prevent any employee from trying to steal the assets, BitMart requires extensive background checks before hiring a new team member.

As you can see, BitMart does take security seriously. This is essential for any crypto investors looking to use a new platform. After all, no one wants to lose your crypto to a hack!

What Features Does BitMart Offer?

BitMart is one of the cryptocurrency exchanges that offer the most features. The team behind it chose not to limit its users to crypto trading but also provided them with different tools. These are designed to facilitate crypto investments beyond the buying and selling of crypto.

This variety of features make the platform perfect for new and veteran traders alike. If you want to limit yourself to buying crypto, BitMart got you covered. If you want to trade, stake, and lend crypto, it has you covered too.

Let’s take a look at some of the main features offered by BitMart:

Spot Trading

Designed to provide the traditional trading experience with support to market and limit orders. Users can choose between a basic and advanced interface, allowing the feature to adapt to their experience.

Futures Trading

For those looking to jump into futures. The feature supports limit and market orders, long and short positions, and leverage of up to 125x.

Crypto Buy and Sell

This feature makes it easy for anyone to transform their fiat into crypto. Perfect for those looking to use Visa/MasterCard, Apple Pay, PayPal, gift cards, or more than 300 payment methods to buy crypto.

Lending

Allows investors to earn rewards by lending their assets. This is a great way for those looking to generate gains passively to do so. Just choose a currency and one of the fixed terms to start earning!

Earn

If you are looking to put your crypto to work, this is the feature for you. Using BitMart earn you will be able to generate up to 50% APY using your crypto.

Referral

Earn a commission by inviting your friends to use the exchange. A great way for the BitMart community to grow together.

Staking

A favorite of most crypto investors, this feature allows you to generate passive gains by holding onto your tokens. By doing so, you will also be contributing to the security and performance of your favorite crypto!

Shooting Star

If you are looking to find the latest crypto projects and invest in them, this feature is for you. This is a launchpad that allows new projects to list their tokens or to run their Initial Exchange Offerings (IEO).

Mobile App

As you can see, BitMart offers more than enough features to fulfill the needs of most crypto investors. While these are not enough to make it to the exchange with the largest portfolio of tools, it certainly is enough to make it stand out of the crowd.

So far in this BitMart exchange review, we have seen that the exchange is a great platform in terms of security and features… But what about customer support?

How Good Is BitMart Customer Support?

Customer support is one of the most important aspects of using any centralized crypto platform. After all, if you didn’t care about the added peace of mind provided by such a service… Using a DeFi platform could be considered a better option. This is especially true if you are a beginner who is worried about possible mistakes or issues.

Knowledge Base

Well, BitMart offers a lot of options for such crypto investors. With an extensive knowledge base, users have access to a ton of information on the exchange’s features. No matter if you are looking for FAQs, announcements, policies, guides, or troubleshooting, the exchange has got your back.

However, it is important to mention that these resources are limited to the platform itself. As such, don’t expect to find a guide teaching you how blockchain works or what makes a specific project special.

While we have come to expect “Academies” and other educational resources from crypto platforms, you won’t find one in BitMart. But hey, you got all of our guides to make up for it! Just make sure to check our crypto section to learn all about crypto.

Reaching Customer Support

If you are unable to figure out the solution to the issue you are experiencing using the knowledge base, worry not. BitMart offers two ways for you to contact their customer support team.

You have the traditional support ticket method in which you will communicate with an agent in what is equivalent to an email thread. While not the fastest method, it is a reliable way to ensure you get the help you need. BitMart will usually reply in less than 24 hours, which is relatively fast for a crypto platform.

If you would like to get live support, you will have the option to use chat to get it. When you first click on the option, you will be greeted by a chatbot.

However, if you are unable to get your issue solved by it, or just choose to ask for an agent, you will be connected to a live agent. This can be a lifesaver if you need faster assistance as it will usually take less than 5 minutes for you to get connected.

In terms of customer support, BitMart really stands out from other exchanges. Not only is its customer support pretty fast but they also have knowledgeable staff. This is another point in favor of the platform.

Does BitMart Charge Fees?

Let us give you the quick answer to this question: Yes, BitMart charges fees for using its services.

This is not surprising as BitMart is a for-profit centralized exchange, which means it needs to generate gains. This is not only to keep its investors happy but also to ensure the upkeep of its infrastructure.

That being said, BitMart fees are extremely competitive and straightforward. Let’s take a look at some of the features you should expect to pay for when using the platform.

Spot Trading Fees

This is the most common fee you will find when using BitMart. As the name suggests, you will be paying these fees when using the spot exchange.

The default fee for all users, no matter if they are a taker or a maker, will be 0.25%. However, there is a way in which this fee can be reduced: By using the exchange’s cryptocurrency BMX to pay for it. If you choose to use BMX, you will receive a 25% discount on the fee.

The fee itself can also be reduced depending on what type of user you are and your tier. You will be considered an ordinary user if you are not using the BMX deduction service. In this case, your BMX holding will determine your fee, which can range from 0.25% to 0.075%.

If you are a professional user, which means you are paying the fee with BMX, the fee will range between 0.065% and 0.015%.

Even if you are in the lower tier and user group, you will find that BitMart’s spot trading fees are pretty low. This is great, as new investors usually tend to underestimate transaction fees.

Deposit and Withdrawal fees

Let’s start with the good news: BitMart won’t charge you for depositing crypto. When transferring your cryptocurrencies to your platform’s wallet, you will only be required to pay network fees. These are not charged by BitMart but the network itself, which means any platform will require you to pay them.

That being said, you can rest assured knowing that you will not be paying any money to BitMart to deposit.

Now, the story changes when it comes to withdrawing crypto. If you choose to withdraw your crypto from BitMart, which all investors will eventually choose to do at some point, you will incur fees.

These fees vary based on the coin and network status, so you will want to check the latest information to make sure you are ok with them. You can check them in this official article.

These are some of the withdrawal fees you can expect to pay for withdrawing the top 10 coins in the exchange:

  • Ethereum: 0.005 – 0.2 ETH
  • Tether USD: 2 USDT
  • BitMart Token: 50 – 1000 BMX
  • Stellar: 0.01 XLM
  • EOS: 0.2 EOS
  • Cardano: 1 ADA
  • Dogecoin: 6 DOGE
  • Solana: 0.01 SOL
  • Ripple: 0.2 XRP
  • Bitcoin: 0.0005 BTC

Some networks like NEO will not require you to pay any fees, which is great. However, we would recommend assuming there are fees for withdrawing your coins and checking the list. This will make the withdrawal process go easier and smoother.

What Currencies Are Supported By BitMart?

According to BitMart, the exchange supports more than 600 cryptocurrencies. Unfortunately, the platform doesn’t offer a complete list of all the currencies it supports.

This kind of is problematic for some as you will need to visit the website or use the app to check if your currency is supported. That being said, with about 413 currencies and 519 pairs reported by CoinGecko, it is possible to assume you will find most of your currencies are supported by the exchange.

Most Popular Supported Coins

These are some of the most popular cryptocurrencies supported by the exchange at this time:

Bitcoin (BTC)Ethereum (ETH)SHIBA INU (SHIB)Binance Coin (BNB)
Polkadot (DOT)Chainlink (LINK)Litecoin (LTC)Kusama (KSM)
Dogecoin (DOGE)Axie Infinity (AXS)EOS (EOS)Ethereum Classic (ETC)
NEAR Protocol (NEAR)Solana (SOL)OKB (OKB)Waves (WAVES)
WOO Network (WOO)Qtum (QTUM)Bitcoin Cash (BCH)Illuvium (ILV)
Dash (DASH)Raydium (RAY)Celer Network (CELR)OMG Network (OMG)
Polygon (MATIC)Basic Attention Token (BAT)Human (HMT)Cosmos (ATOM)
USD Coin (USDC)dYdX (DYDX)VeChain (VET)THETA (THETA)
Huobi Token (HT)RioDeFi (RFUEL)Ontology (ONT)Stellar (XLM)
Perpetual Protocol (PERP)Neo (NEO)Holo (HOT)HEX (HEX)
BabySwap (BABY)Livepeer (LPT)Decentraland (MANA)Zcash (ZEC)
Anyswap (ANY)Fantom (FTM)Tranchess (CHESS)Chiliz (CHZ)
The Sandbox (SAND)BitMart Token (BMX)Augur (REP)BitDAO (BIT)

As you can see, BitMart has a selection of cryptocurrencies large enough to meet the needs of most investors. When you consider that they are constantly listing new currencies, this is even more impressive.

This makes BitMart one of the best exchanges for those investors looking for a wide variety of cryptocurrencies. The launchpad further adds to this advantage by allowing you to buy gems that have not made it to other exchanges. You know what they say, the early bird gets the worm!

Debit/Credit Buying Supported Coins

Now, when it comes to buying crypto using debit or credit cards, BitMart also has a lot of options to choose from. This service is provided via MoonPay, which ensures the process is secure and super-fast to complete.            

The cryptocurrencies you can buy using this service are:

Cardano (ADA)Aave (AAVE)Atomic Coin (ATOM)Travala.com (AVA)
Basic Attention Token (BAT)Bitcoin Cash (BCH)Binance Coin (BNB)Bitcoin (BTC)
BitTorrent (BTT)Celo (CELO)Compound (COMP)Dash (DASH)
DigiByte (DGB)Dogecoin (DOGE)Polkadot (DOT)EOS (EOS)
Ethereum Classic (ETC)Ethereum (ETH)Filecoin (FIL)Chainlink (LINK)
Litecoin (LTC)Polygon (MATIC)Maker (MKR)Neo (NEO)
MANTRA DAO (OM)Pax (PAX)Qtum (QTUM)Augur (REP)
RioDeFi (RFUEL)The Sandbox (SAND)Synthetix (SNX)Tron (TRX)
Uniswap (UNI)USD Coin (USDC)Teather (USDT)VeChain (VET)
Waves (WAVES)Stellar (XLM)XRP (XRP)Zcash (ZEC)
Zilliqa (ZIL)0x (ZRX)

As with the previous list, you will want to check the latest information as it is always expanding.

Supported Fiat Currencies

When it comes to fiat currency, the platform supports the following currencies:

Australian Dollar (AUD)Bulgarian Lev (BGN)Brazilian Real (BRL)Canadian Dollar (CAD)
Swiss Franc (CHF)Chinese Yuan (CNY)Colombian Peso (COP)Czech Koruna (CZK)
Danish Krone (DKK)Dominican Peso (DOP)Egyptian Pound (EGP)Euro (EUR)
Pound Sterling (GBP)Hong Kong Dollar (HKD)Croatian Kuna (HRK)Indonesian Rupiah (IDR)
Israeli New Shekel (ILS)Japanese Yen (JPY)Jordanian Dollar (JOD)Kenyan Shilling (KES)
South Korean Won (KRW)Kuwaiti Dinar (KWD)Sri Lankan Rupee (LKR)Moroccan Dirham (MAD)
Mexican Peso (MXN)Malaysian Ringgit (MYR)Nigerian Naira (NGN)Norwegian Krone (NOK)
New Zealand Dollar (NZD)Omani Rial (OMR)Peruvian Sol (PEN)Pakistani Rupee (PKR)
Polish Złoty (PLN)Romanian Leu (RON)Russian Ruble (RUB)Swedish Krona (SEK)
Singapore Dollar (SGD)Thai Baht (THB)Turkish Lira (TRY)Taiwan Dollar (TWD)
US Dollar (USD)Vietnamese Dong (VND)South African Rand (ZAR)

As you can see, no matter what cryptocurrency or fiat you are planning to use, you are probably more than covered.

Conclusion

Congratulations, you have reached the end of this BitMart exchange review! By now, you should know if this platform is a good match for your needs or not. However, let us remind you of the benefits and drawbacks of the platform in case you skipped the review or just need a refresher.

The most important benefits you should consider if you are planning to use BitMart are:

  • Support for a wide number of crypto and fiat currencies
  • Top-Notch security
  • Features for traders of all levels
  • Friendly and sleek interface
  • Competitive fees that are easy to understand
  • Great customer service  
  • Multiple payment methods

When it comes to drawbacks, there are not many we can really consider as such. Probably the biggest issue you will find is navigating the knowledge base which although extensive, could be better organized.

That being said, we personally had to contact BitMart customer support in the past due to not finding the information we were looking for. Using the live chat option, it took the team less than 5 minutes to point us to the right article.

If you are looking for a cryptocurrency exchange that offers enough features to diversify your trading strategies without becoming overwhelming, BitMart might be the right fit for you.

If you are still unconvinced, why not compare it with other exchanges? You can always check our other exchange reviews to see if other exchanges fit better to your needs!

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