The Final BitMart Assessment (For 2022)

As a cryptocurrency dealer, you have been certainly confronted with the quandary of opting for an trade to fit your funding wishes amongst a staggering choice of cryptocurrency exchanges.

CoinStats continuously evaluations main platforms like Binance, Coinbase, or Kraken, reasonably small however dependable crypto exchanges just like the Bibox exchange, and a world trade like Bitmart and items their benefits and disadvantages that can assist you pick out the best buying and selling platform that fits your wishes.

Bitmart exchange is a world cryptocurrency trade platform for buying and selling cryptocurrencies and incomes on crypto. It provides customers decentralized monetary (DeFi) products and services, quite a lot of cryptocurrencies, complex buying and selling options, and an NFT market.

Sadly, the trade used to be hacked in December 2021 and misplaced an estimated $196 million in cryptocurrency.

Our Bitmart assessment will speak about the platform’s products and services and contours, execs and cons, buying and selling charges, safety, and so forth., and display the best way to get started buying and selling at the platform to maximise earnings.

Let’s get proper to it!

What Is BitMart

BitMart is a world cryptocurrency trade with over 5.Five million customers in 180 nations. The platform used to be introduced in 2017 within the Cayman Islands, with its places of work in China, South Korea, and the USA.

BitMart allows buying and selling in over 1,000 virtual belongings and gives funding products and services and complex options to a world buyer base, together with margin and futures buying and selling. You’ll business now not most effective the preferred cryptocurrencies, similar to Bitcoin, Ethereum, Dogecoin, Solana, Ripple, Cardano, and so forth. but additionally small and newly launched crypto belongings.

In 2018, BitMart introduced the BitMart Token (BMX), which gives token holders with particular buying and selling reductions and a large number of different advantages at the trade.

The buying and selling platform has added a large number of new options, together with staking, lending, financial savings merchandise, and derivatives buying and selling.

Bitmart supplies a easy purchase/promote crypto characteristic the place rookies can business crypto the use of a couple of fee strategies with only some clicks. Moreover, it provides complex options similar to spot buying and selling, futures buying and selling, margin buying and selling, derivatives buying and selling, OTC buying and selling, and so forth., permitting buyers to make use of leverage with their crypto making an investment.

The platform supplies an NFT market the place you’ll purchase NFT tokens and aggressive charges. BitMart makes use of a maker and taker style to resolve the buying and selling charges, ranging from 0.25% respectively and lowering with buying and selling quantity.

Alternatively, the BitMart trade used to be hacked in December 2021, when the personal keys of its sizzling wallets have been compromised, ensuing within the robbery of $196 million price of cryptocurrency. 

Bitmart Options

Now, let’s have a better have a look at the Bitmart crypto trade options:

Vast Choice of Cryptocurrencies

Bitmart has a limiteless number of virtual belongings in comparison to different buying and selling platforms that customers should buy and promote simply at the trade.  

Margin and Futures Buying and selling

Along with its easy purchase and promote serve as, Bitmart supplies its customers with crypto futures buying and selling and margin buying and selling choices.

Bitmart features a futures marketplace with leveraged buying and selling as much as 100x and DeFi products and services similar to borrowing and lending merchandise. The derivatives and futures markets permit Bitmart consumers to accomplish long term buying and selling with out the trouble and speculate available on the market.

Take into account that buying and selling crypto is very dangerous, and futures and margin are not beneficial for many crypto buyers.

Bitmart Lending

BitMart Lending provides passive source of revenue for buyers having a look to earn passive source of revenue by means of crypto lending choices. To take part in lending, you will have to subscribe, and your decided on token gets locked. You can obtain the deposited tokens and the passion gathered for your BitMart account when the time period is finished.

The every year calculated gathered passion can range between 5% and 120%.

Bitmart Earn

Bitmart consumers can earn passive source of revenue via their crypto holdings at the platform. There are a couple of tactics to earn passive source of revenue on Bitmart, particularly:

• Bitmart Staking: Staking is the method during which customers lock their crypto belongings on a blockchain community to validate transactions at the blockchain and earn rewards in percentage to their locked tokens. With Bitmart Staking, customers can lock up price range for 30 to 90 days to earn Bitmart staking rewards.                                                       

• Bitmart Financial savings: With Bitmart Financial savings, you’ll earn an APY as top as 50 % in your crypto holdings. The virtual belongings you’ll make via Bitmart financial savings vary from stablecoins like USDC and USDT to huge caps like BTC, ETH, LTC, and so forth., and newly indexed tokens similar to FND, VCG, DHLT, and so forth. Take into accout, alternatively, that the characteristic isn’t to be had to US customers. 

Bitmart Twin Funding: This distinctive characteristic lets in customers to earn in any of the 2 currencies in a buying and selling pair. The buying and selling pairs to be had are BTC/USDC, ETH/USDC, SOL/USDC, and BCH/USDC. You’ll make a selection your most popular asset, make a choice the process (Promote top or Purchase low), input the subscription quantity, and pick out a agreement date from the choices. With Bitmart Twin Funding, customers can hedge in opposition to the huge value fluctuations in cryptocurrencies and earn on crypto belongings or stablecoins like USDC. This selection additionally is not to be had to US customers.                                                          

Bitmart NFT Market

The Bitmart NFT market objectives to convey NFT artists, communities, fans, and creditors in combination, enabling them to create, acquire, and business one of the most international’s easiest and most unusual NFTs. Customers want to create a Bitmart account to get admission to the BitMart NFT market. The NFTs supported on Bitmart are all ERC-721 tokens, the main points of which will also be discovered on Etherscan. 

Bitmart Launchpad

Bitmart launchpad is where the place new and thrilling tokens are introduced. The Undertaking X2 challenge has been created for buyers in need of to fortify startups and obtain premiums from them. The buyers are required to switch a specific amount of BMX to the selected startup. As soon as the quantity of BMX reaches 1 million, the challenge token would possibly input the BMX marketplace and be paired with BMX.

Bitmart Establishment

Bitmart Establishment is designed for enormous institutional buyers and allows them to turn out to be a dealer and a marketplace maker, earn rewards, take part in OTC buying and selling, or checklist their very own tokens at the platform. Whilst customers have to satisfy sure stipulations to get admission to those options and products and services, Bitmart Establishment proves to be very successful for enormous institutional buyers and entities. 

Bitmart Referral Program

Bitmart has an excessively profitable referral program for current customers, permitting them to invite their pals to business on Bitmart and earn as much as 40 % from their buying and selling charges. You’ll invite your mates to Bitamrt via a referral hyperlink or QR code. 

Bitmart Associate

Any consumer can observe to turn out to be an associate for Bitmart. As soon as the applying is licensed, the consumer will get their distinctive referral hyperlink to percentage of their networks and earn commissions as top as 100 % on spot and futures buying and selling.

Bitmart Job Heart

Even new customers on Bitmart can get an opportunity to win as much as USD 3000 rewards by means of finishing a couple of easy duties. By way of signing up for Bitmart and developing an account, you’ll win as much as USD 500. For depositing USD 100 or extra, you stand an opportunity to win as much as USD 1000, and in case your first spot business is USD 100 or extra, you turn out to be eligible to win as much as USD 1500.

Those are one of the most hottest and repeatedly used options of Bitmart. Within the subsequent segment of our Bitmart assessment, we will give an explanation for the best way to get admission to those options and introduce you to the Bitmart rate construction. 

Putting in place a Bitmart Account

To arrange a Bitmart account, you will have to join together with your electronic mail cope with or telephone quantity and create a powerful password. As soon as you have got effectively created an account on Bitmart, you will have to examine your identification to begin crypto buying and selling in an instant.

The verification process differs depending on the accounts’ types:

Level 1 Starter

The verification process for Level 1 users’ accounts is straightforward and requires only personal details like a valid email and a phone number to set up two-factor authentication. Once you’ve entered these details correctly, you can start using the Bitmart trading platform to buy and sell crypto assets. 

Level 2 Advanced

To gain access to all the features and make the most of your Bitmart trading, you must upgrade to Level 2 and become an Advanced trader. The verification process involves providing a government-issued valid identification card and a complete facial verification. 

Additionally, there is a special onboarding process for institutional investors and companies. Our Bitmart review will focus on retail users. 

Once you’ve created a user account, the next step is to deposit funds into your Bitmart wallet. You can deposit crypto assets directly from your crypto wallets (software or hardware), and the exchange doesn’t charge deposit fees. The Bitmart withdrawal fees vary depending on the cryptocurrency and the network used to withdraw funds. 

Buy Cryptocurrencies

Bitmart allows you to buy and sell cryptocurrencies using fiat currencies through debit or credit cards, PayPal, payment gateways such as MoonPay or Simplex, etc.

Bitmart Fee Structure

While the exchange doesn’t charge any deposit fees, it charges a small trading fee from its users. Bitmart competitive fee structure is one of the factors that makes it so popular amongst its users. The fee structure is tiered, and the trading fee for a standard user starts at 0.25 percent. Your level in the tiered structure depends on the number of BMX tokens you hold. The higher the number of BMX tokens, the lower the fee charged, as shown in the table below. 

For professional users, the levels range from PRO1 to PRO6, and the trading fee goes down as one moves up the level. The 30-day trading volume in BTC determines the trading fees and levels for professional users – higher volume means higher level and lower trading fees. The trading fees for pro levels are displayed in the table below:

Bitmart Security

Our Bitmart review will now look into security as one of the most important considerations when choosing a crypto exchange for crypto trading. According to the official Bitmart website, it has an Advanced Risk Control System that utilizes a hybrid model of hot and cold wallet systems with multi-signature technologies. On top of that, Bitmart is registered as a Money Service Business in the USA with Financial Crimes Enforcement Network, making it a legitimate cryptocurrency exchange for crypto trading in the US. 

However, despite all the Bitmart exchange’s security measures, it became subject to a hack of USD 196 million in 2021. As stated, some hackers had gotten control over the private keys to two of Bitmart’s hot wallets used to store users’ funds and assets and managed to hack the Bitmart exchange. The company later stated that it would reimburse all its users with the funds they had raised.

Trading Experience Bitmart

Since the hacking incident in 2021, the Bitmart ratings on Trustpilot have gone down to 3.6 out of 5 stars. Another reason behind this low ranking is that the 0.25 percent standard fee charged by the trading platform can be higher than other popular exchanges.

To sum up, the Bitmart exchange is suitable for professional-level traders or those wishing to invest in small-cap and newer cryptocurrencies. 

Final Word

Our detailed Bitmart review has revealed that you can easily trade and exchange crypto on the platform. The exchange provides several advanced features to make your crypto journey straightforward and more efficient. Moreover, its registration with FCEN makes the Bitmart exchange legit in the US, and users don’t have to worry about their funds being suddenly frozen by the government.

It should, however, be kept in mind that cryptocurrencies are volatile in nature, and nothing in this article is a piece of financial advice. 

If you wish to learn more about cryptocurrencies, blockchain technology, and DeFi, you’re welcome to visit our blog and read articles like “What Is DeFi.” To discover ways to arrange your crypto portfolios, learn our “Crypto Portfolio Trackers.”