BitMart Review
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Finding a cryptocurrency exchange that is user-friendly, secure, and has a mobile trading app can be a challenging task. There are several other considerations such as features, charting interface, trading pairs, fees, security, and customer service. One exchange that enables users to trade digital assets such as Bitcoin and Ethereum is BitMart. In this BitMart review, we will assess the top features of BitMart to understand if it's worth using and who it is suited for. We will also compare the trading fees, user experience, and security with some of the top crypto platforms we have reviewed so you can make an informed decision.
https://www.bitmart.com/
Our BitMart Review - Quick Verdict
BitMart is a full-featured crypto exchange that offers a bit of everything; Advanced trading with TradingView charts, margin trading, derivatives trading with leverage, crypto lending and interest accounts, an NFT marketplace, and more. Although, BitMart is lacking in advanced trading features, without access to any programmatic trading bots, or the ability to customize the dashboard.
Intermediate and advanced traders can still consider using the platform and benefit from relatively low fees and a very large selection of crypto (600+ coins) for trading. However, having lower fees to trade the popular coins and more expensive fees for lesser-known altcoins is not ideal. Overall, BitMart is a solid exchange for traders, but serious crypto traders may want to look elsewhere.
BitMart Pros & Cons
BitMart is best known for its sophisticated terminal for cryptocurrency trading. With deep liquidity across its markets, BitMart is geared toward serious crypto traders that are familiar with technical analysis, advanced orders, and using leverage. The downside is the high fees for buying crypto with fiat or a debit card through the fiat gateways.
- Available worldwide and licensed in multiple countries including the USA
- Third-party support to deposit more than 60 fiat currencies
- Large (600+) selection of cryptocurrencies to trade
- Competitive fees from 0.1875% / 0.40% (Maker/Taker) with fee discounts
- Offers margin trading, staking, secure wallet and well-designed mobile app
- Margin trading only available up to 5x
- Standard and Advanced interface very similar
- High fees on fiat purchases
BitMart Overview
BitMart is a leading digital asset exchange platform that allows users to buy, trade and sell cryptocurrencies such as Bitcoin and Ethereum. The exchange was founded in 2017 and has grown in popularity since its launch with over 2 million customers worldwide. The trading platform with offices located in New York, Greater China, Seoul, and Hong Kong supports customers based in over 180 countries in multiple jurisdictions across the globe. BitMart has expanded its products and services offering to include futures trading, staking, and lending services to earn rewards.
In summary, the key features and products of BitMart are:
- More than 600 supported coins and 700 trading pairs
- Up to 100 times leverage on futures contracts
- Margin trading with up to 5x leverage
- Advanced trading using TradingView
- 0.25% spot trading fee that reduces with volume
- Futures trading fee of 0.02% / 0.06% (comparable with FTX)
- 25% discount on fee's by using BitMart token (BMX)
BitMart At A Glance
| Exchange Name | BitMart |
|---|---|
| Supported Cryptocurrency | BTC, ETH, LTC, XRP, BCH, LINK, XTZ & 600 others |
| Accepted Fiat Currency | USD, EUR , CAD & 57 others (via third-party) |
| Fiat Deposit Methods | Credit card, debit card, bank transfer & Apple Pay |
| Trading Fee | 0.25% (spot), 0.02% / 0.06% (Futures) |
| TP/SL Orders | No |
| Mobile App | Yes (Android and iOS) |
Review of the Top Features on BitMart
BitMart User Interface & Trading Platform
The user interface is one of the most important considerations on a cryptocurrency exchange such as BitMart to trade cryptocurrencies on the spot or Futures markets. BitMart provides a well-designed trading experience to trade the crypto spot market, with a slightly different appearance for the futures markets to include leverage options.
Intermediate traders that trade on the spot exchange will be comfortable with the arrangement and trading tools provided within the integration to TradingView to overlay several technical indicators such as:
- Moving averages
- Stochastics
- Bollinger bands
- Relative strength index
- Volume, and many more.
TradingView is widely considered to be one of the best charting and software packages to speculate on the cryptocurrency markets with an abundance of options and tools for traders of different skill levels and technical trading styles.
BitMart offers all the data needed to trade, including live order books, depth charting, an intuitive order form, and the ability to track favorites in their extensive list of cryptocurrencies. The order form offers multiple order types, including market, limit, post-only, and immediate-or-cancel (IOC) orders.
The advanced trading platform does not seem to offer much more than the standard platform, with similar TradingView charting, and no more advanced order types. There are also no trading bots available, and the windows cannot be arranged as they can on some other exchanges.
Overall, trading spot on BitMart is simple and includes all the basic trading tools with some advanced options to buy, trade and sell cryptocurrencies with confidence. There are no complicated menus or distractions and will suit beginners and intermediate traders looking to trade the spot crypto markets. However, there is no option to set a take-profit and stop-loss for each trade which should be considered as it is essential for managing risk on positions. Moreover, the lack of customization makes it less suitable for serious traders.
Futures Trading With Leverage
BitMart provides a different user interface to allow customers to trade digital coins with leverage. The most popular trading pairs such as Bitcoin, Ethereum and DeFi tokens can be traded on BitMart. All futures are perpetual contracts with no expiry. There are USDT-settle futures, or they can be settled in the currency itself (in the case of Bitcoin or Ethereum only).
Traders can exchange crypto on the futures markets with a margin multiplier of 5, 10, 20, 50, and 100x. There isn't too much difference between the spot and futures interfaces. We would prefer to see a beginner and advanced trading mode similar to Binance and Digifinex, or just merge both charting interfaces together with a toggle for margin trading to short-sell Bitcoin.
Buying Crypto Using BitMart
Customers can top up their trading account and buy cryptocurrency directly from BitMart exchange using over 50 different fiat currencies. This feature is provided by third-party providers Simplex, MoonPay, or Legend Trading, which accepts Mastercard and VISA credit/debit cards. There is a minimum transaction of $30 and a daily limit of $50,000 USD per user which is reasonable for beginners and intermediate crypto investors.
Similar to other providers that accept credit/debit card deposit methods, the fees to buy crypto with a credit card are high, up to 5% per transaction. BitMart also provides support for its customers to buy crypto with credit cards, Apple Pay, or Bank Transfers, but support varies by third-party gateway partner and fiat currency.
Crypto Interest Accounts
BitMart offers interest accounts that pay up to 50% APY on certain cryptocurrencies. There are varying lengths for deposits, with the higher interest rates only available for up to 14 days (which isn’t much). More established crypto, such as Bitcoin and Ethereum, offer up to 180 days, paying a modest interest rate as well.
To earn interest, the person must deposit and lock up crypto for the specified length of time, and they cannot access the funds until the term is complete. There are only a few coins available with flexible terms, meaning the user can deposit and earn interest as long as they’d like, as well as withdraw at any time. Overall, BitMart offers a decent selection of crypto interest accounts and good interest rates, helping users earn passive income on their crypto holdings.
Staking With BitMart
BitMart has launched a crypto staking platform to earn rewards on cryptocurrencies such as TRX, ADA, MATIC, QTUM, and ALGO. Similar to its crypto savings accounts, staking coins such as SOL offers an estimated yield of 4% per year. It is important to note the BitMart staking rewards are calculated daily and distributed monthly, so the estimated earnings can vary. This is a handy feature to include on the platform that will appeal to longer-term traders that have idle funds in a wallet.
NFT Marketplace
BitMart recently introduced its NFT marketplace, offering access to buy and sell NFTs. BitMart currently only supports Ethereum-based NFTs (ERC-721), and users can buy or sell NFTs, but cannot mint them through BitMart. Users will incur a 1% transaction fee for buying or selling, as well as a royalty fee, which is set by the NFT collection owner. The Marketplace is honestly lacking in selection and does not support the most popular NFTs on the market.
BitMart Comparisons & Alternatives
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 ByBit | 331 (608 trading pairs) | 0% (spot), 0.06% / 0.01% (futures) | Rating | Deposit bonus up to $30,000 USDT | Visit ByBit | ByBit Review |
 OKX | 349 | 0.08% (maker) / 0.10% (taker) | Rating | None available at this time | Visit OKX | OKX Review |
Trading Volume & Liquidity
BitMart is the 25th largest spot trading platform that processes over $1 billion in daily volume at the time of writing. As for derivatives trading, CoinMarketCap doesn’t have BitMart listed and does not track the volume for BitMart, meaning it doesn’t do very much volume with futures trading.
As for liquidity, BitMart has an average liquidity score of 635 (out of 1,000), which means it has better-than-average liquidity across all trading pairs. High liquidity means there is less of a risk of slippage and smaller spread fees when placing spot trades. Overall, the trading volume and liquidity are reasonable however may not suit high-volume traders.
Is BitMart Safe?
BitMart uses a number of security measures to protect customers' personal information and secure funds stored on the platform. These include offline cold wallet solutions and 2 Factor Authentication (2FA) which are the industry-benchmark safety features. However, in December 2021, the hot wallet storage facilities were hacked which resulted in a loss of USD 150 million. The incident was one of the biggest crypto hacks in 2021.
To combat further incidents, BitMart utilizes additional security features to protect users' information and funds safe and secure. According to the website, the below methods are implemented which are common and industry-standard practices for a cryptocurrency exchange.
- 2FA authentication. An extra layer of protection that requires a one-time code from a smartphone to perform actions such as login and withdraw funds).
- Withdrawal confirmation. Secondary confirmation via email or phone is required to withdraw funds from the exchange.
- IP address detection. User's IP addresses are recorded, monitored and linked to the account. If a different IP address is detected, the user will be required to confirm their account login via email.
- Encrypted personal information. User information and personnel details such as ID, phone numbers, name and address that are used for KYC are encrypted and securely stored. Passwords are stored in hashed form for additional security.
- Cold wallet storage. Less than 0.5% of assets stored on BitMart are kept on a hot wallet that is used for day-to-day operations such as customer withdrawals. Greater than 99% of the funds are located in offline cold wallet storage which is not connected to the internet and requires multiple signatures from the BitMart team to access.
Creating an Account with BitMart
To create an account with BitMart exchange, users need to be at least 18 years of age and live in a supported country. Signing up simply takes a valid email address and password. After verifying your email address, you can secure your account with 2FA (using Google Authenticator) and deposit crypto. Withdrawals are not enabled, though, until users pass the ID verification process, so funds may be stuck if verification is not completed.
BitMart ID Verification Requirements
New users that create an account with BitMart to trade cryptocurrency must complete a basic verification process and submit an ID, which allows users to:
- Deposit & Withdraw digital assets
- Buy/sell/trade digital assets
- Trade cryptocurrency pairs with margin
- Access futures trading platform
There are 2 tiers of verification levels available that offer different features and limits such as higher withdrawal limits, access to spot and futures markets, and access to interest accounts. For ‘Start’ verification, which gives users access to deposits & withdrawals, and the simple ‘Buy & Sell’ features of BitMart, users will need to submit a valid email address, full name, date of birth, phone number and physical address. The ‘Advanced’ ID verifications include submitting a valid photo ID and passing the facial recognition process.
| BitMart Verification Level | Deposit Limit (24 hour) | Withdrawal Limit (24 hour) |
|---|---|---|
| Starter | Unlimited | 0.6 BTC |
| Advanced | Unlimited | 100 BTC |
Fiat Deposits & Withdrawals
BitMart does not handle fiat deposits, but rather employs third-party gateways to handle all fiat-to-crypto transactions. BitMart partners with MoonPay, Simplex, and Legend Trading to offer access to 60 fiat currencies and dozens of crypto that can be purchased and deposited directly into a user’s BitMart account.
Speed of deposit and fees can vary by the fiat currency being used and the provider selected. For example, choosing to purchase USDT from any of the third-party gateways gives an estimate of 20 to 90 minutes for the deposit to complete, and the fees vary per option (up to 7% fees). Users must have a ‘Starter’ verified account to purchase crypto with fiat.
Supported Coins
There are 600+ cryptocurrency assets available on BitMart with over 700 trading pairs. Users can access the most popular coins, including Bitcoin, Ethereum, Cardano, and USDT, but also popular DeFi coins such as Compound, Aave, and ApeCoin. BitMart holds a very large selection, similar to exchanges like KuCoin and Gate.io. Altcoin traders will benefit the most from the selection of low-cap coins on multiple blockchains. To see how BitMart compares to our list of the best altcoin platforms, read this article next.
BitMart Fees
BitMart uses a maker-and-taker method model to determine the spot trading fees which start from 0.25% and reduces with trading volume. The 0.25% fees are for large-cap trading pairs (“Class A”). For smaller cap coins, the fees are higher at 0.40% (“Class B”) which is confusing. While the spot trading fee is competitive and similar to the spot fee structure on Huobi, however, is higher when compared to popular trading platforms such as Binance and KuCoin.
Similar to these exchanges like BitMart, customers that use the platform's native token 'BMX' to pay for transaction fees are eligible for a 25% discount on trading fees as shown below. This gives an incentive to traders to use the BMX token which supports the exchange.
Fees for futures trading are much lower, with 0.02% and 0.06% for makers and takers respectively on trades. This is competitive with some of the best margin exchanges in the crypto industry such as Bybit and Binance Futures.
To deposit funds to BitMart, there is no transaction fee. Withdrawal of cryptocurrency assets from the trading exchange will incur the standard blockchain network fee which is unavoidable and is adjusted automatically based on market conditions. The withdrawal fee for each asset and limits can be found on the BitMart fees page.
BitMart Mobile App
BitMart offers a mobile app for both Android and iOS, allowing users to trade on the go. The app offers access to most of the same features as the website, including spot trading, futures trading, interest accounts, and the NFT marketplace.
The BitMart Android app has been downloaded by over 1 million users and has a 2.9/5.0 rating based on over 45,000 reviews, which is pretty terrible. The complaints include high fees, lack of support, and delisting of assets. Based on our reviews, the BitMart app is a bit clunky and less than responsive. For traders that rely heavily on 24/7 trading, we have compiled a list of the best crypto apps to use.
Customer Support & Reviews
BitMart offers a very large FAQ and help center with thousands of help articles available (though searching them is not a great experience). BitMart also offers live chat on the website and in the mobile app, offering 24/7 support to users.
According to reviews on TrustPilot, BitMart cryptocurrency exchange has a 3.7/5 star rating based on over 2,000 reviews. Users' comments are generally positive with excellent feedback on their service and trading experience. As with all feedback, there are a few negative comments and users should take these into consideration when looking for a new crypto trading exchange.
Frequently Asked Questions
The team behind BitMart has extensive experience with top-tier tech firms such as Amazon, Accenture, Tencent and Alibaba according to the website. The founders of BitMart aim to accelerate the adoption of cryptocurrency to individuals in all parts of the globe to bring a better financial system based on blockchain technology.
BitMart appears to be a legitimate and trustworthy cryptocurrency exchange since its launch in 2017. The platform has served over 2 million customers worldwide and is the 25th largest platform by trading volume in the world.
BitMart supports over 180 countries in the world including the United States to buy, trade, and sell crypto. Not all states within the US have been approved such as Hawaii (HI), New York (NY), and Rhode Island (RI). Other countries that are restricted from trading on BitMart include:
- Afghanistan
- China
- Congo (Brazzaville)
- Congo (Kinshasa)
- Cuba
- Democratic People's Republic of Korea
- Eritrea
- Iran
- Iraq
- Ivory Coast
- Japan
- Kyrgyzstan
- Lebanon
- Libya
- South Sudan
- Sudan
Yes, individuals can trade crypto on a demo account when using BitMart. The account has virtual funds which allow traders to become familiar with trading on BitMart without any financial risk. It is one of the best-rated crypto demo accounts based on our reviews.
Conclusion
To conclude our BitMart exchange review, it appears to be a leading cryptocurrency trading platform for customers all over the world to buy, trade, and sell cryptocurrencies such as Bitcoin and Ethereum using a safe and beginner-friendly desktop or mobile trading app (through the app has some issues). The NFT platform is lacking, though, and we recommend other NFT marketplaces instead.
BitMart crypto exchange has launched new services and products such as interest accounts and staking for its users to earn rewards, while trading and holding assets on the platform. In short, cryptocurrency traders that are looking for a new exchange to trade Bitcoin could consider using BitMart. However, there are much better options available with improved liquidity, greater features, and a reliable mobile app for serious crypto investors.
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