BitMart Review

Bitmart Review

Founded in 2017, BitMart is a cryptocurrency exchange. In just 4 years, it has gained a lot of popularity due to its intuitiveness to buy, sell, and trade cryptocurrency.

The exchange has one of the most advanced security features out there for any cryptocurrency exchange, therefore, security is their first advantage.

At the time of writing, there are already more than 2 million customers from around the world. A lot of features are being added every year and it caters to all types of cryptocurrency traders – beginner or advanced.

The headquarters of Bitmart is in the Cayman Islands. Bitmart has offices in other countries as well – the United States, China, and South Korea.

The exchange is available in more than 180 countries around the world and this is the reason it has a high liquidity factor. 

How to Use BitMart App?

The first step to using the Bitmart app is to register yourself as a user. The process is convenient and easy, but you will need to complete your KYC to be able to directly buy and sell cryptocurrency.

In the KYC, you will need to provide your ID proof that matches with the personal information you have provided at the time of sign-up. The approval of your KYC takes anywhere between a few minutes to 1-2 working days. 

Once you have logged in, you will be taken to the trading interface. On the interface, you will find cryptocurrency pairings (USDT, BTC, and ETH) and you can choose the ones that you prefer.

If you are a beginner in the crypto space, it is recommended to view the USDT pairs. On the interface, you can see the order book that is updated in real-time. From here you can place your orders. 

If you want to buy cryptocurrency, here’s the process: 

Click on the ‘Buy Coins’ button that is present on the top of the trading interface on the app. 

Once you click that, you have to select your payment method. The accepted payment methods on Bitmart are Credit/Debit Card, Bank Transfer, PayPal, Apple Pay, and Gift Cards. 

Once you have chosen the payment method, choose the cryptocurrency you want to get. You have to choose the coins that are on the list.

In case you want other cryptocurrencies, you can later trade them for that. On this screen, you will also be able to view the Bitmart Wallet Address. 

Once you choose the cryptocurrency, complete the payment and once it’s complete, the cryptocurrency will be visible on your Bitmart wallet. 

How Does BitMart Work?

Bitmart is a cryptocurrency exchange that provides a wide array of features. Here are the basic ones:

Spot Trading: This is the regular trading feature where you can trade blockchain assets, both common and uncommon cryptocurrencies. It is one of the most important features of Bitmart. 

Other Trading Options: The platform provides C2C and B2B options for trading for both individual customers and businesses. The traders can also do futures trading, fiat gateway, and OTC trading all in one single platform.

Referrals: You can also earn by getting new people on the platform. There is a 30% reward for new referrals. Since so many people are getting interested in cryptocurrency trading, this is one of the most trending features of Bitmart. 

Lending: This is a way of earning a passive income, and you can earn extra bucks by lending your cryptocurrency and it is a good option especially when the currency is in demand. You can choose the token that you want to lend. But note that to be able to participate in the lending project, you have to explicitly subscribe to them on the Bitmart app. 

Staking: This is another way of earning passive income. Through this feature, your cryptocurrency is held in the wallet for a specific period and this is distributed monthly to the user as a reward for Bitmart staking. 

Is BitMart a Wallet?

Bitmart is a cryptocurrency platform. But it also provides a wallet where cryptocurrencies can be stored and retrieved from when you have to trade. The company has two ‘hot wallets’ that are built on Bitcoin and Ethereum blockchains. 

Is BitMart a Good App?

Bitmart is an excellent app for all levels of crypto traders and investors. The website and app are safe, secure, and 100% legit with a large customer base from all around the world. Here are some of the benefits of using Bitmart:

  • Bitmart has a large number of coins listed on it and it is quick to add new small-cap and new coins
  • The platform, unlike many others, supports a large number of coins for buying, selling, and trading 
  • Also, if you do not have any cryptocurrency yet, then you can purchase many of them, such as Bitcoin and Ethereum with popular fiat currency options. They include – credit/debit cards, bank transfer, Apple Pay, Google Pay, etc. 
  • The fees charged by Bitmart are competitive and are less than many other popular options. 
  • The interface is highly intuitive and even beginners can navigate easily on the platform. 
  • It has a US MSB license that proves its legitimacy 
  • If you buy the BMX token – the cryptocurrency of Bitmart itself, you will be eligible for many benefits 

Also Read: Is BitMart Safe, Secure & Legit? 

BitMart Advantages

  • The cryptocurrency exchange is available in most countries around the world including the United States.
  • The purchases made through the BMX token are discounted. This can make a good difference in large transactions.
  • Variety of common payment methods supported.
  • Users can also try out lending, staking, and make use of the futures contracts to optimize their earnings through the platform.
  • Available on the smartphone through a dedicated mobile application.
  • Commission charged is 0.25% at the trading level.

BitMart Disadvantages

  • The security implementations of BitMart is still not known clearly.
  • The UI can be a little complicated for new users in the crypto space.
  • The user reviews online are not sufficient to gauge how good the platform is.
  • There are exchanges and other competitors who have listed more cryptocurrencies than BitMart.
  • No call center as a part of technical support.
  • No provision to open demo accounts 

BitMart Ranking 

According to CoinMarketCap, Bitmart is ranked 113 based on the trading volume. 

Final Verdict

Bitmart is one of the best cryptocurrency exchanges out there. If you are looking to trade or invest and access all kinds of options from a single platform, Bitmart is your go-to thing.

But since the security features are not very well known and also the plethora of features may make the platform overwhelming, it is recommended to start with putting in small amounts of money until you are comfortable and you can trust the platform.

The platform supports a minimum deposit of $1 and you can start from there.