BitMart was established in 2017 as a cryptocurrency exchange. The Cayman Islands is where the exchange is founded. Amazon, Alibaba, as well as other major corporations have ex-members on the exchange team.
On the BitMart website, however, the team members are not featured. New York, Seoul, Hong Kong, and Singapore are among BitMart’s offices. Because BitMart is not registered with the SEC, it can only be used with severe restrictions in the United States.
Is BitMart Safe?
You cannot consider BitMart as completely safe. Although there are important security measures, the complaints that we get to hear from the app users can’t be ignored.
For example: Following the theft of $150 million in cryptocurrency by hackers from BitMart wallet, BitMart would pay victims. BitMart claimed in a report two days after the security breach that it had performed basic security assessments and detected impacted assets.
Bitmart said in statement that “This security breach was mainly caused by a stolen private key that had two of our hot wallets compromised. Other assets with BitMart are safe and unharmed“.
From hacking crypto exchange accounts to establishing false platforms, cybercriminals use a variety of methods to empty the pockets of crypto traders. Don’t be in a rush to invest your money if you’re looking for a reliable trading platform.
You should consider choosing an alternative platform if you observe a lot of complaints from exchange users or if you can’t find any dependable security features.
In the case of BitMart, we can be certain that numerous allegations are floating around the internet. If you read the comments section of any BitMart Twitter post, you’ll find people complaining that they are not able to withdraw their money or that they’ve lost access to their accounts for no apparent reason.
That doesn’t mean BitMart is a scam, but it is a strong indication that you may have problems utilising this exchange as well. The causes could be varied. The regulations for trading and withdrawing coins are not as clear as they appear.
It causes users to become perplexed. The system contains fault or something else. The worst part is that as per multiple reviews, the support team is slow to react to inquiries. All of this is pretty upsetting.
Besides, there are a lot of nice comments along with the criticism. Given the number of traders on BitMart, it appears that just a small percentage of them are experiencing issues. So it’s entirely up to you whether you want to take a chance or ignore this conversation.
Now, let’s have a look at the BitMart security measures. The corporation cannot disclose many specifics on how it safeguards the materials “for security and proprietary reasons,” as per the wording put over the brand image.
- Notably, BitMart allows you to enable 2-factor authentication, which is a critical function that means hacking your account is nearly impossible. You must allow it for the security of your funds. Except for 2fa, each transaction must be validated with a code issued via email or SMS. It adds another degree of security and assurance.
- The personal information of the users is kept private and secure. The servers are protected against DDoS attacks and are SSL-encrypted. The funds of more than 99 percent of users are kept offline. BitMart, on the other hand, offers us a comprehensive set of security features.
- Users’ IP addresses are recorded, registered, and linked to their accounts. If a different IP address is discovered, the user’s account username will be prompted through email to be validated.
- Over 99 percent of the assets are held in offline cold wallets which are not connected to the internet and require multiple approvals from the BitMart staff to obtain.
Nonetheless, the overwhelming number of concerns cannot be ignored. It is preferable to conduct your research to distinguish between facts and beliefs and pick the best decision possible.
Is BitMart legit?
BitMart is a Money Services Business (MSB) licensed company. As a result, it is a legal enterprise. But there are many users complaining that they can’t withdraw money from their accounts, etc.
In March of this year, BitMart began offering spot trading. As mentioned, The corporation was established as a Money Service Business (MSB) with US regulators a month later. The Financial Crimes Enforcement Network is in charge of it (FinCEN).
For this reason, BitMart is one of the most popular cryptocurrency exchanges, with over two million users. BitMart is an excellent choice if you’re looking for a trustworthy cryptocurrency exchange that’s simple to use and doesn’t cause any problems.
Futures trading and staking are also available on the platform, making it perfect for a wide range of customers. Although the exchange was tried to hack once, the corporation accepted responsibility and promised to pay clients.
This gesture also establishes the trustworthiness of the transaction. And they adopted features which make it stronger.
BitMart’s Key Features
BitMart is a bitcoin exchange with numerous appealing features. It is a reputable cryptocurrency exchange that provides superior services. The essential features are listed below: –
- The fast and efficient trading experience will appeal to both newbies and experienced traders.
- With actual application data and graphing, you can trade popular altcoins.
- The BitMart app allows users to manage their accounts and exchange from any location.
- 99 percent of BitMart funds are maintained in offline cold wallets to protect customers’ assets.
- Through a loan service, consumers of cryptos such as USDC can account for up to 6.25 percent expected annual rate of interest.
- BitMart Shooting Star will support the rapid development of high-quality blockchain projects.
- There are up to 30% referral rewards available, and also an affiliate network that rewards users for bringing in new traders.
- It establishes suitable trading profits, competitive commissions, and other incentives.
- For beginner bitcoin traders, a thorough training and education booklet is available.
To summarise our BitMart exchange review, it seems to be a major cryptocurrency trading network. It allows users from all across the world to purchase, trade, and sell cryptocurrencies like Bitcoin and Ethereum utilising a secure and user-friendly desktop or mobile trading program.
BitMart has introduced additional services and products for its customers to earn incentives while selling and holding assets on the network, such as lending and staking. BitMart should be considered by cryptocurrency traders hunting for a decent exchange to trade Bitcoin.
Frequently Asked Questions
What country is BitMart from?
BitMart is a centralised exchange situated in the Cayman Islands that was founded on March 15, 2018. In addition, it owns offices in New York, China, Hong Kong, and Seoul. It allows for spot, over-the-counter, and USD trading. Its goal is to move the globe toward a more equitable financial structure.
Did Bitmart get hacked?
Yes, it was hacked once. BitMart’s attack was initially disclosed by blockchain security startup PeckShield Inc. and later verified by the exchange. According to Xia’s tweets, it was caused by a stolen private key that exposed two of the company’s “hot wallets.”