Bitmart is a centralized crypto exchange that enables the trading of digital assets. You can also stake and lend crypto thereby making money. You’ll find hundreds of cryptos in these exchanges with the largest percentage being low-market cap coins.
There are also multiple features to support the large selection of coins. Unfortunately, all has not been well for the exchange since there was a major hacking incident in 2021 where up to $200 million in cryptos was stolen. Nonetheless, the company promised to refund all the stolen digital assets to respective users.
Sheldon Xia founded BitMart in 2017 and currently, it has 5 million-plus customers in up to 200 countries around the globe. Currently, it’s a top crypto exchange that ranks in the top 20 categories in the world as per CoinGecko rating. Its head office is in the Cayman Islands.
In this discussion, we’ll take you through a comprehensive Bitmart Review, how it works, fees, and everything else you need to know. Read on.
How Bitmart work?
As one of the best crypto trading platform, there are multiple cryptocurrencies offered on the BitMart exchange. Some of the most popular and less-known cryptos include;
- Bitcoin(BTC)
- Ethereum(ETH)
- Cardano(ADA)
- Dogecoin(DOGE(
- Sandbox(SAND)
- Decentraland(MANA)
- Audius(AUDIO)
On top of that BitMart has its token known as BMX. However, it doesn’t allow the trading of Ripple or XRP which is being investigated by the SEC.
With Bttmart, you can trade cryptos under the Buy &Sell option. To buy cryptocurrency, you can use the following methods;
- Credit card
- Debit card
- Apple Pay
- Paypal
- Simplex
- MoonPay
- Paxful
If you are in the US, you can deposit the coins ( in US dollars) into your BitMart account and commence trading. If you are a non-US resident, you can also trade market orders, limit orders, and futures trading.
The BitMart platform is packed with multiple features to offer you the ultimate trading experience. These include;
- Comprehensive charts to estimate the cryptocurrency prices.
- Live order books
- Limit orders
- Standard trading modes
- Advanced trading modes
- Futures trading for long and short positions. (However, this feature is only available in a few countries).
BirtMart Trading Fees
BitMart is the best crypto trading platform where you’ll not pay fees for depositing cryptos. However, trading fees may apply depending on the crypto.
Trading cryptos when using third-party options for credit and debit cards may attract huge fees. For instance, if you use Moonpay to buy cryptocurrency such as Bitcoin, you can pay up to 4.5% fees. Some options are more expensive than others.
When it comes to regular trades, you’ll pay up to 0.25% which is lower than using third-party options.
Also, the trading fees are lower than other exchanges such as Coinbase.
BirMart’s fees framework depends on the market-taker model. You may get a discount for a high-volume trade if you have the BMX token.
A taker places an order that gets filled instantly while a marker places an order that stays in an order book up to the time a trade is executed.
The marker and takers fees are different for each category. You can check the fee structure on the BitMart website.
Additionally, if you have a 30-day trading volume of 150BTC you’ll pay fees according to the professional fee schedule. The higher the trading volume, the lower the rates.
How to open Bitmart account?
Before you start trading cryptos on the BitMart exchange, you need to have a BitMart open account. The process is simple and you can do it on the BitMart website.
Here is a step-by-step process of Bitmart registration.
- Visit the BitMart website
- Select Get Started button
- Enter your email and choose a password
- Click on the Register button
- Accept terms and conditions
- Click Register
- After that, you’ll receive an SMS with a verification link. In addition, you can choose 2F authentication to secure your account.
The KYC verification is very important since it enables you to commence trading. Some of the important information you’ll provide for verification purposes include;
- Name
- Physical address
- Social Security Number(SSN)
- A photo of your Government ID
After verification, your Bitmart open account is now active for the following activities;
- Depositing funds
- Tracking markets
- Creating favorite lists
- Buy cryptocurrency
- Spot trading
- Earning
- Futures
- Staking
Is Bitmart safe?
BitMart is safe because it uses highly rated security features that are common with other exchanges.
Besides that, it adheres to FinCEN KYC regulations that require users to submit details for verification. Therefore, this guarantees maximum security for digital wallets.
BitMart offers the following security features;
- Cold storage by storing up to 99% of digital assets in cold storage. Essentially, this means that offline storage requires many signatures to gain access.
- 2F authentication for users to secure their trading accounts from third-party interference.
- Encrypted servers that protect assets from DDOS attacks.
- Notifications via email and phone for any withdrawals.
How to deposit money with Bitmart?
To deposit on your BitMart account, you can use the following process
- First, you must register on the BitMart website and allow your account to be activated. For an easy process, download the BitMart cryptocurrency trading app from Play Store or the App Store.
- Next, log in with your credentials
- Navigate the Assets section and click
- Then select Spot and choose the coin you want to deposit.
- Click on deposit
- Choose your funding option. It can be employment income, family income, or investments.
- Click copy to select the address, then paste it into the search area for withdrawal. Scanning the QR code is also another option.
- You can now buy cryptos depending on the prevailing cryptocurrency prices.
Conclusion
Despite the security breach that occurred in late 2021, BitMart is a top crypto exchange with lower trading fees. Here, you can trade your favorite cryptos and access trading information easily. Lastly, with Bitmart registration, you can have an account instantly after passing the verification process. Also, you can trade anywhere with the BitMart cryptocurrency trading app.
