BitMarket shutdown their activities on July 8, 2019, with no prior warning citing liquidity issues.
When trying to access the exchange through its website, users see the following text message in both English and Polish:
“Dear Users, We regret to inform you that due to the loss of liquidity, since 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.”
BitMarket is one of the most successful platforms for trading and exchange. The platform is fast and instant that holds no geographical constraints. It is based in Poland and was started in 2014.
The team of After Market, who are successfully established for the last 8 years, created Bitmarket. After market is one of the pioneers in the industry of Internet domains. Many of the experts are involved to maintain the platform of Bitmarket, thus keeping it updated and professional.
Exchange trading fees depend on how many transactions have occurred in a month. The order types are advanced such as stop loss orders and take profit orders. These are mostly to provide maximum benefit to the users.
The automatic orders run on the exchange. They do not require manual interventions for the same. The platform maintains high liquidity for the trading pairs. It is the most important aspect of the exchange.
Adding balance or to be precise the account top up has become very easy using this platform through electronic transfers. Another interesting feature is margin trading. Under this service, there are lenders who provide money to active traders.
There is fixed percentage that is charged by the lender. The trader, on the other hand, trader invests in various trading pairs at a high price to earn bigger profits. Thus, margin trading is very good for crypto enthusiasts with no capital investment of their own. For user’s convenience, there are both public and transactional API’s available.
BitMarket provides a safe platform for the traders to protect their cryptocurrencies. For security, there is Two-factor authentication. The user needs to download the Google authenticator on their devices and scan the QR code of their BitMarket account. Once enabled, the user would get a 6-digit code, every time there is a login.
The cryptocurrency is stored in cold wallets only, which is an important aspect. Thus, the money is safe against the events of cyber crime and also eliminates the risk of volatility.
In order to register a new account on BitMarket, log on to the website. Enter the details as required such as username, password, Email ID, name, address, city, country etc. The user name can also select the account type whether it’s a personal account or a legal account. Legal accounts registration is on behalf of financial institutions or firms that deal in crypto currency.
A verification email goes to the email ID registered to validate the account. The user needs to activate the link in order to log in. It’s essential to verify the registration as the platforms aim to add only genuine users since it involves investments and trading.
Once the account is active, firstly the user has to verify the following i.e. name, address, and bank account. These verifications are essential if the user wishes to deposit the fiat currency i.e. EUR, PLN.
For the trading purpose, following trading pairs or markets are available i.e. BTC/PLN, BTC/EUR, LTC/PLN, LTC/BTC, BCC/PLN. Thus, trading is possible between both crypto –to-fiat and crypto-to-crypto. The graph shows the analysis of the trading pair regarding the highest and lowest bid on the currency, opening and closing value and 24-hour trading volume. The timeline is also available in minutes, hours and days for a user’s convenience.
The tools also show the current buy and sell orders in real time. The maker fee is 0.15% while the taker fee is 0.45% and the users can also avail the facility of converters on the platform to change fiat to crypto and vice-versa.
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