BitMart exchange is a premier global digital asset trading platform in the cryptocurrency market with over 509,000 users worldwide, currently ranking 9th in the coinmarketcap. Here is the detailed BitMart exchange review for both Beginners and Experts.
What is BitMart?
BitMart exchange officially came into existence in March 2017, it is registered in the Cayman Islands with offices worldwide. The platform offers spot trading, OTC trading, futures contract trading, and other services for digital assets. The BitMart team consistently makes it a priority to deliver secure, smoother, and faster trading in hope of becoming one of the top world-class digital asset trading platforms.
One of the platform’s main aim is to connect major trading platforms worldwide and make transactions borderless a reality for as many people as possible. BitMart exchange is available on all major platforms. For mobile users, they can use the platform’s official apps for iOS and Android. The platform is available on desktop platforms such as Windows, Linux, and macOS.
What Types of Trading Does BitMart Support?
Spot trading is the most common type of trading on BitMart, where the platform chooses superior blockchain digital assets. It also offers future contract trading via individual asset types. There is an intermediary service platform for C2C and B2Btrading modes for individuals and businesses.
This system makes it possible for users to complete transactions that span multiple platforms within a single click.
Ultimately, BitMart is aiming to develop and build a decentralized exchange. This exchange is a key part of BitMart due to the team’s proposition that efficiency, stability, and security should be guaranteed.
To make BitMart useful to everyone around the world, the platform is available across all devices. You can access it via your web browser, mobile browser, Android, iOS, Mac OS, or PC.
BitMart Account Limits
All new accounts without verification of their account can withdraw the equivalent of 2BTC per day. If you need more, then you can begin the account verification process by uploading documents such as ID, Passport or Driving License. After verification, you will have access to 100BTC withdrawals per day.
BitMart now accepts fiat payments along with Cryptocurrency. To use this platform you need to send some cryptocurrency to the exchange via their deposits page or make a purchase using the fiat options available(debit/credit card payment).
You can send any of the coins or tokens available to trade on the exchange, choose your currency and click the “Deposit” button to generate an address to send.
Trading on Bitmart
Go to the Exchange page on BitMart, you will see the information to trade cryptocurrency as well as a spot to do so. The left side of the platform has all the cryptocurrency pairs, divided into categories based on whether they include BTC, ETH, or USDT. You can choose any trading pair you wish, and the page will automatically update to display pair’s pricing. You will see the price for the pair at the top of the page and 24-hour figures for lows, highs, and volume.
In the middle of the page, you will find the relevant information on pricing and changes. You will see detailed information, including the opening, high, low, and closing prices. There is a candlestick price chart plus a volume chart. You can hover over any point on the chart to see the specific time and data for that point. Also, there is the ability to add indicators to the chart.
To the right side of the charts, you will see the order book for the pair, displaying the price, amount, and total, separated into sell and buy orders.
Just Below the chart, there is a form to place a limit order. You can fill the specific quantity of a cryptocurrency you wish to buy or sell. Immediately to the left of form, you will see the most recent market trades.
BMX is ERC20 based token issued by BitMart. There is a total volume of 1 billion tokens. However, 30 per cent of tokens for public offering and another 30 per cent to the founding team, with those tokens released over three years. Early adopters will get 10 per cent of the tokens, while 20 per cent goes to community rewards and 10 per cent goes to whitelisted investors.
When you have BMX, you are entitled to discounts on the trading fees, in spite of whether BMX is one of the currencies in your transaction. The BitMart team will have 20% of the income earned from trading fees on the platform every month to repurchase BMX. The repurchased BMX will be destroyed completely and repurchase records will be released immediately. Users can check related information via the blockchain browser so that openness and transparency are guaranteed. The repurchase mechanism will continue to work until 500 million BMX are destroyed.
As said earlier, trading pairs on BitMart display those that involve BTC, ETH, USDT and BMX. There are 172 trading pairs and 74 coins. The platform aims to list more coins in the future and offers a form for those who want to list their coins on the platform as a way to boost its expansion.
BitMart charges zero fees for deposits and 0.05% fees for trading. Moreover, there are fees for withdrawing tokens as well as minimal withdrawal amounts, but these vary based on the cryptocurrency. You can view on the “Fees” page. BTC has a minimum withdrawal amount of 0.005 BTC with a minimum fee of 0.0005. ETH has a minimum withdrawal of 0.015 ETH with minimum fee 0.01 fee and BMX has a minimum withdrawal of 30 with a 10 BMX fee.
BitMart is among the newest cryptocurrency exchanges to arrive, but the platform very easy to use and well laid out. The BMX token is a welcome addition and they are following the very successful model of Binance where you can earn money off fees for holding the token. Moreover, they have also used the buy-back model where the tokens should increase in value over time, providing an incentive to hold them.
BitMart has potential but faces a strong battle to become more firmly established against the likes of Binance, Kucoin and other exchanges as well as the rise of Decentralized exchanges which are growing in popularity and user-base. There is no mention on the site that a Decentralized exchange is planned or will launch at a later date.
The company behind BitMart has officially registered as a Money Service Business (MSB) with U.S. regulators, administered by the Financial Crimes Enforcement Network (FinCEN) which helps to prove the legitimacy of the business behind the exchange.
Official website: https://www.bitmart.com/
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