Bitmart Recently recorded the highest 24hr trading volume of $2.3 Billion.
BitMart Exchange is a multi-cryptocurrency exchange, It has Integrated with advanced multi-layer and multi-cluster system architecture to ensure the security, stability, and scalability of the system. Rising to the Global website ranking of 64,502 in April 20202
Do you know? Bitmart.com enrolled over 600,000 users worldwide and currently ranked 13th in the coinmarketcap.
This 8 min read article will help you understand the Operations, Good and Bad of Bitmart exchange.
What is BitMart Exchange?
BitMart Exchange is a premier global digital asset trading platform in the cryptocurrency market. BitMart exchange officially came into existence in March 2017, it is registered in the Cayman Islands with offices worldwide.
Currently, the platform offers spot trading only and will ultimately take cryptocurrency trading to new heights by providing future contract trading, over-the-counter trading, and whole-network trading. The BitMart team consistently makes it a priority to deliver secure, smoother, and faster trading hoping to become one of the top world-class digital asset trading platforms.
One of the platform’s main aims 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.
Bitmart Trading services
Spot Trading –
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. However, there is an intermediary service platform for C2C and B2B trading modes for individuals and businesses. This system makes it possible for users to complete transactions that span multiple platforms within a single click.
Futures Trading –
Bitmart started futures trading as of Feb 2020. The platform also offers “perpetual swaps” on the platform along with Traditional futures trading. Perpetual swaps refer to a kind of derivative that is similar to traditional futures contracts and can provide high leverage.
How Perpetual trading is different from Traditional futures trading –
- It has no delivery date.
- It has reasonable price marking.
- It has an anchored spot market.
- It has an auto deleveraging (ADL) mechanism
The exchange also provides OTC trading, lending & staking, decentralized trading.
BitMart Lending is a financial product based on digital assets. Each project has its investment term and yield. You could voluntarily choose to buy. The assets and interest will be unlocked and distributed into the user wallet on the redemption date. The platform is constantly adding new tokens for the lending service.
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Holders are rewarded for simply depositing and holding coins on BitMart as they normally would. Users receive staking rewards without any staking fees involved.
As of now, only BHD, ALGO, DASH, ATOM & QTUM staking is allowed on the platform
BitMart Staking is released in Feb 2020
To make BitMart useful to everyone around the world, the platform is available across all devices. Also, you can access it via your web browser, mobile browser, Android, iOS, Mac OS, or PC.
BitMart Mobile App –
The mobile trading app is comprehensive and allows you to perform all the tasks available on the web browser version. The apps have been reported to have great performance and an aesthetically pleasing design.
Did you know?
Bitmart Exchange launched a new feature on iOS & Android enabling users to share their ROI with their friends or on social media.
BitMart Updated Fees
BitMart recently launched a new-tire trading fee discount program, with 0.1% from the maker side and 0.2% from the taker side. The trading fee decreases according to users trading volume and the amount of BMX they hold. There’s no deposit fee on BitMart. Withdraw fees are regularly adjusted to blockchain conditions. For more details, please view https://www.bitmart.com/fee/en.
BitMart Token(BMX)- The Native token
BMX is an ERC20 based token issued by BitMart. There is a total volume of 1 billion BMX tokens. However, 30 percent of tokens for public offering and another 30 percent to the founding team, with those tokens released over three years. Early adopters will get 10 percent of the tokens, while 20 percent goes to community rewards and 10 percent goes to whitelisted investors.
The benefits of holding BMX tokens are:
- Receive a 25% discount on trading fee using BMX
- BMX holder can vote for listings
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. Hence, 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. According to coinmarketcap, the platform ranks 13th and its 24-hr volume is $1,685,950,201.
Also, the platform offers 155 trading pairs. 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.
The latest crypto to be added on the Bitmart Exchange is BSYS (BSYS). The BSYS/USDT trading pair is now active on the platform.
According to BitMart exchange’s security page:
“Our security team is continually improving our end-to-end security measures, improving auditing processes, and reducing the ‘attack surface’ of our infrastructure. Please note that we cannot disclose too many details of the security measures implemented on the platform for security and proprietary reasons.”
The security is considered in the following manner –
- Every account is required to have a 2FA authentication that adds as an extra layer of security. Users can access their accounts only with the code generated on the smartphone.
- Next, only 0.5% of user assets are stored on a hot wallet in the exchange, that too for daily trading purposes. Other assets are securely kept in offline cold wallets to avoid attacks and hacks.
- Each time a user logs in, he is sent an OTP either to mobile/email. Without OTP, login is not possible.
The company also claims to have implemented:
- Protection against DDOS attacks;
- Automatic backup of the database;
- SSL-secured (https) protection.
How does Bitmart work?
Account Registration –
- In order to set up a new account on Bitmart, a user can log on to the official website.
- Click on the tab “Sign up” which then redirects you to the registration window.
- Signup using Email or Mobile number.
- For email signup, Enter the details such as email ID and create a new password.
- Click on the checkbox asking for age verification then “create account”.
- In case of an invitation, you can enter the code next.
- A verification email with a link goes to the registered email ID that validates an authentic user. Once the verification is complete, the user can begin with trading.
Bitmart Login requires an account to be certified. 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.
Buying cryptocurrency on the Bitmart exchange is fairly simple. 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). The platform supports multiple fiat exchange methods like VISA Card, Paypal, Alipay. One can easily buy BTC, ETH, BCH, LTC, EOS, XRP using any of the methods. For more details and updates, do check the official website as the platform keeps on updating the regulations.
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.
After successful BitMart login, 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. Also, you can choose any trading pair you wish, and the page will automatically update to display the 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. Moreover, 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 the form, you will see the most recent market trades.
Trade at a 0% transaction fee with VVIP customer benefits.
Bitmart Exchange has upgraded its VVIP customer benefits. The BitMart Futures VVIP Customer Program allows discounted trading fees of Maker 0%, Taker 0.03%.
Bitmart Exchange adds Lending & Staking service
Feb 2020, the Bitmart exchange has introduced Lending & Staking support for limited currencies. Soo, other currencies would be added to the exchange.
BitMart Exchange Review: Verdict
BitMart is a regulated crypto exchange that also supports fiat currencies, which features a competitive fee range for its trading services.
Overall, BitMart is 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. Also, there is no mention on the site that a Decentralized exchange is planned or will launch at a later date.
Moreover, 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.
How is the customer support of the Bitmart exchange?
BitMart can only be reached via email firstname.lastname@example.org and on its website, it mentions that it will get back within 3 days of dropping the mail.
What are the fees associated with the Bitmart exchange?
The deposits made are completely free, while withdrawal fees differ from coin to coin and are also adjusted according to the blockchain condition. The general fee for the maker is 0.100%, and the taker is 0.200%. If using BMX coin to pay for your trading fees, then you will be entitled to a 25% discount. The trading fee is also dependent on the trading volume over the past 30 days and BMX balance. You can check the trading fee under different levels and minimum withdrawal amount and fee by visiting this link. https://www.bitmart.com/fee/en
Can I access Bitmart globally?
Bitmart provides its services to users in over 180 countries, including the US and the UK.