Bitmart Review [The Ultimate Guide 2022]

You faced the challenge of selecting an exchange that would suit your needs from hundreds of options when you became a crypto trader.

CoinStats frequently reviews the top platforms such asBinanceCoinbase or Kraken are small, but highly reliable, crypto exchanges such as the Bibox exchangeBitmart is a worldwide exchange. We will show you the pros and cons of each to help choose the best trading platform for your needs.

BitmartThis is the global platform to exchange cryptocurrency and make money with it. This platform offers decentralized financial (DeFiServices, including a large range of cryptocurrency, advanced trading features and an NFT market.

The exchange suffered a hacking attack in December 2021, resulting in a loss of $196,000,000 in cryptocurrency.

Our Bitmart review will discuss the platform’s services and features, pros and cons, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.

Let’s get right to it!

What’s BitMart?

BitMart, a worldwide cryptocurrency exchange that has over 5.5 millions users from 180 countries, is BitMart. This platform launched in 2017 on the Cayman Islands. It also has branches in China, South Korea and the United States.

BitMart allows trading of over 1000 digital assets. It also offers investment services to its global customers, as well as advanced features such margin trading and futures trading. Trades are possible in all cryptocurrencies including Bitcoin, Ethereum and Dogecoin as well as Ripple, Ripple, Cardano and Solana. You can also trade small, newly-released crypto assets.

BitMart introduced the BitMart Token in 2018, which offers tokenholders special trading discount and many other benefits.

Numerous new features have been added to the trading platform, such as staking and lending, saving products, and derivatives trades.

Bitmart offers a straightforward buy/sell feature that allows beginners to trade crypto with multiple payment options in just a few clicks. It also offers advanced features like spot trading and futures trading as well as derivatives trading, OTC trades, OTC trading, OTC trading, and margin trading. This allows investors to leverage their crypto investments.

You can purchase NFT tokens on the platform and pay competitive fees. BitMart utilizes the maker-taker model for determining trading fees. These start from 0.2% and reduce with trade volume.

BitMart was attacked in December 2021. The private keys to its hot wallets and the keypads of the exchange were compromised. It resulted in $196 million in cryptocurrency theft. 

Bitmart Features

Now, let’s have a closer look at the Bitmart crypto exchange features:

Large Selection of Cryptocurrencies

Bitmart offers a wide range of digital assets that are easy to buy or sell on its exchange, which is unlike other platforms.  

Futures and Margin Trading

Bitmart’s simple Buy and Sell function is not the only thing that Bitmart has. It also offers crypto futures trading, margin trading, and other options for users.

Bitmart has a futures exchange that allows for leveraged trading as high as 100x. DeFi also offers borrowing and lending services. Bitmart customers can trade futures without any hassle, and even speculate in the market using the derivatives or futures markets.

Remember that trading crypto is highly risky, and futures and margin aren’t recommended for most crypto investors.

Bitmart Loan

Investors looking for passive income through crypto-lending options can use BitMart Lending to generate passive income. Subscription is required to take part in lending. Once you have subscribed, your chosen token will become locked. You’ll receive the deposited tokens and the interest accrued to your BitMart account when the term is completed.

Annual accrued interest rates can range from 5% to 120%.

Bitmart Earn

Customers of Bitmart can make passive income from their cryptocurrency holdings through the platform. Bitmart has many passive income opportunities.

• Bitmart stakes: To secure their cryptocurrency assets, users stake them on the blockchain to verify transactions and to earn rewards proportional to the tokens. Bitmart Staking lets users lock their funds on a blockchain network for up to 30 days and earn Bitmart Staking rewards.                                                       

      Bitmart Staking

• Bitmart Savings Bitmart Savings can help you earn up to 50 percent APY on all your crypto assets. Bitmart savings can be used to purchase digital assets such as stablecoins USDC and USDT or large cap coins like BTC, ETH and LTC. You also have the option of purchasing newly listed tokens such FND, VCG and DHLT. However, US users are not eligible for this feature. 

                                                                   Bitmart Savings

Bitmart Dual Investment You can earn in either of the currencies included in a trading pairing with this unique feature. BTC/USDC (ETH/USDC), ETH/USDC (SOL/USDC) and BCH/USDC are the trading pairs. Select your asset and choose between Sell high or Buy lower, enter your subscription amount, then pick the settlement date. Bitmart Dual Investment lets users hedge against price volatility in cryptocurrency and also earn crypto assets like USDC. This feature also isn’t available to US users.

Bitmart Dual Investment

Bitmart NFT Marketplace

The Bitmart NFT marketplace aims to bring NFT artists, communities, enthusiasts, and collectors together, enabling them to create, purchase, and trade some of the world’s best and most unique NFTs. To access BitMart’s NFT marketplace, users must create an account on Bitmart. Bitmart NFTs are supported by all ERC-721 tokens. More information can be found here. 

                                                                   Bitmart NFT

Bitmart Launchpad

Bitmart’s launchpad allows for the creation of new, exciting tokens. Mission X2 is a project for investors looking to invest in startups and earn premiums. The chosen startup will receive a specified amount of BMX from the investors. When the value of BMX reaches 1,000,000, the token will be eligible to enter the BMX Market and can be paired up with BMX.

Bitmart Institution

Bitmart Institution allows large institutional investors to register as brokers and market makers, receive rewards and participate in OTC Trading. Bitmart Institution offers many benefits for institutions and large entities, although users must meet certain requirements to gain access to these services and features. 

Refer to Bitmart

Bitmart offers a lucrative referral program to existing customers. This allows them to invite friends to trade with Bitmart, and they can earn as much as 40% from trading fees. Refer your friends to Bitamrt using a QR code or referral link. 

Bitmart Affiliate

Bitmart affiliates can be applied by anyone. After approval of the application, users will receive their referral link. This allows them to share their links with their networks and earn up to 100 percent commissions on futures and spot trading.

Bitmart Task Center

Bitmart users can win USD 3000 by performing a handful of simple tasks. You can earn up to USD 500 by signing up on Bitmart. Deposit USD 100 and more to be eligible for up to USD 1000. Your first spot trade must exceed USD 100 to qualify you to win up USD 1500.

These are the most used and popular features in Bitmart. In the next section of our Bitmart review, we’ll explain how to access these features and introduce you to the Bitmart fee structure. 

Set up a Bitmart Account

Sign up for a Bitmart Account with your phone number or email address and create a strong password. Once you’ve successfully created an account on Bitmart, you must verify your identity to start crypto trading immediately.

                                                           Bitmart Sign up Page

The verification process differs depending on the accounts’ types:

Level 1 Starter

The verification process for Level 1 users’ accounts is straightforward and requires only personal details like a valid email and a phone number to set up two-factor authentication. Once you’ve entered these details correctly, you can start using the Bitmart trading platform to buy and sell crypto assets. 

Level 2 Advanced

You must become an advanced trader to gain full access to the Bitmart features. You will need to provide a valid government issued identification card along with a facial verification. 

There is also a process to onboard institutional investors or companies. This Bitmart review will concentrate on retail customers. 

Once you’ve created a user account, the next step is to deposit funds into your Bitmart wallet. You can deposit crypto assets directly from your crypto wallets (software or hardware), and the exchange doesn’t charge deposit fees. Bitmart’s withdrawal fees are dependent on which cryptocurrency is used and what network was used to withdraw the funds. 

Buy Cryptocurrencies

Bitmart makes it easy to sell and buy cryptocurrencies with fiat currencies using debit cards or credit cards, PayPal, or other payment gateways, such as MoonPay, Simplex, or Simplex.

Bitmart Fee Structure

While the exchange doesn’t charge any deposit fees, it charges a small trading fee from its users. Bitmart’s competitive fee structure is what makes it popular with its users. A tiered fee structure applies to Bitmart. Standard users pay 0.25 percent for trading fees. The number of BMX tokens that you have will determine your level within the tiered system. According to the table below, the higher your BMX tokens total, the less you will be charged for the fee. 

                                                     Users of Bitmart pay a standard fee

The levels for professional users range from PRO1 through PRO6. As one climbs up the level, the trading fees go down. The 30-day trading volume in BTC determines the trading fees and levels for professional users – higher volume means higher level and lower trading fees. You can see the following table to view the pro-level trading fees:

                                              Professional Bitmart User

Bitmart Security

The Bitmart review will examine security, which is one of the key considerations in choosing a cryptocurrency exchange to trade crypto. Bitmart claims that they have an Advanced Risk Control System. This system uses a combination of cold and hot wallet systems, as well as multi-signature technologies. Bitmart, which is also registered with the USA Financial Crimes Enforcement Network as a Money Service Business, allows for legal cryptocurrency trading. 

However, despite all the Bitmart exchange’s security measures, it became subject to a hack of USD 196 million in 2021. As stated, some hackers had gotten control over the private keys to two of Bitmart’s hot wallets used to store users’ funds and assets and managed to hack the Bitmart exchange. In a later statement, Bitmart stated it would refund all of its customers with any money raised.

The Trading Experience at Bitmart

Trustpilot’s Bitmart rating has dropped to 3.6 stars since the hacking attack in 2021. The trading platform charges a 0.25 percent fee, which can make it more expensive than some other exchanges.

So, in summary, Bitmart is a good choice for professional traders and those who want to invest small-cap or newer cryptos. 

The Final Word

Bitmart has been thoroughly reviewed and it revealed that the platform allows you to easily trade or exchange cryptocurrency. Many advanced features make the crypto experience easier and more productive. Moreover, its registration with FCEN makes the Bitmart exchange legit in the US, and users don’t have to worry about their funds being suddenly frozen by the government.

Keep in mind, however that cryptocurrencies are highly volatile. This article should not be construed as financial advice. 

If you wish to learn more about cryptocurrencies, blockchain technology, and DeFi, you’re welcome to visit our blog and read articles like “What exactly is deFi?.” To learn how to manage your crypto portfolios, read our “Crypto Portfolio Trackers.”