BitMart Review

BitMart Review

Andrew Chen
Fact Checked
Jan 9, 2023

Launched in 2017 Bitmart is a cryptocurrency exchange strictly geared towards security and stability. The exchange was founded in New Jersey by Sheldon Xia, a cryptocurrency enthusiast, as a startup.

Since then in just four years the company has grown to over half a million customers as well as availability in more than 180 countries.

Table of Contents

BitMart PLatform Highlights

Platform Highlights

  • Available in over 180 countries with no KYC.
  • Buy and sell over 1,000 Cryptos with 0.075% fees.
  • Anonymous team and potentially risky for Crypto custody.
BitMart Review
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Bitmart Crypto Trading Platform

The exchange was founded by crypto enthusiasts and has been very true to its vision with its offerings, the company has been adding functionalities to the platform over time. The company created its investment token in January 2018 and has also been expanding its reach from time to time. The company got US regulators approval as well in 2018 and has been working in the US since.

Bitmart Home Page.

How to Buy Safemoon on Bitmart

One of the largest growth catalysts for the Bitmart exchange is the fact that they do very high trading volumes for the Safemoon Crypto. For users looking to buy Safemoon on Bitmart, all you need to do is create an account, deposit USDT onto the account and you can buy Safemoon.

Bitmart Trading Screen/

Safemoon Reflections Bitmart vs Trust Wallet

If you are holding Safemoon on your Bitmart account and are wondering what the reflections are when comparing Bitmart vs Trust Wallet, they are the exact same on both platforms. There is no need to move your Safemoon out of your Bitmart wallet to earn higher yields, as they are already maxed out from the protocol distribution.

Is Bitmart Safe?

Yes Bitmart are incorporated in the Cayman Islands and the company has offices in three of its biggest markets, South Korea, China and the origin country the US. The exchange offers almost all types of trading on its platform including, lending, futures trading, derivatives and spot trading as well. Due to its presence in many different countries the exchange offers multiple languages as well in its platform.

Bitmart Fees

Bitmart is in a very competitive environment when it comes to fees, it is a part of the industry where fees have stagnated over a while. Currently the market average is around 0.25% and Bitmart charges just that, however, where Bitmart is a little bit competitive is the trading fees with BMX as the transaction currency. Here you can get a discount which is generously more than what other exchanges offer.

The discount really depends upon your BMX holding as well as the 30-day trading volume you have on the platforms (This is calculated in BTC). For example if you don’t have any BMX you pay 0.25% however, if your holding is above 5 million your fees is 0.075%. Similarly professional users that have a trading volume more than 25,000 BTC and 50 million BMX are held by them. They pay a fee of 0.015% which I think is one of the lowest in the industry by a lot.

Bitmart Fee Structure.

Deposit and Withdrawal Fees

There are no deposit fees for deposit in the Bitmart exchange, however, the exchange does have some fees on withdrawal. The withdrawal fees are not fixed and are dependent upon the blockchain network of the respective crypto’s fees.

Bitmart App

The company’s user friendly approach towards creating the trading platform shows in its mobile application, the mobile application is designed in such a way that you don’t need to have a computer to perform any complex transaction, everything can be done through the mobile application.

Anything that can be done through the computer version, the mobile app is capable of doing. The design of the app is minimalist and functional, it gives great performance in executing the trades as well as the experience of using the app. You can get the mobile application on both Android and iOS.

Bitmart Mobile User Interface.

Bitmart User Interface

Bitmart was designed by crypto enthusiasts, however, it was designed for the common people to be able to invest and dive into the crypto world. So it was designed to be very user friendly and simple. The exchange’s platform is designed so smooth that anyone can trade on it no matter what their experience level.

The interface is simple, the trading window has the graph in the front, while on the left side you can see the crypto pairs, and on the right side you can see the order book. Exactly down the graph you can look at the options to buy and sell as well where you can execute the order, and the bottom most option gives you the order histories made by you.

Bitmart Supported Countries

Bitmart is based out of the Cayman Islands with offices in China, US, and South Korea. Moreover the company provides its services to over 180 countries, it is one of the only global platforms that has the US listed as a place of service as well. The company has regulatory approval from the US government to operate in the US.

However, it does not have approval from state governments of New York, New Mexico, Hawaii, Connecticut, Georgia and Washington. All of these states have different crypto regulations as compared to the Federal government. The exchange is also specifically not available in countries in the Middle East like Iran, Iraq, Libya, Lebanon and other countries like Cuba, and North Korea which are cut off from the world, other than that the exchange is present all over the world.

The BMX Token

Bitmart, like any other big exchange, also has its own native token called the Bitmart Token (BMX). The BMX is actually based upon Ethereum’s ERC20 standard. Native tokens on these platforms are used as a voting mechanism, or a reward distribution mechanism. That’s also the case with Bitmart. It offers users discounts on fees when they use BMX tokens.

At the launch of the BMX token, almost 1 Billion BMX tokens were minted, out of the q billion almost 30% of the tokens were allocated to the public offering, same amount was given to the founders, 30% were used for expenses and airdrop while 10% went to the investors.

Customer Support

The customer support can be easily reached on email, and directly through the platform as well, it is written in the policy that the support gets back to you in 3 days. Which for me personally is not a very impressive time and the team should actively work on it to reduce it.

Final Thoughts

Bitmart was founded in 2017 which makes it one of the new cryptocurrency exchanges in the market, however, looking at the way it has grown and the market share that the exchange has is astonishing. The exchange has a very good and simple UI and the fact that it has gotten approved in the US is a very big advantage in its favor.

The exchange has a competitive offering of different trades as well as a very competitive fee model which is second to none in the space. The best thing about the exchange has to be the cross platform functionality of its terminal both in browser as well as mobile application mode. Its integration with Android and iOS devices make it a very useful exchange for many people around the world. I think the exchange is a very good exchange for people to use and invest through, it will surely uphold all the standard you have in mind.

Andrew Chen

Former Bitcoin Maximalist turned multi-chain enjoyer. I hunt down the best yields across AVAX, Solana, Fantom and other networks.

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