Summary: BitMart is a global cryptocurrency exchange founded in 2017, offering secure and user-friendly trading services for various digital assets, including spot and futures trading. With advanced features and a native utility token (BMX), BitMart caters to users worldwide, providing a seamless and efficient trading experience.
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.
- 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.
What is BitMart?
BitMart is a global cryptocurrency exchange platform that offers users the ability to trade various digital assets, including cryptocurrencies like Bitcoin, Ethereum, and many others. Founded in 2017, BitMart aims to provide a secure, user-friendly, and efficient trading experience for its users. The platform offers spot trading, futures trading, and other advanced trading features such as margin trading and staking.
BitMart supports multiple languages and serves users from various countries and regions. The platform has implemented numerous security measures to protect user assets and information, such as multi-layer security systems, cold storage, and anti-DDoS protection. Additionally, BitMart offers a referral program and a native utility token, the BMX token, which can be used for various purposes, such as discounted trading fees, voting on new token listings, and participating in promotional events.
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 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.
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.
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 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.
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.
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.
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.
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.
In summary, BitMart is a global cryptocurrency exchange established in 2017, providing a secure and user-friendly platform for trading various digital assets. With a presence in over 180 countries, BitMart offers spot and futures trading, margin trading, and staking. The exchange's native utility token, BMX, allows users to enjoy discounted trading fees and participate in other benefits. BitMart's user interface is designed for traders of all experience levels, and its mobile app allows seamless cross-platform functionality. While still relatively new, BitMart has experienced significant growth, offering competitive fees and a wide range of trading options.