BitMart review: Is the crypto broker worth it?

Despite being ranked 29th at press time on CoinMarketCap’s exchange list, BitMart is one of the few brokers to offer spot, derivatives, copy, and other relevant trading options. Plus, there is the BitMart Earn, helping you stack some well-deserved passive income.

Yet, that’s just scratching the surface. In this 360-degree BitMart review, I shall explore every aspect of this crypto broker — fees, features, ease of signing up, and more.

This crypto broker has been around since 2017, offering over 1500+ crypto pairs and over 100 perpetual contracts for advanced traders.

By the end of this discussion, you should be able to make an informed choice about BitMart.

Pros and Cons

Pressed for time? Well, instead of reading through the entire review, you can simply read out the pros and cons. Here is the list:

Pros

• One of the largest selections of cryptocurrencies
• Low trading fees for derivatives
• Boasts advanced trading tools like copy-trading
• Offers crypto savings and staking services
• Spread over 180+ nations
• Boasts an NFT marketplace
• A native token with several use cases

Cons

• Has been breached before, raising security concerns
• Mixed customer feedback across platforms

BitMart’s native investment token, BMX, is built on the Ethereum mainnet and adheres to the ERC-20 token standards.

BitMart’s History and Background

Founded in 2017, BitMart has its headquarters in the Cayman Islands. This crypto broker also has physical offices in South Korea and the United States. Leading the product was Sheldon Xia, who was (is) also the acting CEO of the firm.

As far as the regulations go, BitMart is one of the few crypto brokers to be registered as an MSB or Money Services Business in the U.S. Team-wise, BitMart has individuals from Alibaba, Tencent, Accenture, and other top-notch tech companies.

BitMart’s official Twitter (X) handle announced that the company has acquired relevant crypto-specific licensure in Lithuania.

The Sign-Up Process

The best crypto exchanges have the most seamless signup flows. Let us see how good BitMart is. To sign up, you must click on the “Get Started” tab to create an account. You can use your email ID or phone number to register.

And that’s it. You can start using most services just by registering. You simply need to provide your basic personal information and get access to standard deposits, withdrawals, the NFT marketplace, and other features.

You can opt for level 2 verification to access services like Margin training, Earn plans, Launchpad, and other features. The KYC-led level 2 verification uses a QR code, with the process shifting to your smartphone post-initiation. The flow is easy to follow.

To complete the level 2 verification, you can provide documents like a PAN card, Driver’s license, Passport, or any Government-issued ID. Besides that, facial verification via the PC’s camera is also needed.

Post verification, you can claim the sign-up rewards. Also, every exchange-specific activity, like deposits, Futures trading, and more, comes with rewards, making the experience highly rewarding.

Unpacking the User Experience

When it comes to using a crypto broker, it is the user experience that makes all the difference. BitMart, unlike some of the bigger names in the space, offers a host of self-explanatory options, guiding you through every step along the way.

The web interface is all planned out with spot, futures, Earn, and other resources mentioned clearly. However, the BitMart mobile app (s) are also worth trying out, courtesy of the more interactive interface, optimized trading charts, and more.

Another element of BitMart’s user experience has to be the multi-channel social media support. The exchange has a presence on Facebook, Instagram, Telegram, LinkedIn, YouTube, and several other platforms.

If you aren’t comfortable in English, BitMart lets you choose from nine other language options.

All BitMart Platforms Explored: iOS, Android, and Web.

In case you want to try out the different BitMart platforms, here is what you need to know:

iOS Features

1. Quick performance improvements
2. An interactive spot trading interface
3. Easy access to P2P trading features
4. Access to real-time market insights
5. Advanced security measures like two-factor authentication and more

Android Features

1. Easy access to order management tools
2. Quick view of the welcome bonus
3. Beginner-friendly interface
4. Quick access to copy trading strategies

Web Platform’s Features

1. Access to sub-accounts with better risk management traits
2. Access to margin trading facilities
3. Better fee rebates and discounts

The choice of platform depends on the features you want to explore and also your experience level.

Features and More

BitMart is one of those exchanges that strike the perfect balance between features and user-friendliness. Let us check what this crypto broker has to offer:

Quick Buy (Sell) Interface

For the regular crypto buyers, BitMart provides an easy-to-use “Buying” interface. To buy and even sell, you can use a host of payment methods, including credit and debit cards, bank transfers, Google Pay, and Apple Pay. While USD and EUR are the more popular fiat currencies supported by BitMart, the broker also supports GBP, ALL, AMD, ANG, and many more.

To facilitate quick buying and selling, BitMart works with a host of third-party payment services like Simplex, Legend Trading, MoonPay, Banxa, and Alchemy Pay.

Diverse Trading Suite

BitMart lets you experience spot trading with access to an order book-inspired interface, interactive charts, and margin support. You can place market, limit, or advanced limit orders depending on your preferences.

If you are an advanced trader, BitMart lets you work with derivatives settled in USDC or in the coin you are trading. This crypto broker lets you access 100x worth of leverage and work with 100+ contracts.

Copy Trading

If you want to amplify your profit-making options, Copy trading is the way to go. BitMart’s copy trading interface lets you mirror the current trades of successful traders, letting you choose on the basis of ROI, P&L, AUM, win rate, and other metrics. You can even apply to become a professional master trader.

Also, you can check individual master traders to see their profit sharing percentage, diverse stop loss settings, and other metrics before proceeding.

BitMart Earn

If you want to do more with your crypto assets, BitMart offers a slew of earning options. The first one is the BitMart Savings plan, allowing you to earn flexible and fixed APY on assets like USDT, BTC, ETH, and more. The rates can go as high as 100%, depending on the plan you wish to subscribe to.

Then, there is the standard BitMart staking plan, where you can lock your assets for a fixed duration to earn interest. Then, there are the “Dual Investment” option and ETH 2.0 staking options, helping you make the most of your crypto holdings.

NFT Marketplace

BitMart’s NFT marketplace is one-of-a-kind, featuring the hottest of digital assets, new listings, and more. You can click on any digital asset or marketplace to check the floor price, provenance, creator details, and more before buying the same.

Besides the mentioned features, BitMart also paves the way for a crypto launchpad, listing new tokens and NFTs, a voting-based airdrops platform, professional services like APIs, a rewards hub, a detailed learning center, and more.

Additionally, BitMart offers a pretty extensive view of the crypto markets, listing almost every known crypto. The tokens are also segregated into categories, like DeFi, Metaverse, Meme, and more.

Some of the most popular crypto trading pairs across the spot and derivatives space include:

• ETH/USDT

• BTC/USDT

• BTC/DAI

• TRB/USDT

• ETH/USD

And more.

Fees and Limits

As a trader, it is crucial to shift focus to trading fees. On BitMart, the trading pairs are divided into three Classes — A, B, and C. For Class A, the Maker and Taker fees are set at 0% and 0.1%, respectively. Class B pairs attract a charge of 0.25% for both maker and taker. Finally, Class C pairs attract maker and taker charges of 0.4% each.

If you wish to pay the trading fees using the native BMX tokens, the spot trading fees for both Class A, Class B, and Class C token pairs can be reduced further.

Another way to get sizable discounts on BitMart’s trading fees is by increasing the 30-day trading volume and holding BMX tokens.

When it comes to trading limits, BitMart supports the lowest possible deposits of $1 or equivalent. However, the withdrawal limits are tiered, with each crypto over a specific network having a specific minimum withdrawal limit. For example, BTC via the BTC or even the lightning network has a minimum withdrawal limit of 0.002 and 0.00001 BTC, respectively.

The maximum withdrawal limits are restricted to 0.06 BTC for the Starter account, whereas the advanced verification level qualifies you for a withdrawal limit of 100 BTC each day,

As for the deposit and withdrawal methods, only crypto transactions are supported. However, you can use bank transfers, Apple Pay, and almost every other payment avenue for direct buying and selling of cryptocurrencies.

BitMart also charges withdrawal fees specific to a token and network. And while crypto deposits are free, some coins with deflationary tokenomics do levy charges, going as high as 2% at times.

Understanding the Security Standards

BitMart remains one of the more secure crypto brokers despite ebbing and flowing with its security implementations. For starters, BitMart has stringent security implementations in place led by advanced encryption protocols and a multi-layer system architecture.

The exchange takes wallet security seriously, courtesy of the fund storage across cold wallets, secure storage of private keys, and more. Then, there is the entire user-specific security suite, comprising withdrawal whitelists and two-factor authentication.

BitMart also paves the way for Google Authentication as a security implementation followed by access to anti-phishing code for keeping hackers out.

Despite the best-in-class security standards, BitMart was hacked for almost $196 million in 2021. The exchange publicly acknowledged the attack and promised compensation to the affected users.

The exchange also has an active bug bounty program to be proactive about detecting threats.

The State of Customer Support

BitMart easily has one of the more prompt customer support setups. Leading the way is the round-the-clock support, followed by the minimal response time. Firstly, the help center stands out, listing all the relevant resources for the trader or investor. However, it is the live chat support that stands out, letting you get quick responses to most queries.

Like any other reputed exchange, even BitMart has a ticketing system letting users send out detailed queries. The usual response time for these tickets is around 3 to 10 hours.

The Trust Pilot reviewers have also hailed the quality of BitMart’s customer support. Despite the hack in 2021, the crypto broker maintains a close to 4-star rating, even on Trust Pilot.

Who Should Onboard BitMart?

If you are a beginner or an intermediate-level trader, BitMart might be the right crypto broker for you. Additionally, its extended list of Earn traits, followed by a seamless sign-up process and KYC-free trading support for some products, makes it one of the most established names in the space.

If you want to use BitMart, do note that the exchange isn’t available in Sudan, Libya, Japan, Iran, Iraq, and a few other countries.

Discover top binary options brokers tailored to your region. Browse our curated lists by country:

All Brokers | Top Brokers | USA | Canada | UK | Australia | Nigeria | India | New Zealand | Germany | Turkey | Spain | France | Ukraine | China | Indonesia | Pakistan | Bangladesh | Russia | Mexico | Japan | Brazil | Philippines | Vietnam | Iran | South Africa | Italy | South Korea | Argentina