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Osogbo, Osun State, Nigeria
10 level
148 reviews
46 karma

Review on BitMart by Benaiah Akinlade

My perspective on BitMart Exchange

BitMart is a cryptocurrency/digital assets exchange and trading platform founded in 2017 by Sheldon Xia in the Cayman Islands, with client services and branch offices around the world (some of the offices are located in the following cities; Greater China, Seoul, New York, Hong Kong) with support provided in over 180 countries for more than 2 million customers. The crypto exchange boasts of a highly skilled and professional team from high profile firms like Alibaba, Amazon, Tencent, Accenture, among others.

BitMart is accessible for private individuals and large corporations with a push for fairness and equality. The aim is to build a financially affordable and user-friendly platform that will be available to everybody globally and also to advocate for decentralization of digital currencies in order to reshape economic systems globally in an effort to make the world more economically innovative, efficient, and financially free.

Some of the services provided on BitMart are as follows; Spot Trading, Labs, Staking, OTC Trading, Launchpad, Futures Trading, etc. The exchange is well secured with an advanced multiple layers and clusters of system architecture that is put in place to ensure the platform’s stability and scalability.

The BitMart exchange adopts a wide range over 300 payment gateways and channels for investors such as Moonpay, Simplex, and PAXFUL with payments available in Apple Pay, Credit Card (MasterCard and VISA), Bank Transfers, PayPal, Gift Cards, WeChat, and Alipay. Cryptocurrencies available for purchase, trading, and transaction includes USDT, BTC, BCH, ETH, LTC, EOS, and XRP while Fiat currencies available are USD, EUR, and Canadian USD. There is also provision to earn from lending and staking your BMX token.

The native token of the exchange is BMX (BitMart Token, formerly known as BMC) which runs on the Ethereum ERC-20 blockchain protocol. The current value of BMX is USD 0.030805 with a total supply of 1 billion coins and plans to use 20 percent of quarterly profits to be used in buying back and burning the coin, until 50 percent of the total coin supply has been burnt.

BMX is valuable to be used for the following transactions:

1. It can be used to pay for trading fees

2. It can be used to earn up to 25 percent discounts on trading fees when you use BMX for transactions.

3. Holders of the token can use BMX in voting for listing.

4. You can lock BMX to list in Community Listing Market to list Tokens.

5. It can be used as gas fee for Blockchain transactions

BitMart Token is available to trade in pairs with the following currencies: Ethereum, Bitcoin, and Tether USD. The token can also be stored and hodled in any ERC-20 compliant wallet that supports Ethereum.

I’m quite impressed with the customer support of BitMart exchange as they guide investors when they are in the process of selecting which token to transact by ensuring that the investors are making the right choices of transactions.

Pros & cons

  • The exchange website is easily navigable and it is accessible in 8 languages.
  • The exchange app is available on Android and iOS devices
  • The team behind the exchange is a highly skilled set of professionals that have worked on successful projects and with highly successful firms
  • The exchange provides a good and interactive customer service for customers globally
  • The exchange provides a wide range of impressive services for customers such as the Markets section on the website that provides a live and up to date overview of rise and fall of crypto exchange in the BTC, ETH, USD, BMX, and ALTS Market
  • The exchange adopts different types of cryptocurrencies
  • The exchange is available to customers and investors in quite an encouraging number of countries
  • The exchange has an active social platform where investors are kept updated
  • The exchange is well secured with modern security architecture
  • You can purchase your cryptocurrency and make deposits directly to your BitMart wallet
  • The Lending and staking feature allow you to lock and hodl your crypto and earn rewards
  • The trading value of BMX token is currently very low
  • The exchange can do with more cryptocurrency and fiat adoption for direct purchase as you can only buy 7 cryptocurrencies and 3 fiat currencies
  • There is no indication of the exchange app being available on Windows OS and MAC OS
  • The exchange is in competition with other crypto exchanges that provides similar or better services