Review on BitMart by Benaiah A. 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.
Updated 4 years ago
Rating changed from 4 to 5
A lot has changed since the last review I made about BitMart exchange. The BitMart Company has been officially registered as a Money Service Business (MSB) in the U.S. in order to show that the exchange is a legitimate business. Despite the fact that the exchange is open for US investors, some states in the U.S. such as Georgia, New York, Connecticut, Hawaii, New Mexico, and Washington DC restricts investors from using BitMart exchange services. The following countries also restricts the use of the exchange: Afghanistan, Congo, Cuba, DPRK, Iran, Iraq, China, Côte d'Ivoire, Kyrgyzstan, Libya, South Sudan, Lebanon, Eritrea, and Sudan.
The platform has now been made available across all devices such as Apple iOS, Android, Mac OS, and Windows. It can also be accessed web and mobile browsers. The BitMart exchange user interface user-friendly and straightforward to navigate with detailed information to trade your crypto assets. The interface is well arranged and divided into different categories based on your crypto hodl which should include BTC, ETH, or USDT. The mobile platform is well equipped to be accessed on mobile phones through its mobile app. The app equally allows you to perform all the tasks as if you were on the web browser version.
I discovered that the number supported currencies on the exchange have significantly increased as the exchange now supports over 240 trading pairs and 131 cryptocurrencies with the anticipation of more coins to be listed. I am quite impressed by the provision made for those who want to list their coins on the exchange platform through a form that they have to fill.
Fees on the BitMart exchange is very competitive for both trading and withdrawals. The fees are structured based on whether you are a Maker or a Taker. The fees charged are categorized differently for “ordinary users” and “professional users”.
1. Ordinary users: The users have a level rank 1-8 and the default fee for both Makers and Takers of level 1 is 0.25%. Note that there is a 25% discount on your trading fees if you use BMXs to pay your transaction fees. The other levels also have their corresponding fees charged in proportion of how much BMX they hodl over a 30 day period.
2. Professional users: The users have a level rank 1-9 and the default fee for Maker is 0.0600% while the fee for Taker is 0.0650% for level 1 users.
It is noteworthy that the deposits made are feeless (free) and the fees for withdrawal varies depending on the coin you are withdrawing and also depending on the blockchain network fees.
BitMart exchange also upgraded by launching a staking service to earn rewards on cryptocurrencies such as DASH, QTUM, EUM, BHD and ALGO. The BitMart staking rewards are calculated daily and distributed on a monthly basis which makes the estimated earnings vary.
The BitMart exchange provides some interesting security features for your assets as listed below
1. In efforts secure your assets from loss and external hacks, BitMart holds less than 0.5% of your assets in a hot wallet for daily trading operations while the rest of your assets is kept in offline cold wallets. The cold wallets requires a wide variety of multiple signatures from high-level members before they can be accessed.
2. There is also provision for 2-FA that connects your account to your mobile phone via an app, and also a mandatory manual verification every time you log in to your account.
3. Your passwords are secured through hashing which stores your passwords in an encrypted form to secure passwords due to the fact that hashes can’t be easily decrypted. This also in effect protects all of your personal information that you supplied during registration.
4. There is also a protection against DDOS attacks, automatic backup of the database, and SSL-secured (https) protection on the BitMart exchange.
The BitMart exchange has really made positive giant strides in making sure that it is well recognized in the crypto space
.
Pros
- 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
Cons
- 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
