Review on BitMart by Alex Martakov
BitMart is among the newest cryptocurrency exchanges, the platform is…
BitMart is among the newest cryptocurrency exchanges, the platform is intuitive and well designed. It doesn't currently offer a huge range of tokens and coins to trade, but it should expand over time. The use of the BMX token is a welcome addition and they follow the very successful model used by the Binance exchange and they have also used a redemption model where tokens have to increase in value over time providing an incentive to hold them.
Bitmart has the potential, but it faces a tough battle to become more resilient against the likes of Binance, Kucoin and other exchanges, as well as the growth of decentralized exchanges that are growing in popularity. Team not mentions on the website that the planned decentralized exchange.
The company behind BitMart is officially registered as a Money Service Business (MSB) with us regulators run by the financial crimes enforcement network (FinCEN), which helps prove the legitimacy of the business behind the exchange.
As always with centralized exchanges, you do not have private keys to wallets, relying on the exchange to ensure you are safe from hacking and fraud, so we recommend that you do not keep a large balance on the exchange and use it only for trading, returning any funds to your wallet for long-term storage.
Pros
- All new accounts can withdraw the equivalent of 2BTC per day without checking their account. If you need more of this, you can start the account verification process by downloading copies of your documents such as ID, passport or driver's license. Once this is completed, you will have access to 100BTC withdrawals per day. BitMart charge Commission at the rate of 0.05% per trade, zero fees for deposits and charge for the removal of tokens, and the minimum withdrawal amount, but they depend on the cryptocurrency
Cons
- None
