As one of the top centralized exchanges (CEXs) in the world, BitMart has come a long way since its inception. It is an expansive, all-in-one exchange that caters to a diverse set of users, supports a ton of features and products, and provides a bridge into the world of crypto for retail and institutions alike. This BitMart review offers a complete guide to this globally-renowned CEX.
What is BitMart?
BitMart is a centralized exchange that launched in 2017. It is a popular choice for many crypto traders as it operates without mandatory know-your-customer (KYC) requirements. While users can transact with privacy, BitMart doesn’t skimp on security; users can be sure they are engaging with the crypto market via a safe and trusted platform.
Users can buy, sell, trade, and obtain access to a huge selection of over 1,500 cryptocurrencies, three times more than Binance and Coinbase, the top two largest exchanges globally. BitMart users also gain access to perpetuals, non-fungible tokens (NFTs), and earning products.
Sheldon Xia founded the CEX and is its current CEO. Xia has experience as a programmer and has earned degrees in business administration and computer science.
I used to be a programmer and [have] been in this industry since 2013. BitMart is one of the top 20 centralized crypto exchanges in the world, and we [are] also regulated by the United States government like FinCEN and OFAC. We also have several state level money transmitter business licenses…
Sheldon Xia, founder of BitMart
BitMart features and tools, a deep dive
Here’s a look at BitMart’s many products and features in a little more detail.
Buying crypto
First things first: users can buy and sell crypto on BitMart with ease. The “Buy Crypto” section has two distinct features and is a separate product from the trading terminal — which we will discuss in-depth later. You can utilize both the “P2P Trading” or “Third-Party Payment” options via the Buy Crypto section.
The Third-Party Payment feature offers the simplicity of a decentralized exchange (DEX) interface while offering the convenience of a centralized exchange due to the vast support for a wide range of crypto and fiat currencies. This feature also supports more than 300 payment methods, using popular providers such as Banxa, Simplex, and more.
P2P Trading is a peer-to-peer marketplace where users can buy and sell crypto to one another. Here, you can purchase six different cryptos using seven different fiat currencies, four payment methods, and four different ad types:
- Tradeable ads
- Verified merchant
- Followed users
- Traced users
Trading
BitMart has a “Trade” and “Futures” dropdown menu on the homepage. Here, we will discuss all of the trading features which encompass both of these sections.
To begin, BitMart has two primary trading products: spot and futures. Traders can choose between 1,500 cryptocurrencies and over 100 perpetual contracts. BitMart futures are in alignment with the industry standard, offering contracts collateralized in crypto and USD.
Additionally, traders can utilize two primary features: copy trading and margin trading. With margin, traders can take advantage of up to 100x leverage.
On the other hand, the copy trading feature benefits both the copiers and the copied. “Master Traders” receive up to 30% commissions from their copy traders’ trades. This allows them to profit from their own successful trades and those of their followers. Conversely, followers can benefit and learn from a vast selection of traders with varying expertise and popularity with little effort on their part.
Earn
BitMart Earn is a group of wealth management products. Here, you have five options:
- Savings: Functioning similarly to a TradFi certificate of deposit or money market fund, it allows you to earn interest on your idle crypto holdings. The product comes with three different options: fixed terms, flexible terms, and “Promotions.”
- Staking: Here, users lock up or escrow crypto to earn rewards, perks, or more crypto in return.
- Dual Investment: A non-guaranteed, floating-income investment product that can be settled in one of two currencies.
- ETH 2.0: Users gain exposure to Ethereum staking without the intensive requirements of running a full node. It is important to note that users’ assets may be used for ETH staking on-chain or other financial management activities to earn yield in ETH 2.0.
- VIP Wealth Management: This service is for VIP users and high-net-worth individuals. It offers risk management advice, investment strategies, and better rates.
BitMart Savings and Dual Investment are not available for users located or residing in the U.S.
NFT
What BitMart review is complete without assessing the exchange’s NFT offerings? The CEX offers an NFT marketplace and an NFT launchpad as well — BitMart INO. To access the NFT services on the platform you must complete KYC Level 2 requirements.
BitMart’s NFT offerings are relatively standard in that the platform allows users to buy, sell, and transfer their digital assets. Occasionally, the platform offers enticing promotions and giveaways.
Moreover, the exchange supports NFTs on three blockchains: Ethereum, Polygon, and BNB chain. Notably, the platform supports digital art NFTs, but also other formats like audio and tickets.
Additional products and features
Under the “More” dropdown menu on the navigation bar, you will notice a suite of extra features and products. Here’s a small peak at just some of what’s on offer:
- Launchpad: A platform for launching NFTs, coins, and tokens.
- Learning resources: While the Academy teaches you basic concepts and provides tutorials, the Learning Center is a learn-to-earn platform.
- Rewards hub: Allows you to earn for completing simple tasks, such as signing up and depositing.
- Affiliate, broker, and referral programs: Invite friends, users, or your audience to earn commissions.
- APIs: Use BitMart APIs to gather real-time market data.
- Institution and VIP: Take advantage of exclusive services.
- Inscriptions market: Access Bitcoin BRC-20 tokens.
- Vote listing: Vote on trending projects to earn airdrops.
How to sign up for BitMart
Registering an account on BitMart is fast and straightforward. In this section, we briefly cover the signup process.
1. Go to the BitMart website: Navigate to the BitMart website. Upon landing on the home page, you will notice a number of options on the navigation bar. Select “Sign In” on the right side of the page.
2. Choose the signup method: On the following page, you will notice the form fields where you fill out your information. You have the option to register by phone or email.
3. Enter a valid email and password: For this demonstration, we will sign up via email. Simply enter your email address and a valid password.
4. Pass the human verification: After the previous step, you must pass the human verification.
5. Enter the one-time pin: Once you have passed the human verification, you will receive an email with a one-time pin (OTP) code for you to enter on the following page.
6. Welcome page: Congratulations! You have officially created an account on BitMart. Feel free to explore your accounts and settings to enhance your security and get a feel for the platform.
BitMart fees
The BitMart exchange has a unique fee structure. In this brief breakdown, we will exclude Earn fees, as they involve a different mechanism where the platform pays users for depositing crypto.
NFT trading fees are fairly straightforward, with a flat charge of 1%. Notably, the platform does not charge a fee for P2P trading. Additionally, third-party payment providers often have fees that are separate from BitMart’s fee schedule.
Let’s take a more detailed look at the platform’s fee structure.
Trading fees
There are three different classes of trading fees: spot, margin, and futures. This class uses a tiered and regressive fee schedule. In other words, your fees are calculated by your 30-day trading volume. The more you trade, the lower your fees. Additionally, when you hold the platform token, BMX, you will receive a 25% fee deduction.
Spot fees
For spot trading, the average user (LV1) will incur a basic fee. There are also a number of classes of assets: Class-A, Class-B, Class-C. Each class has its own associated basic fee.
To put this into context, if you are an LV1 (basic) user and you do not hold BMX, you will incur a 0.09% maker and 0.1% taker fee on the BTC/USDT pair (Class-A). Using the same attributes to purchase a Class-B asset (e.g. BABYDOGE/USDT) will incur a 0.2% maker and 0.25% taker fee.
However, if you are a LV1 user, and you hold BMX, you will incur a 0.0680% maker and 0.0750% taker fee. As you increase your 30-day trading volume, this fee will further regress.
Margin fees
Margin fees are fairly simple. You will incur both an initial interest rate and an hourly rollover interest rate. The fees vary by cryptocurrency and range from 0.001117% at the lowest to 0.3636% at the highest.
Futures
All futures trading will incur the same fee, regardless of 30-day trading volume and account tiers. Futures traders will incur a 0.02% maker and 0.06% taker fee.
Deposit and withdrawal fees
The deposit and withdrawal fees on BitMart differ with each cryptocurrency. The platform does not have a uniform schedule across all assets. Most cryptocurrencies will not incur a deposit fee. Those that do can incur a fee as high as 10%, although this is an outlier.
Withdrawal fees are denominated in the crypto itself and depend on the network of the underlying blockchain. There are also minimum withdrawal requirements.
BitMart customer experience
To review BitMart’s customer experience, we first delved into the platform’s customer support channels. BitMart has three primary methods for customer contact: a help center, live chat, and a ticket-based system.
The help center features a database with the most common customer problems. The live chat is a chat box that automatically provides you with the option to connect with an agent. Lastly, customer tickets are self-explanatory and have a list of common issues to help direct your concerns to the proper channels. When testing the platform, we used the live chat to ask a number of basic questions and were connected with an agent promptly. As such, we found this service to be above average compared to other leading centralized exchanges.
In terms of customer reviews, BitMart has a Trustpilot score of 3.1 out of 5, with a majority of the reviews split between one and five stars. Based on over 2,000 reviews, many users either hate it or love it (as is often the paradoxical nature of online reviews). The positive reviews tend to outline the easy-to-use interface and design. On the other hand, the negative reviews tend to highlight times when funds have been withheld.
Pros and cons
BitMart has an expansive suite of features and products, but what are its strengths and weaknesses? Here’s a quick look at the pros and cons.
| Pros | Cons |
|---|---|
| Low trading fees | No native payment processing |
| Doesn’t require KYC to register | Many services are restricted without KYC |
| Advanced trading interface and features | Not available to U.S. residents |
| Diverse NFT platform | |
| A plethora of learning resources | |
| Earn/staking, affiliates, promotions and giveaways |
Going beyond a simple CEX
BitMart is recognized as one of the top exchanges globally for a number of reasons. This BitMart review has uncovered a diverse platform that goes beyond the simple features of a centralized exchange.
It is important to remember that cryptocurrency is volatile. If you decide to trade on the platform, always remember to prioritize security and do your own research before making any decisions.
Frequently asked questions
BitMart is a centralized cryptocurrency exchange that was founded by Sheldon Xia. Xia is a programmer that has degrees in business administration and computer science.
BitMart explicitly states that some of its Earn products are not available in the U.S. The exchange does not explicitly state that U.S. residents can not utilize the platform. However, U.S. IP addresses are geo-blocked.
BitMart has low fees, multiple learning resources, and many promotions and giveaways. The exchange also has a lot of products and features. It is a diverse platform catering to a broad set of users.
BitMart does not require KYC for the signup process. However, many services are limited without KYC. Some products and features require more KYC than others.
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