BitMart Review

International crypto exchange with a wide selection of altcoins

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BitMart
Simply Recipes / Alison Bickel.

BitMart

overall rating
4.3

Our Take 

BitMart offers over 300 available crypto trading pairs, advanced order types, and futures trading, as well as access to crypto staking and lending to earn interest. BitMart is designed for moderate to advanced traders, and the trading interface may overwhelm new crypto investors. However, this exchange was the subject of a major hack in 2021, calling platform security into question.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Large selection of crypto altcoins

  • Futures trading available

  • Standard and advanced trading platforms

  • Discounts on trading fees available

Cons
  • Trading interface possibly too complicated for new crypto investors

  • Issues and possible unavailability for residents of New York state

  • Many customer complaints about losing access to funds

Key Takeaways
  • BitMart is a cryptocurrency exchange based in the Cayman Islands.
  • It offers 24/7 customer support via email or live chat.
  • BitMart supports over 300 crypto trading pairs, with coins organized by ecosystem, such as Ethereum, as well as category, such as NFTs.
  • The platform was hacked in 2021, and nearly $200 million worth of crypto was stolen.
Specifications
  • Year Founded 2017
  • Official Website www.BitMart.com
  • Cryptocurrencies Available Hundreds
  • Customer Support Online chat, email

Introduction

BitMart is a centralized cryptocurrency exchange that allows users to buy, sell, and trade supported digital assets. It also offers staking and lending of crypto to earn rewards. Several hundred cryptocurrencies are currently offered on BitMart, with a large selection of low market cap coins to choose from.

While BitMart offers several features and supports hundreds of assets, the platform was hacked in late 2021 and nearly $200 million worth of users’ crypto was taken. BitMart pledged to return the stolen assets, but as of January 2022, users are still waiting for compensation.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. 

Company Overview

BitMart was founded by Sheldon Xia in 2017 and has since grown into a large cryptocurrency exchange, servicing over 5 million customers in over 180 supported countries. This company is one of the larger exchanges by volume, ranking in the top 20 exchanges in the world, according to CoinGecko. Bitmart headquarters is located in the Cayman Islands.

BitMart offers advanced charting, multiple order types (including market and limit orders), futures trading, and low trading fees. It also allows users to stake or lend their crypto to earn interest and crypto rewards. Additionally, Bitmart has an over-the-counter (OTC) trading desk for institutional investors.

BitMart is regulated in the U.S. by the Financial Crimes Enforcement Network (FinCEN), adhering to know-your-customer (KYC) standards.

Cryptocurrencies That Trade on BitMart

BitMart offers access to hundreds of cryptocurrencies, including a large selection of low market cap altcoins. Popular crypto offerings include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE). Users can also access lesser-known coins such as the Sandbox (SAND), Decentraland (MANA), and Audius (AUDIO). New cryptocurrencies are constantly being added, and you can check out their full list of all supported assets.

BitMart also offers its own exchange token (BMX). It does not currently support Ripple (XRP), as Ripple is presently under investigation by the SEC.

Trading Experience

BitMart allows users to buy crypto through its ‘Buy & Sell’ option. Users can purchase crypto via credit card, debit card, Apple Pay, Paypal, and through third-party partners Simplex, MoonPay, and Paxful.

Users can also deposit fiat currency (such as U.S. dollars) or cryptocurrency into their BitMart account and start trading. This includes market and limit order trading, as well as futures trading (for non-U.S. residents). BitMart offers standard and advanced trading modes, but both options offer detailed charts, live order books, and limit orders. Both modes offer a similar user experience. Bitmart also supports futures trading allowing users to trade long or short positions with up to 50x leverage. Futures trading may be unavailable in some countries due to regulations.

Fees

BitMart offers free deposits and low fees for trading cryptocurrency, but buying and selling crypto using a credit or debit card may come with a hefty fee through its third-party partners. For example, buying Bitcoin with Moonpay charges 4.5% for a purchase. Other partners may charge even more, depending on the crypto being purchased.

For regular trades, BitMart charges 0.25% (or less) per trade for most users. These fees are generally average for most exchanges, but lower than certain ones, like Coinbase. 

BitMart Trading Fees

BitMart charges trading fees based on a maker-taker fee model. Discounts are available for high-volume traders, as well as those that hold the native BitMart (BMX) token. 

In general, a “taker” is someone that places an order that gets filled immediately, while a “maker” places an order that’s placed in an order book until the trade is executed. Makers and takers are charged different fees, as detailed in the below table.

Here is a breakdown of the BitMart fee structure, which includes the discounts for BMX holders:

Level  BMX Holding Trading Volume (30-day) Fees Fees with BMX 25% Discount
LV1 BMX ≥ 0 < 150 BTC Maker: 0.2500% | Taker: 0.2500% Maker: 0.1875% | Taker: 0.1875%
LV2  BMX ≥ 2,500  < 150 BTC Maker: 0.2000% | Taker: 0.2000%  Maker: 0.1500% | Taker: 0.1500%
LV3  BMX ≥ 10,000  < 150 BTC Maker: 0.1800% | Taker: 0.2000%  Maker: 0.1350% | Taker: 0.1500%
LV4  BMX ≥ 25,000  < 150 BTC Maker: 0.1600% | Taker: 0.1800%  Maker: 0.1200% | Taker: 0.1350%
LV5  BMX ≥ 50,000  < 150 BTC Maker: 0.1400% | Taker: 0.1600%  Maker: 0.1050% | Taker: 0.1200%
LV6  BMX ≥ 100,000  < 150 BTC Maker: 0.1200% | Taker: 0.1400%  Maker: 0.0900% | Taker: 0.1050%
LV7  BMX ≥ 200,000  < 150 BTC Maker: 0.1000% | Taker: 0.1200%  Maker: 0.0750% | Taker: 0.0900%
LV8  BMX ≥ 500,000  < 150 BTC Maker: 0.0800% | Taker: 0.1000%  Maker: 0.0600% | Taker: 0.0750%
LV9 BMX ≥ 1,000,000 < 150 BTC Maker: 0.0600% | Taker: 0.0800% Maker: 0.0450% | Taker: 0.0600%

For users with a 30 day volume of 150 BTC or more, you will be charged based upon the so called professional fee schedule which has lower rates. The greater your volume the lower your rates go. If you think you can meet this criteria, you can see this table on Bitmart's website.

Security

BitMart offers industry-standard security features, including cold storage, two-factor authentication (2FA), and encrypted servers. This exchange also follows FinCEN KYC standards, requiring user identity verification to help protect BitMart from fraudulent or criminal activity on its platform. 

Here are the details of some of the security features offered by BitMart:

  • Cold storage: BitMart keeps 99% of all crypto assets in cold storage vaults that aren't connected to the internet, and requires multiple signatures to access.
  • Two-factor authentication: BitMart allows users to set up two-factor authentication (2FA) via Google Authenticator for securing accounts against fraudulent logins or other activity.
  • Withdrawal confirmation step: You cannot withdraw funds without an email or phone confirmation.
  • Encrypted servers: BitMart servers are encrypted and there is automatic protection against DDOS attacks.

BitMart was hacked in December 2021, and users lost nearly $200 million worth of crypto as a result of this hack. Though the company pledged to return the stolen assets, these assets have not been recovered as of January 2022.

Opening a BitMart Account

To sign up for a BitMart account, you can use your phone number or email address. After signing up, new accounts are verified via email or SMS message, and users can secure their account with two-factor authentication.

While customers can track markets, create a favorites list, deposit funds on the platform, and buy crypto right away, users must complete KYC identity verification before being able to withdraw more than 0.06 BTC. Spot trading, futures, earning, staking, and other features also require KYC verification. This includes submitting personal information, such as your name, address, and Social Security number. Users must also submit a picture of a government-issued photo ID.

Customer Service

BitMart offers 24/7 live chat support for customers, as well as email support. This allows users to get in touch with the customer service team for immediate issues without waiting several days or weeks for a response. Most other exchanges only have a chat bot and not the more useful live chat option.

BitMart also offers a library of support articles in its help center, as well as a responsive chatbot to help users find answers to their questions.

Customer Satisfaction

BitMart receives a high volume of poor user reviews, most due to KYC issues and losing access to withdraw funds from the platform. This is a common complaint about some crypto exchanges but raises some red flags about BitMart’s ability to resolve customer concerns on this matter. In general, users should never deposit funds without completing the identity verification process. Delays in identity verification can result in problems withdrawing assets. 

That being said, BitMart’s chat support is available around the clock, which is better than most crypto exchanges currently. Other the other hand, some customers contradict the criticisms and say the company is trustworthy and that its trading and verification processes are fast and easy.

Account Management

BitMart offers a web-based platform as well as a mobile app for trading, buying, and selling cryptocurrency. Users can log into their account using a web browser and easily deposit funds and start buying crypto. Customers also have the option to lend or stake crypto assets to earn interest in their holdings. 

New York residents may have problems withdrawing funds and using other features on Bitmart. They may even be barred from using it all together.

The BitMart mobile app offers access to live trading, buying and selling of crypto, and account management. The app offers the same charting and order books as the web-based platform, providing an almost identical user experience.

How BitMart Compares to Other Cryptocurrency Companies

BitMart is a decent option for moderate and advanced crypto traders who want access to a wide range of coins and futures trading with leverage, all with reasonable trading fees. This exchange offers a large selection of cryptocurrencies to purchase and trade, especially those looking for less popular crypto options. BitMart is available in over 180 countries worldwide.

Here’s how BitMart compares to Coinbase, a popular crypto exchange in the U.S.

BitMart vs. Coinbase

Coinbase offers over 150 tradable cryptocurrencies. However, BitMart outdoes Coinbase by offering several hundred. Both offer secure cold storage of crypto assets, as well as over-the-counter (OTC) services for institutional investors.

But while BitMart is designed for more advanced traders that want access to futures trading with leverage, Coinbase is designed for new investors who want a simple way to start buying crypto. Coinbase offers a simple-to-use mobile app, while BitMart offers more advanced charting and order types.

Here are a few more differences between BitMart and Coinbase:

  • The Coinbase mobile app offers current news and educational videos about each crypto token it supports.
  • BitMart offers access to futures trading with up to 50x leverage. This may not be available in some locations.
  • Coinbase is a publicly-traded company in the U.S., while BitMart is a private company based in the Cayman Islands.
  • BitMart offers a listing service for new crypto projects to launch their cryptocurrency, while Coinbase offers a different service for businesses to promote their digital assets.
  • BitMart gives active crypto traders access to a wide range of lesser-known altcoins and the ability to trade with leverage. Coinbase is designed for newer crypto investors, offering simple trading tools and charts for beginners to learn about crypto trading.
Final Verdict

BitMart is a decent option for advanced crypto traders who want access to a large selection of crypto with low trading fees and the ability to trade with leverage. BitMart is known for listing smaller crypto projects for trading, and also allows users to lend or stake their crypto holdings to earn interest.

BitMart does receive a lot of complaints about users having issues accessing account funds for withdrawal. The platform was also the subject of a major hack in 2021. Overall, BitMart is a decent option for trading less popular crypto without paying too much in fees. Just make sure you do your due diligence while comparing platforms and verify your account before depositing any funds.

Methodology 

The Balance is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.


Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the data collection and review processes and weighted data points, is available for review. 



Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. CoinGecko. "Top Cryptocurrency Exchanges Ranking by Trust Score - Spot."