BitMart Review


BitMart provides access to crypto staking and lending, both of which can be used to earn interest, as well as more than 300 different trading pairs for cryptocurrencies, advanced order types, and futures trading. The trading interface on BitMart may be too complex for novice cryptocurrency investors because it was designed for moderate to advanced traders. However, in 2021, this exchange was the target of a significant hacking attempt, which raised serious concerns about the platform’s level of security.

• The Good and the Bad


• A wide variety of alternative cryptocurrencies

• Futures trading available

• Trading platforms of both a standard and advanced level

• There are opportunities for cost savings on trading fees


• The trading interface might be too difficult to understand for novice cryptocurrency investors

• Concerns and a possible lack of availability for people living in the state of New York

• Numerous complaints from customers about being unable to access their funds

Exchanges for cryptocurrencies, in contrast to more conventional brokerage firms, are not required to be members of the Securities Investor Protection Corp. (SIPC). Therefore, investors who have cryptocurrency assets that are mixed together on a custodial cryptocurrency exchange run the risk of having their money lost because they are considered unsecured creditors unless the user terms specifically state otherwise.


The BitMart cryptocurrency exchange is a centralized platform that gives users the ability to buy, sell, and trade digital assets that are supported. It also allows users to earn rewards through the staking and lending of cryptocurrency. BitMart is currently offering several hundred different cryptocurrencies, providing customers with a diverse range of options for coins with low market capitalization.

BitMart may have a number of features and may support a large number of assets; however, the platform was breached in late 2021, and nearly $200 million worth of cryptocurrency belonging to users was stolen. Users are still awaiting compensation as of the month of January 2022, despite the fact that BitMart has promised to return the stolen assets.

Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets themselves can be highly unpredictable. Before making any decisions regarding your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of The Balance or the author, nor can the accuracy or timeliness of the information contained herein be guaranteed.

An Overview of the Company

Sheldon Xia established BitMart in 2017, and since then, it has blossomed into a sizable cryptocurrency exchange that caters to the needs of over 9 million customers. According to CoinGecko’s rankings, this company’s exchange is one of the larger ones in terms of volume, placing it in the top 30 exchanges in the entire world. The Cayman Islands are home to 1 Bitmart’s administrative headquarters.

The advanced charting capabilities, multiple order types (including market and limit orders), the ability to trade futures, and low trading fees are all offered by BitMart. Additionally, it gives users the ability to stake or lend their cryptocurrency in order to earn interest and cryptocurrency rewards. In addition, Bitmart provides institutional investors with access to an over-the-counter trading desk (OTC trading desk).

Know-your-customer (KYC) regulations are strictly adhered to by BitMart in the United States, where it is regulated by the Financial Crimes Enforcement Network (FinCEN).

Coins and Tokens That Can Be Bought and Sold on BitMarket

BitMart gives customers access to a wide variety of cryptocurrencies, including a substantial number of altcoins with low market capitalization. Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Dogecoin are examples of popular cryptocurrencies that can be purchased (DOGE). Users are also able to access coins that are not as well-known, such as Audius (AUD), Sandbox (SAND), and Decentraland (MANA) (AUDIO).

Additionally, BitMart provides its very own exchange token (BMX). Ripple (XRP) is not supported at this time because the SEC is currently conducting an investigation into the cryptocurrency.

Exchanging One’s Knowledge

The ‘Buy & Sell’ option on BitMart gives users the ability to purchase cryptocurrency. Users have the ability to purchase cryptocurrency using a variety of payment methods, including credit cards, debit cards, Apple Pay, Paypal, and third-party partners such as Simplex, MoonPay, and Paxful.

Users have the option to start trading with either fiat currency (such as dollars) or cryptocurrency once they have deposited funds into their BitMart account. This encompasses trading with market and limit orders, in addition to trading futures (for non-U.S. residents). Standard and advanced trading modes are both available on BitMart; however, no matter which mode you choose, you will have access to detailed charts, live order books, and limit orders. Both modes provide users with an experience that is virtually identical. Futures trading is also supported on Bitmart, giving users the ability to trade long or short positions with up to 50 times the normal leverage. Because of the regulations in place in some countries, futures trading may not be available there.


BitMart does not charge any fees for deposits and has relatively low fees for trading cryptocurrencies; however, using a credit or debit card to buy or sell cryptocurrency may incur a significant fee because BitMart works with third-party partners. For instance, when you buy Bitcoin with Moonpay, you will be charged a purchase fee of 4.5%. 2 Depending on the cryptocurrency being purchased, some other partners may charge an even higher fee.

For regular trades, BitMart charges 0.25% (or less) per trade for most users. These fees are lower than those charged by some exchanges, such as Coinbase, but are about average for the vast majority of markets.

Trading Fees on the BitMarket

The maker-taker fee model is used to determine the fees that are charged for trading on BitMart. Traders who conduct a high volume of business, in addition to those who possess the native BitMart (BMX) token, are eligible for discounts.

A “maker” is someone who places an order that is kept in an order book until the trade is actually executed, whereas a “taker” is someone who places an order that is immediately filled. In general, a “taker” places an order that is filled immediately. The table that follows outlines the various fee structures that are applicable to both makers and takers of the token.

If you have a 30-day volume of at least 150 BTC, you will be charged according to the so-called professional fee schedule, which has lower rates than the standard schedule. Your rates will become more affordable as your volume increases. On the website of Bitmart is a table that you can look at if you believe you can satisfy these requirements.


Cold storage, two-factor authentication (2FA), and encrypted servers are just some of the industry-standard security features that BitMart provides for its customers. This exchange also adheres to the Know Your Customer (KYC) standards established by FinCEN, which mandates the verification of a user’s identity in order to assist BitMart in warding off fraudulent or illegal activity on its platform.

The following is an explanation of some of the additional security measures that BitMart provides:

• Cold storage: BitMart stores the vast majority of its cryptocurrency holdings in offline vaults that cannot be accessed without providing multiple signatures. These vaults are not connected to the internet.

• Two-factor authentication: BitMart users have the ability to set up two-factor authentication (2FA) with the help of Google Authenticator in order to protect their accounts from being used fraudulently or for other types of activity.

• The step for confirming your withdrawal requires that you either send or receive a confirmation email or phone call before you can withdraw money.

• Servers that are encrypted BitMart’s servers are encrypted, and they have automatic protection against distributed denial of service attacks (DDOS).

The cryptocurrency belonging to BitMart users was stolen in a hack that occurred in December 2021 and cost users nearly $200 million in value. As of January 2022, the stolen assets have not been recovered, despite the fact that the company has stated that it will return them.

Creating an Account with BitMarket

You can create an account with BitMart by providing either your phone number or email address when you sign up. New accounts are validated after signup through either an email or an SMS message, and users have the option of securing their accounts with two different forms of authentication.

Users are required to complete KYC identity verification in order to withdraw more than 0.06 BTC from the platform. Despite the fact that users can immediately buy cryptocurrency, track markets, create favourites lists, and deposit funds on the platform, users are unable to withdraw more than 0.06 BTC. Verification of identity is necessary in order to participate in spot trading, futures trading, earning, staking, and other features. This involves providing personal information like your name, address, and Social Security number, among other things. Users are also required to upload a photo of themselves holding a photo identification issued by the government.

Assistance to Customers

In addition to providing support via email, BitMart provides customers with live chat support that is available around the clock. Users will no longer have to wait several days or weeks for a response to their inquiries when they can instead contact the customer service team directly for immediate concerns. The majority of other marketplaces only offer a chat bot rather than the more helpful live chat feature.

Within its help centre, BitMart provides users with access to a library of support articles as well as an interactive chatbot to assist them in locating answers to any questions they may have.

Satisfaction of the Customer

The majority of the negative user feedback regarding BitMart is attributable to problems with the KYC procedure and being unable to withdraw funds from the platform. This is a common complaint about some crypto exchanges, but it raises some red flags about BitMart’s ability to resolve customer concerns on this matter. Concerns about BitMart’s ability to resolve customer concerns on this matter Users should never deposit funds into their accounts before completing the identity verification process, as a general rule. Problems with withdrawing assets may arise if the identity verification process takes too long.

Having said that, the chat support offered by BitMart is available around the clock, which is superior to what is currently offered by the vast majority of cryptocurrency exchanges. On the other hand, there are customers who disagree with the criticisms and claim that the company can be trusted, in addition to claiming that the company’s trading and verification processes are quick and simple.

Management of Client Accounts

Both a web-based platform and a mobile app are available for use by BitMart customers in order to trade, purchase, and sell cryptocurrency. Users are able to quickly deposit funds into their accounts and begin purchasing cryptocurrency by logging into their accounts using a web browser. Customers also have the option to stake or lend their cryptocurrency holdings in order to earn interest on those holdings. [Cryptocurrency]

Residents of New York may experience difficulties when attempting to withdraw funds and use other Bitmart features. They might not even be allowed to use it at all if they get caught.

Access to live trading, the buying and selling of cryptocurrencies, and account management are all available via the BitMart mobile app. The mobile application provides users with an almost identical version of the web-based platform’s user experience by providing the same charting and order books.

How BitMart Stacks Up Against Competitors in the Cryptocurrency Market

BitMart is a respectable alternative for intermediate and advanced crypto traders who seek access to a diverse selection of coins and futures trading with leverage. In addition, BitMart’s trading fees are reasonable. It is possible to buy and sell a wide variety of cryptocurrencies on this exchange. This is especially convenient for users who are searching for less well-known crypto assets.

Here is how the popular cryptocurrency exchange Coinbase in the United States stacks up against BitMart.

BitMart Competes Against Coinbase

Over 216 different cryptocurrencies are available for trading on Coinbase. However, BitMart is superior to Coinbase because it offers several hundred different cryptocurrencies. Both provide institutional investors with over-the-counter (OTC) services as well as secure cold storage for cryptocurrencies and other digital assets.

However, while BitMart is designed for more experienced traders who want access to futures trading with leverage, Coinbase is designed for new investors who want an easy way to begin purchasing cryptocurrency. Coinbase provides a mobile app that is straightforward to use, whereas BitMart provides more sophisticated charting and order types.

The following are some additional distinctions that can be made between BitMart and Coinbase:

The Coinbase mobile app provides users with the most recent news as well as educational videos pertaining to each cryptocurrency that the platform supports.

• Futures trading with up to 125x leverage can be accessed through BitMart’s platform. It’s possible that some areas don’t have access to this.

• BitMart is a privately held company with its headquarters in the Cayman Islands, whereas Coinbase is a publicly traded company in the United States.

• BitMart provides a listing service for new cryptocurrency projects so that they can launch their cryptocurrency, whereas Coinbase provides a different service for companies so that they can promote their digital assets.

• BitMart provides active cryptocurrency traders with access to a diverse selection of altcoins that are less well-known, as well as the ability to trade with leverage. Coinbase caters to newcomers to the cryptocurrency market by providing user-friendly trading tools and charts that make it easy for novices to get started in the industry.

Final Verdict

BitMart is a good choice for experienced cryptocurrency traders who are looking for a platform that provides them with access to a wide variety of cryptocurrencies, low trading fees, and the opportunity to trade using leverage. BitMart is well-known for listing lesser-known cryptocurrencies for trading, and it also gives users the ability to lend or stake their cryptocurrency holdings in order to earn interest on those holdings.

BitMart does, in fact, get a lot of complaints from customers who are unable to access their account funds in order to make a withdrawal. In the year 2021, the system was also the target of a significant hacking attempt. Overall, BitMart is a good choice for trading cryptocurrencies that are not as widely used as others, and it does not charge excessive fees. Be sure to do your research when comparing different platforms, and check your account thoroughly before adding any funds.


The Balance is committed to assisting readers who are interested in investing in cryptocurrencies in making decisions that are well-informed and secure. Our team is dedicated to offering our readers objective assessments of the most reputable cryptocurrency exchanges, catering to investors of all experience levels.

Exchanges were evaluated based on a variety of criteria, including safety, fees, the range of cryptocurrencies they support, and more. We also took into consideration whether or not the exchange is governed by an appropriate agency or is completely decentralised.

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