If you look at the list of the exchanges with the best liquidity you will find out that platforms attract traders for different reasons: some exchanges have low fees, others support hundreds of crypto coins, some exchanges win because of a wide range of features, others provide extra security measures.
Today we will learn what features helped BitMart to get close to the top 10 crypto exchanges by market cap. We will review the functionality of BitMart, see how diverse the set of supported coins is, figure out if BitMart is a scam or is it a trustworthy exchange, how users can protect their funds and data, etc.
What Is BitMart?
BitMart is a cryptocurrency exchange launched in 2017. The exchange is registered in the Cayman Islands. The team working for the exchange has ex-members from Amazon, Alibaba, and other huge companies.
However, the team members are not showcased on the BitMart website. The offices of BitMart can be found in New York, Seoul, Hong Kong, and Singapore. The company is not registered with the SEC, so using BitMart in the USA is possible only with serious limitations.
The use of the exchange is not possible in the following countries: Afghanistan, Balkans, Belarus, Burma, China (Mainland), Côte D’Ivoire (Ivory Coast), Cuba, Crimea, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe, and the State of New York.
Let’s see what are features can be used on BitMart. We’ll start with the spot exchange. It has two versions: Standard and Advanced. The Standard layout is quite standard. It has a candlestick chart, the markets box on the right, the order book on the left, and the section where you can place market and limit orders at the bottom. The chart can be customized. Numerous indicators can be applied.
The Advanced version has a different layout. More than that, there you can use leverage, trade futures, and use other “advanced” features. For futures trading, one needs to proceed to the Futures tab (it is possible only after completion of KYC).
There is a Buy & Sell section, where you can simply buy or sell some cryptocurrency in exchange for fiat money at a fixed price. The limits are $30 to $20,000. There are nearly 30 cryptocurrencies that can be bought/sold this way. Bitcoin, Tether, Ethereum, Binance Coin, Cardano, Bitcoin Cash, Polkadot, Litecoin, Dogecoin, and Dash are among them. Fiat money can be deposited via VISA, Mastercard, ApplePay, and PayPal.
Through an Earn feature, you can profit from holding cryptocurrencies. For instance, you can earn interest via holding USDC, USDT, BTC, and ETH. The process is very simple and intuitive. It takes a couple of clicks to start earning via this feature. There are several staking instruments supported on BitMart — mostly little-known altcoins. You can easily deposit them and earn them via staking.
The returns correspond with the number of coins you stake. BitMart Lending allows you to lend some crypto coins for certain periods of time. The time limits are from 15 to 365 days. You lend to the verified partners of BitMart which guarantees the safety of your money and stable interest.
Pros & Cons
- Diverse functionality
- Wide range of supported crypto
- Fiat-to-crypto gateway
- High fees
- Much criticism from users
Trading fees on BitMart are quite high. All traders pay 0.25% commission per transaction while many huge exchanges collect slightly above 0.1% and some charge users with even smaller fees. Holders of the BitMart native token BMX can enjoy fee discounts that depend on the amount of the held BMX tokens. For instance, users holding over 2.5 million BMX pay 0.1% per trade. Users holding BMX alongside huge amounts of BTC pay smaller fees. As for withdrawal fees, users pay 0.0005 BTC while withdrawing Bitcoin which is quite an average fee.
Is BitMart Safe?
Cybercriminals use many ways to empty the pockets of crypto traders — from hacking the accounts on crypto exchanges to creating deceptive platforms. If you are looking for a strong trading platform don’t be in a hurry to invest your money.
First, check what the user reports about the platform. Is it fulfilling its promises? Is it paying attention to users’ complaints? Does the support team react swiftly? Are there disturbing facts about money disappearing from the balance without clear reason? Are there users claiming they are blocked from their accounts for unknown reasons? And finally, are there enough protection measures that users can apply to prevent their funds and data from attacks? If you notice too many complaints from the exchange users or cannot see reliable security features available for you, you should consider using a different platform. As for BitMart, we can say for sure that there are quite many accusations online.
If you dive into a comment section of any Twitter post by BitMart there will be users saying that they cannot withdraw their money or that they have lost access to their accounts without any reason, etc. It doesn’t necessarily mean that BitMart is a scam, however, it’s a clear sign that you might encounter some troubles while using this exchange, too. The reasons can be different: probably the rules of trading and withdrawing coins are not as clear as it seems so users get confused, or probably, there are bugs in the system, or something else. What makes the situation worse, is that according to numerous accounts, the support team lags in responding to queries.
All these things are quite disturbing. However, alongside criticism, there is much positive feedback, as well. Considering how many traders there are on BitMart, it seems that only a small percentage of users face problems. So it’s up to you to decide whether you want to roll the dice or just pass this exchange by.
This article is firstly and originally appeared on Cryptogeek.info and redistributed by Grabcoins.link.