BitMart Exchange Review

Many user BitMart exchange reviews found online will likely tell you that the platform in question is worth investigating for anyone who’s looking for the best cryptocurrency exchange out there. Well, you would be correct to assume that.

BitMart is a frequent name that you’ll see mentioned in many top 20 cryptocurrency exchange lists.

As you’ll be able to see for yourself in a bit, the BitMart exchange does, indeed, provide users with a wide assortment of different features and benefits. Naturally, though, there are some things to keep in mind before deciding is BitMart legit and really the right platform for you - worry not, since we’ll get to that in due time.

Verdict at a glance: BitMart is a global digital asset trading platform that is made for all levels of traders. It provides a variety of features for crypto and NFT trading, earning, and even launching new projects. Besides, the exchange supports over 1,400 crypto assets and even offers the Inscriptions Market. However, if you plan to buy crypto with fiat, you will have to deal with a bit higher fees.

Carlos Diaz

PhD Researcher in Business Innovation at RMIT University

How does the concept of supply and demand apply to cryptocurrencies in the context of crypto exchanges?

Supply and demand of cryptocurrencies in the context of exchanges define the prices of these assets. When demand increases, prices follow since supply is limited and deflationary, as the case of Bitcoin or Ethereum shows.

What is BitMart?

Before we get into the pros and cons of this BitMart review, let's see what is BitMart about.

BitMart is one of the leading global digital asset trading platforms that has quickly become a favorite among many crypto enthusiasts since its launch in 2017. Known for its user-friendly interface and impressive range of offerings, BitMart caters to millions of users in over 180 countries.

Is Bitmart available in the US, though? Yes, it is, but with some restrictions (e.g., BitMart Earn is not available to US traders) and it doesn't actively accept any new USA-based users as of writing.

Overall, BitMart is located in the Cayman Islands, but it also has offices in China, South Korea and the United States.

You can access the platform through its website, APIs, or the dedicated BitMart mobile app, which ensures that trading can be done anytime, anywhere. Whether you're a professional trader or a beginner, BitMart offers a wide variety of trading and earning tools to accommodate different levels of expertise.

In addition to its robust features, BitMart prides itself on its commitment to customer support. The company’s customer-first mindset is also reflected in the numerous tutorials and guides available to help users navigate the platform, and crypto trading overall.

As far as security goes, BitMart claims to offer an advanced risk control system, employing a hybrid hot/cold wallet approach, storing most of its users’ cryptocurrencies in offline devices. In addition to other things, it employs the MultiSig technology, which guarantees strong security for your assets^[1], and shows that the platform in question is on par with other industry leaders, security-wise.

By the way, BitMart was named one of the “World’s Top 200 Fintech Companies” by CNBC, further solidifying its reputation as a trusted crypto exchange. So, if you're wondering is BitMart legit, it is.

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BitMart Exchange Review: PROS

Now that we've familiarized ourselves with the platform a bit, I'm going to continue my BitMart review by looking at some of the core, essential features I liked about the platform, and check to see what it does so well as to deserve the rather noticeable praise that it receives.

A Wide Assortment of Supported Cryptocurrencies

These days, cryptocurrency support is probably one of the most important aspects that people look at whilst choosing the best cryptocurrency exchange for themselves. This wasn’t always the case, however!

If you were to rewind the time 7 or 8 years ago - to a time period when user BitMart exchange reviews didn’t even exist - you’d likely notice that the majority of people were interested in but a few cryptocurrencies. Bitcoin, Ethereum, and coins like Litecoin or XRP were the ones that dominated the market - as far as mainstream crypto trading went, that was it.

With time, though, crypto popularity grew exponentially^[2]. Nowadays, even complete beginners and industry newcomers tend to want to invest in multiple crypto assets, some of which might be extremely niche!

Well, the good news here is that the BitMart exchange allows you to do that - the platform supports more than 1,400 different cryptocurrencies!

Truth be told, 1,400 is a lot! Naturally, all of these cryptocurrencies are going to be available in different trading pairs (over 1,400, too).

Many of the top-rated cryptocurrency exchanges on the market allow you to trade around 500-700 different coins, so 1,400 is really a lot. No matter if you’re looking for the top 10 coins on the market, or are interested in some alternative crypto assets, chances are that you’ll be able to find what it is that you’re looking for, no problem!

It’s worth mentioning, though, that the fact the BitMart exchange has a wide selection of cryptocurrencies isn’t just great for the sheer fact alone! Allow me to give you an example.

Say, you are currently only interested in investing in Bitcoin and Ethereum. However, with time, you expect your pool of interests to expand, and are also determined that you might want to invest in a wider selection of coins, let's say, meme coins.

Now, imagine that, after reading through some user BitMart exchange reviews, you’ve decided to use this platform as your go-to exchange. So, whenever the time to purchase some altcoins does come (like the Hamster Kombat token, for example), you will be able to do all of that on the very same platform.

It even has the Inscriptions Market, which is a professional order-book market for ordinal inscriptions that allow permanent digital content records on the Bitcoin blockchain. BitMart is actually one of the first CEXs that started listing BRC-20 inscriptions for trading.

If you were to use some other exchange, though - one that has only a couple of the main cryptocurrencies available - you would have to find, research, and register on a new site in order to start buying altcoins.

Long story short, most customer BitMart reviews are rather unanimous in this regard - utilizing a BitMart referral or even using the site on your own, thanks to its amazing cryptocurrency selection pool, you might just be able to save a lot of time and patience, in the long run!

Seamless Crypto Purchasing With Fiat

No matter if you’ve been interested in the platform in question since the BitMart ICO, or have just recently come across it before reading this BitMart exchange review, one of the likely-most-important features that you’ll want to check out is the quick "Buy & Sell" feature (and all of the different ways that you can purchase crypto coins on the exchange using it).

What I really like about the BitMart exchange is that it does support a rather broad assortment of payment options.

Admittedly, you aren’t going to be able to purchase any cryptocurrency via any payment method that you’d choose - that’s simply not the case. However, if you were to count payment methods, exclusively, you’d be glad to know that BitMart supports over 300 payment methods - including bank transfers, credit & debit cards, cash deposits, or gift cards. Naturally, most of those will depend on your country of residence.

The exchange even has an option of allowing you to purchase BTC via PayPal - that’s pretty rare! They also use various trusted and rather popular crypto payment solutions for their credit and debit card purchases, like MoonPay, Banxa, and others.

By the way, BitMart even provides users with a P2P marketplace where they can buy/sell crypto directly from/to other users. Though, the supported crypto variety is rather limited using this feature.

So, if you’ve received a BitMart referral from a friend, and are thinking of trying the exchange out, this is surely going to be a big push in the right direction. Even some crypto trading experts prefer purchasing cryptocurrencies with fiat money - not to mention beginners in the field!

Fiat-crypto purchases provide enthusiasts with the option to buy crypto in a fast, secure, and simple way - you don’t need to worry about trading pairs (unless you’re looking for some less-than-known cryptocurrencies) or some transfers between exchanges. Definitely a nice addition to an already-long list of positive user BitMart exchange reviews and the pros mentioned within them.

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Plenty of Trading Features for All Traders

While we've already covered a few great things the BitMart exchange has to offer to its users, it’s worth acknowledging that there are many trading features that are often left unspoken, and that are, in fact, just as worthy of your attention as supported currencies or fiat purchasing options.

For starters, it provides users with the "traditional" crypto spot trading market. It has all the necessary bells and whistles, including professional trading charts and various order types, such as market, limit, and stop limit/trigger orders.

For those who are up for a bit riskier but potentially more rewarding trading, BitMart also supports margin trading with up to 5x leverage.

However, if you don't want to stick to the basic trading, you'll be glad to know that the platform has a futures market as well, this one supporting up to 100x leverage. In BitMart's futures market, you can select from over 100 USDT- and coin-marginated futures contracts.

On top of that, BitMart also offers copy trading, which allows you to copy other trader strategies. It's a feature that is especially useful to beginners. However, remember to stay cautious, as you're putting the future of your assets into other trader's hands, so anything can happen.

Want to go beyond crypto assets like BTC or ETH and are more interested in NFTs? Well, lucky for you, BitMart also offers an NFT marketplace that supports fixed-price NFTs. Just note that for all NFT purchases and sales, there is a flat 1% BitMart trading fee you have to pay.

NFTs, up to 100x leverage trading, high-end price charts that will satisfy both cryptocurrency trading beginners and experts, alike - you name it! Most user BitMart exchange reviews online agree that the platform has a lot to offer to the average trader - I’d say, that’s rather self-evident!

Staking, Saving, and More Ways to Earn

Trading features aside, I found quite a lot of ways to earn on BitMart.

For starters, via the BitMart Earn feature, you can earn using various mechanisms, including staking, savings, dual investments, VIP wealth management, and ETH 2.0 staking. I will not go into every earning option in too much detail, but here is an overall comparison of them all:

Table: Comparison of BitMart Earn tools.

BitMart Earn aside, there is the Rewards Hub, where you can win bonuses by completing various tasks. This includes tasks as simple as signing up or inviting friends, as well as buying crypto or participating in trading activities. The rewards range based on the task in question - in some cases, you can win up to $5, while in others, even up to $500.

What kind of "rewards" are we talking about? Well, you can earn spot trading fee vouchers, futures trading fee vouchers, futures trading fee bonuses, and so on. However, you have to use these bonuses within 3 months, or else they will be reclaimed by BitMart.

The tasks in the Rewards Hub are divided into several "topics", namely Welcome Rewards, Futures Rewards, Growth Rewards, and Referee Rewards Win Up to 100 USDT. So, basically, you can win rewards using most of the platform's features.

Speaking of inviting friends, BitMart referral is also something that you might be interested in, if you do decide to use the exchange long-term. You can earn up to 30% commission (referral reward) for inviting your friends to use the exchange. However, you can also earn an additional 10% sub-commission for all active friends your friends invite!

Just note that commissions are generated from your friend's trading fees, so they have to be active for you to earn. Also, the earning period for each referral is 1 year, so you will not be able to earn commissions from your friends for years and years (or you will, if you invite new friends each year).

Newest Crypto and NFT Projects at Your Fingertips

We went over trading and earning features, but BitMart actually has more things to offer. If you're interested in all the newest projects in the crypto market, you can get your hands on them using the BitMart Launchpad and BitMart INO.

The BitMart Launchpad gives users early access to promising crypto projects through Initial Exchange Offerings (IEOs). By holding BMX tokens, users can earn lottery tickets, getting a fair chance to purchase discounted tokens from featured projects.

By the way, BMX is the BitMart token, which has several use cases on the platform. Apart from the aforementioned one, it can also be used to reduce BitMart trading fees, but we'll talk about that later. The BitMart ICO for the token took place from December 27th, 2017, to January 15th, 2018.

Now, getting back to the Launchpad, it simplifies participation in IEOs with its clear process and strict project vetting. Besides, it guarantees that token prices won’t drop below their initial listing price within the first 72 hours, offering added security to buyers.

The BitMart INO (Initial NFT Offering), on the other hand, serves as a launchpad for creative and innovative NFTs, providing a space for creators to debut their work. Both platforms enhance investment opportunities by giving users early access to quality projects, making BitMart a versatile platform for crypto and NFT enthusiasts.

Also, another feature that seems exciting is the BitMart Vote Listing. In essence, you vote on which crypto asset should be listed on the exchange and get a chance to win an airdrop of that asset once it's listed. That's pretty cool!

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BitMart Exchange Review: CONS

At this point in the BitMart exchange review, we can probably say with certainty that the exchange in question does offer some amazing features to the user. However, is it really a viable option for trading cryptocurrencies long-term? Well, let’s find out by looking at some of its cons.

Higher Fees When Buying Crypto With Fiat

Frankly, as far as the more-notable “issues” related to the BitMart exchange are concerned, this is the only actual point that’s worth keeping in mind! On top of that, it’s not even a BitMart-exclusive aspect, either.

If you do not already have cryptocurrency to deposit to BitMart, you’ll have to acquire it in some way. As mentioned earlier in the BitMart exchange review, the exchange does support fiat-cryptocurrency purchases using credit & debit cards, wire (bank) transfers, PayPal, and other methods.

The one thing that you should keep in mind, though, is that fiat-crypto purchases are usually expensive - much more expensive than the fees that you’d pay whilst trading crypto-crypto.

Admittedly, as noted earlier on in my BitMart exchange review, this isn’t exactly the fault of BitMart. The fees are often dependent on the payment solution that you’d pick - with some payment providers, the fees might go up to 5%, which is significant!

Now, you might say - if the fees are that high, why should I purchase cryptocurrencies via these methods, in the first place?

Well, for me, there are three reasons - speed, simplicity, and security.

Buying cryptocurrencies via PayPal, credit & debit cards, or bank transfers is going to be one of the most-secure ways of going about it. It’s also going to be super-fast (well, except maybe for the bank transfer method), and also very simple, especially when you compare it with crypto-crypto purchases.

All in all, the choice is, ultimately, up to you - if you prefer purchasing cryptocurrencies in a quick, simple, and also secure manner, then user BitMart exchange reviews will definitely encourage you to do so via the exchange in question, even though the fees might be on the higher end of the spectrum.

Two-Sided User Reviews

A single look online revealed to me that there are many user BitMart exchange reviews for you to check out and consult before starting to use the exchange (over 2,500!). Notably, more than half of the reviews are disproportionately positive towards the platform - that’s good.

On the other hand, though, there are some not-so-positive user reviews, which might make you think that the exchange is some sort of a shady trading platform that people don't like. Let me stress this - this is NOT the case with BitMart.

If you read through the negative user BitMart reviews, you'll notice that most of them come from specific issues traders face or users who don't understand how crypto exchanges work, in the first place. Luckily, BitMart answers every negative review (and positive ones), seeking to solve all user issues.

When it comes to two-sided reviews, the age of the exchange is something to keep in mind, too. While it did not receive that much attention during its inception period, it is now a favorite for many cryptocurrency traders, going hand in hand with other leading platforms, such as Coinbase and Binance. That said, popular platforms often receive quite a lot of negative feedback, too.

In short, though, if the negative user BitMart exchange reviews found online appear to be alarming to you, worry not - it’s nothing to be stressed out about. BitMart is 100% legit!

BitMart Fees

Fees are an integral part of picking out the best cryptocurrency exchange for yourself, no matter if you're reading through BitMart exchange reviews or any other. They can be the determining factor when it comes to you making a profit whilst trading cryptocurrencies, and even having to concede and sell your assets at a lower price than you’ve bought them.

Naturally, if you’re “in it” for the long game, you’re probably going to want to use an exchange that would have below-average fees, as well.

As you can imagine, crypto exchanges know this very well, too. They are constantly competing with one another for the most competitive fees - some come out on top, while others… Well, let’s just say that they have to coerce their customers in some other ways.

Where does the BitMart exchange fall in the spectrum, you may ask? Well, to be frank, the exchange has competitive but somewhat complicated fees.

If you've read through some past user BitMart exchange reviews, you would have noticed that BitMart had a flat trading fee, where both market makers and market takers had to pay the same - 0.25%. Admittedly, 0.25% wasn't super-low, but it was far from being “high”, either.

Now, however, when it comes to spot trading fees, they change based on several factors: the trading pair class, whether you're a maker or a taker, your trading volume, and your BMX balance. See what I mean by complicated? Bear with me, though, I'll explain.

Firstly, let's talk about the trading pair classes. There are four: Class-A, Class-B, Class-C, and Class-D. To put it very simply, pairs are divided into these classes based on their popularity. You can see which pair falls into which class on BitMart's fee page, so I won't get into that. When it comes to fees themselves, here is how they vary for different classes:

Table: BitMart spot trading fees based on trading pair class.

So, in essence, the more popular the trading pair, the lower the fees you'll have to pay. To add to that, you can also get a 25% discount on trading fees if you use BMX (BitMart's native token) to cover them.

Plus, you can get a discount by increasing your level, which depends on how many assets you have in your account, how many BMX you hold, and/or what is your 30-day trading volume. While initially, both makers and takers start with the same fee, as their level increases, the fees change for them separately.

In futures trading, though, there are flat fees for all level traders - 0.02% for makers and 0.06% for takers.

Now, in margin trading, there is the initial interest rate and the hourly rollover interest rate you have to pay. Both of those depend on the asset in question. For example, if you participate in BTC margin trading, you'll have to pay a 0.002291% initial interest rate and the same hourly rollover interest rate. This rate is the most common one, but other assets might have lower or higher rates.

Deposit-wise, you’ll be happy to hear that there are usually no fees, whatsoever (only with a few assets) - unlike with the Bitmart trading fees, you can deposit as much cryptocurrency as you’d like on the platform, without paying a dime for doing so. That said, it’s worth mentioning that this is standard with most high-end exchanges on the market.

In regards to BitMart withdrawal fees, things are a bit different. You see, these particular fees are going to vary depending on the blockchain conditions of a particular cryptocurrency that you want to withdraw and the asset in question overall. In most cases, user BitMart exchange reviews seem to agree that the withdrawal fees aren’t outrageous.

In short, BitMart does, for a fact, offer some of the better fees on the market, even though they are a bit confusing to understand. Definitely a great feature that every wannabe crypto trader should keep in mind!

How to Use the BitMart Cryptocurrency Exchange?

Now, as a final point in my BitMart review, let’s take a look at some usability aspects of the exchange, and the process of how you should go about acquiring your first cryptocurrencies on the site.

How to Register on BitMart?

For starters, the registration process.

Step 1: Go to the BitMart official website, and press the big [Get Started] button at the top-right corner of the screen.

Step 2: Here, you will have to enter your email address (or phone number), create a password, and certify that you are over 18 years of age.

Step 3: Next up, you will have to verify your email address, and that's it!

Talk about a quick registration process - wow! Registering on the BitMart exchange literally took me no more than a minute - if you have your email address open and ready on a separate tab, you can do it all in, like, 30 seconds, tops!

It is, admittedly, very refreshing, especially if you’ve used exchanges that require you to pass full KYC verification right after you register on them. The whole process of this particular exchange is frustration-less, and you can start exploring and using the exchange right after.

That said, does Bitmart require KYC? It does, but you can explore the platform a bit without it - you cannot actually use its features, though.

Now, upon registering successfully, you will be redirected to the Rewards Hub. While it may seem a bit confusing at first (especially if you’re a beginner crypto trader), I assure you - it’s easy to understand. You'll just see the tasks you should complete to win some nice rewards I've talked about before in this BitMart review.

Overall, BitMart is really simple to use, so if you're searching for a beginner-friendly exchange, it can be a great choice for you. You don’t need to navigate through some extensive and difficult interfaces, or use any intricate leverage trading features, if you so choose to.

How to Purchase Crypto on the BitMart Exchange?

Now that you’ve registered on the platform, the only thing that’s left to do is purchase your first cryptocurrency, and start trading!

Step 1: Pass the KYC process. Otherwise, you won't be able to use any of BitMart's features.

Step 2: From the page that you were redirected to after the registration process, navigate to the upper-left part of your screen, hover your mouse over [Buy & Sell], and then click on [Third-Party Payment].

Step 3: Pick the cryptocurrency (and fiat money) that you’d like to purchase, enter the amount, and click [Buy X]. Take note that there are minimum purchasing amounts set. For example, if I want to buy BTC with USD, I have to spend at least $30.

Step 4: On the screen that pops up, you will be able to choose the preferred crypto purchasing method. For the sake of this BitMart exchange review, I’ve taken the Simplex (credit / debit card) route.

Step 5: After you confirm your details, you will be given a chance to pick either a credit / debit card purchase, or one made via a bank transfer. Upon making the payment, all that’s left to do is wait - after a few minutes, you should receive the specified amount of cryptocurrency in your BitMart wallet. Simple as that!

Buying cryptocurrency in this specific way is, once again, very simple and straightforward! You do not need to have some special knowledge regarding BitMart or crypto trading, in general - the process is very easy, and the platform does “hold your hand” all the way through, telling you exactly what you need to do each step of the way.

Buying crypto with PayPal or via a bank transfer is just as, if not more, simple. Unless you already have cryptos that you want to transfer to BitMart and start trading this way, you should face no notable issues with purchasing Bitcoin or any other cryptocurrency on the platform in question!

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

$30,000 IN REWARDS

Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

$600 WELCOME BONUS

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Conclusions

So, then - all that’s left is to finish off my BitMart exchange review and answer the question once and for all - is the exchange worth it?

Yes, BitMart is definitely worth checking out!

As you might have gathered by this point, the exchange in question does possess a lot of different features and benefits, as far as the user is concerned. It has an amazing array of cryptocurrencies for you to pick from, is simple to use, utilizes strong security measures, has fiat trading options, and plenty of other, additional features (futures trading, copy trading, earning tools, etc.).

As far as the cons of the exchange go, there aren’t all that many “issues” to talk about. That’s rare! Sure, the fiat-crypto fees might be a tad bit high, but that’s not really the fault of the exchange - anywhere you look, the situation is going to be the same, or at least very similar.

The actual trading and withdrawal fees of the BitMart exchange are very reasonable, and while the platform might have some mixed user BitMart reviews, it is actually a preferred choice for many users, which is why it can be proclaimed as one of the best cryptocurrency exchanges on the market.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Y. Suga, M. Shimaoka, M. Sato, et al.: 'Securing Cryptocurrency Exchange: Building up Standard from Huge Failures';

2. D. Rushita, K. Sood, U. S. Yadav: 'Cryptocurrency and Digital Money in the New Era'.