Bitmart vs Coinbase | Why Coinbase Offers Many More Benefits
Jack Moreau
Apr 2024
9 min read
Fact checked
Are you curious if Bitmart is a better exchange than Coinbase? So did we which is why we have compared these two exchanges on various metrics including products and services, user experience, trading fees and much more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Bitmart was founded in 2017 by Erte Xia and is registered in Cayman Islands. It is a global cryptocurrency exchange that provides a range of products including spot trading, futures contract trading, margin trading, earn opportunities and over-the-counter trading.
Bitmart exchange
Bitmart is available in 180 countries but is restricted in some countries such as the US, UAE, Philippines and Turkey. With nine million registered users and over a million app downloads, Bitmart supports 1500 cryptocurrencies.
Bitmart app
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam and is a leading US-based exchange and wallet service.
Located in the District of Columbia, Coinbase offers a range of services such as spot trading, recurring buys, staking and Coinbase learn & earn, an educational program that rewards users for learning about cryptocurrencies.
Coinbase exchange
While both exchanges offer a diverse range of cryptocurrencies, Coinbase has a wider reach and is more popular worldwide compared to Bitmart. Coinbase operates in 100 countries and has over 100 million users.
The exchange offers over 200 cryptocurrencies for it's users to buy, sell, trade, send and in some cases earn yield on. Coinbase further has over 10 million app downloads on Android with an average rating of 4.1 stars based on over 750,000 reviews.
Coinbase app
Bitmart vs Coinbase KYC Requirements
When it comes to the signup process and KYC requirements, Bitmart and Coinbase have their own unique approaches. Let's take a closer look at each exchange.
Bitmart, unlike Coinbase, does not require KYC for basic deposits, buying, selling, or withdrawing less than 0.06 BTC per day. However, for full access to spot and futures trading, KYC is mandatory.
Signing up for Bitmart is incredibly easy requiring only your email and password in addition to email confirmation.
Bitmart signup
Once your account has been opened, you'll need to upload ID verification and provide some additional information for KYC. Once done, it can take up to 24 hours for verification to be approved.
On the other hand, Coinbase requires KYC for all users. The signup process on Coinbase takes about a minute to complete as you need to enter your full name, email and then verify your email.
Coinbase signup
The Coinbase KYC process is typically quick, taking a few minutes to submit the required information and documents (ID) to pass KYC.
Coinbase will then normally verify your accounts within a a few hours or 1-2 business days in the worst of cases. Once verified, you can deposit funds to Coinbase and begin trading.
Bitmart vs Coinbase Products & Services
Bitmart is a cryptocurrency exchange that offers a larger variety of trading services than Coinbase. This includes products such as spot trading, futures trading, margin trading, and copy trading.
Bitmart spot trading
Bitmart offers a very wide range of over 1500 cryptocurrencies which includes BTC, ETH, BNB, ARB, AVAX and many others altcoins.
Bitmart cryptocurrencies
Users on Bitmart can also also earn interest through staking and savings which allows users to either stake their assets and earn staking rewards or lend their assets to others in exchange for interest.
Bitmart staking
Besides the more traditional trading services and financial products, Bitmart also offers retails users a launchpad where they can participate in new token listening and an NFT marketplace where they can buy and sell popular NFTs.
NFTs on Bitmart
The user experience on Bitmart is quite good, and the platform offers a wide range of products without overwhelming the user.
Compared to Bitmart, Coinbase is the global leader among cryptocurrency exchanges and offers a wide range of products and services primarily designed to meet the needs of newcomers and large institutional clients.
Coinbase USPs
Navigating within the tight regulatory framework of the United States, Coinbase has refrained from introducing high-risk products that are more common on exchanges based outside the U.S.
This strategic decision has somewhat reduced the platform's appeal to professional traders seeking high-leverage opportunities. However, it has simultaneously enhanced the platform’s accessibility for beginners by offering a simpler range of products.
Coinbase Dashboard
To accommodate a diverse user base, Coinbase offers two distinct user interfaces: the standard Coinbase interface, which is user-friendly and suited for beginners, and the Advanced interface, designed with experienced traders in mind.
Coinbase Buy & Sell
Coinbase supports trading in a wide range of over 240 cryptocurrencies. These digital currencies can be traded using an intuitive buy-and-sell feature, ideal for users looking for ease and simplicity.
Users can also trade using the the more intricate spot trading available in the Advanced section.
Coinbase Spot Trading
For investors who prefer to build their positions gradually, Coinbase provides a recurring buy feature. This feature facilitates a strategy known as Dollar Cost Averaging whereby users can spread their purchases over time.
Recent expansions at Coinbase include the introduction of futures trading for Bitcoin (BTC) and Ethereum (ETH).
Coinbase Crypto Futures
Coinbase also introduced perpetual contracts for a selection of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), Ripple (XRP), and Avalanche (AVAX), with leverage capped at 5X.
While Coinbase consistently ranks among the top three exchanges globally in terms of spot trading volumes, it faces more competition in the futures trading sector.
Coinbase Spot Trading Volumes
For users looking to earn interest on their cryptocurrency holdings, Coinbase currently offers an attractive 5% interest rate on USD Coin (USDC), a stablecoin linked to the U.S. dollar.
Coinbase Earn
Additionally, Coinbase has launched a unique educational initiative called the learn-and-earn program where users can gain insights into blockchain projects and earn token rewards.
Coinbase Learn & Earn
Coinbase has also made significant strides with its own NFT platform that lets users create, discover, buy, and sell NFTs on popular blockchains like Ethereum, Base, and Polygon.
Coinbase NFTs
For those wishing to use their cryptocurrency for everyday transactions and earn rewards, Coinbase has introduced a Visa Card.
Coinbase Visa Card
This card enables users to spend either cash (USD) or cryptocurrency (USDC) and earn rewards on their everyday spending.
Additionally, Coinbase has developed the Web 3 Coinbase Wallet to cater to users who prefer a non-custodial approach to managing their crypto assets.
Coinbase Web 3 Wallet
This wallet supports a vast array of coins and tokens and facilitates easy access to decentralized finance (DeFi) platforms on various blockchains, including Bitcoin, Ethereum, and Solana.
Coinbase recently launched the Coinbase One Membership at $29.99 per month, offering a host of benefits including zero-fee trades, enhanced staking rewards, and priority customer support.
Coinbase One Membership
Being a publicly traded company in the U.S., Coinbase adheres to stringent regulatory standards, making it a highly secure platform for cryptocurrency trading and storage.
This commitment to security and regulatory compliance is why prominent institutions like BlackRock and Grayscale choose Coinbase for trading and custodial services for a diverse range of cryptocurrencies, including Bitcoin, Ethereum, and Solana.
Coinbase Institutions
With Coinbase Prime, high-net-worth individuals and institutions access to advanced trading tools, financing solutions, secure storage options, staking services, and much more.
When it comes to trading fees, Bitmart and Coinbase both have their own fee structures. Let's take a closer look at each exchange.
First up is Bitmart which charges a spot maker fee of 0.10% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.06%.
Additionally, Bitmart offers the potential to lower trading fees once monthly trade volumes exceed 150 Bitcoins or if the user holds at least 500 BMX tokens.
Bitmart in other words offers a very competitive fee structure for spot and futures trading that is in line with the likes of Binance, OKX and Phemex.
Bitmart spot fees
On the other hand, Coinbase charges a spot maker fee of 0.40% and a spot taker fee of 0.60%. Similar to Bitmart, Coinbase also offers it's high volume traders the ability to lower their spot fees. The minimum threshold for lower fees begins if monthly trade volumes exceed $10,000.
Coinbase trading fees
So, which exchange is the better choice in terms of trading fees? Well, it's clear that Bitmart is the much cheaper exchange when we focus specifically on trading services. Having said that, Coinbase will be easier to use for beginners which maybe worth the extra cost.
When it comes to depositing funds on cryptocurrency exchanges, these can differ a lot from one exchange to another. Let's take a closer look at what each of these exchanges has to offer.
If we begin with Bitmart, fiat deposits are not available on the exchange. Instead, it supports 42 fiat currencies for buying crypto with credit or debit card through third-party providers.
Whether users choose to buy with Banxa or MoonPay, the expected fees will be somewhere between 3-5% which is a very expensive way to acquire cryptocurrencies.
Buy crypto Bitmart
The fiat deposit options on Coinbase are much better. Coinbase offers three fiat currencies for depositing funds, USD, EUR and GBP. Deposits can be made via ACH, wire (USD), SEPA (EUR), and Swift (GBP).
ACH deposits are free while wire deposits come with a $10 USD fee. For those that wish to deposit with SEPA, that is cheap and comes with a small 0.15 EUR fee while Swift deposits are free.
Coinbase fiat deposits
For users who want to buy cryptocurrencies by depositing fiat currencies, Coinbase is the better option as Bitmart unfortunately only offers the option to buy crypto with credit card, through third-party providers.
When it comes to fiat withdrawals, it's the same story as with the deposits. On Bitmart, fiat withdrawals are not available on the platform which means that users can only withdraw cryptocurrencies.
For those that wish to withdraw Bitcoin and Ethereum, the fees are 0.0005 BTC and 0.0026 ETH respectively. The withdrawal fee for Solana and Tether are 0.05 SOL and 5.4 USDT. The crypto withdrawal fees on Bitmart are on the higher end compared to the market average.
Coinbase on the other hand does offer support for various fiat withdrawal methods, including ACH, Wire, SEPA, and Swift. ACH withdrawals are free, while Wire withdrawals have a fee of $25 USD. SEPA withdrawals cost 0.15 EUR and Swift withdrawals cost 1GBP.
coinbase fiat withdrawal fees
There are thus plenty of free to cheap withdrawal options for those who wish to withdraw their USD, EUR or GBP. In terms of cryptocurrency withdrawals, Coinbase charges 0.0001 BTC for Bitcoin, 0.005 SOL for Solana while USDT withdrawals have a fee of $3 USDT.
Coinbase is the clear winner in this category as they offer withdrawal support for the big fiat currencies, at low cost while also offering lower fees for cryptocurrency withdrawals.
So let's summarise what we have learned. Bitmart as an offshore exchange that offers a wide range of trading services which includes spot trading, futures contract trading, margin trading and over-the-counter trading.
The exchange offers very low spot (0.1%) and futures trading fees and a wide range of over 750 cryptocurrencies. The user experience on Bitmart is good overall but the exchange lacks support for fiat deposits and withdrawals.
This means that users who want to buy cryptocurrencies with fiat are left only with the option to pay high credit card fees to third-party providers.
Coinbase on the other hand is one of the biggest exchanges in the world with 100 million users. Coinbase provides a great user experience with spot trading, recurring buys, staking, Coinbase Learn & Earn, NFTs, a non-custodial Web 3 wallet and their own Visa Card.
Users on Coinbase can buy and sell over 200 cryptocurrencies but the trading fees are higher than Bitmart with 0.4% for makers and 0.6% for takers. Another difference is that Coinbase requires KYC from all of it's users which is not required by Bitmart.
For users who want to deposit and withdraw fiat currencies with a multitude of options at cheap fees, that is only possible via Coinbase. Coinbase also does a better job of keep the crypto withdrawal fees lower than Bitmart.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
