Bitmart Review | We Have Highlighted All The Pros & Cons
Jack Moreau
Feb 2024
8 min read
Fact checked
Introduction: Looking for a reliable cryptocurrency exchange? Look no further than Bitmart. With so many options out there, finding a trustworthy platform can be overwhelming. That's why we've conducted a thorough review of Bitmart, analyzing its features, security measures, and customer service. Whether you're a seasoned trader or just getting started, read on to see if Bitmart is the right exchange for you.
Bitmart is a relatively new player in the cryptocurrency exchange game, having only been founded in 2017 by Erte Xia.
Despite its youth, however, the company has already made a name for itself, with over 300 employees spread across 180 countries and a user base of 9 million individuals.
Bitmart exchange
Furthermore, Bitmart offers an impressive array of over 750 cryptocurrencies for trading, making it a go-to platform for those looking to invest in the latest and greatest digital currencies.
One of the standout features of Bitmart is its intuitive and easy-to-use interface, which makes it a great choice for both beginners and experienced traders alike.
Bitmart crypto markets
The platform also offers a range of trading tools and features, including real-time market data, customizable charts, and advanced order types, making it a versatile and powerful tool for anyone looking to make the most of their cryptocurrency investments.
Of course, no cryptocurrency exchange is without its limitations, and Bitmart is no exception. The company is restricted in certain countries, including the US, UAE, Philippines, and Turkey, which may limit its appeal to some users.
Bitmart app
Additionally, the platform has received mixed reviews from users, with a 3.5-star rating based on 40,000 reviews.
However, with its impressive selection of cryptocurrencies, user-friendly interface, and commitment to security and transparency, Bitmart is a solid choice for anyone looking to get started in the world of cryptocurrency trading.
Bitmart KYC Requirements
Bitmart offers an easy and straightforward signup process that only requires your email and password, making it a breeze to start trading.
However, to gain full access to spot and futures trading, KYC verification is required. This process involves uploading your ID verification and can take up to 24 hours to complete. For basic deposits, buy and sell orders, and withdrawals of less than 0.06 BTC per day, KYC is not required.
Bitmart signup and KYC
This makes it convenient for new users to get started without having to go through the verification process right away. Overall, Bitmart provides a user-friendly platform for trading cryptocurrencies, with the added benefit of KYC verification for increased security.
With a smooth signup process and basic trading capabilities available without verification, Bitmart is a great choice for both new and experienced traders alike.
Bitmart Products & Services
Bitmart offers a variety of trading services including spot trading, futures trading with USD or crypto as collateral, margin trading, and even the ability to earn interest on your holdings.
Additionally, Bitmart offers staking and NFTs. It also has a launchpad for new projects. While the website may not be the most visually appealing, the user experience is quite nice.
The platform offers a variety of products and services without overwhelming the user. However, it is important to note that Bitmart does not have proof of reserves available.
With 125X leverage in both cross and isolated positions, Bitmart offers competitive margin leverage. Overall, Bitmart is a solid choice for those looking for a diverse range of trading options.
If you're looking for an exchange with competitive trading fees, Bitmart is definitely worth considering. Bitmart charges a 0.10% spot maker fee and a 0.10% spot taker fee, which is in line with many other popular exchanges such as Binance and Kucoin.
Additionally, Bitmart charges a 0.02% futures maker fee and a 0.06% futures taker fee, which is also comparable to other exchanges in the market.When it comes to margin fees, Bitmart stands out as it offers a 0% margin fee for all trades. This is a great feature for traders who want to take advantage of leveraged trading without paying extra fees.
Overall, Bitmart's fees make it a great choice for traders who want to keep their trading costs low while still having access to a wide range of trading options.
Bitmart offers a range of deposit options to its users. While it doesn't support fiat deposits via bank transfer, it does allow users to buy crypto with their credit or debit cards through third-party providers like Moonpay, Simple, and Legend Trading.
With 42 different fiat currencies supported for crypto purchases, users from a wide range of countries can buy cryptocurrency with their local currency. However, it's worth noting that deposit fees can be quite high when using credit or debit cards. Moonpay charges a 3.5% fee, while Simplex charges 5%.
How to withdraw from Bitmart?
Unfortunately, Bitmart does not offer fiat withdrawals at this time. However, fear not, because there are many other exchanges that do offer fiat withdrawal options. For example, Binance offers several options for USD, EUR, and GBP withdrawals including bank transfers and Visa/Mastercard withdrawals with a 1.8% fee. Bybit only supports fiat withdrawal for USD, BRL, and TRY, with zero fees for bank withdrawals in the latter two currencies and a high $25 fee for USD wire transfers.
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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.
