BitMart is a worldwide cryptocurrency exchange that gives customers in more than 180 countries the ability to purchase and sell more than 1,000 different digital currencies and tokens.
In addition to more sophisticated dashboards for trading bitcoin spots and futures, BitMart now provides users with an easy-to-use buy/sell cryptocurrency tool as well as a variety of possibilities to earn cryptocurrency. This platform may provide both novice and expert traders with the opportunity to find what they’re looking for. However, in the year 2021, it was the target of a significant hacking attempt.
Introduction of Bitmart
BitMart was formed in 2017 with the goal of providing worldwide customers with digital asset trading and investing services. It is registered in the Cayman Islands. BitMart exchange, founded by Sheldon Xia, is a top-tier trading platform for exchanging, buying, and selling crypto (digital assets), with over 5.5 million users worldwide. This Cayman Islands-based cryptocurrency exchange has been ranked among the top ten exchanges by CoinMarketCap. Today, the platform is available in 180 countries and on 123 platforms. BitMart is now based in the Cayman Islands, with offices in China, South Korea, and the United States. This business is now prospering and has surpassed its competition. The reason for this is exciting features that reduce unnecessary inconveniences.
The platform released the BitMart Token (BMX) in 2018, which grants token holders trading discounts and other privileges on the exchange. Over the years, the exchange has also incorporated various additional services, such as staking, lending, savings products, and derivatives trading. The exchange had a security breach in December 2021, resulting in the loss of $196 million in cryptocurrencies after private keys for two of the trading platform’s hot wallets were hacked. Following the event, the company’s CEO, Sheldon Xia, said on Twitter that BitMart will pay all impacted users.
Today, the worldwide cryptocurrency exchange has over 9 million users from 180 countries. You may use BitMart to purchase, sell, trade, and earn bitcoin. BitMart presents offers from its third-party partners when you use the buy and sell tool:
- Legend Buying and Selling (accepts ACH bank account transfers)
- MoonPay (accepts debit cards, credit cards, and Apple Pay) (accepts debit cards, credit cards, and Apple Pay)
- Simplex (accepts debit cards, credit cards, and Apple Pay) (accepts debit cards, credit cards, and Apple Pay)
After you choose an offer, you must complete the purchase on the website of that partner. The exchange offers a variety of cryptocurrency trading possibilities. It provides a basic trade tool that is easier to use, as well as an advanced trade tool that includes all trading functions. Margin trading and futures trading are also offered.
BitMart Savings and BitMart Staking allow you to earn interest/rewards on your bitcoin balances. It should be noted that BitMart Savings is not available to residents of the United States, but the staking program is. BitMart Token is the company’s own cryptocurrency (BMX). Lower trading costs are available if you have a significant amount of BMX tokens. Standard users can additionally save 25% on trading costs when they pay using BMX tokens.
BitMart Offers Cryptocurrencies
This platform allows you to trade over 1,000 digital currencies and tokens. Some of the most popular cryptocurrencies available for purchase and sale on the exchange include Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Axie Infinity (AXS), Binance Coin (BNB), BitMart Token (BMX), Dash (DASH), Decentraland (MANA), Dogecoin (DOGE), Litecoin (LTC), Sandbox (SAND), Shiba Inu (SHIB), Solana (SOL) (ZIL).
China, Afghanistan, Congo (Brazzaville), Congo (Kinshasa), Cuba, Democratic People’s Republic of Korea, Eritrea, Iraq, Iran, Ivory Coast, Kyrgyzstan, Lebanon, Libya, Sudan, and South Sudan are among the nations that prohibit its residents from using BitMart.
Earn Money By Staking Your Cryptocurrency
The platform provides crypto staking, which allows you to lock up assets for 30 to 90 days in order to earn interest on them. It’s only accessible with a subset of the cryptocurrencies BitMart offers, but it’s a straightforward method to increase your holdings. BitMart Savings is a savings product that pays interest on different forms of cryptocurrencies. However, it is not available to investors in the United States.
The website mentions an “advanced risk control system,” a hybrid hot and cold wallet system, and the use of multi-signature technology.
However, the exchange’s $196 million attack in December 2021 reveals that BitMart’s security might require some improvement. While many top exchanges keep all client monies in cold storage, BitMart’s hybrid hot and cold wallet technology has allowed hackers to steal almost $200 million in BitMart customers’ assets. While the exchange has said that it would repay all impacted consumers, a compromise of this magnitude indicates that the exchange’s security procedures might be improved.
Trading In Futures And Margin
BitMart is one of the few exchanges that offers crypto futures trading as well as margin trading, both of which allow you to leverage your crypto investments. Remember that these are already dangerous investment techniques, and adding bitcoin to the mix makes them considerably worse. Because it is possible to lose a significant amount of money in this manner, futures and margin are not advised for most crypto investors.
The features a tiered trading fee system that begins at 0.25% for ordinary users. Your level is determined by the quantity of BMX tokens you own; the more tokens you own, the cheaper your trading costs will be. If you pay your trading expenses with BMX tokens, you will receive a 25% discount.
The exchange operates on a maker-taker basis. Ones that are filled quickly are charged taker fees, whereas orders that are not are charged maker fees. The following is the whole trading cost structure for BitMart basic users:
Maker costs begin at 0.04% and taker fees begin at 0.06% for professional users who trade at least 150 BTC per month. The highest volume traders may potentially qualify for negative trading costs, which means BitMart will pay them a portion of the deal. Professional customers, unlike normal users, do not receive a discount for buying with BMX tokens. The BitMart cost structure for professional users is as follows:
Maker costs in futures trading are 0.04%, while taker fees are 0.06%. There is no discount for using BMX tokens. Deposit fees are not charged by BitMart. Withdrawal costs differ according on the kind of cryptocurrency.
The exchange promotes their new project shooting star program. It is classified as a hybrid of regular listings and IEO, with a streamlined approach and favorable rules. NULS is their first production on Shooting Stars.
The Mission X2 initiative is another opportunity to start a new business. It was created for investors who wish to help companies while receiving premiums from them. The investors must bank transfer a particular amount of BMX into the startup of their choice. When the total number of BMX exceeds one million, the project token will be able to enter the BMX market and be associated with BMX. According to our BitMart assessment, the BMX market transaction fees are distributed to supporters in accordance with their part of the entire daily investment.
Pros and Cons
- Users are able to purchase and sell more than 1,000 different digital currencies and tokens thanks to the platform’s extensive support for cryptocurrencies.
- Users have the opportunity to earn cryptocurrency through the use of staking and savings programs.
- Provides a straightforward buy and sell cryptocurrency option the exchange provides a straightforward buy and sell cryptocurrency option, which enables inexperienced users to purchase Bitcoin and other digital currencies using a variety of payment options with only a few clicks.
- In 2021, the following were compromised by a large-scale hack: It was discovered in December 2021 that the private keys of BitMart’s hot wallets had been accessed, which led to the theft of cryptocurrencies worth a total of $196 million. This indicates that the security procedures used by the exchange were insufficient.
- Negative consumer feedback: Several people have posted critical reviews about BitMart on customer review websites and social media platforms.
Is it safe to use Bitmart?
Right now, there is no way to be entirely confident in BitMart’s security. They have previously discussed the huge hack, which occurred not long ago. To be fair, BitMart indicated that it will reimburse victims in full, although it is unclear whether the exchange followed through. BitMart isn’t the first exchange to be hacked, and in response, it almost certainly updated its security architecture. What’s more troubling is the paucity of security information.
Many cryptocurrency exchanges have dedicated web sites that detail their security measures. There isn’t much information accessible about BitMart, except from a brief snippet on its webpage about how it employs hybrid hot/cold wallet systems and multi-signature technology. That’s a start, but BitMart could go into more information, especially since its reputation isn’t great.
Transferring the cryptocurrency you purchase to your personal crypto wallet is a wonderful strategy to limit your risk with any crypto exchange. It will then be in your hands and will not be compromised if the exchange is hacked. If you want to trade on this platform but are concerned about the security of your cryptocurrency, this might be a viable solution.
BitMart is one of the youngest and greatest crypto exchanges, and it has established a significant reputation for itself in the industry in a relatively short amount of time. This is mostly due to the fact that it has an interface that is simple to use, and it also provides a basic trading view. BitMart is accessible through a web browser as well as a mobile browser, which enables its traders to roam about while trading. BitMart functions on a variety of platforms, including mobile, PC, and Mac computers. BitMart is a comprehensive offering that includes a high-quality user experience as well as dependability, and its layout is faultless.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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