Launched in 2018, BitMart has made its name in the crypto space as one of the leading exchanges. The platform offers a diverse selection of cryptocurrencies across its spot and futures markets, catering to the needs of crypto traders. Beyond trading, it provides opportunities for massive earnings, such as Copy Trading, Earn Products, and Launchpad for early investments in newly launched projects.

This BitMart Exchange review will comprehensively analyze its top features, from trading to security and overall user experience. It will help you determine whether BitMart is the right fit for you.

About BitMart

BitMart is a global centralized cryptocurrency exchange with its headquarters in the Cayman Islands. Providing services to millions of users in over 180 countries, the platform aims to enhance the user experience by offering a wide range of services. It provides you with innovative trading tools, spot trading, margin trading, and futures trading with up to 200x leverage.

For those always looking for an exchange that offers a variety of cryptocurrencies, BitMart could be the one they need. It supports over 1,700 cryptocurrencies and more than 1,600 trading pairs to offer enhanced convenience for crypto traders. Its fee structure is based on a basic fee of 0.1% to 0.6% in spot trading and from 0.02% to 0.06% in futures trading, depending on the asset type. You can pay fees on the platform using its native token, BMX, and enjoy additional discounts of up to 25%. In addition, deposits are free on the platform, while withdrawal fees are based on the networks used.

Since the 2021 security breach that cost the exchange an estimated $200 million, BitMart has implemented robust security measures to secure its users’ funds. The exchange has a user-friendly mobile app that offers almost all trading services. Its multi-lingual 24/7 customer support focuses on user experience, making BitMart a reliable choice for traders.

Key review summary points:

• Launched in 2018, BitMart is a centralized exchange with headquarters in the Cayman Islands.
• It offers spot trading and futures trading with up to 200x leverage.
• BitMart supports more than 1,700 cryptocurrencies and over 1,600 trading pairs.
• Its spot trading fees are from 0.1% to 0.6%, and futures trading fees are from 0.02% to 0.06%.
• You can use the BMX, the native token of the platform, to pay fees and get additional discounts on fees up to 25%.
• BitMart Academy provides you with a wealth of knowledge based on articles, tutorials, and guides to help you navigate the exchange.
• It offers 24/7 customer support to address your queries.

Creating an Account on BitMart

To access all features and services on BitMart, the first step is creating an account on the exchange.

To begin with, navigate to the “Get Started” tab on the BitMart homepage, and it will take you to the sign-up page.

BitMart offers several sign-up methods that users can use to create their accounts. These methods include:

• Sign up via email.
• Sign up via phone number.
• Using a Google or Apple ID account for registration.

You will get a verification code on your email or mobile phone number that you need to provide for the registration process.

Remember, create a strong password based on upper case letters, lower case letters, numbers and symbols, and agree to terms of service and conditions. Once your account registration process is complete, you will be able to access the BitMart platform.

Completing KYC (Know Your Customer) on BitMart

After creating an account on BitMart, users need to complete the KYC procedure to unlock the platform’s features, including withdrawals.

There are two KYC levels on BitMart:

• Level 1 KYC unlocks most of the features on the platform and allows you to withdraw up to 0.5 BTC daily. To complete this level, you need to provide your name, country of origin, and date of birth.
• Level 2 KYC increases your withdrawal limit to up to 100 BTC daily. In addition, it gives you access to multiple features, including Earn, Launchpad, and margin trading. You need to submit your proof of identity, complete facial recognition, and provide additional documents.

You can access the following features under each KYC level on BitMart:

To complete the KYC procedure on BitMart:

• Access the Verification page under your profile icon.
• Select Verify Now under your desired KYC level.
• For Level 1 KYC, you need to provide your name, country of residence, and date of birth.
• For Level 2 KYC, upload your proof of identity documents, such as a driver’s license, passport, or identity card. After this, complete the face verification process.

Google Two-Factor Authentication on BitMart

BitMart is an innovative cryptocurrency exchange that implements robust measures to secure your account. One such measure is setting up the Google Two-Factor Authentication (2FA) for your account. It is also crucial to set the 2FA to make withdrawals from the exchange.

All you need to do is navigate to Security tab under your profile icon. After this, access Google Authenticator, download the Google Authenticator App on your mobile phone, enter the 6-digit verification code, and link it to your account.

Supported Cryptocurrencies on BitMart

BitMart has become a leading cryptocurrency exchange worldwide thanks to its extensive selection of cryptocurrencies. According to estimations, the platform supports over 1,700 cryptocurrencies and over 1,600 trading pairs.

This impressive lineup of cryptocurrencies includes some major names, like Bitcoin, Ethereum, XRP, Solana, and more. BitMart also supports a number of smaller-cap altcoins, and if you want to trade meme coins, the exchange has got you covered.

Funding Your Account on BitMart

Once your account has been verified, you can deposit money into your BitMart account. The cryptocurrency exchange supports several methods to fund an account, which are:

• Crypto Deposits: BitMart supports a wide range of cryptocurrencies, and you can make a crypto deposit on the platform using your favorite coins, such as Bitcoin, Ethereum, USDT, and more.
• Fiat Purchases: You can buy cryptocurrencies on BitMart using fiat currencies using a debit or credit card or third-party payment methods, such as Banxa and MoonPay.
• Peer-to-Peer (P2P) Trading: BitMart’s P2P platform allows you to buy or sell cryptocurrencies directly from other users.

Let’s explore these methods comprehensively.

Crypto Deposits

At BitMart, users can easily make crypto deposits from their external wallets.

To make a crypto deposit:

• Navigate to Deposit tab under your profile icon, which will take you to the deposit page.
• Select the cryptocurrency you want to deposit.
• Choose the network type to get the deposit address, or you can scan the QR code.
• Select the account type to complete the process.

Fiat Purchases

BitMart supports the following methods of buying cryptocurrencies using fiat currencies.

P2P Trading

P2P (Peer-to-Peer) on BitMart allows you to buy cryptocurrencies directly from the sellers.

For this:

• Go to P2P Trading under the Buy & Sell section on BitMart.
• Choose the cryptocurrency you want to buy and the fiat currency you wish to sell.
• Select the payment method, add the transaction details, and confirm the order.

Credit/Debit Card

BitMart allows you to buy cryptocurrencies through your credit or debit card.

To buy cryptocurrencies with your credit or debit card on BitMart:

• Head to Credit/Debit Card under the Buy & Sell section.
• Select the fiat currency you want to pay and enter the amount.
• Choose the cryptocurrency you want to buy, and the system will automatically calculate the total receiving amount.
• Select the payment method, or if you have not added the card details, go to the Add Card section and fill out the details.
• Confirm the order details to complete the transaction.

Third-Party Payment

BitMart’s third-party payment is a way to purchase cryptocurrencies using fiat money through external service providers. These providers include Banxa, MoonPay, Simplex, Alchemy Pay, and Legend Trading.

All you need to do is:

• Select the cryptocurrency you want to pay.
• Choose the cryptocurrency you want to receive.
• Enter the order amount, and the system automatically calculates the receiving amount.
• Confirm the order details and complete the transaction.

Making a Withdrawal on BitMart

BitMart has been designed to cater to all crypto traders’ needs. The exchange supports two main types of withdrawals: on-chain withdrawal and internal transfer.

On-chain Withdrawal

On-chain withdrawal on BitMart allows you to transfer funds from the exchange to an external wallet.

To make an on-chain withdrawal, navigate to the profile icon at the top right of the menu bar and then access Withdraw.

On the withdrawal page:

• Select the cryptocurrency you want to withdraw.
• Choose the withdrawal method, paste the address, select the network, and enter the amount.
• Enter the verification code you receive on the email address and the code you get in the Google Two-Factor Authentication app to complete the withdrawal.

Internal Transfer on BitMart

Users can transfer their funds from one account to another on the BitMart Exchange. The platform supports several account types: Spot, Futures, Buy & Sell, Isolated Margin, and Copy Trading.

To start futures trading on the platform, you also need to transfer funds from your spot account to your futures account. For this:

• Navigate to Overview under the Assets tab, and then click on Transfer.
• Choose the account type to make the transfer.
• Select the cryptocurrency you want to transfer and enter the order amount.
• Confirm the order details and complete the transfer.

BitMart Security

As mentioned, BitMart had been the subject of a security breach in 2021 that cost the exchange nearly $200 million. However, the crypto exchange fully compensated all its affected users and has since made its users’ security a top priority.

Today, BitMart prefers storing most of the funds in cold wallets, remarkably reducing exposure to online threats. The platform continuously audits security to prevent hacks and increase users’ trust. Its bug bounty programs actively address any potential vulnerabilities.

BitMart applies several measures to increase the safety of your funds. These measures include setting up the two-factor authentication (2FA) and completing the KYC procedure. The exchange still does not provide an open proof-of-reserves and instead relies on disclosing some of its hot wallet addresses.

Order Types on BitMart

As a crypto trader on BitMart, you need to understand the various order types available on the exchange to use them comprehensively. These order types are tailored to the trading goals of users and cater to both beginner and experienced traders.

The order types listed below are available on BitMart across its spot, margin, and futures markets.

• Limit Order: it is used by traders to set a specific price at which they want to buy or sell a cryptocurrency. It offers traders better control over their trades as they are executed at a desired price.
• Market Order: this order type is designed to execute trades instantly at the best available market price. It is suitable for traders who look to open or close positions without waiting for a specific price.
• Trigger Order: it automatically initiates a buy or sell order once the market reaches a pre-set trigger price. Traders can use this order to set trades in advance and execute them on specific market conditions.
• TP/SL Order: it enables traders to pre-define a price level to manage risk and secure profits. Take-profits close a position on reaching a settled profit level, while stop-loss is set to a position to limit losses when the market turns volatile.
• Advanced Limit Order: this order type is designed for experienced traders. It sets specific parameters that should be met before the execution of a trade.
• Post Only Order: it ensures the order is placed as a maker in the order book, adding liquidity. It is cancelled automatically if your order is filled, thus, cancelling any taker fees.
• Trailing Stop Order: it allows traders to limit losses as the market moves in their favor. This order type adjusts according to market movements instead of setting a fixed price.

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Trading on BitMart

BitMart offers a variety of trading options to its users, including spot, futures, and margin trading. The platform offers convenient spot and margin trading services for various cryptocurrencies. You can access a number of trading pairs in its futures market and can trade using up to 200x leverage.

Spot Trading on BitMart

BitMart is a global crypto exchange that offers spot trading services to its millions of users. Spot trading is a straightforward trading method that allows you to buy and sell cryptocurrencies at the current market price.

To start spot trading on BitMart:

• Head to Spot under the Trade section.
• Choose the trading pair you want to trade.
• Adjust the chart’s settings according to your trading strategy.
• You can also add a trading indicator to the strategy.
• Choose an order type, fill in the details, and submit it.

Leverage Trading on BitMart

BitMart provides you with two types of leverage trading: margin and futures.

Margin Trading

BitMart offers margin trading with up to 5x leverage to its users. It means that traders can open a position up to five times their collateral.

All you need to do is navigate to the Trade section at the top of the menu bar and then to Margin. Choose the trading pair, adjust the chart according to your trading strategy, and select the order type. Once done, fill in the order details and place it.

Futures Trading on BitMart

Futures trading on BitMart enables users to trade cryptocurrencies with higher leverage at a speculative futures price. Depending on the market conditions, users can use up to 200x leverage in Futures trading.

Types of Futures Contracts on BitMart:

You can choose between two types of Futures contracts on BitMart, which are:

• USDT-Margined Futures: These contracts are also known as linear contracts and are settled in USDT. They follow a USDT-based index of an underlying asset that streamlines margin allocation and profit/loss calculations.
• Coin-Margined Futures: These futures contracts are settled based on the underlying asset, such as Bitcoin. It can add complexities since the asset’s price is affected by market volatility, which directly affects margin requirements and profit and loss calculations.

Margin Modes in Futures Trading:

The following are the margin modes in Futures trading on BitMart.

• Cross Margin: it uses the entire account balance as collateral for all open positions instead of putting a separate margin for each position. It significantly reduces the chances of liquidation on the market.
• Isolated Margin: it limits the risk of a position to its allocated margin and effectively prevents other positions from losses.

Remember, trading with leverage can be risky as it amplifies both gains and losses. So, it is crucial to set a limit to the leverage ratio you are using to protect your profits.

Copy Trading on BitMart

BitMart is an innovative cryptocurrency exchange that offers remarkable features to its users. One such amazing feature that allows you to generate passive income and learn from experienced traders is copy trading.

BitMart copy trading allows you to follow and copy the trades of experienced traders. You can learn from the trading strategies followed by professional traders to increase your chances of successful trades. It also protects you from the hassle of searching for different trading strategies, as you can simply learn from some of the top traders in the market.

Copy trading on BitMart also provides master traders an opportunity to earn commissions based on the follower’s performance. BitMart has implemented a 0.5% slippage protection mechanism to reduce risk in copy trading. Once the slippage exceeds 0.5%, the system automatically pauses the copy trade to safeguard the follower’s interest.

On the BitMart Copy trading page, users can select Master Traders based on different performance metrics and investment strategies. BitMart offers several margin modes in copy trading, including:

• Fixed Margin: allows you to set a specific amount for your copied trades independently.
• Fixed Multiplier: followers apply it to the Master Trader’s margin to scale the trade size proportionally.
• Asset Ratio: based on the ratio, followers set a multiplier to match their investments to the Master Trader’s account.

BitMart Earn

BitMart Earn is a financial tool that has been designed to increase users’ crypto holdings. It offers a variety of products, such as Savings (Flexible and Fixed), Dual-Investment, and Staking.

Flexible Savings

Flexible savings on BitMart enable users to earn daily interest in the form of Annual Percentage Yield (APY) while accessing their savings at any time.

With flexible savings, you can save a wide range of crypto assets and can withdraw them anytime. It is more suitable for new investors who look for simple methods to increase their crypto holdings.

Fixed Savings

BitMart fixed savings is designed to offer higher interest rates on savings that are locked up for a specific time.

You can choose from different lock-up periods, like 3 days, 7 days, 14 days, or 30 days. Once the lock-up period is complete, you can withdraw the principal amount and earned interest.

Staking

BitMart staking refers to staking tokens in a specific crypto wallet and earning interest on them. It includes PoS and non-PoS tokens and supports various income ways, such as interest compensation, on-chain staking rewards, etc.

In BitMart staking, users can choose from dozens of cryptocurrencies, like Solana (SOL), MATIC, Cardano (ADA), and more. Once users stake their crypto assets, they are used on the chain or in other financial management activities. The system will automatically calculate the staking rewards, which are then transferred to users’ earn wallets.

Dual-Investment

BitMart dual-investment is designed for users to earn returns in one of two selected crypto assets.

It is more suitable for experienced traders who are comfortable with higher risk. However, anyone can use dual-investment on BitMart and earn significant returns when the market conditions turn favorable.

Launchpad on BitMart

BitMart Launchpad is a platform where new tokens are registered. It allows users to participate in early token sales before they are publicly available. It is divided into two distinctive features: Shooting Star and Flash Sale.

Shooting Star on BitMart Launchpad is a platform where new tokens are launched for a short period. Users can purchase these tokens at discounted prices once they are listed on the platform.

BitMart Flash Sale is a platform in Launchpad where users can buy popular tokens at discounted prices during short promotional events. The listed tokens can be purchased immediately without long price protection periods.

BitMart Affiliate Program

The BitMart Affiliate Program supports popular influencers, content creators, and businesses. It allows them to earn high commission rates and perks beyond financial rewards.

As an affiliate on BitMart, you can earn between 50% to 100% commission on spot and futures trading. In addition, you will also get event invitations, a dedicated analytics dashboard, and private networking opportunities. All you need to do is fill in the application form, and once the platform approves it, you can start enjoying its benefits by promoting your link.

Referral Program on BitMart

The BitMart Referral Program is a financial tool designed for individuals to earn commissions by inviting their friends to trade on the exchange.

Users can copy the referral code or link and invite their friends to the platform. Through this program, you can earn up to 40% commission in spot trading, 30% commission in futures trading, and 10% commission from secondary referrals. In addition, referrals in spot trading provide a commission for up to one year, and they also earn an indefinite commission on future trading.

BitMart Fees

The fee structure on BitMart is based on different trading options and asset types. The flat fee structure is straightforward, while the tiered structure offers low trading fees based on your asset balance or 30-day trading volume and high-volume traders.

Spot Trading Fees

The spot trading fees on BitMart are divided into four classes: A, B, C, and D. This division is based on the user’s trading volume and popularity. Cryptocurrencies like Bitcoin and Ethereum fall into the A class, while other coins fall into the lower classes.

BitMart’s spot trading fee ranges from 0.1% to 0.6%.

The following is the A-class assets fee structure.

To view the fee structure of other classes, you can visit the BitMart fees page.

Futures Trading Fees

The futures trading fees on BitMart are simpler than spot trading fees. The maker fee is 0.02%, while the taker fee is 0.06%.

Deposit and Withdrawal Fees

The following are the deposit and withdrawal fees on the BitMart Exchange.

• Deposits: there are no deposit fees for any cryptocurrency deposit on BitMart.
• Withdrawals: the withdrawal fees on the exchange vary according to the network conditions.

Closing Thoughts

BitMart is an advanced cryptocurrency exchange that stands out in the crypto space for its remarkable features. The exchange caters to both beginner and experienced traders and offers trading services across various platforms, including spot, margin, and futures. Its user-friendly interface, competitive offerings, and diverse trading tools make it a viable choice for crypto traders.

The platform’s competitive fee structure helps users save more while trading their favorite cryptocurrencies. BitMart also offers many earning opportunities to its users, such as Earn programs, Launchpad, Affiliate Program, and more. It has implemented robust security measures to ensure enhanced safety of users’ funds, making it a viable choice for crypto users.

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Frequently Asked Questions (FAQs)