BitMart Review

BitMart offers hundreds of digital assets, but its history may be concerning

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BitMart

BitMart

Investopedia’s Rating
4.4

Our Take 

BitMart is a global cryptocurrency exchange that allows users in 180+ countries to buy and sell over 1,000 digital currencies and tokens. While BitMart offers all the features you’d expect from a global crypto exchange, it was hacked in December 2021, which resulted in a $196 million cryptocurrency theft. 

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Supports a large number of cryptocurrencies

  • Users can earn crypto

  • Offers a simple buy/sell crypto option

Cons
  • Subject to a large-scale hack in 2021

  • Poor customer feedback

Key Takeaways
  • BitMart supports trading for over 1,000 cryptocurrencies.
  • The exchange accommodates both beginners and advanced crypto users.
  • The $196 million BitMart hack has eroded user trust in the exchange. 
Specifications
  • Year Founded 2017
  • Official Website bitmart.com
  • Cryptocurrencies Available 1,000
  • Customer Support Help Center: https://support.bmx.fund//hc/en-us, Support Tickets, Live Chat

Pros Explained

  • Supports a large number of cryptocurrencies: BitMart users can buy and sell over 1,000 digital currencies and tokens. 
  • Users can earn crypto: BitMart offers staking and savings products. 
  • Offers a simple buy/sell crypto option: BitMart provides a simple buy/sell crypto feature where beginners can buy Bitcoin and other digital currencies using a range of payment methods with just a few clicks. 

Cons Explained

  • Subject to a large-scale hack in 2021: BitMart was hacked in December 2021, and $196 million worth of cryptocurrency was stolen when the private keys of its hot wallets were compromised, suggesting the exchange’s security measures are not sufficient. 
  • Poor customer feedback: Several users have shared negative feedback about BitMart on customer review sites and social media.

Introduction

BitMart is a global cryptocurrency exchange that allows individuals and institutions to buy, sell, and trade over 1,000 cryptocurrencies. 

In addition to advanced cryptocurrency spot and futures trading dashboards, BitMart offers a simple buy/sell crypto feature for beginners and a range of crypto-earning opportunities. Beginner and experienced traders alike may find what they’re looking for on this platform. However, it was the subject of a major hack in 2021. 

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.

Company Overview

BitMart was founded in 2017 to provide digital asset trading and investment services to a global customer base. It is incorporated in the Cayman Islands.

In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with trading discounts and other benefits on the exchange. The exchange also added numerous new features over the years, including staking, lending, savings products, and derivatives trading. 

In December 2021, BitMart suffered a security breach that led to the loss of $196 million worth of cryptocurrency when private keys were compromised for two of the trading platform’s hot wallets. Following the incident, the company’s CEO, Sheldon Xia, announced on Twitter that all affected users would be reimbursed by BitMart. 

Today, the global crypto exchange serves over 9 million users in over 180 countries.

Cryptocurrencies Available on BitMart

Bitmart supports trading for over 1,000 digital currencies and tokens. Some of the most popular cryptocurrencies you can buy and sell 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)
  • SushiSwap (SUSHI)
  • Stellar Lumens (XLM)
  • Terra (LUNA)
  • Tron (TRX)
  • Zcash (ZEC)
  • Zilliqa (ZIL)

Trading Experience

BitMart provides a web-based digital asset trading and investing platform and a mobile app for Android and iOS. 

Experienced traders will find all the advanced features they need, combined with a long list of tradable assets. 

BitMart

Beginners, on the other hand, can make use of the platform’s Buy & Sell feature that allows users to buy Bitcoin (BTC) and other cryptocurrencies using Visa, Mastercard, Apple Pay, and PayPal. 

BitMart

Fees

BitMart has a tiered fee structure, where users with higher trading volumes (based on trading volume over a 30-day period in BTC) pay lower fees. Default fees start at 0.25% for price makers and takers. 

Fee deductions apply for BMX token holders who use the token to cover trading fees. 

BitMart’s fee structure is as follows:

Ordinary Users 

Ordinary users who have not activated BMX token-based fee reduction pay 0.25% maker and taker fees.

Level BMX Holding  Fee Rate 
LV1 BMX ≥ 0 Maker: 0.2500% Taker: 0.2500%
LV2  BMX ≥ 2,500  Maker: 0.2000% Taker: 0.2000% 
LV3  BMX ≥ 10,000  Maker: 0.1800% Taker: 0.2000% 
LV4  BMX ≥ 25,000  Maker: 0.1600% Taker: 0.1800% 
LV5  BMX ≥ 50,000  Maker: 0.1400% Taker: 0.1600% 
LV6  BMX ≥ 100,000  Maker: 0.1200% Taker: 0.1400% 
LV7  BMX ≥ 200,000  Maker: 0.1000% Taker: 0.1200% 
LV8  BMX ≥ 500,000  Maker: 0.0800% Taker: 0.1000% 
LV9 BMX ≥ 1,000,000 Maker: 0.0600% Taker: 0.0800% 

Professional Users 

Level Trade Volume (30d) & BMX Holding  Fee Rate for A-Class Pairs Fee Rate for B-Class Pairs
Pro1 BTC ≥ 150 Maker: 0.0400% Taker: 0.0600% Maker: 0.0400% Taker: 0.0600%
Pro2  BTC ≥ 500 Maker: 0.0200% Taker: 0.0600%  Maker: 0.0400% Taker: 0.0600%
Pro3  BTC ≥ 2,000  Maker: 0.0000% Taker: 0.04000%  Maker: 0.0400% Taker: 0.0600%
Pro4  BTC ≥ 5,000 Maker: -0.0010% Taker: 0.0400%  Maker: 0.0400% Taker: 0.0600%
Pro5  BTC ≥ 10,000  Maker: -0.0050% Taker: 0.0200%  Maker: 0.0400% Taker: 0.0600%
Pro6  BTC ≥ 40,000  Maker: -0.0100% Taker: 0.0200%   Maker: 0.0400% Taker: 0.0600%

BitMart doesn’t charge deposit fees, while withdrawal fees vary from asset to asset.  

Security

BitMart claims to be “100% secure for trading and digital asset management” by operating a hybrid hot and cold wallet system and deploying multi-signature technologies. Additionally, BitMart has security features like IP address detection and monitoring. 

However, the $196 million hack the exchange experienced in December 2021 suggests that BitMart’s security could use some work. While many leading exchanges hold all customer funds in cold storage, BitMart’s hybrid hot and cold wallet system has enabled hackers to steal almost $200 million in ERC-20 and BEP-20 tokens belonging to BitMart customers. 

While BitMart has announced that they will reimburse all affected customers, a breach of this size suggests the exchange’s security measures could be improved. 

Opening a BitMart Account

To open a trading account on BitMart, you’ll start by providing your email address or phone number and a password. 

Once you confirm your phone number or email address, you will be able to access the BitMart trading dashboard. 

BitMart

To start trading, you will need to complete an identity verification process. BitMart offers two levels of verification: Level 1 Starter and Level 2 Advanced. To buy and sell and withdraw small amounts of cryptocurrency, Level 1 Starter will suffice. For this tier, you will only need to provide some personal information. 

To gain full access to all of the exchange’s features and to deal in larger amounts, you will need to complete the Level 2 Advanced tier, which involves sharing a government-issued ID and complete facial verification. 

Companies looking to open an institutional trading account will need to complete a more detailed onboarding process. 

U.S. customers can trade on BitMart, but the exchange’s Earn products are not available to users in the United States.

Customer Service

BitMart provides customer service via a dedicated support center, support tickets, and a live chat. Like many other cryptocurrency exchanges, it doesn’t offer phone support. 

Customer Satisfaction

The BitMart hack in December 2021 upset customers who thought their funds would be safe with the Cayman Islands-based exchange. BitMart’s Trustpilot rating is only 3.0 stars out of five from over 1,100 reviewers, with poor support, a lack of transparency, and the inability to withdraw funds being among the top complaints. 

In addition to its poor marks on Trustpilot, many former BitMart users have also expressed concerns on social media about the inability to make withdrawals from the platform. 

Account Management

BitMart offers accounts for individuals and institutions. There are also different account levels based on each user’s 30-day trading volumes that determine the amount of trading fees charged on each trade. 

Users can manage their accounts via the BitMart online dashboard or its mobile apps, available for Android and iOS. Account management on BitMart is mostly self-serve, though the exchange does offer multiple customer support options for users who need assistance.

How Bitmart Compares to Other Cryptocurrency Companies

BitMart offers many of the same products and services as leading global exchanges, such as Binance, CEX.IO, Poloniex, and Huobi Global. 

What makes BitMart stand out among its peers is the large number of digital currencies and tokens that you can trade on the platform. With over 1,000 tradable digital assets, traders who prefer to speculate on smaller altcoins and newly-issued tokens will appreciate what BitMart has to offer. 

Final Verdict

BitMart is a global crypto exchange that both beginners and experienced traders can use to buy and sell an exceptionally long list of digital assets. The exchange also offers a range of yield generation opportunities for crypto holders and gives users early access to tokens issued via its in-house token launchpad. 

However, the large-scale hack that the exchange suffered in December 2021 is concerning. Customer wallets were affected, and almost $200 million in funds were stolen by hackers. There have also been numerous reports about issues withdrawing assets, which may deter new users from signing up.

Methodology 

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Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.

Article Sources

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  1. Twitter. "Sheldon Xia."