BitMart

What is BitMart？

BitMart is a cryptocurrency exchange established in 2018, with its main office in the Cayman Islands and additional locations in the US, China, and Hong Kong. BitMart supports more than 1,500 different cryptocurrencies, handling over $10 billion in trading within a day. BitMart provides features such as margin trading, staking, and the option to deposit fiat currency. The fees for trading are set this way: taker fees vary from 0.0200% to 0.0000%, while maker fees range from 0.0150% to 0.0000%.

Pros and cons

Regulations

BitMart is licensed as an MSB (Money Services Business) by Spread Technologies LLC, under the Financial Crimes Enforcement Network (FinCEN). The Regulation Number associated with this license is 31000184636226. According to the information provided, BitMart has exceeded the regulatory requirements set by FinCEN for its MSB license.

FinCEN is a bureau within the United States Department of the Treasury that is responsible for enforcing financial regulations related to money laundering, terrorism financing, and other financial crimes.

Security

BitMart boasts that it provides different security measures to keep users' assets safe. These include:

Cold storage: BitMart stores the majority of its user funds in cold storage, which is an offline environment that is not connected to the internet. This makes it much more difficult for hackers to access user funds.

Multi-factor authentication (MFA): BitMart requires users to enable MFA for their accounts. MFA adds an extra layer of security by requiring users to enter a code from their phone in addition to their password when logging in.

IP whitelisting: BitMart allows users to whitelist specific IP addresses that can be used to log into their accounts. This helps to prevent unauthorized access from unknown IP addresses.

Transaction signing: BitMart uses transaction signing to ensure that users are the only ones who can approve withdrawals from their accounts. This prevents hackers from being able to withdraw funds without the user's consent.

Security audits: BitMart undergoes regular security audits by independent third parties. This helps to identify and fix any security vulnerabilities that may exist.

Cryptocurrencies available

BitMart has more than 1,500 cryptocurrencies available for trading, making it one of the biggest exchanges globally in terms of listed cryptocurrencies. This is particularly helpful for users interested in trading new and innovative digital currencies.

Some of the most popular cryptocurrencies available on BitMart include:

How to open an account？

Here are the steps on how to open an account on the BitMart exchange:

Go to the BitMart website and click on “Create Account”.

2. Enter your email address and password.

3.Click on “I agree to the Terms of Service and Privacy Policy”.

4. Click on “Create Account”.

5. A verification code will be sent to your email address. Enter the verification code and click on “Verify”.

6. Your account will be created. You will need to verify your identity before you can start trading.

To verify your identity, you will need to provide your full name, date of birth, and government-issued ID. You will also need to take a selfie. Once your identity is verified, you will be able to start trading on BitMart.

Fees

For standard users, the trading fee is 0.25% regardless of whether you are a maker or taker. But, you can get a 25% discount on this fee if you use BMX, the BitMart exchange's own token, to pay your trading fees. BMX offers benefits like reduced trading fees for exchange users.

For professional users, the trading fees vary based on the trading volume, ranging from 0.02% to 0.00% for makers, while takers' fees range from 0.03% to 0.02%. As trading volume increases, the fees decrease for both makers and takers.

Deposit & Withdrawal

BitMart supports multiple payment methods, including

Credit/Debit Card

Bank Transfer

Apple Pay

PayPal

Gift Cards

Deposits on BitMart are free of charge, and there are no fees for holding assets in your BitMart wallet. However, when you withdraw your cryptocurrencies, a small fee applies based on the specific cryptocurrency and network you're using. This fee can change over time due to the blockchain's condition. Additionally, remember that you might need to cover a gas fee along with the transaction fee. This gas fee can also change depending on how busy the blockchain is.

Is BitMart a Good Exchange for You？

BitMart appear to be a good exchange for traders in the following types:

Advanced traders who are looking for advanced trading tools

Traders who want to earn interest through crypto staking

Traders who pursue larger selection of cryptocurrencies that are not listed on other exchanges

Has BitMart experienced controversy？

Yes, BitMart has experienced controversy in the past.

In 2019, BitMart was hacked and lost $196 million worth of cryptocurrency. The hack was caused by a vulnerability in BitMart's hot wallet. BitMart reimbursed all users who lost funds in the hack.

In 2020, BitMart was accused of wash trading. Wash trading is a form of market manipulation where traders buy and sell the same cryptocurrency to artificially inflate the price. BitMart denied the allegations of wash trading.

In 2021, BitMart was fined $2.4 million by the Commodity Futures Trading Commission (CFTC) for violating U.S. regulations. The CFTC found that BitMart had failed to register as a futures commission merchant and had engaged in impermissible margin lending. BitMart agreed to pay the fine and to comply with U.S. regulations in the future.

Compare BitMart with other exchanges

Features
Trading Fees	Taker fees: 0.0200% - 0.0000%, Maker fees: 0.0150% - 0.0000%	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	1500+	500+	11	200+
Regulation	FinCEN (Exceeded)	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)