Bitmart Review 2024

BitMart is a centralized cryptocurrency exchange founded in 2017. Its country of registration – Cayman Islands. On 28 February 2024 the number of trading pairs available for trading: 1022. BitMart last 24-hour trading volume is $2,413,721,157. It changes to -16.09% compared to the previous 24-hour period. BTC/USDT is the most popular trading pair, its trading volume is $1,539,628,162 in the last 24 hours. The exchange has 8 of 10 possible reliability scores and provides clients with access to fiat currencies.
Volume (24h)
$2,413,721,157-16.09% ↓
Pairs
1022
Rating
8 / 10
Country of registration
Cayman Islands
Fiat
TOP 10 pairs by volume
Pair
Price
24h Volume
Spread
Price change in 24h
Pair
BTC/USDT
Price
$59,316.00
24h Volume
$1,539,628,162
Spread
+0.01%
Price change in 24h
+$2,729.00 ↑ / +4.82%
Pair
ETH/USDT
Price
$3,346.66
24h Volume
$437,494,336
Spread
+0.01%
Price change in 24h
+$83.11 ↑ / +2.55%
Pair
XRP/USDT
Price
$0.5880
24h Volume
$130,870,297
Spread
+0.54%
Price change in 24h
+$0.028141 ↑ / +5.03%
Pair
SATS/USDT
Price
$0.000000578
24h Volume
$15,792,479
Spread
+0.47%
Price change in 24h
+$0.00000006881 ↑ / +13.51%
Pair
ORDI/USDT
Price
$78.02
24h Volume
$15,189,281
Spread
+0.36%
Price change in 24h
+$9.42 ↑ / +13.73%
Pair
WIF/USDT
Price
$0.7904
24h Volume
$14,605,023
Spread
+0.93%
Price change in 24h
+$0.23371 ↑ / +41.98%
Pair
RATS/USDT
Price
$0.0003343
24h Volume
$13,672,524
Spread
+0.37%
Price change in 24h
+$0.0000558 ↑ / +20.05%
Pair
STRK/USDT
Price
$1.960
24h Volume
$13,205,389
Spread
+0.35%
Price change in 24h
-0.040000 $ ↓ / -2.00%
Pair
MUBI/USDT
Price
$0.15012
24h Volume
$12,865,488
Spread
+0.55%
Price change in 24h
+$0.013915 ↑ / +10.22%
Pair
MEME/USDT
Price
$0.034707
24h Volume
$11,429,852
Spread
+0.80%
Price change in 24h
+$0.0034316 ↑ / +10.97%

    BitMart is a centralized cryptocurrency trading platform. Bitmart provides traders with spot, margin and futures trading services. Additional platform services include staking, NFT, referral program. This crypto exchange has an native token — BMX , usage of which gives traders discounts on trading fees.

    The mission of the exchange is to provide simple and secure crypto products and services.

    The platform is available in 8 languages, including English, two versions of Chinese, Russian, Turkish, Vietnamese, Japanese and Korean.

    Bitmart cryptocurrency exchange
    BitMart homepage

    Registration and account verification

    To work on the exchange, you need to register an account. For this:

    1. Go to the official website of the exchange BitMart and click Get Started in the upper right corner;
      Starting registration on Bitmart
      Starting registration process on Bitmart
    2. Write in e-mail or mobile phone number;
      Registration
      Registration process
    3. Create strong password;
    4. Check the box next to Agree with the terms and click Register;
    5. Enter the confirmation code received by email or SMS and click Send.

    Verification on Bitmart is mandatory. The exchange has 2 levels of verification: beginner and advanced. With the basic level, you can use the simplest functions of the exchange (deposit, buy and sell cryptocurrency, withdraw limint is up to 0.06 BTC daily). In order to access spot trading, futures trading, staking, and increase deposit and withdrawal limits, clients need to complete full KYC verification.

    Verification levels
    Verification levels

    To pass basic level verification, you need to click on Verify Now and enter personal details:

    • Country of residence;
    • Last and first name;
    • Date of birth.

    To pass the advanced level of verification you need:

    1. Press the Verify Now button, get a QR-code;
      Verification QR code
      Verification and QR-code
    2. Scan the QR-code by the platform’s official app;
    3. Enter the country of residence and select a document for identification (passport, driver’s license);
    4. Scan document and send via app.

    Account protection

    The company claims to pay significant attention to the security of user funds. The following account protection methods are available on the exchange:

    • Verification of email address and phone number;
    • Identification of the IP address when logging into the account;
    • Encryption keys for user authentication in the system;
    • Anti-phishing code;
    • Google-Authenticator.
    BitMart security page
    BitMart security page

    For reliable account protection, users can set up two-factor authentication.

    2FA is a method of identifying a user in two different ways, which provides more secure to account.

    To enable 2FA, you can verify your email address and phone number, or use the Google Authenticator app. Using Google Authenticator is considered more secure.

    Google 2FA
    Google 2FA set up

    On the part of the exchange the following security measures have been implemented:

    • More than 99% of BitMart funds are stored in offline cold wallets to prevent hacker attacks. Only 0.5% of assets are kept in a hot wallet for daily transactions. The BitMart cold wallet uses multi-signature;
    • BitMart employees take the technical security exam and follow company’s security policy;
    • Partnering with the world’s leading cybersecurity consulting and technology companies to strengthen the protection of digital assets (Hacken, SlowMist Technology, CertiK, Hosho, The Cabin Capital and OpenFinance);
    • As a part of the monthly operational security management BitMart trading system is regularly updated;
    • Launched Telegram 24/7 Support addressing security-related issues, including system updates, scam and phishing website reminders, and tips to protect against crypto scams.

    The account is registered. What’s next?

    To start trading on the exchange and use the additional services of the site, you need to replenish your account.

    Available deposit and withdrawal methods

    To fund up your account on BitMart:

    1. Enter your personal account and click Deposit in the upper right corner;
      Deposit via personal account
      Depositing in your personal account
    2. Select coin to deposit, for example, USDT and press Deposit. You will see the address generated by the system;
      USDT Address
      USDT Address
    3. Enter this address in the sending wallet → send USDT.

    To withdraw money from BitMart:

    1. Go to personal account;
    2. Press the button Withdraw in the right corner under the account icon;
      Start withdrawal
      Beginning of withdrawal process
    3. Open Spot, select coin from the list and press Withdraw;
      Start USDT withdrawal
      USDT withdrawal
    4. Specify address of the receiving wallet, blockchain and transfer amount in the opened field and click Withdraw.
      USDT withdrawal address window
      Address window
    Before transfer coins, you need to carefully check the address and blockchain network in the exchange wallet and the receiving wallet.

    Trading conditions and instruments available on Bitmart

    Bitmart provides users with spot, futures and margin trading, as well as the possibility to buy cryptocurrency by card. The amount of commissions on the platform differs for takers and makers, and also depends on the user’s level (regular or professional).

    Buy crypto

    The platform allows you to buy and sell cryptocurrencies by card with fiat money. For this:

    1. Click on the Buy/Sell tab on the toolbar;
    2. Select Buy option;
    3. Indicate the coin you want to buy, for example, USDT;
    4. Select currency you are buying and its amount;
    5. Press Buy;
    6. Enter card details and follow the instructions.
    Purchasing cryptocurrency with fiat
    Buying crypto by fiat

    Spot market

    On Bitmart, the spot market is available in the Trade tab. You can choose a standard interface — Standart or advanced — Advanced.

    Interface selection
    Terminal interface selection

    Margin trading

    Margin trading means using of leverage to multiply the results of a trade. The amount that a trader deposited into his account as collateral is called margin.

    Margin trading on BitMart is available in the Trade → Margin tab.

    Bitmart margin trading
    Bitmart margin trading

    BitMart supports isolated margin trading. The isolated margin is separate from the trader’s total balance. Using isolated margin mode allows you to manage your risk because the maximum amount you can lose in a liquidation is limited by the margin used on your open position.

    Isolated Margin
    Isolated margin

    Futures

    A futures contract is an agreement to trade at a predetermined price at a specified time in the future. The futures price is the sum of the spot price and the cost of holding the position for the period leading up to the trade date.

    Futures trading on Bitmart is available through the terminal in the Futures tab. There are 2 types of contracts traded on Bitmart:

    • USD-M: calculation carried out in USDT, and the contract price is pegged to the USD exchange rate;
    • Coin-M: the underlying cryptocurrency is collateral.
    Bitmart Futures Market
    Bitmart futures market

    Bitmart provides leverage to work on the futures market. Its size ranges from 1x to 100x (maximum).

    Futures trading involves high risks and is recommended for experienced users only.

    Commissions and limits

    Maker and taker fees in the spot market differ for regular users and professionals. The trading fee for general users is 0.25% for makers and takers. You can get a 25% discount if you pay the commission with BMX token (the exchange’s native token).

    Trading fee distribution for general users
    Regular user trading fees

    Professional users who trade in high volumes can get better commissions and up to 35% when using BMX.

    Trading commission distribution for professional users
    Trading commission for professional traders

    Deposits on BitMart can be replenished without commission. Withdrawal fees are charged depending on the cryptocurrency and the network. Withdrawal fees are adjusted regularly to meet blockchain conditions.

    How to trade on the Bitmart cryptocurrency exchange

    Consider trading on Bitmart using the example of buying BTC for USDT. To do this, open a terminal and follow the instructions:

    1. Select Trade → standard interface (Standart);
      Start trading on the spot market
      Starting trading in the spot market
    2. Enter the desired currency in the search bar (for example, BTC), press Search and select trading pair, for example BTC/USDT ;
      Select trading pair
      Selecting a trading pair
    3. Specify the type of order for the deal, for example, Market;
    4. Enter amount of payment currency;
    5. Press the Buy button if you need to buy coins, or Sell (on the right side of the screen) if you need to sell ones.
      Buying and selling on the spot market
      Buying and Selling on the spot market

    Additional services of the Bitmart exchange

    Bitmart provides users with additional services for earning: NFT, staking, referral program.

    NFT

    BitMart NFT
    BitMart NFT

    BitMart NFT Marketplace brings together NFT enthusiasts, creators and artists. The platform charges a 1% fee when buying and selling NFTs. NFT creators are rewarded with percentage of the trade price.

    Staking

    Staking is the process of locking up user funds to keep the blockchain network running.

    Bitmart Staking available in Earn → Staking. You can stake coins like SOL, DOT, NEAR, ADA, SHIB. The blocking period ranges from 30 to 90 days.

    The minimum amount for staking and the reward percentage depends on coin.

    Staking
    Staking service

    Referral program

    Bitmart referral program
    Bitmart referral program

    To participate in Bitmart Referral Program, you need to be a registered user with an active account. If another user opens an account and trades on BitMart after going to the exchange site through your referral link, you will be awarded compensation.

    The earning period for each referral is 1 year. The referrer can earn two levels of commissions: 30% for level 1 referrals and 10% for level 2 referrals.

    Mobile app

    The BitMart team has developed a mobile application for IOS and Android operating systems. It has the same user-friendly interface and all the features of the desktop version. You can download the mobile app at home page in the Downloads tab.

    Bitmart mobile app
    Bitmart mobile app

    Reviews

    Trustpilot Review Page
    Trustpilot testimonials page

    Positive reviews about Bitmart at Trustpilot note:

    • Good exchange wallet security;
    • Low commissions;
    • User friendly interface;
    • Quick withdrawal;
    • Simple setup and KYC verification

    Among the negative reviews are mentioned:

    • Difficulty of getting started on platform;
    • Long waiting time when replenishing a deposit;
    • Successful hacking attacks on the exchange and hacking user accounts;
    • Support is not responding to requests.

    Pros and Cons

    Wide range of cryptocurrencies;
    Variety of trading types: spot, futures, margin;
    You can buy cryptocurrency for fiat;
    Additional earning opportunities: referral program, staking;
    Competitive trading fees: 0.25%;
    Possibility to get a discount when using native exchange token BMX.
    No demo account;
    Declining confidence in the exchange after a major hack in 2021;
    A lot of negative feedback about the support service.

    FAQ

    What is Bitmart?
    BitMart is a professional cryptocurrency exchange and trading platform. The exchange was founded in 2017 in the Cayman Islands.
    Can Bitmart be trusted?
    As noted, BitMart uses security measures to protect user information and funds stored on the platform. They include: cold wallet storage and two-factor authentication (2FA), which are benchmark security features in the industry.

    In December 2021, the hot wallet vault was hacked resulting in a loss of $150 million. This event broke confidence in the exchange. To restore reputation, the exchange has strengthened its security measures.

    How to trade on Bitmart?
    Spot, futures, margin trading is available on the exchange. To start trading, you need to replenish the deposit, and then you
    take the corresponding market.

    To trade on the Bitmart spot market:

    1. Open Trade → select standard interface of terminal by clicking (Standart);
    2. Select trading pair, for example BTC/USDT;
    3. Specify the order type, for example, Market;
    4. Enter amount of payment currency;
    5. Press Buy button if you need to buy coins, or Sell if you need to sell ones.

    How can I deposit on the Bitmart exchange?
    To make a deposit:

    1. Open BitMart and log into your account;
    2. Press Assets → Deposit;
    3. Find the coin to deposit, for example, USDT;
    4. Press Deposit;
    5. Copy received address and paste it in your wallet;
    6. Checking the availability of money in the account.

    How to buy on Bitmart?
    On Bitmart you can buy cryptocurrency for fiat. For this:

    1. Register on the exchange and go to your personal account;
    2. Click on the Buy/Sell tab;
    3. Select Buy;
    4. Specify coin (for example, USDT);
    5. Select currency (for example, USD) and purchase amount;
    6. Press Buy;
    7. Enter data of the card and follow the further instructions.

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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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