Bitmart review 2022: How legit is this exchange?

In this BitMart Review, we will be looking at this exchanger for cryptocurrency and what it entails. Crypto exchanges are the gateway to the world of cryptocurrency. While there are a lot of them in the market, not all of them are worthy of your trust.

In this Bitmart review, we will be looking at what products BitMart has and whether it is a legitimate exchange or not.

What is BitMart?

BitMart is a global digital asset trading platform. It provides a secure, professional, high-quality, and user-friendly cryptocurrency trading service to its global customer base. BitMart’s mission is to provide the best products and services, which include customer support, security, and a convenient experience.

BitMart Review
BitMart 2022 review; is the exchange legit?

‍BitMart is a cryptocurrency exchange founded by Sheldon Xia in 2017. The BitMart trading platform offers more than 500 coins and tokens for trading, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). It also features a variety of tools to help traders manage their portfolios.

The BitMart Exchange was designed to be user-friendly and provide customers with complete access to their accounts 24/7. With its easy-to-use interface, BitMart offers multiple deposit methods such as bank transfers, credit cards and debit cards.

In addition to its multi-lingual support team, BitMart has partnered with several leading payment processors so you can use your preferred method of payment when buying cryptocurrency on the exchange.

BitMart has been built by industry experts with years of experience in financial services and technology. They have brought together their extensive knowledge to create a user-friendly platform that offers users a wide range of products to trade on.

The team behind BitMart consists of members from various backgrounds including investment banking, private equity management, and technology development.

BitMart is a cryptocurrency exchange that offers a variety of services. The platform features a digital asset trading platform, OTC trading, as well as custodial services. 

BitMart offers two different types of accounts: standard and VIP. 

The standard account comes with all the basic features that you need to start trading cryptocurrencies on the platform. If you want more features like margin trading, lending and the ability to purchase multiple altcoins at once, then you need to upgrade your account to a VIP one. 

In this Bitmart review, we will take a look at how the platform works; the good and the not so good.

BitMart Review: Key Features and Advantages.

The multi-language support is provided for global users. You can choose your language according to your preferences.; The professional customer service team will help you solve problems quickly when encountering problems.

Also, the website is available in multiple languages including Chinese, English, Korean, Japanese and Spanish so that users from all across the globe can utilize its services easily without any difficulties.

Low Fees. BitMart charges low fees when compared to other exchanges like Binance. The fees vary depending on the type of transaction you make. For example, if you want to withdraw BTC from your account, then you will be charged 0.0008 BTC while depositing BTC into your account will cost you a 0.001 BTC fee per transaction

Wide Variety of Altcoins. BitMart offers more than 1200+ cryptocurrencies for trading including Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) etc.

It has a very good customer service team that responds quickly to any issue you might be facing with the website or your account details. You can contact them via email or through their live chat feature which is available 24/7.

BitMart has a referral program where you can earn up to 30% commission by referring people to this platform! This is one of the best referral programs I have seen so far and it is working.

High liquidity. The platform has high liquidity, which means that you will be able to trade your coins quickly and easily on this platform.

BitMart Review: The Negatives

It is not as user-friendly as some other platforms like Binance or KuCoin; it takes some time to get used to before you can start making trades effectively on BitMart.

You can’t deposit fiat currency on BitMart so you need to buy bitcoins or ethers somewhere else first (e.g Coinbase or Kraken). Then transfer them into your BitMart wallet and use those coins for trading instead of USD or EURO etc.

You can only withdraw crypto assets from BitMart wallets (no fiat currencies). So if you want to withdraw your profits from BitMart, you will need to sell off your crypto assets first (e.g BTC/ETH/BCH) and then withdraw those funds into an external wallet or exchange account where they can be withdrawn as fiat. 

What Products Does BitMart have?

Spot Trading 

Spot trading on BitMart allows you to buy or sell cryptocurrencies at current market prices. 

Users can choose between two types of orders: limit order or market order. 

A limit order is an order placed by traders who want to buy or sell a certain amount of crypto at a specific price or better. 

A market order is an order placed by traders who want to buy or sell immediately at current market prices. 

If there are no open orders that match your criteria, you will be able to execute your order in seconds. If there are open orders that match your criteria, it may take several minutes for your order to execute as other traders will try to fill their existing positions first.

Futures Contract

The futures contract allows users to trade digital currencies at a predetermined price at a later date. Bitmart’s futures contracts are available for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).

Bitmart offers two types of futures contracts: perpetual and monthly. 

Perpetual contracts are long-term contracts that do not expire unless the market reaches the settlement price of the contract. 

Monthly contracts expire at the end of each month when there is no more time left in the month for them to settle. If you sell an open position before it expires, you may be able to hold onto your profits even if they lose value until you close them out.

Bitmart’s futures contracts have a leverage limit of 20x on perpetual contracts and 10x on monthly contracts. This means that if you want to bet $1,000 on an asset but only have $500 in your account, you can borrow up to $500 from Bitmart to buy $1,000 worth of coins or tokens with it.

BitMart Earn

The BitMart Earning service is not available for users located in, established in, or a resident of the United States of America.

BitMart Earn is a one-stop hub on BitMart where holders can explore earning possibilities for their cryptocurrencies. Using BitMart Earn is easy. Choose from available Earn products, subscribe, and earn. BitMart Earn lets you put your crypto balance to work. With BitMart Savings, you can receive up to 50% APY on your cryptocurrencies.

Some of the products in BitMart Earn are under flexible savings and fixed savings.

Launchpad 

BitMart’s Launchpad is a unique program that allows users to purchase their favourite tokens at a discounted price. This program is designed for investors who want to maximize their ROI on ICOs. The program is available for both retail and institutional investors, who can buy or sell tokens directly from the platform. BitMart Launchpad is a token launch platform for transformative projects.

Staking 

Cryptocurrency staking is a way to earn interest in your crypto assets. You do this by locking them up in a wallet and keeping them safe. The longer you keep them in your BitMart wallet, the more interest you get.

Lending 

BitMart Lending is a financial product based on digital assets. Each project has its investment term and yield. You could voluntarily choose to buy. The assets and interest will be unlocked and distributed into the user wallet on the redemption date.

BitMart Review
BitMart Lending Feature

To participate in BitMart lending- Log in to BitMart’s official website, click on the “Lending” link, select the coin you need to purchase according to your situation and click “Subscribe” to participate in the lock-in and generate interest.

The lending project has its fixed starting and ending time for interest accrual, and your earnings will be calculated within this period. The interest-bearing period for each project can be viewed on its page.

API

The API is probably the most important aspect of the exchange. This is where you will be able to develop trading bots that can interact with the exchange and execute trades for you. If BitMart does not have a robust API, then it will be difficult for you to develop your bots and strategies for trading on their platform.

Bitmart offers an open API that allows you to create custom bots and strategies for interacting with their exchange. If you want to build your bot, then this is a good thing. You can also use the API to integrate BitMart with other services such as social media or websites. The API documentation is available here.

The documentation contains an overview of all available APIs, along with examples in various programming languages such as Python, C++, JavaScript and more.

The API on the Bitmart exchange is straightforward. They offer two different APIs:

Web API: This allows you to access all of the features of the website through your program/software. It is easy to use and only requires a few lines of code to get started.

REST API: This API has more features than the Web API, but it is also more complex. The REST API can be used by anyone familiar with coding, such as developers and programmers, who need more options when developing their software.

BitMart has a very straightforward API that can be used by any programmer. The user guide for using the API is also easy to follow and understand, which makes it very easy for developers to integrate it into their software without much effort at all.

BMX

BMX, or BitMart Token, is a cryptocurrency created by BitMart. BMX runs natively on the Ethereum blockchain and follows the ERC20 token standard. The BMX token has been established with a total supply of 1 billion. BitMart plans to use 20% of our profits each quarter to buy back and burn BMX until 50% of the total BMX supply is burned.

BitMart fees 

BitMart’s withdrawal and trading fees can vary daily according to blockchain requirements and the type of user (Standard user and Professional user).

Always check the fee page at any time to confirm your expected fee.BitMart does not charge any fee on deposits.

Conclusion 

Based on the review, and transparency on the website. It is safe to conclude that BitMart is a legitimate exchange as it has been around long enough to prove it. 

There have been issues of hacking, which is somewhat inevitable with cryptocurrency exchanges. Take the extra time to secure your crypto assets as much as you can.

Check out reviews on Changelly, Poloniex, and okex exchangers and share your opinion with us via the comment box and keep yourself up-to-date with news on the BitMart website here.

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