BitMart is a global trading platform created by cryptocurrency enthusiasts. The BitMart Foundation has offices worldwide but is registered within the Cayman Islands. The platform delivers spot trading, OTC trading, futures contract trading, and other services for digital assets. The team makes it a priority to deliver securer, smoother, and faster trading in hopes of becoming one of the top world-class digital asset trading platforms.
BitMart’s roadmap began in November 2017 when it built an international team with departments for marketing, operations, and tech. It received the investment token in January 2018 and completed a global roadshow in February 2018, where it visited cities around the world. In March 2018, BitMart officially launched its spot trading. In April, it registered with U.S. regulators and as an MSB.
What Types of Trading Does BitMart Support?
- 1 What Types of Trading Does BitMart Support?
- 2 BitMart Registration
- 3 BitMart Account Limits
- 4 BitMart Deposits
- 5 Trading on Bitmart
- 6 BMX Token
- 7 Supported Cryptocurrencies
- 8 BitMart Fees
- 9 Conclusion
- 10 BitMart
- 11 Pros
- 12 Cons
The most common type of trading on BitMart is spot trading, where the platform chooses superior blockchain digital assets. It also provides future contract trading via individual asset types. There will also be an intermediary service platform for C2C and B2Btrading modes for individuals and businesses.
The BitMart platform will also connect major trading platforms around the world, allowing for borderless transactions. This system should make it possible for users to complete transactions that span multiple platforms within a single click.
Finally, BitMart is working on developing and building a decentralized exchange. This exchange is a key part of BitMart due to the team’s premise that efficiency, stability, and security should be guaranteed.
To make BitMart useful to everyone everywhere, the platform is available across all devices. You can access it via your web browser, the H5 mobile browser, Android, iOS, Mac OS, or PC.
Signing up for BitMart is simple, you will need to enter your email address and then confirm that email by receiving a code before you proceed. Then simply enter your password and an invitation code if you have one, you are then given access to the exchange and can begin trading.
BitMart Account Limits
All new accounts can withdraw the equivalent of 2BTC per day without having to verify their account. If you need more than this, you can begin the account verification process by uploading copies of your documents such as ID, Passport or Driving License. Once this is complete you will have access to 100BTC withdrawals per day.
BitMart accepts fiat payments or Cryptocurrency so to get started using the platform you will need to send some cryptocurrency to the exchange via their deposits page or make a purchases using the fiat options available.
You can send any of the coins or tokens which are available to trade on the exchange, simply choose your currency and click the “Deposit” button to generate an address to send to.
Trading on Bitmart
If you go to the Exchange page on BitMart, you will see the information you need to decide when trading cryptocurrency as well as a spot to do so. The left side of the trade page has all the cryptocurrency pairs, divided into categories based on whether they include BTC, ETH, or USDT. You can click on any trading pair you wish, and the page will automatically update to display information regarding that pair’s pricing. You will see the price for the pair at the top of the page, along with the recent change in percent and 24-hour figures for lows, highs, and volume.
The middle of the page is where you find the relevant information on pricing and changes. You will see detailed information, including the opening, high, low, and closing prices. There is also a candlestick price chart plus a volume chart, powered by TradingView. You can hover over any point on the charts to see the specific time and data for that point. There is also the option to adjust the intervals on the chart, with choices of one, 5, 15, or 30 minutes; one, two, or four hours; one day; or one week. There is also the ability to add indicators to the chart. As BitMart is still relatively new, the charts are not laid out ideally, with the graphs themselves sometimes overlapping the numbers, so you are likely to want to view them in full-screen mode. However, you do get all the information you need, and this issue should be resolved at some point.
To the right of the charts, you will see the order book for the pair, listing the price, amount, and total, separated into sell and buy orders.
Below the chart is the form to place a limit order. You can fill in the specific quantity of a cryptocurrency you wish to sell or choose to sell a percentage of your holdings of that crypto (25, 50, 75, or 100 percent). Below that, you can view your active orders. Immediately to the left of the order form, you will see the most recent market trades.
BMX is the token behind BitMart. There is a total volume of 1 billion tokens, and it is an ERC20 token. 30 percent of tokens were allocated to the public offering with another 30 percent to the founding team, with those tokens released over three years. Early adopters receive 10 percent of the tokens while 20 percent go to community expenses and 10 percent go to whitelisted investors.
When you hold BMX, you are entitled to discounts on the trading fees, regardless of whether BMX is one of the currencies in your transaction. There is also a repurchase mechanism for BMX where the BitMart team will periodically use 20 percent of the platform’s trading fees to buy back BMX. The repurchased BMX will be completely destroyed. That process will continue until the team destroys 500 million BMX.
As mentioned, trading pairs on BitMart are divided into those that involve BTC, ETH, and USDT. At the time of writing, there were 13 trading pairs involving BTC, 12 involving ETH (not recounting ETH/BTC), and four with USDT for a total of 29 trading pairs. BitMart plans to list more coins in the future and offers a form for those who want to list their coins on the platform as a way to encourage its expansion.
BitMart charges 0.05% fees for trading, zero fees for deposits and there are fees for withdrawing tokens as well as minimal withdrawal amounts, but these vary based on the cryptocurrency. You can view specifics on the “Fees” page. BTC has a minimum withdrawal amount of 0.005 BTC with a fee of 0.0005. ETH has a minimum withdrawal of 0.015 ETH with a 0.01 fee. Finally, BMX has a minimum withdrawal of 30 with a 10 BMX fee.
BitMart is among the newest cryptocurrency exchanges to arrive, but the platform is intuitive to use and well laid out. It doesn’t currently offer a huge range of tokens and coins to trade but this should expand over time. The use of the BMX token is a welcome addition and they are following the very successful model employed by Binance where you can earn money off fees for holding the token and they have also used the buy-back model where the tokens should increase in value over time, providing an incentive to hold them.
BitMart has potential but faces an uphill battle to become more firmly established against the likes of Binance, Kucoin and other exchanges as well as the rise of Decentralized exchanges which are growing in popularity and user-base. The team does not mention on the site that a Decentralized exchange is planned and will launch at a later date.
The company behind BitMart has officially registered as a Money Service Business (MSB) with U.S. regulators, administered by the Financial Crimes Enforcement Network (FinCEN) which helps to prove legitimacy of the business behind the exchange.
As always with centralized exchanges, you are not in possession of the private keys to your wallets, relying on the exchange to provide security for you against hacking and scamming, so we recommend you not hold a large balance on the exchange and only use it for trading, withdrawing back to your own wallet any funds for long-term holding.