Established by Sheldon Xia, the BitMart crypto exchange is a top end crypto trading platform for purchasing, exchanging, and selling digital assets with more than 5.5 million users across the globe. As per CoinMarketCap, this is among the top 10 crypto exchanges in the crypto space. But how does it get this position? Let us have a look at the BitMart exchange review.
A few years back, trading was not easy as it is presently. The revolution struck after digital currencies came into play. Now we live in a world where trading is a part of our daily lives and digital currencies have unknowingly entered in one way or the other. This crypto exchange is something that will change tedious crypto trading into hassle free dealing and a great source of passive income. So without any further delay, let us begin with this BitMart exchange review.
BitMart Exchange Overview
BitMart is a centralized digital currency exchange that enables users to purchase, sell, and trade supported crypto assets. It also provides staking and lending of cryptos to receive rewards. Several thousands of digital currencies are presently offered on BitMart, with a huge selection of low market cap coins to select from.
While BitMart provides several options and supports hundreds of assets, BitMart hacked in late 2021, and a close $200 million worth of users’ crypto was taken. BitMart promised to return the stolen assets, but as of January this year, users are still waiting for their compensation.
BitMart Exchange Review: Pros And Cons
Let us begin this BitMart exchange review with the advantages and disadvantages that this exchange offers.
Here are the pros of the BitMart exchange.
- BitMart supports a huge number of digital currencies, The users of this exchange can purchase and sell more than 1,000 digital currencies and tokens.
- Users can earn crypto as this exchange provides savings and staking products.
- This exchange provides a simple purchase or sells crypto option where beginners can purchase BTC and other cryptos using an array of payment methods with just a few clicks.
Here are the cons of the BitMart exchange.
- This exchange was subjected to a large-scale hack last year. This exchange was hacked in December 2021 and $196 million worth of digital currency was stolen when the private keys which is the BitMart login of its online wallet were compromised.
- This exchange also offers poor customer feedback. Various users have shared poor feedback regarding BitMart on customer review sites and also social media.
BitMart Exchange Review: Available Cryptocurrencies
Bitmart supports crypto trading for more than 1,000 tokens and digital currencies. Some of the most famous cryptos you can purchase 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)
BitMart Exchange Review: Trading Experience, Fees, And Security
BitMart is a global crypto exchange that enables individuals and institutions to purchase, sell, and trade more than 1,000 digital currencies. Along with the advanced crypto spot and futures trading dashboards, this exchange provides a simple buy or sell crypto feature for starters and a range of crypto-earning chances.
BitMart offers a web-based digital asset trading and investing exchange and a mobile application for iOS and Android. Expert traders will find all the advanced options they require, mixed with a long list of tradable assets.
Beginners, on the contrary, can make use of the Buy & Sell feature of the platform that enables users to buy BTC (Bitcoin) and other cryptos using Visa, Apple Pay, Mastercard, and PayPal.
BitMart has a tiered fee framework, where users with greater trading volumes that are based on trading volume over a 30-day period in Bitcoin pay lower fees. Default fees begin at 0.25 percent for price takers and makers. Fee deductions are levied for BMX token holders who use the token to cover trading charges.
BitMart asserts to be 100 percent safe and secure for trading and digital asset management by functioning as a hybrid cold and hot wallet system and deploying a multi-signature mechanism. Along with that, BitMart has security options like IP address monitoring and detection.
However, the $196 million hacks that were experienced by the exchange in December 2021 suggest that the security of this exchange could use some work. While many leading exchanges hold all user funds in cold storage, the hybrid hot and cold wallet system of BitMart has allowed hackers to steal nearly $200 million in ERC-20 and BEP-20 tokens that belong to BitMart customers.
While BitMart has declared that they will reimburse all customers who have been affected, a breach of this size recommends the security measures of this exchange could be improved.
BitMart Exchange Review: User Experience
By the above parameters, it is quite clear that the options and features that these exchange offers are quite satisfying for the users. But how far has this exchange succeeded when it comes to customer service? This part of the BitMart exchange review will help to find that out.
BitMart customer service is offered through a dedicated support center, a live chat, and also support tickets. Like many other digital currency exchanges, it does not provide phone support.
The BitMart hack that took place in December 2021 upset users who thought their funds would be safe with this exchange. BitMart’s Trustpilot rating is just 3.0 stars out of five from more than 1,100 reviewers, with bad support, a scarcity of transparency and the incompetence to withdraw funds being among the top complaints. The BitMart review Reddit is also not too good.
Along with its poor marks on Trustpilot, many former BitMart customers have also expressed their issues on social media about the inability to do withdrawals from the exchange.
After this BitM art exchange review, it can be concluded that BitMart is a global digital currency exchange that both experienced and beginner traders can use to purchase and sell an exceptionally long list of crypto assets. The exchange also provides a range of yield generation chances for crypto holders and offers users early access to tokens issued through its in-house token launchpad. The BitMart exchange ranking is among the top 10 exchanges across the globe.
However, the large-scale hack that the exchange encountered last year is creating great concerns. Customer wallets were impacted, and nearly $200 million in funds were stolen by hackers. There have also been several reports about problems in withdrawing assets, which may deter new users from signing up. There are many who wonder if is BitMart safe in India. The answer is that the hack was faced by users across the globe. So this is not any country specific.