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BitMart Review: Improved security features?

bitmart

BitMart lists Wrapped Bitcoin (WBTC) today, 3 February 2022, and this event could prove to be a significant milestone in the 14 years history of the cryptocurrency exchange.

WBTC/USDT trading pair will be available on the following schedules.

  • Deposit Feature: 2/3/2022 9:00 AM (EST)
  • Trade Feature: 2/3/2022 11:00 AM (EST)
  • Withdrawal Feature: 2/4/2022 11:00 AM (EST)

Then again, some customers complain about non-reply to customer queries, and BitMart had to contend with such issues on social and news media. What can be leveraged to gain more adherents?

BitMart Overview

BitMart Review: Improved security features? 1
Source: Coinranking

BitMart is a cryptocurrency exchange platform founded in 2017, following a significant cryptocurrency boom. Since then, the cryptocurrency exchange platform has provided exchange services to a wide range of crypto enthusiasts from all over the world. BitMart’s latest activities show good traction.

According to most experts, the platform provides an excellent blend of amateur and advanced features to accommodate all crypto enthusiasts comfortably.

Notably, the BitMart exchange offers simplified trading solutions to beginners by allowing them to access the crypto market and purchase cryptocurrencies other payment methods, such as Visa cards, MasterCard, PayPal, among others.

The ease of use provided by this exchange platform has made it one of the most sought-after exchange websites, among other reasons. For instance, since its launch in 2017, the cryptocurrency platform has been renowned for providing crypto fans with a wide range of cryptocurrencies to buy and sell.

Advanced features for seasoned crypto investors

Notably, BitMart offers over 300 trading pairs and over 800 crypto coins available for investors to interact with every day. It also offers advanced features for seasoned crypto investors, such as futures trading and Bitmart lending. Essentially, the cryptocurrency exchange platform provides adventurous crypto enthusiasts with relatively low-capped tokens that are often not yet listed on major crypto exchange platforms like Binance and Coinbase.

However, in December last year, the token underwent a grave security breach that led to losing $196 million worth of digital assets. The hack happened in December 2021 and has since seen the level of trust deteriorate as more crypto clients grow weary of the security features of the platforms.

Despite the unfortunate experience, BitMart has continued to operate. Sheldon Xia assured the public that the BitMart exchange platform would fully reimburse all affected cryptocurrency holders.

BitMart Review: Improved security features? 2

Image Courtesy of BitMart

Low market cap coins unlisted in major exchanges

The BitMart reviews are based on the customers’ actual experiences from the Bitmart crypto exchange platform. The platform provides an excellent alternative to curious individuals who would like to trade on less popular, low market cap coins that haven’t gained significant traction to be listed on popular exchange platforms.

Also, crypto exchanges such as Bitmart exchange legit tokens that have been carefully assessed; however, crypto investors are often advised to do their research(DYOR) before investing in any particular crypto coin.

To subsidize trading fees to its customers, BitMart introduced its native digital token known as BMX. The BMX coin allows traders to settle the transaction costs using the native digital token that offers amazing discounted prices to traders.

BitMart exchange provides a unique way of applying discounts, known as the tiered fee structure. The tiered fee structure applied on the platform rewards seasoned traders with higher discounts than beginner traders. The more BMX volume you hold, the more discounted fees you qualify for. The approach ensures most crypto holders and traders within the platform are encouraged to trade more and use BMX as the transaction fees, increasing the overall value of the BMX token.

BitMart exchange platform is a cryptocurrency exchange platform that prides itself in offering a broader range of crypto tokens that are sometimes unavailable in larger crypto exchange platforms. For instance, several low market cap tokens are often listed on BitMart long before obtaining approval on Coinbase and Binance.

Therefore, the service provides an excellent opportunity for investors to hop in early on coins to have more profit margins in case of price growth.

Competitive fee structure

The competitive fee structure provided by the platform is genius, and it allows seasoned traders to lower their transaction fees by stacking up more BMX tokens. Using a BitMart account, you can buy, sell and hold cryptocurrencies of various nature. However, what is unique about the BitMart crypto exchange platform?

Well, for starters, the platform employs a unique way of handling customers’ crypto deposits. Unlike many cryptocurrency exchange platforms, BitMart utilizes a complex combination of hot wallets and cold wallets to store cryptocurrencies. The approach is somewhat different from most crypto exchanges that often use cold wallets for storage.

Some experts argue that the hot wallet integration on the system is an incredible security risk that may have led to the December 2021 hacking incident due to a compromise of two private keys of the wallets.

However, the BitMart exchange platform claims that the platform is currently 100% secure, and investors should not shy away from trading on their platform. It has employed a broader range of security features that are not limited to IP address monitoring and detection and multi-signature technologies.

However, from a general perspective, the security of cryptocurrencies on the Bitmart platform has raised several concerns within the cryptocurrency market. Today, most exchange and lending platforms adopt offline cold wallets options that are arguably more secure than hot wallets. BitMart’s hybrid system appears to be a significant security drawback amongst crypto experts.

Bitmart exchange performance 2022

BitMart Review: Improved security features? 3

Bitmart has been resilient in providing services to its users despite the hack that transpired in December last year that led to crypto theft of more than $196 million.

The setback was expected to affect trading activities on the platform. However, that is true. The relative reduction in activity within the cryptocurrency market platforms has also contributed to the reduction in the overall trading volume on the site.

Since the platform allows users to access them on different devices, it provides more flexibility for users. You can access your Bitmart account using their mobile app or use the online interface directly from their website link.

The platform analyzes all users’ activity within 30 days to rank and categorize accounts based on the total trading volume recorded on the account. The elaborate account management strategy helps categorize trading accounts to determine the appropriate trading fees for both.

In 2022, so far, the trading platform has begun to gain ground after the famous attack in December last year, and as users continue to acquaint themselves with the recovering platform, more beginner and advanced crypto enthusiasts have continued to embrace the platform.

Below is a detailed breakdown of some of the outstanding features of the Bitmart crypto exchange platform, focusing on the specific areas of comparison.

Features of BitMart exchange

Bitmart is renowned for providing a broad range of cryptocurrencies for traders to interact with; the availability of many cryptocurrencies is a massive benefit to crypto investors who have done their research and opted to invest in a considerably less popular token at the time.

At the moment, the Bitmart crypto trading platform provides an opportunity to trade in over 800 digital tokens such as high capped coins like Bitcoin and Ethereum and Avalanche, Solana, Decentraland, and Binance Coin. Also, there is a broader range of relatively low market cap tokens like Zcash, Stellar Lumens, Zilliqa, and Tron, among others.

So below are some of the unique features of the Bitmart crypto exchange and its blockchain network.

Payment methods, Currencies, and Transaction fees

Many crypto exchanges like Bitmart and others alike aim to provide optimal services to their customers. Bitmart – has strived to allow users to purchase digital assets using fiat currencies.

The available payment methods include ApplePay, Mastercard, Paypal, and Visa. These options allow beginners to easily purchase cryptocurrencies using fiat and participate in spot trading within the Bitmart ecosystem.

As earlier mentioned, the platform supports more than 800 different tokens and coins and employs a tiered fee system. The benchmark transaction fee is 0.25% for both price takers and price makers.

However, if you hold the BMX token, you can adjust your preferences to allow BMX tokens to be used as transaction fees on the platform; investors with this setting activated can enjoy significant reductions in trading fees of up to 35% off.

Additionally, on the Bitmart platform, deposit fees are not charged, as crypto users are incentivized to deposit more cryptocurrency tokens to the platform. However, the transaction fees vary depending on the type of asset being withdrawn for withdrawals.

International outreach – Supported countries

As of this Bitmart review, the platform has hosted about 9 million+ users since 2017. The exchange platform is based in the Cayman islands currently operates in over 180 countries globally.

The Bitmart exchange is located in the Cayman Islands, while it also has its offices in the United States, South Korea, and China to serve its users efficiently and swiftly.

Therefore, cryptocurrency enthusiasts can utilize Bitmart services from over 180 countries globally, making it one of today’s most accessible exchange platforms. It allows users to monitor their crypto portfolios in real-time and from nearly any corner of the globe.

How BitMart compares to other crypto exchange platforms

Other more significant cryptocurrency markets have higher trading volumes and lower trading fees. However, platform review has to analyze several aspects of the customer experience when interacting with the platform to analyze the available options.

As a result, this BitMart review aims to analyze various aspects of the crypto exchange, citing typical areas of client concerns.

Below are some significant factors considered by cryptocurrency experts before adopting a particular exchange. We shall discuss how the Bitmart exchange performs regarding these areas of concern.

Customer support

Although the Bitmart platform has a dedicated customer service center tasked to handle all client inquiries, multiple complaints about their responsiveness have been made.

However, the platform maintains that they are committed to ensuring excellent customer service to their clients. As a result, they have a dedicated team of customer service professionals to handle customer inquiries through email contacts and live chats. Also, you may need to have a support ticket to receive assistance from the customer service team.

Unfortunately, the Bitmart platform does not offer phone support. However, this is typical of most crypto exchange platforms. 

Supported cryptocurrencies

The Bitmart centralized exchange allows its users to interact with a broader range of coins. Essentially, several cryptocurrencies listed on this platform are unavailable on other renowned and popular exchanges.

The platform’s ability to list emerging low market capped tokens is one of its major selling points. Investors come to the platform to buy and sell these tokens before they become mainstream for an opportunity for a higher return on investment.

Global outreach

The BitMart lending exchange can be accessed in over 180 countries globally and has nearly 123 various platforms. The widespread availability offers global travelers and general traders an excellent opportunity to trade on the go without worrying about restrictions.

A global availability also opens up the platform to more investors. This way, there is an opportunity to increase liquidity on the platform to ensure investors are safe.

Trading experience

One significant aspect of an exchange that is of more concern to users is the trading experience. Most cryptocurrency traders would love access to advanced trading tools often available on trading View and other trading platforms.

Luckily for BitMart users, the exchange offers access to Trading View and other trading tools that allow crypto traders to perform the necessary technical analysis to make informed trading decisions.

You also access a lending program offered by BitMart exchange on the platform. Users can lend their coins such as USDC and other tokens to receive up to 6.25% of annualized interest.

Security

The security of the BitMart platform has been a contentious subject following the most recent attack on the platform that led to the loss of over 196 million dollars worth of digital assets. The hack took place late last year, in December 2021, and became one of the major blows to the progress of the exchange platform.

Since then, there have been significant doubts about the security measures employed by the platform. However, BitMart exchange maintains a security system and guarantees the customer’s security.

Liquidity

When considering which exchange to use, the investor needs to consider the liquidity levels available on the platform. You’ll often find out that more significant exchanges are highly liquid, and investors can often withdraw their funds whenever.

Low liquidity levels are risky for investors and are often undesirable.

BitMart exchange has high liquidity on most cryptocurrencies, providing traders with a decent trading experience.

Trading fees

The BitMart platform charges considerable low trading fees that are competitive and acceptable to crypto traders. In essence, more established traders enjoy more subsidized trading fees if they opt to take advantage of the discounts offered on the platform for professional traders.

In a nutshell, those professional traders who opt to make their trading fee payments using BMX tokens can receive discounts of up to 35% off. Also, the platform ranks both ordinary users and professional traders based on the amount of BMX tokens held and traded within 30 days as a metric to determine trading fees.

Essentially, the more BMX tokens you hold and trade within 30 days, the lesser the trading fees charged in BMX. You may find the BitMart fee schedule here.

Cryptopolitan’s Verdict

Essentially the platform offers a wide range of features for cryptocurrency traders, investors, and holders. For instance, it offers futures trading that is often unavailable on all platforms due to its relatively progressive nature.

BitMart lending is another unique program to the platform users that allows passive income by proving crypto interest to lenders. Additionally, the spot trading fee is relatively low compared to other platforms, making it a go-to exchange for some investors.

The ability to accept fiat currencies to purchase supported currencies has contributed to the positive exchange review as described by users.

Essentially, BitMart is an excellent alternative for investors looking to take advantage of very competitive offerings on new and promising cryptocurrencies.

Conclusion

The BitMart platform has been increasingly instrumental in growing its native token, the BMX token. The growth of the cryptocurrency can be directly attributed to the trading demands created on the platform, which is a clear indication of the overall growth of BitMart as an exchange.

The platform currently boasts an interactive and friendly user interface that allows investors to trade with ease on futures trading and spot trading with relatively low transaction fees on the website and the BitMart mobile app. However, the lingering security concern on the platform remains a significant setback as most existing crypto users have become wary. Bitmart will undoubtedly have to prove to their customers that their team is hands-on and that the team is developing further security measures.

According to the Company’s statement, the exchange plans to resume regular activity and compensate lost digital assets despite the security setback. With high-interest benefits on deposits, the platform still commands its fair share of the cryptocurrency market participation. However, this review is not to be interpreted as investment advice, and readers are strongly encouraged to do their research before investing in any crypto products.

FAQs about BitMart

Is BitMart a secure platform?

After the Dec 2021 $190M hack, BitMart mentioned that the hacker would have made away with $8 million in various tokens if they had not reacted. The platform has announced that it is strengthening its security by creating new nUSD pools on its protocols.

Can users recover lost cryptos stored in BitMart?

Following the BitMart hack, the exchange CEO, Sheldon Xia, has assured users that their funds will be returned to their accounts very soon. Xia said the development team of the exchange is in talks with other parties for a swap, but users would eventually get all their assets in wallets that were compromised.

Is BitMart good for crypto?

There are perks offered for using BitMart, like commissions on purchases made from chosen links. BitMart allows users in 180+ countries to buy and sell over 800 digital currencies and tokens.

What countries restrict using BitMart?

BitMart does not operate in China, Iran, Belarus, Afghanistan, Cuba, Congo – Kinshasa, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe, Myanmar [Burma], Côte d’Ivoire, State of New York. You may request access to BitMart services by contacting [email protected] and submitting documentation for KYC (Know-Your-Client) purposes if you believe you are unfairly affected.

Is BitMart a scam?

For those who complain of their coins disappearing, please ensure you have the correct settings. If you want to try your hand on crypto, there are risks but you can minimize them if you do due diligence. This is where you can begin.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

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