It offers users decentralized financial (DeFi) services, a wide range of cryptocurrencies, advanced trading features, and an NFT marketplace. BitMart is a global cryptocurrency exchange that allows users in 180+ countries to buy and sell over 1,000 digital currencies and tokens. While BitMart offers all the features you’d expect from a global crypto exchange, it was hacked in December 2021, which resulted in an estimated $196 million cryptocurrency theft. BitMart enables trading in over 1,000 digital assets and provides investment services and advanced features to a global customer base, including margin and futures trading.
- In most cases, though, user BitMart exchange reviews seem to agree that the withdrawal fees aren’t outrageous.
- The leverage you can use on some cryptocurrencies ranges between 5x to 100x and can benefit you in the short term.
- Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
- It was a year of ups and downs that allowed the industry to evolve towards an imminent and utilitarian future.
That said, many users believe that KuCoin is one of the simpler exchanges on the current market. BitMart is one of the most versatile cryptocurrency exchanges out there and offers you plenty of different features and services. The platform provides an NFT marketplace where you can buy NFT tokens and competitive fees. BitMart uses a maker and taker model to determine the trading fees, starting from 0.25% respectively and reducing with trading volume. When it comes to user reviews, there is a lack of them for BitMart exchange.
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You can find pairs for USDT, BTC, and ETH and can choose the one that you prefer. If you are new to the crypto space, it is suggested that you stick to USDT pairs. Click on the banner below to start trading on PrimeXBT with a 25% deposit bonus. In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with special trading discounts and numerous other benefits on the exchange.
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After you select an offer, you’ll need to complete the transaction on that partner’s website. Keep in mind; you might also have to pay a gas fee on top of the transaction fee, which can also vary depending on the blockchain traffic. Create an account by entering your email address, setting a password, and confirming you are 18 or older. Non-custodial wallet with no registration or KYC required can be accessed on iOS, Android and Web. If your application meets the eligibility criteria, the lender will contact you with regard to your application.
The fact that it’s still not as well known as some of the other industry leaders definitely does not take away from the overall legitimacy of the exchange. No, with the platform in question, things are actually quite the opposite! For example, as far as security goes, BitMart stores almost all of its users’ cryptocurrencies in cold wallet devices. Upon other things, this guarantees absolute security of your assets, and shows that the platform in question is on-par with other industry leaders, security-wise. Now, imagine that, after reading through some user BitMart exchange reviews, you’ve decided to use this platform as your go-to exchange. So, whenever the time to purchase some altcoins does come, you will be able to do all of that on the very same platform.
BitMart Exchange Review: PROS
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The exchange was founded by Sheldon Xia, who hails from New Jersey, and wanted the exchange to be available in as many US states as possible. Bitmart allows you to buy and sell cryptocurrencies using fiat currencies through debit or credit cards, PayPal, payment gateways such as MoonPay or Simplex, etc. To set up a Bitmart account, you must sign up with your email address or phone number and create a strong password. Once you’ve successfully created an account on Bitmart, you must verify your identity to start crypto trading immediately.
You have to select the SAFEMOON/USDT market pair and enter the value of USDT you wish to spend on SafeMoon tokens. This is since BitMart is continually updating its list of new crypto that have yet to be added to other exchanges. You can earn interest/rewards on your cryptocurrency balances with BitMart Savings and BitMart Staking. Note that BitMart Savings isn’t available for U.S. residents, but the staking program is. Purchase top-rated Ledger products and get it shipped to you completely for FREE, wherever you are!
Ratings and Reviews
You can trade not only the most popular cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, Solana, Ripple, Cardano, etc. but also small and newly released crypto assets. vpnarea reviews Once you have confirmed your details, you will be given the option to purchase cryptocurrency. You can pay with either a credit/debit card or via bank transfer.
That said, it’s worth mentioning that this is standard with most high-end exchanges on the market. If you do not already have cryptocurrency to deposit to BitMart, you’ll have to acquire it in some way. As mentioned earlier in the BitMart exchange review, the exchange does support fiat-cryptocurrency purchases, in the form of credit & debit cards, wire (bank) transfer, and even PayPal. BitMart is a good choice for people who want to trade cryptocurrencies. It has many coins to choose from, is easy to use, and has security measures and an insurance fund.
For the time being, BitMart will capture everyday copies of users’ Safemoon transactions and disseminate them every month. By market capitalization, SafeMoon has rapidly climbed to become Binance’s third-largest cryptocurrency. With the release of the SafeMoon Wallet, this cryptocurrency has again demonstrated that it is a trustworthy undertaking.
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Now, Bitmart has a better and more streamlined way of doing things, making the process simpler and much easier. However, the large-scale hack that the exchange suffered in December 2021 is concerning. Customer wallets were affected, and almost $200 million in funds were stolen by hackers. There have also been numerous reports about issues withdrawing assets, which may deter new users from signing up. The BitMart hack in December 2021 upset customers who thought their funds would be safe with the Cayman Islands-based exchange. Nonetheless, BitMart’s Trustpilot rating is 3.9 stars out of five from over 2,400 reviewers.
What makes BitMart stand out among its peers is the large number of digital currencies and tokens offered on the platform. With over 1,000 tradable digital assets, traders who prefer to speculate on smaller altcoins and newly-issued tokens will appreciate what BitMart offers its customers. BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services.
All in all, BitMart is a great choice for those looking to buy, sell, and trade cryptocurrencies. Once you execute your order, you can finally have Safemoon safely deposited in your BitMart account. This balance can be held in your Bitmart account indefinitely for as long as you like, and use it for any other purposes you would want to, including investing and day trading. Once you are on this page, it is highly recommended to buy a Tether coin, commonly known as “USDT,” using your country’s fiat currency. If you wish to buy Safemoon, the Tether is your best option to buy it on Bitmart. Among all the payment methods allowed, Debit Card payment is one of them.
On BitMart, there’s not much available, outside of a short blurb on its homepage that mentions how it uses hybrid hot/cold wallet systems and multi-signature technologies. That’s a start, but it would be nice to see BitMart go into more detail, especially now that its reputation isn’t the best. There aren’t many exchanges that can match BitMart’s crypto selection. It lets you trade over 1,000 digital currencies, including most of the market leaders and all kinds of smaller crypto tokens that you rarely see offered by major exchanges. If you’re looking for a place to get those hard-to-find cryptocurrencies, BitMart could be the answer.
Sure, the fiat-crypto fees might be a tad bit high, but that’s not really the fault of the exchange – anywhere you look, the situation is going to be the same, or at least very similar. In fact, BitMart is rather simple to use, and is also quite beginner-friendly. You don’t need to navigate through some extensive and difficult interfaces, or use any intricate leverage trading features, if you so choose to.
With that stated, poor support, lack of transparency, and the inability to withdraw funds are all customer complaints. Companies looking to open an institutional trading account must complete a more detailed onboarding process. One great way to reduce your risk with any crypto exchange is to transfer the crypto you buy to your own crypto wallet. It will then be in your possession, so it’s not at risk if the exchange is hacked. This could be a suitable option if you want to use BitMart but are worried about the safety of your crypto.
Say, you are currently only interested in investing in Bitcoin and Ethereum. However, with time, you expect your pool of interests to expand, and are also determined that you might want to invest in a wider selection of coins, too. Naturally, all of these cryptocurrencies are going to be available in some different trading pairs, too. On the other hand, if you are looking for exchanges that have an even better reputation than BitMart, you can consider signing up on Binance and Kraken. You can also get some extra trading bonuses and discounts if you sign-up by clicking on the highlighted text.
BitMart provides customer service via a dedicated support center, support tickets, and a live chat. Like many other cryptocurrency exchanges, it doesn’t offer phone support to its customers, so you will have to rely on its chat feature to get answers in real-time. Many crypto exchanges have specific web pages with breakdowns of their security features.
The company later stated that it would reimburse all its users with the funds they had raised. Bitmart has a very lucrative referral program for existing users, allowing them to invite their friends to trade on Bitmart and earn up to 40 percent from their trading fees. You can invite your friends to Bitamrt through a referral link or QR code. BitMart is a global cryptocurrency exchange with over 5.5 million users in 180 countries. The platform was launched in 2017 in the Cayman Islands, with its offices in China, South Korea, and the United States.
If you are considering applying for a personal loan, just follow these 3 simple steps. It’s worth noting that your transaction may take a few minutes to show up in your account. That’s where a fee is applied to SafeMoon transactions, which is then dispersed among token holders. According to its website, cryptocurrency is made up of three core aspects. Thus, through this simple process, you can easily buy Safemoon on BitMart.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on ByBit today. You can also use this link to claim a bonus on your first deposit. The first thing you need to do is click on the “Buy Coins” button on top of the trading interface and purchase some crypto with which you can trade. You can view all the available cryptocurrencies separated by pairings on the left side of the trading interface.
- Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking.
- You can also get a 25% discount if you pay your trading fees with BMX tokens.
- As far as the cons of the exchange go, there aren’t all that many “issues” to talk about.
- BitMart is a global crypto exchange that both beginners and experienced traders can use to buy and sell an exceptionally long list of digital assets.
- So, as a final point in our BitMart review, let’s take a look at some usability aspects of the exchange, and the process of how you should go about acquiring your first cryptocurrencies on the site.
It also has other features like leverage trading and referral programs. BitMart is becoming popular and has fair fees, but buying cryptocurrencies with regular money can be a bit expensive. BitMart offers a wide range of payment methods, including bank transfers, credit & debit cards, and PayPal.
They specialize in bringing newer coins to people as quickly as possible to make cryptocurrency open to the general public as soon as possible. Their goal is to ensure financial freedom to all classes of society by granting them access to all sorts of investment opportunities available in the world. In addition to the heavy hitters, BitMart offers all kinds of smaller cryptocurrencies you don’t see on many other exchanges. This means you need to be even more careful about what you invest in, because many of these tokens have dubious value.
