In this article we discuss the question: is BitMart safe, because discovering a global cryptocurrency trading exchange that is easy to use, secure, and has a mobile trading app can be a challenging task.
There are several other considerations, such as features, chart interface, trading pairs, fees, security, and customer support. One of the world’s leading cryptocurrency exchanges for trading digital assets like Bitcoin and Ethereum is the BitMart exchange. While we aim to provide you with the latest and accurate information in this Bitmart review, we strongly recommend that you visit the website to stay up-to-date with any changes that may occur.
Is BitMart Safe And Legit? (2022)
What is BitMart?
BitMart is a leading digital asset exchange platform that enables users to buy, trade, and sell cryptocurrencies such as Bitcoin and Ethereum. The exchange was founded in 2017 and has gained popularity since its launch with more than 2 million customers worldwide. BitMart has expanded its product and service offering to include rewards trading, participating and lending futures services.
Is BitMart safe?
BitMart appears to be a secure cryptocurrency trading exchange that uses a number of security measures to protect client personal information and secure funds stored on the platform. There have been no reports of attacks or security breaches on BitMart since its inception in 2017 according to our research.
BitMart services and features:
BitMart offers cutting edge business products and services to its clients. The exchange is primarily a place to buy, trade and sell cryptocurrencies, yet it offers attractive features such as:
- Intuitive and easy-to-use trading platform suitable for beginner and intermediate traders
- Spot market with more than 90 cryptocurrency pairs against BTC, ETH, USDT and BMX tokens
- Futures market to trade cryptocurrencies with leverage of up to 100x
- Live market data and charts for trading popular altcoins
- Cryptocurrency trading demo with virtual money using a simulated futures market
- BitMart application to monitor the portfolio and trade from anywhere
- A secure wallet that stores more than 99% of funds in cold wallets offline to protect user funds
- Loans on digital assets like USDC to earn crypto interest of up to 6.25% annualized
- BitMart Shooting Star to enable high-quality blockchain projects to be launched efficiently
- Referral and affiliate program with up to 30% referral rewards for attracting new users
BitMart uses various security features to protect users’ information and funds safely. According to the website, the methods below are implemented, which are common and industry standard practices for a cryptocurrency exchange.
2FA authentication (additional layer of protection that requires a one-time code from a smartphone to perform actions such as logging in and withdrawing funds)
Withdrawal confirmation (a double confirmation through email or phone is required to extract funds from the exchange)
IP address detection (The user’s IP address is logged, monitored and linked to the account. If a different IP address is detected, the user will be asked to confirm the login of their account by email
Encrypted Personal Information (User information and personnel details such as identification, phone numbers, name and address that are used for KYC, are encrypted and stored securely.
Passwords are stored in hashed format for greater security
Cold wallet storage (less than 0.5% of assets stored on BitMart are kept in an active wallet that is used for daily operations such as customer withdrawals, more than 99% of funds are in cold wallet storage outside line that is not connected to the Internet and requires multiple signatures from the BitMart team to access.
Cryptocurrency trading with BitMart:
User interface is one of the most important considerations in a cryptocurrency exchange like BitMart for trading cryptocurrencies on the futures or spot markets. BitMart provides a beginner-friendly user interface for trading on the cryptocurrency spot market, with a slightly different look for futures markets to include leverage options.
Beginners trading the spot market will feel comfortable with the trading tools and deals that are provided within the TradingView integration to overlay various technical indicators, such as:
- Moving averages
- Bollinger Bands
- Relative Strength Index
- Volume and many more.
TradingView is widely regarded as one of the best software and charting packages for speculating in the cryptocurrency markets with the abundance of options and tools for traders of varying skill levels and technical trading styles.
The cryptocurrency trading pairs are organized into Bitcoin, Ethereum, USDT, and BMX and select altcoins. This allows for easy browsing and filtering to find a specific cryptocurrency pair to trade. There is also the option of favorite currencies for quick access.
Current positions and pending orders are displayed at the bottom, with the chart in the middle that can be expanded to full screen. This is a typical chart arrangement that traders will be familiar with. On the right, recent traders and order books are placed, which will be useful for professional and advanced cryptocurrency traders.
The order window allows traders to enter a position using a limit and a market order. Compared to other commercial cryptocurrency exchanges with leverage, this is very basic and needs to be expanded to include other types of orders that provide greater trade management and control over risk exposure.
Overall, trading on BitMart is simple and includes all the basic trading tools with some advanced options to buy, trade and sell digital assets with confidence. There are no complicated menus or distractions and it will suit beginners looking to trade the spot cryptocurrency markets.
BitMart’s deposit and withdrawal fees:
To deposit funds on BitMart, there is no transaction fee. Withdrawal of cryptocurrency assets from the trading exchange will incur standard blockchain network fee which is unavoidable and is automatically adjusted based on market conditions.
The withdrawal fee for each asset and the limits can be found on the BitMart Fees Page.
Who is the BitMart team?
The team behind BitMart has extensive experience with top-tier tech firms such as Amazon, Accenture, Tencent, and Alibaba, according to the website. The founders of BitMart aim to accelerate the adoption of cryptocurrencies to people all over the world to provide a better financial system based on blockchain technology.
Is BitMart Exchange Legit?
BitMart appears to be a legitimate cryptocurrency exchange since its launch in 2017 and has served over 2 million clients worldwide on its trading platform to date.
Where is BitMart located?
BitMart is a global digital asset platform with offices located in New York, Greater China, Seoul and Hong Kong to support clients based in more than 180 countries in multiple jurisdictions around the world.
What countries does BitMart support?
BitMart supports more than 180 countries in the world, including the United States, to buy, trade and sell cryptocurrencies. Not all states within the US have been approved, such as Connecticut (CT), Georgia (GA), Hawaii (HI), New Mexico (NM), New York (NY), and Washington (WA). Other countries that are restricted from trading on BitMart include:
- Congo (Brazzaville)
- Congo (Kinshasa)
- Ivory Coast
- South Sudan
- Democratic People’s Republic of Korea
BitMart is a leading cryptocurrency trading platform that offers customers around the world to buy, trade, and sell digital assets such as Bitcoin and Ethereum using a secure and capable desktop or mobile trading application to beginners.
Crypto exchange BitMart has launched new services and products, such as loans and gambling for its users to earn rewards, while trading and maintaining assets on the platform.
Cryptocurrency traders looking for a new exchange to trade Bitcoin should consider using BitMart.
The risk management tools and functions of the platform are very important for any potential cryptocurrency investor. The following cryptocurrency trading exchanges, in addition to the above exchange, provide advanced trading features, technical indicators, and a fluid and responsive graphing interface for mobile devices that will be suitable for beginners and professional crypto traders.