Our Verdict

Established in 2017, BitMart is a global cryptocurrency exchange serving over 180 countries and regions. The company is registered in the Cayman Islands and also has regional offices in the US, China, and South Korea. It provides access to more than 1,500 trading assets and a wide variety of tools and services, making it a perfect fit for experienced traders.

I found that BitMart charges a flat fee of 0.1 for both Makers and Takers, which is significantly lower than the industry average. However, the rates for fiat deposits and withdrawals are not the best. The platform relies on third-party solutions that charge substantial fees.

Following a past security breach in 2021, BitMart has strengthened security on its desktop version, but the mobile app offers fewer security features. For better security, it’s recommended to use BitMart on a laptop and avoid trading via mobile.

BitMart Pros and Cons

Is BitMart Right for You?

Not all traders are the same. Some seek easy apps for trading on the go, while others look for advanced features like leverage or social trading. When reviewing exchanges, we cater to all types of traders, from beginners to advanced. We divided all traders into seven main target groups.

Our thorough yet straightforward method ensures a clear understanding of trading strategies and their requirements. By assessing, ranking, and recording key factors, we determine how well the exchange meets the needs of each target group. We use three types of rankings: perfect match, good choice, and not recommended. Here’s our verdict:

Casual Traders: Acceptable Choice

BitMart is an acceptable choice for casual traders like myself, offering a quick and easy solution for buying and selling crypto for cash. Its P2P trading service enables transactions with peers in your region, while the intuitive interface simplifies navigation on both desktop and mobile apps.

However, despite the wide range of assets, my choices were limited due to my geographical location, and in my opinion, the mobile app’s lack of security features poses risks.

Day Traders: Acceptable Choice

BitMart is an acceptable choice for day traders, thanks to the TradingView integration and low fees for exchanging crypto. 90+ indicators help traders perform analysis without leaving the mobile app or desktop platform.

However, the app lacks some order types like Trailing Stop, Day Order, or Good Till Canceled. Therefore, it may not be suitable for traders who pursue corresponding strategies.

Hodlers & Position Traders: Acceptable Choice

BitMart is an acceptable choice for hodlers and position traders. It offers over 1,500 tradeable assets, helping investors find rare coins and diversify their portfolios. The exchange regularly launches promo campaigns and offers affiliate rewards to crypto influencers. It also enables passive income through a range of crypto-earning tools.

However, it doesn’t feature any welcome offers, and due to geographical limitations, not all coins may be available. It also experienced a security breach in 2021 which makes it not a good choice for storing assets long-term.

Leverage & Derivatives Trading: Perfect Match

BitMart is a perfect match for leverage and derivative traders. The platform offers up to 100x leverage which is much higher than the market average. Margin Trading is available with up to 5x leverage. There is also a wide variety of assets traded against stablecoins and other cryptos. The fees for trading both margin and futures are negligible.

Auto, Social & Copy Trading: Perfect Match

BitMart is a perfect match for copy and social trading, though it doesn’t support bot integration. With the copy-trading feature, you can easily apply the strategies of successful traders with just a few clicks. The mobile app also offers various social trading features, giving valuable insights into the current market conditions.

Algorithmic Traders: Not Recommended

BitMart is not recommended for algorithmic trading, despite offering API access and fast trade execution. Our testing showed that it lacks built-in bots to automate trading strategies, leaving traders to rely on external solutions like Cryptohopper. Furthermore, the platform has a moderate liquidity score on reputable ranking platforms and doesn’t provide a sandbox for testing API functionality.

DCA Investors: Not Recommended

BitMart is not recommended for a Day-Cost-Average strategy since it doesn’t provide any bots to automate this strategy. Platforms like Crypto.com or KuCoin may offer a much better alternative.

Supported Countries and Regions

Since BitMart aggregates fiat payment gateways like Simplex and MoonPay, it is available to users in over 180 countries and regions, including the U.S. This sets BitMart apart from competitors that rely on in-house fiat solutions, which often face regulatory challenges.

However, this approach has its limitations. BitMart’s payment partners impose their own restrictions on certain regions. For example, Simplex doesn’t operate in Malta, Turkey, and the Philippines, meaning users in those countries may face issues due to their location.

Additionally, BitMart has its own restrictions on futures trading, making them unavailable in regions such as the United States, Hong Kong SAR of China, the Balkans, Belarus, Burma, Côte d’Ivoire (Ivory Coast), Crimea, Cuba, the Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea (Democratic People’s Republic of Korea), South Sudan, Syria, and Zimbabwe.

BitMart Bonuses and Special Offers

The platform regularly runs different promo campaigns that can be found in its Events Center.

The mobile version promises a $3,000 reward to new users but doesn’t disclose any details. During my tests, I didn’t discover any additional information about this offer after logging into my account.

BitMart Mobile has a Rewards Hub where I qualified for some rewards after completing trading activities. However, I couldn’t claim them. When I tried, a pop-up notified me that the rewards were unavailable to U.S. residents (which I’m not) and instructed me to confirm my eligibility by contacting the support team. But when I clicked the button to send the request, nothing happened.

Join BitMart using our affiliate link and expect to earn 50%-100% commission on spot and futures.

BitMart Background

Establishment: BitMart was established in 2017 and is headquartered in the Cayman Islands, a popular place for many crypto exchanges. The company also has offices in China, South Korea, and the US.

Leadership: The company is led by Sheldon Xia, a Founding Partner at the WEB3 investment fund Cipholio Ventures and an active board member at PSE Trading. Xia holds an MBA from the University of Chicago Booth School of Business.

Security & Transparency

Verified Trusted Scores

In our reviews, we refer to respected independent security auditors such as CertiK, Cer.live, and CoinGecko, which rank cryptocurrency exchanges based on factors like traffic, liquidity, cybersecurity, trading volume, and more.

BitMart’s rankings are above average but not top-tier, primarily because of its history of security incidents. Despite a hack in 2021, the platform still falls short in terms of asset security. It ranks highly on Cer.live due to its bug bounty program but has an average score on other platforms.

Cyber Security Measures. The desktop app offers three types of 2FA: mobile, email, and Google Authenticator. It is also possible to set up an anti-phishing code and a login password.

The mobile version has far fewer methods of protection. During my tests, I was only prompted to enter my password once during the first login. In the app, I couldn’t find biometric authentication or any other methods for protecting my assets.

General Reliability. BitMart has an active bounty program with a minimum reward of 2,000 BMX (~$700). The maximum reward is not specified. Note, that the industry standard reward equals $5,000.

Corporate Communication Structure and Transparency. BitMart doesn’t disclose any information about its key team members on the official website. However, I was able to find them easily on LinkedIn. The exchange maintains high activity on popular social platforms, including Telegram, Twitter (X), and LinkedIn.

Know You Customer (KYC)

Verification on BitMart has two levels, each requiring different data. The second level includes all the features of the first and unlocks additional capabilities.

During my tests, I easily reached the second level and gained access to full functionality. The entire process took less than 24 hours.

Institutional-level customers have to pass a separate type of verification that requires submitting a different set of documents.

Is BitMart Safe to Trade With?

BitMart falls short in terms of security, having experienced a recent hack and lacking Proof of Reserves to back customer assets.

On the positive side, BitMart is active on social media and runs an ongoing bug bounty program. For traders who store their assets in external wallets, the platform still offers several appealing features.

Trading Experience

On BitMart, users can find a wide variety of crypto-earning tools for making passive income. The list of available options includes:

• Savings: BitMart offers flexible and fixed crypto savings with APY exceeding 100% for some assets.
• Staking: The rewards for staking on BitMart are relatively modest, typically ranging between 1% and 5%.
• Dual Investment: Users can take advantage of price fluctuations and earn by staking dual assets.
• ETH 2.0: On BitMart, it’s possible to earn ETH through traditional staking as well as via Dual Investment and Savings.

In addition, BitMart offers a VIP Wealth Management option for high-net-worth individuals. The APY is lower compared to Savings. However, this product offers increased fund security and a VIP optimal annualized rate of return.

BitMart NFT Marketplace

BitMart runs its own NFT Marketplace, featuring native collections like Vote-To-Earn NFTs and Registration Mystery Boxes, as well as external collections like Smart Club and Crypto Chameleons.

When I asked support about listing an item, I was informed that only NFTs purchased on the platform can be listed. This limitation significantly reduces NFT liquidity.

NFT Marketplace API services

BitMart offers robust API documentation with guidelines providing out-of-the-box Spot and Futures market data, USD-M Futures, WebSocket, and more. However, there is no sandbox for testing.

BitMart features a VIP program for API users that offers various perks, such as exclusive fee rates, promotions, and additional bonuses. Participants in this program can also receive 24/7 technical support via a dedicated Telegram group and access to a personal account manager. To apply for this program, one must perform some trades via the API key and complete a Google form.

Trading Test

For our trading test, we thoroughly evaluated the Bitmart platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up and Funding Your Account

On BitMart, you can create an account using either an email address or a phone number. There’s no option to sign up with Google or Telegram accounts.

After signing up, I gained access to my account, but with limited functionality. I quickly reached Level 2 verification using my laptop camera, which enabled me to deposit funds and start trading.

Fiat deposits were not available, with crypto being the only option. Since I had USDT on the TRC20 network from another platform, I chose that for my deposit. BitMart generated a deposit address and provided a QR code to avoid errors. After completing the transaction, the assets appeared in my account within a few minutes.

Step 2: Trading

BitMart features four different accounts: Spot, Margin, Futures, Earn, and Buy & Sell. The assets I deposited arrived directly in the Spot account, so I didn’t need to make any additional internal transfers to start trading.

During my testing, I exchanged USDT for LTC. The transaction was executed almost instantly. Meanwhile, the platform charged a flat 0.1% fee, which matched the fee declared on the dedicated page.

Step 3: Withdrawal and Review

During my tests, I tried withdrawing LTC over the Litecoin network to my Bybit account. BitMart charged a withdrawal fee of 0.008 LTC ($0.54), which was 8 times higher than the 0.001 LTC ($0.07) fee charged by Bybit. However, the process went smoothly, and the funds reached my other wallet in about 10 minutes.

Bitmart Desktop Version

As a casual trader, I found the desktop version somewhat overwhelming due to its robust functionality, which makes it a better fit for trading experts. The platform offers TradingView integration, advanced charting, and Trigger Orders. However, since the platform uses a standard layout, I was able to quickly figure out how it works.

Navigation Ease: Since BitMart has a standard layout, I found the navigation process relatively simple. I was able to easily execute a trade and withdraw assets to my personal wallet. The trade itself involves three basic steps: finding a trading pair, setting up the order type, and specifying the asset price.

Charts: BitMart is fully integrated with TradingView, providing traders with convenient candlestick charts and a wide variety of trading tools and indicators.

Withdrawal and Wallet Protection: When I tried withdrawing crypto to an external wallet, the platform automatically identified the network. When pasting the wallet address, the field offers the option to add it to a list of trusted addresses for future transactions. BitMart also notifies users of any typos and doesn’t allow sending funds to a non-existent address.

The Order Book: BitMart offers a standard order book that lists all the open buy and sell orders for a selected trading pair. The table displays the price and the amount for each order. It’s possible to set up the number of decimals for the prices in the top right corner.

Coin Search: While testing BitMart, I was able to quickly find the assets I was interested in, thanks to a convenient coin search functionality.

Watchlist: BitMart makes it easy to add favorite assets to your watchlist. Simply click the star icon next to the selected pair.

Conditional Orders: BitMart supports Limit and Market orders. Users with Master Trader status also have access to Stop-Loss and Take-Profit orders.

My Key Takeaways After Testing BitMart

BitMart offers a wide range of trading tools suitable for experienced traders, while also striving to simplify its interface for crypto novices and casual traders like myself.

The platform follows industry best practices with a standard layout similar to other exchanges like OKX and KuCoin. During my tests, I easily navigated the desktop platform and found all the features and tools I needed.

Bitmart Mobile App

The BitMart Mobile App is available for both Android and iOS. It offers a set of tools and features that closely mirror the desktop version, with some minor differences. The interface is light and user-friendly, making it ideal for beginners in crypto trading. Advanced traders can find other platforms like KuCoin and Binance a better fit for their sophisticated strategies.

In terms of security, BitMart offers a set of industry-standard measures. You can protect your account with a password, multi-factor authentication, and TouchID.

While testing the BitMart Mobile App, I did not discover any standard security measures that other mobile trading platforms offer. There was no biometric authentication, pattern password, or sign-up code. I was only prompted to type my password once upon the first login.

When I tried withdrawing assets, there was also a QR code scanning option. However, the security measures offered by the BitMart Mobile App are lacking compared to similar platforms like KuCoin or OKX.

Key features and tools on BitMart Mobile include:

• Coin Search. BitMart offers a standard Coin Search functionality to help users find the assets they need.
• Trading features. Compared to the desktop version, the app offers an extended number of order types. The list includes Limit, Market, Trigger, Stop Limit, Post Only, and IOC.

• Market Discovery. The app offers different insights on the index page, including Hot assets, Gainers, New coins, and Top futures.
• All tools. BitMart offers a separate page with a list of all available tools to simplify the navigation.

• Watchlist Management: Adding or removing assets from the watchlist is simple — just tap the star icon at the top right corner.
• Alerts: BitMart Mobile offers convenient alerts to help users track the prices of their favorite assets.
• Portfolio Management: The app provides a comprehensive list of all available assets on a dedicated page. Assets with positive balances are listed at the top for easier management. You can also choose to hide assets with zero balances.

My Key Takeaways After Testing BitMart on BitMart Mobile

BitMart Mobile offers nearly the same functionality as the desktop app but with a more user-friendly interface, making it more suitable for beginners. Deposits and the Watchlist were particularly handy compared to the desktop app. During my tests, I was able to navigate the app easily and access all the necessary features.

However, its main drawback is the lack of robust security measures, which pose a significant risk to users’ assets.

Fees

Fee Reduction Options

• High-volume traders can receive discounts based on their 30-day trading volumes.
• Holding BitMart’s native token, BMX, can reduce fees by up to 25%.

Spot Maker/Taker Fees

In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes. We focus on the essentials and potential savings through native tokens and various discount schemes. Our unique methodology provides a clear view of fee structures and how they benefit traders of all levels.

The first tier typically represents casual traders, as they don’t usually trade more than $10,000 per month, while the higher tiers often relate to more advanced traders. Using this method, we’re categorizing users not only by their trading style but also by the amount of money they spend on the exchange.

Additionally, we also compare these fees with industry standards to give a thorough perspective on each exchange’s affordability.

BitMart charges significantly lower fees than the industry average. This encourages makers to add more liquidity by placing limit orders that are not filled instantly.

Deposit fees

BitMart uses third-party fiat payment gateways like Simplex and MoonPay for fiat deposits and does not impose additional service fees. However, the fees charged by these partners can be quite high.

Crypto deposits are generally free, but for some deflationary coins like 10SET or AIAKITA, fees range between 1% and 10%. We recommend checking the most accurate information on the BitMart fees page.

Withdrawal fees

Similar to fiat deposits, BitMart relies on its partners to process crypto-to-fiat withdrawals and does not impose any additional fees. However, the fees charged by these partners may be quite high. When I attempted to withdraw 40 USDT via MoonPay, I received only $31, losing nearly 8.5% in the process. Platforms like Binance and KuCoin, which support direct fiat deposits and withdrawals, offer much better conditions.

Leverage And Futures Trading Fee Rate

On BitMart, margin trading fees vary depending on the cryptocurrency. The platform distinguishes between an Initial interest rate and a Rollover interest rate (hourly), though the percentage typically remains the same across most assets.

Most cryptocurrencies incur a 0.002291% fee, but some assets have different rates. For example, AVAX margin trading incurs a 0.0033% fee, while THETA requires a 0.0025% fee.

For futures trading, makers are charged 0.02%, and takers pay 0.06%. There are no standard discounts for high-level users, but the platform does mention individual discounts for institutional investors and for API users who are part of an exclusive VIP program.

Please note that fees and available methods may vary by country.

Fee Discounts

There are three ways to reduce trading fees on BitMart:

Are BitMart Fees Competitive?

During my trades on BitMart, I confirmed that the trading fees charged matched those listed on the dedicated webpage, indicating that the platform is transparent about its fees. However, things are different with fiat deposits and withdrawals, as they are subject to additional hidden fees.

BitMart’s fees are considerably lower than the industry average. The option to reduce them further makes it a good choice for advanced users engaged in high-volume trading.

Please note that fees may vary, and it’s advisable to check Bitmart’s official website for the latest information.

Cryptocurrencies Available on BitMart

BitMart features its own Launchpad for listing new projects and for promoting existing assets. Holders of BMX, the native token of the platform, usually get additional discounts and other perks.

Projects can apply via a corresponding form or by sending a request to service@bitmart.com.

I couldn’t find any crypto-to-fiat trading pairs on BitMart. However, the platform offers a range of stablecoins to help investors lock in their profits. I found popular fiat-backed assets like USDT and USDC, as well as crypto-backed and algorithmic stablecoins like DAI and CELO.

Deposits & Withdrawals

BitMart Deposit Options

Third-Party Payment: BitMart aggregates various payment gateways for fiat-to-crypto transactions, similar to platforms like Changelly and ShapeShift. While the process is convenient, the fees charged by these services are quite high, resulting in a lower final sum compared to platforms like Binance and KuCoin, which offer direct fiat deposits.

Peer-to-Peer service (P2P): BitMart simplifies the process of buying and selling crypto for fiat through its P2P trading service. This feature allows users to find buyers or sellers in their regions and select convenient payment methods.

The selection of available fiat currencies is limited, and USD is not offered. During my tests, I encountered only six options:

• BDT
• EUR
• INR
• NGN
• RUB
• VND

EUR is typically the most popular currency offered, but during my tests, very few people were willing to sell crypto for EUR, which is a drawback. Only NGN, RUB, and INR had a small number of sellers available.

BitMart Withdrawal Methods

The withdrawal process on BitMart is straightforward. The “Withdraw” button is easy to find, as it’s available on multiple pages throughout the interface.

You can either send digital assets to an external wallet or transfer funds to another BitMart user, with the latter being free of charge.

During my tests, I chose to withdraw USDT to my personal wallet. BitMart charged a fixed withdrawal fee of 1 USDT, regardless of the amount. The platform is fully transparent about its trading fees, displaying them for each blockchain when selecting a network from the drop-down menu.

Just like with deposits, BitMart relies on its partner MoonPay to process fiat withdrawals. The service makes it possible to cash out crypto via ACH, VISA, and MasterCard. The fees declared by MoonPay on its official website are moderate, but the actual sum that I received while testing BitMart was much lower. The problem was with the exchange rate, as the platform charged 0.96 USD for 1 USDT, which looked like hidden fees to me. This makes the choice less profitable compared to CEXes such as Binance and KuCoin, which support direct bank transfers.

Moonpay withdrawal fees

BitMart Daily Withdrawal Limits

During my test, I could only view the minimum withdrawal amounts for assets I held. The service allows selecting from available assets for withdrawals but doesn’t show details for other assets. For USDT, the minimum withdrawal amount was 3 USDT. The P2P trading service varies based on the buyers’ requirements.

Withdrawal limits depend on verification levels. Level 1 allows up to 0.5 BTC per day, while Level 2 increases the limit to 100 BTC.

Customer Service

BitMart Customer Support Test

When I contacted BitMart support via live chat, I was first connected to the built-in AI bot, which communicated in Russian, my home language. It seems the AI bot supports multiple languages, though we can’t say exactly how many.

Within 2 minutes, I was able to reach a human agent and continued the conversation in English. The support was helpful and provided the information I needed regarding trading features and the exchange’s security. The overall response time was fast, and the service was effective.

I also contacted BitMart support by submitting a ticket through the mobile app. I asked if the exchange provided any third-party insurance for crypto deposits similar to Crypto.com. I received an email response in about four hours, but unfortunately, the agent didn’t directly address my question. It felt like they hadn’t read my inquiry carefully and just provided a generic reply explaining how their partners (Banxa, MoonPay, Simplex, etc.) handle fiat transactions.

I had a much better experience with support at Changelly, which also relies on partners for processing fiat transactions. The agent not only gave me a detailed answer but also provided a link to a Help section with more information.

FAQ

Is BitMart trustworthy?

Based on our research, BitMart is a legitimate exchange with global coverage. Although it has a medium trust score on reputable ranking platforms, it follows security best practices to help users protect their assets.

Can US Citizens Use BitMart?

Yes, BitMart is available in the US with limited functionality. US citizens can trade cryptocurrencies on the platform but cannot access Earn products.

Has BitMart ever been hacked?

Yes, the platform experienced a significant security breach in December 2021. The hackers stole approximately $200 million worth of assets, and the platform has not been able to fully reimburse the victims.

Does BitMart require KYC?

Yes, users must complete a mandatory KYC process to access BitMart’s full functionality. The verification process consists of two levels, with additional perks and features available at the 2nd level.

Can I use leverage or margin trading on BitMart?

Yes, BitMart offers Margin trading with a maximum leverage of 5x. Futures have a default leverage of 5x that can be easily set to 100x with a slider.

Is my money safe on BitMart?

Our analysis reveals that BitMart is a legitimate platform with various security measures, such as 2FA, a login password, and an anti-phishing code, to help protect users’ assets.

Is BitMart regulated?

BitMart is not regulated by any financial authority. However, it implements strong KYC/AML policies to mitigate regulatory scrutiny.

Does BitMart offer any bonuses, welcome offers, or referral rewards to its users?

BitMart does not offer welcome bonuses or promotions for new users. However, it regularly runs various promotional campaigns and has an affiliate program to help crypto influencers monetize their audiences. Use our affiliate link to join BitMart.