BitMart Review

Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Bottom line:

BitMart is a full-featured crypto exchange that offers a bit of everything: Advanced trading with TradingView charts, margin trading, derivatives trading with leverage, crypto lending, and interest accounts, an NFT marketplace, and more. However, BitMart lacks advanced trading features, does not have access to any programmatic trading bots, and cannot customize the dashboard.

Intermediate and advanced traders can still consider using the platform and benefit from relatively low fees and a large selection of crypto (600+ coins) for trading. However, having lower fees for trading the popular coins and more expensive fees for lesser-known altcoins is not ideal. Overall, BitMart is a solid crypto exchange for traders, but serious traders may want to look elsewhere.

How We Rated BitMart

Review Criteria	Hedge With Crypto Rating
Features	4.2 / 5
Supported Fiat and Deposit Methods	3.6 / 5
Supported Crypto & Trading Pairs	3.8 / 5
Fees	4 / 5
Ease of Use	4.4 / 5
Customer support	3.6 / 5
Security Measures	4.2 / 5
Mobile App	3.4 / 5

BitMart At A Glance

Exchange Name	BitMart
Supported Cryptocurrency	BTC, ETH, LTC, XRP, BCH, LINK, XTZ & 600 others
Accepted Fiat Currency	USD, EUR , CAD & 57 others (via third-party)
Fiat Deposit Methods	Credit card, debit card, bank transfer & Apple Pay
Trading Fee	0.25% (spot), 0.02% / 0.06% (Futures)
TP/SL Orders	No
Mobile App	Yes (Android and iOS)

BitMart Comparisons & Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
OKX	349	0.08% (maker) / 0.10% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.4 / 5	None available at this time	Visit OKX	OKX Review

Our Thoughts Explained

BitMart User Interface & Trading Platform

The user interface is one of the most important considerations on a cryptocurrency exchange, such as BitMart, when trading cryptocurrencies on the spot or in Future markets. BitMart provides a well-designed trading experience for trading the crypto spot market, with a slightly different appearance for future markets, including leverage options.

Intermediate traders that trade on the spot exchange will be comfortable with the arrangement and trading tools provided within the integration to TradingView to overlay several technical indicators such as:

• Moving averages
• Stochastics
• Bollinger bands
• Relative strength index
• Volume, and many more.

TradingView is considered one of the best charting and software packages for speculating on the cryptocurrency markets. It offers many options and tools for traders of different skill levels and technical trading styles.

BitMart offers all the data needed to trade, including live order books, depth charting, an intuitive order form, and the ability to track favorites in their extensive list of cryptocurrencies. The order form offers multiple order types: market, limit, post-only, and immediate-or-cancel (IOC) orders.

The advanced trading platform does not offer much more than the standard platform, with similar TradingView charting and no more advanced order types. There are also no trading bots available, and the windows cannot be arranged as they can on some other exchanges.

Overall, trading spot on BitMart is simple and includes all the basic trading tools with some advanced options to buy, trade, and sell cryptocurrencies confidently. There are no complicated menus or distractions, and will suit beginners and intermediate traders looking to trade the spot crypto markets. However, there is no option to set a take-profit and stop-loss for each trade, which should be considered essential for managing risk in positions. Moreover, the lack of customization makes it less suitable for serious traders.

Futures Trading With Leverage

BitMart provides a different user interface to allow customers to trade digital coins with leverage. The most popular trading pairs, such as Bitcoin, Ethereum, and DeFi tokens, can be traded on BitMart. All futures are perpetual contracts with no expiry. There are USDT-settle futures, or they can be settled in the currency itself (in the case of Bitcoin or Ethereum only).

Traders can exchange crypto in future markets with a 5, 10, 20, 50, and 100x margin multiplier. There isn't too much difference between the spot and future interfaces. We would prefer to see a beginner and advanced trading mode similar to Binance and Digifinex, or just merge both charting interfaces together with a toggle for margin trading to short-sell Bitcoin.

Buying Crypto Using BitMart

Customers can top up their trading account and buy cryptocurrency directly from the BitMart exchange using over 50 fiat currencies. This feature is provided by third-party providers Simplex, MoonPay, or Legend Trading, which accepts Mastercard and Visa credit/debit cards. The minimum transaction is $30, and the daily limit is USD 50,000 per user, which is reasonable for beginners and intermediate crypto investors.

Like other providers that accept credit/debit card deposit methods, the fees to buy crypto with a credit card are high, up to 5% per transaction. BitMart also supports its customers buying crypto with credit cards, Apple Pay, or Bank Transfers, but support varies by third-party gateway partner and fiat currency.

Crypto Interest Accounts Are OK

BitMart offers interest accounts that pay up to 50% APY on certain cryptocurrencies. There are varying lengths for deposits, with the higher interest rates only available for up to 14 days (which isn’t much). More established crypto, such as Bitcoin and Ethereum, offer up to 180 days, paying a modest interest rate.

To earn interest, the person must deposit and lock up crypto for the specified time, and they cannot access the funds until the term is complete. Only a few coins are available with flexible terms, meaning the user can deposit and earn interest as long as they’d like and withdraw at any time. Overall, BitMart offers a decent selection of crypto interest accounts and good interest rates, helping users earn passive income on their crypto holdings.

Staking With BitMart

BitMart has launched a crypto staking platform to earn rewards on cryptocurrencies such as TRX, ADA, MATIC, QTUM, and ALGO. Like its crypto savings accounts, staking coins such as SOL offer an estimated yield of 4% per year. It is important to note the BitMart staking rewards are calculated daily and distributed monthly, so the estimated earnings can vary. This is a handy feature on the platform that will appeal to longer-term traders with idle funds in a wallet.

NFT Marketplace

BitMart recently introduced its NFT marketplace, offering access to buy and sell NFTs. BitMart currently only supports Ethereum-based NFTs (ERC-721), and users can buy or sell NFTs but cannot mint them through BitMart. Users will incur a 1% transaction fee for buying or selling and a royalty fee, which the NFT collection owner sets. The Marketplace lacks selection and does not support the most popular NFTs.

BitMart ID Verification Requirements

New users that create an account with BitMart to trade cryptocurrency must complete a basic verification process and submit an ID, which allows users to:

• Deposit & Withdraw digital assets
• Buy/sell/trade digital assets
• Trade cryptocurrency pairs with margin
• Access futures trading platform

Two verification levels offer different features and limits, such as higher withdrawal limits, access to spot and futures markets, and access to interest accounts. For ‘Start’ verification, which gives users access to deposits & withdrawals, and the simple ‘Buy & Sell’ features of BitMart, users must submit a valid email address, full name, date of birth, phone number, and physical address. The ‘Advanced’ ID verifications include submitting a valid photo ID and passing the facial recognition process.

BitMart Verification Level	Deposit Limit (24 hour)	Withdrawal Limit (24 hour)
Starter	Unlimited	0.6 BTC
Advanced	Unlimited	100 BTC

Fiat Deposits & Withdrawals

BitMart does not handle fiat deposits but employs third-party gateways to handle all fiat-to-crypto transactions. BitMart partners with MoonPay, Simplex, and Legend Trading to offer access to 60 fiat currencies and dozens of crypto that can be purchased and deposited directly into a user’s BitMart account.

The speed of deposit and fees can vary depending on the fiat currency used and the provider selected. For example, choosing to purchase USDT from any third-party gateways gives an estimate of 20 to 90 minutes for the deposit to complete, and the fees vary per option (up to 7%). Users must have a ‘Starter’ verified account to purchase crypto with fiat.

Supported Coins

BitMart offers 600+ cryptocurrency assets and over 700 trading pairs. Users can access the most popular coins at live rates, including Bitcoin, Ethereum, Cardano, USDT, and popular DeFi coins such as Compound, Aave, and ApeCoin. BitMart holds a very large selection, similar to exchanges like KuCoin and Gate.io. Altcoin traders will benefit most from selecting low-cap coins on multiple blockchains. To see how BitMart compares to our list of the best altcoin platforms, read this article next.

BitMart Fees

BitMart uses a maker-and-taker method model to determine the spot trading fees, which start from 0.25% and reduce with trading volume. The 0.25% fees are for large-cap trading pairs (“Class A”). For smaller cap coins, the fees are higher at 0.40% (“Class B”), which is confusing. While the spot trading fee is competitive and similar to the spot fee structure on Huobi, it is higher when compared to popular trading platforms such as Binance and KuCoin.

Similar to exchanges like BitMart, customers who use the platform's native token, BMX, to pay transaction fees are eligible for a 25% discount on trading fees, as shown below. This incentive encourages traders to use the BMX token to support the exchange.

Fees for futures trading are much lower, with 0.02% and 0.06% for makers and takers, respectively, on trades. This is competitive with some of the best margin exchanges in the crypto industry.

Depositing funds to BitMart does not incur a transaction fee. However, withdrawing cryptocurrency assets from the trading exchange will incur the standard blockchain network fee, which is unavoidable and is adjusted automatically based on market conditions. The withdrawal fee for each asset and its limits can be found on the BitMart fees page.

We Tested Their Mobile App

BitMart offers a mobile app for both Android and iOS, allowing users to trade on the go. The app offers access to most of the same features as the website, including spot trading, futures trading, interest accounts, and the NFT marketplace.

Over 1 million users have downloaded the BitMart Android app, which has a 2.9/5.0 rating based on over 45,000 reviews, which is pretty terrible. The complaints include high fees, lack of support, and asset delisting. Based on our reviews, the BitMart app is clunky and less responsive. For traders relying heavily on 24/7 trading, we have compiled a list of the best crypto apps.

Customer Support & Reviews

BitMart offers a large FAQ and help center with thousands of help articles available (though searching them is not a great experience). BitMart also offers live chat on the website and in the mobile app, offering 24/7 support to users.

According to reviews on TrustPilot, BitMart cryptocurrency exchange has a 3.7/5 star rating based on over 2,000 reviews. Users' comments are generally positive with excellent feedback on their service and trading experience. As with all feedback, there are a few negative comments, and users should consider them when looking for a new crypto trading exchange.