Cryptocurrency exchanges like Binance, Bybit, and Coinbase are popular but have yet to address all the demands of users dipping their toes in the crypto trading world for the first time. This leaves a gap for other players like Bitmart to fill. Below is a short, but honest, Bitmart exchange review.

What is Bitmart?

Bitmart is a centralized cryptocurrency exchange founded by Sheldon Xia in 2017. The exchange is accessible through a web browser and also has a mobile application for iOS and Android users. Bitmart has a United States’ Money Services Business license (MSB) and has its headquarters in the Cayman Islands.

The crypto trading avenue is available to users in 180 countries. Users in China, Sudan, Japan, Iran, Congo, and a few other countries are not able to access the platform. The exchange is also not available to residents of U.S. states like New Mexico, Connecticut, Hawaii, Georgia, Washington, and New York.

Security

Bitmart uses a superior security system to ensure the safety of users' funds. The platform has opened its system to the public and has a program to reward entities that discover loopholes in its software. 

It enhances the security of users’ funds by applying a dual asset storage system where most funds are kept in cold wallets and only a small portion remains in hot wallets. 

Whether hot or cold, the wallets employ multi-signature technologies to ensure that no one exchange personnel can single-handedly withdraw funds. The exchange hinges its operations on three key pillars: trustworthiness, accessibility, and professionalism.

Available Products and User Interface

The Bitmart exchange offers several products like spot, futures, and non-fungible trading (NFT) trading. Other products like Bitmart Earn allow users to earn an income by putting their crypto balances to work. Some of the Earn options have an annual percentage yield (APY) of 10%.

These products are accessible through a well-thought-out interface that makes new users feel at home. It also has services curated for institutional users.

Supported Coins, Trading pairs, and Trading Fees 

Bitmart supports more than 1,500 cryptocurrencies and an equivalent number of trading pairs. Among the supported coins are Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). The exchange’s trading fees are among the lowest in the industry. Bitmart’s fee structure takes a layered approach. Level 1 users pay the highest fees at 0.09%/0.01% maker/taker fees on the spot market. The fees, however, dropped by 25% when paid using the exchange’s token, BMX.

Customer Support

The exchange has active and easily reachable customer service representatives, making answering customer queries easy and convenient for its over nine million global users.

Conclusion

The Bitmart exchange is an ideal crypto trading platform for anyone interested in all forms of cryptocurrency and non-fungible token (NFT) trading. The exchange’s innovative asset storage method and multi-signature approach ensure the safety of stored assets from malicious external and internal entities.

The high number of users, a wide range of supported cryptos, and trading pairs provide the required liquidity meaning that the platform can accommodate high-level trades, making it ideal for both new and experienced traders.