What is BitMart?
BitMart is a centralized crypto exchange that facilitates retail investors and institutions to buy, sell, and trade Bitcoin — and over 690 Altcoins — at a minimal trading cost. The platform was initially founded in 2017 but went public the next year on the 15th of March, 2018. Currently, the exchange has over 9 million active users in over 180 countries and aims to further expand its customer base by launching its services in restricted countries.
Apart from its simple crypto trading features, such as spot and futures trading dashboards, the exchange also offers its users a wide range of opportunities to earn passive income by staking cryptocurrencies on savings products and selling NFTs (Non-Fungible Tokens).
With all these attractive benefits, the platform also has its cons, and security concern is one of the major ones. In December 2021, it was hacked by anonymous hackers, which resulted in a loss of $200 million in user funds.
Since then, the exchange has worked a lot to improve its security measures but couldn’t fully restore customers’ trust.
Where is BitMart located?
According to online sources, BitMart’s headquarters is located at 23 Lime Tree Bay Avenue, Grand Cayman. However, it also has regional offices in different parts of the world, like in Hong Kong (China), South Korea (Seoul), and New York (USA). The platform also holds an official registration license as an MSB (Money Services Business) in the U.S.A.
Who created BitMart?
The exchange was founded by Sheldon Xia in 2017. He is still associated with the platform as Chief Executive Officer. For those who aren’t familiar with Sheldon Xia, he is also one of the founding partners of Chipolio Ventures and holds a degree in Master of Science (MS) in Computer Science from the Stevens Institute of Technology, graduating with a 3.7 GPA.
Who owns BitMart?
It is now an entity working under the legal patent name of GBM Foundation Company, Ltd. Although Sheldon Xia founded it, it is not owned by a single person or entity. Rather, it is managed by the members of the board and investors who own a huge chunk of the total exchange of shares.
Is BitMart exchange available in US?
Yes, the exchange is operational across the United States for spot trading. But unfortunately, BitMart US customers can’t utilize some additional services provided by the platform, such as Earn and Lending Products, due to jurisdiction issues.
BitMart customer service
BitMart is unlike other popular exchanges, where the only way to reach out to customer support is via email or submitting tickets and then waiting for a response. Instead, BitMart features a live 24/7 Customer Care Service alongside its other, more traditional, customer support contact channels, such as email, social media accounts, and submitting a ticket. Apart from that, the entity also has a help center where a large number of common queries asked by users are answered.
In order to contact a live customer service agent, visit BitMart’s official site and then look for Message Toggle in the bottom right corner of the Homepage. Once you find it, tap on it to start your conversation with a live support agent.
Pros and Cons of BitMart
BitMart Pros
- Does have a built-in NFT Marketplace for artists and art lovers to buy/sell Non-Fungible Tokens
- Available in more than 180 countries with over 9 Million users
- Lots of trading opportunities, with more than 690 cryptocurrencies and over 800 trading pairs
- Supports Fiat currencies such as EUR, USD, and more
- 24/7 technical support
BitMart Cons
- Security is one of the major concerns because of historical incidents
- Charges a somewhat higher trading fee of almost 0.25% for both Makers and Takers
- Platform low liquidity is another major point that developers need to address.
Is BitMart legit
Yes, the platform is 100% legit. There is no question about the legitimacy of the exchange as it is regulated under U.S. law and has regional offices that comply with the regional laws in different parts of the world. Hence, we can say BitMart is a legit exchange for crypto trading and other activities provided by the platform.
What is BitMart API
To understand the need and reasoning of BitMart API, first, we have to learn some basics about it. APIs, in short, stands for Application Programming Interface, which in computing terms, refers to a way for two or more computer applications to share data with each other simultaneously. Now, coming to the main point, BitMart API is a premium feature offered by the exchange for VIP traders. With the help of this API, users will be able to enjoy robust stability in trades with enormous endpoints connecting with each other to maximize market liquidity.
Apart from that, BitMart API users will also be able to enjoy some additional benefits, which include low trading fees of up to -0.001% (Rebate), lifetime VIP platform membership, a chance to win exclusive promotions, 1v1 key account management, and 24/7 priority-based support.
Is BitMart safe
Yes, the platform is now a much safer place to trade cryptocurrencies than it was prior to December 2021. However, don’t forget to enable the 2FA code and other security options integrated into the platform before engaging in any type of trading activity.
BitMart Hack
In December 2021, anonymous hackers stole almost $200 million in crypto assets belonging to BitMart users.
According to the CEO of BtiMart, “Hackers were able to somehow gain access to two of the exchange hot wallets, which led to this incident.”
As per data provided by PeckShield, later on, stolen funds were swapped with Ethereum using a decentralized exchange 1Inch, and then the hackers deposited ETH to Tornado Cash which allowed them to easily cash out funds without the need to reveal their identities.
How to buy crypto on BitMart
Thanks to the platform’s easy-to-navigate UI, buying crypto on BitMart is easy. By following the steps listed below, you can easily buy crypto in as little as 5 minutes.
- Visit Official Website
- Visiting the official website is the first step to getting started with the buying process of crypto on BitMart.
- Create an Account/Login
- Once you are on the homepage, click on “Get Started,” available in the menu navigation, to start the account creation process. There are two ways to register an account on BitMart. One is via phone number, and the other is by email. So, choose whatever you like, then set up a password to create a basic account. If you already have an account, then log in with your account information.
- Go to “Buy & Sell” Crypto
- After logging in, you will be redirected to the Homepage. Now, click on “Buy & Sell,” available on the header navigation bar.
- Select Amount and Currency
- When you do this, a new page will appear containing all the necessary requirements that are needed to fund your BitMart account with cryptocurrency. First of all, select the Fiat currency, such as USD or EUR, and then enter the amount you are willing to spend.
- Process Payment
- After entering the amount, now scroll down and select the payment method. There are so many methods available such as Google Pay, VISA, MasterCard, Bank Transfer, Apple Pay, ACH, and more. So, select whatever you like and then follow the required steps to process the transaction successfully. Once payment via your fiat payment method is processed, you will instantly receive crypto funds in your BitMart Wallet.
How to deposit on BitMart
In order to make crypto deposits on BitMart, keep in mind that the platform has made KYC mandatory for all its customers for crypto withdrawals and deposits. So, if your account is not KYC verified, then make sure to first verify it before proceeding with crypto deposits.
Follow the below steps to easily deposit any supported cryptocurrency on the exchange.
- Log in to your account via the platform Website or Application.
- Now Click on a profile if using the Website or “Assets” option available at the bottom right corner of the Application UI
- Tap on “Deposit” and select the Cryptocurrency you like along with Network.
- Once you do that, a deposit address will be generated
- Copy the address, go to your withdrawal platform, and transfer funds to this copied address
- After that, wait for confirmation of the transaction on the Blockchain
- Once transaction validation is completed on the blockchain, the sent amount will instantly reflect in your account balance on BitMart.
How to withdraw from BitMart
Many people, especially newbies, mix up “How to sell on BitMart” with the withdrawal process. Well, these are completely different things from a crypto trader’s perspective. From a trader’s perspective, the meaning of withdrawal actually refers to the process of transferring crypto from one exchange to another exchange/wallet instead of converting crypto into Fiat currencies.
As far as the question of how to withdraw from BitMart goes, it is very similar to the crypto deposit process that is explained above. However, some points do differ, which are as follows.
- Follow the first two steps of the deposit method
- Now, instead of choosing “Deposit,” select Withdrawal
- After that, select a cryptocurrency you want to transfer
- Once a currency is selected, now paste the address where you want to transfer your crypto and enter the amount you are willing to withdraw.
- Double-check all the information, and if everything is correct, then just click Withdrawal to process the successful transfer of funds out of BitMart.
How to transfer from Coinbase to BitMart
The process of transferring funds from Coinbase over to BitMart is similar to the deposit process for BitMart, explained above. Using the same method, copy the deposit address from BitMart Wallet and then go to the official website of Coinbase and log in to your account. From the Coinbase Balance Sheet dashboard, tap on Withdrawal, then select the same cryptocurrency and blockchain. Now, enter the amount you are willing to withdraw and transfer your funds to the copied address.
How to transfer from Bitmart to Trust Wallet
In order to transfer your crypto assets from BitMart to Trust Wallet, follow the steps below.
- Open the Trust Wallet Application and copy the deposit address of the cryptocurrency you want to deposit.
- Now, log in to your BitMart Account and go to the assets sections.
- Navigating through the Wallet dashboard, Click on Withdrawal and select the cryptocurrency you want to withdraw.
- When you select the cryptocurrency, a new withdrawal page will appear. Now, enter the amount and paste the copied address in the required field.
- Now, process the withdrawal and wait for the transfer to complete.
- Once the transaction is completed, the amount will be reflected in your Trust Wallet Dashboard.
How to buy Safemoon on BitMart
Buying Safemoon on BitMart is as easy as any other cryptocurrency.
Here is how you can easily Buy Safemoon.
- Go to the Market section of Platform and then select “Spot.“
- Now using the search bar, search for SFM/USDT Pair and select it.
- You will automatically be redirected to the Advance Trading Page, and all data, such as SFM/USDT Chart, Order Book, and Market Flow, will be displayed in real-time.
- Now, using Order Book, enter the value you are willing to buy Safemoon at, and then input the amount that you are willing to spend.
- Place an order on Market or Limit, whatever option you like.
- Once an order is successfully filled, the bought amount of SFM tokens will automatically reflect on the Balance Sheet.
How to buy SHIB on BitMart
The process of buying SHIB, also known as SHIBA Inu, is similar to the process of buying Safemoon. Here instead of searching for SFM pairs, search for SHIB and select the SHIB/USDT pair.
Now, using the same buying steps as explained above with the Safemoon buying method, anyone can easily buy SHIB on BitMart.
What coins does BitMart support?
As a newbie, you might have questions in your mind like, “What coins are on BitMart, and what can I buy on Bitmart?” Well, don’t worry. We’ve got you. The platform supports more than 690 cryptocurrencies across different blockchain networks. Users are free to buy any of the listed cryptocurrencies without any minimum or maximum buying limit.
How to stake on BitMart
BitMart does have its own Integrated Staking Option that allows users to stake different Proof-of-Stake altcoins to get a chance to earn passive income with high APY.
To stake your crypto holdings, head towards the BitMart Earn section and then tap on Staking to find all Altcoins options that are possible to stake. Choose whatever you like and start staking and earning passive income with BitMart.
BitMart Review
Review and basic information of BitMart are as follows.
| Crypto Exchange Basics | BitMart |
|---|---|
| Official Name | BitMart |
| Exchange Representative (Founder) | Sheldon Xia |
| Headquarters Location | Cayman Islands |
| BitMart Launch Date | 2018-03 |
| Number of Tradable Crypto Pairs | 1093 Pairs |
| Weekly Visits | 2,778,937 Users |
| Overall Rating | ⭐ 3.9 / 5.0 |
The rating result at the top is the result of Coin-Labs.com's overall evaluation of BitMart.
BitMart was rated in seven categories: fees, diversity and quality of the services provided, security capabilities, etc.
BitMart Fee 2024
The fees charged to you for transactions at BitMart are as follows.
| Maker/Taker Fees | BitMart Transaction Fees |
|---|---|
| Spot Maker Fee | 0.25% |
| Spot Taker Fee | 0.25% |
| Derivatives Maker Fee | 0.04% |
| Derivatives Taker Fee | 0.06% |
The fees shown in the table above are BitMart transaction fees charged to a regular user.
BitMart Trading Volume
Trading Volumes of BitMart are as follows. (Based on CoinMarketCap 2024-10-12 14:41:22 data)
| Trading Volume Items | BitMart Trading Volume |
|---|---|
| Daily Trading Volume (24h) | 12,006,100,944,424 KRW |
| Weekly Trading Volume (7d) | 92,814,993,869,688 KRW |
| Monthly Trading Volume (30d) | 366,652,003,626,665 KRW |
| Daily Volume Change (24h) | -12.62% |
| Weekly Volume Change (7d) | 162.78% |
| Monthly Volume Change (30d) | 1.39% |
Communicate with BitMart
You can check exchange's messenger and SNS information in the table below.
| Types | URL |
|---|---|
| https://twitter.com/BitMartExchange | |
| 🎺 Messenger | https://t.me/BitMartExchange |
FAQs
Who founded BitMart exchange?
BitMart was founded in 2018 by Sheldon Xia.
Where is BitMart located?
Currently, BitMart's headquarters is known to be located in the Cayman Islands.
How many cryptocurrencies are tradable on BitMart?
If you join BitMart, you can trade a total of 1093 crypto pairs.
How much is BitMart trading fee?
BitMart has a spot maker fee of 0.25% and a taker fee of 0.25%. On the other hand, the maker fee for futures trading is 0.04% and the taker fee is 0.06%. Please note that these fees are for regular users, and the higher your membership level within BitMart, the lower the fees.
How much is BitMart trading volume 24h?
BitMart's trading volume 24h is 12,006,100,944,424 KRW. Furthermore, the daily trading volume is showing a -12.62% change from the previous day.
How much is BitMart weekly trading volume?
BitMart's weekly trading volume is 92,814,993,869,688 KRW, with a total of 2,778,937 users. Furthermore, BitMart's weekly trading volume is showing a change of 162.78% from the previous week.
How much is BitMart monthly trading volume?
The monthly trading volume of BitMart is 366,652,003,626,665 KRW. Furthermore, this month's trading volume is showing a change of 1.39% compared to the previous month.
