What is BitMart?
BitMart was founded in 2017 and is a cryptocurrency exchange. The exchange platform can be accessed globally by users in more than 180 countries who can purchase, trade, and sell more than 1,000 tokens. Also, the users who have registered for accounts on this exchange number more than 9 million.
- Features
- It was in 2018 that BitMart released its native token, i.e., BMX, which offers token holders various trading discounts, among other benefits. Not only that, but BitMart has also integrated several new features like lending, staking, derivatives trading, and savings products.
- Security Breach
- Later on, towards the end of 2021, the exchange suffered a breach in security that caused a loss worth approximately $196 million due to its private keys being compromised for its two hot wallets. After this incident, the firm’s CEO, i.e., Sheldon Xia, revealed that BitMart would compensate every user that was affected.
- Delisting FTT
- On November 14, 2022, BitMart delisted the FTT token and its perpetual futures contracts in light of the FTX collapse in order to secure its users against the token’s sharp increase in price volatility amidst that turbulent period.
How to Use BitMart
BitMart offers a web-based virtual asset investing and trading platform along with a mobile application for both iOS and Android. Experienced traders may find a lot of the advanced features they require blended with a rather lengthy list of exchangeable assets.
Those who are beginners to the BitMart exchange can use the online handbook that it offers, which gives a step-by-step procedure for utilizing the website to purchase, trade, or sell tokens. Moreover, they could also make use of its Buy & Sell feature, which enables them to buy BTC or other tokens directly through Mastercard, Visa, PayPal, and Apple Pay—learn about buying crypto with a credit card, Bitcoin with Apple Pay, or Ethereum with PayPal.
So, to begin trading on this exchange, you will obviously have to register and complete KYC, among other things. However, this article will focus more on the trading aspect than anything else.
If you have not yet registered, we kindly provide the link to the official BitMart signup page. Please click the Register button below, which includes our exclusive BitMart referral code. Discover the benefits of a crypto referral code and begin your journey with us.
How to Spot Trade on BitMart
To engage in spot trading, just log in to your account and click the Markets option at the top. Look for your preferred cryptocurrencies by typing their ticker symbols in the search bar. So if you want to buy some AVAX, for instance, type AVAX and look for any of the trading pairs that might interest you.
Once you have found what you are looking for, click the Trade button for that trading pair after you have selected Spot, and you will then be directed to the spot trading page. Enter the AVAX amount you wish to trade in and click Buy AVAX.
Here, there are two main types of orders that you can place, which include Market and Limit.
- Market Order
- The market order is often considered to be the simplest kind of order that a trader can place. Moreover, these orders are instant. Hence, they are orders that are placed by traders looking to purchase or sell assets like BTC at whatever their current price is.
- Limit Order
- While market orders can simply be orders placed by individuals who are looking to purchase or sell assets instantly at whatever their existing prices may be, limit orders, at their most fundamental level, are orders that are designed to sell or purchase assets at specific prices. Hence, limit orders are set with the intention of reducing price risks.
- So, let us assume that some trader wishes to buy ETH at a certain price. He would then place an order for ETH at that exact price. For instance, if the price of ETH were to fall to $800 and that trader wanted to buy one ETH, he would then set the order’s limit price to $800. If the trader wishes to sell ETH when it reaches $1200, then the limit order’s price has to be set to $1200 on the sell section.
How to Trade Futures on BitMart
Before you start trading futures on the exchange, you may have to transfer some USDT into your futures account. To do that, just head over to its website and log in to your account. Select Futures from the top and click on USDⓈ-M.
Click the Transfer option, which will be found next to the available balance. On the transfer page, you can choose to send from spot to futures or vice versa. Select USDT, add the amount you wish to transfer, and then click Transfer. Once the transfer has been completed, you can begin trading futures instantly.
What differentiates USDⓈ-M futures from COIN-M futures is that the former has been denominated in USDT, while the latter is in USD. However, here, we will be using USDⓈ-M as an example of how to trade in futures on this exchange.
Again, on the USDⓈ-M futures page, by clicking the arrow within the leverage field, you can adjust the leverage and choose the margin mode. If you want to learn more about the margin modes, you can click on the What’s Margin Mode? option to understand some of the differences between isolated and cross—learn about the Margin Trade and Margin Mode.
After that, simply choose the trading unit and the type of order you would like to make, like Market, Limit, or Trigger, and then decide what position you want to take, whether you want to open long or close short, etc.
In cryptocurrency trading, futures pertain to the contracts that necessitate sellers and buyers to sell or buy assets at predetermined dates and prices in the future. Moreover, this implies that traders may make some speculations regarding the price of assets without having to own them. In the cryptocurrency landscape, futures trading is usually carried out on centralized exchanges. The most common cryptocurrency futures contract would be the perpetual contract, as it doesn’t come with any expiration dates.
FAQs
Is BitMart Available in the USA?
From what we have gathered, it seems like it is available within the United States. However, its lending and earning products cannot be accessed by its citizens.
How to Short on BitMart?
You can do that either through its spot or futures exchanges, both of which have already been discussed.
How to Short on BitMart without Leverage?
You do not really need to carry that out on its futures exchange. Shorting tokens without leverage can already be done on BitMart’s spot exchange.