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BitMart Review - is it scam or safe?

BitMart Review - Is bitmart.com scam or safe cryptocurrency exchange?

RATING: 3 / 2 REVIEWS BitMart

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1** 0%* 0%* Crypto only:free

*this is a temporary promotion, until June 1, 2018

**this will change, when futures are added

 

BitMart is an up-and-coming cryptocurrency exchange. They have ambitions to offer a very diverse digital assets platform, which feels like a combination of several other existing ideas. The company behind BitMart was founded by Sheldon Xia, a New Jersey-based enthusiast, but is registered on the Cayman Islands. The firm has been in touch with US regulators. Read the full review to learn the details.

 

Keep in mind we are writing this at a very early stage in the development of BitMart. A lot of things may have changed by the time you are reading this. We will do our best to keep the review up to date.

 

BitMart Advantages

 

Zero trading fees (for now) – while this is basically a promotion aiming to attract new traders, such fees are unbeatable. Sadly, we didn’t manage to find reliable information on the fees after the “grace period” ends.

 

Bold ideas – BitMart plans to offer a lot more than a crypto-exchange. All the intended features include: a cross-platform model, connecting different trading venues; futures trading; a decentralized network and more. We can’t state if and when these will be in place, but they all sound like great goals.

 

Obtained a US MSB license –  BitMart is officially registered as a Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN). The company claims this license will allow them to offer crypto-to-crypto trading in the States.

 

2FA supported – this is pretty much a standard practice in the industry nowadays. Two-factor authentication is a mechanism which connects your account to your mobile phone (via an app). Manual verification of each log-in is required from that point onwards.

 

Charts by TradingView – the trading platform at BitMart is one of the better ones we have seen. The charting package is solid and the layout feels intuitive (although one would have to scroll a lot to get to the bottom of the order book). Here is a preview:

 


The trading interface at BitMart

 

Growing list of coins (+ own token) – as we state in the beginning, this is a young project and the list of coins will only continue to grow. At the time of this review, all the coins are: BTC, ETH, XLM, ABT, EOS, VEN, MOBI, and BitMart’s own token BMX. They are traded against BTC and ETH. We will not comment on the investment potential of the BMX token and would advise you to do your own research.

 

Low withdrawal fees - the only way BitMart makes money (al least until June 1) is through the withdrawal fees. They, alongside the minimums aren’t that high, when compared to the competition. Here is a snapshot:

 

 

 

 

BitMart Disadvantages

 

New project – while the team behind BitMart appears to be experienced and is currently following their schedule strictly, we have to mention this point. As is the case with other cryptocurrency exchanges and every star-up generally, something may go wrong. 

 

Fiat payments not supported – there is nothing inherently wrong with a company choosing to operate with a crypto-to-crypto model, but this will limit some clients. That being the case there are many places where you can convert fiat currencies to crypto either via bank transfer or credit card.

 

>>Exchanges accepting bank transfers<<

 

May have issues if targetting US clients – the MSB license is nice to have, but we aren’t certain if it’s up to date with the US legal developments. Then again, a lot of exchanges operate in the country without only this license. The situation is still rather unclear, as many companies opted out of the New York BitLicense, while Kraken may allegedly be considering to register as an Alternative Trading Venue. 

 

>>A list of US cryptocurrency exchanges<<

 

Margin trading not available yet – leverage will be provided when futures trading is implemented to the BitMart system, but for now those of you who are looking to spice it up a bit will have to look elsewhere. 

 

>>Forex brokers offering Bitcoin<< 

 

An interesting alternative is offered by some forex brokers. They offer what are called Contracts For Difference (or CFDs), a derivative financial instrument, which only follows the price dynamics of a given asset. The technology behind them is proven over the years, as many people trade gold and oil this way. Still, this may not be suitable for a long term investment. Read our full guide, to see if CFDs are right for your way of trading.

 

Conclusion

 

BitMart is a new digital assets trading platform. The US-operated, Cayman Island-registered company has very big plans for expanding its service in the future. They may become the next BitMex or Binance, or something which combines them both, but only time will tell if the project will succeed. 

 

We will check up with BitMart eventually, to update this review. With that in mind, if you are attracted to crypto only because of the exciting price dynamics, and want to trade the major coins in a short term manner, a forex broker may be a better option. In order to find a reliable partner, be sure to check out the list below.

 

>>Highly regulated Bitcoin forex brokers<<

 

The (current) strong and weak points of BitMart:

 

Pros Cons
Zero trading fees (for now) New project
Bold ideas Fiat payments not supported
Obtained a US MSB license May have issues if targetting US clients
2FA supported Margin trading not available yet
Charts by TradingView  

Growing list of coins (+ own token)

 

Low withdrawal fees

 

 

Latest news about BitMart
No news about BitMart. Check back later.
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Traders` reviews for BitMart

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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BitMart Exchange Review Update

Hi there,

I‘m a marketing specialist working at BitMart Exchange. Thank you very much for reviewing our exchange!

https://www.forexbrokerz.com/brokers/bitmart-review

Truly appreciate it! While some information is out of date, could you please update it?

Introduction --- BitMart is a premier global digital asset trading platform, ranking among the top 10 crypto exchanges on CoinMarketCap. Officially launched on March 15, 2018, BitMart currently has over 600,000 registered users, with a daily trading volume of about 300 million US dollars. Headquartered in the Cayman Islands with branch offices in New York, China, South Korea and Hong Kong, BitMart currently offers crypto-to-crypto trading for coins and utility tokens only. BitMart will ultimately take cryptocurrency trading to new heights by providing future contract trading, over-the-counter trading, and whole-network trading.

BitMart Advantages

Zero trading fees --- The general trading fees are Maker 0.100%, / Taker 0.200% now, using BMX for transaction fees applies 50% discount to users’ trading fee. Please view the details in the following link. https://www.bitmart.com/fee/en

Charts by trading view --- we have revised our web page, please find the new version of screenshot as attached.

Growing list of coins --- BitMart currently offers 194 trading pairs, with 99 listing coins and four major markets (BTC, ETH, USDT and BMX).

Low withdraw fees --- To further enhance the secure trading environment, all new accounts need to finish KYC to withdraw. Please see our new KYC policy here and new withdraw fees here

BitMart Disadvantages

New Priject --- BitMart has listed 99 coins in the past year with a restricted listing policy. To ensure the fairness and transparency, BitMart has top project analysts and a 7-member project review committee in their coin listing team. With professionals focusing on marketing, operation, technology, products and integration, qualified projects will obtain complete listing assistance including code review, technical docking and publicity preparation, etc. BitMart also conducts Vote for Your Coin campaign every month in order to engage more users as possible.

Fiat payment not supported --- To lower the barrier and bring seamless user experience, BitMart has continuously opened fiat to crypto services which covers 300 payment method. Now Users can Buy Cryptocurrencies with Credit or Debit Card and Paxful OTC payment is on the way.

May have issues if targeting US Clients --- BitMart Exchange U.S. office was officially registered as a money service business (MSB) with the U.S. Financial Crimes Enforcement Network (FinCEN). This ensures BitMart can perform crypto-to-crypto trading in most U.S. states and territories. In alignment with BitMart’s continuous efforts to be fully compliant, BitMart also partnering with multiple prestigious law firms and third party broker-dealer in regards to different jurisdictions, assisting the selected projects in legal structuring, STO (security token offering), compliance policy design and US alternative trading system (ATS).

Conclusion Part (please add) --- To provide a more informed trading experience, BitMart has also introduced 2 collaborative rating platform - TokenInsight and RatingToken (see screenshot as attached). Their partnership with Yanda and Shrimpy offered users with automated portfolio management tools. BitMart’s one year anniversary is on the way. They’ve made a lot of remarkable success in the past year. In 2019, BitMart will debut STO, future contract trading and USD trading pairs, providing a whole-network trading platform which integrating finance and investment services.

Thank you so much and please let me know if you need any other information!


Best Regards,

Malina

Malina Saiming 03/25/2019

cant withdraw any assets

Hi Guys,

I just gave you a nice review but I am so trilled, I cannot withdraw any coin from your exchange!! What's wrong? Whenever I want to add my address it kicks me out and shows 404 page not found. This is horrible! It never happened to me in any exchange!!!
Kind regards,
Mia

Marija Ritchie 01/23/2019
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