BitMart is a Cayman Islands-headquartered centralized cryptocurrency exchange launched in 2017 that supports spot and OTC trading for fiat-to-crypto and crypto-to-crypto only. It serves 9M+ customers in 180+ supported countries globally. BitMart has branches in China, South Korea, and the US for its offices. Its 24H volume as of Jan 2022 is under $1B USD daily.
Note that BitMart is a global exchange and US residents, except those residing in New York state, are allowed to use the exchange as it is registered with US regulators as a Money Service Business (MSB) and overseen by the Financial Crimes Enforcement Network (FinCEN).
KYC (Know Your Customer) identity verification protocols are mandatory to use BitMart for withdrawing crypto.
History of BitMart
BitMart’s founder & CEO, Sheldon Xia, is US-based and has a computer science background. Having brought the exchange into existence in March 2017, Sheldon then helped build an international team with marketing, operations, and tech departments. Its professional team came from Amazon, Accenture, Tencent, Alibaba, and other tech firms with a common goal to build a cost-efficient and user-friendly financial platform.
BitMart later created its native exchange investment token, BMX—an ERC-20 token—and completed a global roadshow in Feb 2018. In March 2018, BitMart officially launched its spot trading offerings and a month later, registered with US regulators as a Money Service Business (MSB), while also being overseen by the Financial Crimes Enforcement Network (FinCEN), which means US residents can lawfully use the exchange as well with KYC.
In Feb 2019, BitMart and Paxful partnered to increase scalability and liquidity of both platforms. This partnership made it possible for users to make payments on BitMart using Paxful’s systems and press ahead in what the two partners call the “peer-to-peer financial revolution.”
Today, BitMart’s mission is to provide simple and secure crypto products and services to individuals and institutions and help them buy, sell, and store crypto assets during this expansion of economic and financial innovation.
BitMart is best for:
- Beginner to advanced cryptocurrency traders and investors who do not mind regulated KYC with open access to investors of most US states, and who desire access to both extensive spot investing or trading instruments of major coins as well as unique low-cap coins not typically found on larger exchanges, derivatives contracts including both USD-margined and coin-margined futures pairs, a high-performance trading engine, industry standard custody, and support
- Crypto-only traders (no stocks offered) who wish to obtain access to the entire BitMart suite of products such as token launchpad ShootingStar, the referral program, staking rewards, a choice between the a simple interface and more advanced charting and trading interfaces, a mobile app, OTC desk, and more
- Active traders who desire a competitive fee schedule based on tiered trading volume as well as fee reductions for holding the native token BMX
Pros & Unique Features
The biggest perks of BitMart are its all around extensive offering of a high amount of spot cryptocurrencies available to trade and invest in (including rare and newly-listed ones not found on other exchanges), leveraged futures trading with both USD-margined and coin-margined futures pairs including perpetuals and dated pairs, as well as lending and staking services.
BitMart offers 556 cryptocurrency spot market offerings and 670 trading pairs with leverage up to 50X, which is higher than the leverage offered by leading competitors such as Binance and FTX (both cap their leverage at 20X as of 2021). This extensive selection of cryptocurrency spot offerings and even unique futures trading pairs is very competitive amongst other exchanges.
BitMart’s trading system adopts self-developed, high-performance core matching engine technology and by leveraging distributed computing technology, it can support large amounts of concurrent competition and increase order processing speed to one millions transactions per second. BitMart also has a unique whole-network transaction model which matches the market depth of all major exchanges, thereby providing high liquidity and a great trading experience. Using this technology, users can trade with counterparties on major platforms outside of BitMart without leaving BitMart.
For its spot trading functionality, BitMart offers two product options: the first is the standard interface which is meant to be simple to use, and the second is the advanced interface with full access to advanced trading tools such as integrated Tradingview charting and indicators.
For its futures trading options, BitMart offers mostly USD-margined futures pairs with up to 50X leverage allowed, and a large selection of pairs. There are also Coin-margined futures pairs, with only BTCUSD perpetuals and ETHUSD perpetuals, as well as dated (traditional delivery at expiry) futures contracts for both BTC and ETH.
There is also an option for users to easily buy major crypotos from the Buy & Sell area with limits set at $30-20,000. For new launches, the BitMart Shooting Star program is a launchpad that is a combination of ordinary listing and IEO (initial exchange offering). By optimizing the terms of IEO, Shooting Star simplifies the listing procedure for high-quality blockchain projects and provides users with favorable rules to obtain access to such projects.
BitMart Savings (‘Earn’) is a product that allows users to put their crypto balances to work and receive up to 50% APY on their various cryptocurrencies. There are flexible savings plans for USDT and USDC as well as ETH and BTFC, promotions with 50% APY, and fixed savings with APY as well.
BitMart offers a lending product that does not provide services to US residents, but allows international users to lend their assets to passively earn annually. Each project has its (locked) investment term and yield. The assets and interest are then unlocked and distributed into the user wallet on the redemption date. Choices for lockups range from 15 days to 365 days, with flexible allocation available. Note that early redemption is not supported and the interest rate on the assets is guaranteed regardless of market conditions.
The exchange also offers accounts to institutional parties, offering first-class liquidity and trading support with high-touch white glove trading and execution services backed by a high-performance trading engine and support team. Institutional investors are offered discounted trading fees, access to API, and gold-class client service.
The exchange’s native BMX token can be used on the exchange for voting to get new projects listed and to qualify for a discount on the trading and transaction fee schedule. The tokens can also be used to earn trading fee dividends via BitMart’s Mission X community listing market, as a gas for the potential future BitMart blockchain, and to lock BMX to list in the Community Listing Market. BMX runs on the Ethereum blockchain as an ERC-20 token and has a total supply of 1B. BitMart plans to use 20% of their profits each quarter to buy back and burn BMX, until 50% of the total BMX supply is burned.
BitMart Labs is an international blockchain incubation platform launched by BitMart. BitMart cooperates with the world’s top funds in providing a variety of technical and marketing solutions for high-quality crypto projects to help their development and incubation.
There is also an easy-to-use BitMart mobile app interface with full buy and sell functionality for both spot and futures markets with order access and real time market data, charting, and deposits and withdrawals.
BitMart offers an OTC trading service as well with lower fees and good liquidity for larger transactions that trades would like to carry out of the order books.
As for customer support for users, BitMart offers 24/7 support. Users can access support via the mobile app or the online interface.
Cons & Disadvantages
The main disadvantage of BitMart is the fact that there is no extensive history of the exchange on the market or a lot of marketing of the exchange to reach the level that other current market leaders have. Despite this, due to how the technology of the trading engine works, it does not seem like liquidity would be a concern regardless.
BitMart offers more or just as many spot trading choices as other leading exchanges like KuCoin and Binance, ease of access for US investors, and also has an extensive list of USDT-margined futures contracts which can compete with Binance’s more expanded futures offerings.
Other exchanges however may offer high numbers of coin-margined futures offerings. As there are no options or leveraged tokens offered on BitMart as there are with competitors such as FTX or Binance, users who wish to obtain access to advanced derivatives products such as those will not find BitMart to be the best option.
One other disadvantage is that US investors are barred from access to the lending service, but there are plenty of other options both centralized and decentralized for US investors for that purpose alone.
BitMart’s fees are certainly “middle of the road” as compared to its competitor exchanges, and there are volume-based incentives, but no amount of trading volume makes rebates available for market makers. One disadvantage in its fee schedule, as detailed in the section below, is that ordinary users as defined by BitMart only receive fee reductions from holding the native BMX token, and there is no effect from trading volume, so even if a large volume trader is not holding BMX, he or she will not receive the fee deductions. For professional users, to receive fee deductions (fees are already much cheaper than for standard), users will meet both 30-day trading volume designated minimums, as well as minimum BMX holdings.
One other issue is that BitMart has had a recent publicized hack in Dec 2021 for which victims still have not been reimbursed fully. Since this incident, the total volume on the exchange has reduced and systems were offline momentarily, but as of Jan 2022 are online and operational.
BitMart uses a tiered, maker-taker fee schedule based only on BMX holdings for reducing spot trading fees. For professional users, another attribute combines with BMX holdings—using 30-day trading volume tiers combined with the user’s BMX token holdings for both its spot trading fees and futures trading fees.
Trading fees are incurred when an order is filled by the exchange’s matching engine. If an order does not execute, there is no fee charged until it does execute at a later point, or it can be canceled.
In general, for a maker-taker fee schedule, taker fees are charged on market orders that are filled immediately (takers of liquidity from the market), and maker fees are charged on orders that are not filled immediately but rather are placed in the orderbook as limit orders (adding to the market liquidity).
Market orders are always charged taker fees since they take volume from the orderbook, while limit orders are always charged maker fees since they add liquidity and volume to the orderbook.
BitMart charges a default 0.25% maker fee and a default 0.25% taker fee. For higher volume tiers greater than the standard tier, BitMart uses a maker-taker fee model that is different for ordinary users vs. for professional users.
BitMart’s spot trading fees are determined based on a user’s trading volume over a 30-day period (in BTC) and the user’s current BMX balance. At midnight UTC time daily, the user’s trading volume over the last 30-day period and the current BMX balance are evaluated, after which the tier level and corresponding maker/taker fees are updated one hour later.
The unique fee schedule BitMart uses offers a 25% discount off of the standard fee schedule if the fees are paid in BMX and 35% off of the professional users’ fee schedule if trading fees are paid in BMX. The tables below show the tiered fee structure for both ordinary users and professional users.
Spot Trading Fee Schedule - Ordinary Users - Based on BMX Deduction Only
BMX ≥ 0
BMX ≥ 5000
BMX ≥ 100,000
BMX ≥ 250,000
BMX ≥ 500,000
BMX ≥ 1.5M
BMX ≥ 2.5M
BMX ≥ 5M
Spot Trading Fee Schedule - Professional Users - Based on BMX Deduction & 30-D Trade Volume
Trade Volume (30D)
BTC ≥ 150
BMX ≥ 500K
BTC ≥ 200
BMX ≥ 1M
BTC ≥ 250
BMX ≥ 2.5M
BTC ≥ 500
BMX ≥ 5M
BTC ≥ 1000
BMX ≥ 10M
BTC ≥ 5000
BMX ≥ 15M
BTC ≥ 10,000
BMX ≥ 20M
BTC ≥ 15,000
BMX ≥ 25M
BTC ≥ 25,000
BMX ≥ 50M
Fees for using the API can be found here.
BitMart charges the following deposit, withdrawal, and other fees:
- No deposit fees on any asset
- Withdrawal fees are regularly adjusted according to blockchain network conditions. Find the most updated withdrawal fees on this page for every token and coin BitMart offers
There are no fees for signing up or for having an inactive BitMart account, nor any fees for holding funds in a BitMart account, and users may hold assets as long as desired.
Account Tiers & Limits
BitMart requires full KYC identity verification for all users wishing to participate in trading or buying spot or futures contracts on the exchange.
Users without KYC may not participate in any exchange operations. US investors and users may participate in most operations, except for those in New York state, and US users may not participate in the lending product.
The documents required for KYC verification include the user’s current and valid government identity document such as a passport or driver’s license and a proof of residency document such as a bank statement.
There is a focus on both system security and account security. For securing user accounts, BitMart offers 2FA (2-factor authentication) for critical account features such as login, funding, withdrawals, or password changes. In addition, there are withdrawal confirmation steps using email and/or phone confirmation, IP address detection, advanced API key permissions, and encrypted personal information including ID numbers, passwords, and KYC information.
As far as system security, there is protection against DDOS attacks, automatic database backup, and SSL-secured protection. Assets are secured by keeping less than 0.5% of exchange assets in a hot wallet for daily operation to strengthen protection, keeping more than 99% of funds stored in offline cold wallets, wherein funding from said cold wallets requires multiple signatures from several high-level employees. All employees pass a background check and receive technical security training while adhering to the company’s strict security policy.
As far as its security record, BitMart was recently hacked in Dec 2021 for a large breach of $196M USD, but is making attempts to reimburse all victims with its own funds.
BitMart Review Conclusion
BitMart is an overall excellent choice of exchange for any type of beginner, intermediate, or advanced user for both spot trading and investing, as well as for derivatives traders who value a high-performance trading engine with a simple and competitive fee structure that provides incentives based on both trading volume and native BMX token holdings, unlike some other exchanges where fee reductions are based purely on trading volume. This means that even the highest trading volume trader on BitMart will not qualify for fees unless he or she also holds the applicable amount of BMX tokens corresponding to his or her tier.
In addition, BitMart provides access to up to 50X leverage which is becoming rarer in the crypto markets today, as well as a savings/earn product for passive interest earnings, a lending product closed to US users, a launchpad and incubation platform.
The exchange’s spot trading selection alone is quite impressive when compared to top exchanges such as Binance or KuCoin and also contains hard-to-find coins such as KuCoin often may.
- BitMart offers 556 spot cryptocurrency coins and 670 futures trading pairs, which is a very extensive selection
- Investors and traders of all skill levels—everyone from low volume beginner traders to high volume advanced traders will benefit from BitMart due to its reasonable fee schedule, high-performance platform for both spot and futures trading, a full-featured mobile app and web interface, a present support experience, advanced charting functionality with a simple or advanced option, and mandated KYC requirements to use the exchange, which is compliant with US regulations
- Advanced traders who wish to use up to 50X leverage futures trading that can no longer be had on FTX nor Binance may prefer BitMart, however the selection of futures pairs is slightly more limited than those on either FTX or Binance
For customers who desire access to a simple user interface with a less overwhelming amount of trading pairs, or those who do not desire to participate in cryptocurrency futures trading, either Bittrex, Coinbase, and Voyager can make great alternatives with a competitive amount of cryptocurrencies offered to trade and similarly competitive trading fees and functionality.
Beginners, buy-and-hold investors, and low volume traders may prefer the easy to use features and functionality of Coinbase with its brand presence, US regulatory approval, and cryptocurrency education that even provides the chance to earn free cryptocurrency for learning, which BitMart does not currently offer.
Coinbase is best designed for buy-and-hold investors or casual to intermediate cryptocurrency users and has a similar amount of selection of cryptocurrencies offered compared to BitMart - 402 pairs vs. BitMart’s larger selection of 670 pairs - while active traders who need access to order books and advanced charting functionality may prefer using Coinbase Pro, FTX, Binance, or KuCoin though their fee structures and product offerings differ and all offer volume-based incentives, while BitMart does not consider volume alone for its tiered fee schedule, but rather considers only amount of BMX holdings or for professional accounts, the combined trading volume with the BMX holdings. This makes it harder for users to achieve fee reductions on BitMart.
BitMart’s order and trade matching engine compares favorably in performance and liquidity to any competitor, and the exchange’s liquidity has the potential to be leader-equivalent to Binance due to the technology used, however the range of crypto financial services cannot compete with other top exchanges. However, BitMart has made itself somewhat known for listing new and upcoming cryptos, similar to KuCoin.
For customers who desire to trade and invest in stocks in addition to top cryptocurrencies and do not mind having a smaller selection from which to choose or only desire access to the top 20 cryptos on the market, Webull and Robinhood are brokers that offers US equities and a small selection of cryptocurrencies.
Other competitors to BitMart include KuCoin, Crypto.com, and Phemex.
BitMart vs Coinbase
The main advantage BitMart offers over Coinbase is its lower starting fee schedule, however Coinbase differentiates between makers and takers, while for ordinary users (non-professional), Bitmart has the same fee for both makers and takers for spot markets, albeit starting much lower than that of Coinbase.
Coinbase’s fees start at 0.5% for both makers and takers for the lowest volume tier, while those of BitMart start at 0.25% for the first level for both makers and takers. Reductions in BitMart’s fee requires increased BMX holdings only and trading volume is not considered except for institutional users.
Both exchanges offer the option of advanced charting and crypto-to-crypto trading pairs using Coinbase’s Coinbase Pro product and BitMart’s online platform or mobile app. BitMart offers a moderate amount of various futures trading pairs while Coinbase only offers spot trading without margin.
BitMart offers 556 coins and 670 pairs to trade, while Coinbase offers 139 coins and 402 pairs, so Bitmart’s selection is much more extensive for the average investor and trader, while also offering more unique coins.
Coinbase is a public US company and offers transparency into its industry-leading security along with its brand reputation, while BitMart is not a public company, however is registered and compliant in the US. Both exchanges require KYC for all users.
Ultimately, advanced users who desire both competitive fees and an equivalent selection of trading products than what either BitMart or Coinbase offer may find the choices below equally valuable.
BitMart vs FTX
FTX International may shine against BitMart for advanced traders, as it also offers a competitive (but less) 323 coins and 492 trading pairs. Derivatives traders who want to trade options or leveraged tokens will prefer FTX since BitMart does not offer any of those options.
FTX is known for its extensive futures pairs and top-class matching and liquidation engine for advanced derivatives traders, while BitMart does have a high performance order matching engine and liquidity, but cannot compare in trade volume, nor selection of leveraged trading products, but compares similarly in fees for futures. One small but notable difference will be in the trading fee reductions - FTX reduces fees based on both trading volume and FTT token holdings, while BitMart considers only BMX token holdings and not volume (unless for a professional account). For high volume traders, FTX will likely lead to lower fees for both makers and takers, as rebates to makers are also offered.
FTX cannot be used by US persons, and instead offers a US version of its exchange whose trade offerings are far more limited than its parent global exchange and do not at all compare to FTX International’s selection, and FTX International’s fees are more competitive than FTX US’s low fees.
BitMart, allowing US users, offers a far larger selection of coins to trade as FTX US, with futures offerings that FTX US does not offer, and is available for US persons to use in compliance with regulations except for New York State.
BitMart vs Gemini
BitMart and Gemini are different exchanges in terms of the ranges of their product offerings; Gemini is more suited to investors and those seeking US regulated custody and interest-earning services as well that are more extensive than those offered by BitMart, while BitMart is better suited to active and derivatives traders, as Gemini offers no futures trading.
There is a major difference in fees: the minimum fee tier at Gemini starts at 0.35% for takers and 0.10% for makers, with a flat transaction fee between $0.99-$2.99 and 1.49% transaction fee for trades over $200, so there are extra fees per transaction and extra “auction” fees, which BitMart does not have due, but all of the fee tiers at BitMart start lower however require its native token BMX holdings to reduce fees instead of volume alone.
US investors and traders are allowed to use Gemini with KYC compliance since Gemini is regulated and based in the USA, however as a result, Gemini offers no margin or futures products. US users can use also use BitMart with KYC and be compliant with US regulations.
Gemini offers only 62 coins and 86 trading pairs which is much smaller than that of BitMart, offering 556 coins and 670 pairs, so BitMart certainly wins in the selection department, and Gemini’s Gemini Earn product has more staking selection offered than BitMart’s staking services.
BitMart vs Kraken
Kraken offers margin trading at up to 5X leverage even for US investors and several other margin offerings, while BitMart offers up to 50x leverage on futures trading with KYC also being required. If strictly seeking the highest accessible margin, BitMart or otherwise Phemex is a good choice.
Kraken uses a maker-taker fee schedule, starting at 0.16% maker fees and 0.26% taker fees at the entry level which is more competitive than the fee schedule for Bitmart. Kraken offers no other fee incentives such as rebates or reductions except for based on volume, which is typical of volume-based maker-taker fee schedules and an advantage over the fee schedule of BitMart which considers only BMX token holdings and not volume for fee reductions.
The benefit market makers will have using Kraken is the reduced fees for makers, while BitMart charges the same trading fees for both market makers and takers (for ordinary users), and they start larger at 0.25% for spot trading, with no rebates and no volume-based reductions.
Kraken also offers a large variety of cryptocurrencies and pairs (93 coins, over 400 pairs), however it is still comparable to BitMart’s much larger selection—so users who value a large selection and advanced traders who seek margin will prefer using BitMart, but Kraken has a longer history and institutional partners, plus no history of being hacked, unlike BitMart.
Kraken is accessible in 48 US states with KYC and is regulated and licensed by FinCEN in the USA, while BitMart is as well.
BitMart vs Binance
Binance is the leading global crypto established exchange by trading volume, offering a similar but slightly different selection of cryptocurrencies than BitMart—over 351 coins and over 1300 pairs. Binance beats BitMart in trading pairs but BitMart has more coins offered, some of which are unlisted on Binance and low cap coins that are hard to find otherwise.
Traders looking solely for the most advanced trading options such as high leverage margin and futures products may prefer FTX, however Binance Futures offers many USDT futures pairs that are not offered on FTX at the moment. Binance Futures undoubtedly offers a greater selection of trading pairs than BitMart offers, and Binance is known to list new pairs and coins quickly, while BitMart has stuck to established pairs and a slightly more limited selection, but still has enough for the average trader who desires to trade the top coins and even some niche coins. The volume and liquidity on Binance Futures will easily win compared to BitMart.
Binance’s base maker-taker fee is somewhat similar to that of BitMart, but starting at 0.1%, and offering further 25% reduction in fees if paid in BNB, which is what BitMart offers for fees paid in BMX token. However, BitMart has the same fee for both makers and takers and offers no other fee reductions, even based on volume.
The BitMart brand has existed since 2017 while the Binance brand is more established and well-known, since 2017 as well, and with a much more extensive network of crypto financial services and product offerings. Binance offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to BitMart.
Binance is the most popular and well-known futures market in the global cryptocurrency industry and well-known for its extensive futures pairs. The Binance exchange is not at all accessible to US persons and US customers will have to use Binance US which is a much more limited version of its global parent site, with only 64 coins and 130 pairs.
Binance requires full KYC now to trade even spot products, and BitMart does as well to use the exchange.
In summary, advanced traders and intermediate users alike who value a large selection of cryptocurrencies, products like staking, lending, and more, competitive fee structures, and futures and margin products may prefer Binance, but traders who are seeking out low cap cryptos that Binance has not yet listed, plus the presence of higher leverage and futures functionality may prefer BitMart or even KuCoin.
FAQ - Frequently Asked Questions
Is BitMart Safe?
BitMart is a regulated and compliant exchange registered with US regulators as a Money Service Business (MSB) and overseen by FinCEN in the US. Besides being compliant with US regulations, BitMart uses industry-standard security practices along with a bug bounty program, auditing processes, and more.
For securing user accounts, BitMart offers 2FA (2-factor authentication) for critical account features such as login, funding, withdrawals, or password changes. In addition, there are withdrawal confirmation steps using email and/or phone confirmation, IP address detection, advanced API key permissions, and encrypted personal information including ID numbers, passwords, and KYC information.
Assets are secured by keeping less than 0.5% of exchange assets in a hot wallet for daily operation to strengthen protection, keeping more than 99% of funds stored in offline cold wallets.
As far as its recent security record, BitMart was recently hacked in Dec 2021 for a large breach of $196M USD, but is making attempts to reimburse all victims with its own funds. Ultimately, the decision to use an exchange or not is a personal one.
Users with accounts on BitMart should employ standard security precautions such as a strong password and using 2-FA using an authenticator or a hardware security key such as a Yubikey, not using only SMS.
How long does BitMart Withdrawal take?
BitMart withdrawal time can take up to 12 hours to process fully or even up to 3 business days for the transaction to clear. The usual timeframe for ACH and wire transfer withdrawals to reach the user’s bank can be up to 2-5 business days, excluding weekends and holidays. Despite when the transfer is executed on BitMart’s end, the banking system might need a few additional days to credit the funds to the user’s bank account.
Is BitMart a good exchange?
Yes, BitMart is an overall great choice of cryptocurrency exchange for any cryptocurrency investor or trader interested in accessing a large selection of coins and trading pairs of all types—spot, USD-margined futures, and coin-margined futures, at up to 50X max leverage. It is also great for those seeking out an exchange that lists lower cap coins that are not listed on major exchanges.
Its fee schedule is average and cannot compare with more advanced maker-taker and volume-tiered fee schedules of the likes of FTX or Binance, but holding and paying fees in native BMX token can reduce fees, however there are no market maker rebates for high volume traders.
If a user is looking for extensive bells and whistles such as payment cards and crypto loans, those are not available at BitMart and better choices may be Crypto.com or Binance.
Where is BitMart located?
BitMart is located in the Cayman Islands with offices in China, South Korea, and the US for its offices.
Does BitMart require KYC?
Yes, KYC is mandatory to use BitMart services due to regulations. The documents required for KYC verification include the user’s current and valid government identity document such as a passport or driver’s license and a proof of residency document such as a bank statement.
What are the Deposit and Withdrawal Methods and Fees for BitMart?
BitMart offers the following deposit and withdrawal methods, and charges no deposit or withdrawal fees, but does have minimums.
BitMart has partnered with Paxful and Moonpay.io to create a P2P marketplace connecting buyers and sellers as well.
For depositing and withdrawing fiat, users can elect to use bank transfer with any US bank (domestic wire and SWIFT as well), SEPA, and other banks. Users can also choose to use online transfers such as PayPal, Wechat, Skrill, and others; gift cards such as Amazon or Google Play; cash deposits using Western Union or MoneyGram; debit/credit cards; crypto can of course also be deposited and withdrawn.
Here is a deposit and withdrawal guide from BitMart’s official medium.
What is the Minimum Withdraw Amount for BitMart?
The minimum withdrawal amount for BitMart may be found here for each cryptocurrency. While BitMart does not charge any deposit or withdrawal fees, the blockchain network itself does. Minimum withdrawal amounts are 0.005 BTC, 0.1 ETH, 10 USDT, and 500 BMX.
How do you withdraw from BitMart?
Users can withdraw from BitMart by logging into their official website, navigating to the “Withdraw” section on the upper right corner or by clicking “Balances,” then clicking the Withdraw for the cryptocurrency of your choosing, insert the address and the amount, and then click “Withdraw.”
Then, the user may need to confirm this with 2-FA and email verification. Once this is done, the user may withdraw.
Is BitMart a wallet?
No, BitMart is a cryptocurrency exchange which provides a multicurrency wallet inside of the user’s exchange account for custody with the exchange, as well as a trading account wallet for futures trading. Users may transfer funds into the exchange wallet, and between the exchange wallet and the trading account.
How to use BitMart?
Using BitMart can be done by going to https://www.bitmart.com/register/en, creating an account on the platform, undergoing the KYC procedures to use the account and waiting for verification to complete, then by depositing any trading funds into the exchange account, and then get access to all of the market offerings and begin trading with up to 50X leverage access offered if desired, or only spot trading.
Bitmart User Reviews
- A Redditor suggests "not to panic sell" after the Dec 2021 hack. Apparently an app update was released, but the platform wasn't allowing withdrawals until they fixed the issues. u/Mr-Cool_Guy comments, reassuringly, "if you go to withdraw Bitmart is slowly allow a lot more tokens and coins to be available. Just let then sort out the issues and everything tested before releasing it all at once."
- An announcement by BitMart staff addresses their lack of customer support available throughout mid to late 2021: "We apologize for the lack of communication in the past few months. The launch of $SAFEMOON and other deflationary tokens brought unexpected traffic to our platform. This caused technical difficulties that our support team was unable to keep up with."
- Users express frustration of freezing of funds after the Dec 2021 hack. OP notes that "allow[ing] deposits without the ability to withdraw, makes absolutely 0 sense."
- A user links to their BitMart review on Reddit.