Is BitMart Legit or Scam? An Answer to Most Searched Query of Crypto Traders

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Is BitMart Legit or Scam? An Answer to Most Searched Query of Crypto Traders

Last Update: 2022-05-18

In this blog post, we will review BitMart, and answer the question: is BitMart legit or a scam? So, let's get started.

Is BitMart Legit or Scam? An Answer to Most Searched Query of Crypto Traders

Crypto trading is full of scams. From Ponzi schemes to exit scams, there are plenty of ways for unscrupulous individuals to take advantage of investors. This is why it's so important to do your due diligence before investing in any crypto asset. One project that has recently come under scrutiny is BitMart.

In this blog post, we will review BitMart, and answer the question: is BitMart legit or a scam? So, let's get started.

What Is BitMart?

BitMart is a cryptocurrency exchange that was first introduced in 2017. The platform provides safe and secure transactions for all customers regardless of their level of experience with cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) Ripple (XRP). It has an intricate system architecture made up of multiple layers. Each layer is designed specifically to protect against potential threats posed by hackers who might want access to your personal information on the internet.

In just a few years, BitMart has become one of the most popular cryptocurrency exchanges in the world. With over two million users from all corners of the globe, BitMart is now a go-to platform for traders of all stripes. From its early days as a simple crypto-to-crypto exchange, BitMart has grown to offer an array of services that cater to the needs of both novice and experienced traders

In addition to traditional spot trading, the exchange now offers margin trading, derivatives trading, and even OTC trading for large institutional investors. With its wide range of offerings and commitment to providing a user-friendly experience, it's no wonder that BitMart has become one of the most beloved exchanges in the crypto space.

BitMart is a digital asset trading platform with its main headquarters in the Cayman Islands. With offices in countries like the United States, South Korea, and China, BitMart is accessible to over 180 countries, providing high liquidity. The platform has low trading fees, multiple language options, and 24/7 customer service. BMX holders can enjoy certain privileges on the BitMart platform, such as transaction fee discounts and early access to special sales.

Value Data
Variety crypto 131
Account needed Yes
Verification Mandatory
Verification levels 2
Trading Platform Mobile Application, Web-based
Payment Method Crypto Conversion, card, ACH, Wire transfer, transfer, Debit/Credit Wire transfer, Bank account
Customer Support Phone, Email, Twitter

Is BitMart Legit or Scam?

There are many claims about BitMart on the internet, but we can still trust them because of their good reputation. However, many of their customers have trouble. The comments section on Twitter posts from those who use the service reveal all sorts of problems, including denied access or withdrawals for no reason at all.

It is important to note that this does not mean BitMart has been fraudulent. But it's an obvious indication you may also run into problems when using them as well. The reason could be a number of things. A great deal depends on where we start. Maybe some people just need help navigating through an interface, whereas others have issues due entirely outside their control. 

It's not easy to get in contact with the BitMart help desk. Many traders had reported slow responses when they needed assistance on various accounts and issues. But there is plenty of positive feedback given how many people trade at this exchange rate. And it seems like you're an unusual case because most users seem happy about their experience here.

BitMart has been one of the most secure cryptocurrency exchanges since it launched in 2017. The company takes various steps to protect clients' information and money deposited through its platform.

Is BitMart Safe?

What makes BitMart one of the most secure cryptocurrency exchanges out there? The answer is simple: security. This exchange has been hacked only once, and they were able to reopen quickly with no loss for customers' fund's insight.

The exchange did suffer losses at the beginning of December when their private keys were stolen. But luckily for all parties involved, they took responsibility and vowed to compensate these victims with funds from themselves instead. It means that as bad an incident it was, no one really suffered any real financial damages because this company stepped up where others would not.

The security on BitMart is still very much intact. Most assets are stored in cold wallets disconnected from the internet and cannot be accessed by hackers. This makes it practically impossible for them to breach this platform's servers or accounts. The company encourages two-factor authentication as well - something you would hope your average user does already.

Security Features of BitMart

BitMart is a cryptocurrency exchange that has been around for years and employs some of the most advanced security measures in order to protect customers' funds. The website states that they employ the following approaches listed below to keep customers' records and funds secure, so you can be sure it's an authentic site:

  • When logging in, you will need both your wallet password and a one-time passcode (OTP) provided by two different methods. For example, if the OTP is sent as a text message to an authorized number, then visit Settings. Two Factor Authentication on the dashboard for adding this feature to existing accounts.
  • To withdraw funds from the exchange, a secondary confirmation is needed. This can be done by phone or email.
  • When a user accesses the website, the platform's servers will automatically detect their location and send it along with other information to an IP address detection service. The process is useful for tracking users who may be using multiple devices or accounts from outside of your network. So, you can associate them accordingly in order to maintain security measures like two-factor authentication in certain areas where sensitive data might reside.
  • With BitMart service, you can rest assured that your information is secure and private. For added protection against theft or loss of data, they have a number of security measures in place, including encryption on all transmission channels. Also, password hashes are hashed before being saved, so they're harder than ever imagined by cybercriminals.
  • BitMart operates in a unique environment. The company takes pride that more than 99% percent of its funds are stored offline, not online, or wired to the internet for daily activities such as consumer withdrawals which require several signatures from team members before they can access them.

Prominent Features of BitMart

  1. One of the most popular features of BitMart is the large selection of cryptocurrency pairs that are available on the spot market. There are over 90 different pairs to choose from, which gives traders a lot of flexibility when it comes to deciding what to trade.
  2. Another popular feature is the real-time charting that is available for trades and traders. This allows users to see how their trades are progressing in real-time and also helps them to make informed decisions about when to enter or exit a trade.
  3. BitMart also offers up to 100x leverage for Futures trading. This means that traders can potentially make a lot of money if they are able to correctly predict the future direction of the market.
  4. For those who are new to trading, BitMart offers a demo account. This allows users to practice trading without risking any real money.
  5. BitMart uses cold wallets to store the majority of its funds. This is considered to be one of the most secure methods of storing cryptocurrency, as it significantly reduces the risk of hacks and theft.
  6. Finally, BitMart also offers education and training guides for those who want to learn more about trading. These guides can be extremely helpful for those who are new to the world of cryptocurrency trading.

BitMart Portfolios

With BitMart Portfolios, you can choose from a variety of portfolios that are designed to meet your investment goals. Each portfolio has a different mix of assets, including Bitcoin, Ethereum, Litecoin, and other altcoins. You can also customize your portfolio to suit your individual needs. 

Whether you're looking for growth or income, BitMart Portfolios can help you reach your financial goals. And best of all, there are no management fees or commissions. So, start investing today and see how BitMart Portfolios can help you achieve your financial dreams.

BitMart User Interface

The BitMart interface is fantastic. The sleek design and easy-to-use navigation make it super simple to find the coins you're looking for and place trades quickly and easily. We also love the charts and analysis tools that are built into the platform. They're really helpful in making informed trading decisions. Overall, we are really impressed with BitMart and would definitely recommend it to anyone looking for a great crypto trading experience.

BitMart Native Cryptocurrency

The BitMart Token (BMX) is a cryptocurrency created by the company to run on Ethereum and follow ERC-20 standards. The total supply of 1 billion tokens has been established, with 20% going towards profits each quarter for buying back/ burning until 50%.

The BMX token has many potential uses that make it worth holding. The most popular one is discount trading fees, which will get you 25% off if used with this crypto coin. Other interesting applications include receiving voting rights to decide whether or not a certain asset gets listed on BitMart's market page.

They are locking your tokens so they cannot be traded without using gas actually incurred by sending transactions through their network instead of just buying some coins outright. But these are only possibilities at present since we don't know what features might come next month or years from now.

How To Purchase Cryptocurrency on BitMart?

Owing to your first crypto on BitMart is not too hard. however, you need to follow a few steps to make sure that everything will be gone perfectly. Here are steps to purchase cryptocurrency on BitMart:

  1. Create a BitMart account and verify your email address. If you already have a BitMart account, please skip to Step 2. 
  2. Log in to your BitMart account, go to "Asset," find and click on the currency you want to deposit, then click on the "Deposit" button. For example, if you want to deposit BTC, find BTC on the Asset page and click on deposit.
  3. A QR code and wallet address will be generated. You can use either one of them to deposit funds into your BitMart account. Please note that different assets have different wallet addresses. Make sure you are depositing the correct asset to the corresponding wallet address. Please do not deposit any other assets to this wallet address. Otherwise, your assets may be lost permanently.
  4. After your deposit is successful, go to the "Exchange" page and select the trading pair you want to trade. For example, if you deposited BTC and want to buy ETH, please select ETH/BTC as your trading pair.
  5. On the right of the trading chart, there is an order panel where you can place your order. 
  6. You have two options to place an order: Market Order and Limit Order. 
  7. If you choose Market Order, your order will be executed at the best available market price.
  8. If you choose Limit Order, you can set the price and amount of the currency you want to buy or sell. Your order will be executed at your desired price once there is a match. 
  9. After you have placed your order, go to "Orders" under "Asset" to check whether your order is completed.
  10. Congratulations! You have successfully bought currency on BitMart!

Pros & Cons of BitMart

PROS: 

  • A large number of crypto assets: With over 150 different cryptocurrencies available for trade, BitMart offers one of the largest selections of digital assets in the market. This gives users a lot of choice and flexibility when it comes to their trading strategies.
  • Unusual crypto assets: In addition to more mainstream coins like Bitcoin and Ethereum, BitMart also lists a number of unusual and lesser-known cryptos. This can be seen as a positive or negative, depending on your investment strategy. However, it does make BitMart one of the more unique exchanges in terms of the assets it offers.
  • Constantly lists new coins: BitMart is always on the lookout for new and innovative cryptocurrencies to list on its exchange. This helps to keep the platform fresh and up-to-date with the latest trends in the market.
  • It's regulated and available in the US: BitMart is registered with FinCEN and is therefore subject to U.S. regulations. This gives users peace of mind that their funds are safe and secure on the platform. In addition, BitMart is also available to trade in all 50 states in the U.S., making it one of the most accessible exchanges for American traders.
  • 25% discount on fees when paying for them with BMX: BitMart offers a 25% discount on trading fees when users pay for them with BMX, the native token of the exchange. This is a great way to save money on trading costs, and it also helps to support the development of the platform.
  • Many features: In addition to standard spot trading, BitMart also offers a number of other features that can be used to earn profits. These include lending, staking, and futures trading. This makes BitMart a very versatile platform for users who want to take advantage of different investment strategies.

CONS: 

  • Customer support is a bit slow: One downside of BitMart is that customer support can be a bit slow in responding to queries. This can be frustrating for users who need help with their accounts or have questions about the platform.
  • The interface could be better: Another downside of BitMart is that the interface is not as user-friendly as some other exchanges. This can make it difficult for new users to navigate the platform and find the features they need.
  • Not as popular as other exchanges: BitMart is not as well known or widely used as some of the other major cryptocurrency exchanges. This means that there may be less liquidity on the platform, which can make it more difficult to buy and sell certain assets.
  • It suffered a major hack in 2021: One of the biggest drawbacks of BitMart is that it was hacked in 2021, resulting in the loss of over $50 million worth of crypto. This hack has made many users wary of using the platform and has damaged its reputation in the industry.

FAQs

Where is BitMart located?

BitMart Headquarters is located in the Cayman Islands. Their customer service team provides multilingual support in English, Japanese, Korean, Russian, Vietnamese, and Chinese.

What can I trade on BitMart?

You can trade a variety of digital assets on BitMart, including but not limited to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, EOS, and TRON (TRX), BMX, etc. More than 100 digital assets are available for trading.

How do I deposit?

To deposit, please log into your account and click "Wallet" from the top menu. Then, select the asset you wish to deposit and click "Deposit." Please be sure to copy and paste the correct deposit address and payment id to avoid any delays or losses in your deposit.

Conclusion

In conclusion, it can be said that BitMart is a reliable and safe platform for crypto trading. It has been in the industry for quite some time now and has built a good reputation among users. The platform offers a good variety of features and tools to its users, which makes it an ideal choice for both beginners and experienced traders. So, if you are looking for a safe and secure platform to trade cryptocurrencies, then BitMart is worth considering.

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