A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BitMarket consists of four parts: general information, fees, deposit methods and security.
UPDATE 8 July 2019: BitMarket has closed down due to liquidity issues. The platform announced this through the following message:
BitMarket’s domicile country is Poland. On their website, they state that the BitMarket.net marketplace was created by creators of AfterMarket.pl, the largest domain marketplace in Central Europe. They further state that they have been active in intangible goods brokerage for 8 years.
You can’t buy or sell any of the smaller cryptocurrencies (Cryptonex Coin, Ethbits Token, Ethorse Coin, Neutron Coin, Octoin Coin, or any cryptocurrency with a similar market capitalization to those) here. This exchange only offers trading in the market leading cryptocurrencies. So, if you seek to buy or sell any smaller crypto, you’ll have to choose another exchange.
The exchange does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship. Just in case.
BitMarket offers leveraged trading, up to 10x. This means that even if you only have USD 100, you can invest in Bitcoin for USD 1,000 through the power of leverage. One should be careful with leveraged trading though.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
BitMarket Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at BitMarket:
BitMarket Trading fees
Never forget to check the trading fees of each relevant exchange. This exchange’s trading fees for takers are now – following an update announced on 31 January 2019 that takes effect on 5 February 2019: 0.36%. This fee is a bit above the industry average which is around 0.25%.
The exchange charges a substantially lower fee for makers (previously 0.15%, but following the abovementioned fee update 0.18%), thus promoting the liquidity at the exchange. The 5 February fee update thus aimed to reduce the gap between the taker fees and maker fees, allegedly to enable users of the platform to “react dynamically” to price changes on the platform.
BitMarket Withdrawal fees
BitMarket charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average, but not much more.
BitMarket offers wire transfer as a deposit method, but you can’t deposit via credit card.
On BitMarket’s website, they write that their marketplace meets all the required safety standards that cryptocurrency traders require. They also write that their servers are secured by state-of-the-art technologies, and that their customers’ funds are secure in a cold wallet.
BitMarket’s security score is D+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):