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 BitMart consists of four parts: general information, fees, deposit methods and security.
BitMart is a cryptocurrency exchange registered in the Cayman Islands. It became available to the public in March 2018.
BitMart has a truly impressive liquidity. At the time of the last update of this review (13 March 2019), BitMart’s 24 hour trading volume was USD 295 million. This number places BitMart on place no. the top 20 list of exchanges with the highest 24 hour trading volumes. Needless to say, if you start trading here, you will not have to worry about the order book being thin…
Many exchanges does not allow investors from USA as customers. As far as we can tell, BitMart is not one of those exchanges. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Like most respectable cryptocurrency exchanges out there, BitMart also offers its platform as a mobile application. So if you have an iPhone, an iPad or an Android-phone, you don’t even need a desktop to start trading cryptocurrencies at BitMart. Just download the app from App Store or Google Play!
BitMart 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 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 BitMart:
Partnership with Paxful
On 21 February 2019, Bitmart and Paxful announced that they are entering into a joint partnership. The main purpose of the partnership is to increase both scalability and liquidity of both platforms. This partnership will make it possible for users to make payments on the BitMart-platform via the Paxful-system. This functionality will push BitMart a big step forward in what the companies call the “peer-to-peer financial revolution”.
BitMart Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they divide between takers and makers. Takers are the one who “take” an existing order from the order book, while makers “make” the orders that get taken. We can illustrate with a short example:
Ingvar has an order at the platform to buy 1 BTC for USD 10,000. Jeff has a corresponding order but wants to sell 1 BTC for USD 11,000. If Bill comes along, and sells 1 BTC to Ingvar for USD 10,000, he takes away Ingvar’s order from the order book. Bill is here a taker and will be charged the taker fee. If Bill on the other hand would have offered to sell 1 BTC for USD 10,500, he would have placed an order on the order book that did not correspond to an existing order. He would thus have been a maker of liquidity. If someone would have accepted to buy 1 BTC from Bill for USD 10,500, then Bill would have been charged the maker fee (usually a bit lower than the taker fee) and the relevant buyer would have been charged the taker fee.
BitMart charges takers 0.20%. These taker fees are slightly below the industry average which is arguably around 0.25%. Makers, on the other hand, receive a discount on their trading fees as they promote liquidity at the exchange. Makers at BitMart only pay 0.10% per order, which is competitive.
BitMart Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is also below the industry average.
To conclude on the fees, BitMart’s have a very competitive offering with respect to both trading fees and withdrawal fees.
At this exchange, you can purchase crypto through payment cards (VISA and MasterCard). This can be helpful especially for newer crypto investors who want a broad selection of available deposit methods. Many exchanges offer no fiat currency deposit method at all so BitMart does distinguish itself somewhat by even offering card payment possibilities.
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. This exchange only received an F-score in this test. This is below industry average. An F might seem scary, but it should be noted that out of all exchanges in our Cryptocurrency Exchange List, a majority actually received just that: F.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):