BitMart Logo
Exchange Review

BitMart


Exchange Fees

Bitcoin Logo 0.0005 Withdrawal Fee • 0.20% Taker Fee • 0.10% Maker Fee

Deposit Methods

No Wire transfer Yes Credit Card Yes Cryptocurrency

BitMart Review

A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of BitMart consists of four parts: general info, fees, deposit methods and security.

General Info

BitMart is a crypto exchange from 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 (20 March 2020, right in the middle of the crisis with COVID-19), BitMart’s 24 hour trading volume was USD 1.8 billion. This amount placed BitMart on place no. 24 on Coinmarketcap’s the 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.

Mobile Support

Like most respectable crypto 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 crypto at BitMart. Just download the app from App Store or Google Play!

BitMart Mobile Support

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:

BitMart Trading View

BitMart Lending Product

Another interesting feature of this platform is BitMart Lending. BitMart Lending is a financial product based on digital assets. Each project has its corresponding investment term and yield. After subscription, the principle will be locked, and the interest will be calculated according to the agreed time. After the product matures, the principal and interest will be unlocked and distributed into the user’s wallet on the redemption date.

BitMart Staking Product

Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Holders are rewarded for simply depositing and holding coins on BitMart as they normally would. Staking at BitMart is available for five different cryptos: Bitcoin, Algorand, Cosmos,  Qtum and Dash.

BitMart Futures

On 21 February 2020, BitMart officially launched their futures trading function. Among other things, they offer “perpetual swaps” on the platform. Perpetual swaps refer to a kind of derivative that is similar to traditional futures contract and can provide high leverage. It differs from traditional futures contract in the following aspects:

It has no delivery date. Perpetual contracts don’t have any expiration times, so it doesn’t impose any limit on the position-holding duration.

It has an anchored spot market. In order to guarantee tracking underlying price index, perpetual contracts ensure that their prices follow the price of the underlying assets through the mechanism of funding cost.

It has reasonable price marking. The perpetual contracts adopt reasonable price marking methods. This is to avoid forced liquidation due to lack of liquidity or manipulation of the market.

It has an auto deleveraging (ADL) mechanism. Perpetual contract use an ADL mechanism instead of an account sharing mechanism. This is in order to deal with the losses caused by forced liquidation of big positions.

Currently BitMart supports futures trading in: BTC/USDT, ETH/USDT, EOS/USDT, BSV/USDT, LTC/USDT, ETC/USDT, and XRP/USDT. The exchange is currently offering discounted trading fees for the first one month from launch, i.e. up until end of March:

BitMart Futures Trading Fee Discounts

BitMart Fees

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 offers a general trading fee of 0.10% for makers, and 0.20% for takers. If a user uses BMX to pay the transaction fees, he/she will receive a 25% discount on the trading fees. The trading fees are also reduced based on trading volume and holdings of BitMart’s native token, the BMX, as set out in the below table:

BitMart Trading Fee Discounts

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.

Deposit Methods

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.

Moreover, BitMart currently offers four channels for users to buy coins with just a few steps on its website. You can easily buy popular tokens such as BTC, ETH, EOS, XRP with almost all fiat currencies including USD, EUR, CNY, etc.

BitMart Security

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. BitMart received a B-score in this test. B is very impressive, particularly in light of most exchanges in our Exchange List only receiveing F-scores.

Good work, BitMart!

***

Low trading fees are indeed very important for any crypto investor. All of the below exchanges also have very low trading fees (some of them don’t even charge trading fees at all):

  1. BaseFEX
  2. Indodax
  3. Liquid
  4. Bybit
  5. Coincheck
  6. PrimeXBT
  7. Bilaxy
  8. Binance
  9. CryptalDash
  10. Crex24