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BitMart Review 2022

Blockchain Technology


BitMart is a global cryptocurrency exchange that allows users in 180+ countries to buy and sell over 1,000 digital currencies and tokens. While BitMart offers all the features you’d expect from a global crypto exchange, it was hacked in December 2021, which resulted in a $196 million cryptocurrency theft. 

Pros

1. Supports a large number of cryptocurrencies: BitMart users can buy and sell over 1,000 digital currencies and tokens. 

2. Users can earn crypto: BitMart offers staking and savings products. 

3. Offers a simple buy/sell crypto option: BitMart provides a simple buy/sell crypto feature where beginners can buy Bitcoin and other digital currencies using a range of payment methods with just a few clicks. 

Cons

1. Subject to a large-scale hack in 2021: BitMart was hacked in December 2021, and $196 million worth of cryptocurrency was stolen when the private keys of its hot wallets were compromised, suggesting the exchange’s security measures are not sufficient. 

2. Poor customer feedback: Several users have shared negative feedback about BitMart on customer review sites and social media.

Introduction

BitMart is a global cryptocurrency exchange that allows individuals and institutions to buy, sell, and trade over 1,000 cryptocurrencies. 

In addition to advanced cryptocurrency spot and futures trading dashboards, BitMart offers a simple buy/sell crypto feature for beginners and a range of crypto-earning opportunities. Beginner and experienced traders alike may find what they’re looking for on this platform. However, it was the subject of a major hack in 2021. 

Company Overview

BitMart was founded in 2017 to provide digital asset trading and investment services to a global customer base. It is incorporated in the Cayman Islands.

In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with trading discounts and other benefits on the exchange. The exchange also added numerous new features over the years, including staking, lending, savings products, and derivatives trading. 

In December 2021, BitMart suffered a security breach that led to the loss of $196 million worth of cryptocurrency when private keys were compromised for two of the trading platform’s hot wallets. Following the incident, the company’s CEO, Sheldon Xia, announced on Twitter that all affected users would be reimbursed by BitMart.1 

Today, the global crypto exchange serves over 9 million users in over 180 countries.

Cryptocurrencies Available on BitMart

Bitmart supports trading for over 1,000 digital currencies and tokens. Some of the most popular cryptocurrencies you can buy and sell on the exchange include:

Bitcoin (BTC)

Ethereum (ETH)

Avalanche (AVAX)

Axie Infinity (AXS)

Binance Coin (BNB)

BitMart Token (BMX)

Dash (DASH)

Decentraland (MANA)

Dogecoin (DOGE)

Litecoin (LTC)

Sandbox (SAND)

Shiba Inu (SHIB)

Solana (SOL)

SushiSwap (SUSHI)

Stellar Lumens (XLM)

Terra (LUNA)

Tron (TRX)

Zcash (ZEC)

Zilliqa (ZIL)

Trading Experience

BitMart provides a web-based digital asset trading and investing platform and a mobile app for Android and iOS. 

Experienced traders will find all the advanced features they need, combined with a long list of tradable assets. 

Beginners, on the other hand, can make use of the platform’s Buy & Sell feature that allows users to buy Bitcoin (BTC) and other cryptocurrencies using Visa, Mastercard, Apple Pay, and PayPal. 

Fees

BitMart has a tiered fee structure, where users with higher trading volumes (based on trading volume over 30 days in BTC) pay lower fees. Default fees start at 0.25% for price makers and takers. 

Fee deductions apply for BMX token holders who use the token to cover trading fees. 

BitMart doesn’t charge deposit fees, while withdrawal fees vary from asset to asset.  

Security

BitMart claims to be “100% secure for trading and digital asset management” by operating a hybrid hot and cold wallet system and deploying multi-signature technologies. Additionally, BitMart has security features like IP address detection and monitoring. 

However, the $196 million hacks the exchange experienced in December 2021 suggests that BitMart’s security could use some work. While many leading exchanges hold all customer funds in cold storage, BitMart’s hybrid hot and cold wallet system has enabled hackers to steal almost $200 million in ERC-20 and BEP-20 tokens belonging to BitMart customers. 

While BitMart has announced that they will reimburse all affected customers, a breach of this size suggests the exchange’s security measures could be improved. 

Opening a BitMart Account

To open a trading account on BitMart, you’ll start by providing your email address or phone number and a password. 

Once you confirm your phone number or email address, you will be able to access the BitMart trading dashboard. 

To start trading, you will need to complete an identity verification process. BitMart offers two levels of verification: Level 1 Starter and Level 2 Advanced. To buy and sell and withdraw small amounts of cryptocurrency, Level 1 Starter will suffice. For this tier, you will only need to provide some personal information. 

To gain full access to all of the exchange’s features and to deal in larger amounts, you will need to complete the Level 2 Advanced tier, which involves sharing a government-issued ID and completing facial verification. 

Companies looking to open an institutional trading account will need to complete a more detailed onboarding process. 

Customer Service

BitMart provides customer service via a dedicated support center, support tickets, and a live chat. Like many other cryptocurrency exchanges, it doesn’t offer phone support. 

Customer Satisfaction

The BitMart hack in December 2021 upset customers who thought their funds would be safe with the Cayman Islands-based exchange. BitMart’s Trustpilot rating is only 3.0 stars out of five from over 1,100 reviewers, with poor support, a lack of transparency, and the inability to withdraw funds being among the top complaints. 

In addition to its poor marks on Trustpilot, many former BitMart users have also expressed concerns on social media about the inability to make withdrawals from the platform. 

Account Management

BitMart offers accounts for individuals and institutions. There are also different account levels based on each user’s 30-day trading volumes that determine the number of trading fees charged on each trade. 

Users can manage their accounts via the BitMart online dashboard or its mobile apps, available for Android and iOS. Account management on BitMart is mostly self-serve, though the exchange does offer multiple customer support options for users who need assistance.

Conclusion

BitMart is a global crypto exchange that both beginners and experienced traders can use to buy and sell an exceptionally long list of digital assets. The exchange also offers a range of yield generation opportunities for crypto holders and gives users early access to tokens issued via its in-house token launchpad. 

However, the large-scale hack that the exchange suffered in December 2021 is concerning. Customer wallets were affected, and almost $200 million in funds were stolen by hackers. There have also been numerous reports about issues withdrawing assets, which may deter new users from signing up.

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