BitMart 2022 Review: Safety, Fees, Pros & Cons, and More

Andrew Moran
By Andrew Moran
Joel Taylor
Edited by Joel Taylor

Published February 23, 2022.

Our team independently researches and recommends the best products and services. We publish reviews that are unbiased nor influenced by payments we receive from some of the app developers.

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Everyone has contracted the crypto bug, be it Bitcoin or GrimaceCoin. Who would have thought a decade ago that the broader cryptocurrency industry would transform into one of the largest sectors in the world?

As more people hop on the crypto bandwagon, the global marketplace has responded, including the creation of exchanges to facilitate the buying, selling, holding, and trading of virtual tokens.

The latest is BitMart, an international cryptocurrency exchange that operates in more than 180 countries and offers 800 digital currencies. But how is it different from its rivals?

Let's explore BitMart and everything it has to offer.

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Pros


  • Large selection of cryptocurrencies
  • Competitive trading fees
  • Easy user interface
  • Excellent customer service support
  • Supports many different languages
  • Users can earn crypto
  • Innovative website for advanced users

Cons


  • A relatively new system
  • Suffered a large-scale attack in December 2021
  • Poor mobile app functionality

Who BitMart Is Best For

While BitMart is open for business for anyone interested in participating in the world of cryptocurrency, the website is geared more toward traders with moderate to advanced investment knowledge. The website offers a wide range of features and tools that more seasoned crypto and trading enthusiasts would know how to exploit.

BitMart does possess a few helpful resources to enhance your trading position, such as advanced charting and multiple order types. But aside from the usual help center or FAQ section, it does not have as many trading resources as exchange alternatives.

Available Cryptocurrencies on BitMart

With hundreds of cryptocurrencies to choose from, it can be difficult to determine which one to purchase. Of course, it all comes down to what you want for your portfolio and what your objectives are for your investment endeavors.

Here is a list of the suite of offerings, from premier tokens to altcoins, on BitMart:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Avalanche (AVAX)
  • Axie Infinity (AXS)
  • Baby Doge (BABYDOGE)
  • Binance Coin (BNB)
  • BMX (crypto created by Bitmart)
  • Dash (DASH)
  • Decentraland (MANA)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • SafeMoon (SFM)
  • Sandbox (SAND)
  • Shiba Inu (SHIB)
  • Solana (SOL)
  • SushiSwap (SUSHI)
  • Stellar Lumens (XLM)
  • Terra (LUNA)
  • Tron (TRX)
  • Zcash (ZEC)
  • Zilliqa (ZIL)

Put simply, the treasure trove of tokens you can trade is what truly makes the website stand out from most of its industry rivals.

BitMart App Review

The BitMart website has been complimented on its ease-of-use trading platform. Everything about the web-based portion of the outlet, from creating an account to buying and selling virtual tokens, is user-friendly.

The mobile application is a bit different. The app maintains a 3.1/5 rating on Google Play, with users complaining about many technical difficulties, such as assets not appearing on their accounts and challenges while withdrawing funds. There have also been grievances relating to the functionality of the app and cryptocurrencies delisting without giving clients any notice.

Ultimately, the web-based platform is superior to the mobile trading app.

BitMart Security

After the plethora of data breaches and hacking and cybersecurity threats over the years, a common question many people have before joining a crypto exchange is whether it is safe or not?

So, is Bitmart safe?

In December, the crypto exchange experienced a security breach, with hackers stealing $200 million in virtual tokens. The infiltrators utilized a stolen private key to access one of the company's hot wallets.

The website has promised to use its pool of money to return money to affected users.

But this has a growing number of users complaining about the website's security apparatus and protocols.

BitMart Fees

BitMart has a wide range of different and unique deposit and withdrawal fees. There is no single one-size-fits-all system in place, such as the withdrawal fee for Bitcoin being different than it is for Cardano.

But while deposits are free across the board, withdrawal fees and minimum withdrawals vary from coin to coin.

Here are some examples:

  • Bitcoin Withdrawal fee: 0.0005BTC Minimum withdrawal: 0.005BTC
  • Solana Withdrawal fee: 0.05SOL Minimum withdrawal: 0.5SOL
  • Avalanche Withdrawal Fee: 10000000SHIB Minimum Withdrawal: 500000SHIB

You will also find a maker/taker model with the following fee structure: 0.1% charged from the maker and 0.2% from the taker, with the calculation based on trading volumes over 30 days.

Accounts are essentially the same.

BitMart Overall Rating: 4.3/5

BitMart is a worthwhile cryptocurrency exchange that is more geared toward advanced users who can fully exploit the broad array of trading tools at your disposal, such as futures and spot trading. If you are new to the world of cryptocurrency, it would not be wise to join the five-year-old company until you are fully conversed in both digital currencies and trading in general.

BitMart 2022 Review: Safety, Fees, Pros & Cons, and More

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