Let’s Consider: Is BitMart Safe to Use?
BitMart is a global trading platform created by cryptocurrency enthusiasts. The BitMart Foundation has offices worldwide but is registered in the Cayman Islands.
The platform provides spot trading, over-the-counter trading, futures contract trading, and other services for digital assets. The team prioritizes safer, smoother, and faster trading in the hope of becoming one of the world’s leading trading platforms for digital assets.
BitMart’s roadmap began in November 2017 when it built an international team with marketing, operations, and technology departments.
This article will tell you more about the exchange and its features. But, most importantly, we will try to answer whether BitMart is safe or not.
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Review of the BitMart exchange
In November 2017, a team of the best specialists in the fields of marketing, trading operations, and blockchain technologies was assembled to create the BitMart exchange. A proprietary BMX token based on the ERC-20 protocol had already been developed by January.
During the ICO event, many funds were attracted to the project, which played an important role in the development. In February 2018, presentations of the cryptocurrency exchange were held in major cities around the world. The launch of the site took place in March.
BitMart offices are located in many countries. The company has all the necessary licenses to carry out legal activities worldwide. Immediately after the site’s launch, BitMart registered as an MSB with American regulators.
The main idea of the exchange is to provide a unique and universal trading platform. It combines various trading niches within a single resource – bitmart.com. Such an ambitious project met traders’ expectations, which they often note in reviews.
There is a special Mission X program on BitMart. Through this program, users themselves make decisions by voting on listing a particular electronic currency. By the way, the trade turnover inside BitMart amounted to $12,000,000 immediately after the launch of this program.
Previously, we’ve analyzed the Binance exchange. You can read more here.
Review of the registration process
There are two ways to register on the BitMart website: e-mail or phone. The form to fill out is simple and identical to many others on other sites:
- Choose the registration method: enter the phone number/email.
- Come up with a password.
- Enter the referral code (if available).
- Agree to the terms of the user agreement.
- Click the Next button.
Enter the received activation code into a special field and click “Confirm.” Now the account on bitmart.com is ready to go. The equivalent of two BTC is available for daily withdrawal.
Review of verification
You need to pass an individual data check to increase the withdrawal limit. You can do this in your personal account. To do this, you should:
- Specify the country of residence.
- Enter the full name.
- Select gender.
- Specify the date of birth (you must be over 18 years old to pass verification).
- Select the type of identification document.
- Enter its number.
- Upload a high-quality photo or scan of the selected document.
The account will be verified upon completion of the moderation process, and in turn you will be able to withdraw from bitmart.com up to 100 BTC every 24 hours.
Trading platform and trader’s tools
BitMart decided to use ready-made functionality, borrowing some features of TradingView. Therefore, the web terminal of this crypto exchange will seem familiar to every trader. There is a chart of quotes, lists of pairs with key cryptocurrencies, a glass of liquidity, a history of orders, and windows for buying and selling coins.
There are two types of order:
- Market prices. The purchase and sale are made at the current cost. Slippage may affect the trader’s amount upon completion of the transaction.
- Limit. The client specifies the price at which he is ready to buy or sell a specific asset. When a counter or better offer appears, his order will be closed.
Since there are no additional orders, everyone who wants to automate trading will have to figure out how the local API works. This becomes a problem and significantly reduces the number of major players.
On the BitMart exchange, there are:
- Makers. Those who offer prices that are more profitable than the market.
- Takers. Those who buy at a better price.
Their transactions are charged completely different fees in terms of size. Makers pay from 0.1% to 0.03% (the exact figure depends on the turnover and BMX number in the account.) Takers pay from 0.2% to 0.06%.
What is needed for the commission on BitMart to be minimal?
- 30-day turnover over 50 thousand BTC. SMARTGUIDE warns: this is more than the exchange has in a day. That is, it is impossible to perform this task.
- Over 500 thousand BMX. This is more than $70,000. But you can’t touch them. They should always be in the account.
Considering that the total volume of all released BMX does not exceed one billion, it isn’t easy to imagine that there will be many people who have invested money in them.
Note: To reduce the commission by half, just pay for it with BitMart token BMX. This feature can be enabled in the settings. This is one of the reasons for buying a crypto exchange coin.
Is BitMart safe to use?
To ensure the security of the user account, it is proposed to enable two-factor authentication, using a mobile phone or Google authenticator or confirmation via email.
BitMart has a legal registration in the Cayman Islands and an MSB license from the American regulator FinCEN. Unfortunately, it was impossible to find the license and registration number in the public domain, and support refused to provide this information.
However, do not forget that you need to pass verification to register on the exchange, thereby revealing your identity, which already puts your data at risk.
In addition, if you read reviews on the internet, you will notice that many users complain about the delay in withdrawing funds from the wallet. And some reviews even say that the withdrawal accounts are frozen.
Therefore, the security of both data and financial resources is a big question.
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Although BitMart is a fairly popular and secure platform, it does not guarantee the safety of data and a quick withdrawal of funds. Therefore, whether it is worth using it if you want to remain anonymous is a big question.