BitMart is a centralized cryptocurrency exchange (CEX). Based in the Cayman Islands, it offers spot and derivatives markets, as well as over-the-counter (OTC) and margin trading. Customers can also access services like staking, API, and an NFT Marketplace.
The BitMart cryptocurrency exchange is KYC-compliant are required customers to complete the ID verification process. It can be accessed in more than 180 countries. Some services may be restricted due to regional regulations.
The BitMart crypto exchange facilitates crypto-crypto trading only. Fiat currencies are not listed on the markets. However, customers can trade using stablecoins such as Tether (USDT). Overall, there are over 700 BitMart trading pairs available and more than 650 assets listed.
The BitMart blockchain ecosystem hosts its native token, BMX. Customers that hold BMX in their accounts may be eligible for special offers and discounted fees. The rewards are determined by the BitMart crypto price value and the amount of tokens in possession.
The BitMart spot market is the main service offered by the platform. Alongside popular cryptocurrencies and stablecoins, customers can also access NFT, metaverse, and play-to-earn markets. Margin trading allows customers to trade with up to 5x leverage. Users that handle large-scale transactions can access over-the-counter (OTC) trading.
The derivatives market offers two types of perpetual futures contracts:
The BitMart cryptocurrency exchange also supports quarterly futures with up to 50x leverage. Trading conditions are adjusted for individual and commercial customers accordingly.
All BitMart trading pairs are categorized into one of the two groups – Class-A and Class-B pairs. The trading pair group determines what fees traders are required to pay in the spot market. The groups do not have an impact on BitMart crypto fees in the futures markets.
BitMart exchange fees are multi-tier and follow the maker-taker model. There are two separate tier groups for individual and commercial traders. Standard users pay based on the 9-level system, while professional trader rate levels are PRO1–PRO6.
The level is determined by the user’s BMX holding balance. The required 30-day BitMart trade volume is up to 150 BTC. All volume values are denominated in BTC. The maker/taker fees for standard users start at 0.20% each for Class-A pairs and 0.40% for Class-B pairs.
For professional traders, the fee tiers are based solely on the 30-day BitMart volume and require a minimum of 150 BTC. At PRO1, the maker-taker fees start at 0.040% and 0.060%, respectively, for Class-A parts, or 0.060% and 0.10% for Class-B pairs. If the volume exceeds 5,000 BTC, a maker’s rebate of up to 0.01% is applicable.
Futures fees on the BitMart crypto exchange are fixed. This means that the maker-taker rate is 0.020% and 0.060%, respectively, regardless of the trading class pair, BMX holdings tier, or status as an individual/commercial trader.
Although the deposit is free in most instances, some charges may apply to selected deflationary assets. There are no fixed BitMart crypto fees on withdrawals, as the rate is adjusted according to blockchain conditions and network performance. Criteria like minimum withdrawal amount may vary depending on the token.
Alongside the BitMart crypto exchange, customers can also access other financial services. BitMart Earn is a savings and staking program. Customers can stake their assets using flexible and fixed contracts and earn various rewards in return.
BitMart NFT is a marketplace for non-fungible tokens. It offers listings of individual tokens and collections that users can mint, buy, sell, or store. Customers that wish to access the NFT marketplace and earn additional membership benefits must comply with level 2 KYC requirements.
BitMart Launchpad is a platform for new and up-and-coming blockchain projects. Users can browse a project catalog and select which tokens they want to support. In return, investors may be eligible for rewards, such as token airdrops and special sales.
Developers can access the BitMart API toolkit. This feature provides live market data, spot and margin trading integrations, and other open-source DeFi tools. API users can also join the VIP program to earn traders’ rebates and other benefits.
About the Company
The BitMart cryptocurrency was launched in March 2018 by Sheldon Xia. While the company is registered in the Cayman Islands, its offices can also be found in Hong Kong, New York, and Seoul. BitMart is compliant with crypto regulations in the US.
In 2019, the team launched BitMart Labs, a project that aims to provide educational content on blockchain technology, cryptocurrencies, and DeFi.
In early December 2021, Bitmart fell victim to a malicious attack. According to company reports, the stolen Bitmart crypto price was around $150 million. Security experts estimated that the stolen funds were worth $200 million. Bitmart announced that all affected customers would be reimbursed.
Following the hack, it was stated that BitMart would reinforce network security to prevent further data breaches. Despite the network compromise, that year, the 24-hour Bitmart volume peaked at $4 billion.
In the 2021 wrap-up, the company announced that it surpassed 9 million registered users. The BitMart crypto price for the native token also reached its then-all-time-high at $0.495.
In 2022, it was announced that the BitMart NFT Marketplace would launch in the near future. According to the company, users that purchase NFTs may be eligible to participate in an NFT-based membership program to earn VIP privileges and other incentives on the BitMart crypto exchange.
Sheldon Xia is the CEO of Bitmart. He has a degree in computer science from Hangzhou Dianzi University. Alongside BitMart, Xia is also the founding partner of Cipholio Ventures, a DeFi and blockchain analysis firm.