Bitmart is this a scam? Reviews and description

In our review, we will take a closer look at the features implemented by the project and find out if Bitmart is a scam or a reliable platform for trading digital assets.

Why Bitmart?

Bitmart is a popular cryptocurrency exchangeThe company is focused on the international market, as evidenced by the multilingual interface of the project. The company focuses on the international market, as evidenced by the multilingual interface of the project bitmart.com. The main office is registered in the Cayman Islands, where the organization is regulated. Also the main offices are located in the U.S., China, Korea and Hong Kong.

The main idea of the developers was to create a unique platform, which combines trading on different markets. This approach provided clients with the opportunity to trade in several directions:

• OTC trading. Represents the exchange of assets on intermediate services between companies and individuals. It is carried out according to the B2C and C2C principles.
• Spot Trading. Allows you to quickly make transactions online.
• Targeted Trading. Traders get the opportunity to make transactions on multiple platforms with a single click.
• Contract trading. Allows clients to trade on pending exchange contracts.

The site also has a program called "Mission X," in which users decide for themselves which of cryptocurrencies will be present on the exchange. The choice is made by voting with internal BMX tokens, which were presented three months after the launch of the platform. At the moment, more than 260 trading pairs are presented on the site. The company works with the main digital assets - VTS, ETH, ALTS and USD.

The trading platform itself bitmart.com has a simple and intuitive interface. The project is more suitable for experienced traders who can understand the basic functionality of the site for 15-20 minutes after registration.

The trading platform provides the following functionality:

• information about the trading pair - at the top there is a price, as well as an index of its change;
• In the middle is a chart in the form of Japanese candles;
• below is a chart of the trading volume;
• you can see the buy and sell orders on the right;
• at the bottom there are active orders placed by the user and the order history.

It is important for most clients to have constant access to the trading floor. That is why a mobile application was created, through which the user can access the basic functionality of the project at any time and at any place. Both iOS and Android versions are available.

Among the main advantages of the service are:

• user-friendly interface;
• Russian-language interface;
• a large selection of trading pairs;
• No deposit or withdrawal fees;
• token availability;
• no mandatory verification;
• large volume of trades;
• security.

How to exchange cryptocurrency on bitmart.com platform?

To make a cryptocurrency exchange, you need to follow a few simple steps:

• go to the "Exchange" section on the main page of the project;
• Select the necessary trading pair to make the exchange;
• fill out an order specifying the amount of cryptocurrency to be exchanged;
• click the "Sell" or "Buy" button depending on your goal.

Verification on the BitMart platform

Verification is an optional process on the exchange, but passing the identity verification allows you to increase the withdrawal limit. Unverified accounts can withdraw up to 2 VTB per day, and verified accounts - up to 100 VTB. To start verification, go to your personal profile and click on "Details" next to the information about your account level.

Next, the client is presented with three types of accounts and their advantages, which are provided after passing one or another level of verification. To go to the second level, you must fill out the following information:

• select your country of residence;
• indicate your name, sex and date of birth;
• specify the document that can confirm the identity of the user (passport, ID card or driver's license);
• write the document number.

Next, the user needs to send several scans or photos of documents:

• the front photo of the document;
• back photo of the document;
• a photo of the user holding a sheet with a photo of the document spread, the current date, Bitmart caption and signature.

There is also a level 3 account, which gives the client full access to all the functionality of the project. To get the third level, you must first provide general information:

• name and surname;
• date of birth;
• gender;
• phone number;
• email address;
• profession.

The next step is to fill out additional information and provide some documents:

• residence address, city and country;
• take a picture of your ID card.

It is worth noting that verification on average takes from a few hours to a few days.

Deposit and withdrawal

Exchange bitmart.com supports cryptocurrency trading only, so it is possible to make a deposit or withdrawal of earnings only using digital assets (How to Make Money on Cryptocurrency?). To fund your trading account, you need to perform a few simple actions:

• enter your profile and go to the "Balance" tab;
• choose the appropriate type of cryptocurrency and click on "Deposit";
• copy the generated address and paste it into the place where the replenishment will come from.

Withdrawal of earnings

Withdrawal of funds is also quite simple. The minimum amount is specified separately for each type of cryptocurrency. For example, for Bitcoin - 0.005 BTC, and for Etherium - 0.015 ETH. To withdraw your earnings, you should also enter your profile and go to the tab "Balance". Then you should select several actions:

• click the "Withdraw" button next to the selected currency;
• specify the amount to withdraw, as well as the address to which the funds will be credited.

Cryptoexchange Commission

There are quite low commissions on the trading platform. The amount of commission depends directly on the level of the user:

• VIP 1 (<10 BTC or <100,000 BMX) - 0.10% for makers and 0.20% for takers;
• VIP 2 (≥10 BTC or ≥100,000 BMX) - 0.09% for makers and 0.18% for takers;
• VIP 3 (≥50 BTC or ≥500000 BMX) - 0.08% for makers 0.16% for takers;
• VIP 4 (≥250 BTC or ≥1000000 BMX) - 0.07% for makers or 0.14% for takers;
• VIP 5 (≥1000 BTC or ≥2500000 BMX) - 0.06% for makers or 0.12% for takers;
• VIP 6 (≥5000 BTC or ≥50000 BMX) - 0.05% for makers or 0.10% for takers;
• VIP 7 (≥25000 BTC or ≥10000000 BMX) - 0.04% for makers or 0.08% for takers;
• VIP 8 (≥50000 BTC or ≥20000000 BMX) - 0.03% for makers or 0.06% for takers.

Users also have the ability to reduce commissions on 25% by purchasing a BMX token.

Withdrawal fees

The service does not charge a fee for deposits. There is a different commission for each type of cryptocurrency for the withdrawal of earnings. Thus, to withdraw bitcoins you will need to pay 0.0005 BTC, and to withdraw Ethereum - 0.01 ETH.

Bitmart bonuses

On the company's website bitmart.com you can find a lot of information about the various bonuses, as well as contests that are periodically held on the platform.

DAPS Coin online shopping contest

In honor of Christmas, the company is holding a contest for 25,000,000 DAPS. All users who buy and sell DAPS are eligible to participate. Ten winners will be chosen from among all participants, who will receive the following reward:

• 1st place - 7,500,000 DAPS;
• 2nd place - 5,000,000 DAPS;
• 3rd place - 3,750,000 DAPS;
• 4th-10th place - 1,250,000 DAPS each.

Christmas BMX trading contest on BitMar

Users are invited to participate in a contest with a total prize pool of 17.5 BTC + 2,240,000 BMX. The winners are those participants who have made the largest volume of purchases and sales of BMX within the specified period. The top 10 users will be rewarded with the following prizes:

• 1 place - 7 BTC + 700,000 BMX;
• 2nd place - 3.5 BTC + 350,000 BMX;
• 3rd place - 2.1 BTC + 210,000 BMX;
• 4th-10th place - 0.7 BTC + 140,000 BMX each.

The following trading pairs are accepted: BMX/BTC; BMX/ETH; BMX/USDT.

Christmas bonuses

Together with Goose Q, BitMart is holding a Christmas promotion. As part of the promotion, new users can share the post on Twitter, add the necessary hashtags, submit a form and receive their prize. The company will collect all the results and the top 100 participants with the highest total number of retweets + likes will be entitled to share 100,000 GQ.

Quiz

Every day, Monday through Friday, the site hosts a quiz in which users can win a prize of up to 1,000 BMX. The quiz contains general facts about the company as well as some industry-specific questions.

Referral program

An affiliate program has been developed for active traders who want to earn passive income. Thus, participants can attract new clients to the project using their own referral link and receive up to 60% of the commission amount. Any registered user who has verified his account can become a partner.

Complaints about Beat Mart

Although the organization appeared on the market relatively recently, you can already find a considerable number of reviews on the Internet. In general, the platform has a positive reputation. From the positive moments, users point out a large selection of cryptocurrencies, fast execution of transactions, convenient schedule for trading. Of the disadvantages, customers note the high withdrawal fees, as well as the freeze of the mobile application.

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Bitmart regulation

The financial sphere is quite risky, because there is a large number of unscrupulous projects. In order not to deal with fraudsters, it is necessary to carefully check the documentation on the official website, as well as the relevant license. Consider in more detail how the regulation of the project.

Regulator bitmart.com

It is known that in April 2018 the company was registered with U.S. regulators as an MSB. The contact information as well as the necessary documentation is publicly available for all users.

Documents from bitmart.com:

• Read the "Privacy Policy" on the Exchange website (See);
• Read the "User Agreement" on the Bitmart exchange site (See).

BitMart User Agreement

The "User Agreement" is the basic document for clients who have decided to cooperate with the company. The agreement contains the basic rules of trading, as well as the obligations of both parties. The disadvantage is that the document is presented only in English. Let's consider some points in more details.

The agreement begins by stating that the company has the right to modify this agreement at any time by posting the revised agreement on its web site or by providing users with a copy. The revised agreement is effective upon publication, but is not retroactive. Continued use of the services after publication of the revised agreement signifies the customer's agreement to the modifications. If the user does not agree to any such modification, their sole and exclusive remedy is to stop using BitMart and close their account.

The Client understands and acknowledges the fact that the use of the trading platform is at the Client's own risk. The company itself does not provide investment services or legal advice. All trades are completed automatically, based on the instructions of the clients themselves. Thus, it is the users who are responsible for determining any investments, strategies and trades. The organizer does not provide a guarantee that the client will not incur any losses or damages as a result of using the web resource.

It is also worth considering the fact that the value of a digital currency can be derived from the continued willingness of market participants to engage in digital currency transactions, which can lead to the potential for partial and complete loss of value of a particular digital currency should the market for it disappear. The volatility and unpredictability of the digital currency market can also lead to significant losses in a short period of time.

By using BitMart services, the customer acknowledges and agrees to the following facts:

• The company is not responsible for the operation of the underlying protocols and makes no guarantee of their functionality, security or availability;
• underlying protocols are subject to sudden changes in the rules of operation and can significantly affect the value, function, or even the name of the stored digital currency on the platform;
• in the case of branching, you agree that BitMart may temporarily suspend transactions (with or without notice) and in its sole discretion decide whether to support any branch of the branching protocol in its entirety;
• the company bears absolutely no responsibility with regard to unsupported branch of a branching protocol. BitMart is not responsible for helping with unsupported currencies or protocols.

The organizer reserves the right to refuse to process or cancel any pending transaction as required by law or in response to a subpoena, court order or other binding governmental order, or to enforce transaction limits. BitMart cannot cancel a transaction that has been submitted to the digital currency network.

As part of the agreement, the company may suspend, limit or terminate a customer's access to any or all services, and deactivate or close a user's account if:

• organization requires a person to have a valid subpoena, court order, or binding order from a government agency;
• the customer is suspected of using a BitMart account in breach of use;
• account is used for a prohibited business;
• the use of the account is the subject of any pending litigation, investigation or government proceeding, or the company feels a heightened risk of non-compliance with laws or regulations related to the account's activities;
• service partners cannot support the use of the user's account;
• the customer takes any action that the company considers circumventing controls, including but not limited to opening multiple accounts or abusing promotions that BitMart may offer from time to time;
• the client violates this agreement, the privacy policy, the rules of OTC trading or any other service policies.

In no event shall BitMart, its affiliates and service providers or any of their respective officers, directors, agents, joint ventures, employees or representatives be liable for lost profits or any special, incidental, consequential, intangible damages, whether based on contract, tort, negligence, strict liability or otherwise, arising from authorized or unauthorized use of the BitMart platform or this agreement, even if authorized

Bitmart.com customer service

You can contact support in one of the suggested ways:

• email: [email protected];
• feedback form;
• online chat.

Is Bitmart a scam?

Bitmart is a popular exchange for the exchange of digital assets. The project appeared quite recently - in 2018, but managed to win the trust of users around the world. The interface of the platform is translated into 8 languages, which indicates the orientation of the organization to the international market. The headquarters of the company is registered in the Cayman Islands, where the regulation of the service takes place. However, the offices are also located in the U.S., China, Korea and Hong Kong.

The platform combines trading on different markets. Thus, clients can trade in several directions at once - over-the-counter, target and contract trading, as well as spot trading. There are more than 260 trading pairs in total on the exchange. The service has also developed its own token, with which traders can get not only discounts on commissions, but also the opportunity to vote for cryptocurrency, which will appear in the firm's listing.

Various contests with rewards are constantly held for participants, bonuses are accrued, as well as an affiliate program has been developed. Thus, traders can earn extra income by attracting new clients to the project. In order for users to access trading 24/7, a mobile app was created. Using a smartphone, clients can access the project's functionality at any time. Both Android and iOS versions are available.

Although the company appeared on the market less than a year ago, you can already find a considerable number of reviews on the Internet. In general, the platform has a positive reputation, although there are negative comments. Having studied the opportunities implemented by the project, can we conclude that Bitmart is a scam and scammers? No, because the organization successfully operates and is popular among customers around the world.

Conclusion

Bitmart - an exchange that appeared on the Internet in 2018. In less than one year, the company has gained popularity among customers from different countries. The platform is focused on the international market, as evidenced by the multilingual interface of the official website. Users are provided with favorable conditions for cooperation, as well as a large selection of trading pairs. However, beginners are often mistakenly assessing trading risks and suffering losses. That's why before starting cooperation they should carefully study the documentation on the website. Now the exchange looks good among the competitors, although there are some drawbacks. If you have cooperated with the organization, leave your impressions about the service on our website to form an independent rating of cryptocurrency exchanges.