Bitmart is this a scam? Review and Customers Reviews

Bitmart is a young platform for cryptocurrency trading that appeared on the financial market in 2018. In a fairly short period, the company managed to become popular among users all around the world.

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 exchange. 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 can make transactions on multiple platforms with a single click.
• Contract trading. Allows clients to trade on pending exchange contracts.

The site also has a “Mission X” feature, where users can decide which 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. Now, there are more than 260 trading pairs on the website. 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;
• multiple 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 the 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 BitMart

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 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 to 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

bitmart.com exchange 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 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, 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 can reduce commissions by 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 should pay 0.0005 BTC, and to withdraw Ethereum – 0.01 ETH.

 

Bitmart Bonuses

On bitmart.com you can find a lot of information about the various bonuses, as well as contests that are held on the platform from time to time.

DAPS Coin online shopping contest

During 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 referral link and receive up to 60% of the commission. Any registered user who has verified an account can become a partner.

 

Complaints about Bit Mart

Although the organization has only recently appeared on the market, you can already find a significant number of reviews online. In general, the platform has a positive reputation. Among the positive aspects, users mention a wide variety of cryptocurrencies available for trading, fast transaction execution, and a convenient trading schedule. However, some customers have noted some drawbacks, such as high withdrawal fees and the freezing of the mobile app.

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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 the regulation of the project.

Regulators

It is known that in April 2018, the company was registered as an MSB with U.S. regulators. The contact information and the necessary documentation are 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 and the obligations of both parties. The disadvantage is that the document is presented only in English. Let’s consider some points in more detail.

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 website 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 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 client’s instructions. Thus, the users 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 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 no responsibility for unsupported branches of a branching protocol. BitMart is not responsible for helping with unsupported currencies or protocols.

The organizer reserves the right to refuse or cancel any pending transaction, as required by law, in response to a court order, subpoena or other governmental order. BitMart is unable to cancel a transaction once it 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;
• the 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 OTC trading rules, 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 digital asset exchange that has been around for a relatively short time, having launched in 2018. Despite its recent inception, the platform has managed to gain the trust of users worldwide. The platform’s interface is available in 8 different languages, indicating its commitment to the international market. Bitmart’s headquarters are located in the Cayman Islands, where the company’s operations are regulated. However, it also has offices in the United States, China, Korea, and Hong Kong, further demonstrating its global reach.

The platform offers trading opportunities on various markets, allowing clients to trade in multiple directions simultaneously. This includes over-the-counter (OTC), target, contract, and spot trading, with more than 260 trading pairs available on the exchange. The service has developed its own token that traders can use to receive not only discounts on commissions but also the ability to vote on cryptocurrencies that may be listed on the platform.

Various contests with rewards and bonuses are held regularly for participants, as well as an affiliate program is in place to allow traders to earn additional income by referring new clients. A mobile app has been created to ensure 24/7 access to trading, allowing users to access the platform’s features from their smartphones. Both Android and iOS versions are supported.

Although the company has been in operation since 2018, there are already a significant number of reviews available online. In general, the platform has a positive reputation, albeit with some negative comments. After examining the features offered by the project, we can conclude that BitMart is not a scam or a fraudulent organization. This is because the company is successfully operating and is popular with customers worldwide.

 

Conclusion

Bitmart is an exchange that came onto the scene in 2018. The company gained popularity among users from various countries. The platform focuses on the international market, as shown by the multi-lingual interface of its official website. Users are provided with favorable terms for cooperation and a wide range of trading pairs. However, newcomers often mistakenly underestimate trading risks and suffer losses. Therefore, before starting cooperation, they should carefully read the documentation on the platform. Now, the exchange stands out among its competitors, although it has some drawbacks. If you have worked with the company, please leave your feedback about the service on our platform to help create an independent rating of crypto exchanges.