BitMart Cryptocurrency Exchange
BitMart Exchange was founded by a group of cryptocurrency enthusiasts and is registered in the Cayman Islands, with an official license for financial transactions and offices around the world.
The main idea is to create a unique platform that combines trade in various markets. So users have the opportunity to trade in several directions at once:
- Spot trading – fast online transactions;
- OTC trading – the exchange of assets on intermediate services between global companies and individuals according to the principles of B2C and C2C;
- Contract – trade on deferred exchange contracts;
- Target trading – using this system, traders can make transactions on several platforms with one click.
The company is also working on creating a decentralized exchange of cryptocurrency assets between users.
The development of the trading platform began in November 2017 with the formation of a team. For this, experts in the field of exchange trading, computer security and marketing were involved in the project. Three months after this, the company presented its own BMX token, through the ICO with which it raised the necessary investment capital for further development. In March 2018, the official opening of the trading platform took place and Airdrop was held, and a month later the company was registered as an MSB with American regulators.
The platform has a special mission X program, thanks to which users can independently decide which cryptocurrencies will be traded on the exchange by voting with internal tokens. On the first day after the launch of the program, the trading volume of the exchange exceeded $ 12 million.
The trading platform has been translated into 6 languages, including Russian and English. For convenience, official Android, iOS, and Mac OS applications have also been developed.
Registration and Verification
Registration on the exchange is maximally simplified and is available through a phone number or email address. To register, you should:
- Indicate email address or phone number;
- Set a password for the account;
- Read and agree to the rules of the platform;
- Click on the registration button.
Next, you should wait for the confirmation code, enter the data in a special field, thereby activating the account.
Immediately after registration, all users get the opportunity to trade per day equivalent to 2 MTC. To increase the limit, it is necessary to pass user verification, which consists in downloading a scan of an identity document. It can be a passport or a driver’s license. After verification, the daily limit will increase to 100 BTC.
Deposit and withdrawal of funds
BitMart supports trading only cryptocurrencies, so you can only replenish a deposit account or withdraw funds from the exchange using digital assets.
To replenish or withdraw, go to the ‘Balance’ tab in your account, after which a list of cryptocurrencies available for replenishment and withdrawal will open. The list of cryptocurrencies for replenishment is diverse, it only requires you to select a priority and click on the ‘Deposit’ button to receive a personal address for replenishment.
To withdraw in the same section, you need to click on ‘Withdraw’ in the line with the currency to be withdrawn and indicate the amount to be withdrawn and the address of receipt.
How to trade on BitMart
To trade, you should visit the ‘Exchange’ section. Here is a list of 87 trading pairs, divided for convenience into three main categories of BTC, ETH and USDT.
When you click on a trading pair, full statistics on it opens. At the top of the page is the price, as well as an indicator of its change with a percentage of increase or fall. In the center there is a chart in the form of Japanese candles, reflecting the movement of prices based on completed trading operations. Under this chart is a chart of trading volume.
In order to see the specific time and data for any point, just move the mouse cursor over the selected location in the graph. Traders also have the ability to select time intervals for displaying statistics starting from 5 minutes and ending with a week. For convenience, the graph can be expanded to full screen by selecting the appropriate option on the page.
On the right side of the chart, you can see the placed purchase or sale orders in the selected pair, and below the active orders placed by the user.
Here is the form for creating a new cryptocurrency operation. To place an order, you should indicate the amount of cryptocurrency given and bought. For the convenience of trading, buttons are provided that allow you to place from 25 to 100% of the available currency for sale with one click.
From all it can be concluded that the exchange has a well-thought-out trading interface that allows you to quickly analyze market trends and place deals. But there are also negative feedback from users who have noticed that the numbers in the graph can at times overlap each other.
The exchange has a fairly low commission. The trading commission is only 0.05% of the transaction amount. For replenishment and withdrawal of funds from accounts, the trading platform itself charges a commission fee, and also does not establish limits. For the withdrawal, you will have to pay only the shipping costs due to the network of the selected cryptocurrency.
So, the minimum amount for withdrawing Bitcoin is 0.005 BTC with a similar commission. For ethereum, the minimum limit for withdrawing is 0.015 ETH with a commission of 0.01 ETH.
Detailed information on limits and commissions can be found in the ‘Fees’ tab.
Security & Support
To increase the level of account security, two-step user authentication and a pin code for trading operations were added to the trading platform. Functions are not connected by default. In order to secure accounts:
- Log in to your account
- Go to the ‘Security’ tab;
- According to the instructions, connect Google Authenticator or set a confirmation PIN code by phone number.
The exchange also provides the ability to recover data in case of loss of the phone or problems with Google Authenticator. To do this, you need to provide support with the following information.
- Email address associated with your BitMart account.
- The balance for the cryptocurrency with the highest rate.
- The date and time of the transaction of any deposit or withdrawal.
For all questions that arise, you should contact those support by e-mail or on the official page in Telegram. Online chat on the platform has not yet been provided.
BitMart is a young and promising exchange that provided traders with advanced functionality for the most convenient trading. Thanks to the debugged work of specialists, in a short time she managed to rise in the TOP-50 exchanges in terms of trading volume and make the internal BMX token popular.