BitMart Review 2023 (2024)

Security

BitMart's website notes an "advanced risk control system," operating a hybrid hot and cold wallet system and deploying multi-signature technologies. However, the $196 million hack the exchange experienced in December 2021 suggests that BitMart's security could use some work.

While many leading exchanges hold all customer funds in cold storage, BitMart's hybrid hot and cold wallet system has enabled hackers to steal almost $200 million in assets belonging to BitMart customers.While BitMart has announced that it will reimburse all affected customers, a breach of this size suggests the exchange's security measures could be improved.

Opening a BitMart Account

To open a trading account on BitMart, you’ll start by providing your email address or phone number and a password. To start trading, you will need to complete an identity verification process. BitMart offers two levels of verification: Level 1 Starter and Level 2 Advanced. To buy and sell and withdraw small amounts of cryptocurrency, Level 1 Starter will suffice. For this tier, you will only need to provide some personal information.

To gain full access to all of the exchange’s features and to deal in larger amounts, you will need to complete the Level 2 Advanced tier, which involves sharing a government-issued ID and completing facial verification. Companies looking to open an institutional trading account must complete a more detailed onboarding process.

Customer Service

BitMart provides customer service via a dedicated support center, support tickets, and a live chat. Like many other cryptocurrency exchanges, it doesn’t offer phone support to its customers, so you will have to rely on its chat feature to get answers in real-time.

Customer Satisfaction

The BitMart hack in December 2021 upset customers who thought their funds would be safe with the Cayman Islands-based exchange. Nonetheless, BitMart’s Trustpilot rating is 3.9 stars out of five from over 2,400 reviewers. With that stated, poor support, lack of transparency, and the inability to withdraw funds are all customer complaints.

Account Management

Account management on BitMart is mostly self-serve, though the exchange does offer multiple customer support options for users who need assistance. BitMart offers accounts for individuals and institutions. There are also different account levels based on each user’s 30-day trading volumes that determine the amount of trading fees charged on each trade.Users can manage their accounts via the BitMart online dashboard or its mobile apps, available for Android and iOS.

How Bitmart Compares to Other Cryptocurrency Companies

BitMart offers many of the same products and services as leading global exchanges, such as Binance, CEX.IO, Poloniex, and Huobi Global.U.S. customers can trade on BitMart, but the exchange’s Earn and Lending products are unavailable to users in the United States.

What makes BitMart stand out among its peers is the large number of digital currencies and tokens offered on the platform. With over 1,000 tradable digital assets, traders who prefer to speculate on smaller altcoins and newly-issued tokens will appreciate what BitMart offers its customers.

Final Verdict

BitMart is a global crypto exchange that both beginners and experienced traders can use to buy and sell an exceptionally long list of digital assets. The exchange also offers a range of yield-generation opportunities for crypto holders and gives users early access to tokens issued via its in-house token launchpad.

However, the large-scale hack that the exchange suffered in December 2021 is concerning. Customer wallets were affected, and almost $200 million in funds were stolen by hackers. There have also been numerous reports about issues withdrawing assets, which may deter new users from signing up.

Frequently Asked Questions

Is BitMart Safe and Legitimate?

BitMart is a legitimate cryptocurrency exchange with over 9 million users in over 180 countries, according to its website. The exchange has over 1,000 cryptocurrencies listed, and it is set up for beginners and experienced traders to buy and sell from its website. Using any cryptocurrency exchange carries a degree of risk, and BitMart experienced a large-scale security breach when $196 million in cryptocurrency was stolen in December 2021. However, the company took measures to strengthen its security and has pledged to compensate its clients.

What Country Is BitMart From?

BitMart is registered in the Cayman Islands and has offices in South Korea, China, and the United States.

Is BitMart Better Than Coinbase?

BitMart and Coinbase are both cryptocurrency exchanges with solid customer reviews. Coinbase is recommended for beginners because of its smaller offerings (over 250 cryptocurrencies) and easy-to-use platform. BitMart has a simple buy/sell feature on its site, which is also helpful to new traders, but it offers over 1,000 cryptocurrencies on its exchange, giving it a slight edge over Coinbase.

Is BitMart Allowed in the USA?

Methodology

Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions by sharing our methodology for rating cryptocurrency exchanges. We determined our review on security, fees, number of cryptocurrencies available, and other factors. We also considered if the exchange is regulated by an appropriate agency or entirely decentralized.