Bitmart Review

BitMart Exchange Review: Global Altcoin Exchange

BitMart is a global cryptocurrency exchange founded in 2017, headquartered in the Cayman Islands with offices in the US, South Korea, and China. It specialises in altcoin trading and has listed thousands of smaller-cap tokens, attracting traders who seek early access to emerging projects.

Background

BitMart was founded by Sheldon Xia in 2017. The exchange registered in the Cayman Islands and obtained Money Services Business (MSB) licences in the US (FinCEN), Canada (FINTRAC), and several other jurisdictions. BitMart is known for rapid token listings, often supporting new projects shortly after launch.

Supported Assets

BitMart supports 1,500+ cryptocurrencies, making it one of the largest exchanges by asset count. This includes many small and mid-cap altcoins not available on major exchanges.

Key Features

Spot Trading: Comprehensive spot market with 1,500+ trading pairs.

Futures: USDT-margined perpetual futures with up to 100x leverage.

BMX Token: BitMart's native token (BMX) provides trading fee discounts (up to 25%).

Launchpad: BitMart Launchpad for new token launches.

Earn Products: Staking and savings products on selected assets.

Fees

• Standard spot fee: 0.25% (taker), 0.25% (maker)
• Reduced with BMX token holdings or VIP volume tiers

Security Concerns

In December 2021, BitMart suffered a significant hot wallet hack — approximately $196 million was stolen from Ethereum and BSC hot wallets. BitMart CEO Sheldon Xia pledged to compensate affected users, and reimbursement processes were completed for most users.

This incident raises questions about BitMart's hot wallet security practices. As with any exchange, it is advisable to withdraw crypto to a personal wallet rather than keeping large amounts on the exchange.

Verdict

BitMart is useful for trading obscure altcoins that aren't listed elsewhere. However, the 2021 hack and higher trading fees make it less suitable as a primary exchange. Use it only for specific altcoin access, and withdraw funds promptly.

• 1,500+ altcoins listed
• Low barrier for new token listings

• $196M hack in 2021
• Higher fees than major exchanges
• Limited fiat on-ramps