BitMart is revolutionizing the space of digital assets as a global leading cryptocurrency exchange. It provides zero-fee, off-chain, peer-to-peer (P2P) trading with unique security architecture and features scalable for both retail and institutional investors. The platform has stumbled quite pitifully, suffering a huge security breach where hackers walked off with millions of dollars in losses. This article reviews what BitMart has to offer and how BitMart’s fees compare. It analyzes the platform’s security features and its overall standing in the cutthroat cryptocurrency exchange industry.
Zero-Fee P2P Trading and Platform Features
BitMart distinguishes itself by offering zero-fee peer-to-peer (P2P) trading, enabling users to directly buy and sell cryptocurrencies without incurring transaction fees. This feature makes it a very appealing option for active traders, who tend to care more about minimizing costs to maximize profits on trades.
Beyond P2P trading, BitMart provides a robust trading experience. Trading Features You’ll be pleased with spot and futures trading, margin trading with leverage up to 5x, and getting your hands on new tokens before they’re available on the exchange with the BitMart Launchpad. The exchange features BitMart Earn, a high-interest program with daily-compounded interest on eligible cryptocurrencies.
BitMart provides an intuitive platform for all types users with its convenient mobile app. This app is protected with strong security measures including passcode protection, multi-factor authentication and Touch ID to help ensure your account is secure. It means that users can feel confident in managing their cryptocurrency holdings on-the-go in a secure manner.
Fee Structure and Premium Services
Spot trading on BitMart employs a tiered fee structure. This competitive structure is excellent, though it can be burdensome and confusing for those unfamiliar to navigate. The current fee structure is made up of 12 tiers, beginning with 0.1% on each side (maker and taker). The more a user trades, the lower their fees become. At the top tier, makers have the lowest cost in the industry at 0.04%, and takers only pay 0.045%.
For futures trading, BitMart fees are set at 0.02% for makers and 0.06% for takers. Moreover, the platform has a relatively low flat 1% trading fee for NFT buying and selling.
BitMart provides a premium trading experience through BitMart Private Client, which is dedicated to institutional traders and high-net-worth individuals (HNIs). This new service would deliver customized solutions, committed on-the-ground support and likely better fee arrangements. BitMart has a super attractive referral program which we don’t find surprising. During the first half-year, make a 70% direct commission and an additional 10% sub-commission on spot trading!
Security Breach and Hybrid Wallet System
BitMart undoubtedly took the biggest hit when they were robbed blind in one of the largest security breaches to date. In March, hackers were able to compromise its private keys to steal approximately $200 million worth of tokens. This incident put the security of the platform and their security protocols as well as user funds in jeopardy.
BitMart uses a hybrid wallet system. This process, which uses hot wallets for online access while keeping funds in cold wallets held offline, balances convenience and security. Hot wallets allow users to make lightning quick transactions. Cold wallets offer a higher level of security by storing the majority of assets offline, away from potential cyber attacks. The hybrid approach tries to avoid the risks presented by each style of wallet.
Following the hacking attack, BitMart has further strengthened its security system and promised to make amends to their users who suffered losses. The situation is a further reminder of the need for strong security measures across the evolving cryptocurrency space.
Market Standing and Coinmarketcap Rating
BitMart Exchange’s reputation as a leading, investor-friendly cryptocurrency exchange has earned it the top spot on key cryptocurrency ranking platforms such as CoinMarketCap and CoinGecko. The exchange has a CoinMarketCap rating of 16. It is ranked 28 on CoinGecko, further evidencing its popularity and high trading volume among all other exchanges.
These ratings take into account several aspects like trading volume, liquidity, their security, and user reviews among others. BitMart has good ratings. There is still lots of room for improvement on issues such as security and user experience.
The public cryptocurrency exchange market couldn’t be more competitive, and countless platforms have come and gone in its short history. To secure and grow its position in such a competitive market, BitMart will need to keep innovating and rectifying their weaknesses. A prime example of this type of innovation is the BitMart INO (Initial NFT Offering). This new initiative signals a promising foray into the NFT world and provides a real opportunity for growth.
In a Nanosecond by S’Yo
