BitMart is a cryptocurrency exchange registered in the Cayman Islands and has permission to offer buying, selling, and crypto trading services across many nations.
What is BitMart?
Launched in March 2018, BitMart is a well-known exchange in the industry. Utilizing distributed computing capabilities from Google Spanner and BigTable, it is built on the Google Cloud platform and takes precautions to protect customer data.
BitMart offers consumers a consistent and equitable service experience by automatically adjusting service capacity based on internet speed. BitMart Exchange holds an MSB license from the Financial Crimes Enforcement Network (FinCEN) of the United States.
Based on Coinmarketcap data, BitMart is ranked 32nd out of all exchanges in the market, with $1,181,544,106 in spot trading volume during the previous day. As of this now, the exchange has $90,669,420 worth of assets overall.
Advantages and disadvantages of BitMart
Advantages
- Offers multiple trading options, such as purchasing and selling via Visa,
- Mastercard and cryptocurrency trading.
- Supports a wide variety of tokens, giving investors a multitude of options.
- Organizes promotional programs on a regular basis for users of the BMX token.
Disadvantages
- Relatively new compared to competitors, lacking a strong position in the market.
- Lower trading volume and market capitalization.
- Certain functionalities cannot be accessed by non-KYC accounts.
BitMart fee structure
BitMart’s Maker-Taker model fee structure starts at 0.25% for both Makers and Takers. Transaction fees are determined by the BMX balance as well as the trading volume over the last 30 days (in Bitcoin). At 0.04% for Makers and 0.06% for Takers, futures trading fees are more affordable and competitive. Deposit fees are not assessed by the site. Depending on the kind of asset, withdrawal costs change.
How to register on BitMart exchange
- Visit https://www.bitmart.com/en-US.
- Click “Get Started.”
- Complete the form, tick the agreement with the terms, and click “Sign Up.”
- Enter the code sent to your email to verify your address.
- Log in and start using the platform.
How to complete KYC on BitMart exchange
- Select “Personal Center” from the upper right corner after logging in, then click “Verification.”
- Click “Verify Now” in Level 1 – Starter.
- Fill in the information and click “Confirm.”
Users can move on to Level 2 – advanced verification after finishing Level 1 – basic verification. Users may need to finish Level 2 before doing certain high-risk transactions, depending on the regulations of nations and areas.
- Users must use a mobile phone to take a photo and scan the QR code in order to verify Level 2.
- Select the kind of document to submit (a driver’s license, ID card, etc.).
- Make sure the images are clear and fit the frame while taking pictures of the front and rear.
- Facial verification is completed
- Await the system’s confirmation that the account has been activated successfully.
BMX token information
- Token name: BitMart
- Symbol: BMX
- Blockchain: Ethereum
- Total supply: 636,774,967 BMX
- Circulating supply: 324,281,616 BMX
Price and trading platform
BMX is currently trading at $0.3628, up 30.99% over the past month and 28.3% over the last 24 hours. According to Coinmarketcap statistics, BMX’s 24-hour trading volume is $620,738, up 368%. The project has a $117.64 million market capitalization.
At the moment, exchanges like KuCoin, BitMart, and GroveX allow users to buy and sell BMX.
Team
The majority of the crew, according to the project, has experience and knowledge. Numerous employees have held positions with industry-leading organizations like Amazon, Accenture, Tencent, Alibaba, and other significant tech firms.
The company’s founder and CEO is Sheldon Xia. Xia majored in computer science while attending Stevens Institute of Technology. Xia founded Women4Blockchain and The SVIEF projects prior to BitMart.
Investors and partners
BitMart has had three fundraising rounds, based on CryptoRank data. The $22.26 million raised in the initial coin offering (ICO) was kept a secret throughout the Strategic and Series B rounds. The project’s valuation was $300 million in November 2021.
Project links
- Website: https://www.bitmart.com/en-US
- Twitter: https://twitter.com/BitMartExchange
Conclusion
BitMart focuses on offering straightforward and safe cryptocurrency services and goods. Access to the user base is increased by the exchange’s relatively broad target audience, which includes both individuals and organizations. BitMart aims to make cryptocurrencies more accessible to all people worldwide. With innovations in its global objective to help the world become a highly efficient financial system, BitMart has expanded quickly.
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