BitMart Review: Is Your Crypto Safe With BitMart Exchange?
BitMart is one of the crypto competitors in the US and worldwide. Their services include staking, trading in crypto and futures, and classic buy/sell services.
However, there have been many negative comments we’ve decided to explore. Read our unbiased BitMart review for more.
|Is This Company Safe?
|It’s not safe
|Up to $3,000
|Cryptocurrencies, futures, NFTs
|Free Demo Account:
|How to� Withdraw from This Company?
|Since this company is unlikely to return your money – contact your bank, or the financial regulator in your country, or simply reach out to us for professional assistance in recovering your funds.
Is BitMart a Legitimate Crypto Exchange?
BitMart is an exchange of Sheldon Xia registered in the Cayman Islands. What’s odd, we weren’t able to find the name of the company owner, and searching CIMA register for BitMart provided no results.
We discovered that the company registered with FinCEN in 2018 as a Money Service Business. This means they can provide crypto-to-crypto trading in the US. However, all other customers belong under an unregulated offshore entity, while their staking services aren’t registered as securities.
All in all, the lack of company information doesn’t evoke trust and doesn’t make us believe that BitMart is legit, similar to Atomic Wallet. This was kind of confirmed through the reviews we found.
Where Does BitMart Find Customers and Who They Are?
BitMart website was registered back in 2001, but the company has existed in the format of an exchange since 2017. According to their traffic analysis, the majority of customers come from:
Investors are attracted through social media ads and various promotions this company offers.
Investor Reviews – Experience and Feedback
We checked BitMart reviews on various websites and social media. The company is rated with 3.8/5 stars on Trustpilot, with 2,417 comments at the time of writing. However, there are 35% of 1-star reviews. If you check the latest ones, you will see them all negative. Most complaints refer to customers’ inability to sell their tokens and exchange them for other coins. Furthermore, the BitMart support team seems to be unresponsive.
A similar situation is on Twitter, where we found an account @BitmartScam. This account warns customers about the company’s various scheme tactics to steal customer funds.
Trading Tools – Platform and Assets
Since we’re talking about an exchange, we don’t expect to see a spectacular platform or a wide variety of assets. However, we hope to see a tool that’ll help customers earn profit. Sadly, we didn’t find it.
Trading Platforms Choice
The only trading platform you can access is WebTrader. It’s as lousy as they get, without any special features. You can buy, sell, and see current market prices. Additionally, you can access your trading history.
BitMart Mobile App
BitMart login is enabled through an app for Android and iOS. Links for both are on the exchange’s website, where you can download them from. The app supports 2FA, meaning you can enable an additional layer of protection for your crypto wallet.
When it comes to trading, you can trade cryptocurrencies such as BTC, ETH, LTC, and the native token, BMX. If you decide to trade crypto futures, you will be able to do so with the leverage. The company also advertises NFT tokens alongside NFT campaigns.
Leverage, Commissions, and Spreads
If you choose to trade crypto futures, you can get leverage up to 1:100. Note that the limit for crypto trading in Europe is 1:2 according to ESMA rules. This is due to the asset’s high volatility and increased risks.
The fees depend on your trading level. There are nine levels, and each of them brings lower commissions. The level is calculated based on your BMX holding balance, assuming your trading volume is under 150 BTC within 30 days. Fees range from 0.03% to 0.1% for the maker and from 0.04% to 0.1% for the taker.
BitMart Deposit and Withdrawal Methods
Since the company has no actual license but an MSB regulation, it can only operate on a crypto-to-crypto basis. You cannot convert your fiat currency into a digital one. Therefore, you need to purchase crypto elsewhere, then transfer it to your wallet. The deposit is free for all coins except for several coins, where you’ll have to pay a 2-12% fee.
The same stands for BitMart withdrawal, which is only possible to another crypto wallet. Withdrawal fees vary from token to token and are expressed in this particular coin. For instance, a BTC withdrawal will cost you 0.001 BTC, with the minimum withdrawal amount being 0.002 BTC.
In case of any issues, you’re instructed to contact the BitMart support team. But as we saw from reviews, there’s a low chance you’ll get an answer.
Customer Support Availability
BitMart is present on social media, there’s a chatbot that will give you some basic FAQs; if you still cannot find what you need, you must submit a request through a website form. However, the experience of their users shows us that you will wait indefinitely for a response, especially if your money is stuck in your account.
Therefore, the company cannot brag about stellar support. We see it as a big drawback and a reason to avoid the firm.
Final Words on BitMart Exchange
While registered with FinCEN, BitMart is not regulated for trading in securities. It means there can be some severe issues down the road, as we saw with FTX, Binance, and many other exchanges.
Since we already elaborated on withdrawal issues, we can only say that you need to act fast. With crypto being the only viable payment option, traces of your funds will be lost quickly. Our CipherTrace analysts can help you track and trace your digital coins and find your final destination. Then, you can file such a report to authorities for help.
Book a free, non-obligatory consultation today, and let’s begin!
What Is BitMart?
BitMart is an offshore crypto exchange registered in the Cayman Islands. If you invested your money and cannot get it back, we might be able to assist.
Is BitMart Available in the United States or the UK?
BitMart offers its services to customers from both the UK and the US.
Does BitMart Offer a Demo Account?
There’s no Demo account, but you can test the system by investing a minimum of $1.