BitMart is a Singapore-based centralized digital asset exchange platform founded in 2017 though it started its performance publically only on March 15, 2018. It is registered in the Cayman Islands and has branches in China, South Korea, and the United States.
According to the official information, the platform operates in more than 180 countries. Its website is available in seven languages: two variants of Chinese, Japanese, Korean, Vietnamese, English, Russian, and Turkish.
The exchange offers a wide range of trading opportunities to satisfy different needs of investors: future contract trading, OTC trading, spot trading. There are over 110 coins listed on BitMax and over 230 trading pairs are available for traders.
Unlike many other crypto exchanges, BitMax allows buying cryptocurrency for fiat money. It is possible to do this via three channels: MoonPay, Simplex, and Paxful. There are several payment ways offered to users: credit cards, Apple Pay, bank transfer, Amazon gift cards, PayPal, WeChat, Alipay, etc, depending on the payment channel. You can buy basic popular coins with USD, EUR, and CAD via MoonPay, with USD and EUR via Simplex, and with any fiat currency via Paxful. This function makes BitMart a beginner-friendly platform.
The deposit of funds is free. The trading fee for both makers and takers (Ordinary Users) is the same at all levels. The default fee is 0.25%. If the traders use BMX tokens to cover their transaction fees, they can enjoy a 25% discount. The level of the Ordinary user depends on the amount of BMX held.
Professional Users have another trading fee structure. Makers pay less than takers and their fees start from 0.06% for makers and 0.065% for takers. The discount for such users is calculated from the 30-day trade volume and BMX held.
The withdrawal minimum limits and fees depend on the token you want to withdraw. There is a note on the official website that withdrawal fees are regularly adjusted according to blockchain conditions. That is why it is important for traders to track the fee changes regularly.
BitMart Lending is a financial product designed for those who are looking for passive income. It is realized in the form of lending projects that have their own investment terms and yields. To participate in the project it is necessary to subscribe to it and the token amount you selected will get locked. When the project is ended, the participants automatically receive both the initial tokens committed to the subscription and the interest accrued to their BitMart accounts. The annualized interest rate differs depending on the token type. At the time of writing, it can range from 5% up to 120%.
BitMart Staking is one more financial product that is intended to provide passive income. This is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. The rewards are distributed monthly.
BitMart offers its Shooting Star program for new projects. It is described as a combination of ordinary listing and IEO with a simplified listing procedure and favorable rules. The first project listed on Shooting Star was NULS.
The Mission X2 project is another way of launching a new project. It is created for those who want to support startups and receive dividends from them. They need to invest a certain amount of BMX in the project they have chosen. Once the size of investment reaches 1 million BMX, the project token may enter the BMX market and be paired with BMX. All transaction fees from the BMX market will be rewarded to supporters in proportion to their share of the total investment on a daily basis
BMX is a native token of the platform. This is an ERC20-based utility token that was first issued as BMC in December 2017. In January 2018, its name was changed to BMX. The total volume is 1,000,000,000.
The token is allocated in the following way: 30% is dedicated to the specific participants, another 30% is meant for the founding team. 20% is allocated to community rewards. Whitelist investors and early adopters get 10% and 10% respectively. This coin provides fee discounts for its owners and is also used to participate in the Mission X2 project and the “Vote for Your Coin” campaign when it is active.
On April 30, 2018, BitMart Exchange’s US office was officially registered as a Money Service Business (MSB) with US regulators administered by the Financial Crimes Enforcement Network (FinCEN). This license is intended to enhance the users’ trust in the project. The users’ account security is achieved with the help of 2FA, withdrawal confirmation, IP address detection, encrypted personal information, and cold wallet storage.
Security issues are also eligible for the Bug Bounty program. Those users who report a bug that poses a significant vulnerability to the security of the BitMart website (code injection, remote code execution, authentication bypass, etc.) will be rewarded.
The BitMart team members come from 13 countries. They have extensive professional experience in blockchain technologies and finance. Prior to the BitMart project, they worked at Amazon, Accenture, Tencent, Alibaba, and other top tech firms.
Sheldon Xia is the co-founder and CEO of BitMart. He is a former founder of Xingmei Media Company, a serial entrepreneur, and one of the earliest digital currency developers. Javen Lou is another co-founder of the project. He is the Chief Marketing Officer and possesses extensive experience in marketing, brand marketing, and image shaping of technological products. Prior to BitMart, he worked at Intel Corporation and Bachi.Tech.
Terence Lee is the Chief Product Officer. He is experienced in human-computer interaction and user experience design, leading and directing the design of trading system products. He is also a co-founder of a well-known cross-border online shopping platform in China.
According to the project’s White Paper, the team has all rights to determine the project development, to appoint and dismiss the executive director and heads of functional committees, to form the decision-making committee, etc.