In December 2021, it was hacked by anonymous hackers, which resulted in a loss of $200 million in user funds. In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with special trading discounts and numerous other benefits on the exchange. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

Since the hacking incident in 2021, the Bitmart ratings on Trustpilot have gone down to 3.6 out of 5 stars. Another reason behind this low ranking is that the 0.25 percent standard fee charged by the trading platform can be higher than other popular exchanges. Users need to create a Bitmart account to access the BitMart NFT marketplace. The NFTs supported on Bitmart are all ERC-721 tokens, the details of which can be found on Etherscan. The trading platform has added numerous new features, including staking, lending, savings products, and derivatives trading. BitMart is a global cryptocurrency exchange with over 5.5 million users in 180 countries.

• The platform provides an NFT marketplace where you can buy NFT tokens and competitive fees.
• Simply input a phone number or email address, create a password and verify the account.
• For example, you could buy Baby Doge Coin (BABYDOGE) on BitMart, but I wouldn’t recommend it.
• Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date.
• In an official statement, BitMart vowed to use its own money to reimburse victims of the hack.
• You will also be able to view the different crypto options available for each method.

Once the initial purchase of USDT has settled, users can search SafeMoon or SFM and select the buy option. The USDT tokens will be exchanged for SafeMoon once the user accepts the transaction, and their new holdings will appear in the Assets tab. To stake your crypto holdings, head towards the BitMart Earn section and then tap on Staking to find all Altcoins options that are possible to stake.

Bitmart Earn

After registering successfully on BitMart, it will redirect you to the main trading page. BitMart is simple and user-friendly, even for beginner crypto traders. Navigating the exchange is easy and doesn’t require any complex interfaces or leverage trading features. 2024 is a token that resonates with the thrill and potential of the Year of the Dragon. It offers an engaging and vibrant community, united by the belief in the extraordinary possibilities of 2024.

It was a year of ups and downs that allowed the industry to evolve towards an imminent and utilitarian future. Discover, buy, and trade worldwide premium NFT collections easily, and participate in BitMart NFT campaigns. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. BitMart isn’t the first exchange to get hacked, and it almost assuredly improved its security infrastructure in response. What’s more concerning is the lack of security information it provides.

How BitMart works

BitMart has some minor issues, such as limited customer support and coin selection. BitMart has users from over 180 countries can access a wide range of digital assets. It is through their secure and reliable global cryptocurrency exchange platform. In this review, we will expand on how BitMart works, it’s features, advantages and disadvantages.

What is BitMart?

Bitmart launchpad is the place where new and exciting tokens are launched. The Mission X2 project has been created for investors wanting to support startups and receive premiums from them. The investors are required to transfer a certain amount of BMX to the chosen startup.

Bitmart Fee Structure

It is now an entity working under the legal patent name of GBM Foundation Company, Ltd. Although Sheldon Xia founded it, it is not owned by a single person or entity. Rather, it is managed by the members of the board and investors who own a huge chunk of the total exchange of shares.

This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all available deposit, investment, loan or credit products. BitMart’s weekly trading volume is 36,979,542,940,773 KRW, with a total of 2,052,674 users. Furthermore, BitMart’s weekly trading volume is showing a change of -49.35% from the previous week. In December 2021, anonymous hackers stole almost $200 million in crypto assets belonging to BitMart users. Yes, the exchange is operational across the United States for spot trading.

The fees shown in the table above are BitMart transaction fees charged to a regular user. The process of buying SHIB, also known as SHIBA Inu, the misbehavior of markets is similar to the process of buying Safemoon. Here instead of searching for SFM pairs, search for SHIB and select the SHIB/USDT pair.