Interested in Binance, but not sure what it’s all about or where to even begin? Our Binance review guide will teach you everything you need to know about Binance, its core advantages, and available services.
Binance is the leading cryptocurrency exchange by trade volume. It offers crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and its own token Binance Coin (BNB).
Binance’s core features include:
- Proactive community
- Buying bitcoins and altcoins with over 40 fiat currencies
- Private Binance chain
- Binance coin (BNB)
- Derivatives trading
- Nonfungible token marketplace
While it can handle large volumes of trades without experiencing a major slowdown in transaction times, the Binance platform has experienced unexpected maintenance issues and security vulnerabilities. Nonetheless, Binance remains one of the most successful crypto exchanges on the market.
- Web address: www.binance.com
- Headquarters: the Cayman Islands, Seychelles
- Average Daily Volume (as of Sep 9, 2021): $2 billion
- Mobile app available: Yes
- Decentralized: No
- Parent company: Binance Holding
- Transfer types: Credit card, Debit Card, Bank Transfer, Crypto Transfer
- Fiat compatible: Yes
- Compatible Pairs: 563
- Native token: Binance Coin BNB
- Low fees
- Ease of use, fast negotiation times
- Possibility of buying and selling crypto with fiat currency
- Wide range of digital currencies
- High liquidity
- Binance Customer Support. Although you can contact Binance by email or live chat, some users have reported long delays. There is also no phone support.
- Security breaches experienced in the past
- No privacy-preserving measure
Binance is a leading cryptocurrency exchange with innovative features led by Changpeng Zhao.
The key features of Binance include:
- Trade 500+ cryptocurrencies on Binance. Binance is one of the top altcoin exchanges with a wide selection of tradable assets.
- Binance Fiat Gateway. Binance enables you to instantly buy Bitcoins and 15 top cryptocurrencies with fiat currency using credit cards, bank account, and other payment methods. Additionally, you can sell them for some of the supported national currencies.
- Low trading fees. Binance offers some of the lowest trading fees.
- Multiplatform support. Users can access Binance through its web platform, desktop clients for macOS and Windows, mobile applications for Android (including Android APK), and iOS. Also, one can make use of the Binance API.
- Binance Futures. Users can trade crypto derivatives with leveraged positions—(up to 20x leverage on futures and 10x on margin trading)—for maximum returns.
- 24-hour customer service. Binance has a dedicated help center, where you can contact the support team for actual beginners’ guides and explanations of all kinds of exchange features.
- Binance Launchpad. All Binance customers can participate in its Initial Exchange Offerings (IEOs). Binance IEOs are among the most profitable in the industry.
- Binance Finance. Binance also supports staking, crypto loans, and other means of earning passive income from your crypto assets.
- Nonfungible Token (NFT). Binance’s NFT marketplace and trading platform is the premier destination for NFTs and digital collectibles across mediums, from visual arts and gaming to music and sports.
- Binance Smart Chain (BSC). This dual-chain architecture empowers its users to build their decentralized apps and digital assets on one blockchain and take advantage of the fast trading to exchange on the other.
In short, Binance is one of the most innovative cryptocurrency exchanges on the market and an excellent trading option for both beginners and experienced traders wanting advanced trading options. Binance developers and members of the global community continually work to improve the ecosystem and popularize cryptocurrencies globally.
Binance Review: Background
Launched in 2017 in China, Binance was designed to provide a simple, intuitive, fast, and robust cryptocurrency trading interface.
Binance was founded by Changpeng Zhao and Yi He, who had previously worked at OKCoin exchange. Zhao has also been a member of the Blockchain.com wallet team since 2013.
Binance cryptocurrency exchange has also conducted one of the most successful ICO (initial coin offering) projects in history. Between July 1-20, 2017, the exchange raised $ 15,000,000 equivalent of cryptocurrency from investors. In turn, the investors received 100,000,000 of Binance Coin (BNB) tokens issued on the Ethereum blockchain (now migrated to Binance’s native Binance Chain). The initial ICO price for a BNB was $0.115 per coin.
Binance became the largest exchange in terms of global trading volume in just six months. It currently remains near the top due to its ease of use and ability to handle a large number of transactions. Additionally, Binance focuses on its global expansion—with the accessibility of the platform in multiple languages, including English, French, German, Chinese, Spanish, Russian, Korean, etc.
Although Binance was founded in China, it moved its headquarters to Japan before the Chinese government ban on crypto trading in 2017. In 2018, Binance established centers in Taiwan. Later that year, it moved to Malta. However, in 2020, Malta Financial Services Authority (MFSA) clarified that Binance was not officially registered or regulated there.
While Malta remains the de facto headquarters for Binance, the company is incorporated in the Cayman Islands and Seychelles. The company also has teams in London, California, Berlin, Paris, Moscow, Singapore, Istanbul, Kampala, New Delhi, Ho Chi Minh, Manila, Jersey, and other places in Asia. In total, its team operates from more than 40 countries.
Currently, the exchange has more than 15 million users and settles more than $ 2 billion on an average trading day.
In addition, it has developed a set of related products, including:
- Binance Jersey. A European fiat-to-crypto exchange that facilitates the exchange of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and Bitcoin Cash (BCH) for Euro (EUR) and British Pound (GBP).
- Binance US and other regional versions of the Binance Exchange. Regulated versions of Binance exchange dedicated to specific markets with different regulatory climates.
- Binance DEX. Binance’s decentralized exchange, based on the Binance Chain.
- Binance JEX. Binance cryptocurrency futures and options trading platform.
- Binance Futures. Binance’s crypto derivatives platform, allowing you to trade futures with up to 125x leverage.
- Binance Launchpad. Binance’s crypto crowdfunding platform for launching top-tier Initial Exchange Offerings (IEOs). Binance’s launch pad was among the first-of-its-kind of funding platforms in the crypto sector.
- Binance P2P trading. A peer-to-peer trading platform.
- Binance Crypto Loans. A feature that allows one to take out crypto loans secured by their crypto assets.
- Binance OTC. OTC trading table for whales and other high-volume traders.
- Binance Savings. Ability to employ crypto assets by lending them out to earn interest. Users can withdraw their funds flexibly.
- Binance Staking. Binance staking feature allowing you to stake certain cryptocurrencies and reap up to 16% annual yield. Supported cryptocurrencies include Ark, ARPA, EOS, TROY, Lisk, LOOM, Tezos, KAVA, THETA, and more.
- Binance Fiat Gateway. A fiat gateway allowing you to buy cryptocurrencies using your national currency (currently supports almost 40 fiat currencies).
- Binance Chain and Binance Coin (BNB). Community-driven blockchain ecosystem with its native token (BNB) and decentralized exchange (DEX).
- Binance USD (BUSD) and Binance GBP stablecoin. Binance’s regulated stablecoins, released in partnership with Paxos Trust Company.
- Binance Academy. An open-access learning center for blockchain and crypto educational resources.
- Binance Charity. A non-profit foundation dedicated to promoting blockchain philanthropy and sustainable global development.
- Binance information. An open-source crypto encyclopedia.
- Binance Labs. Binance infrastructure impact fund and initiative to empower blockchain projects.
- Binance Research. Institutional-level research platform conducting analytics for crypto investors.
- Trust Wallet. A decentralized and secure wallet backed by Binance.
- Binance Cloud. Cryptocurrency exchange business solutions for cryptocurrency companies.
- Binance Visa Card. A crypto payment card, used as a payment option for everyday purchases like a regular bank card.
In 2019 and 2020, Binance went on an acquisition streak. First, the firm acquired India’s largest cryptocurrency exchange WazirX. Then, it took over DappReview, a Chinese Dapp analytics platform, and CoinMarketCap, the leading crypto market data aggregator platform.
Binance has aspiring goals of transforming itself into a decentralized autonomous organization (DAO), enabling fiat-to-crypto trading for over 180 fiat currencies, open-source Binance Chain, and its native Binance Coin (BNB).
Binance Trading Fees
Depositing funds is free with Binance. Once you have your account set up and your bank account linked, you can also withdraw funds in fiat currency.
Binance takes a 0.1% cut from every trade on its trading platform, making it one of the cheapest online cryptocurrency exchanges. As such, 0.1% applies to both the spot trading fee and margin trading.
For instance, Coinbase Pro charges 0.5% for any trade, while Bittrex charges 0.2%. Other popular altcoin exchanges, including KuCoin and HitBTC, charge similar rates. For example, KuCoin matches Binance’s trading fee of 0.1% per trade. Meanwhile, HitBTC charges 0.1% for market makers and 0.2% per trade to receive orders. Exchanges like Poloniex or Kraken are also more expensive as they have a 0.15% -0.16% manufacturer fee and a 0.25% -0.26% buyer fee.
Users can get significant discounts on trading fees if they use Binance Coin (BNB)—of up to 25%. They can also receive similar bonuses via referrals.
Low trading fees also apply to Binance Futures. At the most basic level (VIP 0), you will pay a 0.02% maker fee and 0.04% taker fee.
Another key factor to consider when evaluating Binance fees is the futures funding rate and margin position daily interest rate. They tend to change as per market conditions and, as a result, there are no flat fees. Users should check them regularly on Binance’s website.
Binance charges deposit and withdrawal fees. The exchange strives to offer excellent value for money, although the fees vary from one cryptocurrency to another. Here is a small sample of the fees for some of the more popular currencies:
Binance does not offer fiat-to-crypto trading pairs. Nonetheless, the exchange facilitates fiat-to-crypto purchases using third-party integrations and service providers. With Binance Fiat Gateway, you can buy and sell cryptocurrencies with more than 40 national currencies.
The fees vary as per the payment method and floating exchange rates, determined by Koinal, Simplex, TrustToken, Paxos, BANXA, SEPA, iDEAL, and others.
Typically, fiat gateway fees range from 1% to 7%, depending on your chosen payment method and processor. As a result, bank card transactions happen to cost more than other payment options.
Overall, Binance charges some of the lowest fees in the industry. In addition, its wide and ever-growing suite of services is available at lower prices, making it one of the most convenient trading options out there.
Security at Binance is generally strong, although the exchange has experienced a significant hack in May 2019.
In detail, Binance lost more than 7,000 BTC due to a series of compromised user accounts and used its #SAFU (Safe Asset Fund for Users) fund) for user compensations. Later, the exchange introduced the Universal 2nd Factor (U2F) authentication method, which enhanced its exchange monitoring capabilities.
Additionally, Binance encourages users to enable two-factor authentication (2FA) using Google Authenticator or SMS authentication. Also, traders have the option of whitelisting addresses and setting up an anti-phishing code. It also has extensive security FAQs in its support section, where it advises its users on how to protect their Binance account from phishing attacks and personal security breaches. Finally, one gets to confirm every withdrawal from Binance by email. All USD balances are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts.
In 2020, Binance integrated state-of-the-art artificial intelligence (AI) risk control solutions that use facial recognition, big data analytics, and cyber forensic investigations. In doing so, Binance aims to monitor financial transactions and their origins to identify suspicious and irregular activities.
As a result, Binance has lately proven that it can respond to major threats promptly and protect customers’ funds.
For instance, in March 2018, criminals managed to use phishing to hack into the accounts of numerous users whose funds were inexplicably sold to buy the Viacoin (VIA) cryptocurrency. However, Binance systematically identified and reversed all irregular trades, meaning that the hackers were the only people who lost money.
In July 2018, Binance started a Safe Asset Fund for Users (SAFU) and allocated 10% of all trading fee revenue. In doing so, the exchange will cover users’ losses in the case of a successful hack. However, later in 2019, the exchange also suffered a KYC data leak.
A report published by CryptoCompare in 2019 called Binance “a solid grade A exchange.” It also ranked Binance among the top 20 exchanges based on security, with an above-average score of 11.5 out of 20 possible points.
All in all, Binance is a secure exchange, but security is not its hallmark, and there is room for improvements.
Futures, Margin, and Options Trading
Binance offers several different options for leverage trading. Its spot trading exchange has another feature for margin trading certain cryptocurrencies with up to 3x leverage. Meanwhile, Binance has launched an integrated Binance Futures platform, which allows you to trade options with up to 20x leverage.
But what is the key difference between these modes of trading? Read on for an explanation below:
- Binance or its users lend you the additional funds needed for opening a 1:3 leveraged position in margin trading. In doing so, the platform charges you a customary 0.1% trading fee in addition to an ever-changing daily interest fee.
- Binance Futures allows leverage of 1:20. Here you don’t buy cryptocurrencies directly, but only a contract version of the asset. Unlike traditional futures, Binance Futures does not come with an expiration date. As a result, the trading is very similar to trading pairs on the spot market. In addition to the trading fee, traders also pay a periodic funding fee.
- Binance Options. An option is another type of perpetual contract. Binance Options is an American-style options contract, giving traders the option to execute the contract any time before the expiration date, which ranges from 10 minutes to 1 day.
Financial Planning with Binance
Binance has also built a suite of financial services accessible to all registered and verified users.
- Binance Savings. Binance Savings is a product that allows you to earn cryptocurrency by staking short (flex) or long-term (locked) assets. Staking assets gives you a little over 1% annual yield, while locking in your assets for a while can get you up to 15% annually.
- Binance Staking. Staking is another alternative way to earn money while holding and is currently used by numerous protocols. At the moment, Binance allows you to stake nine cryptocurrencies, and the estimated annual yield ranges from 1% to 16%.
- Binance Debit Card. Binance introduced its Binance Card, which is set up to allow you to make crypto purchases worldwide, just like a regular bank card.
- Binance Crypto Loans. Crypto loans feature from the Binance exchange allows you to borrow USDT or BUSD stablecoins for a specified period by using crypto collateral.
Binance’s range of financial products is set to grow in the future. However, it remains to be seen what other innovative services the exchange is going to introduce to the global crypto community.
Binance users can also access Binance Launchpad, the best IEO (initial exchange offering) launchpads out there. Since 2017, Binance has started mediating between IEO buyers and sellers and has launched many successful IEO projects, including Polygon (MATIC) and BitTorrent (BTT). IEO participants must have at least some BNB (Binance Coin) but also have some luck in the lottery, which determines in what order participants get a chance to purchase the new coins.
Binance Launchpad’s average return on investment (ROI) is the highest out of all other exchanges, so it might be worth checking it out.
On June 24, Binance officially launched Binance NFT Marketplace, the ultimate destination for NFT and digital collectibles, ensuring a world-class lineup from regional creators to influential names and brands, exclusive ‘premium events’ auctions, and NFT mystery boxes.
In doing so, Binance enabled access to rare and unique NFTs accessible for everyone from beginners to seasoned collectors. It also ensured low transaction fees and fast processing times for launching NFT collections.
Binance has a comprehensive support center with an extensive base of frequently asked questions regarding customer support. Apart from that, you can also send a request to the Binance support team or ask for the community’s help in official Telegram, Facebook, or Twitter groups.
Nonetheless, Binance does not offer phone line support for customers to call with their inquiries. This can make the exchange slightly less responsive than other exchanges, and while its online support system is usually quick, it can get a bit bogged down during peak demand periods.
Binance trading is accessible through multiple devices. The most common option is the Binance web platform, where you can enjoy all the above benefits and services.
Alternatively, you can download the Binance mobile app for Android or iOS. The mobile apps allow users to access most of the web platform’s features, including the fiat gateway, Binance Options, Binance Futures, spot trading, margin trading, P2P trading, and more.
Binance is also one of the few cryptocurrency exchanges with a desktop trading app for macOS and Windows. Both applications offer better performance but have fewer built-in features than the web platform.
To sum up, Binance is an easy-to-use exchange with a wide range of easy-to-access features for both new and experienced traders. Additionally, Binance international trading community gets to participate in various contests and competitions with valuable rewards.
As pressure grew from regulators worldwide, Binance started winding down its futures and derivatives business across Europe, including Germany, the UK, and Brazil, with plans to take similar steps later this year in Australia.
Binance has made these drastic moves to appease regulators, alerting that the crypto company has been operating in their jurisdictions without obtaining a license. Moreover, some also accuse Binance of openly facilitating money laundering via crypto transactions.
Binance in August said it would demand stricter background checks on customers to bolster efforts against money laundering.
Binance Review: Conclusion
Our review has demonstrated that Binance is focused on experimenting and advancing cryptocurrency services. It offers fiat-to-crypto market pairs and the ability to buy and sell Bitcoin and another 180 altcoins for fiat. Additionally, you’ll enjoy some of the lowest trading fees possible when using Binance.
Binance offers futures, options, and margin trading for the most risk-tolerant users. In addition, there are savings and participation programs for the most risk-averse traders.
Binance has also announced that they will take drastic steps to better meet financial regulations, including strengthening their compliance and legal teams, banning or scaling back products, and demanding stricter background checks.
Overall, Binance offers an excellent set of services for all types of cryptocurrency users.
Spanish Telecom Giant Telefonica Embraces Bitcoin Payments
One of the largest telephone operators and mobile network providers in Spain – Telefonica – partnered with the crypto exchange Bit2Me to allow clients to pay for services in digital assets.
Cryptocurrency adoption seems to be on a high level in the Iberian country. A few months ago, the leading airline company – Vueling – said travelers will be able to purchase flight tickets in bitcoin and other assets from January 2023.
Telefonica Says ‘Yes’ to Crypto
The Madrid-based corporation allowed customers to settle bills in several cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Circle’s stablecoin USDC, and others on its online marketplace named Tu.
To enable the crypto payments, Telefonica joined forces with the Spanish digital asset platform Bit2Me, which provided the infrastructure and will oversee the transactions.
The news grabbed the attention of the Chief Executive Officer of Binance – Changpeng Zhao (CZ) – since he shared it on his personal Twitter account.
Spain’s largest telecom company now accepts crypto payments.
— CZ 🔶 Binance (@cz_binance) September 30, 2022
It is worth noting that his company recently expanded its presence in the Spanish market. Two months ago, Binance’s subsidiary – Moon Tech Spain – received regulatory approval to register as a Virtual Asset Services Provider (VASP) in the European country.
“MoonTech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places users’ protection above all else,” Zhao said back then.
Vueling Also Jumped on the Bandwagon
Another prominent Spanish firm that joined crypto’s ecosystem in the past few months is the Barcelona-based airline Vueling.
In June, it collaborated with BitPay to allow clients to buy tickets in 13 different digital assets, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), and others.
The move is expected to see the light of day at the beginning of 2023, which would turn Vueling into the first low-cost airline in Europe to embrace cryptocurrencies as a payment method.
BitPay’s Vice President of Marketing – Merrick Theobald – said the Spanish firm “recognizes the potential of cryptocurrencies to transform the airline industry, making payments faster, more secure, and less expensive on a global scale.”
MEXC Leveraged ETF Leads the Cryptocurrency Market as Its Liquidity Ranks First
[PRESS RELEASE – Please Read Disclaimer]
Crypto asset trades emerge one after another, and leveraged ETFs are becoming the next star product after futures. MEXC, the cryptocurrency exchange with the highest futures trading liquidity on the Internet, takes the lead again in the cryptocurrency market with leveraged ETFs.
Comparing the leveraged ETF depth indicators of trading platforms such as Binance, MEXC, Kucoin, Gate, and Huobi, and analyzing their leveraged ETF transactions of mainstream cryptocurrencies with the highest market cap, it is found that the top three platforms in depth performance are MEXC, Binance, and Kucoin. The data shows that in terms of the trading depth of BTC 3L, ETH 3L, LTC 3L, and EOS 3L, MEXC ranks first in the aspect of liquidity.
Taking BTC 3L as an example, the depth of 1% on MEXC is 14,403,439USDT; The depth of 1% on Binance, which ranks second, is 87,359.56USDT; And the depth of 1% on Kucoin, which ranks third, is only 48,479.6USDT. At this depth, MEXC has surpassed the sum of Binance and Kucoin, and the gap tends to widen.
Comparing ETH, LTC, EOS and other mainstream cryptocurrencies, it can also be seen that MEXC’s leveraged ETF trading has the best liquidity, and the depth of other trading platforms is much lower than MEXC. Meanwhile, according to cryptorank data, Binance’s 24-hour leveraged ETF trading volume was $23.67 million USD, accounting for 63.5% of the market; MEXC’s 24-hour leveraged ETF trading volume was $9.25 million USD, with a market share of 24.8%, ranking second.
The leveraged ETF was first launched by MEXC in November 2019. It is a perpetual leveraged product that magnifies the price change of the benchmarked asset, aiming to provide leveraged returns on the benchmarked perpetual futures. It can be understood as an exchange-traded fund with leverage multiples.
The trading rules of leveraged ETF products are as simple as those of spot products. It is not necessary to use part of the margin to occupy positions like futures. At the same time, it can achieve multiple gains and returns like futures, so it is favored by some investors with low-risk appetite.
At present, each token on MEXC supports leveraged ETF trading of 3x long (3L) and 3x short (3S), and some mainstream cryptocurrencies also support 2x, 4x, or 5x leverage and the risk is controllable. For example, when you want to go 3x long for BTC, you only need to buy BTC3L/USDT; When you want to go 3x short for BTC, you only need to buy BTC3S/USDT; And when you want to clear the position, you only need to sell the corresponding position. Leveraged ETFs do not use margins to occupy positions and do not have liquidation rules, so there is no need to worry about the risk of liquidation.
Leveraged ETFs have a rebalance mechanism, and the compound interest effect is obvious. In the continuous rising/falling market, the daily profit will be automatically transferred to the position and reinvested to realize compound interest, and the profit will be higher than that of margin or futures products of the same multiple. At present, MEXC supports leveraged ETF trading of more than 300 cryptocurrencies such as BTC, ETH, DOT, ATOM, SHIB, DOGE, AAVE, CRV, etc. It provides the most cryptocurrencies on the Internet, allowing traders to have different choices in different trends or unilateral market conditions.
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc.,and serving more than 10 million users worldwide. The core team has a solid background in traditional finance, and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia”. Currently, it supports the trading of more than 1,500 cryptocurrency, and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs.
Bitmart Review [The Ultimate Guide 2022]
As a cryptocurrency trader, you were undoubtedly faced with the dilemma of choosing an exchange to suit your investment needs among a staggering number of cryptocurrency exchanges.
CoinStats regularly reviews leading platforms like Binance, Coinbase, or Kraken, relatively small but reliable crypto exchanges like the Bibox exchange, and a global exchange like Bitmart and presents their advantages and drawbacks to help you pick the right trading platform that suits your needs.
Bitmart exchange is a global cryptocurrency exchange platform for trading cryptocurrencies and earning on crypto. It offers users decentralized financial (DeFi) services, a wide range of cryptocurrencies, advanced trading features, and an NFT marketplace.
Unfortunately, the exchange was hacked in December 2021 and lost an estimated $196 million in cryptocurrency.
Our Bitmart review will discuss the platform’s services and features, pros and cons, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.
Let’s get right to it!
What Is BitMart
BitMart is a global cryptocurrency exchange with over 5.5 million users in 180 countries. The platform was launched in 2017 in the Cayman Islands, with its offices in China, South Korea, and the United States.
BitMart enables trading in over 1,000 digital assets and provides investment services and advanced features to a global customer base, including margin and futures trading. You can trade not only the most popular cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, Solana, Ripple, Cardano, etc. but also small and newly released crypto assets.
In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with special trading discounts and numerous other benefits on the exchange.
The trading platform has added numerous new features, including staking, lending, savings products, and derivatives trading.
Bitmart provides a simple buy/sell crypto feature where beginners can trade crypto using multiple payment methods with just a few clicks. Additionally, it offers advanced features such as spot trading, futures trading, margin trading, derivatives trading, OTC trading, etc., allowing investors to use leverage with their crypto investing.
The platform provides an NFT marketplace where you can buy NFT tokens and competitive fees. BitMart uses a maker and taker model to determine the trading fees, starting from 0.25% respectively and reducing with trading volume.
However, the BitMart exchange was hacked in December 2021, when the private keys of its hot wallets were compromised, resulting in the theft of $196 million worth of cryptocurrency.
Now, let’s have a closer look at the Bitmart crypto exchange features:
Wide Selection of Cryptocurrencies
Bitmart has a vast selection of digital assets compared to other trading platforms that users can buy and sell easily on the exchange.
Margin and Futures Trading
In addition to its simple buy and sell function, Bitmart provides its users with crypto futures trading and margin trading options.
Bitmart includes a futures market with leveraged trading up to 100x and DeFi services such as borrowing and lending products. The derivatives and futures markets allow Bitmart customers to perform future trading without the hassle and speculate on the market.
Remember that trading crypto is highly risky, and futures and margin aren’t recommended for most crypto investors.
BitMart Lending offers passive income for investors looking to earn passive income via crypto lending options. To participate in lending, you must subscribe, and your selected token will get locked. You’ll receive the deposited tokens and the interest accrued to your BitMart account when the term is completed.
The annually calculated accrued interest can vary between 5% and 120%.
Bitmart customers can earn passive income through their crypto holdings on the platform. There are multiple ways to earn passive income on Bitmart, namely:
- Bitmart Staking: Staking is the process through which users lock their crypto assets on a blockchain network to validate transactions on the blockchain and earn rewards in proportion to their locked tokens. With Bitmart Staking, users can lock up funds for 30 to 90 days to earn Bitmart staking rewards.
- Bitmart Savings: With Bitmart Savings, you can earn an APY as high as 50 percent on your crypto holdings. The digital assets you can make through Bitmart savings range from stablecoins like USDC and USDT to large caps like BTC, ETH, LTC, etc., and newly listed tokens such as FND, VCG, DHLT, etc. Remember, however, that the feature is not available to US users.
Bitmart Dual Investment: This unique feature allows users to earn in any of the two currencies in a trading pair. The trading pairs available are BTC/USDC, ETH/USDC, SOL/USDC, and BCH/USDC. You can select your preferred asset, choose the method (Sell high or Buy low), enter the subscription amount, and pick a settlement date from the options. With Bitmart Dual Investment, users can hedge against the massive price fluctuations in cryptocurrencies and earn on crypto assets or stablecoins like USDC. This feature also isn’t available to US users.
Bitmart NFT Marketplace
The Bitmart NFT marketplace aims to bring NFT artists, communities, enthusiasts, and collectors together, enabling them to create, purchase, and trade some of the world’s best and most unique NFTs. 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.
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. Once the amount of BMX reaches 1 million, the project token may enter the BMX market and be paired with BMX.
Bitmart Institution is designed for large institutional investors and enables them to become a broker and a market maker, earn rewards, participate in OTC trading, or list their own tokens on the platform. While users have to fulfill certain conditions to access these features and services, Bitmart Institution proves to be very profitable for large institutional investors and entities.
Bitmart Referral Program
Bitmart has a very lucrative referral program for existing users, allowing them to invite their friends to trade on Bitmart and earn up to 40 percent from their trading fees. You can invite your friends to Bitamrt through a referral link or QR code.
Any user can apply to become an affiliate for Bitmart. Once the application is approved, the user gets their unique referral link to share in their networks and earn commissions as high as 100 percent on spot and futures trading.
Bitmart Task Center
Even new users on Bitmart can get a chance to win up to USD 3000 rewards by completing a few simple tasks. By signing up for Bitmart and creating an account, you can win up to USD 500. For depositing USD 100 or more, you stand a chance to win up to USD 1000, and if your first spot trade is USD 100 or more, you become eligible to win up to USD 1500.
These are some of the most popular and commonly used features of Bitmart. In the next section of our Bitmart review, we’ll explain how to access these features and introduce you to the Bitmart fee structure.
Setting up a Bitmart Account
To set up a Bitmart account, you must sign up with your email address or phone number and create a strong password. Once you’ve successfully created an account on Bitmart, you must verify your identity to start crypto trading immediately.
The verification process differs depending on the accounts’ types:
Level 1 Starter
The verification process for Level 1 users’ accounts is straightforward and requires only personal details like a valid email and a phone number to set up two-factor authentication. Once you’ve entered these details correctly, you can start using the Bitmart trading platform to buy and sell crypto assets.
Level 2 Advanced
To gain access to all the features and make the most of your Bitmart trading, you must upgrade to Level 2 and become an Advanced trader. The verification process involves providing a government-issued valid identification card and a complete facial verification.
Additionally, there is a special onboarding process for institutional investors and companies. Our Bitmart review will focus on retail users.
Once you’ve created a user account, the next step is to deposit funds into your Bitmart wallet. You can deposit crypto assets directly from your crypto wallets (software or hardware), and the exchange doesn’t charge deposit fees. The Bitmart withdrawal fees vary depending on the cryptocurrency and the network used to withdraw funds.
Bitmart allows you to buy and sell cryptocurrencies using fiat currencies through debit or credit cards, PayPal, payment gateways such as MoonPay or Simplex, etc.
Bitmart Fee Structure
While the exchange doesn’t charge any deposit fees, it charges a small trading fee from its users. Bitmart competitive fee structure is one of the factors that makes it so popular amongst its users. The fee structure is tiered, and the trading fee for a standard user starts at 0.25 percent. Your level in the tiered structure depends on the number of BMX tokens you hold. The higher the number of BMX tokens, the lower the fee charged, as shown in the table below.
For professional users, the levels range from PRO1 to PRO6, and the trading fee goes down as one moves up the level. The 30-day trading volume in BTC determines the trading fees and levels for professional users – higher volume means higher level and lower trading fees. The trading fees for pro levels are displayed in the table below:
Our Bitmart review will now look into security as one of the most important considerations when choosing a crypto exchange for crypto trading. According to the official Bitmart website, it has an Advanced Risk Control System that utilizes a hybrid model of hot and cold wallet systems with multi-signature technologies. On top of that, Bitmart is registered as a Money Service Business in the USA with Financial Crimes Enforcement Network, making it a legitimate cryptocurrency exchange for crypto trading in the US.
However, despite all the Bitmart exchange’s security measures, it became subject to a hack of USD 196 million in 2021. As stated, some hackers had gotten control over the private keys to two of Bitmart’s hot wallets used to store users’ funds and assets and managed to hack the Bitmart exchange. The company later stated that it would reimburse all its users with the funds they had raised.
Trading Experience Bitmart
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.
To sum up, the Bitmart exchange is suitable for professional-level traders or those wishing to invest in small-cap and newer cryptocurrencies.
Our detailed Bitmart review has revealed that you can easily trade and exchange crypto on the platform. The exchange provides several advanced features to make your crypto journey straightforward and more efficient. Moreover, its registration with FCEN makes the Bitmart exchange legit in the US, and users don’t have to worry about their funds being suddenly frozen by the government.
It should, however, be kept in mind that cryptocurrencies are volatile in nature, and nothing in this article is a piece of financial advice.
If you wish to learn more about cryptocurrencies, blockchain technology, and DeFi, you’re welcome to visit our blog and read articles like “What Is DeFi.” To learn how to manage your crypto portfolios, read our “Crypto Portfolio Trackers.”
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