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Bitmart Exchange Details Introduction
BitMart is a centralized cryptocurrency exchange established in 2017 and registered in the Cayman Islands. Currently, the exchange offers 922 types of cryptocurrencies and supports 1043 trading pairs. According to Coingecko data, BitMart is currently ranked in the top 20 exchanges. The 24-hour trading volume on BitMart is reported to be $815,493,012, with a -30.45% change in the last 24 hours. The most traded pair is BTC/USDT, with a 24-hour trading volume of $375,840,328. BitMart is included in the exchange’s reserve.
BitMart Exchange can be considered a latecomer to the crypto market. While BitMart is registered in the Cayman Islands, its U.S. business branch is registered as a Money Services Business (MSB) under the supervision of the Financial Crimes Enforcement Network (FinCen). This means that BitMart can operate in most U.S. states and territories.
The professional team at BitMart includes members with backgrounds from Amazon, Accenture, Tencent, Alibaba, and other leading technology companies. Together, they are building a user-friendly and cost-effective financial platform to attract global participation. The team has made significant strides in its global mission to promote an efficient global financial system.
Compared to some leading exchanges, BitMart’s features are somewhat limited. Basic features include spot trading, margin trading, staking, and savings. BitMart also has its own exchange token, BMX, with functions such as reduced transaction fees and voting for token listings. Currently, BMX is trading at $0.2 USD with a market capitalization of around $36 million.
Advantages and disadvantages of BitMart:
Advantages:
- User-friendly interface: Easy for new users to register and use.
- Support for a wide range of coins: BitMart supports the listing of many coins, making it a good choice for traders looking for low-cap coins with potential.
- Good user support: BitMart provides 24/7 support for users and traders through various communication channels and multiple languages.
- Mobile trading app: BitMart supports apps on both IOS and GooglePlay, allowing users to easily trade on their smartphones.
- Good liquidity: BitMart has relatively good liquidity, enabling users to trade without significant price impact issues.
Disadvantages:
- Security concerns: In December 2021, BitMart was hacked, resulting in a loss of up to $200 million due to security vulnerabilities. Users currently have concerns about the security of BitMart.
- High transaction fees: BitMart’s transaction fees are relatively high compared to other competitors, with a fee of 0.20% for each transaction.
- Mandatory KYC for withdrawals: BitMart requires users to undergo KYC verification to use the withdrawal feature, unlike some other exchanges that limit daily withdrawal amounts to 1-2 BTC for accounts without KYC.
If you don’t have a BitMart account yet, click here to register!
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