Several centralized crypto exchanges have been launched since 2015. However, most of them are unreliable and offer limited features. BitMart has separated itself from the crowd by giving users access to various products and features. This article focuses on BitMart. Read on to learn more about this centralized exchange and how to get started.
BitMart Explored
BitMart entered the market in 2017. Over the years, it has become a top choice among experienced and novice traders who do not like to share personal data while trading crypto. BitMart says it prioritizes user safety. That explains why the exchange has adopted multiple security measures to protect customer funds.
As of this writing, BitMart users have access to over 1,400 cryptocurrencies on the platform’s spot market. By comparison, Coinbase and Binance have collectively listed 748 crypto assets.
Besides the spot market, BitMart ensures that margin traders get access to futures markets and trade with a leverage of up to 100x.
Data on BitMart’s website mentions Sheldon Xia as the founder of the centralized exchange. Xia is an experienced programmer with bachelor’s degrees in computer science and business administration.
BitMart’s Features and Tools
Here are the various features and tools that give BitMart an edge over competitors.
Buy Crypto
This feature exists to facilitate quick onramping. It allows BitMart clients to use fiat to buy cryptocurrencies. The supported payment methods include MoonPay, Simplex, and Banxa. What’s more, The “Buy Crypto” functionality supports peer-to-peer trading, in which BitMart users trade with each other without requiring intermediaries.
Futures and Spot Trading
As stated, BitMart customers have access to both the spot and futures markets. As of this writing, the futures market has over 120 perpetual contracts that users can bet on. The contracts are collateralized in US dollars and crypto.
Copy Trading
If you are not skilled enough to open successful trades, you can copy the trades of skillful traders on BitMart using the exchange’s copy trading service. There are over 1,500 Master Traders who let BitMart customers copy their trades. Note that for every profitable trade, a Master Trader gets a 10% to 30% commission.
Earn
Not everyone signs up with BitMart to participate in active crypto trading. Instead, some users seek opportunities to earn passively. BitMart understands this. As such, it offers the “Earn” product, which gives users four options to earn passive income. These options include staking, savings, VIP wealth management, and dual investment.
NFT Marketplace
Are you an NFT lover but struggling to use decentralized marketplaces like OpenSea? Don’t worry! BitMart has built a platform to support NFT trading. The BitMart NFT marketplace also has a launchpad for creators to launch their projects.
It is important to mention that BitMart only supports NFTs created on BNB Chain, Polygon, and Ethereum. The exchange, however, has announced plans to support more blockchains over the coming months.
How to Join BitMart – A Step-by-Step Guide
Now you know the features and products offered by BitMart. So, how do you sign with the exchange? Here is the registration procedure:
1. Download the BitMart app from the App Store or Google. After installing it on your mobile phone, click “Get Started” and provide the required details, which include your phone number or email and password.
2. Once you enter your phone number or email, BitMart will send you an OTP (One-time Password), which you must input in the provided field.
3. Next, you will need to pass human verification checks to prove you are not a robot. Once done, you’ll have a new BitMart account. Use the various supported deposit methods to fund it and start your trading journey.
BitMart Trading Fees
So, what are the costs of trading on BitMart? Well, the exchange charges a 1% flat fee on NFT trades, while P2P trading is free. Further, the taker fee ranges between 0.075% and 0.25%, while the marker fee ranges from 0.068% to 0.2%.
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