Bitmart is a global cryptocurrency exchange available in 180+ countries. They were founded in 2017, have over 9 million users and are a top 20 crypto exchanges in the world for total trading volume (source: Coingecko).
On Bitmart, you'll find 750+ cryptocurrencies, billions in 24hr trading volume, spot trading, futures, staking and other crypto features and services.
- Founded in 2017
- Available in 180+ countries
- Over 9 million users
- Headquarters in the Cayman Islands 🇰🇾
What We Found
Bitmart only offers crypto trading pairs and does not support fiat wallets. You can do fiat-crypto purchases with credit card but it has a high 3.85% fee. The other way to fund your account is with crypto deposits/withdrawals. If you decide to use Bitmart, you will need a local exchange that supports your bank account to cash out fiat.
Bitmart Dec 4, 2021 Hack
On Dec 4, 2021, Bitmarts hot wallet was compromised and hackers were able to withdraw about $200 million worth of tokens. The good news is Bitmart promised they would reimburse customers for the losses. The bad new is it's unclear if all users were paid back according to reports from The Verge.
Source: The Verge
Company Security Features
- More than 99% of assets held in offline cold storage
- Less than 0.5% of assets held in hot wallets
- Good reputation which adds a layer of trust: One of the largest crypto exchanges in the world by trading volume and 9m+ users
- KYC required (must prove identity to trade)
- All personal info is encrypted
- All employees must pass background check and technical security training
- Bug bounty program
- See more info on their security page
User Security Features
- 2FA (SMS, email, authenticator)
- 2FA for withdrawals
- Anti-phishing code
- View login history for suspicious activity (recent logins, IP addresses, etc)
Can You Trust Bitmart?
Yes, Bitmart is considered a trustworthy platform. They offer 2FA and hold 99% of funds in cold storage. Although they were hacked in 2021, the CEO said they dramatically upgraded their security and would reimburse its users for the losses.
⚠️ Although this platform is considered safe, over 50% of platforms we tested have had hacks or incidents in the past. We strongly recommend storing and protecting your crypto on a non-custodial wallet where you own the private keys. Preferably, a reputable hardware wallet like the Ledger Nano X.
Bitmart offers 24/7 customer support. You can open a live chat on their website, submit a request via email or browse their help centre with articles and FAQs.