BitMart is a global cryptocurrency trading platform launched in March 2017. The exchange has multiple offices across the world but is officially registered at the Cayman Islands. They provide a suite of services including spot trading, futures trading, OTC trading, and other client services. Furthermore, they aim to build a decentralized exchange in the future.
BMX is an ERC-20 token issued by the BitMart exchange. It has a maximum supply of roughly 700 million tokens and a circulating supply of over 200 million tokens. Holding BMX tokens offers a lot of privileges.
Users who hold BMX receive discounts on any transactions they make on the exchange. Furthermore, they can also participate in the exchange’s “Vote For Your Coin”, allowing them to vote for the next cryptocurrency to be listed for free. More than 50 projects have participated since February 2018.
For the most, spot trading is the preferred type of trading on the exchange but they also offer a multitude of other trading types. They currently offer 205 trading pairs. However, only these four tokens can be commonly traded with others: BTC (63 trading pairs), ETH (63 trading pairs, USDT (22 trading pairs), and BMX (14 trading pairs).
In order for the exchange to be fast, it has to take advantage of centralization for its C2C and B2B trading services. Fortunately, they plan to start the development of their decentralized exchange which will be in operation at some point in the future.
The new accounts can withdraw a maximum of 2 BTC worth of assets daily. This can be raised to 100 BTC once they complete verification. Moreover, the exchange accepts both fiat and cryptocurrency deposits.
The trading fees are 0.1% for makers and 0.2% for takers (+50% discount for BMX holders). The withdrawal fees of cryptocurrencies depend on the coin, and are regularly adjusted according to blockchain conditions. Deposits, on the other hand, are free.
BitMart had launched two IEOs on their platform. First was Kasoutuuka News (KTN) last March, followed by Bicoin Token (BCT) just this April.
BCT sold out in 20 seconds, raising $300,000 on the first day. So far, the token sale was a success with no notable repercussions.
Bitmart is one of the new exchanges but their interface is simple and beginner-friendly. They currently don’t offer as many tokens as other exchanges. In fact, they roughly have almost a third of Binance’s trading pairs, but they aim to increase over time.
This article originally appeared on BitPinas: BitMart Crypto Exchange Review | Philippines