BitMart Token (BMX) is an ERC-20 cryptocurrency associated with the BitMart exchange. More
| Fully Diluted Valuation | $201.94M |
|---|---|
| 24H Trading Volume | $7.01M |
| 24H Low / High | $0.31 / $ 0.32 |
| Circulating Supply | 339.41 M |
| Total Supply | 639.41 M |
| Max Supply | 881.68 M |
| Categories | Exchange-based Tokens 2 more |
|---|---|
| Founder | Sheldon Xia |
| Website | bitmart.com |
| Socials | 2 more |
| Chains | Ethereum Ecosystem |
| Explorer | Etherscan 2 more |
| Contracts | 0x986....a35d8 |
| Name | Pair | OG Score |
|---|
BitMart, founded in 2017, is a global cryptocurrency exchange with a user base exceeding 9 million individuals and institutions across 180 countries. Offering a platform for trading over 1,000 cryptocurrencies, BitMart has positioned itself as a prominent player in the crypto space. However, the exchange faced a significant setback in December 2021 when it suffered a security breach resulting in the loss of approximately $196 million worth of cryptocurrencies.
Security Breach and Response:
The breach raised concerns about BitMart's security measures. Hackers exploited vulnerabilities in the exchange's hot wallets, compromising private keys and pilfering a substantial amount of digital assets. In response, BitMart swiftly suspended customer withdrawals, conducted a thorough security review, and pledged to reimburse all affected users. Despite this commitment, some users reported delays in receiving their reimbursements, leaving lingering questions about the exchange's ability to safeguard user funds.
Cryptocurrency Support and Services:
BitMart boasts a wide range of services, including spot, margin, futures, and over-the-counter (OTC) trading. The platform supports over 170 cryptocurrencies, making it an attractive choice for those seeking diversity in their digital asset portfolios. Additionally, BitMart provides users with the opportunity to stake and earn crypto, expanding the utility of the platform beyond traditional trading.
Trading Fees and Discounts:
One of BitMart's competitive advantages lies in its fee structure. The exchange employs a flat fee model of 0.25% for both market makers and takers. Notably, users holding BitMart Token (BMX) or engaging in higher-volume trading can benefit from a 25% discount on trading fees. This discount mechanism positions BitMart as an attractive option for traders looking to minimize their transaction costs.
User-Friendly Interface and Customer Support:
BitMart prides itself on offering a user-friendly interface, ensuring accessibility for both beginners and experienced traders. The platform provides a straightforward buy/sell crypto option, enabling beginners to acquire digital assets using various payment methods with ease. Additionally, the exchange emphasizes customer support, offering assistance 24/7 to address user concerns and inquiries.
Delisting Decision and Future Challenges:
In November 2022, BitMart took a proactive stance by delisting FTX’s FTT token perpetual futures contracts following the collapse of the FTX cryptocurrency exchange. This move aimed to shield BitMart users from potential sharp price volatility associated with the FTT token during that period.
Despite its strengths, BitMart has faced criticism, particularly in the form of poor customer feedback on review sites and social media platforms. The aftermath of the 2021 security breach and delays in reimbursement have contributed to a level of skepticism within the crypto community regarding the exchange's overall reliability.
In conclusion, BitMart remains a significant player in the cryptocurrency exchange landscape, offering a broad spectrum of services, a diverse range of supported cryptocurrencies, and competitive trading fees. However, the security incident in December 2021 has highlighted the importance of robust security measures in the crypto industry, and BitMart will need to address concerns and rebuild trust to maintain its standing in the market.
BitMart stands out for its extensive cryptocurrency support, offering over 1,000 digital currencies and tokens for trading. It also provides a range of services, including spot, margin, futures, and OTC trading, making it a versatile platform for both beginners and experienced traders.
Founded in 2017, BitMart's CEO is Sheldon Xia. He played a crucial role in establishing the global cryptocurrency exchange, which has attracted over 9 million users across 180 countries.
BitMart prioritizes user security, utilizing industry-standard protocols such as two-factor authentication. Despite a security breach in December 2021, the platform vows to reimburse affected users and continues to implement advanced security measures to protect assets.
You can buy BitMart (BMX) on KuCoin, BitMart, Uniswap V2 (Ethereum) cryptocurrency exchanges.
