BitMart, a global cryptocurrency exchange, has been making headlines with its diverse offerings and promotional activities, yet it also grapples with a past security incident that continues to shape its reputation. Our in-depth BitMart review Article by Alex McDougall, Blockgeeks Explore the Blockchain Academy Discover its futures & spot trading, P2P platform & interest-bearing products! It further reviews the exchange’s educational affiliate programs, fee structure, and the security breach that affected its users.

Diverse Trading Opportunities on BitMart

BitMart differentiates itself from other global and localized cryptocurrency exchanges. It provides one of the most varied and comprehensive sets of trading possibilities available on the market, adequately servicing both beginner traders and seasoned professionals. The platform features spot trading, futures trading, and Peer to Peer (P2P) transactions. Users can benefit from these possibilities to become an active participant in the crypto economy.

The exchange has competitive rates for active futures traders on its futures trading platform. Its fees are set at 0.02% for makers and 0.06% for takers, which is industry-standard. BitMart organizes various promotions to bring users over to their futures markets. Participate in our Lucky Draw to help you win as high as 50,000 USDT! In addition, you can trade TRUMP futures with zero transaction fees. These programs are an effort to bring more new users and more trading volume on the platform.

BitMart’s spot trading fee schedule is complicated with 12 tiers beginning at 0.1% for makers and takers. Due to this complex structure, fees can swing widely. A trader’s level of activity and trade volume most significantly impact these costs. Although the initial starting fee is quite competitive, high-volume traders will find themselves at an advantage due to their lowered fees as they increase their levels.

P2P Trading and Fiat Currency Support

BitMart’s peer-to-peer (P2P) trading platform allows users to trade cryptocurrencies directly with each other at little to no cost. Best of all, no transaction fees are charged! Zero-fee structure, allowing and attracting all users to P2P trading. They are able to bypass all the exchange fees and negotiate much higher prices.

The exchange is user-friendly, supporting over 50 fiat currencies and more than 300 payment methods, including popular options such as PayPal. This wide support for fiat currencies and payment methods increases accessibility for users from all over the world. For one, it makes it much easier to come in and out of the crypto market.

This strategy reduces onboarding barriers for fresh users and yields an integrated crypto trading expertise for its intercontinental clientele. The addition of P2P trading, which many local competitors have, makes the platform even more attractive, providing users with a flexible and cost-saving option.

High-Yield Opportunities and Affiliate Programs

Among the ways BitMart helps users earn interest on their digital assets are BitMart Earn products, which allow users to earn interest in various cryptocurrencies. These products have different annual percentage yields (APY), with some assets reaching as high as 50% APY. The exchange only offers two products that pay interest. The latter type earns interest from the very first hour after subscribing for instant returns. The latter type makes interest payments and pays the principal back at maturity. You get a single, consolidated payment at the end of the term.

BitMart has their own affiliate programs in place, which are designed to incentivize and reward users for referring new traders to the platform. Sign up for the spot trading affiliate program and earn a whopping 70% direct commission! Moreover, during the first six months, you’ll earn an additional 10% sub-commission as well. Its futures trading affiliate program offers up to 60% commissions. This highly generous offer encourages affiliates to work hard to spread the word about the platform.

These high-yield opportunities and affiliate programs seek to bring users in. They further incentivize those users, enticing them to fully participate in the BitMart ecosystem. The eye-catching commission rates on spot and futures trading might bait in those looking to make some passive income. Referrals provide an awesome chance to supercharge those earnings!

Security Incident and Hybrid Wallet System

In 2021, BitMart was the last of a series of high-profile ropier breaches that led to the loss of $200 million worth of tokens at the exchange. The breach happened after the exchange’s hybrid wallet architecture was breached. This new payments system combines hot and cold wallets to create a fortified infrastructure for securing digital assets. Hot wallets are digital wallets that are connected to the internet and allow for speedy transactions. Cold wallets, on the other hand, function offline and provide a greater degree of security.

The attackers managed to gain control of the private keys of two hot wallets. This exploit allowed them to drain a massive number of tokens. The attack called into question the security of BitMart’s overall infrastructure and whether its so-called hybrid wallet system really worked.

After the exchange’s breach, BitMart reimbursed users impacted by the hack and has worked to improve its security strategy. The debacle has become an important chapter in the history of the exchange. It continues to shape its reputation among some users to this day.

BMX Token and Premium Services

BitMart launched its native ERC-20 utility token, BMX, in 2018. The token makes you a more powerful and productive creator on the platform. It unlocks amazing perks such as reduced trading fees and access to members-only promotions.

The exchange includes a premium service, BitMart Private Client. This limited edition product is designed especially for institutional traders and High Net Worth Individuals (HNIs). This premier service offers customized service, privileged trading opportunities, and other benefits designed with the sophisticated trader in mind.

BitMart keeps engaging in the NFT industry to deliver a smooth NFT trading experience. They take a simple 1% commission on all NFT buys/sells. This structure is much simpler than the complicated fee schedules that tiered based on volume for spot trading.