BitMart: Cryptocurrency Exchange For Digital Asset Trading?
BitMart, found online at BitMart.com, is a cryptocurrency exchange that offers spot trading for all major cryptocurrencies. Find out more today in our review.
What Is BitMart?
BitMart is a cryptocurrency exchange that offers unique features like decentralized trading, futures contract trading, and spot trading across all major cryptocurrencies. The platform describes itself as “a powerful and reliable cryptocurrency exchange platform.”
BitMart completed an ICO in December 2017/January 2018 for its BMX tokens. The company raised about $12,000,000 during the token sale.
How Does BitMart Work?
BitMart is built on the Google Cloud platform. The platform uses distributed computation, including computation services from Google Spanner and BigTable, to ensure the security of user data. Through these systems, BitMart can “adjust the service capacity automatically according to the load”, allowing all users to enjoy an identical experience.
BitMart also stores customer funds in cold storage using “NetGap” technology.
Ultimately, the BitMart website makes a lot of promises about the features offered by the exchange. However, few of these features seem to have been implemented into the exchange thus far. Instead, these features – including decentralized trading and multi-exchange support – are scheduled to be added in the future.
Right now, BitMart supports three trading pairs, including BMX/ETH, XLM/ETH, and MOBI/ETH. The first pair, BMX/ETH, has been available since the exchange launched on February 2018, while the latter two pairs were added on March 21, 2018.
To be fair, BitMart is a relatively new trading exchange. To encourage users to sign up for the platform, the company is offering 0% trading fees until April 15, 2018.
As mentioned above, BitMart is a brand new exchange. The BitMart.com website lists a number of major features. However, none of these features are currently available on the platform. Instead, they’re scheduled to be added in the near future. Here are all of the features currently mentioned on the platform:
BitMart is dominated by spot trading. The platform picks superior blockchain digital assets globally.
BitMart will create an intermediary service for B2C and C2C trading among global businesses and individuals.
Whole Network Trading:
BitMart connects with major global trading platforms to allow customers to conduct exchanges across multiple platforms with a single click. BitMart plans to integrate with multiple exchanges to maximize liquidity for customers.
Futures Contract Trading:
Hedge your bets by trading futures contracts on the BitMart platform.
BitMart is available through web browsers, Android, and iOS.
BitMart doesn’t appear to currently offer decentralized trading. However, the platform is exploring the use of decentralized trading in the future.
BitMart is charging 0% trading fees from March 15 to April 15, 2018. The website has a “Fees” page listed, although no fees are currently listed for the exchange. We expect full fee information to be added as we get closer to April 15.
Who’s Behind BitMart?
BitMart was created by the BitMart Foundation. The BitMart Foundation was launched by Sheldon Xia (Founder and CEO), a New Jersey-based entrepreneur. The foundation is registered in the Cayman Islands. Xia is also the founder and CEO of Bachi.tech, a blockchain technology service provider based in Hoboken.
The exchange was launched on February 28, 2018. According to ICOBench, the exchange raised $12,000,000 during its ICO for BMX tokens, which took place from December 18, 2018 to January 15, 2018.
BitMart is a cryptocurrency exchanged launched in March 2018. The exchange, at launch, supports three pairs, including BMX/ETH, MOBI/ETH, and XLM/ETH. The exchange is offering zero fee trading until April 15 to encourage users to sign up for the platform.
To learn more about BitMart and how it works, visit online today at BitMart.com. Right now, BitMart is in the early stages of launch, although the exchange has bold plans for the future of its exchange.