While there are many crypto-to-crypto and fiat-to-crypto exchanges in the world, very few offer both functionalities under the same roof. In this comprehensive review, we shall explore one such exchange platform, whose name is BITmarkets. As a popular trading platform, there is a lot to know about BITmarkets.
About the company
BITmarkets originated as an original approach to replacing old-school crypto exchanges for retail and corporate clients. Through this platform, crypto market enthusiasts get to access the existing crypto markets without any hassles. The company prioritizes user-friendliness and security above all by going beyond basic customer service. BITmarkets reportedly has 99.9% of its funds secured in cold storage with near-zero downtime.
So far, BITmarkets has completed over 1 million order requests without a single glitch. Their tagline, “crypto made simple,” justifies their vision to make cryptocurrency trading accessible to everyone. For its performance and customer service in the past, BITmarkets has also received several awards. Despite being based in Dubai, BITmarkets has a strong presence in Europe.
Steps to Get Started
Before we talk about what BITmarkets has to offer, let’s check out how it simplifies being a part of its award-winning platform. The steps to starting with BITmarkets are as simple as possible to allow all kinds of traders, like:
- and Hesitators
to find a way to start crypto trading easily and on their own terms.
Here are the 3 steps to beginning:
- Firstly, get verification by providing identity proof to fulfill KYC and receive a secure trading account.
- After opening a KYC-d account, you can fund it using any payment method you prefer to start.
- With a funded and registered trading account, you can begin trading crypto using crypto or fiat.
Trading Products or Markets Available
As soon as you get to the bottom of BITmarkets’ welcome page, you will be guided to their products page, which lists all the markets available.
Let’s get familiar with these in the following section:
- Spot Trading
As you open the spot trading window, BITmarkets turns into a full-fledged trading platform. Since 2022, hundreds of thousands of registered users with KYC accounts have come to dabble with the spot trading features. As a reliable software solution that powers its digital asset technology, BITmarkets is the best bet when it comes to securely trading virtual assets.
- Futures Trading
BITmarkets has a featured offering for all those who are interested in next-gen futures trading. Futures 2.0 might sound like something out of the box, but BITmarkets has implemented it in a highly effective way. Through futures 2.0, you can benefit from margin and multi-asset trading. The margin and position settlements take place in any fiat currency or cryptocurrency of your choice. As a result, you get restriction-free trading activity on a top-tier trading platform like BITmarkets.
- All-in-one Order Book
Traders would already know the function and importance of an order book, which holds all the information regarding buy/sell orders. But BITmarkets has put a unique spin on the idea of a standard order book. On BITmarkets, you get an all-in-one order book that will contain all trading pairs from the main market. This means less hassle for everyday traders.
BITmarkets supports the two largest cryptos, Bitcoin and Ethereum, which are available for trading in the global crypto market. Other than that, this exchange platform has options to diversify one’s portfolio by dabbling with more than 100 types of popular cryptocurrencies.
Any online exchange platform is nothing without its security features and standard procedures that save users during trying times. Millions of crypto traders and investors rely on BITmarkets due to their top-notch security features, which include 2-Factor Authentication.
The 2FA has become more of a standard in the world of trading cryptos securely because it ensures that only account holders get to access their digital assets.
BITmarkets Token [BTMT]
Following up on the company’s up-to-now growth, Peter Sumer, COO of BITmarkets, informed in his interview with Forbes about the platform introducing its own unique utility token, BITmarkets Token (BTMT).
BTMT was created as a digital asset offered to exchange members to provide them with a variety of special perks, such as:
- Reduced trading expenses
- Exclusive content access
- Access to VIP-tailored assistance
- Early access to unique features and forthcoming projects
- Participation in reward programs, offerings, and airdrops
The successful private sale, during which BITmarkets Tokens worth over $1 million were sold, ended in June 2023. The public sale will begin by the end of Q3, however, in the meantime, registered users have an exclusive chance to buy the tokens in the pre-sale phase for a more attractive price – before they enter the market.
Investing in BTMT during the initial phase will largely benefit investors from the early bird valuation. BITmarkets Token will provide an environment for projects interested in creating their own ICO dashboard. Furthermore, there will be a way for holders to vote on the ESG investments that BITmarkets will focus on. According to Sumer, the token listing could occur at the beginning of 2024.
BITmarkets believes in the uniqueness of each trader and creates their features in a way that offers solutions to everyone.
- Spot trading: BITmarkets introduces one of the most versatile spot trading markets with more than 130 cryptocurrencies. With crypto spot trading, you can buy and sell any supported crypto at the market price, or “on the spot”.
- Users can easily engage in the buying and selling of cryptos with BITmarkets spot trading feature. Traders can also take advantage of the all-in-one order book, which consists of the orders that are collected and matched along with the ones that promise deeper liquidity, greater variety, and fairer pricing.
- Futures trading: Similar to spot trading, BITmarkets also offers futures trading, which comes with an easy process to get started. Simply head over to the myZone portal, select Futures, and choose the crypto asset you intend to trade. Next, select the order type and click Save.
- Crypto leveraged trading: BITmarkets has also recently introduced the power of leveraged trading for even higher potential gains.
- Over 100 cryptocurrencies: BITmarkets allows traders and investors to choose from more than 100 cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Shiba Inu, ChainLink, and more.
- Lightning-fast transactions: BITmarkets solves the issue of missing the right moment to make transactions by backing all trades with a system capable of handling more than 1 million requests per second.
BITmarkets takes customer support very seriously, which is why the exchange offers a dedicated support line for users. They provide a 24/7 support line in over 20 languages to ensure non-stop support for their customers. BITmarkets, on their official website, offers support in three ways, depending on the customer journey.
BITmarkets offers a comprehensive range of solutions, including resources for getting started, account and verification, deposit and withdrawals, trading, security, and FAQs. Users can get answers related to possibly everything they need to get started, including creating an account or trading.
BITmarkets not only focuses on offering unique features and dedicated customer support but also maintains its user-friendly position through an intuitive user interface. The official website of BITmarkets features many aspects in every step of the web navigation that reflect the uniqueness and innovative side of the platform.
Users will get the option to either register or download the app right after landing on the homepage. They can also check the market and monitor the price chart of more than 100 cryptocurrencies with metrics like price, 24-hour change, trading volume, and market cap. From here, traders and investors can also get details about a specific coin and the latest news related to it. This page also leads to buying and selling a coin of your preference. BITmarkets uses an escrow that bridges the buyer and the seller without any third parties getting involved.
With spot trading and futures trading, users can easily start trading crypto through a few simple steps, making it easier for both beginners and seasoned traders alike.
Deposit to Margin Feature
BITmarkets recently launched the Deposit to Margin Trading Feature that is introduced to margin traders and investors with the aim of simplifying the process. Users can now easily cut out the hassle of transferring money from the spot wallet to the margin wallet. Now they can directly deposit funds into the margin account. This way, traders and investors have the option to save time and limit their exposure to the risks that are usually associated with money transfers between wallets.
With this feature, BITmarkets not only becomes the first crypto exchange to introduce depositing funds into their margin account, but through margin trading, it aims to bring a new approach to retail traders and corporate clients. This feature will facilitate the existing crypto markets opening up to everyone. The main goal of BITmarkets, through such unique features, is to promote mass adoption of crypto by making the trading process simple, reliable, and secure.
Fees and Liquidity
At BITmarkets, there are fees charged differently for fiat and crypto deposits and withdrawals, as well as for tier pricing. Here’s an evaluation of the fees BITmarkets offers for investors:
Fiat Deposit and Withdrawal Fees
Fiat deposits and withdrawals are subject to bank charges, remittance fees, or transfer fees that are not in the control of BITmarkets. BITmarkets accepts deposits and allows withdrawals in a host of different fiat currencies, such as USD, EUR, INR, IDR, MYR, and VND.
Crypto Deposit and Withdrawal Fees
When it comes to crypto deposits, BITmarkets supports a myriad of cryptocurrencies such as Bitcoin, Ethereum, Cardano, and other ERC20, BEP20, TRC20, Algorand, and Cosmos tokens. Users are warned to check before they send their funds to the wallet address. There is no deposit fee for cryptocurrency deposits. Withdrawal fees for Bitcoin amount to 0.001 BTC.
Tiered Discounts on Trading Fees
BITmarkets has recently decided to roll out a tiered system with trading fee discounts for all users. In other words, all active users will get rewards for supporting the platform. This way, BITmarkets motivates VIP clients to stay active and trade to receive discounts automatically.
Meeting any of the website-listed requirements will allow users to enter a specific tier level. Tiers for fees are separated according to spot trading and futures trading. The details are available on the official website.
To help educate its users and the public-at-large, BITmarkets has also provided a full-fledged academy for crypto trading. In the BITmarkets Academy, users will find trading tips, tutorials, a cryptopedia, and an updated glossary. The purpose of introducing BITmarkets Academy is to make crypto trading easier for all and create a thriving community of users.
Awards and recognition
Since the exchange is a dynamic player in the cryptocurrency market, BITmarkets has attracted a lot of attention and has been recognized for its powerful features. For instance, in March 2022, BITmarkets was awarded the Best Crypto Exchange for Customer Service at Dubai’s Crypto Expo. It has received this accolade thanks to its accessibility, personalized approach, security, and customer service focus, which includes providing services in local languages in each market area.
BITmarkets has also won the Best Crypto Exchange and Best Crypto Academy at Bahrain’s Fintech & Crypto Summit 2023. These accolades prove the focus that BITmarkets puts on customer service and satisfaction.
Dedicated BITmarkets Mobile App
Apart from the main exchange interface, BITmarkets also provides a powerful mobile app to help traders trade and manage their funds on the go. The mobile app provides all the necessary features available on the main BITmarkets website. The BITmarkets app is available for both Android and iOS devices.
- Customer Support BITmarkets provides its services in some of the most active geographical markets worldwide. It provides customer service in multiple languages, including English, German, French, Spanish, Portuguese, Vietnamese, Turkish, Italian, and others.
- Cryptocurrency Support In an effort to cater to different types of cryptocurrency traders, BITmarkets supports a broad range of cryptocurrencies, including Bitcoin, Ethereum, Cardano, and other ERC20, BEP20, TRC20, Algorand, and Cosmos tokens. It does not charge a deposit fee for cryptocurrency deposits.
- Educational Resources BITmarkets also provides a host of educational resources for traders to better understand core concepts and advanced trading methods. In the Academy section, both novice and experienced traders alike will find helpful tips, guides, and tutorials focusing on key aspects of trading.
- Withdrawal Fees The withdrawal fees charged by BITmarkets are on the higher side for fiat withdrawals.
- Coverage Areas BITmarkets does not provide services in some countries that have significant crypto trading communities.
BITmarkets has opened up the existing cryptocurrency markets to almost everyone and everywhere. The exchange demonstrates the highest levels of security, accessibility, and localized services for institutional as well as retail clients, making it one of the most reliable exchanges at the moment.
Frequently Asked Questions (FAQs)
Does BITmarkets have a referral program?
BITmarkets has a referral program that allows traders to gain 10% of the trading fees of their friends and 5% from the earnings of their friends’ referrals. Those getting referred are also entitled to a 10% discount on the 30-day fee.
Is BITMarkets regulated?
BITmarkets is a regulated and secure cryptocurrency trading platform registered in Lithuania. Its margin trading and futures trading services are registered under the laws of the Marshall Islands.
What are the minimum deposits and withdrawals for fiat?
The minimum deposit and withdrawal limits depend on the currency chosen and the payment method. The minimum deposit for USD is $10, EUR is €20, INR is 500, IDR is Rp 350, 000, MYR is RM 10, and VND is 10,000. The minimum withdrawal limit for USD is $200 (Swift), and for EUR it is €100 (SEPA).