There have also been numerous reports about issues withdrawing assets, which may deter new users from signing up. The Game On Players token sale started on Jun 21, 2021, and lasted until Jun 1, 2023. Compared to its initial token sale price, GOPX is currently showing an ROI of 0.00x against the US dollar, 0.00x against Bitcoin, and 0.00x against Ethereum. Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications. BitMart is allowed in the United States, but its Earn and Lending products are not available to U.S.-based users.
BitMart is a global crypto exchange that both beginners and experienced traders can use to buy and sell an exceptionally long list of digital assets. The exchange also offers a range of yield-generation opportunities for crypto holders and gives users early access to tokens issued via its in-house token launchpad. BitMart is a global cryptocurrency exchange that allows users in 180+ countries to buy and sell over 1,000 digital currencies and tokens. While BitMart offers all the features you’d expect from a global crypto exchange, it was hacked in December 2021, which resulted in an estimated $196 million cryptocurrency theft. Founded in 2017, BitMart is a global cryptocurrency exchange that allows individuals and institutions to buy, sell, and trade over 1,000 cryptocurrencies, with over 9 million users in over 180 countries. In addition to advanced cryptocurrency spot and futures trading dashboards, BitMart offers a simple buy/sell crypto feature for beginners and a range of crypto-earning opportunities.
- Following the incident, the company’s CEO, Sheldon Xia, announced on X (formerly Twitter) that BitMart would reimburse all affected users.
- There are also different account levels based on each user’s 30-day trading volumes that determine the amount of trading fees charged on each trade.
- Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions by sharing our methodology for rating cryptocurrency exchanges.
- With over 1,000 tradable digital assets, traders who prefer to speculate on smaller altcoins and newly-issued tokens will appreciate what BitMart offers its customers.
- The Game On Players token sale started on Jun 21, 2021, and lasted until Jun 1, 2023.
- Users can manage their accounts via the BitMart online dashboard or its mobile apps, available for Android and iOS.
Experienced traders will find all the advanced features they need, combined with a long list of tradable assets. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. BitMart has a tiered fee structure, where users with higher trading volumes (based on trading volume over a 30-day period in BTC) pay lower fees. Fee deductions apply to BMX token holders who use the token to cover trading fees. Companies looking to open an institutional trading account must complete a more detailed onboarding process.
The exchange also added numerous new features, including staking, lending, savings products, and derivatives trading. In December 2021, BitMart suffered a security breach that led to the loss of $196 million worth of cryptocurrency when private keys were compromised for two of the trading platform’s hot wallets. Following the incident, the company’s CEO, Sheldon Xia, announced on X (formerly Twitter) that BitMart would reimburse all affected users. What makes BitMart stand out among its peers is the large number of digital currencies and tokens offered on the platform. With over 1,000 tradable digital assets, traders who prefer to speculate on smaller altcoins and newly-issued tokens will appreciate what BitMart offers its customers. While many leading exchanges hold all customer funds in cold storage, BitMart’s hybrid hot and cold wallet system has enabled hackers to steal almost $200 million in assets belonging to BitMart customers.
However, the company took measures to strengthen its security and has pledged to compensate its clients. GOPX “Game On Players” Token is the only digital currency that buys and sells itself through its own financial ecosystem. GOPX is an evolution in cryptocurrency being both stable and self-consuming. The GOPX Token gopx token bitmart can be used to pay direct royalty funds to artists and the music industry (NFT) allowing millions of individuals to easily take part in this burgeoning tokenized economy. Account management on BitMart is mostly self-serve, though the exchange does offer multiple customer support options for users who need assistance.
There are also different account levels based on each user’s 30-day trading volumes that determine the amount of trading fees charged on each trade. Users can manage their accounts via the BitMart online https://cryptolisting.org/ dashboard or its mobile apps, available for Android and iOS. In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with trading discounts and other benefits on the exchange.
Fees
While BitMart has announced that it will reimburse all affected customers, a breach of this size suggests the exchange’s security measures could be improved. Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions by sharing our methodology for rating cryptocurrency exchanges. We determined our review on security, fees, number of cryptocurrencies available, and other factors. We also considered if the exchange is regulated by an appropriate agency or entirely decentralized. BitMart provides customer service via a dedicated support center, support tickets, and a live chat.
Is BitMart Safe and Legitimate?
BitMart delisted FTX’s FTT token perpetual futures contracts on Nov. 14, 2022, following the collapse of the FTX cryptocurrency exchange, to protect its users from the token’s sharp price volatility during that period. The BitMart hack in December 2021 upset customers who thought their funds would be safe with the Cayman Islands-based exchange. Nonetheless, BitMart’s Trustpilot rating is 3.9 stars out of five from over 2,400 reviewers. With that stated, poor support, lack of transparency, and the inability to withdraw funds are all customer complaints.
Game On Players Token Sale Statistics
Like many other cryptocurrency exchanges, it doesn’t offer phone support to its customers, so you will have to rely on its chat feature to get answers in real-time. BitMart offers many of the same products and services as leading global exchanges, such as Binance, CEX.IO, Poloniex, and Huobi Global. U.S. customers can trade on BitMart, but the exchange’s Earn and Lending products are unavailable to users in the United States. BitMart beginners can take advantage of the site’s online handbook, which offers a step-by-step process for using the site to buy, sell, and trade cryptocurrencies. In addition, beginners can also use the platform’s Buy & Sell feature that allows users to buy Bitcoin (BTC) and other cryptocurrencies using Visa, Mastercard, Apple Pay, and PayPal. BitMart provides a web-based digital asset trading and investing platform and a mobile app for Android and iOS.
BitMart and Coinbase are both cryptocurrency exchanges with solid customer reviews. Coinbase is recommended for beginners because of its smaller offerings (over 250 cryptocurrencies) and easy-to-use platform. BitMart has a simple buy/sell feature on its site, which is also helpful to new traders, but it offers over 1,000 cryptocurrencies on its exchange, giving it a slight edge over Coinbase. BitMart is a legitimate cryptocurrency exchange with over nine million users in over 180 countries, according to its website. The exchange has over 1,000 cryptocurrencies listed, and it is set up for beginners and experienced traders to buy and sell from its website. Using any cryptocurrency exchange carries a degree of risk, and BitMart experienced a large-scale security breach when $196 million in cryptocurrency was stolen in December 2021.
BitMart’s website notes an “advanced risk control system,” operating a hybrid hot and cold wallet system and deploying multi-signature technologies. However, the $196 million hack the exchange experienced in December 2021 suggests that BitMart’s security could use some work. However, the large-scale hack that the exchange suffered in December 2021 is concerning. Customer wallets were affected, and almost $200 million in funds were stolen by hackers.