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BitMart has one of the widest altcoin selections of any exchange — over 1,700 coins. In November 2025, it took a major step forward: BitMart US launched with 49-state licensing and zero trading fees, making it one of the few fully licensed US crypto exchanges. But the exchange also carries significant baggage: a $196M hack in 2021, an FTC investigation that remains open, and an unconfirmed July 2025 data breach affecting 1.2 million user records.
⚡ TL;DR — BitMart
Cayman Islands-based exchange founded 2017 by Sheldon Xia. 12M+ users, 180+ countries. Best known for 1,700+ altcoin listings. Major 2025 update: BitMart US launches with 49-state licensing and zero fees.
- ⭐ Rating: 3.4/5 — exceptional coin selection; security and transparency concerns
- 💰 Spot fee: 0.25% base (0.12% with BMX token) · BitMart US: 0% fees
- 🪙 Coins: 1,700+ · 1,700+ pairs — one of the largest selections anywhere
- 🇺🇸 BitMart US (Nov 2025): 49-state licensing · zero trading fees · zero fiat deposit/withdrawal fees
- 🚨 Dec 2021 hack: $196M stolen from hot wallets — all users reimbursed · FTC investigation ongoing
- ⚠️ July 2025: Unconfirmed data breach (1.2M records allegedly sold) — BitMart hasn’t confirmed
- 📊 Transparency: Limited Proof of Reserves · no publicly disclosed insurance fund
- 🚫 Not available: UK (FCA warning) · South Korea · some other jurisdictions
Table of Contents
BitMart Score Card
| Criteria | Weight | Score | Notes |
|---|---|---|---|
| Fees & Trading Costs | 30% | 3.5/5 | 0.25% base is high; 0% on BitMart US (Nov 2025) is excellent |
| Security & Track Record | 25% | 2.8/5 | $196M hack Dec 2021 (covered); FTC investigation; unconfirmed July 2025 breach |
| Coins & Markets | 20% | 4.8/5 | 1,700+ coins — exceptional altcoin selection; tokenized stocks added 2026 |
| User Experience | 15% | 3.7/5 | Clean interface; AI Hub; BitMart Card; P2P with 300+ payment methods |
| Customer Support | 10% | 2.9/5 | Email-only; slow response; no live chat for standard users |
| Overall: 3.4/5 — Exceptional coin selection; significant security and transparency concerns | |||
🇺🇸 BitMart US Launch — November 15, 2025
This is the biggest BitMart development in years. On November 15, 2025, BitMart officially launched BitMart US — a separate entity licensed in all 49 US states and territories with zero trading fees, zero fiat deposit fees, and zero withdrawal fees. This makes BitMart US one of the few fully licensed, coast-to-coast crypto exchanges in the US.
- 49-state licensing: Full operational licenses across all US states and territories — not just FinCEN MSB registration
- Zero fees model: No trading fees, no fiat deposit fees, no bank withdrawal fees — a genuinely disruptive model
- Retail + institutional: Designed for both everyday investors and institutional clients under one compliant framework
- More products coming 2026: BitMart US confirmed additional product launches in 2026 (no specific dates disclosed)
💡 Expert Tip: BitMart US’s zero-fee model is meaningful for US altcoin traders. If you want access to 1,700+ coins without paying 0.25% per trade, BitMart US removes the cost entirely — while operating under full 49-state licensing. The key question is whether the broader BitMart security and transparency concerns (no major PoR, FTC investigation) carry over to the US entity.
What Is BitMart?
BitMart was founded in 2017 by Sheldon Xia and became fully operational in 2018. It’s headquartered in the Cayman Islands and registered with FinCEN in the US as a Money Services Business. The platform serves around 12 million users across 180+ countries. BitMart sits firmly in the mid-tier exchange category alongside KuCoin and Gate.io. Its primary differentiator is sheer coin volume — 1,700+ listings make it one of the best places to find early-stage tokens and low-cap altcoins.
BitMart Features
1,700+ coins and 1,700+ trading pairs: BitMart’s standout strength. If you’re hunting low-cap tokens before they hit major exchanges, BitMart regularly lists them first. The interface supports standard limit/market orders and an AI Hub (X Insight) with real-time sentiment analysis of social media for market-moving signals.
Futures trading: Up to 100x leverage on futures contracts (200x on BitMart US). Geographic restrictions apply. Tokenized stocks (2026): BitMart began listing Ondo Finance tokenized stocks — companies including BlackRock, ConocoPhillips, RTX, and Intuitive Surgical. 24/7 trading via blockchain tokens.
BitMart Card (launched September 2025): Visa-branded debit card offering up to 5% cashback on dining and groceries — competing directly with the Crypto.com Visa card. Cashback rates and tiers vary by region and staking level. P2P marketplace: 300+ localized payment methods and 50 fiat currencies — strong for emerging markets across Asia, Latin America, and Africa. BitMart Earn: Staking, savings, and principal-protected wealth management products.
💡 Expert Tip: BitMart’s real advantage is coin diversity — it regularly lists projects months before they hit Binance or Coinbase. If early-stage altcoins are your strategy, BitMart’s listing pipeline is worth monitoring. Just keep positions sized appropriately for the higher platform risk.
BitMart Fees
| Fee Type | Rate | Notes |
|---|---|---|
| Spot Maker & Taker (Base) | 0.25% | Above industry average — Binance and KuCoin both charge 0.10% |
| With BMX Token Discount | ~0.12% | 25% discount for holding BMX — still not best-in-class |
| BitMart US (all trades) | 0% | Zero fees for US users since November 2025 launch |
| P2P Maker | 0.10%–0.16% | Reasonable for P2P local payment trading |
| P2P Taker | 0.16%–0.20% | Standard P2P range |
| BTC Withdrawal | 0.0005–0.001 BTC | Network-dependent; check before large withdrawals |
Security: The Full Picture
🚨 December 2021 Hack — $196M Stolen: In December 2021, attackers used a compromised private key to drain two BitMart hot wallets — stealing approximately $196M in Ethereum and BSC tokens. BitMart initially denied the hack, calling reports “fake news.” CEO Sheldon Xia confirmed it hours later. Reimbursement took over a month; 700 affected users went public on CNBC about financial hardship. The FTC subsequently opened an investigation that remains open as of 2026.
⚠️ July 2025 Unconfirmed Data Breach: Security researchers found what appeared to be a BitMart database containing 1.2 million user records being sold on a criminal forum. BitMart did not confirm the breach. The full extent of any data exposure remains unverified. The lack of response indicates an opacity in customer communications that is a meaningful red flag.
Current security setup: Following the 2021 hack, BitMart implemented multi-signature wallet requirements and expanded cold storage (majority of funds now offline). 2FA via authenticator app available — recommended over SMS. Anti-phishing codes supported. Bug bounty program active. However: no publicly disclosed insurance fund; limited Proof of Reserves transparency; not regularly audited by third-party firms like CertiK or SolidProof.
💡 Expert Tip: Use BitMart’s authenticator-based 2FA and enable the withdrawal whitelist — these two steps significantly reduce your exposure to unauthorized withdrawals. Given BitMart’s security history, these aren’t optional; they’re essential. Never store more funds on BitMart than you’re actively trading.
BitMart Regulatory Status
- BitMart US (Nov 2025): 49-state licensing — fully compliant US entity with zero fees
- FinCEN MSB (US): Money Services Business registration since 2018
- Hong Kong TCSP: License held, but dropped VASP registration efforts in the region
- UK FCA: FCA has warned against BitMart for operating without UK authorization — not available to UK residents
- Ontario (Canada): Added to investor caution list in 2021
- FTC investigation: Open as of 2026, following the 2021 hack reimbursement delays
Who Should Use BitMart?
BitMart is a good fit if you:
- Are a US user who wants the new BitMart US platform — 49-state licensed, zero trading fees, access to 1,700+ coins
- Hunt early-stage altcoins before they list on major exchanges — BitMart’s 1,700+ listing pipeline is genuinely useful
- Need P2P fiat access with 300+ local payment methods in emerging markets
- Want tokenized stock exposure alongside crypto in one account
This exchange probably isn’t right if you:
- Prioritize security and transparency — no independently verified PoR, no insurance fund, FTC investigation open
- Are in the UK — the FCA has explicitly warned against BitMart
- Need the lowest non-US fees — KuCoin (0.10%) and Bitget (0.10%) are less than half BitMart’s 0.25% base
- Plan to hold large balances long-term — the 2021 hack and unconfirmed 2025 breach make this risky
Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
| 1,700+ coins — exceptional altcoin selection | $196M hack Dec 2021; slow reimbursement; FTC investigation open |
| BitMart US: 49-state licensed · zero fees (Nov 2025) | July 2025 unconfirmed data breach (1.2M records) — no response from BitMart |
| Tokenized stocks via Ondo Finance (2026) | No publicly disclosed insurance fund |
| BitMart Visa Card · up to 5% cashback (Sept 2025) | Limited Proof of Reserves transparency |
| P2P marketplace: 300+ payment methods, 50 fiat currencies | UK FCA warning; Ontario caution list |
| X Insight AI sentiment analysis · active listing pipeline | 0.25% base spot fee — above KuCoin/Bitget (0.10%) |
BitMart vs Altcoin Alternatives
| Feature | BitMart | KuCoin | Gate.io |
|---|---|---|---|
| Spot Fees (base) | 0.25% (0% BitMart US) | 0.10% ✅ | 0.10% ✅ |
| Coins listed | 1,700+ | 700+ | 4,500+ ✅ |
| US licensing | ✅ 49 states (Nov 2025) | ❌ No | ❌ No |
| Proof of Reserves | Limited transparency | ✅ Published | ✅ 125% excess |
| Major hack history | $196M Dec 2021 | $281M 2020 | Disputed 2018 |
| Visa Card | ✅ Up to 5% (Sept 2025) | ❌ No | ✅ Gate Card |
| Review | This article | Click here | Click here |
How to Get Started on BitMart
- Choose your platform — BitMart US (zero fees, 49-state licensed) for US users; BitMart global for everyone else
- Complete KYC — basic trading at lower limits; full KYC required for higher withdrawal limits and advanced features
- Enable authenticator-based 2FA — use Google Authenticator or equivalent, not SMS
- Deposit crypto — fiat deposits available via P2P marketplace with local payment methods
- Start with new listings — check BitMart’s active listing pipeline for early altcoin opportunities
FAQs
Was BitMart hacked?
Yes. In December 2021, hackers stole approximately $196M from two BitMart hot wallets using compromised private keys. All affected users were eventually reimbursed, but the process took over a month and sparked an FTC investigation that remains open. In July 2025, an unconfirmed data breach reportedly exposed 1.2 million user records — BitMart has not confirmed this incident.
Is BitMart available in the US?
Yes — significantly more so since November 2025. BitMart US launched on November 15, 2025 with full 49-state licensing and zero trading fees. This makes BitMart US one of the few fully licensed, coast-to-coast crypto exchanges in the US. The global BitMart exchange also has FinCEN MSB registration, though with more limited features for US users.
What are BitMart’s trading fees?
BitMart US: zero trading fees. Global BitMart: 0.25% base spot fees for both maker and taker. Holding BMX tokens gives a 25% discount, bringing fees to approximately 0.12%. This is still higher than competitors like KuCoin (0.10%) or Bitget (0.10%).
What is the BMX token?
BMX is BitMart’s native exchange token built on Ethereum (ERC-20). Holding BMX provides a 25% discount on trading fees. It trades on BitMart itself with a circulating supply of around 324 million tokens and a market cap of approximately $88M.
Bottom Line: BitMart’s 1,700+ coin selection is genuinely impressive, and the November 2025 BitMart US launch — with 49-state licensing and zero fees — is a significant development for US altcoin traders. But the $196M hack, ongoing FTC investigation, unconfirmed 2025 data breach, and limited transparency on reserves and insurance make caution essential. For US users specifically: BitMart US’s zero-fee model with full state licensing is a compelling new option. For non-US traders: Gate.io (4,500+ coins, 0.10% fees, published PoR) offers more coins at lower cost with cleaner transparency.
📋 Related Reviews: KuCoin Review | Gate.io Review | Bitget Review
📊 Comparisons: BitMart vs KuCoin | BitMart vs Gate.io
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