BitMart has been around since 2017, making it older than most of the “new wave” exchanges. It reports daily volumes in the $5–6B range as of October 2025, depending on whether you check CoinMarketCap or CoinGecko. It lists over 1,000 coins, making it one of the biggest token supermarkets in crypto.
But here’s the twist: BitMart also carries baggage. A major hack in 2021 stole almost $200M in funds, and even today, user reviews are split between people praising its wide listings and others warning about frozen withdrawals or poor support.
📜 Background & Reputation
BitMart launched in 2017 and is officially registered in the Cayman Islands, with offices in New York, Singapore, Hong Kong, and Seoul. It markets itself as a “global exchange” and has grown by being extremely aggressive in token listings. If you’ve ever chased small-cap altcoins or new memecoins, chances are you’ve seen BitMart list them early.
Unlike newer players like MEXC or Coinstore, BitMart has survived two full crypto cycles. But the scars show: its 2021 hack was one of the bigger exchange breaches of the last bull run, and while they promised compensation, not every user was happy with how it was handled.
🚀 Features and Offerings
BitMart lists over 1,100 tokens and 1,200 trading pairs, making it one of the widest selections on the market. This is its main selling point — if a coin exists, there’s a good chance it’s on BitMart.
The platform offers both spot and futures trading, with leverage up to 100x on some pairs. That puts it in the same category as Bybit and Binance for degen-level leverage.
BitMart also pushes staking, savings, and liquidity products. Yields vary, and while some are competitive, details on risk management are not always fully transparent.
Their mobile app is widely used, with millions of downloads on iOS and Android. The interface is smooth, but user feedback is a mixed bag — easy to trade, but complaints about stability and withdrawals pop up often.
For fiat, BitMart supports purchases via card and third-party partners. The experience isn’t as seamless as Coinbase or Binance but works for casual users.
🛡️ Safety and Trust
In December 2021, BitMart was hacked for nearly $196M after private keys were compromised. They promised full reimbursement, and some users reported being compensated, but transparency was questioned. That event still lingers as a trust scar.
As of October 2025, BitMart has not released a full proof of reserves with third-party verification. In a post-FTX world, that’s a weakness.
Trustpilot and Reddit show plenty of mixed reviews. Positive: “Huge variety of coins, easy to use, cheaper fees than Coinbase.” Negative: “My withdrawal was frozen with no explanation.” Another: “Support stopped replying, funds stuck.”
On the security side, BitMart offers 2FA, withdrawal whitelists, cold wallet storage, and other standard protections. But compared to Binance or Kraken, their security reputation isn’t at the same level.
🎭 What the Users Say
Positive voices: “BitMart lists everything. If you want early access to tokens, it’s the place.” — Play Store reviewer. “Good for trading small caps, app works fine.” — App Store feedback.
Negative voices: “They froze my withdrawal without warning.” — Reddit post. “They blocked my account after deposit.” — Trustpilot review. “Customer support is unhelpful when issues happen.” — multiple user reports.
It’s the classic split: degens love the listings, cautious traders complain about safety and support.
🌍 Who Actually Uses BitMart?
BitMart is especially popular among altcoin hunters and traders in regions without access to Coinbase or Binance. It has a noticeable footprint in Asia and parts of Africa and Latin America, where mobile-first trading and early token access are valued more than strict regulation.
In the West, it’s often seen as a secondary exchange — a place to grab a coin that isn’t yet on Coinbase, Binance, or Kraken.
📊 Real Examples
In the last cycle, BitMart was one of the first exchanges to list multiple metaverse tokens before they pumped. That drew a flood of new users.
In 2021, the hack and aftermath became a CT talking point, with many traders moving funds out. While BitMart survived, it never regained top-tier trust.
🎰 Should a Degen Use It?
BitMart is like a giant convenience store in the middle of nowhere. You’ll find things here you can’t find anywhere else, but you might also question how reliable it is.
It’s great for catching early token listings and small-cap alt plays. But you should test with small amounts first, since user complaints about frozen withdrawals are too common to ignore. It’s not the best place for your main stack or long-term holdings.
🏁 Final Degen Verdict
BitMart is a token buffet with trust issues. It’s one of the best exchanges if you want variety and early access to altcoins. But between the hack history, no proof of reserves, and recurring user complaints, it’s not a platform you can fully trust with big bags.
Use it as your “side quest” exchange, not your main base. Snipe tokens, exit quick, and move funds back to safer ground.
WAGMI — if you play it smart.
