BitMarket Review 2018
BitMarket is a European cryptocurrency exchange based out of Poland and mainly services Eastern Europe. The cryptocurrency exchange is owned and operated by Capital Group and was founded in 2014. BitMarket supports both cryptocurrency trading pairs and fiat to cryptocurrency trading pairs. The exchange is not the most popular in the cryptocurrency space but is successful and gains most of their liquidity from Poland, Germany, Austria, Estonia, and Finland. BitMarket provides their traders with all the necessary tools and features needed to successfully trade cryptocurrencies.
- Trading Platforms
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
As with most cryptocurrency exchanges, BitMarket is not regulated by any reputable regulatory authorities. However, as the cryptocurrency industry grows and matures, regulatory authorities will set guidelines and start regulating more cryptocurrency exchanges such as BitMarket.
BitMarket was established in 2014 and has never experienced any major hacks or complaints of security issues or loss of funds. Therefore, BitMarket is seen as a reliable cryptocurrency exchange thus far. The exchange implements the latest encryption protocols and stores the majority of funds in cold storage wallets. As well, customers have the option to enable two-factor authentication to log in to their account and withdrawal funds. These security measures help to ensure BitMarket is a reliable cryptocurrency exchange.
The trading platform offered by BitMarket is a very nice and easy to use a platform to simply buy and sell cryptocurrency. The platform is definitely geared towards beginner traders by providing an intuitive and user-friendly interface for placing simple buy and sell orders for cryptocurrencies. The whole platform is web-based and is accessible from the BitMarket website. The trading platform features a nice sizing chart in the middle of the screen which allows traders to view the market history and price movements of the cryptocurrency asset you are viewing. The tools and features are very limited, causing experienced traders to conduct advanced technical analysis elsewhere. However, both beginner and experienced traders should appreciate the simple and easy to use platform for buying and selling cryptocurrencies.
BitMarket Mobile Trading
BitMarket allows their traders to successfully trade cryptocurrencies from their mobile devices through their downloadable mobile applications for both Apple and Android smart devices. The mobile apps are very well designed and contain all the same features found on the main web-trader platform. BitMarket has successfully created an app that allows traders to easily conduct trades on the go, without compromising features of the original platform.
BitMarket does not offer a wide variety of cryptocurrency assets for a trade. However, the ones they do offer are highly sought after and leading cryptocurrencies in the space. See the list of available cryptocurrencies below:
- Bitcoin Cash
- Bitcoin Gold
The fiat currencies in which these cryptocurrencies can be exchanges for are:
- Euro (EUR)
- Polish złoty (PLN)
As for the trade types available, traders have some advanced order types available to them in addition to the standard buy and sell orders. For instance, traders can place Stop Loss and Take Profit orders for automatic trading that operates 24/7. As well, traders can participate in Margin Trading by trading with a leverage of up to 1:10. These trade types are very easy to execute and are perfect for both beginner and advanced cryptocurrency traders.
There are no different account types with BitMarket as everyone who signs up with the platform has the same level of accountability. Verification is not required for setting up an account, but without it, users are subject to some limitations. To gain access to all the features BitMarket accounts offer, users, must submit identity verification information such as a photo of their government-issued ID and proof of address via a bank statement or utility bill. Once verified users can deposit PLN and EUR into their accounts to buy cryptocurrencies. Also, prior to verification users can only keep a maximum of 15,000-euro worth of cryptocurrency in their account. Once verified, the amount you can hold in your account is unlimited. Other than this, all other account features are available to unverified users.
Commissions and Spreads
All fees are clearly outlined on the BitMarket website for traders to clearly see. BitMarket charges fees for both trading and making withdrawals. The fees that BitMarket charges their clients are quite high compared to many other cryptocurrency exchanges. For instance, Taker fees are 0.45% which are double of what the majority of other cryptocurrency exchanges charge. As for Maker fees, they range from 0% to 0.15% which is more reasonable. Traders also incur withdrawal fees which vary from currency to currency.
Deposits and Withdrawals Options
BitMarket offers deposits and withdrawals via the cryptocurrencies they feature on their platform. As well, traders can make deposits and withdrawals with PLN and Euros through bank wire and electronic transfers.
Bonus and Promotions
Unfortunately, BitMarket does not have offer any bonuses or promotions for trading on their platform, nor do they have a loyalty program like some other cryptocurrency exchanges.
The customer support offered by BitMarket is quite satisfactory. Support representatives can be reached via email and live chat 24 hrs a day, 7 days a week. The support team responds in a timely manner and is said to be very professional and friendly. In addition to these support methods, BitMarket features a “support library” which is basically an extensive FAQ page. This page is very well organized and full of informative material.
Pros and Cons
- Fiat currency deposits and withdrawals supported
- Advanced trading options
- Anonymous trading is possible with just cryptocurrencies
- Easy to use and well-designed trading platform
- Verification required for fiat withdrawals
- A small variety of tradeable cryptocurrency assets
- High fees compared to the competition
Is BitMarket regulated?
No. BitMarket is not a regulated cryptocurrency exchange under any financial regulatory agency.
Where is BitMarket based?
BitMarket is based out of Poland.
How does BitMarket make money?
BitMarket makes its money by charging their clients trading and withdrawal fees.
How do I deposit in BitMarket account?
BitMarket accepts cryptocurrency deposits as well as PLN and EUR deposits made via bank wire transfers.
How do I withdraw money from BitMarket?
Withdrawals of funds from BitMarket can be made the same way as deposits, through bank wire transfers for fiat money, and through cryptocurrency transfers between digital wallets.
How do I open an account with BitMarket?
To open an account at BitMarket, simply provide an email address and password to set up an account. You will then be required to submit identity verification information for deposits and withdrawals of fiat currency.
Is BitMarket reliable?
Yes, BitMarket is reliable and trusted by many people from all around the world.
Does BitMarket use MetaTrader?
No. BitMarket utilizes their very own proprietary web-based trading platform.
What is BitMarket leverage?
The maximum leverage offered by BitMarket 1:40 leverage.
Is BitMarket a scam?
No. BitMarket is not a scam even though it is not regulated.
How safe is BitMarket?
BitMarket is a safe cryptocurrency exchange as they use the latest encryption technology to help to secure its website from hackers and enables two-factor authentication for logins and withdrawals. Also, they hold the majority of funds in cold storage.
BitMarket is an excellent cryptocurrency exchange for both beginner and experienced traders looking for an easy to use the platform to buy and trade cryptocurrencies. The fees may be higher than other cryptocurrency exchanges, but the services offered by BitMarket are very well polished and easy to use. BitMarket is not a regulated exchange but has thus far proven themselves to be trustworthy and reliable.
- Bitcoin Gold
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- South Korea
- Virgin Islands, British
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- North Korea
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man