BitMart is a top-most digital currency trading platform. This platform is spread all over the world and has a huge network consisting of millions of users globally. Through this platform, the users can exchange or trade cryptocurrencies for other well-known assets for example fiat (usual) currencies or crypto assets as in Bitcoin or Ethereum.
BitMart, the trading interface, has advocated a modified and upgraded multi-layer system structure to support the stability, security, and scalability of the system. BitMart supports various languages including English, Mandarin, Japanese, and Vietnamese.
Background of BitMart
This all was initiated in the year 2018. A crypto fanatic and devotee Sheldon Xia, today is known as the CEO of BitMart started BitMart years ago. His primary and most important goal was to develop something huge in the crypto industry and so he delivered it.
In January 2018, the company was successful in designing as well as creating its own tokens before the official launch of the trading platform, Bitcoin Crypto Exchange.
The BMX Token
Just like all other cryptocurrencies have their native tokens, this exchange platform also owns one known as BMX. This token is based on the ERC020 utility token. This token was first given the name BMC in December 2017 but later on it was changed to BMX in January 2018, having a volume of 1,000,000,000.
The volume is divided into participants, founding team, community rewards, and others. The first 30% of the entire volume is committed to the particular participants. The other 30% estimated profit is for the members of the founding team. The firm has committed 20% for community prizes and rewards and on the other hand, the investors, as well as the early birds, will receive 10% and the remaining 10% is estimated earnings.
The BMX offers a discount to its owners and can be utilized to participate in the Vote for Your Coin and the Mission X2 project campaign. In a nutshell, if you own these tokens you will have a chance of receiving high profits and benefits.
The total supply of BMX tokens when it was first launched was high and recorded at up to 1 billion but now it has been dropping and recorded as 690,319,551 BMX. BitMart has a plan of utilizing 20% of its gains per quarter to purchase back and burn BMX tokens until 50% of the sum of BMX supply is left. All users that use BMX in their crypto trading will receive a 50% discount.
For trading of crypto tokens use exchange platforms to check the factors affecting bitcoin price and BitMart for authentic and reliable trade.
Payment Methods for BitMart
The users of BitMart can fund their owned accounts and purchase by utilizing the supported cryptocurrencies or by using paper note currency. VISA, as well as MasterCard purchases, are also available via the company’s partnership with payment processing provider, Simplex.
On this platform bank and wire transfers are also fully supported. Paxful, WeChat, PayPal, Gift Card purchases, and others can be done for Bitcoin and all other fiats (usual) currencies. what’s more is MoonPay, Credit Card and Apple Pay are also available for only Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) Litecoin (LTC), and Ripple (XRP) purchases, but all the paper note currencies are accepted via all payment methods.
Transaction Times – Explanation
Transaction times are exactly what the words are referring to themselves. It is described as the time during which the data stored or held in the database is considered to be right or true. The transaction times are not constant and they change depending on the traffic of blockchains and the selected payment method.
Transaction Limits – Explanation
All the newly opened accounts have a limitation of withdrawing only 2 BTC every day to make sure the verification process goes through properly. For all the verified accounts, the limit for withdrawing funds is set at 100 BTC every day.
Furthermore, the limits set for transactions made by Simplex are as per the given information below:
Users can make a minimum transaction of 50 USD only. For the users of Simplex, the everyday limit is 20,000 USD per user and the monthly limit is 50,000 per user.
Conclusion
BitMart is a centralized exchange which means this platform is regulated by central authorities. This platform supports fiat currencies which showcases a competitive fee range for its trading facilities. This exchange platform has indeed expanded widely all around the globe but the risk of crypto platforms stays the same.
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