In today’s digital world, paper money is becoming less and less common. Cryptocurrencies of all kinds, on the other hand, are developing at lightning speed, with some companies even paying wages in them. As the crypto industry grows and trades more and more, so does the demand or users for reliable cryptocurrency trading platforms. And there are a number of such platforms. But how to choose the best one? How can you be sure that your data is fully protected and that you will always be able to withdraw your capital? In our review today, we will try to answer this question using the example of the crypto exchange BITmarkets.com.
Utility Token of BITmarkets
During his interview with Forbes, Peter Sumer, the Chief Operating Officer (COO) at BITmarkets, unveiled the distinctive utility token of BITmarkets. Known as BITmarkets Token (BTMT), this digital asset aims to provide users with a range of exceptional advantages and functionalities, including:
- Reduced trading fees
- Early access to exclusive features and projects
- Privileged access to exclusive content
- Participation in reward programs, offerings, and airdrops
- Access to personalised VIP support
The introduction of BITmarkets Token will establish an ecosystem that enables projects to launch their own ICO dashboard. Additionally, token holders will have the opportunity to vote on the selection of ESG-focused investments that BITmarkets will prioritise in the foreseeable future.
With a highly successful private sale that commenced in March 2023, during which tokens worth over one million dollars were sold, registered users now have an exclusive opportunity to participate in the pre-sale and acquire the tokens at an appealing price. This advantageous offer allows them to benefit from the early bird valuation before the autumn public sale.
In early 2022, a new exchange, BITmarkets.com, appeared on the horizon of the crypto world. BITmarkets is operated by Unicorn Technologies Limited, which delivers software solutions, digital asset technology, and virtual financial assets through a peer-to-peer network and centrally managed exchange platform.
However, it maintains the highest level of security for quality customer service. While the crypto exchange is not regulated for now, which could hopefully change in the future, on the other hand, traders can choose from a plethora of cryptocurrencies.
In fact, there are more than 80 pairs on offer. Traded against the US dollar or the Euro, the crypto exchange also offers bonuses if you recommend opening an account with BITmarkets to other people who then start trading. This can be described as a relatively unique strategy.
Within trading, clients have a choice between spot and futures, which streamlines their trading activity depending on what they prefer.
Just below on the homepage, traders are offered instant currency conversion in a variety of options, meaning they don’t have to search the site for this feature. Everything is very well designed – the most important things are always in plain sight.
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Broker fees may vary and change, and there may be additional fees that are not listed in this review. BITmarkets has trading fees against its competitors such as Kraken, Coinbase or Poloniex. It has also launched a new rebate system that rewards those who trade in higher volumes. The higher the volume, the lower the fees. The only downside is slightly more expensive withdrawals.
Platform and interface
The website of the crypto exchange has a fairly simple design but in a good way. The site is not cluttered with unnecessary information and all the most important buttons are visually appealing. The developers of this project have done a good job, focusing primarily on convenience for clients. The website is translated into a total of 28 languages, which means that traders from almost all over the world can use the platform even without much language skills. In addition, there is also a Czech language option. This fact can only be evaluated positively.
The colors of the pages are relatively pleasing to the eye, dominated by white and yellow with elements of black. The font is large and legible. In the footer itself, you will find a lot of important information, for example regarding the legal structure of the company.
The developers of the platform have also put a lot of effort into creating a solid trading platform. This means that you don’t need to install any application to use the site, just create an account and log in.
As the site is intended for experienced cryptocurrency traders, there is no demo account on offer. Some see this as a disadvantage, but there is a logical explanation for this. The site is narrowly focused on cryptocurrencies, you cannot trade securities, gold, or other instruments.
The absence of a demo account here is essentially a kind of protection of the client base. In fact, if one creates a trading account, it is a direct advantage for both the user and the crypto exchange. In the case of a demo account, the registered user never has to create a trading account, which in turn is rather negative for both parties. From my point of view, the absence of a demo account is more of an advantage than a disadvantage.
Registering and creating a trading account with BITmarkets
The saying “simplicity is power” accurately describes the crypto exchange BITmarkets.com. The registration process is easy and can be handled by anyone. The registration button is located both in the header of the website and in the footer.
You create an account by simply clicking on the button and simply entering general information such as name, password, email and phone number. Basically, nothing new.
After registration, you will receive a confirmation link in your email to confirm your membership of the BITmarkets.com trading team.
Social networks and contact
On the website, just click on the network logo to be redirected to that account. Profiles are regularly updated with new information, which also makes the crypto exchange more trustworthy.
As for how you can contact the crypto exchange, you don’t have much choice. This can only be done via email, there are no online chats or phone numbers available. If you then look on the website in the Contacts section, you will see that for different types of queries, you can ask the question to the specific team of people who deal with the issue.
This gives the impression of well-organised support for clients. And even the aforementioned lack of chatbots or phone contacts did not affect the fact that BITmarkets.com won the award in the category “The Best Crypto Exchange Customer Service” at the Crypto Expo 2022 in Dubai.
It should be mentioned that such awards are not usually given for nothing or for money. There is a lot of hard work and teamwork behind such achievements. And this is further proof that BITmarkets.com performs well.
BITmarkets mobile app and payment methods
This merchant has also developed its own mobile app. You can easily download it from the Appstore or Google Play and it only takes a few minutes. The mobile version offers all the features of the desktop one, which is very nice.
Depositing and withdrawing money via smartphone and computer is more than easy. All deposit methods are available, from card payments to e-wallet payments. The minimum withdrawal is $100, but the minimum deposit is slightly higher at $250. On the other hand, the fees are very low which is a great plus.
Nothing is perfect though, so let’s conclude with a summary of the pros and cons of BITmarkets.com:
Advantages of BITmarkets
- Low fees
- Many cryptoassets that can be traded
- Website translated into 28 languages
- Wide range of options for depositing and withdrawing from your account
- Award for best customer service in crypto for the past year
- Multiple different emails for customer support depending on what you need
- Activity on social media
- Benefits in case of a crypto exchange recommendation
Disadvantages of BITmarkets
- No online chat on the site or phone contact
- No demo account
- Higher minimum deposit
As you can see, this broker has many more advantages than disadvantages. In our review, we tried to be as objective as possible and give a fair assessment of BITmarkets. In our opinion, this crypto exchange can be trusted and you can join many of its members by opening an account.