There are hundreds of active crypto exchanges, but only the top crypto trading platforms offer reliable services and a broad range of trading possibilities. Binance and BitMart are among those selected few top-quality platforms.
In this Binance vs BitMart review, we’ll take a deeper look at both platforms to show you what they offer, which cryptos you can trade, and all the additional key features.
About the Exchanges
Binance
Binance is one of the most recognizable brands on the crypto market because the platform has the largest trading volume among all exchanges. In fact, you can combine the trading volumes of several of the platform’s main competitors, and Binance would still have a much higher daily volume. The platform has been serving millions of users across the world since 2017.
One of the main reasons behind the exponential growth of Binance to the top of the crypto market is that it offers its users an extensive range of services. Instead of focusing solely on crypto trading, Binance also caters to NFT enthusiasts and high-risk appetite traders looking for crypto derivatives or futures contracts.
BitMart
BitMart has a much lower trading volume than Binance, and it’s ranked between the top 30 and top 20 exchanges on CoinMarketCap. However, this doesn’t mean that the platform provides low-quality services. Quite the contrary.
BitMart is a popular, globally-operating exchange platform that lets traders invest in a massive number of cryptocurrencies. Also, traders have various additional services at their disposal. The BitMart NFT market supports numerous trending collections, while the BitMart Futures section lets users engage in futures trading with multiple types of collateral.
BitMart started offering its services to traders in 2017 and is registered in the Cayman Islands. The main drawback is that the platform had a major hack in 2021.
Pros and Cons
Binance Pros
- Binance is the top global crypto trading platform, and all of its crypto services are extremely high-quality.
- A great selection of altcoins (600+).
- Amazing choice of trading features for beginners and pro traders alike.
- The platform has its own debit card in collaboration with Visa.
- The Binance NFT market is the go-to destination for Binance chain-based NFT collectors.
Binance Cons
- Unfortunately, Binance lacks regulatory compliance.
- The platform could improve customer support services.
BitMart Pros
- BitMart has a crazy-high selection of supported assets (1000+).
- NFTs across various blockchains.
- Lots of staking options.
- BitMart has a well-developed referral program.
- All types of users can find the trading tools they need on BitMart.
BitMart Cons
- The fees are higher compared to several of the largest trading platforms.
- BitMart isn’t regulated by any reputable institution.
- The platform was hacked in 2021, and the attackers stole nearly 200 million USD worth of crypto assets.
Binance vs BitMart: The Crypto Exchange Comparison
Opening an Account
Let’s open a Binance trading account:
- For a start, click on Sign up with Email or Phone on the platform’s main page.
- Alternatively, you can proceed with your Google or Apple accounts, but if you don’t have one, you should choose the email or phone options.
- Depending on your choice, enter the required information.
- Binance will need to verify your phone number or email address by sending you a message with a verification code.
- Just use the code on the Binance platform to verify your contact.
- Additionally, choose a password for your Binance account and use your referral code if you have one.
- Finally, click on the checkbox next to the terms of service before submitting your info and creating your account.
- Since Binance isn’t regulated, you don’t need to provide additional information. You can fund your account and begin trading immediately.
The procedure on BitMart is very similar:
- The Get Started button on BitMart is your first step.
- Unlike Binance, BitMart only supports email or phone registration.
- Fill in the details and create your unique account password.
- If you got one, provide your referral ID code for an account creation bonus.
- Confirm that you’re 18 years of age or older and that you’ve read the platform user policy.
- Create your account and enter the code BitMart sent to your email or phone number.
- Like Binance, BitMart doesn’t require you to confirm your identity before trading.
Main Features
A critical factor that drives a huge number of users worldwide to Binance is the sheer scope of offered services. However, offering a lot of services isn’t enough. Binance retains its users by ensuring all of these services are working smoothly.
If you’re a beginner looking to invest cash in crypto quickly, you can use the instant trading option to buy or sell assets. If you’re looking for real trading experience, you can jump to the Binance trading interface and start using various order types, price charts, and technical analysis tools to implement your trading plan.
Moreover, pro traders looking for more excitement and high-risk profit opportunities can use the crypto derivatives features of Binance or the futures options.
Binance goes even further by providing users with non-trading features, such as its NFT market, which is great for users looking to purchase Binance chain NFTs but also some Ethereum-based collections, too.
On top of that, Binance has a wide plethora of staking options that can let you earn additional crypto from your current holdings. Not to mention the crypto lending feature where you can lend your crypto to Binance and receive interest from crypto loans in return.
BitMart tends to satisfy users of different experience levels because beginners and pro traders alike can find what they need, whether it’s instant trading or the pro trading interface. Advanced users can use the margin trading and futures sections to engage in high-risk trading activities. The futures contracts allow users to enter crypto-collateralized and stablecoin-collateralized contracts.
BitMart’s Earn section is where you can stake various cryptocurrencies to earn an annual yield. However, you can also engage in dual investments that yield crypto rewards in two currencies, depending on which investment pool you choose. Additionally, users can open a crypto savings account on BitMart to earn interest on their assets over time, just like with a bank savings account, except that the interest rate is higher.
Furthermore, BitMart’s NFT section supports numerous trending collections on different blockchain networks, and the best thing is that you can purchase any of the NFTs with the Tether (USDT) stablecoin.
Supported Cryptocurrencies
The crypto selection is one of the main selling points of crypto exchanges, and Binance is one of the best options on the market because it supports more than 600 digital currencies. This is way more than most competitor platforms. Many Binance users only use the platform because they can find all the assets they need.
All of the leading cryptos like Bitcoin (BTC), Ripple (XRP), Tether (USDT), Bnb (BNB), Cardano (ADA), Bitcoin Cash (BCH), Solana (SOL), Binance USD (BUSD), Ethereum (ETH), and Polygon (MATIC) are present on the exchange.
Additionally, you’ll find hundreds of low-cap and micro-cap coins, especially BEP-20 tokens, because Binance acts as a token launchpad for Binance Chain projects. However, you won’t find native tokens from competitor exchanges.
Although Binance has one the most extensive choices of cryptos among centralized platforms, there are a few competitors that support more coins and tokens. BitMart is one of those because users can trade more than 1,000 cryptocurrencies on the platform.
The market-leading digital currencies are all present on BitMart, with the addition of numerous less popular projects like Nem (XEM), HyperChainX (HYPER), Gala Games (GALA), Kava (KAVA), Bonk (BONK), Pias (PIAS), and 900+ cryptos.
Payment Methods
Binance provides users with various options for spending fiat money on cryptocurrency. For instance, with the instant purchase feature, you can use a bank card to buy crypto on Binance directly. Also, you can deposit cash into your trading account with a bank account transfer, your bank card, or through various additional payment services like Google Pay, Banxa, Simplex, and Binance’s own Binance Connect feature.
If you deposit money into your account, you don’t need to spend it immediately because Binance provides users with a fiat USD wallet where you can hold your money and gradually trade with them over time. Additionally, the platform’s peer-to-peer (P2P) trading option lets you conduct trades directly with other traders. This feature supports dozens of payment services, depending on your region.
BitMart also enables users to invest fiat currency in crypto by buying assets with their bank cards or making a cash deposit with a standard bank transfer. Additionally, BitMart supports ApplePay. However, the exchange doesn’t offer support for any additional payment services.
Trading Fees and Limits
The Binance fee structure is one of the key characteristics that make the exchange a top-rated destination for all types of traders. The fees start at 0.1% per trade, which is very low. It’s important to note that these are the fees for both takers and makers with up to one million USD in monthly trades.
Large-scale traders with even higher trading volumes get additional discounts, down to the 0.02% fee for makers and 0.04% fee for takers that trade more than 4 billion USD of crypto within a month. Also, all traders get an additional 25% discount if they have a certain amount of BNB coins in their accounts, per the requirements for each fee tier.
The Binance withdrawal policy is among the best in the industry because you can withdraw up to eight million USD daily.
The BitMart fees are considerably higher than those on Binance, starting at 0.25%. BitMart forms fees based on your holdings of the platform’s native BMX token. The first tier is for users with no BMX holdings. The next tier is reserved for users with 0 to 2500 BMX tokens, and they incur a 0.2% fee.
There are nine fee tiers in total, and the last one requires traders to hold between 500,000 and one million BMX tokens in exchange for a 0.06% maker fee or a 0.08% market taker fee. BitMart only allows users to withdraw up to 20,000 USD of assets per day.
This difference in withdrawal limits shows the vast gap in liquidity between Binance, whose daily trading volume is around 15 billion USD, and BitMart, whose trading volume is less than one billion USD.
How Safe Are Binance and BitMart?
Binance protects user accounts with standard measures such as passwords and two-factor authentication (2FA), which requires users to confirm each transaction twice, either by mobile phone or through an email confirmation code.
Also, the platform uses third-party safety audits to improve platform safety regularly. However, the Binance chain was hacked, and the perpetrators stole half a billion dollars of funds. This doesn’t mean that the exchange was hacked, but it might cause some concern because of the platform’s connection with the Binance Chain.
It’s also worth mentioning that Binance isn’t regulated and has no operating licenses. That’s why it’s available in most parts of the world and doesn’t require users to prove their identity. However, this also means that users basically have no protection if the platform crashes or suffers a major cyber attack.
BitMart uses the same standard security tools to secure user accounts, but unlike Binance, the platform is known for suffering a massive hack in late 2021 when the attackers siphoned 200 million USD of crypto from BitMart accounts.
Since the platform isn’t regulated, the affected users didn’t have any legal protection, and despite the claims of BitMart that they will fully refund users, there still hasn’t been any news about the platform delivering on its promise.
Customer Support
Customer support is often a painful spot for many crypto exchanges, and Binance is no different. Users can contact the support team through email or by filing a support ticket, but it often takes a day for them to reply. Since Binance is the number one exchange in the world, it could use some customer service improvements to stay in line with the general level of high-quality services they provide.
On BitMart, apart from email queries and support tickets, users can also use the handy live chat feature. With the live chat option, users can directly communicate with members of the BitMart support team and solve their issues much faster compared to the other customer support channels.
Mobile Trading
The Binance app is one of the most popular mobile trading apps on the market because of its simple, straightforward design and the fact that it allows traders to use all of the platform’s features remotely. Both iOS and Android users can download and install the Binance app. While all of the exchange’s features are available on the mobile app, it might be a bit more convenient to use the trading interface on a desktop computer than on a mobile device.
BitMart’s mobile app provides quick access to the exchange’s features, from instant trading to spot and margin trading. Also, the app has a very high score of 4.5 on the Google Play store. Besides trading, users can also use the BitMart NFT marketplace to browse and trade NFTs.
How Do Binance and BitMart Compare to Other Crypto Exchanges
Let’s look at how Binance and BitMart compare against a few leading exchanges with similar features. We’ll take a look at Bybit and HTX Global.
ByBit is among the largest crypto trading services, and, like Binance, it has very low fees and supports more than 200 cryptocurrencies. Additionally, Bybit has an NFT market of its own, along with various traditional trading options such as spot, margin, and futures trading.
However, the main strength of Bybit is its derivatives trading options, which are among the best in the industry. In this aspect, Bybit offers way more options than Binance and BitMart, but besides derivatives, the platform doesn’t have any advantages over Binance. Compared with BitMart, Bybit’s strength is its low fees. However, it has much fewer cryptos than both Binance and BitMart.
If we look at HTX Global, the platform follows a similar fee structure to Binance, which puts it in an advantageous position compared to BitMart. HTX supports all the standard features for beginners, intermediate, and advanced users regarding trading options.
However, the platform doesn’t have an NFT market like Binance and BitMart. Finally, HTX also supports fewer cryptocurrencies than the two platforms, with 500+ coins compared to Binance’s 600+ and BitMart’s 1,000+.
Conclusion
Although both platforms provide a similar range of services, Binance comes out as the winner in this comparison for several reasons. The platform has much lower fees compared to BitMart, has never been hacked, and provides more crypto derivatives trading features. The only advantage of BitMart is that it supports more cryptocurrencies, but this doesn’t make much of a difference.