BitMart is a platform for trading in cryptocurrencies. It has over 1000 cryptocurrencies on which you can trade. It was founded in the year 2017. BitMart Token (BMX) was launched in the year 2018 which gives its holders trading discounts and many other benefits on the exchange.
BitMart offers an advanced cryptocurrency spot and a platform for future trading dashboards. But in the year 2021, there was a huge infringement on security. And it resulted in the loss of cryptocurrency amounting to $196 million. Due to this violation, Mr. Sheldon Xia who is the CEO of the company announced on his Twitter account that everyone who was affected by this security violation will be compensated.
And as of now, BitMart is trading in more than 180 countries having 9 million users presently.
Trading Fees
BitMart’s trading fee is easy to understand. According to its rules trader who trades in high volume will have to pay lower trading fees. And the minimum default fee of BitMart is 0.25% for only price makers and takers.
Here Makers are usually those who are high trading firms. Takers are those institutional firms that are looking to buy and sell a huge amount of stocks.
But if the trader uses BMX Tokens for covering their transaction fees they can enjoy an additional discount of 25%.
Whereas, there is a separate fee structure for professionals. Takers have to pay more as compared to Makers. Makers pay 0.06% but takers pay 0.065% and their discount is calculated based on their 30-day trading volume.
Fees of a Maker
Suppose when a limit order is being placed and somehow it is not filled within some time. In this case, the limit order will add to the liquidity. And here the order was made to attract investors. Therefore, the exchange will charge lower fees to the makers than the takers.
Fees of a Taker
Usually, when a market order is placed it is executed on the spot. A Taker will receive a Taker fee if it gets traded immediately. Takers mostly prefer to claim their amount immediately and for this, they are willing to pay an extra amount.
Name of the Assets Traded:
Following is the list of those Assets which are being traded on BitMart (though it is not a complete list but just a few examples of it):
- Band Protocol (BAND)
- Bitcoin Cash (BCH)
- Axie Infinity (AXS2)
- AXL INU (AXL2)
- Star Atlas (ATLAS)
- Alpine F1 Team Fan Token (ALPINE)
- BakeryToken (BAKE)
- Baby Doge Coin (BABYDOGE2)
Concluding It
The concept of Maker-Taker fees was first introduced in the year 1997. The BitMart team comes from 13 different countries. And before joining the team of BitMart they have previously worked on several projects such as Alibaba, Amazon, Tencent, and many other top IT firms.
In this blog, we provided some history of BitMart, its trading fees, and the assets which are traded on it. Hope it was useful for your future reference.
