As a global cryptocurrency exchange that allows users across the world to buy, sell, and trade over 800 different digital tokens and currencies, BitMart has caught a lot of attention from those looking to broaden their investments by getting into crypto. However, in order to start buying and selling on the market, you need to know how to deposit money into BitMart in the first place.
Here, we’ll look at the various ways you can deposit your money into BitMart. We’ll also explain more about this cryptocurrency exchange: how it works and whether it’s considered legit by the broader crypto community.
If you want to learn more about BitMart, just keep reading and have all of your questions answered here.
While not technically a BitMart review, it’s important to go over some basics regarding the app and the token.
If you want to buy the BitMart Token, you will first have to purchase Ethereum, which can be done with any self-custody crypto wallet. Then, you transfer the Ethereum to your wallet and use it to buy a BitMart coin. Ethereum fees depend on how busy the network is and how fast you want to complete the transaction.
BitMart provides a digital asset trading and investing platform. When you make a BitMart deposit and buy any of the tokens available on the market, these tokens go into a wallet associated with your account.
99.5% of all coins are kept in cold wallets. These are more secure wallets not designed for frequent transactions. The other 0.5% are stored in hot wallets, which are designed to be bought and sold more regularly. In addition, if you want to sell BitMart or make a withdrawal, you have to go through a verification process.
There are plenty of guides on buying and selling BitMart that you can look up online to get a better idea of how you can actually interact with the exchange itself. But here, we’ll mainly focus on how to deposit money into BitMart, which will then allow you to use those funds to buy and sell a range of cryptocurrencies, such as:
First, let’s look at how to deposit money into the BitMart app from two primary sources: your bank and other crypto exchanges, such as Coinbase. Furthermore, we’ll get to know how you can deposit money into INSTADEBIT, which can then be used as a checkout for a range of supporting merchants.
In order to follow any of the tips below, install the BitMart app on your phone from official stores like Google Play or App Store.
You can’t deposit money directly from your bank into BitMart. You have to buy crypto in BitMart and trade it.
To transfer crypto from Coinbase to BitMart, follow these steps:
INSTADEBIT is an online payment service used on many platforms, including crypto exchanges. As long as you’re a Canadian resident with a bank account at any financial institution in Canada, you’ll be able to use it.
However, INSTADEBIT doesn’t allow you to deposit money from your bank account to your INSTADEBIT account. Instead, you create an account with them and then select them as your approved merchant service. The funds go through INSTADEBIT, but it’s more of an intermediary rather than an account that you can deposit from. You can, however, withdraw money from your INSTADEBIT account if, for instance, you have a refund.
Cryptocurrencies remain a relatively new market, not to mention that they’re not as well regulated as other trading institutions out there. As such, it’s only natural for investors to be skeptical and question BitMart’s legitimacy.
The BitMart exchange ranking shows that BitMart is one of the most popular trusted trading platforms for crypto across the globe. You can use it in the US, Canada, the UK, and over 180 countries, as it’s a regulated and licensed exchange in the US and many other countries. One of the reasons BitMart is considered so secure is that more than 99% of their funds are kept in cold wallets, which are disconnected from the internet and cannot be breached.
It should be noted that investing in cryptocurrency or any other decentralized financial trade is very risky. Crypto is a speculative investment, and the markets are susceptible to levels of volatility, which isn’t the case in other markets. If you plan on investing in crypto, it’s a good idea to know how much risk you are willing to take. As far as BitMart is concerned, it has proven to be legit.
Once again, while this is not a BitMart review, it’s worth knowing that BitMart is a widely used cryptocurrency exchange. It supports over 800 tokens and digital currencies, allowing you to access a much broader portion of the crypto exchange than many similar apps or networks.
Another benefit of BitMart is that it offers staking and savings options. Crypto staking allows users to passively generate rewards or interest for owning crypto. In some cases, interest may reach up to 10% or even 20% per year. Saving is another way of passive income, but it works more traditionally, lending your assets to borrowers with the promise of return on your investment, like a savings account at any bank.
Aside from the fact that BitMart customer service can be quite slow, another downside has to be mentioned. In December 2021, BitMart was hacked, with $196 million in crypto stolen after two hot wallets were compromised. BitMart has since vowed to invest in better security measures and refund those affected.
That’s it; now you know how to deposit money into BitMart. Again, this typically has to be done through another exchange, such as Coinbase, and the steps outlined above can help you do just that.
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