Bitcoin Forum

I have not used BitMart crypto exchange before, but I noticed that the exchange is now supporting lightning network.

I do not know how trustworthy BitMart is. I just want to let people know that the exchange is now supporting lightning network. But is the exchange trustworthy?

I know they've been hacked in the past which certainly puts a dent on my book, see: https://www.coindesk.com/business/2021/12/05/crypto-exchange-bitmart-hacked-with-losses-estimated-at-196-million/

Secondly, quick lookup indicates their level 1 kyc tier (filling out a simple form, no selfie or any documents needed) is very limited


I don't see myself using them currently since I could find a better offer out there for my use case. Perhaps if we had more freedom with their no-kyc/level 1 tier, I would.

There are a good number of platforms that support the Lightning Network, is this the only feature you're looking for? They don't have an excellent rating on trustpilot but looking at the one-star reviews:

• There is no scam reported which is good.
• Many users reported technical problems.
• The platform lists a lot of coins that do not have any future pump and dump coins

https://www.trustpilot.com/review/www.bitmart.com?stars=1


It is not a scam platform, there are better alternatives and withdrawal limits are not encouraging, you can consider it as an alternative.

I don't know if this will help
https://twitter.com/bitmartscam?lang=en

I used them in the past but shortly leave since their liquidity is low for coins that I want to trade with. Granted it is not the top 10 or 20 coins, but the experience is still not great. I also recall seeing some reports about deposit or withdrawal problems in the past. Most of them are caused by technical issues iirc. Personally, I'd put them on my last resort exchange if I can't find any alternatives for my needs. The lightning network is also supported by more exchanges now, so I don't see it as a unique feature that would attract me to comeback.

It is not a scam exchange, it also has a sizable trading volume and is ranked 27th by CMC, but it is not worth using more than other reputable exchanges like Binance or Coinbase. If you are looking for an exchange that supports Lightning Network, then I think you can already use that feature on Binance if you already have an account. At the end of July, Binance also announced the successful integration of the lightning network into their exchange.

https://www.binance.com/en/support/announcement/binance-completes-integration-of-bitcoin-btc-on-lightning-network-opens-deposits-and-withdrawals-eefbfae2c0ae472d9e1e36f1a30bf340

I just found out they have LN feature.
Based on experience, I personally will trust it with a small deposit scale of up to $ 500. I've used this exchange for futures trading and chased a few newly listed coins, never had a bad experience at all.

Those negative reviews are mostly due to their $150M hack reimbursement, couldn't find any proper update regarding it anywhere to solve my doubts, victims also seems to gave up as there is no recent update from aforementioned Twitter account. Asked support, they were clueless as well, Jesus!!

On dependability, it should be used for coins that are not tradeable anywhere else and funds should be withdrawn right away. I'm not exactly sure if you can even trade there without kyc as one of trustpilot comment says, non-kyc users can only buy/sell crypto using fiat on-ramps and not actually trade. 

I used BitMart before but got banned later based on IP, if you ask for trust I can say the exchange is reliable but it is not the best option, you can register and trade without KYC but it requires KYC for withdrawal.

I don't like exchanges that allow deposits but don't allow withdrawals without KYC, plus the volume on most coins is low except for some, so I don't think they are a good option for trading since there are many better centralized exchanges out there.

Thanks for correcting me, since you say you have withdrawn several times recently from BitMart without KYC, you are definitely correct.

Since I'm banned because of the country, I can't try the withdrawal, but I took my information from some people in a telegram group, but it seems that their information is inaccurate.