A Complete Guide and Review on Bittrex
In this review of ours, we’ll be discussing Bittrex, a cryptocurrency exchange platform. We’ll be taking you through the safety measures, the coins it supports and an alternative to the exchange platform.
The article will cover the following:
- About Bittrex.
- Review the exchange.
- What coins are supported on it?
- Payment and Withdrawal methods and limitations.
- Trading fees.
- The security they use.
- List Pros and Cons.
- Recommend alternative.
Bittrex is a cryptocurrency exchange platform, based out of Seattle, Washington. Bill Shihara, CEO, along with Richie Lai, Ramai Kawach and Ryan Hentz. The company was founded in 2013, which now is the thirteenth largest cryptocurrency exchange platform in terms of trading volume.
There are more than 190 cryptocurrencies that are open for trading on Bittrex platform. The exchange site also supports 284 unique trading pairs. The trading pairs are referred to as the two cryptocurrencies for which the exchange rates are provided.
Bittrex provides a number of trading pairs to the most popular cryptocurrencies such as Bitcoins and Ether. Bitcoin is one of the popular coins on the exchange platform, having more than 450 trading pairs. Bittrex mission is to help in the advancement of blockchain technology by revolutionizing innovation, bringing new and emerging technology.
In the year 2017, Bittrex along with Binance and Bitfinex had temporarily shut registrations to new users due to high demands. Soon after this, all three exchange platforms resumed for registrations.
After the company opened the registrations for new users, Bittrex CEO Bill Shihara had this to say, “After diligently working to improve our infrastructure and upgrade our website, we’re pleased to announce registration for new users resumed today.”
Beginning of this year, Bittrex came out with an announcement to de-list more than 80 cryptocurrencies, which did not adhere to the listing regulations and requirements.
Since the start of its operations in 2014, Bittrex experiences the 24-hour trading volume of value exceeding $300 million. In comparison with other exchange platforms, Bittrex is built on massive expectations, and free of hacks.
Bittrex aims to picture itself as the next-gen cryptocurrency trading platform that desires to deliver the fastest and the most secured trading platform.
Also read, An Indepth Bithumb Review 2018
The founders were inspired by the security breaches and other such issues that are experienced by exchanges and users, thereby deciding to provide a trustworthy and reliable exchange platform.
Bittrex is fused with a team that combines the experience of over 50 years in security and development from major companies like Amazon, Microsoft, Blackberry and Qualys.
Bittrex is perhaps the most secure cryptocurrency trading platform available to the users worldwide. 80-90% of the cryptocurrency on the Bittrex system is stored offline, called cold storage. Up until now, Bittrex hasn’t been attacked and lost any the customers money.
The exchange platform uses two-factor authentication for all of the transactions.
Since the company is based out of Seattle, Washington, it follows laws and regulations pretty closely that are set by the U.S. government body. To make withdrawals, accounts need to be verified. It also advocates the requirements as part of Anti-Money Laundering(AML) and Knows Your Customer(KYC) services. These programs are designed to eradicate fraud and other criminal activities happening on the platform.
There are two types of account; basic account verification lets customers withdraw 3 BTC per day.
The two types of accounts are:
- Basic Accounts: This account requires users to enter their name, address, and date of birth. Then these details are verified by public records, in case the process breaks down, a user then has to proceed to enhanced verification.
Like we mentioned earlier, the two-way authentication enables users to withdraw up to 3 BTC per day.
- Enhanced Verification: This account requires users to submit scan copies of their identification simultaneously with selfies. A service provider named, Jumio then verifies the selfies. The provider uses the help of heuristics technology to learn whether the ID is legitimate or not and the face matches to the user.
Users of this account can withdraw up to 100 BTC per day, only if they have the two-factor authentication enabled.
What can be traded on Bittrex?
Bittrex’s major strength relies on the variety of listings it comprises of. The platform lists about hundreds of cryptocurrencies and offers users the support of abundance cryptocurrency trading pairs. Currently, the site is showing over 450 trading pairs.
Users on the exchange platform can purchase Bitcoin, Ethereum or USDT through Bank Transfers. To place trades, you first need to have an ‘enhanced account’ which is necessary along with the purchase on a minimum amount of $10000.
USDT is a digital currency that is issued on blockchain of Bitcoin; every single USDT unit is backed by a U.S. dollar which is held by the Tether Limited as reserves. USDT is connected with the US dollar and facilitates as a balanced cryptocurrency, offering additional options to the traders.
USDT can be stored, spent and transferred exactly as the cryptocurrencies. In order to trade USDT for fiat currencies, users have to purchase and redeem tethers from the Tether platform.
How to use Bittrex?
Opening an Account
Visit the site by clicking here, and click on LOGIN, then Sign Up with email address and password. We suggest you choose a strong password.
Soon after this, you’ll be receiving an email, click on it to verify your mail ID. Head over to Settings and click on Basic Information. Now you’ll be asked to enter details like phone number, Bittrex service provider Jumio will verify your details.
Turn on the two-factor authentication, by moving to Settings then TWO-FACTOR AUTHENTICATION. After turning the authentication on, Google Authenticator will send you a PIN. Once you enter the number, you are all ready to start with your account.
When you first log in to your account, you will be shown a list of Bittrex markets. Click on the “Wallets” to deposit the currency that you want to. Click on ‘+’, and you will receive a message reading DEPOSIT BITCOIN, you will be then sent a link to your Bitcoin address.
It is better to start with a small amount, if you are satisfied with the platform, go on and make some deposits in large quantities. You can also make deposits by sending funds from your cryptocurrency wallets which you may already own.
Now all you have to do is wait for the blockchain for verification. Once you receive some amount of blockchain for the transactions, you are all set to begin with the process of trading.
To carry on with the trade legally, you need to turn on the API Keys except for the WITHDRAW option.
Move to CONFIG, and choose Bittrex as your exchange. Select Markets and choose the cryptocurrency you want to start your trading journey with. The ‘Order Book’, will show you the price of the cryptocurrency that is being sold. After this step, select the amount you require and go for the bid by clicking on the ‘Buy’ option.
Look for the pairs you want to trade, and you can find the desired trading pairs on markets page of the platform. In the Order Book, you can view all the buy, bid and sell/ ask orders that have been previously placed orders by other users.
When you place your bids and once they are accepted, your new cryptocurrency will be sent to your wallet. You will be asked to confirm the order before placing it. You can still review the order and cancel it.
When your crypto wallet is full, you might want to withdraw some of those out of the wallet. To do this, you need to click on the ‘–’ icon, which will then allow you the withdraw the number of purchases you want.
You can transfer the funds by entering the address where you need to send the cryptocurrencies.
Also read, Best Cryptocurrency Wallets of 2018
List Pros and Cons
Here are a few pros and cons about the exchange platform:
- Customer Support: The platform is one among the largest of cryptocurrency exchanges, because of this the site has repeatedly encountered with the issue of a large number of tokens. Bittrex facilitates users in managing the communication better with them and has a dedicated support page to go with an active social media account.
- Fees: Bittrex charges a fee of 0.25% on every trade. Although the fees are slightly higher, the beginners will find it easy to calculate accumulate on trade.
- Elastic Computing: The platform was created using elastic computing. This computing system facilitates the trade process to happen swiftly. It removes the crossed order books and if any delays in the process of trading books.
- Accessibility: It allows rapid transactions and quick updates on balances, wallets and trading information. You can trade 1 BTC a day with an unverified account, whereas if you want to trade up to 2 BTC a day, you need a basic account with two-factor authentication enabled.
- The range of Cryptocurrencies: Bittrex includes a wide range of cryptocurrencies that are available for users to trade old and new currencies. It is an interesting platform, which adds new coins frequently.
- Bittrex does not support deposits or withdrawals for fiat cryptocurrencies. Users are required to trade with Bitcoin, Ethereum or Tether in order to start trading.
- Customer Support: Few users have previously complained about the customer service team dealing with the issues. Users tend to have waited for more than weeks to get their issues resolved.
- Bittrex does not provide support for margin trading and lending.
- Generally, the waiting time for liquidity is higher and at times users have to wait more than 10 minutes.
Our recommended alternative to Bittrex will be Coinbase. Why? If you ask, then here are some reasons why Coinbase is the best alternative.
Coinbase is comfortable to use to both the experts as well as the beginners. In comparison to its competitors, Coinbase has lower fees.
Coinbase is safe; hence all the deposits are insured. With Shift Card, you can link your credit card to the account, which can later be used to pay for the daily purchases. The sad part about the exchange is that it only supports three fiat currencies – USD, EURO and Pound.
All said and done, Coinbase is the best place for new users looking to get their first cryptocurrencies. It packs an enticing user interface and experience that is very interesting for first-time users.
So this was our review on Bittrex. Here in this article, we’ve listed how you can start using, the pros and cons and the best alternative to Bittrex.
Hope you’ve found our review interesting, if you have questions or suggestions, mention them in the comments section below.