Cryptocurrency and exchanges go hand in hand. In fact, we need exchanges to trade our currencies. That’s why, if you’re looking to start buying cryptocurrency, you will have to do some research on the various exchanges available to the masses. Coinbase may be thought of as one of the more popular options, but there are other crypto exchanges out there. For instance, meet Bittrex. This is a crypto exchange that has been operating since 2014, and below is our comprehensive review on Bittrex!
Founded in 2014, and headquartered in Nevada, Bittrex was launched by various security and IT experts. Combined, the Bittrex team has over 50 years of knowledge.
What is Bittrex?
Bittrex is thought of as both a secure crypto exchange and an efficient one. It is an online crypto exchange offering various leading cryptocurrencies. Since launching four years ago, Bittrex has become a popular altcoin exchange, primarily because of its steady growth.
Bittrex has both advantages and disadvantages, but we will cover that later on in the review.
What Countries are Eligible to Use Bittrex?
Bittrex is available around the world. However, it’s important to note that every country requires different documents. Further, Bittrex has restricted some of its services to various states. A full list can be found here.
Signing Up and Using Bittrex
Signing up with Bittrex is an easy process. In order to start trading in under 30 minutes, all an individual is required to do is provide their name, e-mail address, birthday, and phone number verification. That said, higher-tier verifications do require more details to be shared. Why? So that more facility options can be revealed.
Once a user is signed up with Bittrex, they are presented with access to 3 different types of accounts. The account presented to the user will depend entirely on their level of verification. The 3 Bittrex account types include the following:
Buying and Selling Cryptocurrency
Bittrex allows the purchasing and selling of Bitcoin, Bitcoin Cash, Ethereum, Dash, NEO, Zcash, OmiseGo, Siacoin, and Nexium. There are also more than 250 altcoins that can be traded against BTC and ETH. It’s important to note that Bittrex has not made Fiat pairs available, which means a user will have to buy their BTC at an exchange that does offer Fiat pairs first, then transfer it to the Bittrex exchange.
Bittrex has developed the reputation of being a crypto trading platform that makes an effort to update its list of altcoins offered. The end goal is for Bittrex to constantly be improving the quality of its coin listings. It’s for these reasons that a recently completed ICO or a new blockchain launching will likely appear on Bittrex.
Trading on Bittrex
Right now, Bittrex only offers spot trading for its coin listing. That means Bittrex, sadly, does not yet support margin trading or leverage. With that being said, Bittrex’s current trading engine has proven to be a success, merging together automated trading functions.
Bittrex does place a limit on how much an individual can remove from their crypto wallet. If you’re an Unverified account, you will have a transfer limit of 1 Bitcoin per day. Meanwhile, if you have the Basic account then your transfer limit increases to 3 Bitcoin per day. Last but not least, any user with the Enhanced account will be subject to a withdrawal limit of 100 Bitcoin per day.
In comparison to the industry average, trading fees on Bittrex are marginally higher. However, that hasn’t stopped Bittrex from having customers sign up. Currently, there is a 0.25% commission implemented on all trades.
Perhaps one of the most recognized advantages of Bittrex is its security features. After all, the exchange was founded by security experts. The exchange has adopted an elastic, multistage wallet game plan. This strategy keeps roughly 80 to 90% of funds securely offline.
With that being said, reports recently surfaced which stated that a Bittrex user had been hacked. So, as a result, it is crucial to mention that you should not use the exchange without the 2FA setting turned on. Without 2FA, a hacker can access your account and lock you out.
Pros and Cons of Bittrex
As previously mentioned, Bittrex has both its advantages and its disadvantages. It is important that an individual weighs both sides when deciding whether or not to use this crypto exchange.
– More than 250 altcoins offered
– Good track record in terms of security
– Easy to use exchange for beginners
– Provides traders with a secure platform
– Accounts have recently been frozen
– Poor customer support — users have complained about a slow response speed, especially when it comes to customer service and verification problems, as well as a slow response to users whose accounts are under review
Bittrex has its advantages, especially if you’re new to the sector. However, it’s poor customer service has turned people off, as many believe continuing operation (which is what Bittrex focuses on) is just as important as customer support. Further, the recent reports of accounts being hijacked make it a questionable choice for an exchange.
For now, use Bittrex with caution. It’s also recommended that you don’t deposit large amounts, just in case your account gets frozen.
Featured Image: twitter