Exchanges are on the rise and this US-based Cryptocurrency exchange is no exception. Bittrex has successfully managed to become increasingly popular among crypto trader since its original launching back during December 2014. It’s steady climb to success has cultivated it into one of the preferred cryptocurrency exchanges in the market. Much of Bittrex’s success can be contributed due to its results fantastic team of experienced security professionals, who are dedicated to maintaining a simple, fast, reliable and secured exchange.
With the increasing amount of reports about collapses and hacked exchanges appearing in the industry, traders have come to highly appreciate a platform provider that doesn’t fumble their money. Bittrex was founded by Bill Shihara, Richie Lei, Rami Kawach, and Ryan Hentz. Currently, they company is based all the way in Las Vegas, Nevada. The exchange has made it their mission to comply with US money laws, which is evident with the way their setup and structure make up the exchange.
Bittrex offers its new users hundreds of cryptocurrency trading pairs some of these include Bitcoin, Ethereum, and USDT. At the moment, Bittrex isn’t offering a fiat trading pair. Although what they do offer allows its users to purchase Bitcoins and Ethereum through a bank wire transfer. In order to utilize their wire transfer purchase option, you must have their “enhanced verified’ account and purchasing a minimal amount of $10,000 or even higher.
Bittrex sign-up processing is quite an easy process to do, especially for those who are looking to trade for cryptocurrency pairs. Simply add your name, email address, date of birth, and phone number verification. With all of that done, you’ll be able to start using the basic verified account in no less than thirty minutes. The higher level of verification requires users to share even information details to further unlock a vaster option of facilities. For instance, the enhanced verified version allows traders to make deposits and withdrawals in fiat through wire transfers.
How to Purchase on Bittrex.
Bittrex main goal is to allow users to trade cryptocurrencies with other cryptocurrencies. For those of you who wish to purchase cryptocurrency with the use of fiat currency, Bittrex has allowed this process to be done, but as previously mentioned, requires an enhanced verification account and a purchase of $10,000.
If your trying to purchase your very first cryptocurrency, Coinbase is one of the many optional places to do so. You can then use the purchased cryptocurrency to trade on Bittrex and start your path on trading.
Selection of Altcoins.
Once everything’s been set up and your account has become verified, it’s time to look through a fine collection of alternative coins available to you. Compared to other exchanges Bittrex holds a vast variety of altcoins to choose from. There are over 250 altcoins currently available for trading against Bitcoin, Ethereum, and fiat currencies will become available in the form of USD-Tether and BitCNY. Bittrex makes an effort to include any upcoming crypto coins after carefully vetting their source codes and delisting any that have become inactive over time.
While there have been times when some pump-and-dump coins have unfortunately managed to slip through their vetting process, Bittrex goal is to increase the quality of the overall coin listings. If any ICO has just successfully completed, a brand new blockchain launching its services or even a recently branched fork, Bittrex will surely have them included in their listing.
Bittrex makes sure to carefully comb through all coin reviews from impending hard for and airdrops before giving their full support and debiting customers account. Usually, when the network has managed to stabilize, several coins developed from hard forks become available for trading.
At the current moment, Bittrex isn’t supporting leverage and margin trading, and the only spot trading is offered for all coin listings. The exchange is currently developing a brand new trading engine that shall support margin trading and advanced order types sometime in the coming future. Even so, with the current trading engine easily held together automated trading features, such as stop loss, good til canceled, and instant buy or sell, with all the standard technical charting tools any trader worth their salt needs. Users continually commend the exchanges trading interface for its rapid loading times, with no hanging or lag issues.
At this time, Trading fees are a bit higher on Bittrex when compared to the average in the exchange industry. Furthermore, there are neither rebates for much higher-volume traders nor incentive models for takers and makers. Currently, a 0.25% flat commission is applied onto all trades. Although, fees have done very little to lessen the number of customers signing up for these services.
Bittrex has seen a vast increase in its trading volume since its debut in 2014, and its currently catching up to its rival Poloniex, which has the highest volume out of all the crypto coin exchanges. In less than a few years, Bittrex’s volume has risen from a measly 0.1% to 0.5% of Poloniex’s volumes. Even so, Bittrex has a much faster withdrawal times and more reliable order execution compared to Poloniex even with its currently low volume.
In order to make withdrawals your account will need to be verified. The basic verification allows users to withdraw a total of 3 BTC equivalent each day and is a very simple process.
One of Bittrex’s main selling point is their amazing security feature. The team behind this company is comprised of computer security experts with over 40 years of combined experience and has prioritized security during its initial development decisions. Three years after it’s successful launching, Bittrex manages to achieve a feat no other competitor has succeeded in yet, which is never having suffered any breaches or having lost any of their customer’s funds.
Bittrex has in place and flexible, multistage wallet strategy that always keeps a high percentage of the funds safely off the grid.
Now for the customer side of things, a two-factor authentication is a must for every single withdrawal performed along with API calls. If none of these are activated, a limit on withdrawals is enforced for customers without 2FA set up.
As one of the biggest cryptocurrency exchanges around and successfully growing in a quick and efficient manner, the exchange sites are faced with a large number of support tickets. Of course, this will strain the resources currently available to the site, even so, Bittrex has managed to handle their growth quite well. While Bittrex may have a lesser amount of customer complaints on throughout community forums, it still has certain issues that need to be fixed. The good thing is that they are quite active on the social media side of things and quickly post updates and relevant news for their users.
At times, users have had their accounts temporarily suspended pending completion of the review. This has lead to some very harsh criticism from the owners who’ve had the misfortune of having their accounts frozen. You can see plenty of grievances on various web forums from said owners online about this mishap. This situation has been happening for quite awhile now and the team hasn’t made a statement on this issue. Even so, according to Bittrex only a small percentage of accounts are affected by suspensions, closures, or bans. Even with its top-notch security Bittrex suffers from the lack of proper customer support just as any other exchange.
Bittrex can be considered a pretty solid exchange for any beginner out there who wants to start trading or veteran traders who are seeking a robust, secure platform on which they can trade multiple cryptocurrencies. While it may lack a proper customer support, satisfaction among the customer base is still an all-time high as they continue to expand their business further into the cryptocurrency space.
As any other exchange make sure to be cautious when using Bettirex for the time being and don’t deposit any amount you can’t handle, like giving up your life savings for example. There are plenty of stories out their were people used up all of their savings and lost it all due to hacking or some other unfortunate situation, such as having your account frozen for a certain amount of time. Of course, this seems to be a common problem amongst most cryptocurrency exchanges at the moment.
Overall, Bittrex is a solid exchange site for frequent traders or users thinking about purchasing the more obscure cryptocurrencies. For any new comes out their try giving our article on Binance a try and see if that one is more interesting then Bittrex. Regardless they are both solid exchanges and will definitely help anyone out their achieve all of their trading needs.
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