Bittrex

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Exchange Bittrex logo

Bittrex is a US-based crypto-currency exchange designed with security and scalability in mind. The exchange provides individuals and businesses a world class experience to buy and sell cutting-edge cryptocurrencies and digital tokens. Based and fully regulated in the USA, Bittrex is the go-to spot for traders who demand lightning fast trade execution, stable wallets, and industry-best security practices. Whether customer is new to trading and cryptocurrencies, or a veteran to both, everybody will find it useful. [1]

Bittrex is popular in the cryptocurrency community with a wide selection of coins and tokens. Investors can buy here a number of coins of small projects, along with the main crypto assets such as bitcoin, Ethereum and litecoin.

Contents

Bittrex ReviewEdit

How to Buy & Sell Cryptocurrency on Bittrex

Bittrex has been operating since 2015 and allows you to work with thousands of cryptocurrency pairs, has two-factor authentication and cold storage of most users ' assets to protect against possible system failures. This exchange is probably one of the safest platforms for online trading, as its creators call themselves "paranoid security". However, registration on the exchange can scare supporters of anonymity, as the new user need to disclose their full name, date of birth, address and ID number.

Bittrex was started by Co-Founder and CEO Bill Shihara, who drew on his experience as a security engineer at Amazon and Blackberry when creating the exchange. Shihara was motivated by security breaches and reliability issues experienced by exchanges and users and wanted to provide a much more reliable service. Bittrex comprises a stellar team that combine over 50 years of security and development experience from companies including Microsoft, Amazon, Qualys, and BlackBerry[2].

Bittrex, Inc is located in New York City, United States. Bittrex became one of the few exchanges that have applied for the license of the regulations. The events took place in 2015, when the New York Department of Financial Services (NYDFS) decided to regulate cryptocurrency exchanges. Many companies have decided not to get a new license and just gone from New York. At least 9 applications were submitted, of which only 3 were approved in the last 2 years. Many companies with a positive reputation have left New York city, and the application process has been extremely lengthy, causing the idea of a new license for the most part failed. The Bittrex App is still pending.

How to trade on Bittrex?Edit

On the top panel of the site there are two buttons “Markets”. One of them leads to the BTC market, the other - to USD. Dollar pairs are available only to users with maximum verification. However, it is worth noting that the trade is not directly with the dollar, but with the USDT token, which is supported by dollars.

Choose, for example, Bitcoin Gold and open BTC-BTG. At the top we see the main information about the last 24 hours and the chart. Bittrex graphics are very well designed and have a lot of settings and tools. The user can adjust the candle time, chart type, use various lines and indicators for technical analysis of the course.

Just below are the forms for buying and selling coins. Below them-the corresponding glasses and a list of recent transactions in the market. The exchange interface looks modern and easy to use. It has the usual location of the elements and is not much different from other similar trading platforms.

All information about the transactions the user receives in the form of pop-up messages. Thus, you will not miss any event that is associated with your applications, regardless of what page of the site you are on at this moment.

Bittrex margin tradingEdit

Verified users may notice that their profile is ticked against the item "Margin trading" and start looking for this very margin trading. However, according to the official FAQ on the Bittrex website, at the moment such trading is only being tested and it has not been added to the site. It is obvious that the administration simply provides the exchange's clients with permission to margin transactions with the expectation of introducing this opportunity in the future.

Bittrex CoinsEdit

One of the site’s major strengths is the depth of the variety of its listings. Bittrex currently lists hundreds of coins and also offers users hundreds of cryptocurrency trading pairs, with the site showing over 450 BTC pairs. Bittrex offers good options for trading via Bitcoin and Ethereum, however, it does not currently offer fiat trading pairs (trading via USD, EUR, GBP). Users can though purchase Bitcoin, Ethereum, or USDT via bank wire transfer. For this to take place an “enhanced verified” account is necessary along with a purchase amount worth a minimum of $10,000.

As you can guess from their names, on one of them you trade coins against the us dollar, and on the other – against bitcoin. "Exotic" coin is available only in the second pair. Margin Bittrex unavailable. Representatives of the exchange assure that the instrument is in the process of development. Additionally the Bittrex exchange provides 11 USDT trading pairs.

Bittrex FeesEdit

The transaction fee is 0.25%. Daily volume reaches about 1400 BTC. Top markets of this exchange. Interface and engine of the exchange of the next generation, in the markets detailed information on the open pair: charts with different timeframes, network statistics, trading Volumes and access to the wallet. Initially Bittrex acted purely as an exchanger. Today it is a large exchange that allows you to trade almost any currency pairs, including bitcoin and a large number of altcoins.

Deposit/Withdrawal funds on ExchangeEdit

Bittrex exchange interface

Deposit / withdrawal of funds is carried out only in cryptocurrencies. A large number of wallets are available on the exchange, so you should always approach the Deposit and withdrawal responsibly. In social networks, you can find the message of a trader who mistakenly transferred Bitcoin Cash to a regular bitcoin wallet. At that time, the support service helped him, but before making such rash actions, you should get acquainted with the company's policy on this issue. Bittrex will deal with your problem only if during an erroneous transaction you have transferred the cryptocurrency to $5000 or more, and will take 5% for its solution.

If you want to trade on Bittrex, but the money you have lies in Fiat, say, on a Bank card, Skrill or PayPal, then you will have to use another service to buy a cryptocurrency, which you can later start on Bittrex.

LimitsEdit

The Bittrex team have stated their commitment to following all laws and regulations required by U.S. governmental bodies, and accounts must be verified in order to make withdrawals. Bittrex upholds this requirement as part of its Anti-Money Laundering (AML) and Know Your Customer (KYC) program. Basic account verification allows customers to withdraw up to the equivalent of 3 BTC per day.

Account VerificationEdit

Currently, there are two types of accounts:

  • Basic accounts which require users to submit their name, address, and date of birth. These details are verified through public records, however if this process fails customers will need to proceed to an enhanced verification. With two-factor authentification (2FA) enabled, basic accounts can withdraw up to 3 BTC worth of digital currency equivalents per day.
  • Enhanced accounts require users to submit scans of their identification along with “selfies”. These are verified by the Jumio service provider, which utilizes a number of heuristics to determine that the id is legitimate and that the faces match. Enhanced accounts can withdraw up to 100 BTC per day if they have two-factor authentification enabled.

The verification procedure is not engaged in the administration of the site, and a third-party provider, the company Jumio. The list of required documents varies depending on the country and it can be clarified on the company's website. Manual there says that Russia's approach and the passport of the old sample, and a biometric. For Ukraine-only a new sample. You can also provide a photo of the driver's license on both sides. After that, you will need to upload a selfie.

Basic and advanced verifications are available on the corresponding pages in the “Settings”section. Verification will take 10 minutes in case of providing reliable information and photos that meet the requirements, as this is an automatic process that is performed by neural networks.

If you send photos that could not be processed automatically, the button of passing this procedure will simply disappear. In this case, you will need to contact the technical support of the exchange and request a re-passage. You should create only one ticket, adequately describe the problem and wait patiently for the reaction, because it can take a lot of time.

SecurityEdit

Bittrex developers pay attention to the security of their platform. Bittrex will be an excellent choice for those traders who especially appreciate the safety of their funds and are ready to provide their personal data for this. The security of accounts is not questioned, despite the incomplete verification procedure and not the best work of technical support.

One day, in April 2016, the exchange was subjected to hacking. Then the database of accounts was stolen, but only those were threatened, to which two-factor authentication was not connected. The latter, by the way, is based on the Bittrex Google Authenticator app and without its activation you will not be able to get the maximum limit on withdrawals.

The exchange is also well protected from DDoS attacks. If you work with it, you often have to confirm that you are not a bot and pass the Captcha.

Bittrex SupportEdit

Technical support is not one of the strong points of Bittrex exchange. Almost all users complain about the low speed of processing requests. This was especially felt after the introduction of the rules on mandatory verification. However, sooner or later, all users receive an answer and help in solving the problem, even if you have to wait for weeks.

The support service itself is placed on a separate subdomain. The Bittrex account will not work here and there is no other way to contact support except to register again. On the board there is a list of frequently asked questions and have the opportunity of opening their own ticket using the one or the other category.

Users Comments and FeedbackEdit

The site has the ability to work with support through e-mail messages. Opinions regarding the broker's support service are strongly divided. Some traders say that it is bad and it is expressed in a long time. Some experts compare the exchange on this indicator with Coinbase or Kraken. The latter two are much better in terms of support.

See alsoEdit

External linksEdit

ReferencesEdit


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