Bittrex Cryptocurrency Exchange Review

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Bittrex History

The platform is located in Seattle, USA. Bittrex was created in 2014. The daily volume of the platform is 300 million U.S. dollars. Bittrex is that during its existence, it has not been subjected to hacking attacks. The platform has a reputation as a reliable cryptocurrency exchange with a wide range of instruments. Its founder is Bill Shihara, who once worked for Amazon and Blackberry as a security engineer.

Bill knew that many exchanges are exposed to hacking attacks and decided to create his own secure service. The Bittrex team includes other prominent personalities who once worked for big companies like Microsoft.

Specifics of Work on Bittrex

Bittrex offers a modern trading platform – the company’s own development. The platform is designed for both beginners and experienced traders. A thorough technical analysis of any asset using technical indicators is implemented here. By default, an algorithm that calculates volumes is installed on the chart. There are 450 currency pairs traded with Bitcoin on the platform. There are quite good opportunities to trade with both BTC and ETH.

However, there are no currency pairs with fiat money on Bittrex. Buying Bitcoin, Ethereum or tether is possible via bank transfer. In order to use this service, it is necessary to verify the account. Traders have the ability to open different types of orders. For example, they can buy assets at the market price or select pending orders to purchase a particular cryptocurrency at the desired value. But Bittrex does not offer margin trading.

Registration on Bittrex

At the time of writing this review, the broker limits registration, opening accounts only to corporate clients and invited users. It is possible to leave an application on the website and the support team will notify the user when Bittrex starts accepting all clients. The registration procedure itself is no problem.

The user needs to enter an email address and password and confirm the password. Further, an email with a link will be sent to the email address specified when registering, by clicking on which the user will confirm his email. The broker has a verification procedure, if the trader is planning to deposit the account by wire transfer. It is necessary to provide copies of the documents confirming the identity and registration, as well as follow all the instructions.

Depositing and Withdrawing Funds from Bittrex Exchange

Bittrex provides a wide range of options for those who want to deposit and withdraw cryptocurrency money from their account. Two steps of verification actually means that the basic level is to turn on 2FA and fill in the “About Me” fields. To withdraw more money (more than 4 BTC), a full verification will be required. Currently, there are two types of accounts on the exchange:

  • Basic: Users provide full name, address, specify date of birth. These data are checked through public sources (social networks, for example). However, if the company’s security staff can not verify the information, they will need a more thorough verification with the user.
  • Advanced: To open such accounts, the user needs to provide scanned copies of identification documents with selfies.

How to Buy and Sell Cryptocurrencies on Bittrex

The platform offers the ability to trade market and limit orders. The former allow you to buy a cryptocurrency at the current price at which it is offered on the market.

Suppose a bitcoin is worth $10,000. The user wants to buy it and is willing to pay that price. In this case, he selects a market order, enters the transaction volume, and clicks the “Buy” button. If the user already has bitcoins and wants to sell them, if he is happy with the current market price, he can also do that by placing a market order, only to sell.

Let us consider another situation. Suppose a trader wants to buy bitcoins. Their current value is 10,000 U.S. dollars per unit. But the trader is not satisfied with the price and wants to open a deal at 9,500, believing that the quotes may reach that level in the near future. He places a limit buy order, defining the 9500 level as the limit to open a position. When the price reaches this level, the order will automatically close.

Bittrex Fee

Service fees here are considered average on the market. Bittrex charges 0.25% commission for all trades. At the same time, payments from traders can be reduced depending on the time of the user’s trading.

Security on Bittrex

Security is one of the key attractions of working with Bittrex. The security experts behind the platform. As noted above, in three years of operation, attackers have never managed to steal customer funds.

The project has implemented a multi-level wallet strategy. About 90% of customer funds are stored offline. As for the users, they are offered a two-factor authorization (in particular, for the withdrawal of funds). If it is not activated, the exchange sets certain limits on withdrawals.

Pros
  • High level of security. The exchange has never been hacked.
  • Verification is carried out with a minimum amount of data about the client.
  • The account verification process is faster than on many other exchanges.
  • Average commissions on the market. Bittrex charges 0.25% for any transactions.
  • Support for more than 250 cryptocurrencies, including rare ones.
  • No deposit limits.
  • Up to 90% of customer funds are stored in cold wallets.
  • The exchange is available for work in most countries.
Cons
  • There is no margin trading and no possibility to get loans to open positions.
  • Liquidity at the exchange sometimes does not allow to quickly process transactions with large volumes.
  • Lack of incentive programs for new users.
  • No referral program.
  • Slow response of the support service to requests from users.
  • Problems with the verification.
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