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Bittrex INC (Bittrex) is a US-based crypto exchange that was established in 2014 by a team of cybersecurity engineers led by Bill Shihara. Since then, Bitrex has grown from strength to strength to become one of the Internet`s largest cryptocurrency exchanges. Currently, Bittrex boasts 24-hour trading volumes of approximately $300 million. Bittrex is highly praised for its sharp stability and speed of its trading platform. It is one of the key players in the revolution of cryptocurrencies. The company is based in US.
Bill Shihara, the platform`s Co-Founder and CEO, has great expertise when it comes to security. He has worked with Microsoft Windows Operating System and security team for eleven years. He has solid experience working as a security engineer for Blackberry and Amazon. It’s no wonders that Bitrex hasn’t suffered any successful hacking attempt.
The range of accepted cryptocurrencies is one of the strong points of Bitrex over competitors such as coin base and Binance. The platform offers 200+ altcoins for trading at press time – making it a one-stop-shop for cryptocurrency trading. Any cryptocurrency you can think of is traded on Bitrex.
Apart from operating as a cryptocurrency trade platform, Bittrex also provides an online wallet. The wallet has all features of an ordinary online cryptocurrency wallet. However, unlike other wallets, the Bittrex wallet can support a wide variety of altcoins. The wallet can support approximately 264 cryptocurrencies.
Commission and Fees
Bittrex does not charge different fees between makers and takers. It charges a `flat-fee’ of 0.25%. This is quite high, especially for high volume traders. Maybe this is an area that Bittrex needs to rethink. Many exchange platforms are shifting to lower trading fees ranging from 0.10% to 0.15%. Also, Bittrex has no incentive models for makers and takers or rebates for higher-volume traders.
Bittrex categorizes user accounts under three categories; New or Unverified accounts, Basic accounts, and Enhanced accounts. Customers with new and unverified accounts cannot initialize any BTC withdrawals while those with basic accounts can withdraw up to a maximum of 4 BTC daily. Users with enhanced accounts are able to withdrawal up to 100BTC or its equivalent daily, and their accounts have 2-factor authentication enabled.
Many crypto-asset platforms offer competitive trading fees but quite high withdrawal fees. You should note that Bittrex does not charge any fees on deposits or withdrawals. This could be a way of balancing out their relatively high trading fee.
Trust, Security, and Safety
Bittrex prides itself as the most secure cryptocurrency exchange in the industry. Its founding team is all expert when it comes to security. The platform is very committed to ensuring security for its user`s data. The operator states that it incorporates multiple layers of protection using the most effective and reliable security technologies. The operator uses cold storage. This means that 80% to 90% of all funds are safely stored online.
Bittrex has been free of hacks and hasn’t faced any loss of customer funds since its launch. This is quite impressive for a top crypto exchange platform – especially given the mushrooming number of hacks its competitors have suffered.
With its headquarters in Seattle, Bittrex strictly follows the American Law. The platform abides by the Anti-Money Laundering as well as the Know Your Customer rules as required by the US Government. These programs are set to fight fraud among other financial crimes.
2-factor authentication is enabled on the client`s side. This is required for all withdrawals. If it’s not enabled, a limit on withdrawals is enforced for customers without 2-factor authentication enabled. Most of the issue customers have with this platform is its strict security protocol. Some claim that Bittrex uses verification as an excuse to close customer accounts. The platform is currently working to provide a balance between security and easy of access and use.
Bittrex only offers a web-based trading platform. The desktop platform is user-friendly and super navigable. The interface provides traders with basic modules including charts, order book, market rates, and an integrated wallet as well as advanced reporting tools.
The operator carried out an update on its trading engine in February 2019. The aim of the update was to try and make the platform faster and scalable in case of any future upgrades. Several improvements were noted after the update, such as an increase in speed in the order process, faster order execution, and faster order book updates.
Opening an Account
Getting started on Bittrex is simple. Visit the Bittrex homepage and click on the Sign Up option. You will be asked to enter an email address and a password. Fill your email address and set a unique password. Now, you`ll receive an email. Click on the link in the email to verify your email address. Next is identity verification. Go to SETTINGS and click BASIC VERIFICATION. Enter your phone number, which Bittrex will verify using Jumio.
Make sure you enable two-factor authentication so that you do not get inconvenienced during withdrawals. You can enable 2FA by clicking on SETTINGS then TWO-FACTOR AUTHENTICATION. Once you turn it on, Bittrex will send you a number using Google Authentication. Enter the number, and you are good to go.
Before you can start trading on Bittrex, you’ll need some cryptocurrency. First, you will need to open an account at an exchange, such as Coinbase where you can purchase cryptocurrency using the fiat currency of your choice. This is because Bitrex only offers crypto to crypto trading.
Once you receive the coins, it’s time for you to send them to Bittrex and begin trading. To do this, log in to your Bittrex account and click on WALLETS. Choose the coins you intend to send. If you are using Bitcoin, for example, click on the “+” icon. A message will show, “DEPOSIT BITCOIN” and a link will be sent to your Bittrex address. Now, you can send Bitcoin from the exchange account to your Bittrex address and start trading.
Deposit and Withdrawal Options
Bittrex strives to provide its customers with a highly efficient and automated monitoring platform for faster transactions. This includes updates on trades, wallet information, and balance.
Bittrex now supports US Dollar (USD) deposits, withdrawals, and trading for eligible (personal and corporate) accounts. Account-holders who can participate in Dollar trading are those who thoroughly verify their identity and operate outside the US or those within the following US states:
Alabama , Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana ,Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Missouri, Mississippi, Michigan, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington State, Washington, D.C., Wisconsin, West Virginia.
Currently, Bittrex does not support fiat currencies unless for enhanced verified accounts. The platform only allows deposits and withdrawals through its online wallets. USD deposits and withdrawals are channeled through wire only. Accounts that do not qualify for USD trading may still use stable coins like USDT. There are more than 400 altcoins that you can trade against Ethereum, Bitcoin, USD, and USDT.
There is a notable delay in the platform`s customer support system. The operator`s support section is filled with FAQs news and blogs, which makes it hard to find answers. Users can reach support through the platforms email ticket system. A live chat option would be a welcome addition here.
Their support team remains active on social media. Customers can contact them through their Facebook page, and Twitter handle. However, there are some notable complaints from customers regarding unanswered tickets. Overall, Bittrex is relatively weak when it comes to customer support.
Bittrex is a cryptocurrency exchange that supports a wide array of cryptocurrencies. The platform has top-tier security features and all the elements that make an excellent crypto exchange. The platform is both a wallet and a trading platform for crypto assets. The platform is a top choice for both new and seasoned crypto traders looking for a stable and secure trading platform.
Bitrex has a lengthy verification process and not-so-reliable customer service. The only thing that tends to weight down on the platform is its lack of presence in certain states and lack of mobile apps. Overall, Bittrex is a leading cryptocurrency exchange, but given the high instances of account freezing, use it carefully.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- No deposit or withdrawal fee
- Efficient trading platform
- A 0.25% flat-rate fee on all trades
- Provision for anonymous trading
- Lengthy verification process
- Poor customer service
7 Binary Options review: Bittrex: 3 stars