Bittrex Exchange Review
Bittrex is based in the United States, and it has evolved into one of the largest cryptocurrency exchanges in the world. When it comes to trading volume, Bittrex regularly makes a list of the top three exchanges. This can probably be attributed to the platform’s large number of digital currency pairs, smooth transactions, and lack of security breaches. The offices of the exchange are located in Seattle. It was founded in 2014.
The team which oversees the operations of Bittrex are highly skilled in matters of security, development, and finance. Taken together, the primary players behind the platform have 50 years of experience in security and development. This experience has been gained working for companies like Microsoft, Amazon, Qualys, and Blackberry. The CEO of the company is Bill Shihara. He previously served as a security engineer for Amazon before founding Bittrex.
Shihara and others involved in the development of Bittrex are committed to reliability. The primary goal is to offer up a stable environment which encourages the trust and satisfaction of cryptocurrency traders. So far, the work has paid off. This exchange has been immune to some of the hacks and breaches that have befallen other companies.
In many areas, Bittrex stands out among other cryptocurrency exchanges. One of these is the security of its platform. The exchange uses a multi-stage wallet system which is designed to insure that 80-90% of user funds are kept offline. This greatly reduces the chance that a security breach will result in a loss for Bittrex account holders. In order to make withdrawals from the platform or use the API, two-factor authentication is required.
The trading engine that is used by Bittrex was custom built for this exchange. It is a scalable engine that offers immediate processing and execution of trade orders. There are no delays or issues with order books to contend with. This method of execution is important, especially to margin traders.
Deposits and withdrawals at the exchange are also handled in a timely fashion. An automated monitoring platform is in place to provide smooth and quick transactions. This system also makes it possible for individuals to have quicker access to deposit balances. Trades and wallet information is also delivered quickly.
Finally, there is a dedicated support page which assists with resolving customer issues. The method in which the tickets are processed and handled at this exchange does seem a little more efficient than the system in place at other exchanges. Account holders should still expect a reasonable delay, however, when submitting support requests.
Getting Started With Bittrex
Bittrex has made it very clear that the company intends to comply with all existing laws of the United States in regard to financial transactions. As a result, no withdrawals are permitted from accounts that have not been verified. There are two accounts to choose from after registering with the exchange. Each of them is distinguished by a set of limits.
The Basic account will require a name, address, and date of birth. Bittrex uses a system which verifies this information through private records. The process is fast and can usually be accomplished in 1-2 working days if not sooner. In some cases, verification is instant. If for some reason the account cannot be verified through public records searches, the individual must proceed to the next account level.
The Enhanced account requires computer scans of identification in addition to “selfies” which provide a picture of the user holding the submitted documents. This method of verification may seem crude to some individuals, but it is becoming more and more common among Bitcoin exchanges. Those submitting documents should take extra care to make sure the photos and scans they submit for approval are clear and have a high resolution.
The first time an individual visits the Bittrex website they will encounter a log in screen. This also functions as the method of signing up. Users will enter an email address, password, and password confirmation. A verification email will then be sent to the address on file. Once a user clicks the link in the email, the sign up portion is complete. All that remains is to choose the account one desires and submit the necessary information. From start to finish, individuals should be able to create an account and get verified within 2-3 working days. This is an average. It can take longer when the volume of sign ups is high.
The account holder can then fund their account once verification is complete. At the present time, funding is only possible via a cryptocurrency wallet. You will need to transfer cryptocurrency from your existing wallet to the platform. It is not possible to make a bank transfer unless you use the USDT token.
The USDT digital token is built on the Bitcoin blockchain. Each USDT coin is “tethered” to the price of the USD. This affords stability, and it also provides more deposit options. A bank transfer can be used to purchase USDT and the token can then be deposited for trading at Bittrex. The Tether platform is what allows individuals to trade the USDT for fiat currency.
There is a Wallets page on the exchange where users can see all of the supported cryptocurrencies. A search bar is provided to help individuals locate the wallet for the digital assets they hold. A deposit address can be generated with a single click. It is recommended that users first make a small deposit to verify that everything is in working order. Once this deposit has cleared, larger deposits can then be made with peace of mind.
Bittrex Fees and Limits
The amount of money that a user can deposit and withdraw from Bittrex is determined by account level. The following are the general guidelines and daily limits for each account:
Basic Account—No deposit limit, max withdrawal of 3 BTC or equivalent per day if two-factor authentication is enabled
Enhanced Account—No deposit limit, max withdrawal of 100 BTC or equivalent per day if two-factor authentication is enabled
Bittrex has a simplified fee schedule for trading cryptocurrencies. The fee is 0.25% on all trades. This can make it easier for individuals to assess the cost of a trade.
Trading Cryptocurrencies at Bittrex
Bittrex has a deep platform that offers 450 BTC pairs. There are hundreds of altcoins supported in addition to Bitcoin, Ethereum, and other major digital assets. Margin trading is available, but this option is recommended for those with some previous investment experience. All trading carries a significant risk of loss.
At the present time, it is possible to trade USD fiat currencies but not USD deposits and USD withdrawals yet. It is possible, however, to use the USDT token to trade 11 pairs. It should be noted that a minimum $10,000 purchase is required for USDT trading.
Once logged in to their account, the user can go to the markets page to find a listing of pairs that are available for trading. There is an order book on the site which can be used to view the current buy/bid and sell/ask orders that have already been placed. There are also charts available on the site for individuals to use in their evaluation of potential investments.
It is possible to place a limit buy order. This order allows the user to buy a cryptocurrency at or below a specified price. The account holder will be asked to confirm the order before it is placed. Once the order is confirmed, it is executed on behalf of the user.
Popular Opinion of Bittrex
Sadly, there are many negative reports to be found online regarding Bittrex. Of particular concern is users reporting that their accounts have been frozen without warning, leaving them with no access to their funds. This seems to have been a problem more often in the early days of the exchange’s existence.
Some users have also complained that customer service is handed poorly. It is common to find complaints that allege a waiting period of longer than seven days for support requests to be answered. On the positive side, some users have reported that they have experienced no issues with the exchange.
Vast depth of trading pairs
Reasonable limits on deposits and withdrawals
Platform is simple to use
Transparent fee structure
Too many online complaints
No fiat deposit / withdrawal option yet but in progress as of Aug 2018
Account has been enabled for US Dollar trading only as of Aug 2018
Minimum of $10,000 for USDT purchases
Our Opinion of Bittrex
The presence of many negative reports affects our rating of Bittrex to a large degree. It is particularly concerning that literally thousands of individuals have commented on the exchange’s Twitter feed about accounts being frozen with no explanation or warning. It is also hard to elevate the rating for Bittrex when the company’s customer service is lacking.
This is not to say that the company lacks positives. The exchange does provide a large number of pairs to trade, and many people state that they have had no problem placing trade orders. The platform is also secure in the sense that it’s potential for a breach is low.
We award Bittrex 3 out of 5 stars on our cryptocurrency exchange rating scale.