Bittrex is one of the world’s top 3 cryptocurrency exchanges in terms of volume. The company was founded in 2014 and is based in Seattle, USA. They have a pretty clean and perfect track record so far and they haven’t been subject to any hacks yet.
Bittrex has been founded by Bill Shihara, who used to be a security engineer at outlets such as Amazon and Blackberry. As such, he has brought a lifetime’s experience in cybersecurity to ensure that Bittrex is a safe and secure exchange venue.
In this detailed Bittrex review, I’ll tell you all you need to know about it to make a smart and informed decision about whether to use it for your cryptocurrency purchases.
PART 1: Is Bittrex Safe?
In terms of safety and security, Bittrex is undefeated. They have never been hacked and they’re managed by a team with a lifetime’s worth of experience in cybersecurity. They also employ the latest state-of-the-art security technologies available. One of their safety protocols is to use an elastic multi-stage wallet strategy to ensure that 80 to 90% of their funds are kept in cold storage offline. Furthermore, the user accounts also require a two-factor authentication for withdrawals.
PART 2: What Makes Bittrex Stand Out?
There are a number of factors that make Bittrex stand out amongst all the other exchange platforms.
They’re the most secure platform in the market, as already mentioned above.
They use a custom trading engine and is scalable with elastic computing. As such, they can process orders as soon as they’re placed preventing any delays at all.
All transactions are processed very simply and faster than all the competitors.
All exchange platforms run a support ticket, but Bittrex also receives queries through their proactive Twitter account.
Bittrex allows for a vast trading volume and they support hundreds of cryptocurrencies.
They don’t have confusing variable fees. It’s established uniformly at 0.25% on all trades.
PART 3: Trading Information
Bittrex has the most extensive set of cryptocurrencies available amongst all the exchange platforms. These include Bitcoin, Ethereum, Bitcoin Cash, NEO, OmiseGO, Dash, Zcash, Siacoin, and Nexium.
Payment Methods Available
Bittrex is most rigid when it comes to payment methods. They don’t accept direct purchase of cryptocurrencies using credit/debit cards or even through bank or wire transfers. They say that they will soon start accepting credit/debit deposits in USD in the near future.
However, for now, you need to send cryptocurrencies to your wallet manually. You need to go to “Wallets” on the upper-right hand corner, select “New Address”. You can then send the cryptocurrencies to that address.
There are no fees charged on deposits or withdrawals. However, as for the transfers, Bittrex has a uniform fee of 0.25%.
How fast are your funds available?
The cryptocurrencies deposited have to be verified by the blockchain community. And, as such, the verification time is dependent entirely on the network.
As far as withdrawals are concerned, once you initiate it you’ll get an authorization link in your email. You have to click on it to authorize the withdrawal.
Bittrex is a US based company but they’re only available in 29 of the states: AK, AR, CA, CT, FL, HI, ID, IA, KS, KT, LA, MD, MI, MS, NC, ND, NE, NH, NV, OH, OK, PA, SD, TX, VT, VA, WA, WY, and PR.
They’re a global company, but each of the international countries have to go through a different set of verifications and eligibility.
The withdrawal limit for an unverified account is just 1 BTC a day. If you have the basic account with a 2-factor authentication, then you can withdraw up to 3 BTC a day. However, if you’re verified for the Enhanced account — with a selfie and a photo ID – you can withdraw as much as 100 BTC a day.
PART 4: How to use Bittrex for Beginners?
In this part, I’ll give you a beginner’s guide on how to use Bittrex.
Create an Account: You need to first sign up with your email address and password. A verification link will be sent to your email. Click on that to go to a page where you have to enter your basic details such as name, birth date, etc.
Deposit Cryptocurrency: From the top of the page, go to ‘Wallets’ to deposit the cryptocurrency you prefer. You can use the search bar to find the cryptocurrency that you want to deposit and then enter the address into the popup box. This will transfer the cryptocurrency to the wallet.
Verification for Blockchain: Once that is done, you need to only wait for the deposit to be verified by the blockchain community!
Locate a Trading Pair: Once the deposit is available in your account, you can go to the Market Page and locate a trading pair.
Placing an Order: Next, you can use your Order Book to check out all your “bids” and “asks”. You can place an order by selecting the number of “units” you want at your desired price
Withdrawal: Once your order has been successful, the cryptocurrency will be deposited in your wallet, from which you can easily withdraw it by click on the “minus” icon.
If you have any other questions about trading through Bittrex, you can watch the following video for a step-by-step tutorial:
PART 5: Bittrex Customer Support
Bittrex offers a customer support ticket to users, however, the service is quite slow. If you don’t have the patience for that, you can also contact them through their social media accounts such as Twitter, Facebook, Slack, etc.
PART 6: Bittrex Compared (and other Alternatives)
In terms of security, Bittrex is unparalleled. When it comes to the number of cryptocurrencies supported, it has far more variety than contenders such as Coinbase or Bitpanda. Furthermore, even in terms of transaction fee, it’s lower than all others.
However, Bittrex is ideal for trading in cryptocurrencies but it’s not ideally suited for buying or selling because it doesn’t support direct purchase payment methods. If you’re looking at buying cryptocurrencies, you should look at an alternative like Coinmama.
|Coinbase Review||3.75%||Great||Email+ Coinbase “Community”||Buy|
|LocalBitcoins Review||1.0%||Good||Quick responses to online support tickets||Buy|
|Paxful Review||0% from buyer, 1% from seller||Good||Forum,live chat and email.||Buy|
|BitPanda Review||1.0% to 4.0%||Good||Buy|
|CEX.IO Review||0.5% to 2.0%||Great||Buy|
|Bitbond Review||1.0% to 2.5%||Good||Buy|
PART 7: Bittrex review conclusion – Is it a Good Choice?
Bittrex is a great and secure cryptocurrency trading platform. It’s the most secure platform available, has a large number of cryptocurrencies to trade in, has a low transaction fee, and is easy to use.
However, it does come with some serious drawbacks such as the fact that the funds aren’t available in your account directly as they have to be approved by the blockchain community, the response time is slow, and there’s a complicated verification process in place. However, the biggest drawback is the lack of payment options for direct purchase of cryptocurrencies. If that’s what you need, then you should check out Coinbase and Coinmama.
Please feel free to comment down below with your views on this Bittrex review.
Bittrex is one of the best cryptocurrency exchange platforms for serious traders who are looking for a variety of altcoins and low transaction fees.
- Low transaction fee.
- Easy UI.
- Wide range of altcoins.
- Only a crypto-to-crypto exchange platform.