Bittrex is a cryptocurrency online exchange platform and is one of the most popular of its kind, standing among giants such as Binance, CEX, and so on.
The company is based in Seattle, USA and started with business in 2014. Considering its trading volume, it is often placed among the top 3 exchanges in the world. So far, it has proven to be one of the safest and most reliable services on the crypto market, and its reputation still remains intact.
Today, we have prepared a detailed inspection of Bittrex and all of its most important aspects, so if this is something that interests you, please read on.
Is it safe?
An excellent way to begin answering this question is mentioning that Bittrex owners pride themselves in being one of the most secure services on the market as they are using the latest and most reliable technologies for this purpose.
One of those technologies is their elastic, multi-stage wallet strategy which plays out in an interesting way. It stores around 80-90% of one’s funds offline, making them unavailable to any hacker. Also, two-step identification cannot be skipped in case of withdrawals as well as API use. It is not mandatory when logging in, but it is recommended that you enable it there as well.
In addition to all this, it is important to mention that Bittrex is a regulated exchange and all of its services operate under the law of the United States. This fact makes it legitimate and trustworthy as frauds coming from the company are pretty much out of the picture.
Lastly, the team at Bittrex is comprised of experienced IT experts who are working non-stop on enhancing their service and ensuring that their customers’ accounts remain uncompromised. People have noticed all of the abovementioned and the company has received plenty of positive reviews concerning this aspect of their platform.
How does it work?
As with every exchange, first, you have to make an account. There are three types of accounts –unverified, basic, and enhanced. Each of them respectively gives you more freedom to withdraw cryptocurrencies.
The user interface is straightforward to get a hold of and simple to use. On the website, you will find lists with hundreds of coins and cryptocurrency trading pairs. The payments can be made via Bitcoin or Ethereum.
As we’ve just mentioned, one can make payments through Bitcoin or Ethereum as fiat currencies are not supported (at least not at the moment). However, a bank wire transfer can be used to purchase Bitcoin, Ethereum, or USDT but only if you intend to spend 10.000 USD or more.
The trading fees start at 0.025% and can be easily calculated. Deposits have no fees while withdrawal fees differ for every coin. Bittrex is praised for its fee transparency so you should have no problems in this area.
Bittrex is based in the US, but despite this, a few American states do not have access to it, or it is limited. The reason for this is that cryptocurrency regulations are not the same across states. At least 29 states have some sort of a restriction on the platform. You can find more details about this here.
This exchange is available globally, but you will need to check which documents are required for Enhanced verification in your country specifically.
When it comes to withdrawals, Bittrex places certain limits to safeguard their user’s accounts and to follow the country’s laws.
This puts a high emphasis on verification as unverified accounts cannot withdraw any BTC. Also, accounts which do not have 2FA verification are only allowed to take 1 BTC in a day. Now, basic accounts can withdraw up to 4 BTC per day, while enhanced ones can withdraw 100 BTC per day considering that they have 2FA enabled.
In case you change your password, you won’t be allowed to withdraw anything for 24 hours. Contrary to these limits, there are no minimum values for deposits, and you can trade with as little as 50.000 satoshis.
- Bittrex has a customer support service which is available through their ticket system. You can also reach the team through social media such as Facebook and Twitter.
The response to this service has been mixed, with some users complaining about their accounts being suspended and when they tried to inquire the company about it, they waited long to receive an answer.
Other alleged issues with the customer support include an inadequate treatment of non-US users as well as some verification issues.
- Delays are sometimes experienced when making deposits or withdrawals, but this happens only due to the network congestion. Fortunately, this problem usually gets resolved quickly as the platform has a Congestion Detection system which prevents any transactions until the congestion clears up.
If some of you find the amount of information in this article overwhelming, take a look at the summary of the main points below:
- Commissions are competitive
- The interface is user-friendly
- Security is top-notch
- No reports of significant hacks so far
- A huge selection of altcoins
- The verification process is quite long
- Customer service takes a long time to reply
- Fiat currencies are not accepted
- Cases of accounts being suspended
There is no doubt that Bittrex is one of the top players in the game right now with their main advantage being a large selection of altcoins to trade with. However, your only option is to deposit via Bitcoin and Ethereum, so this might complicate the process a little bit for some individuals.
People who are interested in exploring exotic and/or new cryptocurrencies will be more than pleased with Bittrex.
Now, when it comes to safety, this platform is among the best there are, which is a big plus. Also, the user-friendliness of their interface allows for fuss-free trading and makes life easier for any crypto enthusiast. All in all, this exchange is suitable for both beginners and expert traders.