Bittrex review: Everything you need to know about Bittrex
If you are now sure about the integrity of any cryptocurrency exchange platform and stumbling for choosing a trading website, you can try out Bittrex. If you are new to the crypto world and want a simple solution for trading in your desired coins then the options are not few. Often, the first question asked by the investors is, Are they legit? It is quite obvious to doubt any website’s integrity due to so many scams happening in the digital world. Bittrex is a secure and trustworthy solution which is used by millions of people daily for transacting in various Crypto currencies. However, there are a lot of aspects to look on while choosing Bittrex. Here, we will delve into the didactic and unbiased Bittrex review and understand whether it is safe to use it or not.
What is Bittrex?
Bittrex is a Seattle, US-based cryptocurrency exchange platform which definitely finds its place in the top 3 cryptocurrency exchange list for trading volume and popularity. The platform was established in 2014 to initiate the process of trading in divergent crypto currencies easy and straightforward for beginners and advanced users. In less than 4 years after its inception, it has a massive customer backing with 24 hours trading volume of around $300 Million. There have been no major hacks and is considered to be a reputable and secure platform for carrying out regular transactions. The best thing which proves its integrity is the strong developer team with rich experience of working in renowned companies like Microsoft, Amazon, etc. They are indeed one of the best, if not the best in their expertise for doing business.
The CEO and the co-founder of the platform, Bill Shihara has a colossal 11 years of experience working consistently with Microsoft operating systems and the team of security. If that is not enough to judge his credibility, he has served as a security engineer in companies like Amazon and Blackberry. Bittrex claims itself to be the next generation trading model where the users can experience exceptionally fast and safe trading service in the crypto world. Let’s see, how much they live up to their commitment.
Who is behind Bittrex?
With the veteran CEO and co-founder of the company, Bittrex has a number of experts in their niche who try to revolutionize the exchange process. The CEO, Bill Shihara was inspired by the security violation and reliability problems which are faced by the users and came up with Bittrex to provide a much more secure and reliable platform. Bittrex comprises of a Stellar and dedicated team of experienced folks who have combined experiences of more than 50 years in the field of security and developments from major companies like Amazon, Microsoft, Qualys, and Blackberry.
Advantages of Bittrex: How Bittrex stands out from the rest?
In just a few years, Bittrex has managed to incorporate various features and practices to make it advance beyond its competitors. Here are the advantages of Bittrex:
1) Secure platform
The group behind Bittrex pride themselves on giving a safe platform and utilizes the most robust and reliable security advancements possible. The company incorporates this using a versatile multi-organize wallet technique that guarantees 80-90% of assets that are put in a secure storage away from the sight of hackers. Furthermore, the two-factor authentication is required for all withdrawals and API use making it a great solution for keeping your funds safe even if there is any misuse of your password.
2) Custom built exchanging engine
The Bittrex stage was intended to be adaptable and beginner friendly by utilizing flexible computing techniques and therefore, it can process and execute the orders as soon as they are initiated. This help the user gets rid of crossed request books or any deferrals in the start of exchanges.
3) Quick stores and withdrawals
The framework is made to manage the fast handling of exchanges by means of a robotized monitoring platform. This takes into account quicker exchanges and furthermore allows the user to get swift and prompt updates on balances, exchanges, and other information related to your wallet. Bittrex is a platform which constantly updates its main data and provides utmost transparency to the user with their data.
4) Client Support
As it is one of the world’s largest digital currency trading network, the sites are often piled with a substantial amount of support tickets. This can be difficult sometimes as to answer each and every ticket within time but Bittrex never fails to overwhelm the customers with its helpful and prompt replies to the query. Along with the quick support, it runs a devoted help page on the social media which is extremely active and gives you the answer within minutes.
Bittrex gives speedy access to a tremendous number of digital currencies and coins while transacting at a high exchanging volume. The site records many digital currencies and coins and ensures that the client can trade in up to 100 Bitcoins daily and even transact for 1 BTC a day. Up to 2 BTC, a day can be exchanged with a normal account which is not verified by any personal documents; however, the two-factor authentication has to be enabled.
6) Straightforward and Low Fees
Bittrex exchanging fees is quite low as compared to other exchanges where you can trade on various trading pairs and in various coins at a mere 0.25% fees. The fees are applicable on all exchanges and this enables traders to effectively compute the fees gathered as you progress with exchanging.
How to Sign up and verify your account?
To start with Bittrex, first, you have to sign up on their website. The process of sign up on Bittrex is quite easy and straightforward, especially if you are just looking for various cryptocurrency trading. All you need to give is your name, email address, date of birth and choose a password and sign up and login on their platform. Not you will get a verification email on the provided email ID which you have to click in order to complete the sign up process and later login with the same credential. After sign up, you can login to your account but you will have to complete the two- factor Authentication for trading. You can start trading using a normal verified account in as less as thirty minutes. However, the transaction and withdrawal limits will not be high but will be good for the beginners. But, it is still suggested to complete the higher tier verification process for better support and transaction limit. For higher-tier verifications, you will have to submit more documents and provide more details thereby unlocking broader and better facilities. For instance, the enhanced and highest verified tier allows the users to trade with deposits and withdrawals in fiat wire transfers with digital currencies and Crypto coins worth 10,000 USD or higher. Here are the verification tiers on Bittrex and the documentation required to complete those verifications.
What are the verification stages in Bittrex?
After login, there are three verification tiers on Bittrex with each higher tier having broader options as compared to its lower stage.
For basic verification, you have to provide your name, date of Birth, Complete address with the pin or Postal code and your country. You can even give your passport number but it is not mandatory.
After login to your account with the valid credentials and completing the basic verification process, you have to complete the two-factor Authentication process. For this, you have to provide a valid mobile number and verify it by entering the one time Password you receive. This two-factor Authentication feature ensures an extra layer of security where the hackers can’t access your funds even if he gets your password.
This is main verification tier where you need at least your basic verification is done before coming to this verification tier. Here the users are expected to submit the scanned photocopy of the documents along with uploading your selfies. The process can be tedious and time-consuming but if you look at the extra benefits of doing this, you will give it a go. The process is carried on with the Jumio service provider where the company utilizes a series of heuristics to examine and determine whether the government issued ID is legitimate or not. It also checks whether the faces in the document meets with the selfies or not. This is to ensure that the documents and the account are legitimate and not spammy.
What are the withdrawals limits in Bittrex?
Because of the Bittrex’s team expertise with regards to software security, they ensured that their clients would feel extremely secure in utilizing their services. With this being stated, they give utmost priority to security. If you change the password of your account and try to login and withdraw funds, you will not be entitled to do that within 24 hours. So, no changes can be made to your account and your funds are safe even after password change up to 24 hours. In the event that you don’t have a two-factor Authentication enabled into your account, you will still have an entitlement to trade up to 1 BTC withdrawal or similar each and every day. There is an update of the limit on accounts that are made after October 30, 2016. Such account would have the withdrawal limits which are stated below:
Unverified or Basic Account – You can trade up to 1 BTC or equivalent in a day
Phone verified Account – You can withdraw up to 3 BTC every day or equivalent but have to complete the two-factor authentication.
Enhanced Account – The limit for document verified account is 100 BTC every day or comparable. However, Two Factor Authentication has to be enabled and the selfies need to be provided.
Trading fees in Bittrex
The trading fees at Bittrex are entrenched at 0.25 % for each and every order. However, there are cryptocurrency exchanges which offer zero trading fees or trading fees as less as 0.1 %, Bittrex provides ultimate exchanging experience to the users. Irrespective of the coins or digital currencies, the trading fee is fixed at 0.25 percent.
Trading pairs and security
Security is the most significant thing about Bittrex where it uses the highest standard protocol and features like two-factor Authentication which will save your funds even if your account gets hacked. There is a multi-stage wallet which is planned to keep your 70 to 90 percent of the funds offline. So, you can instantly transfer funds from your Bittrex wallet to other cryptocurrency wallet but a majority of the funds will be offline giving you a great level of security. Although there is no privilege of trading pairs with fiat currencies like USD, EUR or YEN, they still offer USDT. Apart from that, there are a number of trading pairs where you can monitor the complex graphs of the digital currencies and make the right decision. The available number of coins will never leave you out of options. The BTC-ETH is the most sought-after trading pairs but apart from that, you have options like Ubiq, Litecoin, Blackcoin, Dash, Gambit, and Gridcoin.
Does Bittrex have a Smartphone app?
There is no official Android app or iOS app launch by the Bittrex team but they are on the verge of coming with a Smartphone application. Until then, you have to rely on third-party apps which are reliable and available in Google play store and app store. You can use Smartphone apps like cryptrader, Profit trading, TrBitcoin Trader, etc. until you don’t have an official Bittrex app.
What people talk about it on Reddit and BitcoinTalk?
Most of the people on Reddit and BitcoinTalk are impressed by the security and the support of the Bittrex team. However, in Reddit, you can find few Reddit users posting that Bittrex is Scam or the exchange platform is full of glitches. These posts on Reddit are mere calumny and Bittrex is a legitimate and secure platform with substantially lesser glitches and transaction errors as compared to many other cryptocurrency exchanges. It is better to take these Reddit posts with a grain of salt if the whole situation is not clearly listed.
Bittrex is one of the most popular and largest cryptocurrency exchanges where the main plus point is the availability of coins, security, and instant transaction. The fees are quite less than other exchanges and the best thing; you can completely rely on them for your transaction. The company is well-established for more than 3 years and has built an exceptionally strong Client base with the highest trading volume.
Website – https://bittrex.com/