What Is Bittrex: Briefly On Everything
Bittrex is a top and respected online cryptocurrency exchange that was found in 2014 by the three persons who believed that the blockchain revolution should spread all around the world.
Bittrex is well-known for its security measures, quick processing and execution of orders, and a user-friendly interface (which is a rare feature). However, at the same time, users usually have to deal with their withdrawal problems almost on their own because the support is minimal on this site, and it seems to be a really big problem.
These are just a few words about this cryptocurrency exchange. Let’s see what else this platform can offer to the new and experienced users, and how you can benefit from its pros and feel comfortable even dealing with cons.
Pros and cons
Fast trade execution
The platform is regulated by US law
The founders support both new and established blockchains
The site was never hacked (!)
Users can deposit without any limitations
Two-factor authentication (2FA)
To create an account is free of charge
Reasonable withdrawal limit
No Bittrex app
Users have to wait for long for a reply from customer support
The verification process may take some time
Main Services Of The Bittrex Platform
What is the Bittrex main service? It is trading. Moreover, you will not find anything else on this site: there will be only trading, but effective, convenient, and quick. The engine the platform uses provides the traders with the smooth operation of all the main trading features, such as stop-loss, good ’til canceled (GTC), and instant buying or selling. But, there is no margin trading, so if you like this trading way, you should seek another platform.
If you want to know how to buy on Bittrex, here is the shortest ever instruction:
Set up an account;
Verify your identity;
Find the “Wallets” tab;
Click the “Deposit” button and fund the account;
Available Currencies And Trading Pairs
Our Bittrex review would be incomplete without mentioning the currencies and payment variants.
This site offers crypto-to-crypto trading only. However, you still can invest in USDT - a cryptocurrency which value is the same as the value of the US Dollar. In other words, 1 USDT will cost you 1 USD.
In addition to USDT, the exchange offers 190+ cryptocurrencies plus more than 280 trading pairs, including unique ones. The list of available cryptocurrencies includes the top ones, such as BTC, ETH, and LTC, and plenty of the most promising ones - WAVES, TRX, ADA, and so on.
Everything On Bittrex Trading Fees
Every trade on this site will be charged a standard fee rate - 0.25%. This is a bit expensive if compare Bittrex fees to the ones of similar platforms, but to have only one fee for everything is a bit more convenient. The other cryptocurrency exchanges have different fees on different transactions and it makes difficult for users to remember them all when trading. On Bittrex, it is a bit easier to calculate the expenses even for the newbies.
Besides, there are no deposit fees on this site, but sometimes you will need to move the funds to another address before depositing directly to your account. Such a process can charge you an additional fee for the transfer.
Bittrex Withdrawal Limits & Payment Methods
Currently, the minimum withdrawal sum of any of the available coins must be 3 times greater than the Bittrex withdrawal fees; the standard one is 0.25%, as you remember, but there are cases of charging additional fees. The maximum withdrawal limit is 3 BTC per day - for the basic accounts that we will discuss later.
Among the payment methods, there are wire transfers and cryptocurrency deposits.
Verification Process And Types Of Accounts
There are two huge disadvantages of this platform: it’s taking longer to get a reply from the support team and long verification process. However, you may be the lucky one who will get the account verified within several minutes.
You must verify your identity in order to withdraw your funds. After that, you can start trading on the platform and withdraw coins - up to 3 BTC per day, but there is something you should know before getting started.
There are two types of accounts on Bittrex:
Basic account. To get a basic membership, you should submit only some basic information about you, such as name, address, and birth date. The moderators will thoroughly verify the data you provide, so share the real info, otherwise, you will never join the Bittrex community. Having this account you will be granted the right to withdraw not more than 3 BTC (once a day).
Enhanced account. To get such an account, you should submit scans of your identification and several “selfies”. These will be verified by Jumio - a trusted identity verification service that uses modern technologies to analyze if the photos are actually real. The owners of Enhanced accounts will get the possibility to withdraw up to 100 BTC (again, only once a day).
After you become a legitimate member, please, visit the FAQ page and start learning how to trade on Bittrex.
Bittrex is considered to be one of the safest online currency exchanges. It has lots of advantages, that I haven’t seen in other similar services.
Due to the fact that it is located in the US, Bittrex is under the United States regulations and account verification is very up-to-date. All these verifications help fight criminal and illegal activity. Also, it helps prevent market manipulation and tax evasion. There are two unique offerings provided by Bittrex: IP Whitelisting and Crypto Adress Whitelisting.
IP Whitelisting: This is a security measure that enables users to make an IP address the only location to make a trade or to withdraw money. If dealing with one IP, you can be sure that no one will make changes in your account or try to break into it.
Crypto Address Whitelisting: You can set up an exclusive address for withdrawal. This will be only one access point to make any transactions and money withdrawal.
All the above-mentioned tools strengthen the security level and provide the best service for the users. When you use Bittrex for financial transactions, use all the security features they offer to keep your funds in safety.
Where This Platform Is Available: The List Of Countries
Currently, there are three Bittrex sites, each designed for a particular region:
The official bittrex.com was created for US citizens only. However, the availability of this platform may vary between states.
Global.bittrex.com is for all the other countries except for the US. This platform has a headquarters located in Liechtenstein and it is regulated by EU law. Bittrex Global platform replaced International Bittrex that has helped blockchain technology to get more attention overseas.
Bitsdaq.com is available to use in Asia.
Still, this platform cannot be accessed by citizens of some countries. You can find the full list of those countries on the official website.
How To Contact Customer Support
In spite of the fact that there are several ways to contact customer support, people still have some problems with contacting its members. Maybe, the constant waiting for an answer can be explained by activity rates on the platform: the more people, the more issues they may have. However, it is still a bit inconvenient to wait for long for a reply by a consultant, and if you deal with a substantial amount of money you may even experience stress if there are any troubles with that money.
Luckily, there still is a section on the website that answers all the frequently asked questions. It may come in handy if you cannot get an immediate answer from the support team members. There you may find info on how to use Bittrex, what to do if you experience a problem with a transaction, how to use your Bittrex wallet, everything on trade limits, and how to trade on Bittrex in detail. If you want to get personal help, contact the support team through the official Twitter account and Facebook page.
To Sum Up
To conclude this Bittrex review, we should say that this website can satisfy both new and experienced users. Bittrex exchange has lightning-speed trade processing, two-factor authentication, a wide variety of available currencies, the possibility to trade in US dollars, and a great reputation of a secure online trading platform.
We hope that you don’t have questions like “is Bittrex safe?” or “how to use Bittrex?” anymore. If you still have something to ask, please, visit the FAQ section on the official website and get the needed answers.
Does this site provide users with margin trading?
No, this platform does not provide such a service, but the administration of the service is working at it.
Is there a possibility to open more than one account by one person?
You can have several accounts on this website. However, you should contact the support team and notify them about your wish to create multiple accounts under the same ID. Remember that accounts created by one person cannot trade with one another.
What are the withdrawal ways on Bittrex?
Users of this site cannot withdraw their funds in USD, but they can do it in Bitcoins. If you want to get your funds in dollars, please, visit the page Wallets and generate a new address using a wallet you intend to receive the coins. You can find the list of current Bittrex withdrawal fees on the website.