After the success of Bitcoin and the subsequent introduction of numerous altcoins, it didn’t take long for crypto trading to become mainstream.
However, to this day, traders struggle to find a secure exchange that is also easy to use. Not only has Bittrex never been hacked, but it is also based in the USA, intrinsically making it safer to use than other platforms.
But does the company comply with regulations? Does it have a responsive customer service team? More importantly, is the platform worth your time and money? In this in-depth Bittrex review, we will answer those questions and more.
INTRODUCTION – WHAT IS BEHIND BITTREX?
Bittrex is one of the most widely used crypto exchanges in the USA. It was founded by three former senior security managers from Amazon back in 2014. The founder’s Bill Shihara, Richie Lai, and Rami Kawach currently serve as Bittrex’s CEO, CIO, and CTO. The three founders make a formidable team, lending over 50 years of combined cybersecurity experience to Bittrex.
It’s also worth mentioning that all three of the co-founders worked at Microsoft at some point in their careers, and looking at their CV, it’s not hard to see why the Bittrex has a security-centric focus. Post its launch in 2014, Bittrex quickly grew to become one of the most popular crypto exchanges in the industry. The company employs a self-regulatory model called The Blockchain Act, as a result of which all of Bittrex’s customers must undergo stringent KYC and AML checks.
A year after its launch, Bittrex applied for the BitLicense so that operations could expand to New York. However, four years after the initial application, the state of New York rejected the application stating “a seriously deficient customer identification program” as the reason. The company has denied these claims.
In 2019, the company also revamped its trading engine, making the platform nearly 20 times faster than before. The company also added new features and support for USD and EUR markets, and in the same year, the company launched Bittrex Global to expand its user base. The two exchanges now share liquidity.
Who is Bittrex for?
Initially, Bittrex did not allow users to buy cryptocurrencies using fiat currencies. However, as of 2021, the company has added this feature, making it a lot more accessible to traders. To buy cryptocurrencies with fiat currencies using Bittrex, you will need to pass its bank verification process.
Bittrex enables its customers to buy more than 680 different cryptocurrencies and tokens. What’s more, the company boasts 284 unique trading pairs, making it the right platform to use if you want to experiment with trading lesser-known altcoins.
But perhaps what’s more important is that more popular currencies like Bitcoin, Tether, Ethereum, and Litecoin are available for purchase on the platform. Bitcoin and Tether have the most trading pairs on Bittrex, with Bitcoin alone having more than 450 trading pairs.
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The relatively low transaction fees of 0.25% make the exchange that much more enticing to both beginners and seasoned traders. While the fees are not the lowest in the industry, the fact that only one fee applies to all transactions makes keeping track of expenditure that much easier.
Another advantage the company offers is lightning-fast trading speeds. The company employs elastic computing technology, enabling trades to process instantly.
It’s also worth noting that Bittrex has a set of unique APIs, enabling users to set up automated trading bots for convenience. All of these features, coupled with the uncomplicated interface and the easy-to-use mobile app, make Bittrex an excellent option for beginners. But the elastic computing tech and access to APIs make an equally enticing option for seasoned traders looking for a secure trading platform.
How to trade with Bittrex?
Like with other exchanges, you must fund your account before you can execute a trade.
Head to the Markets dropdown that appears on the top of the main screen and clicks on the pair you want to trade.
Next, choose how many units of the cryptocurrency you selected you want to buy and at what price. You can check to see what users are selling the currency for in the website’s Order Book section. Make sure you don’t bid too lower than the asking price, or your order may never go through.
You can optionally place a limit on the order, indicating that you will certainly buy the units at the price you’ve stated – that is, unless you cancel the order.
After all your details are set, confirm your order’s details before finalizing the purchase. After the order is complete, the coins will appear in your Bittrex wallet automatically.
Deposit and withdrawals with Bittrex
Bittrex does not verify user accounts itself – it has partnered with Jumio to take care of the verification process. The ID verification solution provider processes users from 200 countries on behalf of numerous companies.
Nonetheless, you will need to verify your identity with the company before you can make a withdrawal. There are no deposit fees whatsoever, regardless of which currency you buy, which is typical of crypto exchanges
Security measures:
The company puts an emphasis on user and data security by employing the most reliable security technologies out there. The protection offered is undoubtedly the company’s most defining feature.
Bittrex uses an elastic, multi-stage wallet strategy to keep users safe. This is done by moving the coins from cold to hot wallets securely as and when required.
The 50+ years of security expertise the founding team has to offer, coupled with the fact that security is always prioritized in all developmental decisions, makes Bittrex one of the world’s most secure exchanges. Bittrex uses an elastic multi-stage wallet, putting away 90% of its funds in cold storage. It makes the exchange that much harder for hackers to break into.
The company’s domain is encrypted with industry-standard SSL, which means all of the data communicated between you and the site is 100% secure.
The company also offers two-factor authentication, and you can also use Google Authenticator for it rather than using SMS to receive the code. However, the company does not enforce the use of 2FA like some other platforms do.
Whitelisting features are also available:
Wallet whitelisting: Gives users control over withdrawals. Using the feature, you can ensure that your funds are never withdrawn to wallets that are not yours.
IP whitelisting: You can “whitelist” IP addresses to ensure that account activity from IPs other than yours is blocked.
One other feature that makes Bittrex stand out is its cross-chain recovery service. If any of your deposits are worth more than $5000, the company will recover the funds for you if you accidentally send it to a wallet of the wrong coin type.
However, using the service costs 0.1 BTC, and you can use it if you request a recovery within seven days of transferring the funds. It is important to remember that the company cannot help you if you transfer the funds to the wrong wallet. All of these features make Bittrex a reliable exchange – and reliability is the one thing traders look for in their exchange of choice.
VERDICT
Not only is the veteran exchange safe, but it is also easy to use, making it an attractive choice for both new and experienced crypto traders alike. And with all the updates made to the platform recently, it has only become more of an attractive choice.
While it does not offer margin trading, the exchange does enable you to sell your coins for USD or EUR and withdraw them into your bank account. So, if you’re on the lookout for a fiat-to-crypto exchange that offers a wide variety of cryptocurrencies to pick from, Bittrex will not disappoint.
The security measures the company takes to make it one of the best cryptocurrency exchanges in the industry.
Advantages of Bittrex:
High secure trading platform
More than 600 coins are available
Fiat deposits and withdrawals
Low trading fees
Professional trading platform
Ultra-fast account verification
