What is Bittrex?
Bittrex is an online cryptocurrency exchange which is well known globally. It has been in operation for 4-years. Initially, it began as a crypto-to-crypto exchange. However, it has since expanded and now supports a few other options such as fiat pairs.
The founders of the Bittrex exchange are cybersecurity engineers so you should expect this exchange to provide plenty of security. Here we will take a look at as much as we can to see if it is the ideal or you are better off looking for a Bittrex alternative.
Where is Bittrex Located?
Where is Bittrex located, you might ask? Well, the Bittrex location is in Seattle U.S.A and has come to be one of the world’s top 3 exchanges based on their trading volumes. There current 24-hourly trading volumes equate to around $300 million.
You would tend to think the location of Bittrex made it easy for US residents, this isn’t the case because it is only available in 29 states, this can change and a full list of states can be seen in their terms of service.
How Bittrex Works
The structure of the Bittrex trading fees is rather simple, they charge 0.25% on all trades. With to regard to deposits and withdrawal fees, these are free, although each con would have their network fee built into the trade.
The fees make it really easy for any trader to calculate their fees, but they are higher than other exchanges. This might not affect smaller traders, but high volume traders could see a significant fee being imposed.
This will vary because there are two types of account on Bittrex that allow transfers. There is the basic account and also an Enhanced account.
Basic account holders are entitled to withdraw up to the equivalent of 3 Bitcoin per day. With the ups and downs of the BTC price, this value could change dramatically day by day.
Accepted Payment Methods
When you look how to buy on Bittrex, you will begin by seeing the payment options they allow. Bittrex doesn’t support Fiat currencies which makes it crypto only for basic account holders.
For enhanced account holders they accept wire transfers again, this was halted in 2017 and re-commenced earlier this year.
Once you sign up for Bittrex, you are automatically given the first account which doesn’t allow you to transfer any BTC out of Bittrex so you must be a verified account holder before you can make any withdrawals.
Verification for the basic account requires users to submit their name, address, and date of birth.
Bittrex checks these against public records, but if this process fails for any reason, users must proceed to enhanced verification. This comes with 2-factor authentication.
For an enhanced account holder, verification goes further, and users need to submit scans of their ID with a “selfie.”
These are then verified by the Jumio, service provider. It is this firm who makes sure a user’s ID is legitimate.
When you look at how to buy coins on Bittrex, the process, in the beginning, is pretty similar to how to trade on Bittrex.
You would visit the exchange and then log in, from here you would need to deposit some cryptocurrency from another wallet. You select the wallets tab and then choose the crypto you prefer to deposit.
You create a deposit address and then wait for verification. Once received you are ready to trade on Bittrex.
There are more than 280 crypto pairs available for trading, so there is plenty of options even if it delisted some coins due to speculative security coins.
All the favorite coins are listed such as BTC, ETH, DASH, LTC, NEO, ETC. Earlier this year Bittrex changed their systems to show Bittrex Bitcoin Cash as having the moniker BCH rather than BCC.
Being designed with security in mind, and it is one of the reasons Bittrex is favored so highly. The founders coming from a cybersecurity background, so they knew how to put procedures in place. Hence the strict verification procedure to comply with KYC and AML practices.
Every step has security in mind, and this is as much for the user’s protection as well as for the company.
Customer support is handled by means of support tickets, their dedicated support page or by means of contacting them on their highly active social media pages. As with many exchanges, in peak times, replies can be longer than users wish.
Is Bittrex Safe?
The exchange is very safe, with all the procedures put in place by the founders to make sure it was as safe as it could be.
In relation to this, they use a multi-wallet strategy which ensures between 80-90% of funds are stored off-line.
There is also the 2-factor authentication required for all withdrawals and any API usage.
Traders often use exchanges depending on how fast their transaction times are. This can be limited by the network, but Bittrex do all they can to make their side as fast as possible.
With the use of elastic computing techniques, the Coinbase to Bittrex transfer time can be in the region of 30-minutes up to a maximum of an hour.
Bittrex comes with high-security features but is still easy to use. With over 140+ cryptocurrencies to trade against it can be an ideal place where to trade from. For basic trades, the firm has simplified the how to sell on Bittrex.
With a quick visit to the order book on the dashboard, you can see all of the buy’ bid and sell/ ask orders for all other users.
This is one example of how this crypto exchange has careful thought of all sides of the process with security being at the forefront.
Overall, the only real downsides to trading on Bittrex are the possible higher fee and the lack of Fiat options for trading and making purchases.
Aside from that, it is a robust exchange, and it is easy to see why they are ranked so highly.