Bittrex is a cryptocurrency exchange based in the United States of America. In this bittrex review I will be going through the general overview of what they offer.
I will be showing you in this Bittrex Review, why you might be interested in this Bittrex Bitcoin/cryptocurrency trading platform.
Bittrex Review Summary
Bittrex is seen as a veteran exchange in the United States. The main emphasis of bittrex is that their security is second to none.
The bittrex exchange is well known and highly praised for speed of transactions and stability.
While I was writing this bittrex review, it suddenly dawned upon me that the bittrex exchange has never been hacked.
Now the security on bittrex like I mentioned at the beginning of this post is second to none.
The customer support is near non-existent. I hate to say this because I love using bittrex myself, and using the platform very easy.
The number one rule of using cryptocurrency and bitcoin exchanges in general, is to never leave your cryptocurrency on the platform.
You should always use a hardware wallet and store your cryptocurrency offline. The Ledger nano hardware wallet is definitely worth checking out.
1. Bittrex Review – Bittrex Overview
Bittrex is the United States based cryptocurrency exchange that was founded in 2013. The company’s headquarters are in Seattle Washington in the north west of the United States.
An interesting fact about the founders of bittrex exchange!
Bill Shihara,Richie Lai and Rami Kawach are all previous Microsoft employees. I think that this fact definitely gives some serious credibility to these three people.
When writing this Bittrex review I discovered that bittrex use the most reliable and effective technology for their security systems.
While doing my bittrex review I learnt that they use an elastic multistage wallet strategy that always keeps 80 to 90% of funds offline and safe.
There are also extra layers of customer based security measures. These measures include Factor to authentification, withdrawals are limited without 2fa implemented.
This this is very important, because it means that hackers can’t log into your account unless they have 2fa.
Back to to authentification is based upon your mobile device, and works on a time based setup.
The Google 2fa app is free to download off Google Play store and Apple.
You just simply sync up your 2fa app with bittrex using a code, to link the two.
Because all customers cryptocurrency including Bitcoin is stored offline with this exchange, they have never been hacked and customers have never lost funds.
A word of warning though!
If you do not verify your account with the know your customer system, or your cryptocurrency comes from questionable sources. Bittrex can seize these funds.
It is a legal requirement for companies that deal with cryptocurrency, to prevent money laundering and this is a similar system to what bank use.
The know your customer or also know your client, is abbreviated KYC.
2. Bittrex Review – Bittrex Services
Another great fact that I found out about bittrex when writing this review,is that according to coinmarketcap.com, bittrex has 363 cryptocurrencies currently listed on the platform.
This is a massive amount of cryptocurrencies and bittrex is often compared to binance exchange.
I also found when writing this review of bittrex, that they have lots of different trading features on the trading engine.
The list of following features below will help you understand what bittrex can offer.
- Trading Indicators
- Stop Loss
- Good’til canceled (GTC)
- Instant But Or Sell
- Trading View chart integration/tools
Bittrex also is well known for its quick loading times. Bittrex also shows you if you are connected to them, with a symbol that looks a bit like a Wi-Fi symbol the top the dashboard.
This symbol shows up green for excellent connection or red for poor connection.
There was news a few years ago that bittrex was working on a margin trading engine. At the time of writing this bittrex review, there is not margin trading on bittrex.
For those of you who are not familiar with margin trading,CFD’s (contracts for difference) uses margin trading by using leverage. So basically you can borrow money to trade large amounts of stock and assets.
A word of warning!
Margin trading can cause massive wins or losses. Margin trading had an effect contributing towards the Wall street crash of 1929,when stock prices plummeted and margin call’s were made, and this wiped people out. This was seen as one of the reasons causing the Great Depression.So be warned!
Again, Bittrex does not currently provide margin Trading services.
3. Bittrex review – Currencies and payment methods
As long as you have become a verified customer of Bittrex, you can deposit/ withdraw US dollars. You can also so do the US dollar trading.
It’s worth mentioning that there are only certain states/ territories in America that will allow US dollar trading, deposits and withdrawals.Checkout Bittrex to see if you are in a eligible.
The major population centre, such as California, New Jersey and Washington state, along with Washington DC are available for US dollar trading deposits and withdrawals on Bittrex.
USD deposits and withdrawals can be done through wire and credit and debit cards. While writing this bittrex review, this has become a new development.
One of the great things about bittrex, is that it has a vetting process for adding new cryptocurrencies to it’s platform.
You can look at the list below for the markets you can trade against;
- USD (United States Dollar)
- BTC (Bitcoin)
- ETH (Ethereum)
- USDT (Tether)
- EUR (Euro)
Bittrex also accepts euros for funding trading and withdrawing.
4. Bittrex Review – Bittrex Fees
The bittrex fee of 0.25% flat commission used to be implemented on all trades. Now bittrex has 50% OFF FEE’S for the short-term at least.
Lots of cryptocurrency industry commentators think that this is quite high as far as fees are concerned.
Let’s face it the security on this platform is second to none, so I would rather pay higher fees personally.
5. Bittrex – Supported Countries
The bittrex exchange can be used by customers worldwide except for North Korea, Iran and Crimean region , Syria in Cuba.
It’s also worth noting that any person with economic sanctions levied against them specifically by the US Federal Government, cannot use the Bittrex platform.
6. Bittrex Review – Bittrex Conclusion
Although I have mentioned some negatives when when using bittrex exchange, I think the overall conclusion would be that it is a great platform.
The Bittrex exchange can be used by beginners, intermediate and advanced Traders quite easily.
Like many of these cryptocurrency and bitcoin trading platforms, there is always room for improvement.
If you are interested in joining Bittrex you can do so with the link below. It’s FREE to join and explore the platform.
Join Bittrex here; https://bittrex.com/Account/Register
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