At the moment, almost every person in the world has heard about cryptocurrency at least once. In general, today there are about thousands of different cryptocurrencies.
Accordingly, with such diversity, a variety of places should appear for its purchase and sale. Such places are called cryptocurrency exchanges. That’s why the question often arises - what kind of exchange to choose? One of the most popular options for this is the Bittrex platform. How good is it? Is Bittrex safe in 2020? Is the Bittrex exchange scam, a dubious resource or a reliable platform that provides safe trading and unhindered withdrawal of earnings? We answer these and other questions in today's review and analyze some Bittrex reviews and make our own opinion.
- Bittrex overview
- Where is Bittrex located?
- Bittrex Features
- Bittrex Fees
- Bittrex API
- How to Use Bittrex
- Customer Service
- Is Bittrex Safe?
Bittrex was created as an online exchange for digital assets in 2014 but later grew into a full-fledged trading platform. Bittrex International is now one of the largest and most sought-after altcoin trading venues worldwide.
Advanced “next generation” interface, but exclusively English. A wide range of currency pairs, more than 300, but of fiat currencies, only the US dollar. Among them the main assets such as BTC (Bitcoin), ETH (Ether), LTC (Litecoin), BCH (Bitcoin Cash), BNB (Binance Coin), EOS (EOS), XRP (Ripple), XLM (Lumens), DASH (Dash), TRON (Tron), USDT (Tether), XMR (Monero), ZCash (Zcash), NEM (XEM), TUSD (TrueUSD), etc. Also, the highest level of security and reliability, mandatory verification, without which neither input, nor withdrawal, nor trade is possible.
The official website of Bitrix (USA) is bittrex.com. International Bitrix website (for all countries except the USA) - International.bittrex.com
It is not by chance that the platform is so popular among many traders, it has a concise interface that is especially suitable for beginners of cryptocurrency trading. The trading terminal is considered one of the most convenient on the market. Among its features: price dynamics chart, candles, indicators, order book; here you can study information about applications for the purchase and sale of cryptocurrencies, transaction history, etc.
Bittrex is also interesting in the new Lab service, it is a kind of laboratory with useful functions: Any2Any Converter converts cryptocurrencies, Auto-Sell makes it possible to automatically sell the currencies specified in bitcoins, the calculator can calculate profit and loss in advance.
Where is Bittrex located?
Bittrex cryptocurrency exchange appeared on the market in 2014 and it is a US-based cryptocurrency exchange headquartered in Seattle, Washington. It was the result of a very experienced team of cybersecurity professionals led by CEO Bill Shihara. Before starting his own product, the creator of Bittrex worked for 11 years at Microsoft, working on the Windows operating system, was the security development manager at Amazon, and also created malware protection and automation strategy for the BlackBerry ecosystem.
The Bittrex platform has a legal exchange status with registration in the USA with a verified owner and address. In addition, the exchange is famous for being one of the fastest registration and verification among other exchanges. With the passage of full verification, users open large limits on withdrawals up to 100 BTC per day.
Bittrex security system is famous for its high level and lack of hacks. Hacking of individual accounts is not taken into account due to the negligence of owners. Also, the exchange is constantly struggling with market manipulators.
Bittrex is considered one of the best platforms for currency arbitrage. It has access to convenient charts with minute candles and a user-friendly interface and large limits for auto trading. 1000 open orders and 500.000 orders per day.
As for the convenience, Bittrex offers to use the mobile app for IOS and Android to its users.
Also, one of the advantages of the exchange is the ability to return transfers mistakenly sent to inappropriate wallets.
Bittrex fee is a big disadvantage of the platform since the commission is quite high and there is no possibility of its reduction in the future. Most probably, this is one of the reasons why there is an outflow of traders from the exchange.
When buying or selling cryptocurrency, the trading platform charges a commission of 0.25%. If the order is partially executed, then the commission will be deducted only for the part that was sold or bought. The minimum transaction amount is 0.0005 BTC.
Deposits are made without commission.
Withdrawal - 0.001 BTC or the equivalent of this amount in any other cryptocurrency. In this case, the amount of the commission does not depend on the total amount that is declared for withdrawal.
Bittrex provides a simple and powerful API consisting of REST endpoints for transactional operations and a complementary Websocket service providing streaming market, order, and balance updates.
Access to and use of the API is governed by Bittrex Terms of Service. If you are a user of Bittrex.com, the applicable Terms of Service are available here. If you are a user of Bittrex International, the applicable Terms of Service are available here.
You can also read more information about Bittrex API on the website.
How to use Bittrex exchange
In December 2018, the Bittrex exchange suspended the registration of new customers. This was caused by the high demand for the company's services and updating the database. Only after 5 months, in April 2019, Bittrex resumed the registration of new users. Let’s find out how to register on Bittrex.
First of all, to register a new account, you have to follow on the official Bittrex website and press the button “Sign Up”.
You must fill out the form with an Email address and Password, also do not forget to choose an account type. Once it is done, click on the “Create Account” button and fill the captcha and jump on the next stage after.
The verification email will be sent to your email. Go to your email address and open the email and click on the “Verify” button to confirm that the email address belongs to you.
You will be redirected to the Basic Profile Info page where Bittrex asks us to fill our account with more data.
In the second stage, you have to fill with the country of residence, street address, apt or unit number, city, state of the province, postal or zip code, birth date and country of nationality.
The Bittrex International Exchange has completely rejected anonymous accounts. Now it is impossible to create an account on Bitrex without fully identifying its owner.
By the way, this is an important difference between the subsidiary platform and the American Bittrex. So verification on the exchange and, accordingly, following the rules of KYC / AML, is one of the mandatory stages of registration, without passing which no user will be allowed to the trading service.
After starting work at the platform, the client has no choice but to agree to the verification. A country and an identity document are selected. This can be a passport, driver’s license or another document. The main thing is to have a picture in it.
You need to take a photo of the document with a camera or send it as a file. You will also need a selfie so that the Bittrex system can identify the face in the online image with the photo on the document.
After sending, the screen will display a check. And after about 10 minutes - in fact, the verification process may take a longer time - a message will confirm the end of verification for Bittrex.
Deposit on Bittrex
After completing the checks to verify, it's time to fund your account and start trading on Bittrex.
At the top of the page when you log in, you will see a list of all Bittrex markets. Click on “Wallets” in the upper right corner.
On the opened page "Wallets" it will present account balances and a list of coins that can be entered on the exchange. Decide on the wallet to make a deposit and click the green arrow next to the wallet.
A deposit box will appear that allows you to create a new address for the deposit. It is better to deposit funds with a small amount, and only after making sure that everything is working, move on to a more substantial amount. You can make a deposit on the Bittrex exchange from an already created cryptocurrency wallet.
You need to wait for confirmation by the blockchain. It takes time, so you should not close the tab. After the transaction receives confirmation, the trader will receive the deposit and will be ready to trade.
Withdrawal from Bittrex
The process of withdrawing funds from the Bittrex exchange is similar to replenish an account. Also, in the upper right corner of the screen, click on "Wallets" and select a cryptocurrency to withdraw from the list.
Then click on the red up arrow icon. Next, enter another wallet address - for example, the one to which the coins will be transferred. And the amount to withdraw. End the operation with confirmation by clicking on "Withdraw funds".
The Bittrex exchange initially strictly limited the amount that was allowed to be withdrawn to a crypto wallet. So, the limit for unconfirmed accounts was limited to the amount equivalent to 1 BTC per day. Enabling 2FA gave the user access to a basic account, where the withdrawal limit is increased to 3 BTC per day.
Finally, the account, confirmed by a document and a selfie, allowed to withdraw the equivalent amount of up to 100 BTC per day.
Since, under the new conditions, during registration, all traders must undergo a complete identification procedure, then, accordingly, they were allowed the maximum withdrawal of coins.
Earlier, the Bittrex exchange prohibited the withdrawal of funds in US dollars or other fiat currency. Now there is such a feature.
However, users and companies of only some US states can make payments and withdraw money in dollars or their equivalent.
To activate this function, you need to send a request to add it to your account. You need to fill out this form, after which several additional questions will be asked to find out your requirements for fiat trading.
To deposit and withdraw funds in US dollars on the Bittrex exchange: first, you need to confirm your bank account, then the user needs to prove that he/she controls it and provide a letter/statement from the bank.
The trading interface of the Bittrex exchange turned out to be information-rich. For example, it includes two charts - a price chart and a depth chart, which help to evaluate the current state of the market, but at the same time, they are not visible. To view the user will have to switch between them. A big advantage - there is no need to involve external services for technical analysis, everything necessary was developed by the Bittrex exchange team. You just need to learn how to use it.
In the upper right corner of the platform, there is easy access to wallets, other markets, as well as general account settings. Here you can change the dark mode to light and vice versa.
Below are the orders along with the order form. On the left side of the screen, orders for the purchase of coins are displayed, and on the right - offers of orders for the sale of coins. Left Bid prices will always be lower than Ask prices, since the Bid price is a real interest for buyers, and the Ask price is the actual seller who owns the cryptocurrency.
Choose a market and currency. For example, we decided to buy Bitcoin Gold (BTG) cryptocurrency. Enter the desired amount and place a rate. Confirm by clicking on the “Buy BTG” button. When the rate is accepted, the currency will be transferred to the Bittrex wallet.
Exactly in this order is the sale of cryptocurrency. The difference - another form is filled in the same section.
Support is currently available through the ticket system, email and social networks Twitter and Facebook. In addition, Bittrex exchange support is provided through the site in the form of a selection of articles that answer the most common questions of its customers. You can also apply to the support service for personal contact, if necessary.
The Bittrex exchange is popular all over the world, respectively, there are enough reviews of traders about it on social media. Its reliability, quick verification, user-friendly interface, a large selection of digital coins, and a simple trading process are positively noted. The exchange has a reputation as one of the safest cryptocurrencies on the market.
There are also many negative reviews about working on the site today, these are most often problems of a long withdrawal of funds, long verification, blocking accounts without explanation, communication with managers etc. You can see more reviews on Trustpilot.
Is Bittrex Safe?
Bittrex provides the ability to work with a huge number of trading pairs and provides reliable storage of user assets because almost all funds are in cold wallets. This is probably one of the safest cryptocurrency exchange platforms and its creators call themselves paranoid because they regularly improve various means of protecting the service. However, fans of anonymity may not like this, since the exchange requires verification and disclosure of personal data, for example, name, address and even photo documents.
The founders of the exchange are very worried about the safety of their customers, so they try to do everything possible so that the finances of traders do not go to hackers and scammers.
Let's analyze the security system in more detail:
- 2FA or two-factor authentication - allows you to create a code in a mobile application, which is requested when entering the site, as well as when withdrawing funds;
- Email confirmation - when entering from a new IP and when withdrawing funds, Bittrex sends a request for confirmation of actions to your email.
- IP verification - when trying to enter from a new IP, the exchange requires confirmation of entry via email. Those required to click on the link in the notification message.
- IP whitelist - Bittrex allows you to create an IP list from which access will be allowed. Login from other IPs will not be possible. Those. attackers cannot get into your account if they have a different IP.
- White list of wallets - the exchange makes it possible to create a list of wallets where you withdraw funds. Thus, even if fraudsters gain access to your computer, somehow get to your account in your open session, they still will not be able to withdraw funds.
- Refunds from erroneous transfers to Bittrex - this item is more protection from users themselves than from hackers.
The exchange looks quite reliable and secure, for all the time of its operation, there have been no hacks and thefts of money, which gives it more confidence.
Bittrex cryptocurrency exchange is a young, but an already successful and dynamically developing platform. Today it is popular in many countries; it attracts an increasing number of users with the expanded features of comfortable cryptocurrency trading. An impressive amount of virtual coins for trading also serves as a serious factor increasing interest in the exchange.
One of the advantages of Bittrex is that the site has not yet been subjected to hacker attacks and hacks. And although there are a lot of positive reviews about working in the company on the network, however, quite a few negative points are presented. Let's hope that the exchange plans to continue its dynamic development and improve the service. We will not regard the Bittrex exchange as a scam and a swindler. Nevertheless, the user reviews that we are waiting for our review can warn traders from possible problems and change the rating of the exchange on our resource.
Write your review
I got an unpleasant moment once, when my account was blocked. But, frankly speaking, I was just requested to provide information about myself and operation. I did that and the next day I had my account Unblocked. No long pending or maintenance, it was easily resolved. I'm going on using it with big pleasure.
I'm going to say only good about the Bittrex, all my actions are completed in time instantly. I don't see any annoying things. Bittrex is a great one.
Except the fee I'm highly satisfied. Yes, it may be less, especially the traiding fee. But I'd prefer to pay a bit and be confident. So, bittrex never lets me down.
It seems to me that they platform was searching the chance to block my account. I used to have some small deposits , about 500-700 usd. But after the depositing 1000 account was blocked immediately due to some suspicious activity. Is it really a big amount? I don't get it.
I ‘ve invested some of my funds and traded a bit. So far is good. But the only one unpleasant thing is the verification you can deposit unless providing some id. But apart from that I’m content.
Bittrex has some pros and contras.