Bittrex Cryptocurrency Exchange Review
Experienced traders are going to enjoy what the Bittrex company from Las Vegas has to offer regarding a cryptocurrency exchange. Paired trades are the focal point, and fiat currency cannot be used to make purchases.
There is a fast and modern interface that allows for automated trading using bots for the tech-savvy trader. The site has never been hacked. The security and compliance rules and regulations that are in place have resulted in some users having their accounts shut down recently.
- High level of security
- Quick withdrawals and transactions
- Over 190 different currencies supported
- No margin trading
- A small number of accounts suspended because of security features
- No fiat currency
There is a 0.25% fee on all trades through Bittrex. There are no charges for deposits except for when some types of currency have to be moved to a separate address before giving credit to the account of the user. Withdrawal charges vary based on the kind of crypto being taken out. They are one of the cheapest in the industry overall.
Former employees of Microsoft, Blackberry, and Amazon founded Bittrex in 2014. Measuring by trade volume, it has reached one of the spots for most significant exchanges around the globe. Quick and straightforward trading can be done with its set of APIs, and automatic monitoring allows for rapid withdrawals and deposits. The founders have a background in security, so that makes it one of the safer options when it comes to cryptocurrency exchange platforms.
Safety and Security
Through a two-factor authentication and Google Authenticator, users can rest assured they are adequately protected. Unique to Bittrex is their whitelisting of both IP addresses and wallets. An existing cross-chain recovery option for deposits more than 5,000 USD guarantees a refund if the funds accidentally get transferred in the wrong currency type, or to the incorrect wallet.
Ease of Use
There are a plethora of options when it comes to what kind of trading can be done on the exchange. Margin trading isn’t allowed on the simple, uncluttered, and easy to navigate interface, but the following trade types are:
- Fill-or-kill orders
- Immediate-or-cancel orders
- Good-til-canceled orders
- Stop orders
- Limit orders
- Market orders
With the automated monitoring system in place, deposits and withdrawals can be made faster than most other exchanges. After viewing the central dashboard full of graphs charting values of currencies against other currencies, users want to make their moves immediately, and Bittrex supports that.
Depositing and Withdrawing from Bitrrex
Deposits made into Bittrex have to come from an existing crypto wallet outside of the platform. The minimum purchase is 100,000 USDT. Verification with ID, a recent bill, and an updated selfie are all required.
Withdrawn coins also need to be transferred into an external wallet. There are no fiat withdrawals, so if a user wants fiat money, they need to be sure that the wallet they select supports that option. Enhanced and verified accounts have the ability to withdrawal more money than basic verified accounts.