BittRex Digital Currency Exchange Review 2018
BittRex is a US based cryptocurrency exchange launched in 2014 with the goal of providing world class experience to cryptocurrency traders looking to buy and sell cutting edge cryptocurrencies and digital tokens. As the go to cryptocurrency exchange, it offers lightning fast trade execution, industry best security practices and stable digital wallets.
Bittrex was founded by Bill Shihara (CEO and co-founder), Rami Kawach, Ryan Hentz and Richie Lei. The founders have 50 years of security experience between them. As a result, Bittrex is constantly upgraded and tested to ensure it’s compatible with industry best standards.
Based in the US, Bittrex is committed to collaborate with experts in USA financial law. As a result, the organization is looking to ensure compliance and full regulation. It is actually one of the first cryptocurrency exchanges to apply for New York’s Bitlicense thus being able to serve the people of New York.
Products & Services
To start using Bittrex, you must register for an account. All you need to do is provide your name, email address, date of birth and phone number for verification. If everything is ok, you can start trading with cryptocurrency pairs within half an hour.
Two types of accounts are on offer:
Basic Account requires users to submit their name, address, date of birth and email address. The details will be verified via public records. Two factor authentication must be enabled allowing basic account holders to withdraw up to 3 BTC worth of cryptocurrencies a day.
Enhanced verified accounts require users to submit scans of their identification documents together with selfies. The documents will be verified via Jumio service provider. This service uses heuristics technology to determine if the provided scans are genuine. Enhanced verified account holders can withdraw 100 BTC worth of cryptocurrencies per day. This is possible if they have enabled two factor authentication.
At the time of writing, Bittrex had stopped new account registration citing upgrades to the support and back end system. This would enable the organization to handle increased traffic. For those who had opened an account before December 2017, they can continue using Bittrex.
As the go-to cryptocurrency exchange for traders looking for lightning fast trade execution and industry best security, Bittrex utilizes algorithmic trading to provide an intuitive trading experience. It is powered by a custom built trading engine which is able to process and execute orders immediately they are placed. Thanks to the innovation, crossed order books and other delays that affect the processing of trades have been done away with.
For traders who want to purchase cryptocurrencies like Bitcoin and Ethereum via bank wire transfer, he or she must have an enhanced verified account along with a minimum deposit of $10,000.
Once you log into Bittrex cryptocurrency exchange, you will be greeted by a simple interface that is easy to use. For starters, you will have access to charting tools, order book, wallet, limit and stop orders. You can switch chart types between candlestick and line chart.
To trade, search for a cryptocurrency pair and you are good to go.
Deposit & Withdrawal
As said earlier, Bittrex is a US based cryptocurrency exchange and as such, it adheres to all federal laws especially when it comes to deposits and withdrawals. Currently, Bittrex supports the purchase of cryptocurrencies like Bitcoin, Ethereum and USDT via bank wire transfer if you have an enhanced verified account. For basic account users, they can simply make deposits into their Bittrex accounts via their digital wallets.
When it comes to withdrawals, simply transfer the funds to a wallet of your choosing. All you need to do is enter the amount and the digital wallet address and you are good to go. From there, simply store the cryptocurrencies in a hardware wallet like Ledger Nano S.
Registration is free. When it comes to trading, Bittrex charges a flat fee of 0.25% commission on all trades. The fees are deducted during trading. When compared with other cryptocurrency exchanges, Bittrex charges higher fees. Despite this, the cryptocurrency exchange has experienced increased number of new users. The best thing about Bittrex is that it offers reliable order execution and faster withdrawal times.
The founders of Bittrex have a combined security experience of 50 years. As such, they have developed the platform to be one of the most secure. First and foremost, all WebPages are encrypted with SSL which prevents unauthorized users from intercepting data packets. Furthermore, users’ personal information is protected at all times.
The team at Bittrex constantly upgrades the platform to ensure its compliance with industry best practices. That is not all. Bittrex offers two factor authentication for both basic and enhanced accounts. The security feature is provided to protect users’ account during withdrawal. This is the same with API usage.
Bittrex remains one of the most popular cryptocurrency exchange that offers faster trade executions and enhanced security thanks to the implementation of SSL for the whole platform and two factor authentication for both accounts. The cryptocurrency exchange supports over 190+ cryptocurrencies which can be paired during trading. The team at Bittrex conducts compliance audits on all new coin launches providing users with the information they need.
Bittrex has a few drawbacks and they include lack of support for fiat currencies and fiat trading too. The platform does not offer anonymity due to verification requirements. Furthermore, traders dealing in large sums of money will surely run into time lapse difficulties. This is due to low fund liquidity.
All in all, Bittrex is a trusted cryptocurrency exchange that supports over 190+ cryptocurrencies and has an intuitive interface making it suitable for beginners, intermediates and advanced traders.