Bittrex is a cryptocurrency exchange founded in 2013 by former IT security experts from Blackberry, Amazon, and Microsoft. Bittrex has been split into two sub-platforms: Bittrex.com, located in Seattle, USA, and Bittrex International, located in Malta. This division is due to American financial legislation, which is much more stringent than in the rest of the world, in particular in terms of fundraising through IEO. This way, US customers will connect to Bittrex.com, and customers from other countries-to Bittrex International.
Unlike Coinbase and Kraken, which limit their range of traded cryptocurrencies, this platform offers you a very wide choice: at least 286 crypto assets are listed on Bittrex International. You will be able to purchase these assets using the leading cryptocurrencies (BTC, ETH, USDT) or the US dollar (USD).
Thus, Bittrex is the platform of choice for anyone who wants to diversify their portfolio with cryptocurrencies. In addition, the security methods provided by Bittrex are currently the best on the market, and this has greatly contributed to its influence in the cryptocurrency world.
Bittrex considers itself a next-generation cryptocurrency trading platform and strives to provide the fastest and safest trading services.
In its short life, Bittrex has sought to implement a number of features and techniques that would help it stay ahead of its competitors. These include:
- Secure Platform - The Bittrex team is proud to provide a secure platform and use the most reliable security technologies available. This includes using a multi-level elastic portfolio strategy that ensures that 80-90% of funds are held offline and kept secure. In addition, two-factor authentication is required to withdraw funds and use the API.
- Custom Trading Engine-The Bittrex platform has been designed with the ability to scale and is therefore able to process and execute orders as soon as they are placed. This eliminates cross-order books and delays in transaction processing.
- Fast Deposits and Withdrawals - The system is configured to provide fast transaction processing with an automated monitoring platform. This helps speed up transactions and quickly update balances, transactions, and portfolio information. On Bittrex, key information is always updated.
- Customer Support - being one of the largest cryptocurrency exchanges in the world, the site often faces a large number of orders. However, Bittrex is generally good at communication and maintains a dedicated support page, as well as being very active on social media.
- Accessibility-Bittrex offers fast access to a large number of cryptocurrencies in addition to a large transaction volume. The site lists hundreds of cryptocurrencies, and customers can easily trade the equivalent of 1 BTC per day with an unverified account. With a basic account, you can trade up to 2 BTC per day if two-factor authentication is enabled.
One of the main strengths of the site is the variety of cryptocurrencies available for exchange. Bittrex currently lists hundreds of cryptocurrencies and also offers users hundreds of cryptocurrency trading pairs - more than 450 BTC pairs.
Bittrex offers good opportunities for trading via BTC and ETH, but currently does not offer fiat trading pairs (trading via USD, EUR, GBP).
Users can buy Bitcoin Ethereum or USDT by bank transfer. This requires an "extended verified" account, as well as a minimum purchase amount of $ 10,000.
In addition, the site features 11 USDT currency pairs.
Fees and withdrawals
The Bittrex trading fee is 0.25% on all trades, which allows customers to easily calculate the commissions charged on any trade.
The Bittrex team is committed to complying with all laws and regulations required by US government agencies, and to withdraw funds, you must verify your accounts. Bittrex supports this requirement through its Anti-Money Laundering (AML) and Know Your Customer (KYC) programs. Basic account verification allows customers to withdraw up to the equivalent of 3 BTC per day.
There are currently two types of accounts.
Basic accounts that require users to provide their name, address, and date of birth. This data is checked in public records, but if this process fails, customers will need to perform a thorough check. With two-factor authentication enabled, base accounts can withdraw up to 3 BTC digital currency equivalents per day.
Extended accounts require users to send scanned images of their ID along with a"selfie". They are verified by the Jumio service provider, which uses a number of heuristic methods to determine identity authenticity and match individuals. Extended accounts can withdraw up to 100 BTC per day if they have two-factor authentication enabled.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.