Beginner’s Guide: Bittrex Complete Review
Based in Seattle, USA, Bittrex is one of the largest cryptocurrency exchanges, currently in top 50, with a 24 hour trading volumes of $45M. Bittrex has been in operation since 2014, the site has a good reputation and up until this point, has been free of any reported hacks. Bittrex sees itself as a next generation cryptocurrency trading platform and aims to deliver the fastest and most secure trading service available.
Bittrex was started by Co-Founder and CEO Bill Shihara, who drew on his experience as a security engineer at Amazon and Blackberry when creating the exchange. Shihara was motivated by security breaches and reliability issues experienced by exchanges and users and wanted to provide a much more reliable service.
How Does Bittrex Stand Out?
Bittrex has looked to implement a number of features and practices to help it get ahead of its competitors. These include:
- A Secure platform– The team behind Bittrex pride themselves on providing a secure platform and employ the most reliable security technologies available. These include utilizing an elastic multi-stage wallet strategy that ensures 80-90% of funds are stored offline and kept safe. In addition, two-factor authentication is required for all withdrawals and API usage.
- A Custom built trading engine– The Bittrex platform was designed to be scalable using elastic computing and as a result, it is able to process and execute orders as soon as they are placed. This does away with crossed order books or any delays in the processing of trades.
- Fast deposits and withdrawals– The system is set up to allow for the quick processing of transactions via an automated monitoring platform. This allows for faster transactions and also allows for quick updates on balances, trades, and wallet information. On Bittrex, key information is always kept up to date.
- Customer Support– Though the Customer Support had a rough start, as many users complained about the speed of answering, it improved a lot and now they are offering users live support via chat as well as e-mail support through their ticketing system.
- Accessibility– Bittrex provides quick access to vast number of cryptocurrencies and in addition to a high trading volume. Please note that all account must now proceed to ID Verification and ID Verified Accounts without 2FA can currently withdrawal 1 (or equivalent) BTC per day while ID Verified Accounts with 2FA enabled can withdraw 100 (or equivalent) BTC per day. Once you have been verified please make sure to enable two-factor from your settings to increase your limits to the 100 BTC max.
- USD (FIAT) Markets – Bittrex now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. Identity verified (personal or corporate) customers operating outside the United States or eligible US states/territories can trade with USD.
- Transparent Fees– Bittrex trading fees stand at 0.25% on all trades and this allows customers to easily calculate the fees accrued on any trade.
Registering at Bittrex
Registering at Bittrex is fairly simple, you just have to type-in your e-mail and chosen password.
Once you sign up, you’ll be asked to verify your e-mail and complete the registration by providing your personal information as well as performing KYC verification, which usually takes 24h, in order to be able to use all Bittrex’s features.
Trading on Bittrex
One of the site’s major strengths is the depth of the variety of its listings. Bittrex currently lists hundreds of coins and also offers users hundreds of cryptocurrency trading pairs, with the site showing over 320 trading pairs and 253 supported coins. Bittrex offers good options for trading via Bitcoin, Ethereum, USDT and USD.
Once your account is fully verified you can deposit some cryptocurrency and start trading. At the top of the page when you first log in, you will see a list of all of Bittrex’s markets. Click on the “Wallets” page to deposit the cryptocurrency you prefer.
Use the search bar to find the cryptocurrency you wish to deposit and click on the green circle and arrow. A deposit box will pop up, which will allow you to generate a deposit address. When you can see the address you are ready to make a deposit, it’s best to start with a small amount and if everything is in working order move on to larger quantities. You can make your deposit by sending over funds from a cryptocurrency wallet you already have. Once the transaction has been verified by the Blockchain and you see the amount in your available balance you will be ready to trade. Find the trading pair you wish to use and place the order.
For a basic trade, the most important section to focus on is the Order Book. Here you can view all buy /bid and sell/ask orders that have already been placed by other users.Choose the price and number of units you prefer. Any order that is significantly below ask prices may not be fulfilled. Placing a limit buy order, commits you to purchasing the cryptocurrency you entered, for the quantity you entered, at or below the price you entered. Before placing your order you will be asked to confirm it. At this point there is still the option to cancel orders.
When your order has been fulfilled, your new cryptocurrency purchase will be shown as available in your Bittrex wallet. Clicking on red circle and arrow will allow you to withdraw your purchase. You can now transfer your funds to the wallet of your choosing, by entering the amount you want to withdraw and the address where you would like to send your withdrawal.
In order to adhere to Bittrex’s standard initial review process, the team has recently launched Bittrex International a digital trading platform that will feature a “streamlined” token approval process to provide more trading options for qualified international customers.
Bittrex International will operate within the regulatory framework established by the European Union and Maltese Government, including the Malta Virtual Financial Assets Act, also known as the VFA Act, therefore will be easier to add more projects as on the US markets where the law is more restrictive.
Bittrex International’s more efficient token listing process, combined with our reliable, secure and advanced trading platform technology, will make it easy to quickly feature the newest, most innovative blockchain projects for our international partners and customers,” CEO Bill Shihara said.
The international platform will use the same high levels of Know Your Customer and Anti-Money Laundering review as other Bittrex services and will operate under the 12-month transitory period provided by the VFA Act, and the company will apply to the Malta Financial Services Authority to become a regulated Virtual Financial Asset exchange.
Bittrex customers in the US will not have access to international markets, but international customers will be able to use their Bittrex.com logins to trade on the new platform seamlessly.
Overall, the reputation and security at Bittrex are unrivaled. In addition, the Bittrex exchange offers among the widest selection of cryptocurrencies for trading. If you are looking for a cryptocurrency exchange that places a strong emphasis on security, then Bittrex is the exchange to go for and it’s also a very good place to start your crypto adventure if you’re a newbie.