Bittrex Review – Exchange Features, Trading Fees and Security
Bittrex is a US-based crypto exchange designed to provide you with a quick and easy trading experience. The platform leverages various strategies to make it ideal for beginners in the market, yet robust enough to provide experienced traders with the tools they need to succeed.
Bittrex received a boost in market capitalization this year due to the integration of a major network upgrade. The Recent update was part of the company’s Trade Your Way campaign. This campaign seeks to streamline trading activities for all users.
The update introduced various new features, including an improved UI for both the web and mobile versions of the exchange. Discussing the upgrade, Bittrex Co-Founder Richie Lai stated, “Today’s updates represent our continued focus on listening to, and engaging with, our customers.”
Features of The Bittrex Exchange
There are many features the Bittrex Exchange brings to the table that make it popular in the sector. The platform features a powerful trading engine with a sleek interface to help you manage your investments. This robust platform provided users with high liquidity and was designed to meet the needs of the global cryptocurrency market.
Bittrex employs the most popular security features to keep your digital assets safe. Industry-leading security protocols such as two-factor authentication provide multiple layers of protection to users.
Bittrex users can trade a huge variety of coins and tokens using this protocol. The network supports 220+ cryptocurrencies at this time. There are also 284+ unique trading pairs to help you save on time and fees. This large selection has helped Bittrex to secure more users over the last year.
Bittrex provides fiat/crypto trading pairs. The network supports both USD and EUR and allows users to purchase coins, such as Bitcoin or Ethereum directly. Fiat on-ramps provide a valuable service to the market. They help new investors join the blockchain sector, and they provide experienced traders an exit during times of market volatility.
Bittrex users also enjoy the ability to utilize third-party add-ons such as Bots via an API interface. API interfaces allow users to integrate more trading tools into their asset management and trading strategies. Nowadays, most top exchanges provide some form of API support to investors.
Another cool feature Bittrex users enjoy is a truly personalized trading view. You can easily move, remove, add, or adjust trading views, tools, charts, and other vital displays to suit your overall goals. This feature is great for new users who may feel overwhelmed by all the new tools at first. They can simplify their views and slowly add tools as they learn more.
Bittrex has one of the most aggressive referral programs in the market. When you refer a friend to the exchange, you receive 10% on all their trades, forever. In this way, the platform demonstrates its commitment to expanding its footprint in the market.
How Does The Bittrex Exchange Work
The Bittrex exchange functions similarly to most high-end exchanges. You can access all the traditional trading activities such as Limit, Limit ladder, Stop limit, and Market orders. The interface makes it easy to conduct these tasks while remaining informed about your current investments.
The Bittrex desktop app recently got a full overhaul. The new and improved version now offers more customization and real-time data.
There is also a mobile version of this exchange that makes trading on-the-go a breeze. The Smart trading feature gives users access to the main markets and features of the Bittrex trading platform wherever they go. Specifically, you can make mobile deposits, withdrawals, and conditional orders/stop-limit orders. Currently, the app is available on both iOS and Android as a free download.
Wisely, Bittrex didn’t fully remove its old layout. For users who prefer the legacy format, that option is still available. However, it should be noted that you lose access to all the upgraded features when you utilize the legacy format.
Recognizing a growing demand from the international community for its services, Bittrex started another exchange recently. Dubbed Bittrex Global, it is an advanced, secure, and reliable digital asset trading platform. Its focus on international customers makes it better suited for clientele outside the US.
History of The Bittrex Exchange
Bittrex Inc owns the Bittrex Exchange. The platform entered the market in 2000 and is based out of Seattle, U.S. Bittrex has a reputable team behind the project. Impressively, this team features a variety of former Microsoft and Amazon employees. Recently, the firm opened another office in Lichtenstein to support its latest venture, Bittrex Global.
In 2019, Bittrex shut down operations for residents of New York State. The shut out occurred because the New York Department of Financial Services (NYDFS) denied Bittrex its Bitlicense. To date, no other states have revoked the exchange’s ability to operate in a regulated manner.
How to Use The Bittrex Exchange
To use Bittrex, you need to first sign up on the platform’s webpage or download and register for the mobile app. Both platforms require you to complete KYC/AML requirements. These regulations are required whenever a centralized exchange integrates direct fiat trading pairs such as USD/BTC. Once your account verification is complete, you are ready to start trading.
Trading on Bittrex is similar to most popular exchanges. You will need to load funds on your account before you can start. You can load USD, EUR, or any of the supported digital assets to start the process. There is no loading fee, and most cryptocurrencies load in minutes, depending on network congestion. Once you have your account funded, select the trading pair you desire, you can select trade, and the rest is done automatically.
Bittrex – A Dominate Exchange That Continues to Innovate
Bittrex has proven to its users that it’s flexible enough to withstand changes in the market. The platform’s latest upgrade did a lot in terms of UX and efficiency. When you couple these upgrades with the exchange’s security record, it’s easy to see why Bittrex remains a top contender.