Bittrex Review – Everything You Need to Know About the Bittrex Crypto Exchange
There are over 300 crypto exchanges on the market today, and selecting the correct one may be difficult. With so many choices accessible, there is no hard and fast rule for determining the best or worst exchange.
The foundations of every good exchange are dependability, security, and simplicity of use. Aside from these, additional considerations include the exchange’s compliance, trading options, costs, simplicity of use, safety, privacy, and compliance rules. You are also likely to have questions regarding customer service, the user interface of the website and mobile apps, and a variety of other topics.
You should also consider if the exchange offers a sufficient number of cryptocurrencies and trading pairings depending on your portfolio, with the possibility of further growth in mind.
To help you decide, here is a thorough Bittrex evaluation that will help you make conclusions based on your requirements, market mood, and the general dependability of the exchange.
Bittrex Exchange Review
Bittrex is headquartered in Seattle, Washington, and was established by four ex-employees with more than 50 years of expertise in the cybersecurity sector. Bill Shihara, Richie Lai, Rami Kawach, and Ryan Hentz have previously worked in security at top-tier IT firms such as Microsoft, Amazon, Qualys, and Blackberry.
They’d decided that since they’d spent so much time working with security, it had to be at the heart of the exchange they’d create. They sought to establish a trustworthy exchange for its users. They began in late 2013 – early 2014, exclusively serving the United States. However, in 2019, they established a second worldwide exchange that functioned similarly to Bittrex but targeted a global clientele. The one servicing US clients was then renamed Bittrex Exchange, while the worldwide arm was renamed Bittrex Global. Bittrex Global is based in Lichtenstein.
Even though the exchange just went worldwide a little more than two years ago, it complies with all US regulations and allows both crypto-to-crypto swaps and fiat-to-crypto purchases. This implies that as an experienced user, you may begin trading in cryptocurrencies, while as a novice, you can invest in and purchase cryptocurrencies using fiat currency.
With over 300 options, the exchange supports one of the most cryptocurrencies. To top it all off, you have access to over 450 different kinds of trading pairs, and these numbers are always growing. Bittrex has quickly become a well-known and trustworthy exchange, even though it just went worldwide in 2019. This is because they have placed a greater emphasis on security than any other exchange.
This Bittrex review examines what makes this exchange so dependable and safe, as well as attempting to explain Bittrex’s meteoric growth over the last two years. To put things into perspective, there are over 350 exchanges globally, and Bittrex has already climbed into the top 15 in only two years of being global. At the time of writing, the exchange is rated 12th out of over 300 verified listed exchanges globally.
Reliability, security, and simplicity of use are the foundations of every effective exchange. Other considerations include the exchange’s compliance, trading options, costs, simplicity of use, safety, privacy, and compliance rules. You may also have concerns about customer service, the user interface of the website and mobile apps, and various other issues.
You should also consider if the exchange has a sufficient number of cryptocurrencies and trading pairs depending on your portfolio, as well as the possibility of further growth.
To assist you in deciding, we’ve put up a thorough Bittrex evaluation that will help you make conclusions based on your requirements, market sentiment, and the exchange’s general dependability.
In This Review
Bittrex Exchange Features
One of the exchange’s main features has been a unique worldwide branch known as Bittrex Global, which caters to the rest of the globe. The primary arm, known as Bittrex Exchange or just Bittrex, is based in the United States. As a result, the exchange now covers additional geolocations with more efficiency. These two arms are also connected by integrated APIs, so changes in one are reflected in real-time on both global and US Bittrex exchanges.
Aside from these, the exchange offers many benefits, which are mentioned below:
1. A plethora of coins and trading pairs
One of the most significant benefits of this transaction is the variety. You have the option of selecting virtually every cryptocurrency and trade combination you can think of. Because Bittrex and Bittrex Global are connected through real-time APIs, they both have the same amount of choices.
Some exchanges support numerous cryptocurrencies within the area in which they are based, but just the main ones worldwide. You don’t have to worry about such differences due to geo-restrictions while using Bittrex.
As we go further into this Bittrex review, we’ll examine an extensive list of the trading choices you receive with this exchange, as well as how they support so many of them.
2. Extensive Availability – No Locations Excluded
As previously stated, the exchange has a distinct worldwide branch called Bittrex Global, which is headquartered in Liechtenstein. This guarantees that, regardless of your location, unless bitcoin trading and investments are prohibited in your nation, they will most likely support your country.
Currently, Bittrex serves a global client base with the exception of North Korea, Iran, Cuba, Syria, and Crimea. Aside from them, all major nations are on board. Even if the Bittrex verification procedure conforms with all local laws, you must still follow your own country’s government requirements for account verification.
3. Security Features That Are Industry Leading
Given the number of hack attempts across all exchanges, prospective consumers are wary about the possibility of safety. Is Bittrex secure? As previously said, security was the most essential consideration for its creators when deciding to create this exchange.
In a nutshell, Bittrex is very secure. It is the industry leader in security, and for good reason. The exchange uses a number of security features, including rigorous verification, two-factor authentication, elastic computing for wallet storage, limited withdrawals for clients who have not activated two-factor authentication, and much more, which we will go over in more detail later.
4. Verification Ease
The verification procedure is just a background check conducted by the exchange to verify you are a trustworthy person who will not scam the exchange or its users. You must realize that, as a user, particularly if you are located in the United States, Bittrex is required to comply with all US Federal laws and to keep the information that the federal regulations require. They are also obliged to disclose this information with law enforcement authorities if the situation calls for it.
Bittrex has delegated its verification process to Jumio, a specialized third-party organization. Jumio can authenticate over 100 million individuals in more than 200 countries at any one moment. This allows Bittrex to offer clients all around the world equal priority in account registration and verification.
5. Enables trading on a byte-by-byte basis
Bittrex enables the trading of very tiny amounts of bitcoin, making it one of the exchanges that allow for the lowest conceivable transactions. This is ideal if you are uncertain about your investments or want to diversify your money but are a novice with limited funds.
This also enables modest payments to be made using cryptocurrency. The smallest amount you may trade on Bittrex is 0.0005 BTC. This may be very beneficial for investors who utilize rebalancing to improve their portfolios.
For improved efficiency, the exchange employs the idea of elastic computing. This technological idea guarantees that even when the demand on the exchange servers is very high, transactions are unaffected and continue at their normal speeds. Simply stated, elastic computing allows transactions to be performed as soon as they are triggered, even when traffic (the number of people initiating transactions) is high.
Bittrex Data Privacy And Security
One of the most frequent worries before investing in cryptocurrency is the security and efficiency of your transactions. “Is Bittrex safe?” is one of the most often asked questions regarding Bittrex on the internet.
But get this: Bittrex is not just excellent at delivering security, but it is also recognised as an industry torchbearer in this area. As previously said, all co-founders have worked for some of the world’s top-tier businesses, and they were all working in the security sector, no less. This indicates they value security and have the technological know-how to back it up. The following are some of the exchange’s main security features:
- Authentication using Two Factors
- Constant Security Testing
- Security Upgrades on a Continuous Basis IP Verification Procedure (since 2018)
- Whitelisting of IP Addresses
- Whitelisting of Crypto Addresses
Now you see why we referred to Bittrex as the industry’s security torchbearer. With these characteristics, it has now become the most secure bitcoin exchange in the world. According to its website, “Bittrex Global is the most trusted cryptocurrency exchange renowned for its next-level security.” ”, and with good cause. Is Bittrex secure? Without a question.
Signing Up With Bittrex
The purpose of this Bittrex review is to allay your fears and worries while also putting you on the right track to begin trading on the exchange. When it comes to Bittrex, getting started is one of the easiest things since registering, being verified, and beginning to trade is a breeze because to their straightforward registration procedure and user interface.
All you have to do is visit their website and register with your name, email address, and date of birth. You will then get a confirmation email. After you have verified your email, you will be asked to submit your papers. They will need one ID card or passport as well as one evidence of residency. It is best to use your passport since it has all of the information Jumio needs to authenticate your account.
Are All of Your Coins Accepted?
The likelihood of a ‘no’ response to this question is very low. The explanation is simple: Bittrex supports nearly every cryptocurrency and altcoin you can think of. At the time of writing, the site supported over 250 different cryptocurrencies. Not only that, but it also supports over 460 different trade pairs. You can purchase cryptocurrencies using fiat money, however the USD is currently the only fiat currency accepted.
The exchange handles nearly every coin you can think of, from big cryptocurrencies like ETH, BTC, XRP, LINK, DOGE, ADA to lesser-known ones like IOST, WAXP, BONDLY, LMCH, and many more.
Is there support for your country?
Bittrex has a special global arm that serves many countries – that speaks volumes about their drive and commitment to becoming a globally leading exchange. As we already discussed above, the exchange is open for all countries regardless of geo-locations. There are a few countries where the platform does not support holding or trading, but given how small that number is, you should be fine.
One thing to remember is that you need to be an ideal, rule-abiding, tax-paying citizen of your country with no cases or financial disputes against you. The exchange has a simple verification process, but the KYC and AML compliances mean that unless your background check reveals everything to be perfect, you will not be able to create an account and trade with Bittrex.
Fees, How Much Does Bittrex Cost?
There is a set amount of charge beginning at 0.25 percent based on the total 30-day volume of your transactions in USD. The costs for a maker and a taker are different, so you should be aware of this before you begin trading. The following are the fees:
Aside from trading costs, there are withdrawal restrictions and deposit charges. The limitations are determined by the kind of account you have. At Bittrex, a user may have one of three kinds of accounts: New or Unverified (withdrawal limit of 1 BTC per day), Basic (3 BTC per day), or Enhanced (3 BTC per day) (100 BTC per day).
You must guarantee that 2-Factor Authentication is activated on the basic and advanced accounts, otherwise, you will be unable to withdraw more than 1 BTC each day. While Bittrex’s costs are on the higher side when compared to the average market pricing,