As the number of cryptocurrencies continues to skyrocket, crypto exchange platforms have risen to meet consumer needs. These platforms permit users to convert cryptos such as Bitcoin into other altcoins.
You could make the argument that digital currencies have taken the world by storm. But not all platforms are created equal, and you need to use caution before choosing one for your crypto trading needs.
In this Bittrex crypto review, we'll take a look at one such platform in greater detail. We'll explore some of the most frequently asked questions related to Bittrex, and we'll look at its pros and cons. Here's what you need to know about this popular exchange.
What Is Bittrex?
Bittrex is a crypto-to-crypto trading exchange based in the United States. You can use this platform to trade in digital currencies. Unlike many other platforms, you can't trade in fiat currencies on the exchange.
That said, you can invest in US Dollar Tether (USDT), a crypto tethered to the value of the US dollar (USD). That said, the company provides access to a wide variety of cryptos and altcoins.
It's essential to remember that cryptocurrency often gets compared to the Wild West. Why? Because it can come with a level of volatility that's not for the faint of heart.
But Bittrex prides itself as being the sheriff of this Wild West. In other words, it leads the industry in security features and protocols. The company remains committed to providing users with the safest platform possible.
Why? Because they realize that most consumers won't be interested in taking the plunge into cryptos until they can rest assured their safety concerns get met.
Frequently asked questions about Bittrex
We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.
How Do You Set Up a Bittrex Account?
No Bittrex exchange review would be complete without exploring the basics of user experience. One of the principal questions consumers have about Bittrex relates to how easy it is to register and use. You'll be pleased to know that user experience is one of the characteristics which sets Bittrex apart from the competition.
The platform welcomes new users and makes the onboarding process a cinch. In this area, Bittrex stands head and shoulders above the competition.
Simply start by creating an account. Sign up with an email address and password. After verifying your email address, fill out some additional information, including:
- Your address
- Your country of residence
- Your birthdate
- Other basic information
After you've confirmed your identity, upload a photo holding a piece of paper with some text. Next, provide some additional photographic evidence, such as a driver's license or passport. (The company prefers passports.)
While this might sound like quite a few steps, the platform guides you through the process with ease. What's more, these safety precautions will let you rest assured your identity is protected when using the platform.
Which Countries Are Supported by Bittrex?
There's another reason that Bittrex is highly popular. It's available all over the planet. For this reason, the platform provides billions of crypto users around the world with access to a variety of cryptos and altcoins.
Of course, each nation has unique regulations in place when it comes to cryptos. These include disparate requirements when it comes to the user verification process. So, be sure to check regulations and restrictions that apply to your geographic location.
What's the Difference Between Bittrex Exchange and Bittrex Global?
Some customers get confused when they hear that Bittrex runs two separate exchanges. These exchanges are known as Bittrex exchange and Bittrex Global. These two platforms share liquidity to meet the demands of both domestic and international regulators.
What's the Bittrex Exchange?
For those involved in the US cryptocurrency ecosystem, you'll use the core Bittrex exchange. This exchange operates with fewer asset listings than its international counterpart, Bittrex Global.
That said, you'll enjoy many of the same benefits when using either platform. Users enjoy a consistent experience across the board. They even rely on a shared API that can be plugged into both platforms automatically for speedy integration.
What's Bittrex Global?
What do you need to know about Bittrex Global? This exchange opened after the closing of Bittrex International. Bittrex Global is the worldwide exchange facilitating trading among Bittrex's international client base.
Launched on September 27, 2019, Bittrex Global has roots in Liechtenstein, and this tiny nation remains the exchange's home. While Bittrex Exchange was transitioning, it saw several delistings.
What caused these delistings? Assets not properly moved over from the Bittrex International exchange. These delistings caused controversy within the community because they came with a lack of transparency and short notice for stakeholders.
Fortunately, Bittrex has learned from this experience, making adjustments along the way. Today, it places a premium on customer communications and experience.
How Does Bittrex Trading Work?
We've already discussed how you create an account in Bittrex. But what happens after that? You can begin viewing the marketplace, where you'll find a seemingly endless list of potential cryptos.
You'll see trading pairs listed in a straightforward way that makes selection a breeze. Bittrex also has a search function which you can use to find trading pairs.
What Do You Need to Know About Bittrex Fees?
Like many other platforms in the crypto world, Bittrex relies on a tiered fee structure. This approach provides traders with discounts on trading fees above a particular volume.
Rates start at a base percentage of 2.5 for makers and takers. From there, fees drop to zero percent for makers above a trading volume of $40 million. As for takers, fees decrease to 0.8 percent for trading volumes over $60 million.
Whether you're trading as an individual or a group, this scaled approach is attractive and easy to understand. While we're on the topic of saving money with cryptos, here are six tactics to help you lower your crypto tax in 2021.
Does Bittrex Come With Transfer Limits?
Yes, you'll find transfer limits with the Bittrex platform. For users with an unverified account, you must comply with a withdrawal limit of 1 BTC per day. As for accounts with two-factor authentication, this gives users access to the basic level account.
Basic level accounts come with withdrawal limits of 3 BTC per day. Finally, with an Enhanced account, you can withdraw up to 100 BTC daily.
What Does Bittrex Customer Support Look Like?
Many crypto platforms have gotten a bad rap when it comes to customer experience and with good reason. After all, the level of customer support offered by many exchanges is minimal. But you won't find this the case with Bittrex.
Bittrex operates on Zendesk, permitting users to search through their FAQs and read news articles. Users can also review customer support tickets by logging into Bittrex support. The platform even integrates Facebook, Twitter, and Slack into the experience.
These integrations make support more accessible to consumers. But many people have complained about slower response times, so you should be aware of potential delays.
Is Bittrex Secure and Safe?
Bittrex has integrated multi-layered security into its platform. This focus on security is reflected in many different ways on the site.
The exchange strongly encourages users to enable two-factor authentication. What's more, constant testing and upgrades mean Bittrex continues to push the envelope when it comes to security features.
How Does Bittrex Store Data and Funds?
In recent years, cybercriminals have upped their game. Millions have been stolen in digital currencies, raising concerns about who holds funds and where. It's little wonder consumers have concerns about how their digital currencies get stored.
How has Bittrex responded to these concerns? It has developed some of the tightest security features on the market today. Besides two-factor authentication, Bittrex relies on what they call their IP Verification Procedure.
This feature dates to 2018, and it requires all users to prove each new IP address through email confirmation. This safety feature gets triggered every time you log in from a new IP address.
Bittrex has also introduced IP Whitelisting. This additional layer of security means the platform only authorizes trades or withdrawals from specific IP addresses. The exchange also relies on Crypto Address Whitelisting.
Crypto Address Whitelisting designates a withdrawal address on digital currency, which means you can only withdraw funds from that specific address. These features work in tandem to offer the most substantial security experience for users.
When you use each of these security settings, you can rest assured your funds remain safe.
What Else Do You Need to Know About APIs?
With Bittrex, you'll enjoy a powerful API consisting of rest endpoints for transactional operations. Coupled with this are complementary web socket services offering streaming market, balance updates, and orders.
Pros and cons of Bittrex
- An unprecedented number of coins available to buy, sell, trade, and hold
- 450 trading pairs
- Available around the world for almost anyone who wishes to buy or sell cryptos
- Excellent customer support
- Integrations with Facebook, Twitter, and Slack
- Reasonable response times and rapid resolutions
- High-level security that deters even the most sophisticated cybercriminals
- Many layers of protection and security against theft
- Some of the lowest minimum trade limits in the market
- A lengthy verification process because of high demand by new users
- A small selection of fiat trading pairs
- Does not support withdrawals or deposits in fiat currencies
- Does not support margin lending and trading
- Slow customer support
- High wait times because of low liquidity
As you can see, many of the complaints lodged against the platform relate to waiting times. You'll also note that there's not much in the way of features related to fiat currencies.
But is the lack of fiat currency resources a problem when operating on a crypto exchange? Yes. Remember that many larger players and institutions in the space rely on a diverse selection of fiat trading options.
What can the company do to improve our next Bittrex exchange review? It needs to work on a crypto on-ramp that better addresses fiat currency needs and objectives.
Bittrex Review: The Takeaway
Today, you'll find hundreds of crypto exchange platforms on the market. Each of these comes with unique benefits and downsides. In other words, they're not all created equal in terms of security, features, and more.
As you've seen in this Bittrex review, the exchange continues to remain head and shoulders above the competition in many different areas. They offer low rates and excellent security and safety features.
You'll also love the easy-to-use platform interface, which makes crypto trading straightforward and simple. But if you wish to transact in fiat currencies, you'll need to look elsewhere. The same goes for those who require advanced options such as margin trading and lending capabilities.
Are you interested in finding out about how Bittrex compares to other exchanges? We've got you covered. Check out our detailed reviews of crypto exchanges now to find one that suits your financial needs and objectives.