Bittrex Review - A platform created by former employees of Microsoft and Amazon

Bittrex is another veteran exchange focused on more experienced traders. Based in Seattle, USA and Liechtenstein (Bittrex Global), it allows direct purchases of cryptocurrencies for US dollars, as well as trades among more than 250 cryptocurrencies through their powerful trading engine with an elegant interface.

Basic information

Bittrex reviews

Bittrex is one of the largest stock exchanges in the world, measured by trading volume. It enables fast and easy trading. At the same time, its automated monitoring system provides quick deposits and withdrawals, making it an ideal exchange for those who want to trade efficiently on a large scale. It is founded by engineers with experience in cyber security, which makes it one of the safer exchanges currently in operation.

In addition to launching former Microsoft and Amazon employees, it is another of its biggest attractions high liquidity, worldwide availability, useful mobile applications and low trading fees.

Other notable features of Bittrex include:

• More than 440 cryptocurrencies.
• Robust, secure and trusted platform. Bittrex was founded by former security engineers and has never been hacked before. In addition, it complies with key regulations, making it a credible stock exchange.
• Bittrex allows you to deposit and withdraw fiat currencies directly from and to your bank account. If you want to top up your account quickly, you can use the credit / debit card deposit feature, which is almost instantaneous and costs only 3 % per transaction.
• Smart trading on mobile. The Bittrex mobile app for Android and iOS lets you trade your favorite cryptocurrencies on the go.
• Helpful customer support team. Bittrex has an extensive training base that teaches its users everything they need to know about trading on its platform. If that doesn't help, the operator will help via Zendesk.

Overall, Bittrex is a veteran cryptocurrency exchange that is best suited for both large and small investors looking to gain exposure to the crypt market. Its wide range of crypto assets, high level of security and relatively low fees are an excellent offer for most crypto enthusiasts.

History

Bittrex is a cryptobourse based in the USA, which specializes in paired cryptocurrency trades. Founded by Bill Shihara, Richie Lai and Rami Kawach, former cyber security engineers at Microsoft, Amazon and BlackBerry, it was launched in February 2014.

The stock market grew rapidly and became one of the most famous names in the field of cryptocurrency trading. It uses a self-regulatory model - the so-called Transaction Systems Based on the Trustworthy Technologies Act (aka "The Blockchain Act"). As a result, all of its customers must undergo strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

In 2015, Bittrex applied for Bitlicense, a mandatory license issued by the state of New York for every cryptocurrency business that wants to serve New Yorkers. The application was rejected in 2019 due to the exchange customer identification program, it was declared "seriously insufficient". Bittrex's management has denied the allegations.

In 2018, the exchange joined the Virtual Commodity Association working group together with the competing exchanges Bitstamp, bitFlyer USA and Gemini.

In 2019, Bittrex updated its trading engine to make the platform up to 20 times faster, more scalable, and to support new features and upgrades such as the USD and EUR markets. In addition, it has launched a new branch of its Bittrex Global exchange, located in Liechtenstein.

As such, the Exchange now operates two separate platforms that share liquidity. The main Bittrex exchange focuses on serving the American cryptocurrency ecosystem, while Bittrex Global focuses on the international user base.

As a result, Bittrex is available to crypto enthusiasts from around the world, except residents and citizens North Korea, Iran, Crimean region, Syria, Cuba and specific persons sanctioned by the US federal government.

Bittrex charges

The Bittrex deposit fee is for cryptocurrencies free of charge. VISA card deposits are charged a 3% fee. Selective transactions for crypto addresses outside of Bittrex are usually subject to a "transaction fee" or a "network fee". This fee is not paid to Bittrex, but to the miners or validators who are responsible for processing transactions and securing the relevant blockchain network.

Bittrex has adopted a maker / taker model. This model is a way to distinguish charges between trading orders that provide liquidity ("maker") and withdraw liquidity ("taker"). Different fees are charged for the manufacturer's and recipient's trade orders, depending on the volume traded in the last 30 days. The more you trade, the more you save.

Bittrex instructions

Create a new account

Creating a new stock market account is a simple process. You will need to click on the "Register" button on the Bittrex homepage, which will redirect you to the registration page.

Once there, you will need to enter your email address and password. After you submit this information, the Exchange will send you an automated email with a link that you will need to click to activate your account.

This will give you access to the level of an unverified account on the stock exchange. However, Bittrex recently decided to "clean up" and prevent anonymous accounts from being more compliant with regulators. This means that users are now required to pass Anti-Money Laundering (AML) and Know Your Customer (KYC) verifications in order to obtain higher trading rights on the stock exchange. It includes the submission of the following documents:

• Proof of address (as energy bill) and country of residence.
• Copy of ID card or passport.
• Your image with a clearly visible face.

You can only deposit, trade and withdraw money from the Bittrex Exchange after submitting and verifying all these documents. Of course, company accounts are subject to even stricter verification conditions.

Deposit resources

When registration and verification is complete, the message “Identity verified! Let's buy some crypto. " Before doing so, you must first invest the funds you will use to purchase cryptocurrencies. 

• Click on Holdings in the upper right corner of the site.
• Find the wallet you are going to insert and columns Deposit.
• This displays a list of deposit instructions for a specific coin.

Trading

Finally, the last step is to buy, sell or trade crypto or tokenized stocks. The easiest way to buy is to choose an option Instant Buy & Sell and enter the coin you wish to buy. Then select the amount you want to spend as well as the currency.

Web application

The interface of the new exchange is clear and user-friendly. The main panel contains a list of supported trading markets with overviews of prices, volume and percentage of price change over the last 24 hours. 

The coin offer is organized into categories such as All Markets, Favorites, BTC Pairs, ETH Pairs, EUR Pairs, USD Pairs and USDT Pairs. There is also a category for tokenized stocks and another category called Rescently added, which contains new additions to the platform. Of course, there is also a search function that allows you to find a specific business pair that may not be included in any of these categories.

The business interface itself Bittrex has a number of features and tools that can help traders navigate markets. It integrates with TradingView, one of the largest cryptocurrency monitoring sites available today. TradingView gives you access to hundreds of technical indicators and drawing tools, and the service even allows you to create your own indicators for advanced analysis.

The platform gives you access to the Bittrex order book, as well as trade history, open orders and closed orders. So you can easily track changes in buying and selling activities on the crypt market in real time.

Types of orders

There are many different types of orders available at Bittrex. These can help ensure peace of mind when trading on Bittrex. Below is an overview of the available order types.        

Basic types of orders

These basic order types are available for use on these platforms.   

• Limit Order [Web] [Mobile] [API] – Command to trading  a certain amount of an asset at a certain price. The purchase order will be filled in only at or below the limit price and the sales order will be filled in only at or above the limit price. 
• Market Order [Mobile] [Web] [API] - An order to buy or sell a certain amount of assets immediately at the best available price.  

Conditional types of orders

Contingent orders are advanced types of orders that allow you to instruct the system to automatically place an order on your behalf based on market conditions.

• Stop Limit Order [Web] [Mobile] [API] - An order to enter a limit order to buy or sell if the last trading price on the market is above or below a given level.  
• Trailing Stop / Stop Limit Order [Web] [API] - An order to place a buy or sell order if the last trade price on the market is a given percentage above or below the lowest or highest trade price recorded on the market since the order was placed.  
• Ladder Limit [Web] -  Instead of buying or selling at a single price, incremental buy / sell limits would be set up and down in the order book, buying when the price falls, and selling when the price rises.

Types of orders according to the period of validity

Validity period describes how long the order will remain valid before it is canceled. 

• Good-Til-Canceled [Web] [Mobile] [API] - The order remains valid until explicitly canceled by either the user or Bittrex. 
• Fill-Or-Kill [Mobile] [API] - The order will be filled immediately and completely or it is canceled without being filled in at all. The mobile application only supports fill-or-kill for market orders.   
• Immediate-Or-Cancel [Web] [API] - As far as possible, your order will be processed immediately and then canceled.  

There are two other modifiers that can change the behavior of an order: 

• One Cancels the Other (OCO) [Web] [Mobile] [API] - When entering a conditional statement, you can pair it with another existing statement or conditional statement to ensure that only one of the pairs is executed. If a conditional statement is paired with a statement in the statement book, any execution (completion) of that statement will result in the cancellation of the conditional statement. 
• Post Only [Web] [API] - Can be used on a limit order to ensure that the order is either placed in a book or canceled immediately. 

Mobile application

Like most large cryptocurrency exchange offices, Bittrex has its own mobile application for Android and iOS devices. The application allows you to trade seamlessly on the go and provides almost all the same tools as the Bittrex web application.

The Bittrex mobile application has strong security features and is highly flexible. The menu is easy to navigate, which speeds up the pace of trading. Graphing tools are also relatively easy to use and customize with your finger, allowing you to make business decisions on the go.

The application also provides access to your digital wallet so you can easily manage your digital assets. Overall, Bittrex is convenient, user-friendly, secure, fast and accessible wherever you are.

Staking

Although Bittrex offers rewards for staking, they are currently limited to one cryptocurrency - Cardano. Staking allows cryptocurrency holders to deposit their holdings and share in the rewards that accrue to those who verify transactions.

If you hold tokens Cardano (ADA) In your Bittrex wallet, you can earn up to 5.5 % rewards.

Deposits and withdrawals

To deposit funds into an existing Bittrex account, you can either transfer them from your existing crypto-wallet or make a deposit at Fiat. The exchange supports two types of fiat deposits:

• Bank card use (VISA only)
• Use of bank transfer (regular or SEPA)

For USD or EUR deposits, you must verify your account and have your bank account added to the white list by submitting an application through Bittrex Customer Service. This can take several business days, and it usually takes one business day for a bank transfer to be credited.

The minimum deposit amount is $ 50, and there is no maximum deposit limit.

Bank card deposits are much faster, but will cost you an extra 3 % of the deposit amount per transaction.

When it comes to withdrawing funds or assets, you can choose both fiat and crypto assets.

Fiat withdrawals require that you have a verified bank account associated with your Bittrex account. Withdrawing fiat directly into your bank account can take several days. The minimum withdrawal amount is $ 50 or equivalent.

Safety

In addition to speed and efficiency, safety is the most important feature of Bittrex. The platform uses an "elastic, multi-level wallet strategy" that guides their safe movement of coins from cold to hot wallets.

In addition, Bittrex uses full SSL encryption of its domain, which means that all the data you send to the stock exchange is secure. As with almost all exchanges, it allows two-factor authentication, which allows users to securely log in to their accounts through the Google Authenticator application. It also allows the following two types of whitelisting:

• List of allowed IP addresses: By adding to the list of allowed specific IP addresses, users instruct Bittrex to authorize account activity that comes only from those addresses.
• Whitelisting wallets: Allows users to allow withdrawals only to specified cryptocurrencies.

Another key feature is the Bittrex cross-chain recovery service. For any cryptocurrency deposit of more than $ 5,000 (at the time of deposit), the exchange will recover funds if they have been mistakenly transferred to the wrong coin type wallet and the application will be sent within seven days of making the deposit.

All of these features make Bittrex one of the safest exchanges. It has never been hacked before and will probably remain so in the future.

Customer service

Bittrex has a slightly better customer support team than other exchanges. The main support page is at Zendesk . Here you can find, submit and check support tickets, feature requirements (such as fiat deposit activation forms) or learn about all kinds of platform-related issues, such as frequently asked questions (FAQs), site information, news and announcements , coin information, mobile application user guides and much more.

In addition to Zendesk, Bittrex customer support is available through:

• Slack
• Twitter
• Facebook

Educational content

Bittrex offers an impressive library of educational resources in its Discover section. Here you will find articles on a wide range of crypto topics, such as how cryptocurrency mining works and what you need to know about taxes of cryptocurrencies. The exchange also has detailed summaries of more than 100 cryptocurrencies, which is extremely useful if you are trying to learn more about whether cryptocurrencies are a good investment.

Conclusion

Bittrex is an interesting platform. It offers advanced technology, business and security solutions, as well as a relatively attractive fee structure, an impressive range of cryptocurrencies and direct fiat-to-crypto transfers. However, some might feel that the strict KYC requirements of this exchange are an obstacle. Overall, Bittrex is a cryptoveterane that should be quite capable of meeting the needs of both novice and advanced traders.

FAQ

Interesting events for our readers

Binance

Obchodujte se slevou až 60% z poplatků a bonusem 600 USD

Open an account Review

Phemex

Free bonus up to $ 2,500 upon registration and deposit

Open an account Review

Bybit

Free bonus up to 3650 USD after registration and deposit

Open an account Review

All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.