Bittrex Exchange Review

/Bittrex Exchange Review

Bittrex Exchange Review 2018-05-04T08:14:23+00:00
Bittrex Exchange Review

Bittrex Review

Quick inner navigation:

  1. What is Bittrex?
  2. Bittrex Payment Methods
  3. Bittrex Limitations 
  4. Bittrex Available Cryptocurrencies
  5. Bittrex Fees
  6. Bittrex Verification
  7. Is Bittrex Safe? 
  8. How to use Bittrex?

What is Bittrex?

Bittrex is a US-based cryptocurrency exchange that is fully regulated. It is an exchange that provides individuals and businesses an opportunity to buy and sell digital tokens and cryptocurrencies.

Bittrex has become one of the most popular exchanges in the crypto market primarily because of its extensive list of cryptocurrency pairs and good security.

Bittrex was launched in December 2014 and it is headquartered in Las Vegas, Nevada. It was founded by a team of computer experts, all of whom were employed by major corporations. The founders are Bill Shihara, Rami Kawach, Ryan Hentz, and Richie Lei.

Bill Shihara is the CEO of Bittrex. He worked at Blackberry Limited and Amazon as a security manager and he also worked at Microsoft as a lead program developer. Rami Kawach was the director of engineering at Qualys. Richie Lai was a security manager at Qualys, Microsoft, and Amazon. Ryan Hentz formerly worked at Shutterfly Inc as an Information Security Analyst. Currently, Ryan is the Director of support and operations at Bittrex.

Bittrex Supported countries

Bittrex is a fully regulated exchange and holds a Money Service Business license from FinCEN (Financial Crimes Enforcement Network). It is legally compliant in the United States and therefore, a safe option for American citizens. It is one of the few exchanges that have applied for the controversial New York “BitLicense.”

Internationally, Bittrex accepts users from countries that support the online payment system Jumio. Over 180+ countries support this payment system, so if you come from one of this countries, you will be able to use Bittrex services. Generally, Bittrex accepts customers worldwide, although the documents required for Enhanced Verification Accounts is different for each country.

Surprisingly, not all the US states are allowed to use Bittrex services. The exchange has restricted 29 states from using its services possibly because these states are yet to regulate the trading of cryptocurrencies.

According to the company’s Terms and Conditions policy, they also do not accept customers who come from countries that have prohibited the owning or trading of cryptocurrencies. So, exercise due diligence and find out if your country legally accepts the trading and acquisition of cryptocurrencies.

They also do not accept customers from countries which have been embargoed by the United States.

Payment Methods

Payments on Bittrex are done using cryptocurrencies only. You can transfer your crypto coins from any external wallet to your Bittrex wallet.

Fiat currencies are not accepted. Direct payment via credit/debit card is also not accepted. In 2017, the platform was accepting wire transfers, but it appears they closed that avenue.

Bittrex Limitations

Bittrex has put in place withdrawal limits to safeguard their client accounts and abide by the state and federal laws and regulations.

Withdrawal limits:

  • Accounts without 2FA verification have a withdrawal limit of 1BTC per day.
  • Accounts that have not been verified have a withdrawal limit of 0BTC.
  • Basic accounts have a withdrawal limit of 4BTC per day.
  • Enhanced accounts have a withdrawal limit of 100BTC per day with 2FA enabled.
  • If you change your account password, you will not be able to make any withdrawals for 24hours.

There are no minimum limits on deposits. The minimum amount you can trade is 50,000 satoshis.

Available cryptocurrencies

Bittrex supports over 190+ cryptocurrencies including Dash, Bitcoin, Ethereum, Ripple, Doge, Ethereum Classic, and Litecoin.

Bittrex Fees

Bittrex related fees are as follows:

  • Trading fees: 0.25%
  • Deposits: 0%
  • Withdrawals: A network transfer fee is applicable for each coin.

Bittrex Verification

When you register an account on Bittrex, you must verify your account. Bittrex does not allow unverified accounts to make any withdrawals. So, once you open an account and deposit funds, make sure to verify your account to avoid confusion and unnecessary drama.

It should be noted that Bittrex has two levels of verification: basic verification and enhanced verification.

Basic verification

  • Go to the basic verification page
  • Enter the required details (name, date of birth, address, phone number)
  • Click “Submit” and wait a few minutes for the verification to be confirmed.

Once your account has been verified, you can now make withdrawals of up to $3,000 worth of BTC per day.

Enhanced Verification

  • Click “Upgrade to Enhanced Verification.”
  • Then click “Start ID verification.” Pick the ID type of your choosing (Passport, Identity Card, Driver’s License)
  • Select how you want to send a copy of your ID. You will be provided with further instructions on what is needed. Once you have provided all the information, wait a few minutes for the system to verify your documents.

Please note that you will be asked to send a photo of yourself holding your ID.

Is BITTREX safe?

Bittrex is a regulated exchange, and its services are subject to the United States law. This means that Bittrex is a legit exchange.

Bittrex requires all user accounts to be verified. This is to protect the clients’ account from fraud and theft.

Bittrex does not accept the traditional methods of payment (wire transfer, credit/debit card), which happen to attract hackers. It also does not accept fiat currency, which further reduces its appeal to hackers.

Bittrex offers 2-factor Authentication using Google Authenticator to enhance the security of your account. The exchange supports whitelisting of cryptocurrency addresses and IP addresses. These two features help protect user account in case the user loses their API keys or credentials.

Lastly, Bittrex is managed by a group of Information Technology Security experts who are constantly working to ensure the integrity of its user accounts is not compromised. Furthermore, the exchange has received many positive reviews about their security, which goes to show that Bittrex is safe.

Community trust

Bittrex is one of the few exchanges on the crypto market that has gained tremendous popularity in a short time. People love Bittrex because it’s secure, fast, and user-friendly. It also appeals to many users because it supports an extensive list of crypto coins.

There were some complaints about some user accounts getting hacked. But this could be because the users of those accounts had used weak passwords and never enabled the 2FA security feature for their accounts.

Security

  • Bittrex complies with the US economic sanction laws, Bank Secrecy Act, and other regulatory and legal requirements.
  • The Bittrex team ensures their services are not used for money laundering, terrorism, fraud and other illegal activities.
  • All user accounts must be verified.
  • It offers the 2-Factor Authentication security feature for better account security.

Customer support

Bittrex offers support via their ticket system. Other avenues of support include social media (Twitter, Facebook). Although you might want to stick with the email option, as there is a stockpile of queries that are yet to be resolved on social media.

Complaints about accounts being suspended; slow response to queries; verification issues; and poor treatment of non-US members by the support team are some of the issues degrading the company’s reputation.

Users have raised concerns about the support team’s lack of competence in handling and resolving issues.

Users have also complained about delay issues on withdrawals and deposits, but this is because of network congestion, which is often cleared very fast. Thanks to the built-in Blockchain Congestion Detection system which prevents new transactions from being sent to the network until the congestion eases up, the delays don’t last long.

Handling speed

When a user makes a deposit to Bittrex but experiences some delays, Bittrex claims the problem is not with the exchange, but the coin’s blockchain Network. So, there is nothing Bittrex can do to speed up the transaction time because it does not control the blockchain.

Withdrawals are pretty fast unless there is a network congestion.

Overall, deposits and withdrawals on Bittrex are quick unless there is an issue, which in most cases is not related to Bittrex.

How to use BITTREX?

Register an account to start trading on Bittrex by doing the following:

  1. Register an account by signing up
  2. Enter the details required (Email address, password)
  3. Accept the Terms of Service
  4. Click “Sign up”
  5. You will receive an email from Bittrex with a link
  6. Click on the link to verify your email
  7. Once your email has been verified, login to your account using your username and password
  8. Once you have logged-in enable the 2FA and verify your account by providing your real names, address, date of birth and phone number.

Fund your account

To make a deposit:

  1. Click “Wallets’ you’ll see a list of available cryptocurrencies
  2. Select the crypto-coin you want to deposit and beside it, click on the “+” sign to make a deposit. There is also a “-“ sign for withdrawal
  3. Click “New Address” to generate a new address
  4. Follow any other instructions provided for the specific coin you are depositing
  5. Send your coins to your new address.

Make sure to generate the right address for the coins you are depositing. If you are depositing BTC, make sure you deposit them in a BTC address.

Withdrawing

  1. Click “Wallets”
  2. Select the wallet you want to withdraw from
  3. Click the “-” sign next to the coin
  4. Enter the amount you want to withdraw as well as the address you want to withdraw to. Make sure you have the right address. If you want to withdraw LTC, make sure you withdraw to an LTC address. If you withdraw BTC to an LTC account, you are going to lose your BTC.
  5. Click withdraw
  6. If you have enabled the 2FA, you will need to enter the 6-digit code and click Confirm. If you have not enabled the 2FA, Bittrex will send you a verification link to your email, which you will need to click on to confirm the withdrawal.

Trading

To start trading on Bittrex, you need to deposit one of the base currencies, that is, Bitcoin or Ethereum. You will use one of these base currencies to purchase other altcoins.

So, once you have some funds in your Bittrex wallet, choose your base currency market. There are three of these markets on Bittrex:

  • Ethereum Markets
  • Bitcoin Market
  • USDT Markets

Once you have chosen your market of choice, set up your buy or sell orders by entering the necessary details, and you are done.

Bittrex Review Summary

Bittrex is an attractive option for both beginner and expert traders. It is regulated and complies with US laws. It is a secure platform where users can trade multiple cryptocurrencies confidently. However, if you are looking for anonymity, then you should try a different exchange because to transact on Bittrex, your account must be verified.

Pros

  • Competitive commissions.
  • Good range of altcoins.
  • High level of security.
  • User-friendly interface.
  • Good trading volumes.
  • Easy registry process.

Cons

  • Long verification process.
  • Poor customer support.
  • It does not support margin trading.
  • Explained suspension or closure of accounts.
  • Fiat deposits and withdrawals are not accepted.

Thank you for taking the time to read our review on Bittrex and check out our site for more reviews.

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