- Does not support Fiat currency
- Great Security
- Never hacked
|Headquarters||Seattle WA, USA|
|Main Feature||Not Begginer Friendly|
|Free Demo Account|
|Fee Info||Trading Fee: 0.25% Withdrawal; Deposit: Free|
|Account Types||Basic and Enhanced Accounts|
|Deposit Methods||Cryptocurrencies, Bank Wire if > $10,000|
|Trading Currency||Bitcoin, Ethereum, NEO, Dash, +190|
|Account Currency||No Fiat|
|US Traders Allowed|
- Bittrex supports more than 119 cryptocurrencies and some fiat currencies
- The platform is secure
- It is regulated
- Liquidity is guaranteed because of the high trading volumes
- Sign up process is easy
- No fiat trading allowed
- You cannot withdraw without verifying account
- No one is anonymous because of their KYC and AML rules
- No margin trading
- Users complaining of poor customer support
BITTREX: A SECURE AND RELIABLE COIN TRADING PLATFORM
Bittrex is a Seattle-based cryptocurrency trading platform launched in 2014 by Bill Shihara. Bill doubles up as the CEO and Co-founder and brings with him internet security experience from Blackberry and Amazon.
Other than Bitcoin and Ethereum, Bittrex allows secure trading of several alt coins like NEO and DASH.
Statistically, Bittrex has seen a steady growth of user base due to their secure, simple and fast platform. But that’s not all. Their cooperation and compliance with different US regulatory bodies enforcing Know-Your-Customer (KYC) and anti-Money Laundering (AML) rules makes it a magnet for traders, investors and corporations who need assurance.
Cryptocurrencies and Fiat Currencies Supported
Figure 2: Cryptocurrencies supported
The major attraction of this exchange platform is the sheer number of trading pairs and liquidity as seen from their daily cryptocurrency traded volumes. There are more than 450 trading pairs derived from BTC, BCH, ETH and other popular coins that a trader can choose from. Despite the main pairs, ETH/BTC pair is the most traded pair with more than $263M worth of coin shifting hands.
Besides, there are 11 additional USDT trading pairs available for trading. In case you are not well versed with USDT, these are digital assets that are backed or tethered to an equivalent amount of USD reserved by Tether Limited. Each USDT is equivalent to $1.
USDT are considered stable because of that fiat and just like any other cryptocurrency, Tether can be spent, transferred or even stored.
All in all, Bittrex supports more than 190 cryptocurrencies and allow coin purchase in USDT where Tether can be purchased through a bank wire transfer using fiat.
Account Types and Verification required
Because of their compliance with US regulatory agencies, Bittrex clients are required to submit relevant documentation before they can begin trading. It’s definitely a go-to platform especially for those traders desirous of making the most out of their trading activities under a regulatory umbrella.
All a user requires to get started and create a basic account is a phone number, address, name and email address. This minimalist personal information requirement is in line with Bittrex’s philosophy of asking for the least amount of user information in exchange for top notch services.
Once these details are submitted, Bittrex will run through those details in a public record and verify them. Thereafter you can begin trading with a basic account.
With a basic account, there are some limitations especially on the amount of digital currencies that can be withdrawn. It’s fixed at 0.4BTC worth of cryptocurrency per day and the account must be 2FA secured.
Users who want to unlock high tier facilities can upgrade to Bittrex’s Enhanced Accounts. These accounts require submission of passport photos on top of what is needed when opening up a Basic account.
Bittrex uses a 3rd party called Jumio to verify all ID and passport photos. Jumio services are available in more than 50 countries spread out in Europe, Americas, Asia, Africa and Australia/Oceania meaning anyone where Jumio’s services are available can sign up and trade with Bittrex.
Enhanced Account holders can purchase a minimum of $10,000 worth of cryptocurrencies and withdraw as much as 100BTC per day.
If you are interested and want to enjoy all the facilities offered by Bittrex, an Enhanced Account is recommended. After all, there are other benefits once users align themselves with Bittrex’s KYC and AML policies as obligated by regulatory bodies.
Creating an Account
Figure 3: Sign up
There you will be prompted to create a new account. Create one using your email address and choose a new password. Bittrex makes it mandatory for all account passwords be of 8 characters or more and that you accept all of Bittrex’s terms and conditions before you proceeding to the next step. If you meet all these requirements, open your sign up email and click on the verification link sent.
Once you login in, you will be required to verify your account by filling and submitting all the necessary personal information in the Basic Verification page. It is important because all unverified users cannot make withdrawals. Before submitting these details, make sure that all the names and government issued ID numbers sync because Bittrex will run and authenticate them in a public record system.
To upgrade to an Enhanced account, click on the “Upgrade to Enhanced” button. At that stage, you will be required to upload a selfie and a clear picture of your government issued ID before your account is approved and upgraded.
To deposit funds, navigate to their “wallets” page and deposit any cryptocurrency of your choice that is listed and accepted by the exchange. If you are not sure, use the search bar and search for a cryptocurrency that you would like to deposit in your Bittrex wallet and once you find it, click on the “+” icon.
Figure 4: Choose what cryptocurrency to deposit
This automatically generates a deposit address where you can send any amount of cryptocurrency from your private wallet to Bittrex.
Figure 5: Deposit Address
Setting up a 2FA on Bittrex
Before trading, it is highly recommended that you set up a 2FA either from your smartphone or straight from your computer. It is essential and even though it is not mandatory, 2FA is that extra layer of security that makes your account hacker proof and notifying you when there are login attempts from unauthorized IP addresses.
Figure 6: Setting 2FA
This is how you do it from your mobile device:
Login to your Bittrex account, navigate to “settings” and click on “Two-Factor Authentication” link and back up your security key.
Proceed to Google Play Store, download, install and launch the Google Authenticator App. Thereafter, set up an account and navigate to the “manual entry” option after clicking the “+” icon.
Use your Bittrex account details and security key from step 1 to begin set up. Enter a 6 digit authentication code provided by the app and click the time sensitive “Verify 2FA” link sent to your email address to complete the 2FA authentication process.
Trading on Bittrex
Bittrex trading platform will provide you with all the basic tools in a simple and practical platform. With 2FA present, users can be assured of account’s security.
You can begin trading right after your coins have been reflected on your account but first you need to set up your API keys and configure Hopper so that Bittrex’s platform can auto trade once you submit an order.
To do this, click on the “settings” and navigate to “API Keys”. Check all the boxes but “Withdrawal”. Thereafter go your dashboard and select “config”, select Bittrex as your main exchange use your API keys and private keys and save.
Figure 7: API Key set up
There are several cryptocurrency markets you can trade and once you identify what you want to trade you, simply place an order. When trading, the most important thing to take note of is the order book.
Figure 8: Bittrex’s Order Book
Here, a list of bids and asks will be shown. If you are buying for example, place and confirm a limit order by placing a “bid” and the amount of a cryptocurrency unit(s) you wish to buy. Your bid should not be too low lest they are considered stale and cancelled automatically after 28 days.
Bittrex allows minimum non-leveraged orders of 0.001BTC for Bitcoin orders.
Withdrawals depends on if your buy order got filled or not. Traders can always cancel all pending orders that are not filled.
Verified account holders can at anytime withdraw by clicking on the “-“icon on their Bittrex wallet. Currently, withdrawals in fiat are not supported.
Figure 9: Fees
For every trade placed, Bittrex charges 0.25% on all the profits made.
Other than the Network fees charged on any withdrawal and deposit, there is also additional $10 base fee for paper copies and $1 per page for courier services to any address within the US.
You may have to pay more for hard copy deliveries outside the US.
Of course, the main attraction in Bittrex is the variety of cryptocurrency pairs available for trading. However, let’s not forget that security in an exchange precedes other things.
The founder and CEO have more than 20 years in security after his experience in Amazon and Blackberry. Cumulatively, Bittrex team has more than 50 years of security and development experience from top notch companies including Google and Microsoft.
Bittrex platform is reliable and there are various security measures in place to safeguard the system against several security breaches. 90% of the user funds are stored in offline, multi-sig cold storages. Besides, all Bittrex account holders must install a 2FA measures before they are allowed to withdraw.
The fact that the platform is also regulated by US authorities with KYC and AML regulations enforced is an assurance for account holders.
Bittrex’s trading platform is constantly updated and upgraded apart from the main site being protected by SSL encryption.
Other than the secure and easy to use platform, Bittrex also ensures that all customer’s complains are addressed promptly but this depends on the problem being addressed.
Bittrex have been categorical on especially on matters such as account security which they say are addressed within 48 hours while others such as wrong deposit can take 3 days or more.
However, they are active on social media and they have a live chart on their site where their agents can address all user problems through a ticketing system. Alternatively, you can submit a request.
My two cents
Trading with Bittrex is easy, secure and in line with their philosophy. The additional regulatory compliance is a good thing and users can easily sign up and even trade without verifying their account. However, there is a concern. Many users are complaining of poor customer care support with many accounts being frozen out without explanations. They only need to improve their customer care services.