What is Bittrex?
Bittrex is a secure online cryptocurrency exchange offering access to bitcoin, Ethereum, and other leading digital currencies. Their interface is more beginner-friendly than most platforms. the exchange supports over 234 different crypto coins and does not charge deposit fees.
Bittrex is an exchange based in Seattle, Washington that started off its operations in February 2014. It was founded by former Microsoft employees Richie Lai, Bill Shihara, and Rami Kawach. Its wide range of crypto assets, high-level security, and relatively low fees is an excellent offer for most crypto users.
Bittrex Services
Bittrex has one main service it provides which is its trading platform. The platform lists a wide variety of currencies and allows for standard spot trading orders to be executed. The current trading engine offers automated trading features such as stop-loss, good ‘til canceled (GTC), and instant buy, or sell.
Bittrex exchange is a crypto-to-crypto trading exchange. In such exchanges, you can only trade in cryptocurrencies. This means you can’t buy cryptocurrencies with fiat currencies. More than 234 different cryptocurrencies are listed for trading on the Bittrex market. The site also offers 284 unique trading pairs.
Bittrex Fees and Limits
Accounts at Bittrex are categorized into 3 categories. They are:
- New/Unverified accounts: New and unverified accounts are unable to initialize any BTC withdrawals
- Basic accounts: With basic accounts, you can withdraw up to a maximum of 4 BTC per day.
- Enhanced accounts: For the enhanced accounts, the daily withdrawal limit is 100BTC with 2-factor authentication enabled.
In terms of Bittrex fees, It imposes a flat rate commission of 0.25% on all trades. Comparatively, the fee is higher than the industry average. They do not have any high-volume trades, rebates, or incentives for markers and traders.
The Bittrex exchange charges a withdrawal fee of 0.0005 BTC when you withdraw BTC. This is in line with or even lower than the global industry average BTC withdrawal fee. Bittrex offers a decent opportunity to trade numerous cryptos and make a profit.
Bittrex Supported Currencies
One of the reasons why Bittrex is so popular is because it’s available all around the globe, and this, of course, opens the platform up to billions of people. As one of the older exchange platforms, Bittrex was initially designed to support Bitcoin.
However, the exchange has since expanded to accommodate over 400 altcoins you can trade against Bitcoin, Ethereum, US dollar, and Tether (USDT). The platform also supports FIAT, although deposits are made using the cryptocurrency wire transfers.
Bittrex Mobile App
If for some instance, you cannot access Bittrex through the web, it also has convenient mobile apps for Android and iOS devices. It allows you to deposit, withdraw, follow, and trade all Bittrex’s supported markets on the go and is an excellent tool for trading on the go.
The Bittrex mobile app gives you the convenience of having a digital wallet on your phone, along with the platform’s industry-leading security practices. You can manage your token and digital asset holdings on the safest platform to trade and store cryptocurrency.
How to Register on Bittrex?
Step 1: Navigate to the official website. Click the “Sign-up” Option. Enter your email and password and then select “Create Account”.
Step 2: You will then be redirected to another page. The next page you see is one that informs you to check your inbox to confirm your email address.
Step 3: Upon confirming your email address you will be asked to fill in some more information about yourself, like your country of residence and your address.
Step 4: The next step is confirming your identity, where you will be asked to provide a photo of yourself. After which you can get started with Bittrex.
How to recover the Bittrex password?
In view of the recovery of the Bittrex password, Click on the “Forgot my password” option. Then enter your personal information and user id after which you can reset your password.
Bittrex Pros and Cons
Pros
- Supports over 220 currencies
- Efficient trading platform
- Flat rate fees of 0.25% on all trades
- No fees on deposits and withdrawals
- Low Minimum Trade Limits
- Good security record
- Cons
- Long verification process
- Small Selection of Fiat Trading Pairs
- Slow response time to customer service issues
- Unexplained closure of accounts
- No leveraged margin trading
- Conclusion
Bittrex offers everything necessary to begin trading cryptocurrency. Registration is effortless, and there are several technologically advanced tools and features to help you complete trades. The main benefit of Bittrex is verified account owners can access USD deposits and withdrawals.
They have also invested in security and as evidenced by their exhaustive verification process. While the site is designed to be beginner-friendly, it has various elements that make it attractive for all kinds of crypto traders.
Thus If you are looking for a cryptocurrency exchange that places a strong emphasis on security, then Bittrex is the exchange to go for.
