Based in the United States, Bittrex is a cryptocurrency exchange specializing in the trade of crypto pairs.
It was founded by Bill Shihara, Richie Lai, and Rami Kawach, cybersecurity engineers who worked at Microsoft, and operations began in 2014.
The company has since then grown to become one of the top cryptocurrency exchanges in the world.
What is Bittrex?
Offering more than 190+ cryptocurrencies to trade, including Bitcoin, Ethereum, Cardano, Stellar Lumens XLM, Ripple XRP and many more. Trade popular coins with up to 200x leverage or short them using margin trading.
Expect cutting-edge trading engine technology to provide you with lightning fast execution speeds so you can get in and out of the market as quickly as possible!
Is Bittrex Safe?
The platform has a reputation of being very secure as there hasn’t been a single security breach since operations started.
That’s mostly because the founding members are all cybersecurity engineers, and security is always prioritized when making decisions.
Bittrex adopts a model known as “The Blockchain Act,” which makes it compulsory for users to undergo strict processes before being allowed to use the platform.
This involves the prospective user presenting proof of residence, identification, and a picture with a clear visual on their face. Only after presenting these documents will the person be allowed to use Bittrex.
Corporations are subjected to even more complex verification procedures. Two-factor authentication is also required for all users on all withdrawals; otherwise, a limit would be placed on withdrawals.
For a verified account, i.e., with two-factor authentication, users can withdraw up to 100 BTC, but if the account isn’t verified, they can only withdraw up to 1BTC.
Two methods of whitelisting are also supported:
- Wallet whitelisting: where customers specify the wallets withdrawals would be made to and;
- IP whitelisting: where customers can tell the exchange to allow activity from specified addresses.
There is a mandatory 0.2% fee on all trades (maker and taker), though discounts are provided for financial organizations and organizations with large orders.
Compared with other exchanges such as Binance and Kraken, trading fees are not the most costly and are certainly not among the cheapest.
The exchange doesn’t charge on cryptocurrency deposits and flat deposits, but there are network fees on each blockchain.
These aren’t controlled by Bittrex but are charged to get back the cost of the user withdrawing and depositing their coins.
US law restricts Bittrex from doing business with residents of North Korea, Iran, the Crimean region, Syria, and Cuba.
It has also been noted that the following countries do not have access to: Afghanistan, Egypt, Bosnia and Herzegovina, Cambodia, the Central African Republic, the Democratic Republic of the Congo, Ivory Coast, Tunisia, Ethiopia, Uganda and Yemen.
The exchange was updated in 2019 with attention to speed and security. The overall design also had a makeover as it is now very easy to navigate and allows for the addition of new features such as the USD and the EUR markets.
Users have heralded these changes, as automated trading features operate seamlessly, providing options such as stop-loss, instant buy/sell, good till cancel orders, limit orders, market orders with all the standard technical tools every trading platform must possess.
There is no lag or hanging, which makes for a delightful user experience.
The list of markets supported on is displayed on the main dashboard, accompanied by the price overviews and the daily percentage change in price and volume.
This provides a lot of information to the user at a glance in a simple yet efficient manner. All these automated monitoring systems make it much faster than most other cryptocurrency exchanges.
You will also find available as an app on Android and IOS devices. From here, users can deposit, withdraw and trade on the go.
Its main support is on Zendesk, where users can get FAQs, mobile app guides, feature requests and much more.
However, public perception has been poor due to accounts being suspended for review, which has led to frustration among the owners of these accounts who have taken their grievances online to several BTC forums.
Apparently, this has been going on for a while, with little to no response from the Bittrex team. It may be the safest crypto exchange out there, but the strict security inconveniences the users.
- Does Bittrex support leveraged trading?
Unfortunately, the do not offer margin trading, as they are a cryptocurrency spot exchanger.
- Is Bittrex regulated?
They are not regulated under US securities laws.
- Is Bittrex FDIC Insured?
No. they are not FDIC insured.
- Why does Bittrex require my Nationality?
This is to verify if the person is eligible for use.
- Is my information safe on the exchange?
Yes, Bittrex is one of the safest exchanges out there. They’ve never lost customer funds or suffered a breach due to their attention to security. You can learn more about their policy here.
Bittrex is a fast, safe, and robust exchange that is easy to use. While leveraged trading isn’t supported, you have the freedom to withdraw coins directly to your account.
The updated user interface and experience make for a seamless trading experience. The occasional freezing of accounts can be an issue, so it’s best to only deposit coin you would be okay losing for a while in case your account gets frozen.
The customer support also leaves a lot to be desired at times due to the minimal action taken by the support team as regards the unfreezing of accounts.
Even though it is rare and unlikely to happen it’s still important to keep your head on a swivel and don’t do anything that will draw them to take such action.
The exchange is highly popular and supported by it’s users all over the world and is a leader in the space with exceptional security practices to give you best protection.