2018 Bittrex Exchange Review Guide for Dummies

2018 Bittrex Exchange Review Guide for Dummies

Ever since it was launched back in 2014, Bittrex has succeeded in gaining popularity within the crypto marketplace. The company  originated in the US and was founded by Bill Shihara, Richie Lei, Ryan Hentz and Rami Kawach.

It has been steadily growing over the last few years. One of the biggest reasons for its popularity can be traced back to its enhanced security features. This was ensured by the fact that the founders were security professionals.

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This area of expertise is highly regarded within the crypto sphere as hackers are always looking for new methods to infiltrate these high-value exchanges. This has allowed cryptocurrency investors to rest assured that they won’t someday wake up to an empty online wallet.

Available Cryptocurrencies on Bittrex

crypto-coin-bittrex-exchange-coins-cryptocurrencyWhether an exchange platform is worth using depends on the number of cryptocurrencies available to investors to trade with. After all, what is the point of using an exchange when your favorite or most popular cryptocurrencies are not listed? Believe me, Bittrex does not disappoint in this area.

They include a vast array of cryptocurrencies including all of the most popular ones, including Bitcoin, Zcash, Ethereum, Litecoin, Cardano, Stellar, NEO, just to name a few. Moreover, the exchange platform lets you trade with BTC and ETH pairs as well as and Tether (the cryptocurrency equivalent to the US dollar). If you ever wish to secure your cryptocurrency investment for USDT (Tether), you can easily do so using this platform.

Note: you will not be able to exchange your cryptocurrency for US dollars or withdraw to your bank account from within Bittrex. You’ll need to transfer your cryptocurrency to Coinbase, Gemini, or LocalBitcoins (to name a few) in order to withdrawal back out to your bank account.

Easy Signup

Signing up to the Bittrex Exchange is a piece of cake. For those of you who wish to trade cryptocurrency pairs, it’s one of the best places to get started.

The platform does not require you to share a ton of information to sign up. All you need to provide is a name, email address, phone number, date of birth, and voila, you’re done! Your basic account will be ready to use.

However, if you wish to utilize other various services of the platform, you’ll have to go through Bittrex’s process of enhanced account verification and purchase a minimum of $10,000 worth of cryptocurrency. A high-tier account also allows you to make withdrawals higher than $10,000.

Account Limitations of Bittrex

When we say Bittrex is one of the most secure exchanges out there, we weren’t joking. The platform has taken many measures to ensure its security. This also means that you might face a few inconveniences along the way. Just remember, it’s for your own good.

For instance, if you change your password, you won’t be able to withdraw money from your account for 24 hours. This helps the exchange make sure that you’re not a hacker who is able to access your account and withdrawal funds.

2FA two factor authentication

Also worth noting, Bittrex encourages its users to utilize the 2FA (two factor authentication) added to your account for more enhanced security. For those of you who choose not utilize this feature, you’ll be able to withdraw 1 BTC per day. Individuals who opt for the basic account (and basic safety features) will be able to withdraw 3 BTC per day.

If you wish to withdraw 100 BTC per day, you need to choose the enhanced account. It’s also not necessary for you to withdraw to BTC. You can withdraw any equivalent cryptocurrency amount to your soft or hard wallet.

Trading Fees

trading fees bittrex cryptocurrencyWhen it comes to trading fees, you’ll find that Bittrex is a little more expensive compared to other exchanges within the industry. There are no discounts for those who trade in high volume. So if you’re a baller (high-volume trader )don’t expect Bittrex to cut you any slack as far as fees are concerned.

Regardless of your trading volume, or your considered a market maker or taker, a 0.25% commission is charged across the board. Regardless of having a comparatively higher fee than a few other newer trading platforms, the number of users on Bittrex continues to rise. This is attributed to the secure nature of the exchange platform as well as its many years of stability. Bittrex’s fast withdrawal services along with its reliability have been a huge reason for its success.

Ever since its release in 2014, it has succeeded in attracting a high volume of traders. It’s only competition, with regard to longevity is Poloniex, which is another large altcoin exchange. Bittrex’s volume of traders are still nearly double of what Poloniex has to offer. A great achievement considering it has only been operational for 4 years.

Bittrex vs. Poloniex

In terms of customer support, the clear winner is Bittrex. This is because Poloniex is flooded with a large number of user complaints. A glimpse over various forums will reveal many dissatisfied customers with regard to Poloniex customer service.

On the other hand, Bittrex answers queries on social media, posts updates and gets back to its users comparatively quick. While Bittrex is not entirely perfect regarding their support, as I’m sure you’ll find a few complaints on just about any exchange, they still top Poloniex.

Trading pairs offered by Poloniex are around 100. Compare this to Bittrex who deliver over 250+ trading pairs and growing, every single month. Now, if you’re only interested in trading popular cryptocurrencies, this might not matter to you, but for those of you who enjoy having a lot more cryptocurrency to trade with, Bittrex might be the better exchange.

Even though Poloniex has been  running longer than Bittrex, when it comes to delivering value, support, and selection, Bittrex emerges as the true winner.

Pros

  • Customer support of the platform is exemplary.
  • A Basic account is easy to sign up for.
  • The exchange is one of the most secure, thereby building investor trust.
  • There are over 250 trading pairs available.

Cons

  • If you’d like to purchase cryptocurrency with fiat, you’ll need to make a purchase order for $10,000+. However, this is not required, as you can purchase any small amount of crypto from the exchanges mentioned above (look under Available Cryptocurrencies on Bittrex).

    Bittrex is primarily used for trading only and not for exchanging your fiat currency to crypto.

  • The verification process can be a bit daunting for enhance accounts, however this is typical within the industry.

Is Bittrex A Good Choice for You?

Bittrex is an excellent choice for all you traders who are on the lookout for a secure platform to trade on. The enhanced security offered by this exchange makes it an excellent option for anyone.

Bittrex delivers a ton of benefits, stability, longevity, and security which makes it one of the best platforms you can trade in. If you’re new to the crypto trading scene, I highly recommend this exchange as well as the newer Binance trading exchange.

 

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