Review: Bittrex- Complete Beginner Guide 2018

Bittrex is a cryptocurrency exchange based in Seattle, USA. It has been in business for over 4 years now since its inception in 2014 and is considered to be one of the largest exchange at the moment, currently ranked among the top 3 best exchanges in the world. Although it now has a strong contender in Binance which was founded in 2017.

Bittrex has been in existence for barely 4 years but currently experiences trading volumes of up to $300M on a daily basis, the platform has a good reputation due to the ease and security it brings to crypto trading.

It’s CEO and co-founder Bill Shihara created the platform from the experience he had working as a security engineer for Blackberry and Amazon. With his wealth of experience tackling the menace of cybercriminals, complimented by an astounding team with a combined experience in security and development of over 50 years, Bittrex remains one of the most secure platforms in the world.

by cryptocurrencies

This review is aimed at providing you with all you need to know about Bittrex, the crypto pairs it supports, how it works, how much it charges per trade including trade limits, how secure it is, its pros and cons and a review of its customer support system.

Bittrex Review

Countries supported by Bittrex

Bittrex supports users from all countries in the globe excluding the United States of America.

Bittrex Currency Support

The major advantage to this platform lies in the wide variety of digital currencies it offers. Bittrex supports hundreds of digital currencies and has a vast array of cryptocurrency trading pairs; with over 450 available trading pairs for BTC alone. Trading with Bitcoin and Ethereum in Bittrex is quite convenient but the major drawback here is that it doesn’t support trades with fiat currencies (E.g Naira, USD, EUR etc). However, users can buy Bitcoin, USDT or Ethereum through bank wire transfer but to do this, you will need an enhanced account and must purchase with a minimum of N3.6million Naira ($10,000).

As an alternative to trading in fiat currency, Bittrex offers 11 USDT trading pairs. USDT is some kind of digital representation of the US Dollars, it is issued on the bitcoin blockchain and each of its units is linked to a US Dollar held in the reserves of Tether limited. Its value is determined by the price of the USD hence the reason for its price stability. USDT can be stored, transferred and spent like every other cryptocurrency, however, exchanging USDT for fiat currencies can be done by purchasing tethers and redeeming them on the tethered platform.

Getting started with Bittrex

If you are new to Bittrex and wish to trade with the platform, you will be required to create a user account. the following steps should guide you towards creating an account.

  • Visit Bittrex
  • Click on Login and then sign up using your email address

Bittrex registration pageCheck your Email inbox for a verification mail from Bittrex

  • Follow the link in the mail to verify your account

bittrex verification                                    Account verification page

Upon a successful verification of your email address, your Bittrex account is ready to use.  You will need to deposit funds in order to commence any trade activity. The steps below should guide you on that.

Funding your Bittrex account

  • Log into your Bittrex account
  • On the list of available markets, click on the wallets page

How to fund your Bittrex wallet

  • Find your desired cryptocurrency with the search bar
  • When you find it, click on the + (plus icon) next to it.
  • A deposit field will pop up allowing you to generate a deposit address
  • Take note of the deposit address, for you will need to transfer funds from a wallet you already have elsewhere to it, for the funds to reflect in your Bittrex account.

Note: It is advisable that you start with a small amount and grow to larger amounts only when you are comfortable operating with the platform.

  • Transfer funds from your previous wallet to your Bittrex wallet address.
  • Wait for verification by the blockchain, and after a couple verifications, your funds should appear in your Bittrex account.

Trading on Bittrex

In this section, I will be walking you through the basics of trading on the Bittrex platform. Trading on Bittrex is relatively easy and shouldn’t pose any difficulty at all. First off, before any trade, you must deposit funds (we already covered that in the previous section).

Assuming you have already funded your Bittrex account, purchased a cryptocurrency and are ready to trade. Here is a brief walk-through of the trading process.

You will need to Click on the markets page, Find a pair you wish to trade on, and place your order. Here is how it looks like.

bittrex trading pairOn the trade page, your attention should primarily be on the order book section, where you will find all sell/ask and buy/bid orders that other users have previously created.

bittrex order book

To place your order you will have to choose your preferred price and unit amount. It is pertinent to note that, placing an order with a price that falls far below the asking price might result in an unfulfilled order. Furthermore, limit buy orders are a bit more convenient as they ensure you get your desired crypto for your desired quantity and at a price less than or equal to your requested price.

Note: You have the option of either confirming or cancelling your order, right before placing it.

Completing an order and withdrawing your funds.

Upon successfully placing your order, your new cryptocurrency should be available in its designated wallet in your Bittrex account. To withdraw your purchased funds, you will have to click on the (minus icon) next to your wallet balance, and fill in the receiving wallet and amount you wish to withdraw.

Bittrex withdrawal limits

Bittrex currently has two account types, namely Basic and Enhanced. The basic account holders can withdraw a maximum of 3BTC per day while the enhanced account holders are allowed to withdraw up to 100 BTC per day.

To qualify for a basic account you must provide your full name, date of birth and address to be verified using public records while upgrading to an enhanced account requires you submit a scanned copy of a means of identification including selfie photographs. The scanned ID and selfie will be subject to verification by a team of professionals to determine that your ID is legit and your faces correspond.

These steps are taken to ensure that the platform keeps to its anti-money laundering and know your customer program, ensuring they keep to laid down rules and regulations governing currency transactions in the United States.

Transaction fees

Bittrex charges an average of 0.25% on all trades (as at the time this review was written), Bittrex charges no extra withdrawal fees, however, you pay the transaction fees for the particular cryptocurrency you are withdrawing as specified in its blockchain.

Customer support

As one of the leading cryptocurrency exchange in the world, Bittrex has to handle a lot of support tickets on an hourly basis. To this effect, Bittrex has put in place a healthy and dedicated customer support team and is very active on social media, not minding the effect that will have on its resources.

Conclusion

Bittrex is considered by many to be a decent exchange and it is not hard to see why. The platform prides itself on the fact that

  • Its security framework seems flawless and has never been breached.
  • It utilizes a multi-stage wallet that is elastic in nature, this wallet stores 80%-90% funds offline, keeping them safe from cybercriminals.
  • Bittrex has a custom-built trading engine that ensures trades are executed within the shortest possible period of time, eliminating delays in the processing of trades.
  • Deposits and Withdrawals are executed via an automated monitoring system, which ensures a high transaction speed.
  • It has a responsive customer support team.
  • It allows quick access to a vast variety of cryptocurrencies.
  • Bittrex charges decent trade fees.
  • It is a great platform for arbitrage traders.
  • 1-minute charts are available.

However, most users are of the opinion that an option for fiat currency trading and payment should be included, we all look up to that. Most traders on Bittrex are not moving to Binance as it offers lower transaction fee and equal security.

Also read: Binance Vs Bittrex

If you found this article helpful please support us by clicking on any of the social media share buttons below.

Comments (No)

Leave a Reply