Hello there guys! I hope you are well as today we are going to take a look at one of the cryptocurrency exchange that has become more popular lately and it is Bittrex. As for you who don’t know it yet, Bittrex is a cryptocurrency exchange that is fully based in the US and it has caught the attention of most people recently. In this review, we are going to be talking about the services that Bittrex provides, the exchange as well as the major issues that you need to be fully aware of so without any further ado, let’s jump into it now!
The Overview of Bittrex (Pros and Cons)
Bittrex is one of the US exchanges that has a lot of experience in exchange and one of the things that are interesting about Bittrex is that the company has been prioritizing the security of its users above all else. A lot of people have had a good experience using Bittrex and leave a lot of positive reviews about the stability and speed of the exchange trading platform. The best part about Bittrex is that the exchange trading platform has never been hacked by hackers so far so it’s perfectly safe for people to use it.
However, there are some disadvantages of using Bittrex and one of them is that recently there has been a lot of accounts that have been suspended by Bittrex without any warning or notice. This is done by them to ensure that the security of the rest of the users that are using the platform are safe so they have no choice but to shut down any accounts that seems suspicious. Apart from that, the customer support provided by Bittrex is minimal and it’s pretty difficult to get some answers from the customer support to solve your problems.
Bittrex has made a claim stating that they would prioritize the security of their users first by utilizing the most effective and reliable technologies that they can get. The founding team which is consists of three computer experts in computer security that has over 40 years of experience choose to prioritize computer security before anything else. Apart from that, Bittrex has been known to have a multistage and elastic wallet strategy that can store 80 to 90 percent of money safely offline.
On top of that, it has been made compulsory that all Bittrex users need to have two-factor authentication to withdraw their money as well as for the API calls. Two-factor authentication needs to be activated by the users otherwise there will be a limit that will be applied to the withdrawal amount for the account that does not activate the two-factor authentication. This is done so that Bittrex will be able to protect the funds of its users from being stolen by unethical hackers.
The main service that Bittrex provides to its customers is the Bittrex trading platform. In the Bittrex trading platform, there is a huge variety of currencies to choose from and it also allows for the execution of standard spot trading orders. Bittrex’s current trading engine combines some of the popular trading features such as Good Til Canceled (GTC), Stop Loss, as well as instant Sell or Buy together. Apart from that, there are also some technical tools for the chart that would satisfy the needs of an experienced as well as a new trader.
Most of Bittrex users have left a positive comment about the interface of the exchange trading platform stating that there have never been times where they face any incidence of lagging or hangs during their tradings. Apart from that, they also praised the company for the fast loading time of the trading platform as well as the high-security level provided by the company.
Payment Methods and Currencies
USD withdrawals and deposits may only be done through a wire transfer. Accounts that don’t fit the requirements to participate in USD trading may still be able to use stable coins such as USDT (Tether). Besides that, there are over 400 altcoins that are available that can be used to be traded against Ethereum, Bitcoin, USDT as well as USD.
After a careful and thorough process of vetting the source code and removing the inactive coins from the list, Bittrex has finally made an initiative to show some effort to add some of the latest and incoming altcoins. Even though there are some pump and dump coins that have managed to pass through the vetting process of Bittrex, the main aim of the company remains to be increasing the quality of the overall coin listing.
The Trading Fees Involved
A total of 0.25 percent for the flat commission is applied to all types of trades. The trading fees that are applied by Bittrex are a little bit higher compared to the average of the industry. On top of that, there are also no rebates offered for a high-volume trade or any models of incentive for makers as well as takers. This is one of the downsides of using Bittrex.
Countries that are Supported by Bittrex
Bittrex is open to customers all around the world except for Iran, North Korea, Syria, the Crimean region, and Cuba. Any person that has been levied against them an economic sanction specifically by the US federal government is also excluded for service by Bittrex.
In a nutshell, even though Bittrex may be considered as a perfect choice for experienced traders as well as beginners that are searching for a secure and robust trading platform to conduct multiple trades of cryptocurrencies, the sudden suspension of accounts, as well as the lack of the customer support provided by the company, makes it a questionable choice for traders. There has been a lot of times where exchanges ignore the importance of excellent customer satisfaction and support so that they may be able to shift their focus on expanding and operating in the ever-evolving crypto space. The best thing that one could do is to use Bittrex with caution for the moment and never deposit any amount of money that you are not willing to lose for a particular period.