Cryptocurrency exchanges are everywhere. All of them are not worthy. Only a few, achieved worldwide user attraction. Including the exchange, I’m about to review today. Let’s begin the Bittrex review.
There are a lot of things to look at in a cryptocurrency exchange, As a beginner, what you should look at? That’s exactly what I will be talking about in this article.
Sometimes, your cryptocurrency exchange works as a wallet. A situation like that, you need to look at its security features.
Besides, most of the cryptocurrency exchanges these days are centralized. So the security is a general feature that all exchanges must prioritize.
Well, you need to also look supported assets and fees too. I’m covering everything just mentioned and more. That being said. Let’s begin this bittrex review.
Bittrex Exchange – Introduction
Bittrex exchange is a US-based cryptocurrency exchange that gained success with US popularity. But with time, Bittrex expanded its service to many more regions.
As a bad thing, Bittrex’s customer support is considered poor. The reason why I’m saying that I have an experience to share with you.
A while ago I used to trade on bittrex. When I submit my verification documents, I got rejected for some reason. So I tried contacting Bittrex support.
I got a reply from Bittrex after about two months and I got my verified account after two months.
What do you think of this? Do you prefer this kind of customer support? You may have experienced too. Share them also. However, Bittrex came this far with no issues reported.
That’s a good thing. Because some exchanges like poloniex has been hacked before. You may ask as a beginner, is this exchange legitimate? The answer is yes it is. But there are some things you must know. Keep reading.
Supported Countries
There was an update happened in October 2019. Bittrex had restricted the following countries that means customers in those countries cannot use bittrex anymore. I don’t what is the reason for this.
However, Bittrex had announced the customers in those countries, remove their coins and tokens as soon as possible. Here’s the list that Bittrex doesn’t support anymore.
- Afghanistan
- Egypt
- Bosnia-Herzegovina
- Botswana
- Cambodia
- Central African Republic
- Democratic Republic of the Congo
- Côte d’Ivoire
- Ethiopia
- Eritrea
- Ghana
- Guinea
- Guinea-Bissau
- Guyana
- Iraq
- Laos
- Lebanon
- Libya
- Maldives
- Pakistan
- Sri Lanka
- Somalia
- Sudan
- South Sudan
- Trinidad and Tobago
- Tunisia
- Uganda
- Vanuatu
- Venezuela
- Yemen
- Zimbabwe
If you are living in these following countries and you have a Bittrex account that created before, you should see a message when you try to log into your account.
And that’s about the Bittrex company. Let’s find out how good its security.
Security Of Bittrex
You know that security is the first thing we need to look at when choosing a cryptocurrency exchange. Because this cryptocurrency industry is full of hackers and phishing attackers.
So the only one this to avoid that, a strong security. However, let’s find out every security feature the Bittrex exchange does have and doesn’t have.
Email Verification
This is a really useful feature. What this feature does is, If a suspicious activity detected when you logging in or making withdrawals, a verification email always sent to your registered email. (Such as IP changes).
Most cryptocurrency exchanges have this feature. I appreciate the Bittrex also having that feature.
Two-Factor Authentication
The most secure method is in my opinion. Why? Two-factor authentication is a security method that runs with combined with your mobile device.
That means you need to require this verification code when you log in when making transactions etc. I explained more about two-factor authentication in here.
I highly recommend activating this feature as soon as you created your trading account.
The above two are the highlighted security options in Bittrex. But additionally, Bittrex keeping 80-90% of all currency offline. The reason for this, offline storages are almost untrackable. So hackers won’t get any trace.
However, the good thing is the Bittrex exchange has a proud history which is this exchange has not been hacked or issues with funds. Also, this is a US-based cryptocurrency exchange. So it follows US Government rules.
So i would say that the Bittrex exchange is having a tough level security.
Supported Currencies
What to look at with supported currencies? There are many markets with coins. Some having ETH markets, BTC markets, TRX markets, and so on. With those markets, the exchange has a lot of coins.
So we need to look at both markets and supported coins. Then you can start trading. Talking about currencies on Bittrex, there are a lot of assets with different markets. For markets,
- USD
- EUR
- BTC
- ETH
- USDT
Here you can see some fiat currencies also supported. Yes. In Bittrex, All identity verified account holders are eligible to deal with USD and EUR. Trading, Deposit, and Withdrawal also supported.
All those fiat currency stuff supported with wire transfer only. That means no debit/credit cards are supported
However, there are a large number of cryptocurrencies available to trade in Bittrex. Including SC, XRP, TRX, BAT, and more. See the full list on coinmarketcap.com.
Fees
I would like to take a few seconds to explain what is a fee in this Bittrex review.
As a beginner, what you should know about fees on a cryptocurrency exchange? Generally, there are two types of fees on an exchange.
- Trading fees
- Withdrawal fees
Most cryptocurrency exchanges don’t charge for depositing funds. But there’s always a withdrawal fee. Withdrawal fees vary from coin to coin.
But here’s the true story. Withdrawal fees are not from the exchange. It’s from the blockchain to make success the transaction you made.
Therefore, the trading fee is the thing you need to care about. Trading fees can be divided into two categories which are, Maker and Taker fee. Maker and Taker also known as Seller and Buyer.
So when you trade (Buy and sell), those two fees are applied for each action. Let’s find out how it’s in the Bittrex exchange.
This exchange also follows the tier-based fee system like on Cex.io, Poloniex, HitBTC, KuCoin and some other major cryptocurrency exchanges.
What this system actually does is, your trading fees are depending on your total monthly volume. Let me show.
Higher the trading volume you own, lower your fees. What do you think of this system? Let me know.
Verification Process
Here’s the annoying part of this Bittrex review. The verification process. The reason why I have to say that, Bittrex verification is taking so long compared to other exchanges.
Besides, the thing I mentioned at the beginning, is not a good thing as a major cryptocurrency exchange.
However, Let’s dive into the verification process through this Bittrex review. First of all, You cannot even trade without identity verification on Bittrex. Currently.
When creating an account, Verification documents also need to be provided.
Here are the steps.
When giving basic information of yours, make sure that they are legit and matching details on your verification document. (ID/Driving license) Otherwise, you may end up failed verification.
After, verify your email.
Then where the important things happen. Read those terms and click Start Verification. Now, select the verification document you want to proceed with.
After that, you need to upload your document. Make sure that its taken in a white background and better quality. Unless you may face issues.
You need to upload both sides one by one. Take your time and capture clearly. After that, the face verification.
This process requires a camera to verify your face. If your setup doesn’t have a camera, You can redirect this process to the mobile device you own.
After successful completion, you will be notified with the status of verification in a few days.
And that’s it to talk about verification process on Bittrex.
Advantages And Disadvantages
This is the most common thing people are looking for. Because Pros and Cons are the easiest way to take an idea of a cryptocurrency exchange.
Advantages
1) High-level security. With Bittrex, you will experience one of the toughest security methods available.
2) User interface. Bittrex offers a clean user interface to navigate without any confusion. Also to make trades.
3) A lot of cryptocurrencies to invest. You know everyone don’t trade just on only Bitcoin. Instead, choosing various different cryptocurrencies. So with Bittrex, you have a lot to choose from.
4) Fiat markets. Trading with fiat doesn’t offer from most exchanges. In Bittrex, it supports fiat trading and deposit, withdrawal as well.
Disadvantages
1) Poor customer support. This needs to be fixed badly. Because most exchange account holders need customer support sometimes. So they will end up getting disappointed.
2) Verification. As I mentioned earlier, you won’t even get into trading without identity verification.
Conclusion
Finally, the Bittrex cryptocurrency exchange is a top-level exchange that follows US government regulations. Limited to some regions but still having a decent amount of trading volume.
In fact, this is one of the best-secured cryptocurrency exchanges. So, beginners, it’s not the thing you need to worry about. And also assets. with over 200 cryptocurrencies,
Bittrex currently having mobile applications available on both iOS and Android platforms. This allows you to trade on mobile.
I hope my Bittrex review was helpful for you. if it was, leave a comment down below and share this article among other cryptocurrency researchers and beginners.
So choosing a right cryptocurrency exchange is that important. You can’t just decide and invest. You have to research a lot instead. Otherwise, you may end up getting scammed.
Always try to find read user opinions and reviews like this. It will help you to take the ideas of that exchange. Quora, Reddit, and Bitcointalk might help you with that.
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