Bittrex Review 2020 - Is It The Safest Crypto Exchange?
In this review, Bittrex will be dissected in an attempt to better understand the value this exchange provides to the cryptocurrency market. This review is part of a series where we analyze every major cryptocurrency exchange. Join our Telegram to be the first to get all the latest news about cryptocurrency exchanges.
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Alright, let’s get into it!
Intro
Since the rise of cryptocurrencies, there have been a number of exchange platforms cropping up which offer users the ability to convert one cryptocurrency such as Bitcoin, to other altcoins. They have been gaining a lot of traction since digital currencies have taken the world by storm, but not every exchange is treated equally. Each exchange has its quirks, which must be understood before entrusting the security of your funds to these exchanges. One of the most popular exchanges out there right now is Bittrex. The following article will evaluate this exchange, providing a full review of their platform, and answer questions like “is Bittrex safe?”
Registration Process
Firstly, we are going to examine the user experience for Bittrex, which is one of the many things the platform is praised for, in that it welcomes you in and tries to make things as easy as possible. While many exchanges have invested significant resources into perfecting the on-boarding process, Bittrex is one of the exchanges which have truly nailed it.
The first thing you’ll have to do is create an account, and for Bittrex it’s simple.
Once you begin the signup process, you’re met with a clean page with simple instructions. It’s as easy as entering your email and password and selecting “Create Account”. You will then be redirected to another page. The next page you see is one that informs you to check your inbox to confirm your email address.
Upon confirming your email address you’ll be asked to fill in some more information about yourself, like your country of residence and your address. All of these are important steps for Bittrex verifying your identity, as this is a legal requirement for Bittrex to fulfill for each user.
The next step is confirming your identity, where you’ll be asked to provide a photo of yourself holding a piece of paper with some text. Not only that but you will need to provide photographic evidence of the likes of your driving license or your passport (which is preferred).
Supported Countries
One of the reasons why Bittrex is so popular is because it’s available all around the globe, and this, of course, opens the platform up to billions of people. However, one thing which should be mentioned here is that even though the platform is accessible from around the world, each country has its own requirements for the user verification process.
Bittrex
Bittrex currently operates two separate exchanges that share liquidity in order to meet the demands of both US and international regulators. The core Bittrex exchange (https://bittrex.com/) focuses on the US cryptocurrency ecosystem. This often means the exchange operates with fewer asset listings than its Bittrex Global counterpart. However, many of the features remain the same to provide a consistent experience across both of their exchanges. This includes a shared API that plugs into both exchanges automatically for a swift integration.
Bittrex Global
Recently launched after the closing of Bittrex International, Bittrex Global is the international exchange that caters to Bittrex’s international client base. On September 27th, 2019, Bittrex Global was launched in Liechtenstein, the new home for the global exchange. During the transition, the Bittrex Global exchange experienced a number of delistings resulting from assets not being moved over from the Bittrex International exchange. This was met with resistance from the community due to the short notice and lack of transparency during the transition.
Customer Support
The level of customer support compared to other exchange platforms is above average. They operate on Zendesk where users can read news articles and search through the FAQs, as well as reviewing their customer support tickets by logging into Bittrex support. Bittrex actually integrates the likes of Slack, Twitter, and Facebook to make support even more accessible for users, but some people have complained about slow response times.
Trading
Listings
After creating your Bittrex account you can then start to view the marketplace of the seemingly endless cryptocurrencies. The trading pairs are listed in such a way that it’s very easy to select whatever pair you’re looking for. Just to make things even simpler for you, there’s a search function so if you’re feeling lazy you can type into the search box something like BTC or XVG to find those trading pairs.
With the lure of trading a seemingly endless number of cryptocurrencies, you may be wondering what fees you can expect when trading on Bittrex. Similar to many other exchanges in the market, Bittrex uses a tiered fee structure which provides traders who execute significant volume a discount on their trading fee.
Starting at a base rate of 0.25% for both maker and taker, the fee quickly reduces to 0% for maker at $40M+ in trading volume, and 0.08% for taker at $60M+ in trading volume.
This scaled approach makes Bittrex ideal for both individuals and institutions.
Transfer Limits
Although it would be nice to withdraw however much you want from the Bittrex platform, unfortunately, this isn’t the case. Accounts that are unverified have a withdrawal limit of 1 BTC per day. Furthermore, accounts that have two-factor authentication enabled give you access to the basic level account, where your withdrawal limit rises to the equivalent of 3 BTC per day. And then we have the Enhanced account that allows you to withdraw up to 100 BTC per day.
Security
Two-Factor Authentication
Multi-layered security is becoming a prerequisite for exchanges nowadays, which is why Bittrex has integrated it into its platform. Security is one of their main concerns and they take it seriously, which is why they strongly encourage users to enable 2FA to further secure their account. As the platform has evolved, so has their security. With constant upgrades and testing, Bittrex remains ahead of the curve when it comes to security.
Storage & Security
Many people are cautious about where they store their digital currencies and rightly so. Cybercriminals have upped their game in the targeting of cryptocurrency exchanges, and unfortunately, a number of exchanges have fallen victim to these criminals. Millions have been stolen from exchange platforms in recent years, raising constant concern for users who hold funds on these exchanges.
Fortunately, Bittrex has some of the tightest security that you’ll come across, not to mention the two-factor authentication that I spoke about earlier on. To add an extra layer onto the Bittrex platform, they introduced something called IP Verification Procedure back in 2018. This means they require all users to approve each new IP address through an email confirmation, which happens every time you log in from a new IP address.
To add another layer of security on the Bittrex platform, they have introduced IP Whitelisting. By setting one or more whitelisted addresses, you are informing the platform to only authorize trades or withdrawals from those IP addresses. Next is Crypto Address Whitelisting, which you can do by setting a withdrawal address on a digital currency, you’re telling Bittrex to only allow withdrawals to that specific address.
All of these features work in tandem to provide the most robust security experience for users. When using Bittrex as your exchange of choice, use each of these security precautions to your advantage to keep your funds safe.
APIs
The Bittrex platforms provide a simple yet powerful API consisting of REST endpoints for transactional operations and a complementary websocket service providing streaming market, order, and balance updates.
Pros
A large Number of Coins
On the Bittrex platform, there is an unprecedented number of coins available to buy, sell, trade and hold. In fact, there are over 450 trading pairs on Bittrex.
Availability
Bittrex is available around the world which means they are open to business for nearly anyone who wishes to buy or sell cryptocurrencies.
Support
Bittrex has some of the best customer support around as they have opened up channels on social media platforms like Facebook and Twitter. Even their normal support platform has been known to have reasonable response times, as well as quick resolutions.
Security
The level of security on this platform is enough to deter even the most confident of cybercriminals. With their many layers of theft protection and security, it’s easy to see why the crypto community is flocking to Bittrex. They are confident in Bittrex’s ability to keep user funds safe.
Low Minimum Trade Limits
Bittrex has some of the lowest minimum trade limits in the market. With a minimum trade size of .0005BTC across the board, this allows users with smaller portfolios to still take advantage of novel trading strategies like rebalancing.
Cons
Lengthy Verification Process
Okay, so there are some things that Bittrex can work on too, such as how long it takes for the verification process. Because there are so many new members, there are only so many people they can process at any one time so you’ll have to be patient with the process.
Small Selection of Fiat Trading Pairs
Unfortunately, the only fiat trading pair on Bittrex is USD. While many cryptocurrency traders believe it’s against the spirit of crypto to keep your funds tied to a fiat trading pair, realistically many institutions and larger players in the space understand the importance of providing a diverse selection of fiat trading options. Working towards becoming a cryptocurrency on-ramp will require Bittrex to increase the fiat options for their exchange.
Conclusion
There are hundreds, maybe even thousands of cryptocurrency exchange platforms out in the world right now, all of which have their own unique features and benefits. Bittrex seems to be one of the platforms people keep coming back to, simply because it’s an easy platform to use. Their security, UI, asset selection, and customer service make Bittrex the complete package. Few negative things can really be said about this exchange.
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