Bittrex is a trading platform that gives prominence to security. It has great trading volumes and is one of the popular platforms in the world right now. Here at BlockchainBiome, we look at Bittrex review and will try to cover, how to trade on It, it’s fees and the wallet. This Bittrex exchange review is intended to give you all the information you need on Bittrex.
Contents
What is Bittrex?
Bittrex is an immensely popular cryptocurrency platform founded by three cybersecurity engineers. It began operation in 2014 and has been largely successful since its inception. The platform was created with the intention of fostering a new change in the trading exchange industry. You can also check out what Wikipedia says about it.
Bittrex Review
Bittrex is a venture undertaken by three cybersecurity enthusiasts. It was co-founded by Bill Shihara, Richie Lai, and Rami Kawach.
Bill Shihara worked at Microsoft, Amazon, and Blackberry in cybersecurity roles. He has immense experience in cybersecurity. Shihara worked as Security Engineering Manager at Amazon. He has had an illustrious career in the cybersecurity sector and is currently the Chief Executive Officer at Bittrex.
Richie Lai is also a cybersecurity engineer. Incidentally, he worked at Microsoft and Amazon. He spent 12 years at Microsoft as a part of the team responsible for the Internet and cybersecurity aspects at Microsoft. He also served as the leader of the Amazon Internet Security Team and is currently the Chief Information Officer at Bittrex.
Rami Kawach too worked at Microsoft and Amazon. Additionally, he worked at Qualys and was the architect in developing their malware detection system. He led various projects at Microsoft and is currently the Chief Technology Officer at Bittrex.
All three co-founders arrive from cybersecurity backgrounds, which, is perhaps why Bittrex gives a lot of significance to security.
Creating an account on Bittrex
[otw_shortcode_unordered_list items=”6″ style=”with-icon list-style-1″ item_1_name=”Visit https://bittrex.com” item_2_name=”On the top right corner, click on ‘Sign Up’ to begin the registration process.” item_3_name=”Enter your email address, password and go through the ‘Terms of Service’ carefully and then click on ‘Sign Up’.” item_4_name=”The next step would be to complete a task to show that you are not a robot. Follow all the instructions and continue.” item_5_name=”Go to your email account and look for the email sent to you by Bittrex for account confirmation. The subject of the email will be ‘Bittrex Account Verification’.” item_6_name=”Next, click on the link in the email to verify your account. You can then log in using the information that you used for registration.”][/otw_shortcode_unordered_list]
Verification Process on Bittrex
[otw_shortcode_unordered_list items=”8″ style=”with-icon list-style-1″ item_1_name=”When you log in for the first time, you are required to verify your IP address. You will need to verify your IP address every time you log in with a new IP address. Once you log in with a new IP address, go to your registered email account and look for an email with the subject ‘Bittrex New IP Address Verification’.” item_2_name=”Click on the link that says ‘CLICK HERE TO LOGIN’ to verify your IP address.” item_3_name=”You will then need to verify your personal information to carry out withdrawals. To do so, go to ‘Settings’ on the top right-hand side of the screen.” item_4_name=”Select ‘My Profile’ and fill in all the details. You will have to fill in details such as your age, birthday, address, etc.” item_5_name=”Once all information is entered, choose ‘Submit’.” item_6_name=”Click on ‘Start Verification’ to begin the process of ID verification.” item_7_name=”You will then have to take a selfie with your government issued ID with your face must be clearly visible. Once done, upload it to the site.” item_8_name=”Then, take a separate selfie of just your face and upload it to the website. If at any point during the process, an error message pops up, you can click on ‘Submit a Request’ button on the Bittrex website and submit your query to have it resolved. That’s it, your verification process will be done, and you can start withdrawing from your account.”][/otw_shortcode_unordered_list]
Setting up 2 Factor Authentication on Bittrex
[otw_shortcode_unordered_list items=”8″ style=”with-icon list-style-1″ item_1_name=”Log into your Bittrex account.” item_2_name=”Go to the ‘Settings’ page by clicking on Settings on the top of the main page.” item_3_name=”In the Settings page, select the ‘Two-Factor Authentication’ page.” item_4_name=”Then, back up your security key in a safe place. Copy it and store it in a location very securely.” item_5_name=”Download an authenticator application like Google Authenticator on your mobile or tablet.” item_6_name=”Choose ‘Scan Barcode’ on your Google Authenticator app and scan the barcode visible to you on the Bittrex website.” item_7_name=”You will then see a 6 digit code on the Authenticator app. Enter the authentication code on the Bittrex site and select ‘Enable 2FA’.” item_8_name=”Your 2 Factor Authentication will then be pending. Go to your email account to verify it. Look for the email from Bittrex and select ‘Verify 2FA’ button in the email sent by Bittrex.”][/otw_shortcode_unordered_list]
Bittrex Wallet review
Bittrex has a wallet feature. Cryptocurrency can be stored rather conveniently with It’s wallet feature.
Depositing coins on Bittrex
[otw_shortcode_unordered_list items=”6″ style=”with-icon list-style-1″ item_1_name=”Visit https://bittrex.com and login to your account.” item_2_name=”Click ‘Wallets’ on the upper right-hand side of the screen.” item_3_name=”Next, choose the circular symbol with the down arrow next to the coin name.” item_4_name=”Then, click on ‘New Address’ to generate an address for your cryptocurrency.” item_5_name=”Use this address to deposit coins to your wallet through other wallets and exchanges. Some currencies require a minimum deposit. So, it is imperative that you go through the instructions and make deposits carefully.” item_6_name=”You can generate a wallet address for several cryptocurrencies. Each address can store only one cryptocurrency. Make sure to send only the cryptocurrency that complies with the wallet.”][/otw_shortcode_unordered_list]
Withdrawing Coins from Bittrex
[otw_shortcode_unordered_list items=”5″ style=”with-icon list-style-1″ item_1_name=” Visit https://bittrex.com and login to your account.” item_2_name=”Choose ‘Wallets’ on the top right-hand side of the screen.” item_3_name=”Next, choose the circular red symbol with the up arrow to get to the withdraw page.” item_4_name=”You will then have to specify the address and quantity that you want to withdraw. This address should comply with the coin that you have chosen. For example, if you are withdrawing Bitcoin (BTC), the address should be of a wallet that holds Bitcoin (BTC).” item_5_name=”Click on ‘Withdraw’. If you have 2 Factor Authentication enabled, you will need to enter your six-digit code and then click on ‘Confirm’. If 2 Factor Authentication is not enabled, you will have to verify the withdrawal after clicking on the link sent to your email address.”][/otw_shortcode_unordered_list]
Depositing USD on Bittrex
[otw_shortcode_unordered_list items=”5″ style=”with-icon list-style-1″ item_1_name=”Fill out a ‘Submit a Request’ form on Bittrex for depositing USD. In the form, choose ‘Fiat (USD) Trading Request’ as your issue. You can reach this page by clicking on ‘Submit a Request’ on the upper right corner of your screen.” item_2_name=”Read through all the conditions, provide your registered email ID for Bittrex, and complete filling out all fields of the form. Once done, click on ‘Submit’ to submit the form.” item_3_name=”Make sure your bank account has been whitelisted. To check if it is whitelisted, go to the ‘Wallets’ tab. Then, search for US Dollar. When you click on the red circle with an up arrow, you will see the list of bank accounts that are whitelisted. Contact Bittrex support to add an account to the whitelist.” item_4_name=”To obtain the USD memo, click on the green circle with the down arrow. You will then get a USD memo, which you can use for wire transfer.” item_5_name=”Using the USD Memo generated, fill out the application for transferring funds from your bank account.”][/otw_shortcode_unordered_list]
Trading on Bittrex
[otw_shortcode_unordered_list items=”5″ style=”with-icon list-style-1″ item_1_name=”Log into your account on https://bittrex.com” item_2_name=”Go to the ‘Markets’ section.” item_3_name=”Find the pair you want to trade with. You can search for the currency in the search bar.” item_4_name=”For example, if you wish to buy or sell Bitcoin, simply search for Bitcoin. You will then get the option to either Buy or Sell Bitcoin.” item_5_name=”Choose the number of units, bid/ask, type and total and choose ‘+ Buy BTC’ or ‘- Sell BTC’ to buy or sell BTC respectively. This process is the same for all cryptocurrencies on the platform. You will also have to select an option for ‘Time-in-force’.”][/otw_shortcode_unordered_list]
Time-in-Force
This field specifies for how long the order that you have placed is valid on Bittrex. There are two options for this field. They are:
- Good-‘Til-Cancelled
- Immediate-or-Cancel
Good-‘Til-Cancelled
A Good-‘Til-Cancelled order lasts until the order is cancelled, or executed. All orders have a maximum lifetime of 28 days, after, which, they are automatically cancelled.
Immediate-or-Cancelled
Immediate-or-Cancelled orders get canceled unless they are executed immediately. If the execution of the order does not happen as soon as the order is placed, it is invariably terminated.
Features of Bittrex
Security
Bittrex puts security first. It was founded by a team of cybersecurity engineers. There is a lot of importance given to security on the platform. The platform was built to ensure that it is reliable and effective for trading.
It also has a multi-stage wallet that ensures that most funds are kept in cold storage, thereby, enhancing safety. It has a provision for enabling two-factor authentication. The two-factor authentication feature provides the user with a great deal of increased safety and security.
Custom-built trading engine
The Bittrex trading engine was specifically built to enable efficient and secure transactions on the platform. Orders are executed in real-time. It also has extensive APIs that support third-party trading platforms and great trading features.
Fast deposits and withdrawals
Bittrex has an automated monitoring system that enables monitoring of all transactions and facilitates fast transactions. The updating of balance, trade and wallet information is quite fast.
Driving Innovation
It has constantly supported new and established blockchain technologies. It aims to drive innovation and improve the standards for security in blockchain networks. It also aims to facilitate the development of several digital tokens and coins. However, the review process for adding a new coin or token is rigorous. As a result, all tokens on the platform are secure.
Compliance with regulations
Bittrex strives to comply with all regulations and laws. It is committed to prevent, detect and remediate all illegal and unlawful activities.
Bittrex fees
The trading fees for all transactions is fixed at a constant rate of 0.25%. There are no fees for deposits. The withdrawal fees depend on the cryptocurrency. Each coin has a fee built into its network. To cover for this fee, Bittrex charges a minimal amount on withdrawals. Fiat deposits and withdrawals are also free and do not have any charges.
Bittrex customer support
Bittrex has good customer support. However, it had canceled quite a few accounts on the basis of fraud. It has yet to resolve some of the issues of some innocent users whose accounts had been canceled.
It has a fairly decent support section. The FAQs on the website provide detailed instructions on carrying out a trade on the platform.
It also has a ‘Submit a Request’ option for users to submit their problems and queries. It is usually responsive and answers to the queries.
Is Bittrex safe?
Let’s move ahead in this Bittrex review and see is it safe to use or not? Bittrex’s primary focus is security. The transactions get executed in real time and the updates are regular. It is one of the most renowned trading platforms in the world. However, it has a reputation for canceling accounts. As a result, many accounts were compromised. Several accounts were suspended temporarily to carry out verification. Also, some users have claimed to have never obtained back access to their accounts after the ‘temporary’ suspension.
Wrapping up Bittrex Review
IT has a notorious reputation for canceling accounts. However, it is a highly secure platform. The stringent rules that it imposes on its users are to ensure compliance with US laws and regulations. It has a fixed transaction fee of 0.25% and is convenient to use. It has a great user interface also. Use this platform if you wish to carry out convenient transactions, but, at your own risk.
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Bittrex
Pros
- Easy to use
- Highly secure
- Low transaction fees
Cons
- Known to have cancelled accounts
- No fiat currency trading
