Bittrex Review: How to use Bittrex and Is it a scam?
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.
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.
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
Verification Process on Bittrex
Setting up 2 Factor Authentication on Bittrex
Bittrex Wallet review
Bittrex has a wallet feature. Cryptocurrency can be stored rather conveniently with It’s wallet feature.
Depositing coins on Bittrex
Withdrawing Coins from Bittrex
Depositing USD on Bittrex
Trading on Bittrex
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:
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 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
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.
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.
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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