What is bittrex.com? How does it work? Is there any unique reason behind its popularity in the present-day world? Is it one that you can use to benefit yourself by any means? Welcome to my review about Bittrex, in which we shall be generally seeking to answer the questions put across right above. To get an even clear understanding about what Bittrex is out to achieve, here is the outline that the review will take:
- What is Bittrex.com?
- Which services are offered by Bittrex?
- Which are the currencies and payment methods are allowed?
- The trading fees you can expect to be charged
- Which countries are supported on Bittrex
- The security standards on Bittrex
- Is Bittrex Legit or Is it a Scam?
- Pros and cons
Name of the platform: Bittrex
Official Website URL: https://global.bittrex.com/
Overall Rating: (3 / 5)
Recommended: Not Highly Recommended
What is Bittrex.com?
Bittrex is a USA-based crypto exchange that has been in existence for quite a number of years now. The company that runs Bittrex was founded back in 2013 by the following people:
- Bill Shihara
- Richie Lai
- Rami Kawach
They all previously worked at Microsoft, which is something that most people would perceive as being good enough to convince them that Bill, Richie, and Rami have sufficient experience to create and run a platform such as Bittrex.
One of the major elements of Bittrex that has banked on to thrive in the crypto exchange industry is security. The platform has so far not been hacked, and its owners claim that it offers the best speed and stability that anyone would need to carry out a crypto exchange.
All said, however, is this a platform that you should switch to or keep off? Let us dig deeper to find out about that and more.
Which services are offered by Bittrex?
Bittrex has one main service, which interested customers can rely on, and that’s a trading platform. This platform has several cryptos, which customers can exchange at any time. The same platform can be used to execute standard spot trading orders.
The trading engine upon which the platform rests has been created in such a manner that it seamlessly glues together the following automated features:
- Stop loss
- Good ’til canceled (GTC)
- Instant buy or sell
These are all presented along with a collection of the charting tools that are needed by every trader. As already highlighted, this platform is one that has been perceived as a very speedy one, in that it does not lag when in use.
Bittrex does not support margin trading. This is a feature that some of the expert crypto traders cannot do without. It’s a high-risk high-reward approach that has made many traders millions of dollars in profits.
Which are the currencies and payment methods are allowed?
All the people living outside the USA, or in the States listed below can deposit, trade, and withdraw their money in US dollar. The States are:
Alabama , Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana , Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Missouri, Mississippi, Michigan, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington State, Washington, D.C., Wisconsin, West Virginia.
Note that USD deposits and withdrawals can only be done through wire transfers. The accounts that are not eligible to trade in USD can utilize stable coins like USDT, which is also known as Tether. This platform has more than 400 altcoins that can be traded against the BTC, ETH, USD, and USDT.
Bittrex is always trying to update its altcoin offerings whenever there are launched into the market. This happens upon the successful vetting of the source codes presented by the creators of the altcoins. Bittrex also takes the time to delist inactive coins, just to maintain a highly profitable trading environment.
Bittrex is also keen to verify that all hardfork and airdrop coins are reliable enough to be trusted and used by its customers, before offering full support.
The trading fees you can expect to be charged
The main fees that you will be charged when using this platform are trading fees. This is simply because the main activity carried out on this platform is trading. The maker and taker fees charged are usually based on an accounts’ 30-day trading volume.
Which countries are supported on Bittrex
This platform is available for trading and crypto exchange for all customers in the world except those living in the following regions:
- North Korea
Any person who has an economic sanction from the USA federal government cannot also access this platform.
The security standards on Bittrex
Bittrex claims to deliver a very secure platform without compromising on the other aspects that pertain to an efficient and reliable trading engine. The creators of the platform previously worked at Microsoft, and they are well-versed with security standards. Currently, Bittrex sees to it that 80-90% of the customers’ funds are stored in offline wallets that limit the possibility of the loss of funds arising theft by hackers.
In addition to that two-factor authentication is mandatory for all the cash withdrawals, as well as API calls. If one does not activate the 2FA setup, then the amount of money can withdraw from the platform is significantly less. So far, Bittrex has not reported any case of security breaches or the loss of funds arising from the lack of efficient hacker-proof measures.
Is Bittrex Legit or Is it a Scam?
I think Bittrex is not a scam, in my own assessment. The platform was founded in 2013 and has been around since then, serving its customers in the manner perceived best by the support staff. Its founders are people who have been in the tech industry and are well-versed with the inner workings of such a platform.
What do the customers have to say about the efficiency of Bittrex? I went through a good number of customer reviews and was disappointed to learn that Bittrex is not very keen on customer satisfaction. I noted that on a platform such as TrustPilot, 72% of all the customers think that the services here are bad. Most of the complaints are about customers being locked out of their accounts, which in my own opinion is simply not a good way to treat customers. There should be an orderly and systematic manner to enforce security while ensuring that the customers get what belongs to them.
Own Your Cryptos in Style. Get Your Free Crypto ATM (+ other benefits), and manage your accounts with ease with a more reliable crypto exchange
Pros and cons
- Secure platform
- Works in the USA
- Has been around for quite some time (trustworthy)
- Negative customer reviews
Final Words and Verdict
Verdict: Legit ( Not highly recommended)
Overall Rating: (3 / 5)
Bittrex is a decent platform, in my own assessment, though I’m skeptical about its efficiency, based on the customer reviews and average ratings. I think you can set yourself up for a stress-free life in as far as crypto exchange is concerned about using a more solid platform. Have a look at my number one recommended alternative to Bittrex and see if it will be good enough for your needs.
Thank you for reading through till the end of my review about what Bittrex.com is. Is there anything that you’d want me to clarify? kindly tell me about it in the comments section, and I’ll get back to you right away. That’s all for today!
Eric. Bitcoin investor and blogger at StartMakeStopWaste.