Bittrex Review [2020] Things to Know Before Signing Up

After rising of cryptocurrencies there was a need to convert some currencies to others, for example, Bitcoin to Altcoins. Today you can do it easily and quickly on crypto exchange platforms that offer a lot of various conditions. Before trusting your money to exchanges you need to be sure about their safety. The following article is an overview of the Bittrex platform that includes all of its advantages and features.

Bittrex Features

Bittrex is an American cryptocurrency trading platform. It was incorporated in 2014 in Seattle, Washington. The firm is co-founded by Bill Shikhara and Richie Lai. The third important member of the team is technical director Rami Kavach. All of them have been working in the technology sector for many years and so they have a good reputation as cybersecurity engineers.

Bittrex is considered the global leader on the blockchain market. This is a platform for people who have the following priorities:

  • Speed of execution of transactions.
  • Security of personal accounts and wallets.
  • Advanced technologies.

Bittrex is the most famous exchange in the United States. Residents of most states are its investors. At the moment America is considered the number 1 in the cryptocurrency market. It has a very large number of platforms on which cryptocurrency trades take place daily. Also American traders trade on exchanges located in other countries.

This exchange also works as the «Blockchain Incubator». Global business innovations are promoted by attracting professionals all over the world. So new tokens can change the way of goods, service and operations management in the world.

How To Deposit Money Into Bittrex

There are two methods to top up your Bittrex account:

  1. Transfer funds from another crypto wallet.
  2. Making a fiat deposit using a bank card (VISA only) or a wire transfer (regular or SEPA).

How to deposit Bitcoin into Bittrex

Bitcoin can be purchased in any exchanger that accepts the fiat. After that the money is credited to the exchange wallet. To deposit Bitcoin into Bittrex, you need to create an appropriate wallet in your account. Once the address is generated, you can transfer bitcoins from an existing wallet to a Bittrex wallet.

Be careful! Make sure you send the same type of coins to your wallet. If you deposit a coin that differs from one for which the address was created, you risk to lose it forever. Such situations are reviewed by the Bittrex Global Deposit Recovery Policy.

How To Add USD/EUR To Bittrex

If you want to deposit money into Bittrex you must have a confirmed account here. It’s need to download scans of identity documents, a copy of a recent bill or statement and your photo. The procedure takes some business days.

For USD/EUR deposits, besides the account confirmation, you need to contact with the customer service desk. A manager will whitelist your account. Then you also will wait for a few business days. The amount of commission depends on the conditions of your bank transfer.

You can deposit fiat currencies just from your bank account to the exchange wallet. A commission for depositing by credit/debit card is 3%, the transaction is instant. Fiat trading is available for American traders who are situated in the approved states.

The minimum deposit amount is USD 50 or its equivalent. The size of deposits is unrestricted.

How To Trade In Bittrex

Steps Of Trading

  1. Creating your account. All your assets for trading must be converted to bitcoins as it’s said above.
  2. You determine the amount for the first investment by yourself, it depends on your preferences and possibilities. If you are a beginner, you should not start trading for more than USD 200. At first it’s better to play on the exchange trying different options – to get acquainted with the platform potential and opportunities. The more investment you do the larger player you become.
  3. Selecting the time of buying and selling. Once you understand the rules of the game on Bittrex you will realize that it is a regular stock exchange. Here you can follow the trade volumes, buy when the rates are in minus and sell when they are in plus.

Placement Of Limit Order

  1. Enter the number of coins you want to buy in Quantity.
  2. Specify your maximum price that you are willing to pay for 1 coin in base currency in BID. Respectively last price will fill in the price of the last trade on the Order book.
  3. Check the correctness of all parameters and place the order confirming the total amount.

A sell limit order has the same description as a buy limit order.

Fast Trades

Quick trade is an offer for immediate sell or buy coins at the rate that is already posted to the Order Book.

On the left side you can see the offers to BUY coins in descending order of the BID price (from the highest price to the lowest). On the right side there are offers to sell that allow immediately sell coins at the highest rate offered and for the quantity offered at that best rate.

To participate in these transactions, you need to have enough number of coins in your account.

Important! All buyers and sellers are reviewing the Order Book at the same time so there is no guarantee that fast trades will be done at the displayed rate until the transaction closes.

What To Do If You Can’t Follow The Rates?

The Bittrex Flash Crash Buyer Bot is used to conduct automated sells on the exchange. To run it you need to set the rates, set the less/greater than or equal to rule. After that Bot will buy and sell assets for you when rates achieve the set values.

Trading Fees

Bittrex is one of those platforms who don’t charge different fees for operations. It has a multi-levelled fee structure. So traders making significant volumes have some discounts.

A base rate is the same for makers and takers – 0.25%. The fee reduces to 0% when maker trades at about $40M+, and 0.08% when taker has a trading volume up to approximately $60M+.

The betting table is presented below:

So you can see that individuals and institutions have advantageous conditions for trading.

How To Set Stop Loss On Bittrex

If you want to prevent losing positions and protect yourself from risks, you need to set a STOP LOSS order. It is always more profitable to lose 5% than 50%, which is the purpose of the exchange function. Every trader should use this tool.

How does it work? An order triggers only when the price reaches the value you defined. And only after that your order adds to the Order book. These orders cannot be detected by bots or other traders who track the available trade options.

For STOP LOSS orders, use the condition “less than or equal to”. You should set the minimum price you are comfortable with selling at. As a rule, this amount is at least 5% lower than the purchase value. Accordingly, in order to make a profit you should use the condition “greater than or equal to”. In this case the coins are sold after the price reaches this value.

Important! Remember that your motto should be like the saying “Live to trade another day!”. The longer you can survive in the trading market, the more knowledge and experience you gain in the industry, therefore increasing your profits.

How To Withdraw From Bittrex

All kinds of funds are available for withdrawal:

  • Fiat currencies. You need to have a verified bank account which is tied to your Bittrex account. The longest waiting period for fiat withdrawals is no more than 10 days. The minimum amount you can withdraw is USD 50 (or its equivalent). The withdrawal procedure from Bittrex has no fees but your bank may charge them. So you can find out about all the withdrawal conditions from your bank.
  • Crypto-assets. Read about the withdrawal fees in another chapter of this article.

This exchange has no interest to confuse traders with large fees. To withdraw BTC you pay extra 0.0005 BTC. This is the average rate for withdrawals of Bitcoins and even lower in this industry.

Security

Security on exchanges is important for two reasons:

  1. An account contains a lot of valuable personal information: from the name and an address to government ID details, taxpayer ID numbers.
  2. Exchanges handle a lot of cash or crypto deposits and withdrawals.

Bittrex provides security due to multiple layers of protection. It also has a 99.95% uptime rate that shows how reliable the trading engine is. Also this exchange has a large number of cryptos.

For traders two-factor authentication guides their secure of coin movements from cold to hot wallets. Also the exchange makes use of full SSL encryption of its domain, meaning that all the data you send to the exchange is secure. It’s used to login to the accounts via Google Authenticator. It also allows the two following whitelisting:

  • IP whitelisting – users instruct Bittrex to authorize account activity that originates only from these addresses.
  • Wallet whitelisting – allows users to withdraw funds only into specified crypto wallets.

The exchange administration strongly encourages users to enable 2FA to further secure their account. The platform is constantly evolving and at the same time its security level also is growing.

Bittrex’s cross-chain recovery service is another main feature. If the user transfers any cryptocurrency deposit worth more than USD 5,000 to a wallet of the wrong coin type the exchange will recover the funds. In this case you should send a request within 7 days after the wrong transaction. But you will have to pay 0.1 BTC to the exchange for recovery of any assets.

One of the feature that inspires the maximum trust to the exchange is absence of hacking that is also unlikely to happen in future.

You can also find out how safe the Bittrex exchange is on the CryptoTotem website.

Supported countries and cryptocurrencies

Bittrex is a worldwide available platform. But verification process can be different for each country.

Jumio helps Bittrex with the verification process of its clientele base. This platform is a digital ID and identity verification solution provider. Jumio is available to residents from around 200 different countries. Exceptions to this are residents and citizens of North Korea, Iran, the Crimean region, Syria, Cuba and individuals who are subjected to U.S. federal government sanctions.

Here there are over 450 trading pairs. Bittrex always allows to trade such popular cryptocurrencies with high liquidity like:

  • BTC
  • ETH
  • DASH
  • LTC
  • NEO

Also Bittrex has started trading fiat pairs for popular cryptocurrencies such as:

  • BTC / USD
  • ETH / USD
  • USDT / USD

Create an account

The interface is as simple as possible, that’s why Bittrex is praised by users. The exchange must comply with the Bank Secrecy Act, U.S. economic sanctions laws and other legal and regulatory requirements, so all users undergo mandatory inspection (KYC).

Steps of signup process:

  1. Select “Create Account”.
  2. Confirm your email address.
  3. Fill in some more information about yourself (your country of residence, your address).
  4. Confirm your identity with a photo of yourself holding a piece of paper with some text. Also provide photographic evidence with your passport or driving license.

Once all of these documents are sent and approved you may deposit, trade and withdraw money from Bittrex.

Conclusion

Bittrex is safe and easy to use cryptocurrency platform with its unique features and offers among hundreds of them in the world. Recent updates make it one of the most attractive instrument in the crypto market. As it has no any controversial features you can trade coins and withdraw funds directly into your bank account.

Pros

  • A large number of coins to buy, sell, trade and hold.
  • Availability around the world – the exchange is open to business for everyone who wants to be a trader in the cryptocurrency market.
  • High level of service – Bittrex support is considered one of the best among its competitors. A great credit for such quality belongs to the concept of communication with clients in Facebook and Twitter. That’s why requests are processed much faster, plus in a reasonable response time.
  • High level of security – many layers of protection make this exchange very reliable.
  • Low minimum trade limits – users with smaller portfolios can still use new trading options (f.e. rebalancing).

Cons

  • Lengthy confirmation process. It takes a long time cause of the permanent registration of new members. But the current team can’t process so much applications at once.
  • USD is the only one fiat trading pair available on the platform. Many traders are sure that their funds should be tied to a fiat trading pair, but also they are interested in providing of diverse selection options.

Bittrex is a worthy choice of platform for a fiat-to-crypto exchange with a range of opportunities.

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