Jump to content
  • Sky
  • Blueberry
  • Slate
  • Blackcurrant
  • Watermelon
  • Strawberry
  • Orange
  • Banana
  • Apple
  • Emerald
  • Chocolate
  • Charcoal

Welcome to your community. We would like you to take a minute and read our newcomers guide.

Sign in to follow this  
tradeandholder

Bittrex Review

Recommended Posts

Bittrex is an exchange that focuses mainly on the traders already experienced to a certain extent. Some of the features that make Bittrex great are fast transaction processing as well as a cool and easy-to-use interface. If you are into development, you can even use APIs and create your own trading bots via Bittrex.

 

Fees

When it comes to their pricing, Bittrex follows a simple rule - all trades are charged the same fee of 0.25% per transaction.

Each deposit transaction is also completely free, but what’s even more interesting is that withdrawing different cryptos means different withdrawal fees. For the sake of comparison, Bittrex charges 0.001 BTC while Poloniex charges 0.0005 BTC for withdrawing bitcoin. That said, this makes Bittrex one of the more expensive when it comes to withdrawal fees.

 

History of Bittrex

Bittrex was founded in 2014 by the big corporations’ ex-coworkers such as Microsoft, Amazon, and Blackberry. If we take the trade volume into consideration, the platform has paved its way to the top in the crypto industry.

What makes Bittrex special are the APIs that have significantly improved the platform’s efficiency and have attracted many experts in the IT.

 

Safety and Security

Apart from being fast and efficient, Bittrex can also be proud of their top-notch security features. First of all, the 2FA is enabled so that Bittrex users can use Google Authenticator to ensure 100% safety of their precious accounts. This ultimately adds two whitelisting layers - IP whitelisting and Wallet whitelisting.

Finally, the platform comes with another feature called crosschain recovery service. Basically, if you accidentally transfer your assets to a wallet that a stores wrong type of coin and the sum is larger than $5,000 - in such case, the funds will be restored by Bittrex - simple and effective.

 

Ease of Use

One of the ways to describe the platform’s interface is user-friendly. All the elements are clear and visible, and the main dashboard provides a great overview of cryptos along with charts for the selected ones.

The website also offers easy trading options as depositing and withdrawing cryptos due to the automated monitoring system, thus making the entire experience really fast and effective. A few potential trading types include market orders, stop orders, limit orders, GTC, Fill-or-Kill, and Immediate-Or-Cancel orders.

 

Deposit/Withdrawal

In order to deposit funds to your account on the platform, you need to transfer funds from your crypto wallet that you have on an external platform. There is a possibility to buy tether from the platform, but the currently minimal amount is 100,000 USDT - so only the big players are most probable to participate. Also, for this, you need to have the “enhanced” verification of your account, which means that you will have to provide legal documents providing your personal information.

The withdrawal process is also very easy and fast - it involves moving crypto from the platform to one of your external wallets.

 

Pros and Cons

Pros:

  • Available APIs for automated trading bots
  • The trading, deposit, and withdrawal transaction times are minimal
  • Almost 200 cryptocurrencies supported

Cons:

  • No fiat currencies allowed
  • Margin trading is not available

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×