🔥 Bittrex Test 2021: Exchange experiences & rating
If you want to learn more about how you can participate in the Bittrex crypto exchange you are in luck. With our review we will cover everything you need to know about this cryptocurrency exchange. We'll cover the key questions about Bittrex and also walk you through setting up an account and buying cryptocurrency with Bittrex.
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Who is behind Bittrex?
The Bittrex cryptocurrency exchange was founded in 2014 by a trio of engineers with a focus on cybersecurity. With its very fast transactions, its high security measures and its reliable digital wallets, Bittrex is considered one of the leading cryptocurrency exchanges in the world. This blockchain platform aims to drive innovation and new technologies while promoting change in the cryptocurrency space.
Bill Shihara, the first of the trio, is currently the CEO of Bittrex. With a background in security management and threat analysis at Amazon and Blackberry, Bill has the experience and references to keep the platform secure. His roles at these two companies prepared Bill to build a platform known for protecting users from threats and hacks.
Richie Lai is the CIO at Bittrex and was previously part of the Amazon Information Security Division. In previous roles, Richie gained experience in advanced surveillance and analysis, application security, and external threat analysis. Coupled with Bill's experience, these two Bittrex make a reliable and secure cryptocurrency exchange.
Bittrex's current CTO is Rami Kawach, the third member of the founding trio. Prior to founding, Rami was a Security Engineer at Amazon. In addition, prior to joining Amazon, he was Director of Engineering at a company called Qualys. Prior to Qualys, he was with Microsoft for a decade, assisting mitigation efforts and leading multiple projects.
How to Use Bittrex - Our Step by Step Guide
Below, we've covered everything you need to trade cryptocurrencies on Bittrex, from trading fees to account setup.
Important facts
Choosing the right cryptocurrency exchange can be a challenge. That's why we're here at Bitcoin News.one reviewed all of the information to give you exactly what you need to know. Here's a quick recap of what you need to know about Bittrex:
· Supported countries: Bittrex is supported globally, although each country has different documentation requirements.
· Conventional currencies: Doesn't support traditional currencies unless you have an expanded, verified account. Then you can use USD.
· Type of deposit: Cryptocurrency or wire transfers over $ 10.000 USD
· Support: Bittrex has an FAQ section for typical questions and a ticketing system if you need additional help.
· Office: Bittrex is based in Seattle, Washington in the United States.
· Swap pairs: Bittrex supports trading pairs in Bitcoin, Ethereum, USDT and many others.
Margin trading: Margin trading is currently being tested on Bittrex and is not available to its users.
Bittrex trading fees
You can expect the following fees at Bittrex:
Trades
All trades on Bittrex are subject to a 0,25% fee. If any part of the order is not completed, users will receive a full refund after canceling the order.
insoles
Bittrex does not charge a fee for deposits. The users can see a fee that is charged by the coin network, which the exchange cannot avoid. Otherwise there are no fees for deposits.
payouts
Withdrawals are charged with a small fee to cover the network transfer costs built into the coins themselves. Bittrex lets you see the amount of this fee by clicking the arrow icon next to the coin.
Why open a Bittrex account?
What makes Bittrex different from other exchanges? Here are some of the top reasons you should consider opening a Bittrex account.
Fast transactions
Bittrex provides an automated and efficient trading platform that enables the user to conduct quick transactions on a daily basis. Transaction types include trading criteria, wallet information, and balance updates.
Driving innovation
To drive innovation, Bittrex supports both established and novel blockchains. With a growing selection of digital tokens and blockchain technologies to choose from, Bittrex wants to make sure that only the best are listed on its exchange.
Custom trading platform
Bittrex offers a specially developed trading engine that is designed to ensure that every order is executed in real time. It's also scalable and supports third-party platforms.
Compliance conscious
Bittrex is committed to complying with the regulations. The exchange strives to comply with all US regulations that help identify and prevent illegal behavior by its users before it becomes a problem. This applies not only to the Bittrex trading exchange, but also to all other services.
Safe platform
The Bittrex cryptocurrency exchange prides itself on being able to offer its users a secure platform. With reliable technology, Bittrex users know that they can trade with the confidence that their digital assets are protected. This includes two-factor authentication and the strategy of storing 80-90% of all funds offline in the 'cold storage'.
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How to Open a Bittrex Account
When you're ready to open your Bittrex account, go to Bittrex website and click the blue "Sign In" button.
On the next screen, you will see fields asking for an email address and password. Complete this information and click the "Sign In" button below to continue.
As soon as you click Register, Bittrex will send you an email asking you to verify your address. Click on the link included in your email. You will be directed to a confirmation page where you can return to the Bittrex homepage to log in. Accept the terms and conditions and you will be redirected to your profile page.
Here you can enter your personal data, change your password or set up two-factor authentication to make your account more secure. After entering your profile information, you can verify your identity.
Why should you verify your identity with Bittrex?
Bittrex offers two types of accounts on its exchange. With the basic accounts, you can withdraw up to three Bitcoin per day or the equivalent of the digital currency, provided that two-factor authentication is activated.
Upgraded accounts, on the other hand, allow users to withdraw up to 100 bitcoin per day as long as two-factor authentication is enabled. 100 Bitcoin sounds like a lot, and it is, but what do you do when you happen to come across a great opportunity and are limited to three bitcoins?
Verifying your identity on Bittrex is very easy. It is better to do this even if you think you wouldn’t withdraw more than 3 Bitcoin per day, but if you ever need it, you can use it without any problem. But how do you verify your identity?
Verification of your identity
Once you have entered your profile information, Bittrex will take you to a screen to begin the verification process. Click the green Start Verification button to continue with the process.
As soon as you click on the "Start verification" button, a popup appears at the bottom of the screen. Scroll down and you will see another green button that says "Start ID Verification". Click on it to go to the next screen.
Next, you need to choose which type of ID you want to use for verification. You can choose between your passport, an identity card or your driver's license. Once you've decided on one, Bittrex will ask you to use your device to take a picture or upload a file from your device.
Follow Bittrex's instructions to upload your identification. You must provide a picture or selfie so that Bittrex can verify your identity. Once you are done with these steps, you will get a message informing you that it will take about ten minutes for the process to complete.
Refresh the screen. If everything went smoothly, you will receive a message that your identity has been successfully verified.
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Securing your Bittrex account
Keeping your Bittrex account secure only takes a few minutes, but it can go a long way in protecting your digital assets. It makes it difficult for cyber criminals to access your account and provides additional protection for your cryptocurrencies.
Two-factor authentication
Using two-factor authentication (2FA) means adding another layer of security to your account. This kind of protection on your account means that even if someone knows your password, they must also have the randomly assigned code in order to access it.
To enable 2FA on your account, go back to Settings and select Two-Factor Authentication from the bar on the left side of the screen. Instructions on how to download and use Google Authenticator are shown on the right. Follow this process to make sure your account has the necessary protection.
Whitelist cryptography and IP addresses
Bittrex offers you the option of whitelisting crypto and IP addresses. You can find this option in the same place that you can find the activation of 2FA, in the settings on the left toolbar. These features are great in case you forget your login details.
With the Crypto Whitelisting you can specify a withdrawal address. This means that you are telling Bittrex that you only want to send your digital funds to the authorized address. Remember that when you set up this feature, you will need to whitelist an address for each type of cryptocurrency.
The whitelist of an IP address tells Bittrex that you only want to allow withdrawals or trades from a specific IP address or IPs. This prevents trades and withdrawals from happening if you are not aware of them.
Monitoring account activity
Of course, one of the best ways you can prevent your account from being compromised is to keep a close eye on it. Monitor your transaction history and check that the transactions are the ones you made. You can view the course of four weeks by selecting "My Activity" in the settings menu.
How can you trade on Bittrex?
Before you start trading at Bittrex, you should start by depositing your base currency. You can deposit Bitcoin, Ethereum or USDT. Your base currency will be the currency in which you will be buying altcoins.
To deposit your digital assets, click on the "Wallets" option in the top right corner of the website. From there you will see a list of cryptocurrencies. Select the green icon with a down arrow next to the currency you want to deposit. You are now using this currency as the base currency.
Next, choose your Bittrex market. You can choose between three variants: Bitcoin, Ethreum or USDT. These three markets represent the common base currencies used to purchase the majority of the altcoins available on the exchange.
If, like we did in the example, you choose to deposit bitcoin as your base currency, find the bitcoin market under the “Markets” tab and choose the altcoins you want to buy. Likewise, if your base currency is Ethereum, you would go for the Ethereum market.
Purchase orders
Find the trading pair you want to use and click on it while in your base currency market. In our example we used the trading pair BTC-XRP. Scroll down until you find the "Buy" option. You can enter your purchase requirements and then click the "Buy" button at the bottom of the screen.
order type
The order type is self-explanatory. It's the type of order you create. You can choose between "Limit", the standard selection, and "Conditional". A limit order determines the maximum price at which you will buy. Conditional orders are more complex and require you to set conditional prices. If you are unfamiliar with this option, it is best to use it after researching it.
Quantity
Simply put, the amount is the number of coins you want to buy. You will manually enter the amount in the field.
Bid price
This is the price you pay for each unit of the altcoin you have chosen. For example, if you want to pay 0.05 bitcoin for a ripple coin, enter that number here.
Total
This is the total amount of your base currency that you would like to invest in exchange for the number of altcoins you would like to buy.
time in force
Your options here are "Good-til-Canceled" or "Immediate-or-Cancell". "Good-til-Canceled" means that the order will remain open until it is fulfilled or canceled. "Immediate-or-Cancel", on the other hand, means that the order must be executed immediately. If it cannot be executed, it should be canceled.
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Sales orders
You can sell your altcoins on the same screen that you buy them on. Simply switch to the "Sell" option and enter your details. Your put options are the same as when you buy. You can choose your order type, set your quantity, enter your desired price and enter the total number of Altcoins you want to buy.
As with "Buy Orders", you can also set "Time in Force". So you can decide whether your order should be sold immediately or canceled immediately, whether it will continue until it is sold, or whether you want to cancel it manually.
Keep your coins in a wallet.
Remember that at the end of the day the best way to secure your coins is to keep them in your personal wallet. The exchanges allow you to trade your coins and hope that they will keep your coins safe, much like a bank would with your traditional currency.
However, there is a possibility that an exchange could be hacked or abandoned, which could mean that you have to take out or lose all of your coins if they remain on the exchange. At the end of the day, the safest thing to do is to move your coins to your own wallet so that you know where they are and are in control of them.
Conclusion
No stock market is perfect. Each has advantages and disadvantages. Here's a quick look at some of the pros and cons of the Bittrex exchange.
Benefits
· Good security
· Fast registration
· Fast verification process
· Fully Compliant and Fully Regulated in the US.
· Supports over 200 cryptocurrencies
· Available in many countries
Disadvantages
· Margin trading not available
· No mobile application
· Slow customer support
· No fiat currencies supported for deposits (except over $ 10.000 USD).
The Bittrex exchange is a good place for beginners to trade altcoin. If you haven't clearly set your trading expectations or need leverage trading, this is a great platform to get started with. Bittrex offers a fair amount of liquidity without much risk. Altcoin's liquidity is comparable to other exchanges, and as Bittrex continues to grow and expand, that trend will only continue.
If you're a more experienced day trader, Bittrex might not be that useful. It does not offer margin trading, has higher fees than other exchanges, and offers limited liquidity in comparison. On the other hand, if you're a long-term investor, Bittrex isn't a bad choice. The exchange offers strong security and is a big competitor in an expanding market.
Overall, Bittrex isn't a bad exchange. It's easy to get started and check out, and the website makes buying and trading easy. If you are unfamiliar with trading, the site can be a little intimidating and it will take you a few times to get the hang of making deposits and withdrawals.
It would be nice to see how Bittrex makes things easier for its users, but if you're familiar with buying and selling Bitcoin or Ethereum, it's a good place to buy, sell, and trade altcoins.
Frequently asked Questions:
The Bittrex cryptocurrency exchange was founded in 2014 by a trio of engineers with a focus on cybersecurity. With its very fast transactions, its high security measures and its reliable digital wallets, Bittrex is considered one of the leading cryptocurrency exchanges in the world. This blockchain platform aims to drive innovation and new technologies while promoting change in the cryptocurrency space.
Below we've covered everything you need to trade cryptocurrencies on Bittrex, from trading fees to account setup.
You can expect the following fees at Bittrex:
What makes Bittrex different from other exchanges? Here are some of the top reasons you should consider opening a Bittrex account.