BITTREX Review 2021
Established in 2014, Bittrex is the world’s top 3 cryptocurrencies exchange. The exchange is based in Seattle, USA and has a daily trading volume of around $300 million. The exchange was founded by Bill Shihara, Richie Lei, Rami Kawach, and Ryan Hentz. Overall, the Bittrex exchange has a stellar reputation and has not suffered from any hacking attempts. Bittrex’s success in maintaining its security integrity in the wake of several high profile security breaches at several major cryptocurrency exchanges around the world can largely be attributed to the security experiences of its founding team.
- Bittrex Deposit and Withdrawal Options
- Fees and Charges
- Customer Support
- Pros and Cons
Today, Bittrex regards itself as one of the cryptocurrency industry standard bearers and aspires to provide its customers with the fastest and most secure exchange in the industry.
Bittrex’s trading platform is a proprietary platform that was designed around the concept of elastic computing. The term elastic computing refers to the idea of utilizing computer resources which can be scaled up or down according to operational requirements. It is a concept often used in cloud computing. By designing their platform around this concept, Bittrex is able to offer superior trade execution. In short, Market orders which are placed can be executed almost instantaneously.
In addition to operating as a cryptocurrency exchange, Bittrex also offers an online wallet. It comes with all the features that you will find on any cryptocurrency wallet on the internet. However, there is one feature of the Bittrex’s wallet which makes it stand out from the rest of the pack. The wallet is able to support a diverse range of altcoins. At the last count, the number of cryptocurrencies supported by Bittrex is 264 cryptocurrencies.
Bittrex Deposit and Withdrawal Options
Bittrex has partnered with Jumio to help with the verification process of its clientele base. Jumio is a digital ID and identity verification solution provider. At present, Jumio is able to process clients from around 200 different countries. The full list of supported countries can be viewed here.
In terms of deposits and withdrawals, Bittrex presently does not have any support for fiat currencies except for enhanced verified accounts. Deposits and withdrawals are only possible through cryptocurrencies channeled through Bittrex’s online wallets. For example, to withdraw your cryptocurrency holdings, you need to generate an address from a wallet on an exchange which can convert cryptocurrencies to fiat currencies. Once you have the address, you can send your cryptocurrency holdings in your Bittrex’s wallet to this address.
Fees and Charges
Accounts at Bittrex are categorized into 3 categories, New/Unverified accounts, Basic accounts and Enhanced accounts. New and unverified accounts are unable to initialize any BTC withdrawals whereas, with basic accounts, you can withdraw up to a maximum of 4 BTC per day. For the enhanced accounts, the daily withdrawal limit is 100BTC with 2-factor authentication enabled.
In terms of fees, Bittrex imposes a flat rate commission of 0.25% on all trades. Comparatively, the fee is higher than the industry average. Nevertheless, it should be noted that Bittrex doesn’t charge any fee on deposits and withdrawals. In a way, this help to balance out the relatively higher trade fee imposed by the Bittrex exchange.
As part of their service, Bittrex also offers its clients the ability to verify their identity through documental proof such as social security number or other recognized government ID. By verifying their identity, the clients will be able to enjoy better benefits such as higher withdrawal limits. In addition to enhanced verified accounts, it is possible to make withdrawals and deposits with the bank a wire transfer with USD Tokens that amount to a minimum of $100,000. Nevertheless, it is still possible to sign up for a basic verified account at Bittrex by providing basic information about yourself such as your email address, name, birthday and verified phone number.
In terms of the security at Bittrex, it is ironclad. The exchange keeps 80% to 90% of funds in cold storage through an elastic multistage wallet. On the client’s side, there is the 2-factor authentication system. In the event the 2-factor authentication system is not enabled by the client, a withdrawal limit is imposed on the client’s account as a security measure.
The customer support service at Bittrex like most other cryptocurrency exchanges leaves very much to be desired. At present, support is only available via an email ticket system.
Pros and Cons
- Efficient trading platform
- Flat rate fees of 0.25% on all trades
- Have provision for anonymous trading
- No fees on deposits and withdrawals
- Bank wire transfer not supported except for enhanced verified account
- Fee higher than average
- Poor customer support
What Is The Minimum Trade Size On Bittrex?
The minimum trade size on Bittrex is 0.00100000 BTC (100,000 Satoshis).
What Are The Fees That Bittrex Charges?
All trades on Bittrex are subjected to a fee of 0.25%. There is no fee for deposits and withdrawals.
How Do I Deposit Coins In My Wallet?
On your account page, click on the wallet and then select the wallet that you want to deposit to. Click the “+” beside the wallet and click “new address” to generate the address. Finally, send the coins to this address.
My Account Is Disabled. How Long Do I Have To Wait For It To Be Enabled?
Accounts are disabled for several reasons. But depending on the reasons, the account may automatically be enabled after 48 hours.
Overall, the reputation and security at Bittrex are unrivaled. In addition, the Bittrex exchange offers the widest selection of cryptocurrencies for trading. The fact that they don’t charge any fee for deposits and withdrawals is also another major draw. If you are looking for a cryptocurrency exchange that places a strong emphasis on security, then Bittrex is the exchange to go for.
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