Bittrex is a cryptocurrency exchange located in Seattle, in the USA. One of the major focuses and aims of the company is ensuring that the security of its systems remains top-notch and impenetrable. The company is registered under the Bermuda Monetary Authority (A financial regulatory body). Bittrex is a globally recognized exchange that has a strong security system with multiple layers and the platform also offers wallets for storing cryptocurrency and serves as a trading platform too.
Bittrex was founded in 2014 by Bill Shihara, Richie Lai, and Rami Kawach who were experts in cybersecurity with working experience in Amazon as security engineers. Due to their experience in cybersecurity, they decided to build an exchange platform with a strong security system to prevent hacking as experienced by other exchanges. Bittrex was initially a crypto-to-crypto exchange but recently allowed the use of fiat currency for purchasing crypto on its platform. The company has its headquarters in Seattle, Washington and is ranked at 11 in one of the best cryptocurrency exchanges by trading volume on CoinMarketCap.
FEATURES OF BITTREX
Some of the features possessed by Bittrex which has attracted it to millions of users worldwide is the fact that it is highly secured, has an easy to use users interface, supports multiple trading pairs and cryptocurrencies, has a high trading volume and also has a mobile app which makes it easier to have access to the platform and also makes it easier to use.
SERVICES OFFERED BY BITTREX
The services offered include the following:
- Trading: This is the major service rendered by Bittrex. It offers an advanced trading platform where you can perform spot trading on different trading pairs supported on Bittrex. Only spot trading is supported on Bittrex for now no margin trading option is provided.
- Buying and selling of crypto: Bittrex now allows its users to buy and sell cryptocurrency with the use of fiat currencies.
- Wallet: it offers a wallet where you can store your funds and crypto-assets. These wallets are highly secured.
- API: Traders, developers, and other platforms can have access to the Bittrex API and use it to build their own exchange platforms.
HOW DOES BITTREX WORK
You have to register with Bittrex by creating an account through their official website or mobile application. Click on sign-up and select the type of account you want either a personal account or a corporate account. Fill out the form provided then select create account. You will need to verify your email by clicking on the link sent to your email address.
After you have successfully registered your account, you need to verify the account before you can start doing anything on the platform. Account verification is compulsory on Bittrex. The things you will need to verify your personal accounts are your ID cards, passport, your driver’s license, and a selfie. For a corporate account, you have to make sure that your identity has been verified and then request for a corporate account and follow all the instructions given to you.
Bittrex security is one of the major features that the platform boasts of. Bittrex has multiple layers of security put in place to keep its funds safe from hackers. The platform has an elastic multi-stage wallet strategy that saves about 80%-90% of its funds offline and applies a two-factor authentication system before customers can make withdrawals and access its API. It also follows the KYC and AML security policies.
- Supported currencies
Over 190 cryptocurrencies are supported for trading and only two fiat currencies (USD and EUR) are supported on the platform. It also provides about 284 trading pairs.
- Supported countries
Bittrex is a global cryptocurrency exchange so it can be used by users from different countries except for a few countries with restrictions placed on them. The countries not supported by Bittrex include the following:
Afghanistan, Belarus, Bosnia and Herzegovina, Botswana, Burundi, Cambodia, Central African Republic, Laos, Libya, Maldives, Egypt, etc.
- Payment methods
The payment methods accepted by Bittrex include bank transfers, cryptocurrencies, SEPA transfers, and wire transfers.
- Transaction fees
The maker and taker model is not applied in Bittrex so a flat rate of 0.25% is charged as a trading fee. There are no charges attached to USD deposit/ withdrawal by Bittrex, but there might be network fees and bank charges depending on the payment method you are using. While withdrawing your coin, a fee of 0.001 BTC is charged for Bitcoin and a fee of 0.0002ETH is charged for Ethereum.
- Transaction limit
Verified accounts have a withdrawal limit of $3000 while an ID verified account with 2- factor authentication has a limit of 1 BTC a day, and an ID verified account with a 2- factor authentication can withdraw as much as 100 BTC a day.
- Customer support
Bittrex has a knowledge base where you can get information on how to use the platform. You can also contact their customer service through their social media accounts.
Bittrex is one of the most famous and also considered the most secure crypto exchanges. While it offers a wide range of services and features to users, new users might find it difficult to use the platform due to its strict security measures. Some users end up getting their accounts suspended or closed. The customers also have complaints about the poor state of the company’s customer support and tedious registration and verification processes.
Despite all of these issues, Bittrex has never experienced any security breach in its system since the time it was launched till now.