3.2 / 5

Rating breakdown

Security
40% Complete (danger)
2.0/5
Ease of Use
80% Complete (danger)
4.0/5
Tradable Assets
60% Complete (danger)
3.0/5
Deposit and withdrawal
80% Complete (danger)
4.0/5
Trading Fees
80% Complete (danger)
4.0/5
Support
40% Complete (danger)
2.0/5
Read to Find Out How to Use Bittrex Crypto Exchange, What are the Fees, How to Trade on Bittrex Exchange, and Much More - Unbiased Cryptocurrency Exchanges reviews.

Bittrex Review and Analysis

Overview

Bittrex is an exchange which aims to address and mitigate exactly those fears, by providing a venue that crypto enthusiasts can trust and feel safe and secure to interact with. The people who set up Bittrex back in 2014 in Seattle, come from solid backgrounds in security and development from reputable giants such as Microsoft and Amazon. Their decision to join forces and create a crypto exchange was based on their common belief that cryptocurrencies deserve to reach their full potential globally and this will only be possible if they are open and accessible to all people through a safe and secure environment. Thus, they combined their skills to build in Bittrex, a crypto platform which people could comfortably trust.

Detailed Review


Bittrex Cryptocurrency exchange Review

The huge popularity of cryptocurrencies is reflected in the abundance of online cryptocurrency exchanges, which diminish barriers and allow all interested users across the globe to join the bandwagon and embark on cryptocurrency trading. What is challenging and often confusing though, especially for completely inexperienced, aspiring crypto traders is shifting through the rubble and discerning which cryptocurrency exchange is most suitable for them to open an account with.

The aim of this Bittrex review is to present and evaluate the Bittrex crypto exchange, allowing you discern whether it is the right crypto exchange for your own crypto needs and be able to base your decision on credible information and facts.

The world of cryptocurrency holds an extremely high lucrative potential, however at the same time it is extremely volatile and risky and also dangerous at is it constantly plagued by hackers and scammers. What keeps many away from cryptos therefore is the elevated level of risk, danger and distrust they feel when thinking to trade with or invest in digital currencies.

Bittrex is an exchange which aims to address and mitigate exactly those fears, by providing a venue that crypto enthusiasts can trust and feel safe and secure to interact with. The people who set up Bittrex back in 2014 in Seattle, come from solid backgrounds in security and development from reputable giants such as Microsoft and Amazon. Their decision to join forces and create a crypto exchange was based on their common belief that cryptocurrencies deserve to reach their full potential globally and this will only be possible if they are open and accessible to all people through a safe and secure environment. Thus, they combined their skills to build in Bittrex, a crypto platform which people could comfortably trust.

Originally created as a crypto-to-crypto trading exchange, Bittrex has in recent years began to accept fiat currencies as well, further opening up its offering to the wider public, without pre-requiring the purchase of a crypto currency through another provider before being able to trade on Bittrex.

Bittrex Ease of Use

Starting to use the Bittrex exchange platform is a fairly easy and straightforward task which begins by opening an account. To do so you must visit the Bittrex homepage and click on sign up. You will then be prompted to provide your email address and choose a password for your account, which you should ensure is a strong one. For verification purposes you will then receive an email containing a link that you should click on. The next step entails the verification of your phone number, which you will be asked to provide and Bittrex will verify it through Jumio. You should then turn on two factor authentication by clicking on the relevant option in your account settings. Bittrex will then send you a code through Google Authenticator and once you enter that code your account will be ready for use.

Obviously, to be able to perform any transaction you will first need to fund your account, either by using fiat currency or cryptocurrency to make a deposit.

Is Bittrex Safe?

Bittrex is rightly considered one of the most secure cryptocurrency exchanges in the market and this also proven by the fact that it has not, to date, ever been hacked and none of its customers’ funds have not been at risk. Being headquartered in the USA means that Bittrex adheres to the very strict American laws and regulations as regards anti-fraud and financial crimes prevention, by adopting thorough anti-money laundering and know your customer practices.

Bittrex security is also enhanced by the fact that over 80% of all cryptocurrencies is kept in offline cold storage, being kept safe from online hacking attacks, while all Bittrex transactions are also protected by mandatory two-factor authentication.

Bittrex Pros

    Bittrex is a popular cryptocurrency exchange and the reasons for this are primarily based on its main advantages, which are:
  • Competitive, simple fees: By charging fees as a flat rate of 0.25% on every trade the Bittrex fee may not be the lower around, but it is very easy to understand and remember and very simple and straightforward to calculate, especially helpful for novice traders.
  • Huge crypto variety: Bittrex users are literally spoilt for choice since they can choose between more than 190 different cryptocurrencies, as well as hundreds of different trading pairs, which include all the major, well-known coins, but also an impressive number of newly launched ones.
  • A simple and fast verification process: Though for safety purposes Bittrex users must be verified before they can use the exchange’s platform, Bittrex aims to collect as little information as possible while ensuring the verification process is smooth and fast. To this end, it uses a service called Jumio to check the information provided against local records. Through Jumio Bittrex can quickly verify the information of over 100 million people in over 200 different countries, thus making Bittrex truly accessible to all.
  • Fast transaction execution: Thanks to the elastic computing technology on which it relies, Bittrex can offer very fast, real time execution for all transactions, even at times of increased workload, thus ensuring a smooth and frictionless user experience.

Bittrex Cons

    Despite its many merits, as with all service providers, the Bittrex offering has certain drawbacks as well, the main ones being:
  • Barriers to Accessibility: Though many may choose Bittrex exactly due to its extremely high, almost unparalleled, security as a platform this often means that at times the platform is too secure, rendering its accessibility problematic. In fact, there have been users complaining of being locked out of their own accounts due to strict security requirements. Bittrex strives to reach the right balance between maximum security and minimum user hassle, which does not obstruct the user experience and does not hinder accessibility, but it doesn’t seem to be able to always achieve this.
  • Bumpy Customer service: Bittrex has been on the receiving end of criticism by some of its users who say they are not happy with the way their complaints are being dealt with and especially for long waiting times until they get a response after filing a complaint through customer service.
  • Users vulnerable to scams: The fact that Bittrex is very welcoming to newly launched cryptocurrencies may be seen as a plus, since it means that users have a greater selection of cryptos available, however this may be potentially dangerous as sometimes newer cryptos are used for pump and dump scams in the pursuit of easy money. To avoid this danger Bittrex should perhaps be more careful when selecting which of the newly emerging crypto coins it enlists on its assets offering.

Overall Conclusion – Final Thoughts

Bittrex’s creators wanted their exchange to have mainstream appeal and aspired to create a platform that everybody would be able to use, thus they put great effort into making Bittrex as user-friendly as possible, especially for beginners. This being said, inexperienced traders might find the sheer number of coins available on Bittrex rather confusing and daunting, since when being faced with hundreds of different coins they might be puzzled as to which one they should choose.

Moreover, since Bittrex has had some issues in terms of its customer service levels and especially in terms of delays in their response times, this may also work as a deterrent for newbies, for whom customer support and being able to have assistance and guidance in a timely manner is of prime importance.

However, it is true that Bittrex is top notch in terms of security, which is another important, if not the most important, aspect which beginners pay attention to. In the crypto exchanges’ world, since it is constantly under threats by hackers, the safety and security of the trading environment is crucial towards the eventual success of any crypto endeavor.

In a nutshell, Bittrex is rightly considered a top-tier crypto exchange and it is an option which provides maximum security, combined with predictable and competitive fixed fees. Its wide selection of crypto currencies and pairs available for trading and the fast execution of exchange transactions, together with its ease of use render it really attractive, though newcomers might find the large number of coins on offer confusing and might also prefer an exchange which ranks better in terms of customer service and support.

Frequently Asked Questions

Is Bittrex a good bitcoin crypto trading platform?
Although Bittrex is a popular cryptocurrency exchange with a simple and fast verification process, Bittrex has been on the receiving end of criticism by some of its users who say they are not happy with the way their complaints are being dealt with and especially for long waiting times until they get a response after filing a complaint through customer service.
Is Bittrex a suitable crypto exchange for beginners?
Although Bittrex has a simple and fast verification process, absolute beginners may perhaps be better served elsewhere due to the lack of customer support and freezing of accounts which makes it a questionable choice.
Is Bittrex Safe? Does Bittrex scam its users?
Yes Bittrex can be considered an excellent exchange choice for traders looking for a robust and secure platform. Bittrex success is attributed to a combination of factors, chief amongst them being its almost impeccable level of security and safety.

# Exchage's Features BITTREX Availability
# Analytical Tools
# Mobile App
# Social Trading
# Copy Trading
# Anonymity

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