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.
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.
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.
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’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.
# | Exchage's Features | BITTREX Availability |
---|---|---|
# | Analytical Tools | ✔ |
# | Mobile App | ✔ |
# | Social Trading | ❌ |
# | Copy Trading | ❌ |
# | Anonymity | ❌ |