Most people know Bittrex as a US-based cryptocurrency exchange, which is very keen on compliance and transparency. The operation is so much more than that though. In addition to hosting a cutting-edge wallet service as well, it is a virtual hotbed of Blockchain innovation.
Bittrex is eager to list new cryptocurrencies on its exchange, only after thorough scrutiny, but it will indeed list those deemed legitimate, in a continued effort to help emerging technology and to drive positive change.
The company is focused on full transparency regarding its operational background. It is therefore quite unsurprising that on its About Us page, you will find impressive and rather exhaustive profiles on its founders and executives.
We’re talking about Richie Lai, Rami Kawach and CEO Bill Shihara. Shihara used to work for Amazon, BlackBerry, and Microsoft (on the Windows OS).
So is Bittrex worth choosing as your one-stop cryptocurrency destination?
The proprietary trading engine is said to execute orders flawlessly and without slippage, though there are user complaints out there regarding its capabilities. Some traders allege that their orders simply disappear from the order book.
Deposits and withdrawals are also purportedly fast and on target every time, though it has to be noted that complaints about this operational aspect exist as well.
Last, but certainly not least, the fact that Bittrex are committed to comply with all US regulation is a reassuring stance for their traders, who can thus be certain that their crypto funds are not mishandled.
Given that it handles millions upon millions of dollars in virtual funds, Bittrex is also extremely keen on security. The operation employs multiple layers of protection to make sure that its clients’ wallets can never be accessed by a third party.
Bittrex only really offer a single account type, though there are multiple verification tiers supported. Advanced verification is needed for maximum flexibility, but even so – according to some Bittrex users – slip-ups do happen. There is no minimum deposit requirement at the site. To trade, users obviously have to make deposits, the exact size of which they will set themselves.
As already mentioned above, the Bittrex trading platform is a custom-built piece of software, meant to make it as easy, quick and straightforward as possible for traders to buy and sell cryptos. With that, getting to the stage where one can make a standard transaction is a little more convoluted than a layman would expect. One first has to get his/her hands on the API keys, which then have to be used for the configuration of Hopper. While this may sound a little intimidating, it is, in fact, a rather simple and self-explanatory process.
Placing a trade is as simple as heading over to the Markets section, selecting the crypto pair one wants to trade and then entering the amount of coins/price one is looking to buy/sell. The Order Book will give people an idea about the buy/sell prices. When orders are completed, the coins simply arrive in the trader’s Bittrex wallet. The graphical interface of the trading platform is simple and easy on the eyes, not to mention intuitive and highly functional. It has to be said that the exchange charges a flat fee of 0.25% on every trade.
The problem with Bittrex deposits is that the operator does not accept deposits made in fiat currency in any shape or form. What that means is that traders need to purchase cryptos elsewhere and then deposit them at Bittrex, by simply transferring the funds from an external wallet into their Bittrex wallet. This deposit system is often considered one of the major flaws of the exchange.
Bittrex supports a staggering range of crypto markets, and they’re constantly looking to add new blockchain products to their offer. BTC – the most popular cryptocurrency – alone is featured in more than 450 pairs. Fiat currencies are not supported. The product that comes closest to a fiat anchor is USDT, which is indeed featured.
This is quite possibly the Achilles’ heel of the operation. According to user feedback, Bittrex support is more or less non-existent, failing to provide feedback/guidance even on issues as important as the temporary suspension of trader accounts.
Considering that two-factor authentication is required for making any kind of meaningful move at the exchange, Bittrex will have to be considered very safe indeed. Some negative user feedback regarding the allegedly arbitrary suspension of trading accounts, cannot be ignored though.
Bittrex is a great trading platform for crypto beginners and for those looking for a solid platform. Its lack of fiat support is a pretty major problem for many though.