Bittrex is broadly regarded as a secure exchange of cryptocurrencies with a custom trade engine designed to process and execute orders quickly and efficiently. The company was founded in 2014 by experts in the field of information technology and security with more than 50 years of combined knowledge, and it’s headquartered in Las Vegas. Its commitment to security means that it offers a wide range of cryptocurrencies, but focuses exclusively on reliable coins.
One of the main strengths of the site is the depth of the set of its listings. Bittrex currently lists hundreds of coins, and also offers users hundreds of trading pairs with crypto-currencies, and the site shows more than 450 BTC pairs. Bittrex offers good options for trading, but currently it does not offer fiat trading pairs (USD, EUR, GBP). Users can purchase Bitcoin, Ethereum or USDT by bank transfer. This requires an “extended verified” account, as well as a purchase amount of at least $ 10,000.
Users have access to two types of accounts, depending on the level of verification. Account types are basic and enhanced. The higher the level of verification, the more freedom you will have to withdraw cryptocurrency to your wallet.
Basic accounts require users to submit their name, address and date of birth. This data is checked through public records, but if this process fails, customers will need to proceed to an enhanced verification with two-factor authentication.
Enhanced accounts require users send a scan of their identification along with “selfies”. These are checked by the Jumio, which utilizes a number of heuristics to determine that the ID is legitimate and that the faces match.
Unlike others, the exchange hasn’t suffered a major hack. However, there are several alleged reports of individuals who claim that their accounts have been hacked. It is difficult to verify their claims or if they are not guilty of errors, such as a weak password or not enabling two-factor authentication.
The trading fee at Bittrex is 0.25%. This is in-line with the current offers provided by other exchanges.
- High security
- Nice trading platform
- No major hacks
- Multiple altcoins available
- Long verification process
Bittrex is one of the largest cryptocurrency exchanges. Its main advantage over the competition is the availability of multiple alternative coins – over 190 and counting. The company does not accept fiat cash deposits – instead they only operate in crypto. This is a limitation for inexperienced people, but if they want to risk the assets available in Bittrex, they still have to do some research. In general, Bittrex is the best contender for people who want to trade more exotic alternative coins