Bittrex is a cryptocurrency exchange based in the United States of America. Since its launch in 2014, the exchange has been consistent in its provision of services to crypto traders. This has made Bittrex be among the leading crypto exchanges in the world.
In this post, we shall take a deeper look into the exchange’s registration process, how it handles trades, its strengths, and weaknesses.
The origin of Bittrex
The cryptocurrency exchange is a brainchild of Bill Shihara who previously worked for Blackberry and Amazon as an engineer focusing mainly on security. The team behind Bittrex is a mix of top minds from top firms such as Microsoft, Blackberry, and Amazon.
Over the years, Shihara and his team have concentrated on building a secure digital currency exchange. Shihara is the CEO.
Registering on Bittrex
To get started you need to first create an account. To create an account follow the steps below:
- Visit the official Bittrex website
- Click on LOGIN then Sign Up
- Enter a valid email address
- Choose a password
- A verification link will be sent to your inbox
- Click on the link to gain access to your new account
After you log in, boost your account security by activating the 2-factor verification method.
The exchange requires that you verify your identity. Account holders who have not verified their identities cannot access the withdrawal function.
To verify your identity:
- Click on Settings which is located on the top menu
- Select My profile
- Fill the details and go to the identification verification tab
- Click Start verification
- Provide a government-issued document such as a passport.
- Wait for a confirmation email. If everything is in order, a confirmation email should not take long.
After receiving the confirmation email, you are set to explore the Bittrex platform.
How to start trading on Bittrex
To start trading on the exchange, you will need to have some coins in your wallet. If you have them on another exchange, transfer them to Bittrex to start trading.
If it’s your first time in the crypto world, you will need to purchase Bitcoin or any other coin that has a USD pairing on an exchange that supports buying crypto with fiat either through a credit/debit card, bank transfer, or any other method.
One of the popular exchanges to do this is Coinbase. After purchase, move your coins to Bittrex to start trading.
To transfer your coins, from your account on Bittrex:
- Go to the Wallet section
- Choose the coin that you want to add
- Generate a new wallet address
- Copy the new address
- Now open your account on the other exchange (e.g Coinbase) where you have stored your coins
- Send the coins you want to transfer to the address you copied earlier
- Wait for the coins to reflect in your Bittrex account.
Note: If you copied a Bitcoin address, don’t send XRP coins to it. If it’s Bitcoin on Bittrex it MUST also be Bitcoin on the other exchange. Otherwise, your digital wealth may just evaporate into thin air.
After you top up your account, it’s time to hit the trade button. To make your first trade, access the markets section and choose your trading pair. You can also view the buy and sell requests on the order book.
Strengths of Bittrex
Secure: Over a span of roughly 5 years, Bittrex has stood out as a secure platform with the team behind the platform continuing to invest in the platform’s security. Among its security measures, only 10 to 20 percent of its funds online. Additionally, extra authentication is required before a withdrawal request is processed.
High speed: The Bittrex platform provides high speeds when processing trades and when facilitating withdrawals and deposits by using an automated monitoring system. The speed helps keep information on individual accounts up-to-date.
Transparent transaction charges: Bittrex has some of the most straight forward trading fees. When on Bittrex be sure of a 0.25 percent fees without any hidden charges.
A variety of cryptos: The cryptocurrency exchange has a vast number of cryptos listed. The exchange has over 400 Bitcoin (BTC) markets and over 300 coins already listed.
Weaknesses of Bittrex
Even after having such a good standing among cryptocurrency exchanges, it has had its fair share of unsatisfied users. The major concerns raised is the sometimes prolonged verification process and sometimes even suspending accounts when they are put under review.
However, the exchange is not to blame since it has to operate within the United States regulatory framework which demands a thorough Know-Your-Customer and Anti-Money Laundering procedures.
Although the transaction fees are a bit higher than in other exchanges like Binance, our above discussion has revealed that Bittrex is among the few exchanges that new or veteran crypto traders should use for their trades.
That has been backed by the level of security that the exchange provides in terms of adopting a cold storage system and requiring extra verification each time a withdrawal request is initiated.
As a bonus, Bittrex has a dedicated API (Application Programming Interface) that can be used by trading bots to initiate sell, buy, or limit orders.