This review concerns Bittrex, an online exchange platform that offers services regarding cryptocurrencies. The information that you will get from this article will help you choose the best option available to you as a trader. The investigation contains personal take on the online business, with pros, cons and concluding remarks serving as a general remark on the exchange.
The platform offers its services globally, with many countries (Western mostly) have basic verification requirements to fulfill. Bittrex offers margin trading only, providing several trade functions, such as limit and market orders, which you can use when trading with different cryptos. Unlike Changelly and itBit, Bittrex supports margin trading for all coins.
Registration and Verification
As with the majority of other platforms, it is quite easy to register your account at Bittrex using your email and password. The process ends with setting up the two-factor authentication (2FA) through phone or web browser QR code.
As mentioned before, verification of the profile varies across the regions. The process is divided into two levels, one being basic while other enhanced. Basic identity check involves filling out personal details like first & the last name with address information, as shown below.
No scanned documents are needed at this stage. Enhanced level builds on the previous one by adding ID and proof of address.
Bittrex is one of those platforms where anyone can register an account and trade with coins. The only difference between Bleutrade and Exmo is the fact that most countries need verification to be able to trade while others, Europe and North America mostly, do not.
Deposit/Withdrawal Methods and Fees
Same as with Bleutrade, you cannot deposit or withdraw fiat currencies from Bittrex. Funding your account is possible only through crypto coins by using external wallet addresses. Deposits of cryptocurrencies are carried out without any cost while trade itself carries 0.25% expense.
The network fee is applicable for withdrawals and these vary from coin to coin on daily basis. On an overall note, Bittrex applies one of the lowest fee structures in the market, lower even than Changelly that charges 0.5% on all transactions. Company’s main income is through exchange rates between trading pairs.
Security is somewhat higher than CEX.io, Bleutrade, and others since traders get to have withdrawal and IP whitelists, alongside with 2FA and email notification system. Compared to these exchanges, Bittrex does offer a safer environment to work with cryptos.
Pros and Cons
Apart from 2FA, you only have distribution history as a security measure. Much like Coinmate and Bleutrade, the security level is low at Binance, especially since the company deals with ICO who might turn out to be quite profitable.
Exmo, Coinbase, and Bitfinex all offer email notifications, providing an additional layer of protection for its customers.
+ services are globally available
+ developed regions (North America and Europe mostly) do not require full verification
+ one of the lowest fees in the market
+ over 190 coins and tokens available
+ margin trading offered
– fiat currencies are not accepted
– apart from selected countries, many other regions have to complete enhanced verification
Bittrex is geared towards advanced users, as the margin trading uses several functions dedicated to advanced trading strategies. Beginners would be advised to join up other exchanges, such as Coinbase or CEX.io to learn more about the trade. Low fees ensure that traders would take the most from the platform, even though fiat currencies are not available as trading instruments.