Security of your crypto assets is crucial in any crypto trading activity. Bittrex provides one of the most secure crypto exchange platforms in the market, where users can benefit from its cutting-edge technology and high-quality safety features.
Bittrex, one of the oldest crypto exchanges operating today, was launched in 2014 by Bill Shihara, Rami Kawachi, and Richie Lai. Bittrex has its base in Seattle, whereas its international arm, Bittrex Global, has its headquarters in Liechtenstein and Bermuda and does not allow US residents to trade on its platform. However, US residents can trade on Bittrex. Bittrex is one of the most secure exchanges and has not suffered any major hack or cyberattack since its inception in 2014. In addition, though Bittrex is an unregulated crypto exchange, it has a dedicated support team that has worked at Amazon and other local tech companies and can specifically manage the risk and security of the user funds.
Types of Trading & Order Types
Bittrex does not offer many trading options besides the spot trading platform. Users have to complete their KYC formalities before trading on this platform. The trading fees on Bittrex are higher than similar crypto exchanges. Bittrex also offers an online wallet that supports various altcoins.
- Bittrex’s primary product offering is ‘Spot Trading,’ where one can trade in three different crypto-based markets and a USD market. However, traders can only trade in the USD market if their request to enable USD withdrawal and deposit functionality has been accepted. Users have to contact the exchange directly and seek permission to activate the USD trading facility.
- Other than the Spot Trading feature, Bittrex does not offer other trading features. Besides, Bittrex does not have any lending platforms that other crypto exchanges have.
- The Bittrex Trading markets are in BTC, USD, USDT, and ETH. It also trades in Stablecoins trading like USDT, DAI, TUSD, PAX, and USDS.
- Bittrex supports various order types such as Limit Order, Market Order, Ceiling Order, Conditional Orders, and Timed Orders. You can read in detail about all Order Types offered by Bittrex here.
One of the highlights of the Bittrex trading platform is that it is a proprietary platform designed around the concept of elastic computing. This feature ensures utilizing computer resources to be scaled up or down, depending on their operational requirements. The advantage is that it offers superior trade execution by executing the placed market orders instantaneously. Bittrex also allows fiat trading and is one of the ideal crypto exchanges for all users, beginners, and experts, alike.
Is Verification Required – Verification Levels & Fees
Bittrex implements industry-leading security protocols ensured by user verification. Signing up for a Bittrex account and using the platform for trading is easy.
All users have to go through the KYC verification process to trade on the platform. The process includes email verification and verification by uploading a government-issued ID and a selfie. You can follow the steps given here to complete your KYC verification.
Bittrex has one of the most user-friendly fee structures amongst all cryptocurrency exchanges.
- No Deposit charges – Bittrex does not charge any fee for deposits.
- Withdrawal fees – Bittrex charges a small fee for withdrawals along with a built-in network transfer fee.
- Trading fee – Bittrex has a trading fee schedule depending on the customer account’s 30-day trading volume. Higher the trading volume, lower the prices. The maker fee ranges from 0% to 0.75%, whereas the taker fees range from 0.05% to 0.75%.
Bittrex Security Features
As Bittrex is one of the most secure cryptocurrency platforms to trade, the 2-factor authentication ensures that only genuine users can access the trading platform. Two-factor authentication ensures a person’s genuineness, logging into their account and performing actions like depositing, withdrawing, or trading. When you enable 2FA, it does not allow you to access the Bittrex account without entering the extra password. The user has to provide their password and a six-digit verification code automatically displayed in their authentication application.
KYC verification is an additional security feature that requires all users to verify their identity on the platform with a government-issued ID. As of date, there have been no complaints of hacking on the Bittrex platform. Furthermore, while most user reviews appreciate the security features of Bittrex, the exchange has a dedicated support team to handle all consumer complaints. Thus, one can say that it is a trustworthy platform to use.
Is Your Money Safe With Bittrex?
Bittrex has its base in Seattle and strictly follows the US laws on Anti-Money Laundering and KYC. These laws are designed to prevent fraud and discourage financial crimes. Hence, your money is safe with Bittrex.
Bittrex Pros & Cons
Advantages of using the Bittrex crypto trading platform are:
- An efficient trading platform
- No fees on deposits
- Offers provision for anonymous trading
- Variety of order types
- One of the most secure crypto exchanges
- Elastic computing ensures quick processing
Disadvantages of the Bittrex platform:
- Locking of user accounts due to excessive security.
- Average customer service.
- Chances of Pump-and-Dump scams
- Higher fee than the competition
- No bank transfer support for unverified accounts
Difference between Bittrex and Bittrex Global
Bittrex had some issues with the NYDFS, following which it received a cease-and-desist order that mandated Bittrex to stop its operations in NY State. As a result, it created a feeling of uncertainty. As a result, Bittrex resorted to arbitrage tricks like renaming some of its services to Bittrex International and shifting its jurisdiction to Malta.
On October 29, 2019, Bittrex International operating out of Malta, closed down and coincided with a new exchange partner, Bittrex Global. Bittrex Global is a European crypto exchange having its headquarters in Liechtenstein. All Bittrex International accounts migrated to Bittrex Global.
Bittrex Global offers all the advantages of Bittrex, especially the ease of trading, high levels of security, and extensive APIs. Both these platforms are unregulated but offer the best security features to protect their user’s crypto assets.
The main difference between the two platforms is that US citizens and residents cannot trade with Bittrex Global. However, they can do so with Bittrex. Bittrex Global prohibits the following category of users.
- US citizens and residents.
- Residents or citizens of any state or country embargoed by the US.
- Citizens or residents of countries under the trade or economic sanctions of the UNSC.
- Those restricted or prohibited from engaging in trading by the European Union and the Hong Kong Regulatory bodies.
Trading in cryptocurrencies has picked up tremendously over the years. One of the prime requisites for crypto trading is the presence of a crypto exchange. Bittrex offers one of the most secure crypto exchanges with no history of hacking or any malicious activity since its inception in 2014. While Bittrex is the ideal platform for US users, Bittrex Global is the best for other international traders.