In recent times, Bittrex which is an U.S-based digital currency exchange has gained immense popularity in the crypto space. In the following article, we will be discussing the Bittrex review, the services it offers, and also the main issue that you should be aware of.
Bittrex Review Overview
Bittrex is a digital currency exchange that was founded in 2013 and has their headquarter in Seattle, Washington. The founders of this company are Richie Lai, Rami Kawach, and Bill Shihara. All three of them worked in Microsoft before. It has found its place among the top 5 cryptocurrency exchanges.
Bittrex asserts to work more on security by using the most effective and reliable technology that is available. The founding team consists of computer security experts with more than 40 years of combined experience. They prioritize security in all their developmental approaches.
Bittrex offers a multistage, elastic strategy when it comes to their wallet that always keeps more than 85% of the funds secure online.
At the same time, from the user’s side, 2FA (two-factor authentication) is a prerequisite for all Bittrex login (API calls and withdrawals). If the authentication is not activated, a withdrawal limit is levied on users without any two-factor authentication setup.
Bittrex review would be incomplete if we do not talk about the services that this exchange offers. The main service that makes this exchange so famous is its trading platform. This platform offers a wide range of currencies and also enables the users to execute standard spot trading orders. The present trading engine smoothly glues together automatic trading features, like stop-loss, GTC (good ‘til cancelled), an instant purchase or sell along with all other technical tools of charting that the trader requires.
The users continually commend that the trading interface of the exchange is quite quick when it comes to loading time. But one drawback of this exchange is that there is no option for margin trading.
Payment Methods And Currencies
In this exchange, customers whose identity is verified and is functioning outside the United States or in any of the United States territories are eligible for US dollars deposits, tradings, and withdrawals.
USD withdrawals and deposits take place through wire only. Accounts that are not eligible for USD trading can still trade stablecoins like Tether (USDT). More than 400 altcoins are available for trading against Ethereum, Bitcoin, USDT, and USD.
A flat commission of 0.25% is levied on all trades. If we do a comparison on Bittrex vs Binance, then the trading fees are slightly higher compared to other exchanges in the industry like Binance. But for U.S users, the fees of Bittrex are lower than Binance.US. along with that for high-volume traders, there are no rebates and for makers and takers, there are no incentive models.
Customer Support And Reviews
The reputation is fairly poor when it comes to public opinions, mainly on topics that deal with suspended accounts. At times, certain accounts get suspended temporarily for pending completion of a review.
This action of Bittrex has attracted sharp criticisms from the frozen account owners who have taken the social platforms to show their grievances on their actions. Apparently, this condition has been prevailing for a long time now, and Bittrex has given minimal response to that. In Bittrex review Reddit 2021, you will find many such reviews.
After this Bittrex review this can be concluded that, even though Bittrex can be termed as an excellent digital currency exchange for newbies and traders who are searching for a secure and robust platform, its lack of customer care and support, and suspension of accounts make this choice questionable. So it is recommended to use Bittrex with caution and ensure to not deposit any amount which you cannot afford to get frozen for a certain period of time.
Frequently Asked Questions On Bittrex Review
1. Is Bittrex safe and legit?
Seeing the increasing digital currency scams, you may wonder is Bittrex legit? Bittrex asserts to work more on security by using the most effective and reliable technology that is available. The founding team consists of computer security experts with more than 40 years of combined experience. They prioritize security in all their developmental approaches.
2. Is Bittrex shutting down?
Bittrex has closed its functions for New York State residents because the NYDFS (New York Department of Financial Services) opposed Bittrex of its Bitlicense. It’s crucial that you retrieve your Bittrex transaction history to report your digital currency on taxes.
3. Is Bittrex better than Coinbase?
In Bittrex vs Coinbase, if we look at the ease of use, it is evident that Coinbase has a better & smoother user experience compared to Bittrex. It is a well-known, reliable, and respected digital currency exchange platform.