The world of cryptocurrencies is mainly driven by the focus on keeping transactions anonymous and guaranteeing users of total safety. While blockchain technologies go to great lengths to ensuring that users are safe through peer-to-peer operations in transactions confirmation, many people remain prone to attacks at the exchange level. This is the gap that Bittrex exchange was established to fix. Here is a complete review of Bittrex exchange.
What is Bittrex exchange? Who are the founders?
This is a secure cryptocurrency exchange that uses custom trade engine for processing and executing orders. The model helps to clear orders faster and more efficiently.
The exchange was started in 2014 by IT security professionals (Richie Lai and Shihara Bill) who targeted offering their services only to users of trusted coins. Its headquartered are located in Las Vegas, Nevada.
The founders started by mining Bitcoins together in 2011 before opening a gift card marketplace for BTC. It is the success of the gift card business that made the duo to design the Bittrex exchange in 2013 and launch it in 2014.
How does Bittrex operate?
To start using Bittrex, the first step is getting an account via their website. Though the verification stage is relatively complex, you need to go through it and get a confirmation before the transaction can commence. Here is the complete process of trading in the exchange.
- Visit the Bittrex website and log in to your account.
- Check the Bittrex markets and deposit the right amount of cryptocurrencies from your wallet. The Bittrex interface provides you an option to follow the wallet if using others such as the Ledger Nano S. Note that Bittrex allows users to deposit more than 250 cryptocurrencies in its system.
- Before your transaction can be completed, Bittrex verifies the details using the respective blockchain. This means that nodes in the respective cryptocurrency have to confirm the transactions to ensure that the wallet has ample cash and it yours. This has been the main reason for the enhanced security of the exchange.
- Identify the trading pair. After getting the confirmation of the deposit, it is time to pick the trading pairs. Here, the user should identify the pair with the highest margin. You should also consider the recent history as well as market predictions.
- Place the order. The pair you select comes with a lot of info. You will get details such as Order Book, desired Units, and Price that help people to pick the most profitable options. When you place an order, it means that you are willing to buy the specific crypto asset at the stated price.
- Complete the order. Once the order is processed, the cryptocurrencies you have purchased will be added to your wallet. You can opt to withdraw them immediately, trade with other cryptos or simply leave them to accumulate in the wallet.
The main features of Bittrex
The Bittrex wallet
While Bittrex is designed to operate as an exchange, it also works as a secure wallet. The wallet is an optional feature for people who use the exchange. Other options outside Bittrex include Coinomi, Coinbase, and Ledger Nano S. If you opt to use Bittrex cryptocurrency wallet, the transactions are faster, more efficient, and cheaper.
This is a customer support platform that provides articles and content for helping new users get accustomed to the platform easily. You can read reviews and expert input to understand more about Bittrex, exchanges, and cryptocurrencies in general.
This is the ultimate guide that gives Bittrex users the opportunity to see what to trade in. Instead of diving into the large pool of cryptocurrencies, the markets help you to understand what to trade in and make better returns.
Bittrex security and privacy
Bittrex provides the best security among all the online exchanges. The designers took a lot of time to learn about the security lapses that resulted in massive losses in other Bitcoin exchanges between 2011 and 2013. The high level of security is delivered through the following;
- Two-factor authentication.
- It handles private keys for those who use Bittrex as their wallets.
- The exchange insists on users to get their accounts verified by providing details such as personal contacts, government-issued ID, and proof of address. This is only needed for people who handle very large amounts.
- Every transaction is subjected to confirmation via respective blockchain network. This means that even those who might target tricking the system to steal crypto assets would easily get their transactions declined at the blockchain confirmation stage.
Pros of using Bittrex
- The cryptocurrency has some of the top crypto and IT experts who help to keep clients and their digital assets as secure as possible.
- The exchange allows users to trade in multiple and leading cryptocurrencies such as Bitcoin, Zcash, Ethereum, OmiseGo, and Bitcoin Cash among others.
- The exchange facilitates both crypto-crypto and crypto-fiat trading. This means that even people with conventional cash can easily trade and make a profit on the exchange.
- The exchange has never had a security hiccup or successful intrusion. This has made many people gain trust in its system and join in large numbers.
Cons of using Bittrex
- The customer service is relatively poor. When you make an inquiry, the exchange takes a lot of time to reply. This could mean the loss of business especially when one is seeking clarifications on latest emerging markets.
- The verification process on Bittrex is very long. This has been a great deflection for people who want to join and start trading different cryptocurrencies immediately.
- For those who want to use fiat currencies, the exchange only allows Ethereum and Bitcoin. Note that even these, you can only buy cryptos worth more than $10,000.
Bittrex was designed to help people with a target of getting deeper into cryptocurrencies enjoy trading and making huge profits. With a lovely interface and low fees of 0.25% only for related trading transactions, you are sure of making a lot of profits and keeping the bulk of it. The exceptional focus on security helps to make the platform extra secure so that all traders can work without worrying about intrusion. However, if you are new and want a simpler platform, this might not be the best option.