History of Bittrex
Bittrex is one of the oldest cryptocurrency exchanges still working online as it was opened in 2013 and continue offering their service even today. Bittrex company was opened in Seattle, state Washington by Bill Shihara, ,Rami Kawach and Richie Lai, all of them working in the past on important positions for companies like Amazon or Microsoft.
Bittrex was created initially for the US traders, but it has recently opened a new platform available international for almost any country. This platform is called Bittrex Global and it can be used by all countries outside of USA.
Bittrex currently offers the following list of services :
- Fiat deposits/withdrawals and trading
- Good-Til-Cancelled (GTC) orders
- Trading using leveraged tokens
- OTC trading
- Stop limit orders
- Debit and credit card transactions
- Immediate-Or-Cancel orders
What cryptocurrencies and currencies can be used on Bittrex?
You can use Bittrex to trade more than 250 different cryptocurrencies and there are more than 600 trading pairs available in total.
On Bittrex you can also trade using fiat currencies like EUR or USD. You can deposit or withdraw this currencies using either a wire transfer or a credit / debit card. Keep in mind that only Visa cards are accepted.
Bittrex Fees
The fees of Bittrex are a bit higher than on other exchanges as they require a 0.20% for both selling and buying coins on their trading platform. However, as all the other exchanges Bittrex offers a discount on fees for clients that are trading a volume of more than 50.000 dollars monthly.
If you want to buy cryptocurrencies using fiat, Bittrex will also require different fees for that. For buying using a debit or credit card there will be a fee of around 3% while using a wire transfer the fees might be different depending on your country and the bank you are going to use for the transfer.
The fees for withdrawing cryptocurrencies are fixed automatically by Bittrex depending on the network condition so there is no information I can offer you here as the fees are always going to be different.
Is Bittrex safe to use?
Given the fact that the founders of Bittrex have all worked as engineers for reputable companies like Microsoft or Blackberry their main goal with Bittrex was to make it as secure as possible.
Bittrex has a couple of security features that I've never seen before on other exchanges. One of those features is the ability to select in your account certain IP addresses and certain coin adrresses that you'll be using in the future. This way you can make sure no one is accessing your account from a different IP address other than the selected ones and no one can withdraw your cryptocurrencies to a different wallet other than the ones you have selected in your account. This makes it almost impossible for a hacker to steal coins from your Bittrex wallet even if they break into your account.
Bittrex uses an unique system for taking care of their clients funds by carefully moving the coins from one wallet to another. More than 90% of the funds are stored offline. The fact that Bittrex was never hacked before proves that it is one of the exchanges with the best security possible.
Advantages and disadvantages of Bittrex
Bittrex advantages :
- High security systems
- USD and EUR supported
- Fast interface , performing trades almost instantly even when the platform is busy
Disadvantages of Bittrex :
- Poor customer service
- Multiple clients reported problems with freezed accounts and funds
- Bad reputation for allowing pumps and dumps
Bittrex Referral Program
Using Bittrex referral program you'll earn a 10% commission from all fees paid by your referrals. There's no limit to how many referrals you can have.
You'll be able to check your earnings every day after 12:00 UTC, and they will be distributed to your account in the following 7 days.
Keep in mind that you'll not be able to see your referral details. You'll only know that someone has joined using your referral link but you'll not be able to see any information regarding who that person is.
How to join Bittrex?
Visit Bittrex official website by typing the URL found in the title of this article. If you are from US you'll access Bittrex.com directly while if you are from outise the US you'll be redirected to Bittrex Global.
After registering on Bittrex using your email or phone number you need to complete an identity verification. KYC is mandatory on Bittrex and you cannot start trading until you have successfully completed your verification process. In order to complete this process you'll have to send some photos of your ID card, a proof of your address mentioned in your ID and also take a photo of your face in order to confirm no one is using fake documents.
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