Review of the Crypto Exchange Bittrex. Recommendations for Deposit/Withdrawal of Funds
There is a huge number of exchanges on the cryptocurrency market that offer different working conditions for their clients. The right choice of a site for the sale and purchase of digital coins is almost half the success in cryptocurrency trading. Less popular projects can boast of a small commission fee, while larger sites attract customers with a high level of security. In this article we will conduct a detailed review of the Bittrex exchange and understand how to profit from its services.
(please, click the topic to scroll down to it)
- How to register with the exchange?
- Deposit/withdrawal of funds and commission fees
- Security of the exchange
- Disadvantages of Bittrex
1. How to register on the exchange?
Any user who is more or less familiar with the computer and the Internet will be able to successfully perform the registration procedure. To start, you need to click Register and enter your e-mail address in the window that appears (you must have access to it) and preferably, a complicated password, which will contain both numbers and letters.
After that, a letter will come to the mail with a link to confirm the new account. Further, in order to get full access to all the functional of the exchange, it is necessary to undergo the procedure of verification (that is, confirmation) of the person. To do this, you need to provide a certain package of documents (depending on the country of residence of the trader, this package may differ), which will be indicated in the personal account.
2. Deposit/withdrawal of funds and commission fees
There are two types of Bittrex accounts, functional and limits on which differ significantly from each other:
- Basic. Here, the user must specify only his full name, date of birth and place of physical residence, without the need to attach documents.
- Advanced. You need to send your own photo, with documents in hand.
If you plan to replenish your account by bank transfer, you must provide documents that confirm your identity. And in order to be able to display more than 4 bitcoins per day, it is necessary to install two-factor authentication in your account, that is, confirmation via: login-password + message to phone number.
If we talk about commission fees that are levied on users, then they are absolutely average for the market. Trading on Bittrex costs the trader 0.25% of the amount of each executed order.
3. Security of the exchange
The creators of the site pay special attention to security issues. If we operate with facts, for the entire existence of the exchange (and this is already 4 years), hackers have not managed to do much harm to it. The most successful attack on Bittrex was in the spring of 2016, then the number of accounts was stolen. But it is worth noting that only those users who did not install a two-factor confirmation (which the exchange's creators strongly recommend to install) were found to be vulnerable.
At the site, a complex multi-level strategy for diversifying wallets is organized. More than 90% of all users’ assets are stored on Bittrex cold wallets.
Market experts leave pretty flattering reviews about the safety of this project, but remember that 100% integrity of your funds can not be guaranteed by any crypto exchange in the world.
4. Disadvantages of Bittrex
For an objective evaluation of this project, we are obliged to identify a negative aspect, which still present.
- Slow support. At many trader forums, you can find whole branches devoted to long-term expectations of answers from the technical support service.
The Bittrex exchange is one of the most popular in the industry. It has many advantages over competitors, such as: user-friendly interface, fast work speed, a large set of tools for advanced users, high level of security, average commission fees, etc. If the creators of the platform translate it into several other popular languages and solve the issue with technical support, then Bittrex has every chance to break out into the leaders.
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/