Review of the Crypto Exchange Bittrex. Recommendations for Deposit/Withdrawal of Funds

Bittrex

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.

Contents:
(please, click the topic to scroll down to it)

  1. How to register with the exchange?
  2. Deposit/withdrawal of funds and commission fees
  3. Security of the exchange
  4. Disadvantages of Bittrex
  5. Conclusion

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.

bittrex crypto exchange

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.

bittrex crypto exchange

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.

5. Conclusion

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.

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Interview with the Founder of the Project Joys: “We transform digital money into real goods”

In the summer of 2018, we already interviewed the founder of the Joys project, Andrey Mikhailishin.

Back then the payment service team had just launched its ICO and shared plans for the future development of Joys. Let’s find out what stage is the development of the project at today and what new has happened during this time?

Andrey, hello. Tell us about the interim results of your ICO? Have you achieved all your financial goals?

Hello! Thanks for the invitation!

I appreciate the results of ICO as negative. Although not so bad really. At ICO, we fundraised only $ 300k with a minimum target of $ 35M. Therefore, we have not achieved our financial goals. The reasons for failure are different:

  1. Ourselves we have never performed an ICO before yet and therefore we hired a company that had successful ICO experience before. The guys themselves were inspired by our project, but the result did not suit us. The saying goes: “If you want to do well, do it yourself”.
  2. We started our ICO in the spring of 2018, when the cryptocurrency and ICO market experienced a strong decline. Investors were disappointed with past failures, the rate of cryptocurrency declined sharply, no one wanted to invest. The crowdfunding market through ICO has stopped.
  3. In the early stages, we had no internationally known advisors and communications with large crypto funds.

Has the collapse of the crypto market and ICO projects affected Joys?

Of course, it had a strong influence on the ICO results. Today we have reoriented our project to the venture capital market. There are much harder rules. We rebuilt our project, and we have received several suggestions already.

What new features have been implemented on the platform since the launch of ICO?

Our slogan is – We transform digital money into real goods. During this time, we have converted Joys from a crypto project to FINTECH. We cooperate with banks, payment systems and other financial institutions, we have direct contacts with the Central Bank of Russia and we plan to work together with regulators and banks in different countries. We are actively involved in the creation of the New International Payment System of the BRICS countries (NIPS – BRICS Pay). Now our solution allows using as well cryptocurrency to pay for goods and services, as customary fiat money. We have developed and implemented several business solutions: a private payment system for the Center for Digital Transformations in Moscow, a voting system, a loyalty program on the blockchain technology. Now we are actively developing on the use of Hyperledger in Joys. By the way, information about this has never been published before. We will make a public announcement about how we will use Hyperledger a little bit later. We also completely redesigned the payment application for users. Now JOYS, BTC, ETH, EOS, LTC, BCH are available in the application. We made the listing of our JOYS coin on the LATOKEN exchange.

We have created many more other things that today make our decision truly unique. But not all the secrets of our kitchen, I’m ready to tell. I really want to share much more news with the community, but this is still premature.

You as well as other representatives of your project take an active part in various conferences and meetings, such as the meeting of the Russian Association of Cryptocurrency and Blockchain (RACIB). What important issues are you discussing at such events?

Today we are working closely with the Russian Association of Cryptoindustry and Blockchain. We participate in the discussions of the problems and tasks of the business in the digital economy, help create a cryptocurrency regulation system in the Russian Federation, advise and share our efforts with other projects. Also in early April, we are launching a joint project with RACIB – a system of customer motivation based on blockchain technologies. Follow our news on our public channels.

As for the implementation of the project, how does Joys integrate into store POS systems?

We integrate at the level of cash register software manufacturers. We have an API that interacts with POS. Now we are finishing the testing of a new payment API, more advanced, even that we used in MVP at the ICO stage. We developed solutions not only for brick and mortar stores but also for e-commerce.

Which important companies or sites have you managed to partner up with lately?

As I said above, we actively cooperate with a number of banks, with the Central Bank of the Russian Federation, with the BRICS Business Council, we are member of the Russian Association of Cryptoindustry and Blockchain, member of the Fintech Association, and actively cooperate with the LATOKEN exchange.

In the last interview you said that “you plan to cover all countries of the world”. Did this goal remain on your agenda, or did you perhaps set new large-scale goals?

This goal has become even more relevant for us, as we have now included fiat currencies in our pool of means of payment. Recent studies show that cloud technologies, hybrid clouds, open APIs, Big Data, and artificial intelligence will produce a transformational impact on business and blockchain technologies will have a big effect on the business. Excluding artificial intelligence, Joys have solutions in all these areas of development, and this opens for us more potential than even we imagined six months ago.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

The Cofounder of the Infamous Cryptocurrency Exchange QuadrigaCX Turned Out to Be a Convicted Criminal

The digital assets exchange platform QuadrigaCX has recently become an epicenter of various scandals and controversies. We have already reported earlier about another cofounder of the exchange Gerald Cotten.

Cotten died in the age of 30, leaving his wife and the exchange employees with massive amounts of missing money and the total confusion in the financial situation on the platform, considering the fact that he mixed his own funds with the funds of Quadriga.

However, now the exchange has to deal with an even more serious issue. It is suspected that the second cofounder of QuadrigaCX, Michael Patryn changed his name to escape criminal prosecution.

According to the report made by Bloomberg, Michael Patryn might be the same person as Omar Dhanani, a person suspected of committing multiple offenses in the United States.

Allegedly, Dhanani changed his last and first name in 2003 and 2008 correspondingly, after being convicted in multiple crimes, including credit card scams, identity theft, burglary, larceny, and receiving a 18-month sentence in federal prison.

Michael Patryn denies all the accusations and claims that Omar and him are two completely different people.

However, he failed to provide any decent proof of his activities starting from the early 2000s. Patryn only mentioned that he worked for various crypto-related businesses during that time period.

The Canadian authorities are currently investigating the situation at the exchange QuadrigaCX, regarding both the financial troubles caused by Gerald Cotten and the accusations against Michael Patryn or Oman Dhanani.

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Japan Released New Rules In Crypto Margin Trading

Japan is a progressive country in terms of economy, as well as cryptocurrency regulation. This time Japanese financial authorities have released a new set of rules regarding crypto margin trading.

Margin trading is a strategy that allows a trader to buy more stocks than you can afford on money borrowed from a broker (similar to loan).

The Cabinet of Japan approved draft amendments to Japanese financial instruments and payment services laws on Friday. In fact, they will limit leverage in virtual currency margin trading at two to four times initial deposits. Such restrictions are a common practice in foreign exchange trading.

All crypto exchanges throughout the country are bound to get governmental registration. This type of registration will differ from that adopted in 2017, which was mostly focus on preventing money laundering. However, these rules make exchange operators be monitored in a way similar to securities traders to protect investors.

These crypto exchange operators will be classified into categories to differentiate those who involved in margin trading from those who issued ICO tokens. This will help to distinguish unsavory offerings that are similar to frauds or Ponzi schemes and protect investors from losing their money. The new rules will come into force in April 2020. All margin cryptocurrency exchange operators have to be registered within 18 months of that date.

Such a time limit is set to take down unregistered “quasi-operators” which conduct operations without governmental approval. A senior FSA official said:

“We intend to motivate operators to do what they can to become registered.”

We remind you

Japan’s Biggest Bank Is Not Going To Create Its Own Cryptocurrency: Fake News Is Not Confirmed

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American Mining Company Riot Blockchain To Launch Crypto Exchange In The USA

According to a SEC filing, U.S.-based Bitcoin mining company Riot Blockchain plans to launch a crypto exchange by the end of July 2019.

Exchange Details and Current Situation

Riot Blockchain has partnered with SynapseFI, a major software company, and invested approx. $250,000 in the project. It has also form a special subsidiary to operate the exchange. The budget of the exchange is expected to be more than $2 million after its launch.

The software company will take care of banking services of the exchange, the provided API will connect Riot Blockchain’s accounts to other American banking institutions. Moreover, SynapseFI will track locations and identities of customers to “prevent fraud and improper use of its RiotX exchange.”

The SEC’s filing reads:

“SynapseFi’s API will enable to Company to know where the user is when accessing RiotX, thereby enabling the Company to prevent a user from Montana, a state where the exchange of digital currencies is permitted, from traveling to neighboring Wyoming, where the exchange of digital currencies is not permitted, and using RiotX in the prohibited jurisdiction.”

The exchange will be available in 48 states (without Hawaii and Wyoming) by December 2019. RiotX has already been provided a license in five states.

Rumours of Launching Before Official Statement

Back in March 2018, there were rumours based on facts that Riot Blockchain planned to launch crypto exchange since the company acquired Logical Brokerage Corp.. The public filing published at the same time stated that the company wanted to investigate futures brokerage operations and details of launching a digital currency exchange.

In November 2018, RiotX “entered into a Master Services Agreement with Shift Markets, Ltd. to provide RiotX with its crypto exchange platform. These services will enable RiotX to further execute its plans to launch a U.S. focused cryptocurrency exchange.

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Winklevoss’ Brothers Said “Crypto Doesn’t Need Rules”, What About Crypto Companies?

Winklevoss twins are one of the most influential crypto personalities in the modern world. They are multi-millionaires with their own exchange – Gemini – and own dollar-pegged Gemini coin. It is no secret that the brothers have supported crypto since the beginning of it, but now they promote crypto regulation which confronts with the idea of crypto as well as with their billboard slogans. What happened?

Crypto Needs Or Doesn’t Need Rules

The twins are known for deconstructing the stereotypes and the myths that surround crypto in the public. They want to change the image of crypto that has been plagued with scams, hacks, frauds. However, their billboard slogan “Crypto Needs Rules” was criticized by Bitcoin users as the main meaning of crypto is to transfer money or digital assets without having to trust anyone.

Source: Bitcoinist

Cameron Winklevoss said that some people wondered why Gemini believes that the crypto revolution needs rules. He responded:

“Crypto doesn’t need rules, but the companies built on top of it do.”

Cameron also cited a part of report regarding to the defunct QuadrigaCX exchange which lost millions of dollars.

In order to prevent cases like QuadrigaCX and Mt.Gox, the latter’s CEO was sentenced to 2 years and six months in prison, the companies that provide custodial services of customers assets should be regulated. Furthermore, Winklevoss pointed out that these cases as well as other incidents could have been preventable if there was a proper management of the company, in particular, “proper rules and thoughtful regulation”.

We remind you

The Gemini Dollar of Winklevoss Brothers Is Officially Approved

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TOP 5 Most Convenient Applications To Use And Work With Cryptocurrency

Cryptocurrency is one of the most promising and growing industries in our modern world. It is becoming more and more valuable to our society, as well as to the nations’ economies and banking systems, since people prefer more convenient ways of trading and transferring money. We therefore offer you to look at top 5 apps that the most convenient in using and working with crypto.

1. Keymano

Keymano is a top wallet that provides a customer with a myriad of opportunities. It’s very convenient, fast and secure. Managing crypto or fiat money through Keymano wallet is easy. Using Keymano wallet anyone can sell, buy or send crypto on the go. It is user-friendly and straightforward.

Connect Keymano Card and Wallet to get even more functions. This Card allows you to make payments online and in-store. Moreover, the user can withdraw cash at any ATM terminal.

Keymano is a fully-featured product which not only simplifies managing crypto but also creates more ways to use it. With Keymano any transaction (from buying coffee to money exchange) is simple and always available in any part of the whole world. Having Keymano you can:

  • pay with crypto in any part of the world;
  • pay with BTC, ETH, etc;
  • manage multiple currencies in one App;
  • pay online or in-store using Keymano Card.

2. 365Сash

365Cash is a platform that provides services to users in different countries by organizing P2P transfers of digital assets. By the time of publication, the platform overcomes 850,000 cryptocurrency swaps. Such a big number extols this platform over others on the market. The service also possesses the following features:

  • Its own large ecosystem which uses nodes for cryptocurrencies and works automatically.
  • The most favorable rates for customers. The service earns on the difference in sales rates due to a large flow of customers and hedging the risks of cryptocurrency fluctuations.
  • Fully automatic system of receiving and paying funds to customers using the most popular payment system in Russia – Qiwi.
  • In future, it is planned to expand the pool of available cryptocurrencies.

3. Quppy 

Quppy is multicurrency payment system with unique cross-platform applications.The wallet provides users the ability to share crypto assets via different accounts inside one single wallet as far as within a decentralized storage system. By the end of the month, users will be able to withdraw money in euro. The platform also have some interesting features:

  • Sharing all your crypto assets through various accounts on one single platform.
  • Superior security for users based on blockchain technology.
  • Fast cryptocurrency exchange and instant transactions;
  • Multicurrency support including Bitcoin, Bitcoin Cash, Litecoin, etc.
  • Integration of Nexo – a service of the world’s fastest instant credit.

4. Chatex

Chatex is a platform that makes transfers, exchanging or paying for goods much more easier for every customer. Cryptobanking facilitates access to the use of cryptocurrency for those who have never had a cryptocurrency wallet and who do not want to understand difficult passwords, 12 words, etc. The service eliminates the possibility of loss of big passwords or phones, since it allows you to regain access during a personal appearance to the certification center. Unique feature are:

  • The wallet is protected by an additional PIN-code and in exchange transactions between people.
  • Instant internal transfers without commissions. Instant purchase with any VISA/MC.
  • Respond quickly to digital assets management requests from your smartphone.

5. Waves

Waves is revolutionary mobile app which enables users to connect to the network and make transactions. It is a comprehensive, all-in-one app for mobile devices with an absolutely unique feature set that includes a crypto wallet, the Waves DEX, and fiat gateway. The biggest advantages of the platform are:

  • All traffic is encrypted, hence privacy and security are fully provided. Private keys never leave users’ smartphone and are never exposed to the web.
  • Supporting Face ID, Touch ID and Fingerprint scanning.
  • Trading on DEX, with the great tools and charts, it provides access to fiat and crypto gateways, so the customer can deposit, store, trade and withdraw other assets.
  • The customer can send tokens to one’s address book contacts, lease one’s WAVES, receive warnings about suspicious tokens and burn any spam assets he/she doesn’t want.

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