The Safest “Cold” Wallet or Review of Bittrex Exchange

The growing popularity of digital coins, as well as the cryptocurrency trading, was the reason of emergence for the large number of exchanges. There is huge competition on this market segment now. New projects are trying to lure as many users as possible. But there are also time-tested sites that can guarantee a high security level. In this article we will talk about the most secure cryptocurrency exchange, which has been successfully operating for more than 4 years and has a fairly large user base.

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

  1. Briefly about Bittrex Exchange
  2. Trade and order types
  3. Deposit and withdrawal of funds
  4. Bittrex Exchange commissions
  5. Advantages and disadvantages of Bittrex exchange
  6. Conclusion

1. Briefly about the Bittrex Exchange

Bittrex cryptocurrency exchange was registered in the United States in 2014. Activity of this site is more designed for the American market. But this does not mean that the user base of the project is limited only by traders from USA, Bittrex is also quite popular in Europe and the CIS.

The functionality of the exchange can satisfy not only a novice, but also an experienced trader. The platform have integrates tools, with the help of which you can conduct a deep technical analysis. More than 250 currency pairs are traded on this exchange, which provides ample opportunities for trading. It is also worth noting that there is no possibility of trading with leverage and lending on Bittrex exchange.

2. Trade and order types

At the site, traders have the opportunity to trade both limit and market orders. Market order is intended to buy and sell assets at the current price. Suppose that the BTC rate is $4,200, if this price suits the trader, he opens a market order and makes a deal at the current rate almost immediately.

The limit order is designed to buy or sell an asset at desired, rather than actual rate. For example, the BTC rate is still equal to $4,200, but the trader wants to make a purchase only when the BTC price drops to $4,000. In order to avoid sitting at the trading terminal following the BTC rate, trader can open a limit order. When the asset`s actual price matches the value indicated by the trader, the limit order will automatically close.

3. Deposit and withdrawal of funds

It is important to know that this platform works exclusively with cryptocurrencies and it is impossible to replenish your account with fiat. But nowadays this is not a particular problem, because it is possible to buy Bitcoin on a huge number of exchangers now. One may replenish deposit on Bittrex exchange without any special problems, but in order to use the full functionality, it`s necessary to pass the verification procedure. And this is two kinds:

  • Elementary. The user is required to provide with his full name, date of birth and address of residence. Reliability of information is verified by using social media accounts or other open sources.
  • Advanced. In order to withdraw more than 4 BTC per day (or the dollar equivalent in any other coin), one must provide copies of official documents and selfie with the passport. For residents of the CIS countries, this can be a problem, because only an international passport suitable for verification, and not all possess it.

4. Bittrex Exchange Commissions

This site cannot boast with very low commissions, but it is also impossible to call them high.Bittrex charges 0.25% of the total amount for each transaction. The exchange may set a special terms for regular traders, but these figures are individual and depends on turnover and single user’s trading time.

5. Advantages and disadvantages of Bittrex exchange

Bittrex has its strengths and weaknesses as well as any service. In order to objectively evaluate this site, let’s talk more about its advantages and disadvantages.

Advantages:

  • Bittrex activity is officially regulated in the United States. This means that traders are fully protected from the possible misconduct from owners of the exchange. But for residents of other countries (except the US), the official regulation, basically, does not give anything.
  • The ability to go through the verification procedure by using a minimum set of documents (compared to other exchanges).
  • Simple and clear system of fees (0.25% of transaction amount, which is average in the market).
  • Support for a large number of altcoins (including very rare ones), which opens a broad opportunities for users.
  • Enhanced security. The creators of the exchange as a loke call themselves paranoid, as they store about 90% of client funds exclusively in cold wallets.
  • The absence of any restrictions and limits on account replenishment.

Disadvantages:

  • Inability to trade with leverage, as well as lending.
  • Lack of referral programs, as well as motivation systems for new users.
  • Very slow customer service. Some questions may remain unanswered for several weeks.

6. Conclusion

Bittrex is the safest cryptocurrency exchange in the industry. For all the years of its work this site has not been subjected to a single attack. Almost 90% of user funds are stored in cold wallets. This level of security is the main advantage of this site. Another undoubted advantage of Bittrex is its official status in the United States.

The fact is, that the activity of the exchange is regulated by authorities, which legally protects users from possible illegal actions of the site owners. But it should be said that the other countries residents will have to go to the United States to resolve any issues in a court, which requires substantial financial expenses.

Bittrex charges a fixed commission, which is equal to 0.25% of transaction`s amount, this is the average for the market. This exchange is a good tool for conducting balanced trading, as it does not support margin trading. Bittrex cannot boast with quality customer support.

Based on the foregoing, we can say that this project certainly deserves attention. All the minor flaws of Bittrex are compensated by its merits, especially the security level.

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