Bittrex Review: Is It Safe and Legit?— Safetrading
Bittrex is one of the oldest and most respected digital currency exchanges based in Las Vegas, Nevada. They've been serving the US and international markets with a unique combination of professional trading platform technology along with personal service and client support.
This Bittrex review will prove to you that the company's focus continues to be providing individuals and institutions a world-class experience to buy and sell cutting-edge cryptocurrencies and digital tokens.
Today’s Bittrex review will cover the following points:
- What is Bittrex?
- How to pass registration on the exchange
- Bittrex’s dream team of founders
- Details on Bittrex liquidity
- Bittrex review on trading platform
- Bittrex mobile app features
Currently, Bittrex is a kind of blockchain incubator. In other words, the platform stands for the promotion of global innovation in various areas of business.
According to a Bittrex review by Safetrading, their staff actively promotes the idea that new tokens and technologies can radically change the trade approach worldwide.
What Is Bittrex?
Bittrex is a platform where virtual users can buy and sell crypto assets and fiat money. Users can conduct an unlimited number of currency transactions using both fiat cash and digital assets.
Fiat money is nothing more than common paper money or its non-cash form issued by various states' central banks. The critical difference between paper money and crypto-assets is that fiat money is regulated by governments, influencing both the volume of funds issued and their exchange rate.
The exchange currently offers its users over 250 different Bittrex currencies and over 360 currency pairs. According to our estimates, Bitcoin, Litecoin, and Ether have the most significant number of currency pairs available for exchange.
Bittrex Review: How to Sign Up?
To pass through the registration process, you need to:
- Visit the official website of the cryptocurrency exchange and click on the "Sign up" button
- Choose between a personal or business account by ticking the appropriate box
- Enter your email. Please note that email will be used as your login while sign-in
- Add a password of at least 8 characters (marketplace security recommends using a password of 12 or more characters, including letters and special characters)
- Confirm account creation
- Check the email you provided during registration and confirm your email address
- Look through the terms of service (T&Cs) and fees rate for trading operations
- Click on the "Confirm" button
- Add all the required information to a user profile
- Click on the "Continue" button
- Upload scanned copies of your identity documents (it's a part of KYC and AML policies)
Bittrex Review: Founders Team
Bittrex exchange was founded by three cybersecurity experts who set out to build a better way to transact cryptocurrency. They are a team of veterans in the cryptocurrency and blockchain space and are passionate about developing an exchange that's fast, secure, and reliable.
The team includes:
- Bill Shihara (Co-Founder and CEO)
- Richie Lai (Co-Founder and CIO)
- Rami Kawach (CTO)
Bittrex Review: Liquidity
Even though the liquidity indicators on this exchange are pretty high, it still lags behind the top 5 world exchanges (Binance, Coinbase Pro, Kraken, Bitfinex, and KuCoin). As of April 2021, Bittrex's 24-hour trading volume is $202.45 million
After analyzing the stats for 2020-2021, Safetrading specialists concluded that the company has successfully coped with the crisis caused by Covid-19. Thus, we can assert that the trading volume on the crypto exchange continues to grow.
Today, it ranks 94th in the list of the world's largest exchanges in terms of trading volume in 24 hours.
Bittrex Review: Trading Platform
Almost every exchange has its own point of view on how a trading platform should look like. The same goes for the list of functions that should be used to make the process of buying and selling investment instruments as comfortable as possible.
There is no such category as the best or the worst trading platform.
As they say, tastes differ. Therefore, users need to self-verify that the Bittrex trading platform is the right option. In our opinion, the trading platform looks quite simple and intuitive.
Bittrex Review: Mobile App
Many traders still believe that desktop computers are more convenient for active trading than smartphones or tablets. They argue that the computer screen is larger. Accordingly, an investor can simultaneously view more tabs and analyze information faster. Plus, the graphics on the big screen look much more intuitive.
However, lots of crypto investors do not always need PCs to buy and sell coins. As a result, traders actively use the mobile version of the trading platform. First of all, the design of the mobile platform looks really impressive. Besides, the app has intuitive navigation and is suitable for all modern Android and iOS devices.
“How to use Bittrex for a maximum gain one may ask?
It’s easy, try the Bittrex mobile app and enjoy the ride! The app is perfect both for novice and seasoned users, since all tabs are at your fingertips.
We tested the ability to buy and sell the coin and the processing speed and were completely satisfied. Therefore, if you prefer to trade on the go, the mobile app will become an indispensable tool.
Bittrex Review: Fees
The business model that the site has chosen implies that a user does not need to pay Bittrex fees depending on the volume of trading operations. Bittrex has set a flat fee for all of its clients. Today, a user has to pay 0.20% to withdraw from Bittrex no matter the amount.
This indicator will play into the hands of Bittrex US customers who prefer to trade in large volumes. If you compare Bittrex's flat fee to competing services, it becomes apparent that 0.20% is in line with the industry average.
Nevertheless, recent months' trend shows that most exchanges are gradually switching to lower commissions from 0.10% to 0.15%. Therefore, it is reasonable to assume that the platform may adjust the commissions' level in the future.
The exchange is not a perfect one. It has low trading volume and a few bugs here and there, but it does its job well enough.
For practical purposes, Bittrex exchange offers an amazing selection of crypto assets and a vast number of fiat currencies for daily trading. Currently, the platform has a positive reputation and unique experience in solving technical problems.
Some users report a very mediocre support level. We are talking about the low speed of replies to messages. Nevertheless, Bittrex annually improves the level of customer service and makes a lot of efforts to stay in the top 20 crypto exchanges at the global level.
Finalizing this Bittrex exchange review, we conclude that it is good enough for altcoin trading.
FAQ To Ease Your Brain
Is Bittrex safe?
Some experts consider Bittrex as a top-level exchange for traders of all levels. Still, the platform has some drawbacks, including inadequate support and freezing trading operations. So, its safety is a matter of argument.
Can US citizens use Bittrex?
Bittrex brand is geared towards the USA residents only. Meanwhile, Bittrex Global covers all other countries outside the US.
Can I withdraw from Bittrex to my bank account?
Yes, you can withdraw funds to a bank account after adding the corresponding financial details to your personal account.
Is Bittrex better than Binance?
Bittrex vs. Binance standoff makes no great difference now. Both of them provide some of the lowest commissions. Still, Binance has lower fees for trading operations. That’s why, if you’re an active trader, then opt for Binance without reservation.