Bittrex Exchange Review

What Is Bittrex?

Bittrex is a well-known brand in the cryptocurrency industry, and it was once considered the safest exchange. The company was founded in the United States. Its CEO is Bill Shihara, who is also one of the three co-founders who combined their experience after working at Microsoft and Amazon to create this great exchange. Founded in 2015, Bittrex offers a liquid exchange for individual traders and organizations.

How to register on Bittrex in the UK

The first thing you need to do is go to the registration page: "Create account", enter your email and come up with a strong password.

On the next page, you will see a message telling you to check your mailbox to confirm your email address.

Once confirmed, you will be prompted to enter additional information about yourself, country of residence and address. This is a legal requirement that Bittrex must comply with when dealing with each of its customers.

The next step will be to confirm your personal information, where you will be asked to provide a photo of yourself holding a piece of paper with certain text on it.

You will also need to provide photos of your driver's license or passport.

How to fund your account on Bittrex

To make a deposit to your account, you need to visit the "Wallets" section, where you will see all the digital currencies that you can trade.

First of all, select the desired currency for your trading balance, then click on the "Deposit" button highlighted in green and then select the necessary options, specifying the desired wallet address.

On the left side of the list of cryptocurrency names, you will find the "+" button. When you click it, a window will appear, which is responsible for making a deposit.

Then click "New Address", and in the right field you will see the address to which you want to transfer your money.

Immediately after you send crypto to the specified address, in your profile window you will see a new appeared pending deposit. This means that the funds are already in the process of crediting, which will happen as soon as confirmation (confirmation of transaction) takes place.

How to deposit bitcoins (BTC)?

Enter necessary amount you want to buy BTC in the "Buy" form and choose how many coins you need. You will have to wait a little while your request is being processed.

If the order book already contains such an offer - the money will be automatically credited to your account. Otherwise your order will be added to the order book.

Funding in American Dollars (USD) and Euros (EUR)

To upload funds or withdraw your fiat money you must provide a letter from your bank or personal account statement with the bank details. One customer may have several bank accounts.

Minimum Deposit

Minimal deposit amount for trading on Bittrex exchange is 100000 satoshi, i.e. 0,00100000 BTC. It's also worth noting that orders are limited to 28 days, after which the saved assets are sent to your account.

Trading on Bittrex

After creating an account, you can start browsing the cryptocurrency market. Any trading pair is very easy to find - there is a convenient search function for this.

The Bittrex platform allows you to trade on one of the markets: BTC, ETH, USD, USDT. The "Markets" button at the top of the screen allows you to select a trading pair, for example BTC/USD. Only clients with a higher level of identification will have access to dollar pairs. But trading is not done directly with fiat money. USDT tokens, which are equal to the dollar exchange rate, are used for this purpose.

At the top of the screen, near the lists of cryptocurrencies, there is a search field. Enter the ticker of the desired coin, and if it is available, you will see a separate line for that trading pair.

The "Markets" tab will give you access to:

Above you will see the main trade data for the day and the chart, which will give you the ability to configure the flexible data setting.

At the bottom are the forms you need to fill out when you are going to buy or sell your coins. There you will also find order books and transaction lists.

Pop-up messages provide users with information about transactions, which means that every trader will never miss important events.

Trading commissions

Commission for trading on the site is 0.25%. This rate corresponds to the general bar among most crypto exchanges. Although lately many of them are abandoning the fixed rate and are switching to a dynamic system of commission generation.

How to withdraw money from Bittrex

Unverified accounts have a withdrawal limit: 1 BTC per day. In addition, accounts with two-factor authentication enabled provide access to a basic level account, where your withdrawal limit increases to the equivalent of 3 BTC per day. And then there's the advanced account, which allows you to withdraw up to 100 BTC per day.

Two-factor authentication

One important security element for any crypto trader is two-factor authentication. This feature increases account security. Of course it is available on Bittrex Global.

To activate two-factor authentication, go to Account:

On the next screen, under "Site Settings" select "Two-Factor Authentication".

You will need the Google Authenticator app, which is available for both iPhone and Android. Follow the on-screen instructions or read the two-factor authentication guide for more information.

Advantages and disadvantages of Bittrex crypto exchange

Conclusion

The Bittrex user experiences show that Bittrex is a suitable place to buy cryptocurrency, although it is not regulated by a European or American regulator. If you want to build a crypto portfolio in the safest possible place, it is better to choose a broker with such a regulation.

You can start at Bittrex if you are looking for certain coins, check the Bittrex experiences to see which coins are available at this crypto exchange. The most convenient way is to start at a broker or exchange that has as many of the coins you want to invest in.

Buying cryptocurrency involves many things and the most important is choosing a good and safe trading platform, which is why we recommend you to definitely consider creating an account at the broker eToro. This is regulated and therefore covers security risks, but also offers good service and tools.