Bittrex review 2020, Is it good and safe exchanges?
In early time Bittrex is a trading platform for Crypto-to-Crypto exchanges, this means transactions are carried out by cryptocurrencies and users cannot buy cryptocurrencies in fiat currencies. However, as a substitute, users can use Tether (USDT).
Tether(USDT) is a cryptocurrency with a value pegged at the value of 1USD, it is a stablecoin.
There are 190 cryptocurrencies listed on the Bittrex platform. The Bittrex Exchange was founded by Bill Shihara, Co-Founder and CEO, who worked at Amazon and Blackberry.
Is Bittrex safe and legit? I will review Bittrex 2020. Bittrex is one of the many popular exchanges, but is it safe? we will review a lot about Bittrex and answer the question.
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From the global Bittrex website as their official site, their company is located near the financial center of Zurich, in the Principality of Liechtenstein.
But from 99bitcoin.com that reviewed Bittrex, the company was founded in 2013 and with headquarter in Seattle Washington.
Based on 99bitcoin.com this company was discovered by a former Microsoft worker Bill Shihara Richie Lai and Hemp Kawach.
While the Bittrex-based site as the management team is Stephen Stonberg, who has experience working with Goldman Sachs.
To start using Bittrex services, you first need to register through their site.
After you click on the signup a clean page will appear with a form box with easy instructions.
You only need an email address and create a password, then click created account.
The next step is to check your email inbox and confirm the email address.
If you don’t find it in the inbox folder, you look for it in the junk or spam folder.
The next process is to fill in the user’s profile data, you must fill in the form according to the instructions in the text box.
Country of residence, address, apt or unit number, City, state or the province, postal code and also the date of birth.
After these steps, you still need to go through step three, ID verification.
Many exchangers apply this as a KYC rule or Know Your Customer, so you need to upload proof of ID and photo by holding an ID card.
After the process is complete you can start trading.
So there are three steps to the registration process before starting trading on the Bittrex platform.
- Create an account
- My profile
- ID verification
Bittrex security matter
For security reasons Bittrex recommends that users enable 2FA, Two-factor authentification, which provides a stronger layer of security, for this, you need to download the google-authenticator.
With two-factor authentication is a must for all withdrawals and API calls. If this feature is not activated, there will be a withdrawal limit enforced for customers without 2FA settings.
One that is in the spotlight that there is no information that has experienced a violation or loss of user funds. Bittrex has achieved this rare achievement.
According to Bittrex, they place great emphasis on user security, by employing experienced experts and combining experience with security priorities in all development decisions.
The most case is Website phishing, Bittrex emphasis being careful of theft of user data through phishing websites. Phishing websites are sites that look the same as official sites, but use a different address than the official website.
If you log in through a phishing website, then when you enter your username, password and so on it will be recorded by the phishing site.
Bittrex service Bittrex review 2020
When you start entering the Bittrex market, there are lots of crypto pairs and fiat currencies, especially USD.
USD BTC, USD ETH, USD BSV, and many others.
Market Bittrex is divided into four
- the USD market.
- the BTC market
- the ETH market
- and the USDT market
The BTC market has more choice of pairs, up to 13 pages, but most traders will choose a major pair to trade which is likely to have higher transaction volume.
The platform they use is very user friendly, with the appearance of a dark theme for the background, but with clear letters.
Payment method Bittrex review 2020
How to start trading using the Bittrex platform is that the user must deposit into the Bittrex wallet.
If you are going to send funds with Bitcoin, then the user must create an address for the Bitcoin wallet, not to send Bitcoin with a wallet address for Ehereum, this will cause the funds to be lost. The only way to make a deposit for USD flat currency is by wire transfer.
For this, you may need a few days before the funds go to Bittrex. And one important thing is that you have to use a verified account, otherwise you will be asked to verify your account first.
Previously, Bittrex did not accept flat money, but due to criticism, in May 2018, Bittrex allowed corporate clients to deposit fiat currency. The deposit method change happened again on 12 March 2020, their platform now allows credit card deposits but with Visa.
It was only then on 16 June 2020 that Mastercard was also an accepted method of deposit. Deposit with VISA and Mastercard Bittrex fee take a 3%.
Trading fee Bittrex review 2020
Bittrex will charge users when matching buyers and sellers using the global Bittrex matching machine.
In this case, the fee will be charged as a different percentage between the maker and taker. Like most exchanges, makers tend to be charged lower fees than takers. Below is the list trading fee updated on 9 March 2020
The trading fee varies depending also on the currency pair traded, the trading volume within 30 days, and the order position filled is the maker or taker.
The total trading volume for 30 days also affects the trading fee, there is a possibility the trading fee will be reduced after a certain point is reached.
Bittrex Withdrawal Fees
This Bittrex exchange withdrawal fee charges 0.0005 BTC when you withdraw BTC. These fees are lower than the global industry average BTC withdrawal fee of 0.000812 BTC per withdrawal.
Customer Support Bittrex review 2020
For Bittrex customer support relying on Zendesk, users can access assistance through the FAQ, and submit tickets to connect to customer service.
For customer support it has become common for most exchanges, relying on FAQs for their users.
It is very rare that crypto trading exchanges provide online support services, so the response from customer service is often slow.
Bittrex in the opinion of the public online provides user services with low standards.
Many are dissatisfied and reportedly several accounts are suspended by Bittrex.
And on the Bittrex team, they are very slow in responding, even many user problems are not resolved.
If you read Bittrex users’ reviews on Trustpilot, many users complain about their problems with Bittrex
This will make new users cautious when investing in crypto trading through the Bittrex platform.
Stay disciplined and only use money that affords to lost.
Bittrex is an international exchange that supports countries globally, but some countries that do not support are North Korea, Iran, the Crimean region, Syria, and Cuba.
Because of its global access, this exchange can reach millions of users throughout the world.
Bittrex pros and cons
- Having lots of coins is an option for trading, there are more than 450 pair trading coins available
- Bittrex supports almost all countries around the world which means they are open for business for almost anyone who wants to buy or sell cryptocurrency.
- It offers a high standard of security, so clients’ funds will be safe even if they use their online wallet.
- Bittrex offers a low minimum trading limit in trading, with a minimum trade size of .0005BTC.
- The account verification process that takes a long time, this indicates a very slow customer service response.
- For flat currencies there is only a USD option, there are no other currencies, where many users prefer a platform that provides more options.
- Only supports wire transfers for USD deposits, for example, there are other ways such as Paypal, this will provide more options.
- Unregulated, like most exchanges, without regulation.
Is Bittrex safe
Bittrex is until recently a safe trading platform on the market. In the Bittrex system, they store offline of all their currencies around 80-90%.
Until today’s date, there has been no news that Bittrex has been hacked or lost money from its customers. And two-factor authentication (two-factor authentication) for all transactions provides more security to user accounts.
Bittrex follows American law very closely because it operates in the Seattle United States. The exchange complies with anti-money laundering regulations and understands customers established by the US Government.
Most of the user problems due to the platform stem from a difficult form of security. So some have alleged that Bittrex used verification issues as an excuse to lock users’ accounts and take their money!
Although Bittrex is considered suitable for beginners, in terms of account comfort, is still a question because some users complain about suspended accounts or freeze accounts.
Of course, it would be very unfortunate if it turns out that after using the service they are actually dealing with a suspended account problem.
So it is highly recommended when users start investing through the crypto exchange platform only with spent money that affords to lose.
Another alternative to crypto trading is through brokers, such as TenkoFX which also provides crypto accounts.
Unlike most unregulated exchanges, TenkoFX brokers are regulated by the IFSC.
Are you ready to start trading?
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