Firstly, we are going to examine the user experience for Bittrex, which is one of the many things the platform is praised for, in that it welcomes you in and tries to make things as easy as possible. While many exchanges have invested significant resources into perfecting the on-boarding process, Bittrex is one of the exchanges which have truly nailed it.
The first thing you’ll have to do is create an account, and for Bittrex it’s simple.
Once you begin the sign up process, you’re met with a clean page with simple instructions. It’s as easy as entering your email and password and selecting “Create Account”. You will then be redirected to another page. The next page you see is one that informs you to check your inbox to confirm your email address.
One of the reasons why Bittrex is so popular is because it’s available all around the globe, and this of course opens the platform up to billions of people. However one thing which should be mentioned here is that even though the platform is accessible from around the world, each country has its own requirements for the user verification process.
The level of customer support compared to other exchange platforms is above average. They operate on Zendesk where users can read news articles and search through the FAQs, as well as reviewing their customer support tickets by logging into Bittrex support. Bittrex actually integrates the likes of Slack, Twitter and Facebook to make support even more accessible for users, but some people have complained about slow response times.
After creating your Bittrex account you can then start to view the marketplace of the seemingly endless cryptocurrencies. The trading pairs are listed in such a way that it’s very easy to select whatever pair you’re looking for. Just to make things even simpler for you, there’s a search function so if you’re feeling lazy you can type into the search box something like BTC or XVG to find those trading pairs.
With the lure of trading an endless amount of digital currencies on the Bittrex platform, you should know about the fee structure in place. Bittrex has a uniquely simple structure when it comes to fees, in that all trades have a 0.25% trading fee, regardless of volume. But there are no additional fees for deposits or withdrawals besides the network transaction fees.
Although it would be nice to withdraw however much you want from the Bittrex platform, unfortunately this isn’t the case. Accounts that are unverified have a withdrawal limit of 1 BTC per day. Furthermore, accounts that have two-factor authentication enabled give you access to the basic level account, where your withdrawal limit rises to the equivalent of 3 BTC per day. And then we have the Enhanced account that allows you to withdraw up to 100 BTC per day.
Two-Factor Authentication : Multi-layered security is becoming a prerequisite for exchanges nowadays, which is why Bittrex has integrated it into its platform. Security is one of their main concerns and they take it seriously, which is why they strongly encourage users to enable 2FA to further secure their account. As the platform has evolved, so has their security. With constant upgrades and testing, Bittrex remains ahead of the curve when it comes to security.
Storage & Security : Many people are cautious about where they store their digital currencies and rightly so. Cyber criminals have upped their game in the targeting of cryptocurrency exchanges, and unfortunately a number of exchanges have fallen victim to these criminals. Millions have been stolen from exchange platforms in recent years, raising constant concern for users who hold funds on these exchanges.
Fortunately, Bittrex has some of the tightest security that you’ll come across, not to mention the two-factor authentication that I spoke about earlier on. To add an extra layer onto the Bittrex platform, they introduced something called IP Verification Procedure back in 2018. This means they require all users to approve each new IP address through an email confirmation, which happens every time you login from a new IP address.
To add another layer of security on the Bittrex platform, they have introduced IP Whitelisting. By setting one or more whitelisted address, you are informing the platform to only authorize trades or withdrawals from those IP addresses. Next is Crypto Address Whitelisting , which you can do by setting a withdrawal address on a digital currency, you’re telling Bittrex to only allow withdrawals to that specific address.
All of these features work in tandem to provide the most robust security experience for users. When using Bittrex as your exchange of choice, use each of these security precautions to your advantage to keep your funds safe.
The Bittrex platforms provides a simple yet powerful API consisting of REST endpoints for transactional operations and a complementary websocket service providing streaming market, order and balance updates.
There are hundreds, maybe even thousands of cryptocurrency exchange platforms out in the world right now, all of which have their own unique features and benefits. Bittrex seems to be one of the platforms people keep coming back to, simply because it’s an easy platform to use. Their security, UI, asset selection, and customer service make Bittrex the complete package. Few negative things can really be said about this exchange.
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