Having been in operation in the USA since 2014, Bittrex claims to represent a new generation in cryptocurrency trading. With a background in development and security experience from leading companies like Amazon and Microsoft, they look set to be a force to be reckoned with in the cryptocurrency exchange marketplace. In this Bittrex review, we look at this exciting option to determine whether it is an exchange worth dealing with.
The Registration Process
It is relatively simple to register for Bittrex’s services, particularly if you are primarily interested into trading cryptocurrency pairs. By providing an email address, name, phone number and birth date you can begin trading with a verified basic account in less than half an hour. If you require a higher tier account, the verification process is more complex and requires more details to be shared in exchange for more facilities being unlocked. Enhanced verification allows withdrawals and deposits to be made in fiat currency bank wire transfers with a value of $10,000 or greater.
As soon as your account has been verified you have a good range of Altcoins to select from, especially when compared to most other exchanges. There are more than 250 different altcoin varieties which can be traded against Ethereum, Bitcoin or fiat currencies (BitCNY and USD-Tether). Bittrex also stands out from the crowd by adding many of the latest upcoming altcoins once their source codes have been vetted while also ensuring that any inactive coins are delisted in a timely manner. It is clear that Bittrex aims to improve the overall quality of its coin listings, and if a brand new blockchain has launched or an ICO has just completed, Bittrex will have it.
Hard Fork Coins
All coins that are from impending airdrops or hard forks are subjected to a comprehensive Bittrex review before debiting the customer’s account and providing full support. Usually, once the network has been sufficiently stabilized a choice of coins that have been birthed from the hard forks can be traded.
The Trading Process
Sadly, at the present time, margin and leverage trading is not yet supported by Bittrex, with spot trading being the only option. However, a trading engine is currently under development which promises to support advanced orders and margin trading in the near future. Nevertheless, the existing trading engine can seamlessly handle all of the automated trading features like GTC, stop loss and instant sell or buy as well as all of the classic technical tools for charting that traders need. The trading interface has an impressively speedy loading time and no lags have been reported by users in any other Bittrex review.
Volumes and Fees
Bittrex does levy slightly higher trading fees than many of its competitors in the industry. As an added disadvantage, Bittrex offers no rebates for high volume trades and there are no incentive models available for takers or makers. A commission at a flat rate of 0.25% is applicable to every trade, but even with these fees in place customers do not appear to have been deterred. Bittrex’s trading volumes have increased dramatically since 2014, and with quicker withdrawals and order execution which is more reliable than Poloniex, currently the highest volume exchange out there it is starting to become a serious competitor.
Perhaps the top selling point of Bittrex is its unrivalled security. Its founding team is composed of highly experienced security experts so it hardly comes as a surprise that security is highly prioritised across all of Bittrex’s development decisions. Since its launch, Bittrex has never lost customer funds or suffered from any breaches. This is primarily due to Bittrex’s multistage elastic wallet strategy which keeps between 80 and 90 percent of funds offline. Customers must also complete 2 factor authentication in order to withdraw and if it has not been activated, there is a limit placed on any withdrawal.
Customer service is, unfortunately, the one area in this Bittrex review that isn’t quite up to scratch. There have been reports of some accounts being suspended temporarily until a review has been carried out and a number of users have aired their grievances about this publicly. Although Bittrex claims that only around 0.1% of user accounts have been affected by closures, bans and suspensions, there are enough complaining users to raise suspicions on this count. Bittrex’s support is run via email with no telephone or live chat options, which is another potential drawback.
Bittrex: The Pros
Bittrex certainly has a lot to offer those who are looking for a reliable exchange through which to trade cryptocurrencies. Some of the advantages include:
- Outstanding security
- User-friendly interface
- Many automated features
- Ever-expanding and up to date range of cryptocurrencies
- Reliable order execution
- Faster withdrawals than the leading exchange
- Simple registration process
- Fast trading interface with no lags
Bittrex: The Cons
Unfortunately, there are still a couple of elements which are holding Bittrex back from excelling in the cryptocurrency trading arena. These disadvantages include:
- Substandard customer service
- Long verification process for higher tier accounts
- Many complaints regarding suspended accounts
- Higher trading fees
- No incentive models
- Currently no opportunity for leverage or margin trading
Overall, the conclusion of this Bittrex review is that Bittrex offers a trading service with outstanding security that is leading the way in the cryptocurrency exchange marketplace. Acting as both a trading platform and wallet for cryptocurrencies, it has a lot to offer and the impressive selection of cryptocurrencies which are kept up to date makes this exchange really stand out from the crowd. The speedy and user-friendly trading interface is another positive selling point while the speedy withdrawals and numerous automated features also stand this exchange in good stead for taking leading place over Poloniex. However, there are still a few issues which must be addressed if Bittrex is to achieve its full potential, primarily within its customer service department. However, once the issues regarding the long verification process and suspended accounts are resolved, Bittrex is likely to overtake the current leader thanks to the many advantages that it provides for cryptocurrency traders of all preferences.