What is Bittrex?
Bittrex is a cryptocurrency exchange, founded by Bill Shihara, Richie Lai, Rami Kawach and Ryan Hentz in 2014. It is headquartered in Seattle, Washington. The team has over 50 years of experience in security and development for companies like Microsoft, Amazon, Qualys, and Blackberry.
Security is key for Bittrex. Bill Shihara and team member have witnessed other platforms being hacked differently. They decided to use their skills to build a platform that investors could trust and deposit without having to worry about their money.
Instructions to register for Bittrex exchange
The signup process is quite simple, especially if you are only interested in trading. You will need to provide your name, email address, date of birth and phone number, your information will then be verified. You can trade using a basic verified account in less than thirty minutes.
First, go to https://global.bittrex.com/, then select Sig Up as shown below.
Progress Sig Up consists of 4 steps.
- Create an Account
- My Profile
- ID Verification
- Start trading!
Follow the instructions below.
Step 1: Create an Account
You enter your email address, and the password you want to register on Bittrex -> Create Account
note: password must be 12 characters or more, contain special characters, numbers, and uppercase letters…
Then a link will be sent to the email address you registered, enter your email address, then select Verify Email, this link is only valid for 5 minutes, so you need to log in right away.
After choosing Verify Email, it will automatically redirect you to the homepage of Bitrex exchange, you need Log in to your account to continue completing your registration process.
Step 2: My Profile
You enter the information required by the floor, the information you enter needs to match your CMT address, or your passport. After entering -> Tiếp tục.
Step 3: ID Verification
After reading the terms of the exchange of your choice Start Verification then follow the instructions.
Here you can provide your ID with Passport, or people’s CMT. In my opinion, you should choose people’s CMT, because passport can circulate worldwide, and CMT only circulates in Vietnam. Imagine, when Bittrex exchange was hacked with kyC information, unfortunately among them was you, and your Passport was used by criminals to trade drugs abroad. This may sound absurd, but it’s better to be careful.
Here I will register with CMT so I choose Identity card -> Upload files -> Choose files.
Step 4: Start trading!
This step is very easy, you just need to go to the exchange and buy and sell any coin you like.
Security of Bittrex
Bittrex’s security is definitely a plus for this exchange. As we mentioned earlier, the company’s founding team consists of computer security experts with decades of experience. WOODCEO, Bill Shihara is a person with rich experience regarding privacy, security and practical issues of exchanges and users. WOMENThe research team always prioritizes confidentiality in all of its decisions.
Nearly three years after its launch, Bittrex has yet to witness a security breach or theft of customer funds.
The exchange has implemented a multi-tier wallet strategy that stores 80% to 90% of their customers’ funds securely online. Regarding the identification process, two-factor authentication is required for all withdrawals and APIs. If this feature is not enabled, there will be a limit on customer withdrawals that do not have 2FA set up.
Enable 2FA security.
From the Bittrex homepage, you choose Settings to be redirected to your account management page.
In the section Site Settings, you choose Two-Factor Authentication
This step requires the use of the Google Authentication application. If you don’t have it, go to CH Play/App Store to download it.
You go to your Google Authentication application -> scan the QR, and re-enter the 2FA code to authenticate.
If you are afraid of losing your 2FA key, you can see the article below to preserve it, and can easily get it back when lost:
Fees, transactions and trading volume
Transaction fees on Bittrex are slightly higher than average. There are also no offers or discounts with high volume trades for takers and maekr. A 0.25% fee is charged on all transactions.
The exchange has faster withdrawal times and reliable order execution when processing large trading volumes.
Bittrex does not support leverage and margin trading. Only day trading is available for all listed coins.
What you can trade on Bittrex
The platform has a wide range of altcoin pairs that can be traded. Floor Currently listing hundreds of coins and crypto trading pairs, the site displays over 450 BTC trading pairs.
There are currently over 250 altcoins available to trade against Bitcoin, Ethereum, and fiat currencies in USD Tether and BitCNY.
Bittrex is constantly updating its altcoin listing, adding new promising coins and canceling inactive ones. The platform is always aiming to improve the quality of the listing of altcoins.
Users can only buy Bitcoin, Ethereum, and USDT via bank transfer, as there are currently no offers from fiat pair exchanges. To have this option, you need an “advanced verified” account with a minimum purchase amount of $10,000.
The site has 11 USDT trading pairs. USDT is a cryptographic asset issued on the Bitcoin block and a USDT pegged to one US dollar held in the reserves of Tether Limited. USDT is pegged to the actual price of the US dollar and is designed to act as a stable currency providing traders with additional options.
Types of Accounts
Basic account. These accounts require the user to submit their name, email address, date of birth, and phone number (as we specified above). These details will be verified through the public profile, but if this fails, you will need to initiate advanced verification. Basic accounts with two-factor authentication can withdraw up to 3 BTC/day.
Advanced account. These accounts require users to submit an ID scan along with a selfie with the ID. Advanced accounts with two-factor authentication allow withdrawals up to 100 BTC/day.
There have been instances when certain accounts have been temporarily suspended while completing a review. This action has been harshly criticized by users on online web chats and forums.
Bittrex responded that only 0.1% of accounts were affected by the suspension, ban or closure.
Despite its high security features, this exchange offers very disappointing customer support. Many users complain about the exchange’s response speed when it comes to support, verification, customer service issues, and tracking of accounts under review.
Bittrex is a very good exchange for new traders looking for a secure platform on which they can trade multiple cryptocurrencies. But with account freezes and angry criticism from many customers, it is best to approach this exchange with caution.
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