Bittrex Review (UPDATED 2018): Is Bittrex Safe? | VKOOL

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What is Bittrex?

Bittrex is an online currency exchange which accepts over 190 different types of cryptocurrency. They are unique in that they ensure all regulatory laws from the US government are followed, and they are based out of Seattle, Washington.
Their exchange rates are prominently stated so users can know what they can expect when they purchase cryptocurrency. Their innovative interface also allows for easy navigation and you can download their free app to look at market changes and even exchange cryptocurrency.

Buying on Bittrex

The ability to trade cryptocurrencies is offered at constantly updated rates. If you’d like to exchange it for fiat currency, it must be in the minimum of $10,000 or more.

The way it works is you simply set up an account with your email and password like this:

Verify your email on this page:

Deposit the cryptocurrency you’re looking to trade where you’ll see a page similar to this where you can find your specific wallet:

You’ll get a notification of the deposit. Once this deposit is verified and secured by the blockchain, you are then free to research and find the exact kind of trade you’d like to make.

You get a full detailing of the market value, what the changes have been, when it was added, and much more. By looking at the Order Book you can learn all about its history and what the fluctuations have been like on the market. This is a very valuable source of information, since it’s the best predictor of the future market value, and you can make an informed decision for what kind of cryptocurrency suits your needs.

To set up a trade you can learn about the units and price, though if you submit less than the asking price, there’s a possibility you will be denied and won’t get the amount you’re looking for. Once submitted, you commit to purchasing the cryptocurrency at the price suggested. Any and all trades have a .25% commission fee tacked on by Bittrex; this allows them to stay up and running.

After this is submitted, you’ll have to confirm and you’ll see the amount in your Bittrex wallet. You can learn about the limits and see what you’re able to withdraw from it.

How much can I withdraw?

Before any withdrawal is possible, it’s important to verify the account first. This is necessary in order to prevent money laundering and to fit in with the regulations of the US government.  Per day, you’re allowed to withdraw a maximum equivalent to .4 bitcoin, which at the date of this publication is worth $4,321 USD.

If you have an enhanced account then the amount you can withdraw increases up to 100 bitcoin equivalents, which is $10, 858, 71 USD. This requires two-factor verification including a selfie and identification scan of some sort. They use Jumio as their identify verification nsystem which can verify that the person withdrawing is associated with the account. This is a 3rd party system that allows for maximum security at no cost to the user.  It will present this window:

The basic account only requires a date of birth, name and address. This is verified through public records which if accepted, will be processed and the user can begin trading. The other option is a mobile text which can also verify.  This is all in place to ensure that there is a reduced risk for fraud.

You’re allowed to deposit or trade as much as you’d like with no limitation.

Benefits of Bittrex

The fact they comply with the US regulations and ensure account verification makes it a more secure form of cryptocurrency exchange. They follow the demands set forth by the US (AML) or Anti-Money Laundering protocols suggested to prevent illegal activity.  It reduces the likelihood of there being any criminal activity while preventing the spread of corruption.

This helps prevent tax evasion, market manipulation, and illegal goods exchange. This then affects the reduction of criminal activity, since profit gained from illegal activity needs to be laundered to prevent tracking.

They also take part in (KYC) or Know Your Customer procedures to also prevent money laundering and bribery. This can reduce the chance for either intentional or unintentional criminal activities which can place the system at risk. Basic identification is needed to ensure there are secure transactions, and that Bittrex is aware of who is doing exchanging.

Another way to ensure security is by these 2 unique offerings provided by Bittrex:

  1. IP Whitelisting: You can secure an IP address as the only place to secure a withdrawal or trade. So you’d ensure no one could make any changes to your account unless it comes from your dedicated IP address.
  2. Crypto Address Whitelisting: The withdrawal address of your choice is accepted as the only access point allowed.

The official website also has an easy to understand FAQ section as well as some recommended videos for visual learners to learn about how to exchange and trade.

While we did mention some flaws in the previous section, as of now the company has been very transparent and they seem to have corrected these issues. At the very least they are keeping customers informed about updates as well as they fact they are currently not accepting new sign ups.

Much like other cryptocurrency systems since the system is relatively new; there are certain bugs and glitches that are to be expected.  They do say they have a dedication to security and they often have updates, which are frequently posted on their social media accounts. SSL security is also in place to ensure that communications to and from are kept between the computers, with a reduced risk for leaked information.

Their BitLicense certifies the fact that they have a business license to conduct cryptocurrency activities. This is only given to New York based business transactions, which allows them to conduct business with New York based citizens. Essentially it offers more regulations to protect consumers.

Bittrex vs Binance

Binance offers a low 0.1% transaction fee and you can withdraw 2 total bitcoins in a 24 hour period. Their verification is really simple and there are different levels offered for even larger amounts to withdraw from. There’s also a mobile app for Binance, similar to Bittrex. The interface is easy to navigate and is very user friendly.   A wide variety of different cryptocurrencies are offered with both.

Bittrex vs Coinbase

Coinbase is FDIC insured for up to $250,000, and they have tight security with a (2FA) two factor authentication system. Coinbase does offer a fairly user friendly web interface, so first time users can know what they’re doing when purchasing cryptocurrency.

Coinbase is known for responding to customer enquiries with 24 to 72 hours, and they have a customer support staff available through email.

Bittrex vs Bitfinex

With Bifinex there are low fees and for trading as low as 0.2% or less. They are fully based out of Hong Kong through their main focus is on the US market. Thy have an ID verification system for any and all fiat currency trades.

Both Bittrex and Bitfinex offer customer support, with Bitfinex proving a forum for an online community to ask questions and exchange ideas.

Bittrex vs Gdax

With Gdax you have access to fast uploading market information where you can learn about the changes of price ranges. They even store 98% of consumer digital assets offline to enhance security. Their US balances are secured with FDIC insurance up to $250,000 per consumer.

Many high earning investors take part of Gdax with the New York Stock Exchange being a key member. Fees can go as low as 0.1% or less.

Bittrex vs Kraken

Kraken just like Bittrex is known to have good security and solid customer feedback. With Kraken they offer bank transfers for both deposits and withdrawals. They’ve also been around for longer, starting off in 2011 out of San Francisco.  Both exchange sites offer low fees and numerous kinds of cryptocurrencies.

Kraken also offers a great FAQ question which answers a lot of questions.  They both happen to be the most popular exchange sites as well.

Bittrex FAQ

  1. What can you tell me about the Bittrex app?
    You can download the “My Bittrex Wallet” for free on either Google Play or the Apple Store. It offers a convenient way to look at coin offerings or read about the market.
  2. How to use Bittrex?
    You simply set up an account and trade the cryptocurrency you’re looking to trade. If you’d like to do fiat currency it has to be a minimum of $10,000.
  3. What are some Bittrex reviews?
    People generally liked the ease of use and need to have certified verification. This was especially true for users who wanted the extra safety by having a specific IP set as the only verified account.
  4.  Where can I find the bittrex.com login?
    Their front page on the right hand side says “LOGIN”.
  5.  What do users on Reddit say about Bittrex?
    They have an unapproved forum where people talk about it and offer tips. Generally it’s simple clarifications and questions which people often answer.
  6.  Can you compare Bittrex vs Poloniex?
    Offer low fees, verification, many kinds of cryptocurrencies to choose from, they started in 2014, and they are both based in the US. There are fewer cryptocurrency options with Poloniex, and they have different fee structures depending on what you’re looking to get.
  7.  Is Bittrex safe?
    Looking at the reviews and the kind of support it offers, it seems like a legitimate and likely safe currency exchange website. Their security process can include IP whitelisting for enhanced security.
  8.  Is there a Bittrex wiki page?
    They do and there’s a 3 sentence direct quote from the company.

Summary

There’s a lot to like about Bittrex with its easy to understand system and layout plan. The official website simplifies all the research needed to understand what the value is of current cryptocurrencies, and you can also trade with other people at the current value.  Highlights include:

  • Over 190 different cryptocurrencies are available for trade or purchase.
  • US regulatory laws are followed to reduce the risk for criminal activity.
  • Secure verification is offered to help users feel safe in their trading.
  • FAQ section has a lot of information available to help explain the process before committing.
  • Exchange rate is updated.
  • This is a large cryptocurrency exchange marketplace with a secure system.
  • They have a BitLicense which ensures that they have a business license secured by the New York Department of Financial Services (NYSDFS)
Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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