Bittrex: What You Need to Know
Posted by Frank Gogol
If you’re interested in crypto trading, there are many platforms where you can do so. But despite many options, it can be confusing to find a platform that offers high security, reliability, and reasonable exchange rates. That’s why crypto trading enthusiasts are always on the lookout for good exchange platforms. Well, if security and variety are what you’re looking for, then one of the best options is Bittrex.
And in this review, we’ll tell you all about what Bittrex is, its pros and cons, and all essential features. By the time you’re done with this review, you’ll have complete information about how Bittrex works and whether it’s the right crypto trading platform for you.
Table of Contents
What is Bittrex?
Bittrex was established in 2014 by Bill Shihara, Richie Lai, and Rami Kawach, who were cybersecurity engineers. And that is why one of the biggest strengths of Bittrex is its watertight security features. Every new account registration is verified to ensure only genuine users join the platform, and they also offer two-factor authentication using Google Authenticator for secure logins.
They started as a crypto-to-crypto trading platform, which means users could not buy crypto with fiat currency on Bittrex. But earlier this year, they also added the feature to support fiat currency, so now users can purchase crypto on this platform with currencies like USD and Euro.
More than 250 different cryptocurrency markets are available on Bittrex, which means plenty of variety for the users. Speed is another excellent factor in this platform as the trades and transactions are processed almost instantly. It has a dedicated Android and iOS app so that you can stay connected anytime, anywhere through your phone.
How to Use Bittrex?
We’ll guide you through all the basic steps of starting to trade on Bittrex. Obviously, the first step is to create an account on the platform so let’s see how it’s done.
Registration and Creating an Account
Go to the Bittrex site, and you’ll see the option “Open Your Free Account Today” right on the home page. Or you can also click on the “Sign Up” option at the top right corner. Once the registration page opens, follow these steps:
Select your Account type from two options:
- Personal: for individuals; and Corporate: for businesses and organizations
- Enter your email and password and click on “Create Account.”
- Now, you will receive a confirmation email, so go to your inbox and verify your email.
- When you click on the verification link, it will redirect you to the Terms of Service page. Check both boxes at the bottom and click on “I Agree.”
- In the next step, you have to enter your complete address and date of birth then continue.
- Next, you have to upload a copy of your government-issued ID and a selfie picture as part of the identity verification process.
- Then, you’ll be asked to enter your mobile number, where you’ll receive a verification code.
- After completing these steps, your account will be ready. Once you log in to your account, the first thing we advise you need to do is to enable two-factor authentication.
Depositing Fiat or Cryptocurrency Your Account
Now that your account is ready, you need to deposit either some fiat currency or any cryptocurrency you already own to start trading on Bittrex.
For depositing fiat money in USD, EUR, or GBP, there are options such as bank wire and debit and credit card payments. If you want to add your cryptocoins to Bittrex, here’s how you can do it:
- Go to the Wallets section and select which cryptocurrency you want to transfer to Bittrex.
- For example, if you choose Bitcoin, you’ll see an option that says “Deposit Bitcoin,” so click on that to get a link for your Bittrex address.
- Now go to your crypto-wallet where you’re storing your Bitcoins or whichever other crypto you have. Then transfer the amount of your choice to Bittrex using the Bittrex address link that you received earlier.
Trading on Bittrex
With funds/crypto deposited on your Bittrex account, you’re all set to begin trading. Head over to the Markets page, where you’ll find the popular cryptocurrencies right away on the Trending section. Or scroll down to search for specific crypto that you want to trade. There’s also the option to trade Tokenized Stocks, which are stocks of companies that can be purchased with cryptocurrency.
Once you open the page for your desired crypto, you’ll see information such as graphs, real-time price changes, and more. All this can be a little overwhelming for beginners, which is a small downside of the platform. On the other hand, it’s useful for experts who can make better trade decisions and get valuable info regarding various cryptocurrencies before making any transaction.
On the right side of the screen, you’ll find the buy and sell option. Under both the Buy and Sell tabs, there are various options to place an order, and those are briefly explained below:
- Limit: In this option, you can specify the price you want to buy or sell the crypto. When the market value reaches your specified price, the order will automatically complete.
- Market: When using this option, your order will be processed instantly at the best price on Bittrex.
- Stop Limit: This option is used to stop your order if the price rises to a specific value (when buying) or drops to a specific value (when selling). It is beneficial when selling because when the value of the crypto drops below your specified limit, Bittrex will automatically stop your crypto from being sold so that you can avoid losses without having to check in to the platform time and again.
There are three more options – Trailing, OCO, and Ladder Limit – but those are pretty advanced options better suited for experts, and explaining them is out of the scope of this review. Using the options described above, you have much control and flexibility over how you wish to trade cryptocurrencies on Bittrex.
Pros and Cons of Bittrex
Now that you have a proper understanding of how Bittrex works and how you can trade, let’s take a look at the positive and negative aspects of this platform.
- Highly secure platform
- Huge variety of crypto markets available for trading
- Lots of different trading options give you full control over how you want to trade
- Extremely detailed and valuable market info about different cryptocurrencies
- Recently added feature to buy cryptocurrencies directly using fiat currency
- Instant buy and sell option is also available
- While tight security is mostly a good thing, it also makes some features challenging to access.
- Users also need to provide a good deal of information to verify their accounts before starting trading. So the registration process can take a bit of time.
- The market interface offers valuable information, but it can be difficult for beginners to understand, so Bittrex isn’t exactly a beginner-friendly platform.
As we have already mentioned, one of the best things about the Bittrex platform is that they implement excellent security features. In its seven years of operation, it has never faced any security issues or been the target of cyberattacks. For starters, most of their cryptos are stored in cold wallets, meaning physical devices and not digital storage. That itself makes it almost impossible for hackers to target Bittrex through digital mediums.
And then there’s two-factor authentication which, when activated, allows users to add an extra layer of security on their account other than passwords. It also takes user verification quite seriously, which is a good thing but also has a downside. A thorough verification process can sometimes become time-consuming, so users may have to wait for long periods to verify their accounts and details. Still, all these features make it clear that when it comes to security, few can match the standards set by Bittrex.
With a high level of security, 250+ markets, and versatile trading options, Bittrex is genuinely one of the best crypto trading platforms. Experienced crypto traders will enjoy all their features and have an excellent user experience on Bittrex. But even beginners should not hesitate to join this platform. Sure, there will be a bit of a learning curve before you can fully get used to all features, but the initial setbacks will pay off greatly in the long run.
We hope that Bittrex will eventually find a middle ground where they can still offer top-notch security and make user access and experience more convenient for beginners and experts alike.
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