With cryptocurrency taking the world by storm, who does not wish to be a part of it? However, the only fear is that this must be just another scam. To delve into the crypto world is seriously intimidating because you are dealing with a subject that is not as straightforward as fiat currencies. This is where, you need to choose between ‘a good exchange’ and ‘a better exchange’ for trading cryptocurrencies. Let’s suppose you are holding up dollars to buy BTC or ETH, while the good exchange will just let you buy it, the better exchange will guide you through all the possible ways you can wait-up and hit the market so it will bring you more profit in time.
Bittrex is one such example, a US-based cryptocurrency exchange, that is garnering popularity worldwide. To date, there’s no dearth of cryptocurrency exchanges, however only a couple are trending on the internet. Launched back in 2014, this exchange platform has grown in popularity quite fast. The users of the platform claim it to be one of the best exchange platforms on the market for altcoins.
They also say that Bittrex’s success is a direct result of its team’s efforts, brilliance, and presence-of-mind. Their team of experienced security professionals is committed to the upkeep of an uncomplicated, simple, fast, credible, and secure exchange process. As the market becomes filled with more and more scams, the fear of consequences is understandable. Therefore, a platform that can ensure higher security and lower transaction fees becomes very attractive.
This exchange was founded by Richie Lei, Bill Shihara, Ryan Henz, and Rami Kawach and is based out of Las Vegas, Nevada. The company is completely compliant with US money laws, and this is evident in their exchange structure and setup.
Signing up with Bittrex
There are three possible categories of investors – experienced, beginner, and novice. For the experienced investors, signing up may not be an issue unless they have chosen a different platform. Yet every platform has more or less similar ‘Sign up’ formats and they could easily proceed accordingly. It becomes a concern when you are brand new to the industry, so you will want comprehensive guidance. As Bittrex is one of the most popular, most used crypto trading exchanges, you will want to stay pre-informed about the procedure.
With Bittrex, it is pretty much straightforward, especially when you are planning to trade between cryptocurrencies only. You can also check ICO planning guide for more. All you need to get started with the sign-up process is a verified email ID, an authentic date of birth and a phone number, which is verified and in use. In a matter of minutes, you are ready to hit at the prices.
On the other side, there may be requirements for more details or personal data as this exchange prefers a high-tier verification process in order to unlock wider facility options. For instance, this is an advanced and enhanced verification tier that will enable the trader to deposit and withdraw in fiat wire transfers worth USD10,000 or higher.
How to buy cryptocurrency at Bittrex?
There’s always a certain way to do everything in life and as far as it concerns business, your every step, every move counts. Thus, when you are gearing up to start trading on any selected exchange platform, you must undergo a predetermined process.
This is Bittrex’s:
1 – Browse Bittrex.com on the Google Address Bar and Press Enter. Once their website is UP and LOADED, click ‘LOGIN.’ A page will appear, asking for either Sign in or Sign Up. Unless you are an existing member, you must Sign Up with your personal email ID, phone number and creating a password as well. Following this, you will be asked to verify your email ID along with the phone number that you have provided. Once this is done, you will be given the access with similar email ID and password that you have created.
2 – As you log in, you will be introduced to a list of Bittrex’s markets. Go to the Bittrex’s ‘Wallet’, which is available on the wallet page. The wallet is the heart and soul of this whole system. Currently, this exchange allows you to make deposits and trade 250+ cryptocurrencies. You will need to use the search bar to choose which cryptocurrency you want to buy and deposit to your Bittrex Wallet and then hit the PLUS icon. A deposit box will pop up, allowing you to generate a personalized wallet address.
3 – Once you generate the deposit address, it will be shown every time you make a deposit. According to popular recommendation, you should first make a deposit of a small amount to the wallet in order to avoid any potential difficulties or complications in your way to trade. You can simply deposit by buying any preferred cryptocurrency and then sending it to the given address of your standing wallet.
4 – However, making a deposit may be simple, but this happens successfully only when the blockchain lets it pass. Yes, you read it right. The blockchain qualifies your deposit first and then makes it available for trading. There are different levels of confirmation and which one is likely to be yours depends upon which cryptocurrency you choose to deposit.
5 – On successful completion, you are finally ready to trade. Now, you will need to choose the trading pair on the market page. For example, you have chosen to trade ETH for DASH.
6 – Time to place the order now. The trading page comes with a lot of information about the trading pair you have chosen. In case you’re up for basic trading, the Order Book is the one critical section to refer to. You will have to use it to see all the bids (buy) and asks (sell) orders, which have been updated by its users. Pick your preferred ‘units’ number and a desired price. Mind that there is no certainty that your order will be full even if it is below the ‘ask’ price. With the placing of a limit buy order, you will agree to buy the cryptocurrency amount you have entered, below or at the price entered by you.
7 – The moment your order gets filled, the virtual currency you have bought will be available in the Bittrex Wallet. You can also withdraw an amount of your total assets just by hitting the minus icon. In the section ‘limit’ right below, you can also find out how much is allowed to be withdrawn at a time.
Is Bittrex safe to use?
Bittrex users claim that the security system has perhaps the most brilliant and difficult to penetrate and this is Bittrex’s Unique Selling Point. The creators of this exchange have over 40 years of aggregated experience, specialized in privacy and security in all developmental stages. This exchange takes pride in having an elastic and a multistage strategy wallet, which will keep 80%-90% of assets safe and secure. On the customers’ side, there is two-factor authentication system, which is a must if you are going to withdraw or make API calls. Unless it’s activated, there will be bad limitations on withdrawals.
Bittrex’s customer support
Sporadically, a few specific accounts are said to be briefly suspended, but temporarily. This will happen due to incomplete evaluation. This process has attracted a worldwide debate especially from the holders of frozen accounts, who took to the web forums in order to make their grievances known to all online.
This situation is apparently still ongoing (and has been for some time now), with mere nominal retort from the core team of Bittrex. In a nutshell, and according to Bittrex, approximately 0.1% of its accounts are impacted by the suspensions, outright bans or closures. But, during the past three months, over 50 threads were opened in several BTC forums on the issue.
Countries serviced by Bittrex
As cryptocurrency trading is yet not as widely adopted as fiat currencies, due to its highly volatile nature, many countries including China have restricted it with a stout stance. In the case of Bittrex, the countries that have been prohibited from trading at Bittrex are Iran, North Korea, Cuba, the Crimean region and Syria as well. Hence, if you happen to be in any of these countries, know that access is restricted. According to the latest terms of service, if you happen to be a resident of any of the countries mentioned above, you are not subject to anything listed in their Terms of Service.
Bittrex’s buying and selling limits
Bittrex is concentrated around offering an efficient and fair price exploration. The ultimate lifetime of any order is 28 days. Orders that are older than 28 days are subject to be cancelled automatically by the system itself and the stored funds will be directed to the user’s account. 100,000 Satoshi’s (0.00100000) is the minimum order trade value. For instance, at 22 Satoshi’s DOGE is traded. 4500 DOGE is the minimum trade quantity and 100,000 Satoshi’s is the minimum trade value. 100000 DOGE at 1 Satoshi each is the smallest order in the book, while 4500 DOGR at 2 BTC each is the largest order in the book.
It is an unfortunate fact, that Bittrex supports margin trading and leverage. And, the sheer spot trading is offered for every coin or ICO listing. The platform is currently working on a brand-new engine, which is supposed to do margin trading and sophisticated types of order shortly.
But the latest trading engines easily adjust with the automated features of trading, for example stop loss, instant buy or sell, good until cancelled, using standard technical and charting tools, what a trader needs. Customers regularly appreciate this exchange’s trading interface because it is quick at loading and has no lags or hanging. When compared with other exchange platforms, trading fees at Bittrex are a little higher. Moreover, there are no models for makers and takers or rebates for higher-volume. A 0.25% discount commission is applied to all trades.
While Bittrex can be considered a brilliant exchange platform for novice or beginner traders, it is also highly secure and adaptable to multiple cryptocurrencies. Too often, exchange platforms sacrifice customer satisfaction and support, but with Bittrex, things are different and noticeably better. If you are really looking forward to expanding and growing in the crypto space, it is worth considering Bittrex.