The Bittrex exchange is among the 10 largest in terms of volume of trading, so it definitely deserves the readers’ attention. In this article we will consider how to use the trading platform, replenish the wallet and withdraw funds, commissions, reviews and much more.
Overview of the Bittrex exchange: the pros and cons
The Bittrex Exchange was founded in 2014 in Las Vegas, Nevada. Initially, the creators planned to create a regular “exchanger” of digital currencies. Over time, due to the growing popularity of crypto currency on other exchanges, the developers decided to form a full-fledged platform for trading digital coins.
To date, Bittrex is one of the most popular exchanges among the English-speaking audience. The main counterpart of the Bitrex exchange was a large number of altcoyins. At the exchange there are more than 261 crypto-currencies, and there are popular currency pairs, like USDT-BTC, USD / ETH. According to statistics of Coinmarketcap, the volume of the exchange’s turnover as of July 14, 2012 is $ 689,305,251 (163,554 BTC).
If we talk about the advantages of the Bittrex.com exchange, then an obvious advantage is a simple and convenient management option. There is also a wide range of currency pairs, which allows you to choose the most suitable option. Verification is necessary only when you need to withdraw a large amount, more than $ 50,000, and the administration always helps to solve any problems that arise. All operations are carried out quickly, the user can always get acquainted with the real state of his account.
The exchange has a high level of security, because it uses the technology of “cold storage”, when the assets of users are stored on servers that are disconnected from the network. For security reasons, the funds can not be withdrawn within 24 hours after changing the password, and in case of disabling two-factor authorization, the withdrawal limit will be limited to 1 BTC per day.
The disadvantages of the Bittrex site are not many, but the main ones are:
- no interface in any language other than English.
- lack of support for popular payment systems
- Low withdrawal limits for unverified users
- no referral program and chat
Registration and verification at Bittrex exchange
Since December 2017 registration on the Bittrex exchange is very limited. If you click on Sign Up to create a new account, you will be given the following text: “Dear new users,
Currently, we accept only new requests from our corporate clients and select invitees. We are glad that there are so many new users who want to join the Bittrex community. For those who want to join our community – we will keep you informed when we open the registration more widely. If you already have an account in Bittrex, this change will not affect you. Continue to log in, as usual.
If you are a corporate account or a selected guest, click the button below to apply for a new account. Given the volume of requests, we will not be able to respond to every request for a new account at this time. “
It follows that not everyone can use Bittrex now.
The site has 3 types of accounts: New, Bassic and Enhanced.
Akkaut New: you can only make trades and raise funds.
Basic account: has the ability to withdraw funds in the equivalent of 3 Bitcoins daily, provided active two-step authentication.
Enhanced account: it is possible to output the equivalent of 100 Bitcoins per day, provided that two-step authentication is connected.
The last 2 accounts are verified. Verification is not mandatory, but it allows you to increase the withdrawal limits. There are several levels:
Basic Verification – you need to enter the passport data and indicate the place of residence.
Phone Verification – just confirm your phone number. Use in cases where it is impossible to obtain data about the user from free sources for the passage of Basic Verification.
Enhanced Verification – the last level. To do this, go through the first level of verification, download scans of documents and make “selfie”.
How to use Bittrex?
The interface of the trading platform is quite simple and intuitive. In the upper left corner there are two buttons “Markets”. The first of them is intended for trading with crypto-currency pairs, which here are huge. Below are the fields:
Sort By: (Name, Percent Change, Last Price, Volume, Newest, Oldest) – sorting crypto currency by various parameters (in particular, by: name, percentage change, last price, volume, novelty)
Max Rows – the number of rows to display, and also Search – the search string.
The second “Markets” button is used to select one of the two trading pairs: USDT / BTC, BITCNY / BTC.
The main menu items on the right:
Lab: the main tools for working with the exchange
Any2Any allows you to easily convert one digital currency into another, selling one currency and buying another.
Auto-Sell is a function that automatically sells any currency you specify in bitcoin.
Profit / Loss Calculator – allows you to calculate the possible profit (is under development.
Orders: requests for the purchase / sale of currency.
Wallets: wallets with balance and account details.
Bittrex wallet: input and output of funds
There is no input of fiat money on the stock exchange, you can replenish the account through crypto-currencies .. If you do not have such a currency, then the exchange can be made at special exchangers. There you immediately specify the bitcoin-address, and the funds will be transferred directly. But it will take a while to wait.
To enter money into the account, you need to go to the “Wallets” section. After that, you need to find a suitable crypto currency and click on “+”. After that, a window will appear in which you need to generate a new address, after which you will receive a purse number. The account can be replenished from another account or through an exchange service. To output the crypto currency, just press “-” and enter the purse address.
Exchange and trade on Bittrex
After you have replenished your account, you can start trading on the exchange. To do this, click on the logo “Bittrex” and before you will appear data on the markets of various crypto-currencies. To quickly find the right pair, it’s best to use the search, because the exchange supports a huge number of destinations.
One of the most popular pairs on Bittrex is ETH / OMG. The volume of trades in this direction is 17 000 ETH. On the page you can find applications for the purchase and sale of crypto-currencies, just below you can get acquainted with a glass of quotes, at the very end of the page you can get acquainted with the history of transactions.
On the Bittrex exchange, there is a single rate for all types of orders (both maker and drawer) – 0.25%. Although on the exchanges reviewed earlier on the warrant maker, when the trader adds liquidity to the order book, the commission is from 0% to 0.15%. And here you will be charged 0.25% regardless, whether you add liquidity to the market or withdraw.
The Bittrex exchange is popular mainly in the west. The network has a lot of feedback, and there are both positive and negative ones. Basically, the exchange users on the network indicate that the exchange has a good interface, does not slow down and works without bugs. Trading and introducing funds to the stock exchange is easy enough. Nevertheless, some users complain that it is problematic to withdraw funds from the exchange.
In general, the Bittrex exchange makes a pleasant impression and is executed quite professionally. Bittrex can be the best solution for those who put safety above comfort. Despite the fact that verification can take a long time, and technical support does not work well, the security of accounts is unquestionable.