Anonymous Accounts: YES
Cryptocurrencies: Dash, XRP, ETH, ETC… (Long list of cryptocurrencies)
Fees: 0.25 %
Minimum deposit: no
Minimum trade sizes: 50,000 satoshis
Maximum withdrawal:
- Unverified Accounts: 1 BTC (or equivalent) per day
- Basic accounts you can withdrawal up to 4 BTC worth of digital currency equivalent per day if two-factor is enabled.
- Enhanced accounts you can withdraw up to 100 BTC per day if two-factor is enabled.
Other Assets: Cryptocurrency and tokens
Security measures: Bitcoin in cold storage
Customer support: e-mail support you select your issue from a list and then you make a support ticket.
Mobile App: Bittrex Mobile App
Minimum withdrawal: Every amount larger than 0.001 BTC
USD/FIAT - Deposit via Wire transfer ($ 10000 maximum deposit)
At this time Bittrex does not currently have a method to transfer coins to or from your bank account or into a FIAT currency.Bittrex team announced that they will launch a new website soon that will add these features.
Mobile app: Mobile app (http://app.appsgeyser.com/1044802/Bittrex%20Mobile)
Supported currencies: USDT, CNY
Pros
- anonymous trading possible
- No ID required for basic accounts
- No trading fees
- Fast transactions
Cons: - No margin trading’s
- U can’t deposit dollars trugh bank account.
The best side of trading at this website, launched in 2014, is its wide offers of multiple various coins and tokens which you can’t buy at other exchanges.
This exchange is also one of the safest that currently operate. This is enabled by 2 factor authenticator which must be set in order to withdraw more than 1 BTC per day.
Particularities of Bittrex.com
Bittrex .com is cryptocurrency exchange based in USA. Its major characteristic is that you can find various tokens and coins at this platform. The Only serious competitor to Bittrex when we speak about offer of coins and tokens is Poloniex.
Regulation:
It operates under the laws of USA with a daily trading volume of around $140.000.000 or 50180 BTC.
Countries that are supported by Bittrex:
This exchange supports a lot of countries at this website you can see all countries that are supported-https://www.jumio.com/netverify/supported-countries/
China is one of the countries that aren’t supported by this exchange.
Deposit USD:
They offer wire transfers in the amount of $10,000 or greater for BTC and ETH purchases. If you want to wire funds you must let them know by contacting their support team through support ticket. In order to do this your account must be Enhanced Verified.
This exchange doesn’t support margin trading but they announce that in future they will.
They make an announcement that margin trading and an advanced trade engine with many different order types and features will be launched along with a newly designed website in the next few months.
How to start using www.bittrex.com?
To start trading at this cryptocurrency exchange you have to Sign up. In order to do that the procedure is usual as you do at every website.
You have to go to www.bittrex.com and click at the field “GET STARTED NOW” type your EMAIL address and choose a password. Then you will get confirmation Email. The last step in registration is to check your email and click on the confirmation link. By clicking on it you have your so called unverified account. With this type of account (anonymous accounts) you can daily withdraw 1 BTC. So this is some kind of demo account.
How to verify your account?
Next step is you have to do is to verify your account. At this exchange you can have two type of account.
- Basic Account
- Enchased Account
In order to paste basic verification process you need to provide your full name, birth date, and Address.
Also you need to provide www.bitrex.com your mobile phone number. It is required and very important to type your real number because if you don’t later you won’t be able to set two-factor authentication which is one of the currently best ways to protect your account from being hacked.
The Bittrex exchange encourages the use of two-factor authentication in order to finish your Basic verification process you must provide them your mobile phone number and set two-factor authentication. To be sure you successfully paste phone verification process you will receive security code at your mobile phone.
With this type of account you can withdraw up to 4 BTC daily and you can’t make wire transfers so you can only deposit your bitcoins or other cryptocurrency from your wallet and trade against other cryptocurrency.
Basic accounts require users to submit their name, address, and birth date to Bittrex. They verify it through public records. If they can’t verify you through public records, they will accept your application for a basic account. If public records do not match you can also enter a mobile phone number and receive a text to become Basic verified. If that fails as well you need to proceed to an enhanced verification.
In order to start deposit dollars you must paste Enchased verification process.
If you want to have Enhanced accounts users have to submit scans of their identification and selfies. Bittrex.com service provider, Jumio, uses a number of heuristics to verify that the id is legitimate and the faces match.
So this type of verification is easy to be set.
With Enchanced accounts you can daily withdraw up to 100 BTC. If they have two-factor enabled.
Fees:
At the picture below you can see that all trades have 0.25 % commission.
When you withdrawal your bitcoin you must pay 0.001 BTC which is average miners fee.
A list of Supported digital currencies besides BTC?
- USDT/BTC
- USDT/ETH
• USDT is digital currency that is backed by dollars. Value of 1 USDT is 1 $
FIAT Markets: - BTC/CNY
Platform Dashboard walk-through:
If you want to trade with BTC you go to BTC market (B market) which is located at the top left corner.
Here you can buy or sell your BTC and exchange them for other cryptocurrency.
Next to it is $Market: Currently in this section you can trade USDT/BTC, USDT/ETH and CNY/BTC BTC/CNY
Than field Lab that gives you some nice features like Auto Sell and Profit/Loss calculator.
Than you can see button “Orders” that allows you to see your order history and your active orders so if you want to cancel order you will use this field. ( If you want to cancel your order you should click red x button.
Right next to it there is a field Wallets. By clicking at this field you can see your account balance and here you deposit or withdraw your bitcoins or other cryptocurrency to another bitcoin address.
You deposit Bitcoin by clicking at the blue plus button and then you will see your receiving address which you copy to a wallet from which you want to deposit bitcoin.
If you want to withdraw your coins you should click at blue minus button and put a receiving address of wallet you want to withdraw to. The fee is set automatically so you can’t change it, and in the moment of writing is 0.001 BTC.
Next is button Settings here you can do a verification of your account and set your Two-factor authentication:
At the right up corner you can see log out button, by clicking it you are leaving your account and get back to first page where you did sign up process.
3 most used basic order types:
Market order: Allows you to buy or sell at the current market price
Limit Order: You can set order of more coins that is available at current price when the demand for that coin rise your order will be automatically filled. You can set the limit order at whatever you want price.
Stop-loss order: You can set sell order that will only happen if the price of your coin fell below the price mark you made.
Mobile trading:
Bittrex has its own mobile trading platform you can find it at this website. http://app.appsgeyser.com/1044802/Bittrex%20Mobile
This mobile app gives you features: Access to your wallets, Full Trading, Trading Graphs, and Access to all web features.
Everything work great and if you are passionate trader this mobile app will be of great help to you.
Pro’s and Con’s of bittrex.com
Platform advantages:
- Secure platform
- Custom built trading engine – It is designed to be scalable using elastic computing. The Bittrex platform processes and executes orders as soon as they are placed so you will never see a crossed order book or delay in processing of any trades.
- Allows fast deposits and withdrawals – This is done by highly efficient and automated monitoring platform which makes the fastest transaction that you can see these days. This includes updates on balance, trade, and wallet information. You will never be left wondering where your funds are or if your deposits are blocked, as information is always up to date.
- Various Altcoins markets
- anonymous trading possible
- No ID required for basic accounts
- No trading fees
- Fast transactions
- Complete and easy REST API – Our full featured set of APIs allows you to withdraw as easily as you deposit, as well as trade, and exchange. Bittrex was built with high frequency trading in mind. We have designed the most complete API set for developers to build on our platform.
Platform disadvantages:
- You cannot deposit dollars only truth wire transfer and limit is 10000 dollars.
- Average withdraws option up to 40 bitcoins per day with Enchased account.
- Don’t allow margin trading yet.
Bittrex Hacks:
Hack happened in 2016 but the reason was user’s lack of knowledge of importance of 2 factor authenticator. They haven’t listened to main advice of exchange to set 2 factor authentications. The lost funds haven’t been refunded because users didn’t listen to platforms notes about 2 factor.
Privacy and Secure:
- This platform is one of the safest that currently operates. Bittrex employs the most reliable security technologies available. As part of this approach they leverage an elastic multi-stage wallet strategy ensuring that 80-90% of funds are offline and safe.
- Two-factor authentication is required for all withdrawals and API usage.
Conclusion:
This exchange is made for those who wants to trade with alternative cryptocurrencies because it gives you various choices of them.
This platform is not for big investors (whales) because of its withdrawal limit of 40 bitcoins per day.
Using of platform is easy and people who like to hold there bitcoins at exchange besides it is not the safest way of keeping them should use this platform.
Nikola R.