In this series I would like to review the most reliable exchanges, to be easier your choice. This article’s main audience are the newcomers, but I hope, I can help with this for the experienced investors, traders as well.
I’m planning this series to be at least 4 part + a final comparison, but it’s up to you. Feel free to comment!
Let’s get start it.
When you choose an exchange, the main considerations are the next:
- The exchange has to be a good reputation
- Be a broad assortment of cryptocurrencies
- The verification time be as fast as possible and do not have to give too much personal information, just which is necessary
- The deposit and withdrawal limits of the exchange fit to your planned amount
- Deposit and withdrawal fees and times be relatively fast
- The interface of the exchange be clean, easily understandable to be able fast navigation
- Be reliable and robust, even if a crash happens, you have to be able to log in your account and sell or buy
Through the above-mentioned criteria, I’ll present to you the Bittrex exchange in this paper.
Bittrex is a US based, high turnover crypto-crypto exchange. It has one of the largest assortment of cryptos, at the time of the article writing it has 447 BTC pairs. If you looking for new, less known altcoins, this is your place.
Verification
On Bittrex you can open 2 types of account. A basic one and an enhanced. For a basic account, you have to give your name, address and date of birth. Then they check it quickly and if they can verify the given data you are ready. If this process fails, then you have to give your phone number, where they send a code, which has to be typed in the appropriate checkbox on the registration page.
Usually, after this step, you have a basic account, which has a 1 BTC daily withdrawal limit. You can increase this to 3 BTC if you apply the 2-factor authentication (2FA).
If you need a higher limit, you can expand your account to an enhanced one. This involves an ID scan and selfies. It takes, of course, longer period, but when you verified and use the 2FA, you will be able to withdraw up to 100 BTC daily.
Deposit and withdrawal
All trades are charged 0.25%, but the deposit and withdrawal are free, only the cost of the coins network has to be paid. In the case of withdrawal, you can see the cost of this on the interface.
Interface
As you can see in the figure below, the interface is clear and easy to understand. On the top left, if you click on the Bittrex label, you can browse on main markets (BTC, ETH, USDT).
On the top right, the lab tab shows the currently under development or testing phase options. Next to it, you can see your orders and your wallets.
Here you can see a picture of the wallet design.
There is the name of the coin, the symbol of it, the available balance, the pending deposit, the reserved, which is actually in one of your order, and the total amount.
By clicking on the blue + sign, you can deposit, after you generated an address, and with the – sign you can withdraw.
Furthermore, at the bottom of the page, you can follow the deposit and withdrawal statuses.
Reputation
According to the cryptocompare.com reviews (only 26), the exchange has 4 stars out of 5.
It was previously strong, when crashes happened, even when Poloniex or the Kraken went down temporarily, it worked. The reviews, which contains problems mainly mention the support. It is not perfect either, but on average significantly faster, than the Poloniex or Kraken.
Conclusion
Although the support is not always at the height of the situation, I highly recommend Bittrex, mainly because of the vast variety of altcoins and the user-friendly interface. It is a good choice for beginner investors.