Bittrex review

Bittrex is the top three crypto exchanges in regards to trading volume globally. At the moment, Bittrex is one of the fastest developing crypto exchanges and it grows day after day.

This crypto exchange was launched in December 2014 and has not experienced any hacks to this day (23-07-2018), and is thus considered reputable and safe. Apart from offering the most common and the most popular cryptocurrencies like Bitcoin, Ethereum and Litecoin, Bittrex trades with more than 190 different tokens. The deposit methods are cryptocurrency and wire transfer. As for fiat currencies, the USD is the only one that is supported by Bittrex.

Bittrex is located in Seattle, Washington (USA)

Bittrex is a crypto exchange based in Seattle, in the state of Washington in the US. This crypto exchange is not regulated under US securities laws. This means that although Bittrex carries out a comprehensive digital tokens review process to ensure they are not breaking the US law, currency traded on this site is not considered by definition to be a security. Thus, Bittrex in an unregulated crypto exchange.

Bittrex has a policy of restricting services to specific locations. Those are connected to the embargo policy of the United States and laws and regulations of a country you are operating in. Therefore, if you are located in, or a citizen or resident of any state, country, territory or other jurisdiction that is embargoed by the United States or where your use of the Services would be illegal or otherwise violate any applicable law, Bittrex will not confirm your account and you cannot use its services. Approximately, Bittrex offers its services to 29 countries.

History of Bittrex

Bittrex was founded in December 2014 by Bill Shihara, the current CEO of Bittrex. In the winter of 2017, due to high demand and growing popularity of the crypto exchange, has temporarily halted taking on new users, along with two other major crypto exchanges. The crypto exchanges have since opened the registration option and Bittrex has experienced a growing popularity ever since. Bittrex enjoys the trust of the cryptocurrency trading community as it has not experienced any hacks to this day. The community considers Bittrex to be one of the most reliable crypto exchanges out there.

Bittrex team

The official founder of Bittrex Inc. is Bill Shihara, the company’s CEO. Prior to launching Bittrex, Shihara worked as the Security Engineering Manager at Amazon. Inspired by preventing security breaches, Bill Shihara made a career in ensuring a safe experience for clients of companies he worked for. He also worked for Blackberry and participated in making of the Windows Operating System and the Trustworthy Security team.

The co-founders of Bittrex are Richie Lai and Rami Kawach, business partners of Shihara. Lai is the Chief Information Officer of Bittrex. The previous position he held is the leader of the Amazon Information Security Team. Before that, Lai worked for 12 years at Microsoft creating their their security engineering and Internet crimes division.
Rami Kawach is the current Chief Technology Officer at Bittrex. Before founding Bittrex, he worked as Principal Security Engineer at Amazon. Prior to that Kawach held the position of Director of Engineering at Qualys. Before that, like his partners, he worked at Microsoft, having lead numerous projects.

How to trade on Bittrex

After your account has been verified you start with depositing some cryptocurrency. First, when you go to the Bittrex site, click on Log In in the upper right corner of your page. When you log in for the first time, you will see a list of all the Bittrex markets. Then, click on Wallet on the upper bar, in order to deposit the cryptocurrency you want. When you enter the Wallet, search for the currency you want to deposit on the Search bar. Afterwards, proceed to clicking on the plus icon. Then, a deposit box will appear, where you can generate a deposit address. So, you will see a deposit address, and you can deposit by sending the cryptocurrency to the given address. As for the Bittrex trading platform, it is quite easy to use and offers several options when it comes to charting. Some users claimed that it is a bit basic, but rather intuitive as it was created by someone who is knowledgeable about trading.

Create your account on Bittrex

There are thus, two types of accounts available at Bittrex:

1. Basic account. Firstly, if you are going to trade with cryptocurrency pairs, you are opting for a basic account. So, you only need to submit your name, email address, date of birth, and phone number verification, you can start trading using a basic verified account in less than 30 minutes. If you are using this account and have two-factor authentication enabled, you are allowed to withdraw 3 BTC worth of digital currency equivalent per day.
2. Enhanced verified account. However, if you are looking to purchase coins with fiat currency (USD), you can do so via bank wire transfer. Do bear in mind two things: 1) that that in order for this to happen your account needs to go through a more thorough verification process, 2) you must buy $10,000 worth of cryptocurrency. Enhanced accounts can withdraw 100 BTC per day if they have two-factor authentication enabled.

KYC

When opting for a basic account you must supply the information needed for a basic account and they are checked in public records. The records you submitted must match the public records, and if they do, your account is verified. In order to get an enhanced verified account you must provide scans of your ID and selfies so your identity can be verified, and you can start trading.

Security

The exceptional individuals and the team that manage Bittrex boast of providing a safe platform that uses the most dependable security technologies. Bittrex uses an elastic multi-stage wallet strategy that ensures 80-90% of funds are stored offline and kept safe. Moreover, two-factor authentication is needed for all withdrawals and API usage.

Conclusion

Based in Seattle, Washington US, Bittrex is praised by the community of cryptocurrency traders due to a variety of coin pairs available. Its state-of-the-art security system and senior team that has around 50 years of experience in cyber-security in total has ensured a safe platform for your trading. Bittrex has not experienced a hack to this day. It does have limitations to where you can use Bittrex services, as it is available in only 29 countries. Apart from accepting a wide variety of cryptocurrency, this cryptocurrency exchange Bittrex supports one fiat currency (USD) by wire transfer. The trading platform is quite easy to use and is very intuitive.