Bittrex is a cryptocurrency exchange based in the U.S. that operates since 2014. Their veteran status makes them a prominent player in the industry, but many wonder if the company is legitimate or if their services are decent.
Is age enough to make Bittrex a competitive trading platform? There are thousands of trading platforms in the market right now, which is enough to make your mind go dizzy. To find out whether Bittrex is the right choice or not, we have taken the time to review the exchange.
What is Bittrex?
As a digital asset exchange, Bittrex primarily focuses on cryptocurrency spot trading. It offers traders access to more than 300 trading pairs, which are matched with crypto, fiat, and even stablecoins. Having a plethora of trading tools and an intuitive trading platform similar to Binance’s UI, Bittrex makes trading seem easy even for beginners.
However, the exchange does not have trading at the center of its attention. Understanding the importance of security in an anonymous and digital market, Bittrex prioritizes protecting its users. It is only natural for exchange operators to do so since they have met rigorous US regulatory standards.
Bittrex is currently ranked 29th on the CoinGecko leaderboard. At the time of writing, it processes $97 million in daily trading volume.
The cryptocurrency exchange in question has many prominent key features that make it distinct from other platforms. What are they, and how do traders benefit from these features?
From a security standpoint, Bittrex is a highly protected crypto exchange that is incredibly efficient at protecting users and their assets. Since its original launch in 2014, Bittrex has never been hacked, nor has it lost its funds in any other way.
The exchange achieves such a massive level of security by storing all of its assets in cold wallets. That way, they are never connected to the internet, and there is no way to gain access from the outside.
Moreover, Bittrex uses the standard two-factor authentication (2FA) system to protect every individual trading account.
A standard fee system
At the time of writing, Bittrex charges 0.25% in fees for all trades. While the rate is a bit higher compared to other exchanges, it is still easier to keep track of how much you give on keeping the exchange alive.
Moreover, new traders have a better sense of maneuverability, given that they do not have to tediously remember all the rates that Bittrex uses.
More than 300 crypto trading pairs
Switching between exchanges to trade different cryptocurrencies is a tiresome process. By trading on Bittrex, you can essentially trade on just one single platform without having to move back and forth. With access to more than 300 trading pairs, there really is not a single token or coin that you will miss out on by using Bittrex.
Pros and Cons
The reputation of Bittrex is quite mixed. While it is famous for hosting a trading platform with the highest level of security, the exchange is infamous for its terrible customer service. For a summarized report of all the advantages and disadvantages, give the following sections a look:
- Incredible security supported by a cold-wallet multi-sig system and 2FA
- Vast crypto offering
- Swift trade position execution
- Support for fiat payments
GO TO BITTREX
- Numerous user reviews show unhappiness with customer service.
- Users sometimes get locked out and lose their funds.
- It does not feature complex crypto contracts apart from spot trading