All there is to know about Bittrex

With the rise of cryptocurrencies comes the emergence of various cryptocurrency-related platforms such as exchange sites that made it easier for crypto users to purchase, sell, and trade their cryptocurrencies.

Nowadays, there’s a wide range of crypto exchanges available in the market, each with their own features that will benefit users. Bittrex, in particular, is one of those exchanges that focuses on fast transactions while keeping their users’ information safe and secure.

What is Bittrex?

Bittrex is among the hundreds of crypto exchanges aiming for smooth and fast crypto-to-crypto trading. The exchange site allows direct purchases of cryptocurrencies using US dollars and supports trading of more than 220 digital assets.

Bittrex also recently expanded its services to Malta, naming it Bittrex Malta. Although the exchange focuses on crypto-to-crypto transactions, it has managed to get several bank licenses from across the globe that allowed them to process fiat withdrawals.

History of Bittrex

Bittrex is a US-based crypto exchange platform that enables crypto-to-crypto trading. Established in 2014, it quickly became one of the top crypto exchanges in the market.

The exchange’s founders, namely Bill Shihara (CEO), Richie Lai (CIO), and Rami Kawach (CTO), all have similar backgrounds, having worked in well-known companies like Amazon, Blackberry, and Microsoft, respectively.

In 2015, Bittrex applied for the Bitlicense, a license required for New York-based businesses planning to enter the crypto industry.

However, in 2019, the application was rejected because of ‘Bittrex’s deficient customer identification program.’ However, the exchange denied these claims.

Things were looking up for Bittrex by 2018 when they partnered with the Virtual Commodity Association Working Group to create a self-regulatory organization to supervise cryptocurrency marketplaces. This allowed Bittrex to compete with other well-known crypto exchanges like Bitstamp, BitFlyer USA, and Gemini.

The exchange updated its trading engine multiple times in 2019 to make their services faster and more scalable to support other features they want to add into their platform. In the same year, Bittrex launched Bittrex Global, which is their branch based in Liechtenstein.

With the expansion, Bittrex currently has two platforms that share liquidity but operates separately. The main platform of the exchange focuses on serving the US crypto community. Meanwhile, Bittrex Global caters to international users of the platform, extending their services to other parts of the world except for North Korea, Iran, the region of Crimea, Syria, and Cuba.

Additionally, Bittrex Global operates within the framework of the Transactions Systems Based on Trustworthy Technologies Act (The Blockchain Act), a new regulatory system for blockchain proposed in Liechtenstein that aims to ‘tokenize’ assets so they can be traded digitally.

Notable features of Bittrex

Get to know what makes up Bittrex. Here are some of the exchange’s most notable features that made it one of the top exchange sites in the market:

It has more than 220 cryptocurrencies

Bittrex didn’t get the title of one of the top crypto exchanges for nothing. It supports more than 220 cryptocurrencies, making it possible for users to trade more than just one cryptocurrency.

Secured and trustworthy

Founded by cyber-security experts and former security engineers, Bittrex users can be rest assured that the site provides a safe and secure platform for their investments. Additionally, the exchange has no record of hacking incidents since it was established.

Moreover, Bittrex utilizes 2FA applications to provide extra security to your account, ensuring that no one can access it without your notice or consent. Customers also undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures before being allowed to create an account and trade on the site.

USD and EUR

Bittrex enables its users to deposit and withdraw fiat currencies directly from your bank account. You don’t have to go through complicated processes because the transaction will only take a few moments.

Trading on mobile

Bittrex makes it easier for its users to utilize their services by offering smart trading using mobile phones. Bittrex has mobile applications for Android and iOS that allows its users to trade their cryptocurrencies anywhere. This is helpful especially since people are always on the go.

Responsive customer support team

Bittrex’s customer support team knows the ins and outs of its platform. If you have any inquiry about the site, you can just send a message and the team will respond immediately.

Fast deposits and withdrawals

Bittrex has an automated monitoring platform so users can create fast transactions that will only take a few minutes.

Trading engine

Bittrex is built to make sure that all orders are done efficiently and in real-time.

Fees

Bittrex applies a 0.25% fee on all pairs. This is a flat fee that’s in line with other exchange sites. When it comes to the deposit and withdrawal fees, Bittrex does not charge its users with additional fees if they’re only funding the account. However, if you will be withdrawing cryptocurrency from your Bittrex wallet, a small fee is required.

What wallets to use in Bittrex

There’s a number of crypto wallets that you can use in Bittrex. Choose the one that will suit your needs. Here are the wallets you can find at the site:

Software wallet

Software wallets are applications that you can download on your mobile device or desktop computer. This type of wallet requires an internet connection to access your account.

Hardware wallet

Hardware wallets are one of the most common types of wallets that crypto users utilize to store their funds. This wallet is often a USB-type device and has both offline private and public keys for transferring cryptocurrencies.

Paper wallet

As its name suggests, paper wallets are crypto wallets where your private keys and QR code are printed in a piece of paper. This wallet will give you a 12-word seed phrase that enables you to create another wallet in the event that you lose the paper.