What is Bittrex?
Supported countries
In spite of being based in Las Vegas, Nevada, some US states have limited or no access to Bittrex.
Currently, Bittrex has restricted at least some of its services to 29 states.
Even though Bittrex can be used by customers from all over the world, each country has different
document requirements for Enhanced Verification accounts.
Supported cryptocurrencies
The platform features a wide range of altcoins, currently listing over 200 coins and tokens including
BTC, ETH, BOXX, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, QTUM,
ZCL, RDD, LTC, NEO, XRP, TRX, ZEC
Altcoins can be traded against Bitcoin, Ethereum, Tether, and in USD.
Accepted payment methods
While Bittrex has initially halted wire transfers in March 2017, it has also started accepting again USD
wire transfers since June 2018.
To deposit cryptocurrency, click “Wallets” located in the upper right corner of the site, search for the
wallet you are going to deposit into and choose “New Address”. A new address will be generated to
which you will be able to send cryptocurrencies.
Bittrex Fees
Bittrex’s fee structure is the following: a 0.25% commission is charged on all trades, and there are no
fees for deposits or withdrawals. However, it should be mentioned that each coin network has a
transfer fee incorporated into the trade.
Customers are also able to request paper copies of electronic correspondence, which incur a fee of
$10, plus $1 per page for shipping and handling within the United States.
Transfer limits
Unverified accounts are only able to withdraw 1 BTC per day or its equivalent amount. Those that
have a Basic account have a withdrawal cap of a maximum of 3 BTC per day or equivalent.
The Enhanced account has a withdraw limits of 100 BTC per day or equivalent. In order to be eligible
for an Enhanced account, additional documentation and verification are required.
Bittrex security
Bittrex employs the most exigent of security standards to ensure the safety of customer funds. In
addition to 2-factor authentication, the platform has strict verification standards for Enhanced
account user. The platform also implements a multi-stage wallet strategy to store 80-90% of client
funds in offline wallets.
Of course, this implies Bittrex collects a lot of information about its users, so if you are more
concerned about your privacy, then another exchange would be recommended.
Sign up process
The registration process is not at all difficult, especially if you’re just executing trades. You will have
to access the site and sign up by providing your name, email address, date of birth and phone
number, information which will then be verified.
Types of accounts
Basic accounts. These accounts ask the user for its name, email address, date of birth and phone
number.
Enhanced accounts. These accounts require scans of the user’s ID as well as selfies of them holding
their ID.
Customer support
Customer support is offered through a Zendesk, where users are able to read news articles and
review FAQs. Users can send tickets by logging into Bittrex Support.
Furthermore, the exchange also answers questions through Slack, Twitter and Facebook, making it
very accessible to customers. However, there have been instances when certain accounts have been
temporarily suspended while they waited for a review to be completed. This action was met with
negative responses from users on online media platforms.
Regarding the matter, Bittrex gave a vague response, stating that only 0.1% of accounts have been
suspended, banned or closed.
The exchange was reported to have very disappointing customer support as many users complain
about that they are slow when it comes to answering support tickets, verifications, customer service
matters and follow-ups on accounts that are pending approval.
Conclusion
Bittrex is an ideal option for beginner traders that are looking to have a diversified portfolio, as it
features enhanced security and a wide variety of cryptocurrencies in addition to an easy-to-use
trading system.
Featured image: Support